7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2017-03-31 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2008-03-31 
      
    		                                 
      operating activities:
    		                                 
      net income attributable to common stockholders
    		6,421,000 18,960,000 5,635,000 19,551,000 11,915,000 12,851,000 9,050,000 6,871,000 2,153,000 5,989,000 -1,062,000 871,000 14,223,000 -22,408,000 -960,000 -426,000 2,008,000 7,969,000 28,581,000 14,270,000 12,763,000 3,816,000 -60,007,000 4,147,000 -1,457,000         
      net income attributable to non-controlling interests
    		9,189,000 12,144,000 7,333,000 9,789,000 8,558,000 9,122,000 6,831,000 9,257,000 6,715,000 5,861,000 4,213,000 5,247,000 5,834,000 660,000 94,000 1,442,000 1,339,000 1,079,000 2,059,000 1,895,000 1,978,000 623,000 -563,000           
      net income
    		15,610,000 31,104,000 12,968,000 29,340,000 20,473,000 21,973,000 15,881,000 16,128,000 8,868,000 11,850,000 3,151,000 6,118,000 20,057,000 -21,748,000 -866,000 1,016,000 3,347,000 9,048,000 30,640,000 16,165,000 14,741,000 4,439,000 -60,570,000 4,566,000 -949,000 1,342,000 14,047,000 -148,000 -476,000 -89,000 -239,000 294,000 459,000 
      adjustments to reconcile net income to net cash from operating activities
    		                                 
      net realized and unrealized (gains) losses
    		-34,879,000 -20,644,000 -6,831,000 -14,051,000 -8,316,000 -12,578,000 -15,624,000 -12,277,000 -1,457,000 -8,825,000 -2,177,000 -19,933,000 -17,159,000 -15,687,000 -17,204,000 -31,082,000 -14,805,000 -36,092,000 -69,371,000 -55,782,000 -38,959,000 -30,110,000 62,441,000 -22,248,000 -16,594,000 -16,212,000        
      non-cash compensation expense
    		5,594,000 2,278,000 9,208,000 4,501,000 5,968,000 3,407,000 3,845,000 2,320,000 1,861,000 1,880,000 2,214,000 1,794,000 1,696,000 45,000 6,170,000 7,413,000 1,504,000 1,148,000 1,065,000 1,959,000 2,489,000 2,053,000 1,616,000           
      amortization/accretion of premiums and discounts
    		-477,000 -2,000,000 -1,263,000 -1,586,000 -928,000 -1,752,000 -1,736,000 -2,284,000 -1,628,000 -3,185,000 -459,000 -41,000 -72,000 435,000 654,000 813,000 732,000 732,000 670,000 615,000 620,000 570,000 424,000 339,000 314,000 345,000        
      depreciation and amortization expense
    		5,259,000 4,924,000 4,881,000 5,399,000 5,395,000 5,291,000 5,568,000 5,991,000 6,347,000 5,875,000 5,253,000 5,259,000 5,549,000 6,009,000 6,156,000 6,176,000 6,119,000 6,208,000 5,934,000 5,334,000 4,010,000 4,371,000 3,863,000 3,661,000 3,523,000 7,921,000        
      non-cash lease expense
    		1,739,000 1,742,000 1,838,000 1,940,000 1,918,000 1,967,000 1,990,000 1,948,000 1,925,000 2,009,000 2,069,000 2,793,000 1,942,000 2,146,000 2,420,000 2,404,000 2,074,000 2,251,000 2,195,000 2,178,000 959,000 2,104,000 2,133,000           
      deferred benefit for income taxes
    		15,289,000 16,790,000 5,840,000 -10,554,000 11,243,000 17,673,000 12,779,000 10,263,000 11,627,000 11,034,000 4,100,000 18,209,000 3,769,000 25,624,000 -54,000 6,953,000 437,000 2,552,000 7,788,000               
      amortization of deferred financing costs
    		487,000 496,000 416,000 306,000 297,000 310,000 300,000 300,000 283,000 273,000 269,000 260,000 294,000 380,000 407,000 431,000 402,000 380,000 394,000 407,000 275,000 164,000 169,000 171,000 151,000 665,000    13,000 67,000 67,000  
      change in fair value of liability classified warrants
    		16,967,000 -1,426,000 2,019,000 1,418,000 946,000 861,000 4,211,000 842,000 -2,447,000 -46,000 -118,000                       
      other
    		-506,000 -68,000 18,000 -19,000 43,000 193,000 217,000 22,000 19,000 41,000 66,000 -926,000 48,000 1,006,000 69,000 158,000 -361,000 414,000 80,000               
      changes in operating assets and liabilities:
    		                                 
