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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (70,215) $ (35,945)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Change in fair value of life insurance policies (17,455) (33,850)
Amortization of deferred financing and issuance costs 8,742 6,522
Amortization of upfront fees (3,586) 0
Amortization of debt premiums 887 0
Amortization and depreciation on long-lived assets 492 0
Accretion of discount on financing receivable from affiliate 0 (864)
Non-cash interest income (25,811) 0
Non-cash interest expense 1,238 0
Loss from equity method investment 2,848 1,327
Provision for loan losses 7,900 0
Deferred income tax (24,250) 0
Equity-based compensation 73,060 665
Forfeiture of vested equity-based compensation (36,267) 0
(Increase) decrease in operating assets:    
Life insurance policy benefits receivable 3,242 10,884
Fees receivable (2,443) 0
Accrued interest on financing receivable 0 (3,046)
Other assets (2,869) (4,948)
Increase (decrease) in operating liabilities:    
Accounts payable and other accrued expenses 2,592 (4,753)
NET CASH FLOWS USED IN OPERATING ACTIVITIES (83,669) (64,008)
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in life insurance policies 0 (31,538)
Carrying value of matured life insurance policies 18,789 14,045
Purchases of fixed assets (1,743) 0
Financing receivables from affiliates issued 0 (50,000)
Equity method investments (9,166) (10,000)
Net change in loans receivable 11,169 0
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES 19,049 (77,493)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on senior debt 28,530 0
Repayments of senior debt 0 (19,569)
Purchase of noncontrolling interest (261) 0
Proceeds from issuance of L Bonds 202,572 171,227
Payments for issuance and redemption of L Bonds (65,129) (46,977)
Issuance (repurchase) of common stock 24 57
Payments for redemption of preferred stock (24,489) (3,214)
Preferred stock dividends (7,666) (8,574)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 133,581 92,950
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 68,961 (48,551)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
BEGINNING OF PERIOD 99,331 125,436
END OF PERIOD 168,292 76,885
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest paid 59,615 49,434
Premiums paid, including prepaid 34,299 34,902
L Bonds:    
Conversion of accrued interest and commissions payable to principal 940 872
Investment in life insurance policies included in accounts payable 0 788
Business combination measurement period adjustments:    
Reduction in loans receivable (see Note 4) $ 26,116 $ 0