SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of cash and cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheets to the total amount shown in the consolidated statements of cash flows ($ in thousands):



	For the years ended December 31,
	2019		2018		2017
Cash and cash equivalents	$	5,256	$	11,089	$	28,343
Restricted cash	379		379		379
Total cash, cash equivalents and restricted cash shown in the Company's consolidated statements of cash flows	$	5,635	$	11,468	$	28,722

Schedule of interest expense

For the years ended December 31, 2019, 2018 and 2017, interest expense is comprised of the following ($ in thousands):



	For the years ended December 31,
	2019		2018		2017
Secured funding agreements	$	32,859	$	43,039	$	29,272
Notes payable (1)	867		—		—
Securitizations debt	19,950		11,434		8,330
Secured term loan	8,907		8,529		13,591
Interest expense	$	62,583	$	63,002	$	51,193

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(1)

Excludes interest expense on the $28.3 million note payable, which is secured by a hotel property that is recognized as real estate owned in the Company’s consolidated balance sheets (see Note 5 included in these consolidated financial statements for additional information on the note payable). Interest expense on the $28.3 million note payable is included within expenses from real estate owned in the Company’s consolidated statements of operations.