      mortgage loans originated for sale
    		-252,082,000 -244,478,000 -209,142,000 -253,127,000 -255,784,000 -226,870,000 -210,402,000 -213,245,000 -232,938,000 -227,895,000 -202,836,000 -193,393,000 -279,793,000 -690,768,000 -972,051,000 -1,784,257,000 -366,618,000 -822,465,000 -911,193,000 -959,626,000 -870,849,000 -693,558,000 -539,970,000 -656,590,000 -584,454,000 -347,601,000        
      proceeds from the sale of mortgage loans originated for sale
    		249,354,000 268,187,000 209,929,000 264,581,000 261,087,000 231,402,000 218,116,000 226,488,000 241,378,000 232,933,000 202,555,000 207,611,000 298,720,000 755,165,000 1,141,727,000 1,741,132,000 351,020,000 877,223,000 956,609,000 987,373,000 827,339,000 728,267,000 609,125,000 655,374,000 570,790,000 405,637,000        
      increase in notes and accounts receivable
    		73,936,000 -95,828,000 -19,482,000 -9,821,000 -18,665,000 -48,270,000 -34,191,000 -18,481,000 21,634,000 -179,316,000 15,662,000 -15,540,000 -4,550,000 78,968,000 -72,105,000 3,481,000 -39,031,000 -43,335,000 24,507,000 1,872,000 -36,543,000 3,611,000 -17,467,000 -19,379,000 -11,132,000 -10,253,000        
      increase in reinsurance recoverable
    		-108,862,000 -115,790,000 -128,127,000 -60,227,000 -27,964,000 6,356,000 42,838,000 -214,288,000                          
      increase in prepaid reinsurance premiums
    		-57,021,000 -74,932,000 77,241,000 -68,104,000 -15,990,000 -54,401,000 -7,234,000 -6,252,000                          
      increase in deferred acquisition costs
    		388,000 -18,792,000 11,486,000 5,051,000 -25,890,000 19,840,000 873,000 -26,468,000 -18,352,000 -16,590,000 -3,994,000 -13,726,000 -51,585,000 -18,862,000 -35,379,000 -26,433,000 -46,318,000 -33,698,000 -43,494,000 -25,034,000 -23,029,000 -4,546,000 -10,328,000 35,310,000 -9,120,000 4,896,000        
      increase in other assets
    		-1,279,000 -3,636,000 2,011,000 -3,675,000 -1,959,000 1,097,000 -1,109,000 -3,743,000 1,380,000 5,461,000 17,823,000 2,239,000 1,264,000 -693,000 4,653,000 -7,402,000 5,628,000 -1,190,000 -4,101,000 -4,644,000 53,000 -12,625,000 -5,201,000 -9,038,000 266,000 4,027,000        
      increase in unearned premiums
    		60,466,000 127,629,000 -34,059,000 56,102,000 38,672,000 11,644,000 -35,408,000 88,036,000 85,702,000 118,107,000 45,777,000 8,079,000 130,242,000 30,351,000 64,812,000 70,832,000 84,541,000 76,570,000 31,319,000 68,157,000 79,941,000 -15,927,000 -26,474,000 51,872,000 57,012,000 3,146,000        
      increase in policy liabilities and unpaid claims
    		112,209,000 81,956,000 123,456,000 105,224,000 105,654,000 124,784,000 117,571,000 31,634,000 90,745,000 82,661,000 72,615,000 54,269,000 71,846,000 47,201,000 62,174,000 18,089,000 27,974,000 34,317,000 17,885,000 18,440,000 15,418,000 316,000 -206,000 9,883,000 5,811,000 1,232,000        
      increase in deferred revenue
    		-13,059,000 -11,054,000 -17,155,000 3,383,000 8,876,000 11,153,000 -725,000 -5,119,000 -3,059,000 15,750,000 7,041,000 20,274,000 35,641,000 32,531,000 25,453,000 23,590,000 38,663,000 48,002,000 25,397,000 40,477,000 38,710,000 15,402,000 27,453,000 7,909,000 4,141,000 -1,213,000        
      increase in reinsurance payable
    		20,241,000 88,553,000 -81,372,000 -15,527,000 -19,558,000 -61,181,000 -4,253,000 72,361,000 27,543,000 98,559,000 40,042,000 -12,102,000 24,844,000 19,041,000 7,745,000 26,070,000 8,909,000 29,259,000 -23,329,000 35,160,000 20,203,000 21,784,000 -23,431,000 12,435,000 7,763,000 19,148,000        
      increase in other liabilities and accrued expenses
    		26,060,000 -13,758,000 2,799,000 29,403,000 -24,301,000 -6,021,000 -50,803,000 23,710,000 9,276,000 -9,899,000 -44,657,000 -27,266,000 38,123,000 -33,782,000 -4,846,000 11,777,000 40,281,000 15,612,000 -40,375,000 2,264,000 17,621,000 15,040,000 -11,066,000 3,823,000 14,821,000 -10,347,000        
      net cash from operating activities
    		135,434,000 21,253,000 -33,321,000 69,957,000 61,217,000 46,878,000 62,704,000 -22,114,000 57,198,000 -6,678,000 43,046,000 62,216,000 116,344,000 135,446,000 149,067,000 18,277,000 40,436,000 118,273,000 27,330,000 71,954,000 7,900,000 35,103,000 25,212,000 4,316,000 17,585,000 49,164,000 1,061,000 -48,000 1,223,000 295,000 554,000 -1,446,000 2,277,000 
      capex
    		-2,052,000 -1,185,000 -1,121,000 -1,802,000 -536,000 -906,000 -787,000 -1,527,000 -922,000 -6,634,000 -4,947,000 -5,413,000 -2,231,000 -2,548,000 -535,000 -661,000 -912,000 -794,000 -397,000 -1,985,000 -1,626,000 -1,628,000 -1,455,000 0 0 0 0 0 0 0 0 0 0 
      free cash flows
    		133,382,000 20,068,000 -34,442,000 68,155,000 60,681,000 45,972,000 61,917,000 -23,641,000 56,276,000 -13,312,000 38,099,000 56,803,000 114,113,000 132,898,000 148,532,000 17,616,000 39,524,000 117,479,000 26,933,000 69,969,000 6,274,000 33,475,000 23,757,000 4,316,000 17,585,000 49,164,000 1,061,000 -48,000 1,223,000 295,000 554,000 -1,446,000 2,277,000 
      investing activities:
    		                                 
