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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (147,540) $ (56,348)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Change in fair value of life insurance policies (23,476) (48,031)
Amortization of deferred financing and issuance costs 13,345 9,982
Amortization of upfront fees (5,356) 0
Amortization of debt discount, net 274 0
Amortization and depreciation on long-lived assets 827 0
Accretion of discount on financing receivable from affiliate 0 (1,292)
Provisions for uncollectible policy benefits receivable 0 201
Non-cash interest income (38,530) 0
Non-cash interest expense 1,795 0
Loss from equity method investment 4,279 371
Loss on fair value of put options 3,191 0
Provision for loan losses 2,914 0
Deferred income tax (4,621) 0
Equity-based compensation 96,618 1,365
Forfeiture of vested equity-based compensation (36,267) 0
(Increase) decrease in operating assets:    
Life insurance policy benefits receivable (13,387) (1,109)
Fees receivable (2,643) 0
Accrued interest on financing receivable 0 (5,124)
Other assets (2,634) (4,557)
Increase (decrease) in operating liabilities:    
Accounts payable and other accrued expenses 8,306 (8,432)
NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,905) (112,974)
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in life insurance policies 0 (32,249)
Return of investment for matured life insurance policies 32,255 20,685
Purchases of fixed assets (2,498) 0
Financing receivables from affiliates issued 0 (50,000)
Equity method investments (10,144) (10,000)
Net change in loans receivable 11,169 0
Investment in put options (14,775) 0
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES 16,007 (71,564)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on senior debt 28,530 3,937
Repayments of senior debt and other borrowings (50,000) (21,649)
Purchase of noncontrolling interest (1,195) 0
Proceeds from issuance of L Bonds 317,302 278,239
Payments for issuance of L Bonds (82,206) (92,095)
Issuance of common stock 8 58
Payments for redemption of preferred stock (34,779) (6,135)
Preferred stock dividends (11,235) (12,806)
Tax distribution to noncontrolling interest (5,592) 0
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 137,323 132,987
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,425 (51,551)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
BEGINNING OF PERIOD 99,331 125,436
END OF PERIOD 109,756 73,885
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest paid 97,098 75,153
Premiums paid, including prepaid 52,136 51,586
NON-CASH INVESTING AND FINANCING ACTIVITIES    
L Bonds: Conversion of accrued interest and commissions payable to principal 1,296 1,086
Conversion of Promissory Note (see Note 6) 70,565 0
Employee payroll tax liability on restricted equity units 1,555 0
Business combination measurement period adjustments:    
Loans receivable 26,116 0
Other borrowings    
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments for deferred financing costs and issuance costs (3,307) 0
L Bonds    
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments for deferred financing costs and issuance costs $ (20,203) $ (16,562)