      purchases of investments
    		-557,965,000 -175,958,000 -172,509,000 -341,017,000 -203,197,000 -128,515,000 -282,567,000 -461,481,000 -297,851,000 -228,791,000 -504,104,000 -325,346,000 -248,450,000 -290,276,000 -333,311,000 -179,138,000 -486,390,000 -352,192,000 -413,159,000 -441,329,000 -365,421,000 -519,813,000 -168,125,000 -121,473,000 -120,960,000 -43,024,000        
      proceeds from sales and maturities of investments
    		420,690,000 203,761,000 136,119,000 164,977,000 33,125,000 117,889,000 326,829,000 366,296,000 427,254,000 213,505,000 289,282,000 316,063,000 312,388,000 309,220,000 322,923,000 107,129,000 420,723,000 272,177,000 372,015,000 411,635,000 337,380,000 536,333,000 114,881,000 51,320,000 50,298,000 51,108,000        
      purchases of property, plant and equipment
    		-2,052,000 -1,185,000 -1,121,000 -1,802,000 -536,000 -906,000 -787,000 -1,527,000 -922,000 -6,634,000 -4,947,000 -5,413,000 -2,231,000 -2,548,000 -535,000 -661,000 -912,000 -794,000 -397,000 -1,985,000 -1,626,000 -1,628,000 -1,455,000           
      proceeds from notes receivable
    		29,999,000 27,721,000 42,313,000 26,196,000 31,499,000 19,496,000 23,872,000 23,085,000 32,535,000 37,381,000 24,833,000 25,778,000 22,378,000 20,181,000 17,098,000 15,718,000 13,293,000 12,282,000 14,762,000 11,292,000 14,397,000 8,154,000 7,739,000 9,262,000 11,526,000 13,682,000        
      issuance of notes receivable
    		-23,631,000 -26,199,000 -22,874,000 -25,141,000 -25,653,000 -29,869,000 -26,878,000 -26,321,000 -33,144,000 -43,335,000 -30,057,000 -30,426,000 -31,616,000 -26,655,000 -25,490,000 -24,120,000 -22,264,000 -14,983,000 -15,710,000 -13,301,000 -14,983,000 -12,808,000 -20,996,000 -16,822,000 -26,528,000 -18,701,000        
      net cash from investing activities
    		-132,959,000 28,140,000 -18,072,000 -176,787,000 -164,762,000 -21,905,000 40,469,000 -99,948,000 127,872,000 -25,070,000 -247,523,000 -19,344,000 52,469,000 -4,879,000 -18,732,000 -72,468,000 -75,417,000 -83,510,000 -42,364,000 -58,061,000 -29,361,000 11,237,000 -47,306,000 -76,011,000 -88,577,000 25,225,000 42,152,000 -18,212,000 70,000 50,000 782,000 -546,000 -12,603,000 
      financing activities:
    		                                 
      dividends paid
    		-3,859,000 -3,841,000 -3,876,000 -13,252,000 -3,820,000 -3,926,000 -3,820,000 -3,447,000 -3,427,000 -3,411,000 -3,446,000 -3,070,000 -1,891,000 -1,416,000 -1,398,000 -1,389,000 -1,360,000 -1,334,000 -1,326,000 -1,367,000 -1,386,000 -1,398,000 -1,415,000 -1,423,000 -1,418,000    -1,388,000 -1,389,000    
      non-controlling interest (redemptions) contributions
    		                                 
      cash (paid) received in connection with vested or exercised stock awards
    		                                 
      payment of debt issuance costs
    		-6,000 -16,000 -2,324,000 -6,996,000 -24,000 20,000 -140,000 -1,121,000 -182,000 -1,000 -183,000 -1,374,000 -3,000 2,000 -5,000 -52,000 0   -931,000 -2,006,000 -193,000 -1,441,000 -468,000 -39,000 -88,000        
      proceeds from borrowings and mortgage notes payable
    		293,367,000 346,325,000 331,115,000 461,891,000 267,027,000 253,071,000 253,892,000 347,968,000 345,528,000 367,636,000 370,394,000 250,926,000 301,779,000 791,825,000 1,020,790,000 1,818,503,000 397,465,000 913,025,000 955,306,000 997,119,000 896,272,000 735,436,000 750,861,000 740,849,000 621,481,000 384,933,000        
      principal paydowns of borrowings and mortgage notes payable
    		-279,379,000 -349,107,000 -261,063,000 -416,636,000 -266,115,000 -271,820,000 -250,706,000 -268,379,000 -383,189,000 -354,167,000 -282,384,000 -256,700,000 -297,595,000 -965,856,000 -1,145,947,000 -1,735,417,000 -361,194,000 -944,493,000 -952,260,000 -991,384,000 -845,093,000 -771,695,000 -713,607,000 -673,522,000 -581,610,000 -434,435,000        
      net cash from financing activities
    		3,563,000 -6,812,000 61,300,000 24,267,000 -3,062,000 -22,895,000 7,977,000 73,801,000 -41,270,000 2,573,000 78,302,000 -10,862,000 -2,653,000 23,032,000 -124,703,000 74,234,000 34,533,000 -34,402,000 -630,000 -1,514,000 47,022,000 -43,420,000 29,661,000 64,693,000 36,768,000 -70,209,000 -1,968,000 -411,000 -1,513,000 -1,737,000 -3,163,000 -447,000 9,896,000 
      effect of exchange rate changes on cash
    		-1,526,000 4,509,000 1,787,000 -5,543,000 5,600,000 342,000 -754,000 3,460,000 -4,437,000 1,244,000 1,258,000 5,005,000 -3,641,000                     
      net increase in cash, cash equivalents and restricted cash
    		4,512,000 47,090,000 11,694,000 -88,106,000 -101,007,000 2,420,000 110,396,000 -44,801,000 139,363,000 -27,931,000 -124,917,000 37,015,000 162,519,000 150,407,000 5,632,000 20,043,000 -448,000 361,000 -15,664,000 12,379,000 25,561,000 2,920,000 7,567,000 -7,002,000 -34,224,000         
      cash, cash equivalents and restricted cash – beginning of period
    		0 0 416,264,000 0 0 0 492,561,000 0 0 0 550,847,000 0 0 0 195,086,000 0 0 0 195,275,000 0 0 0 144,590,000 0 0         
      cash, cash equivalents and restricted cash – end of period
    		4,512,000 47,090,000 427,958,000 -88,106,000 -101,007,000 2,420,000 602,957,000 -44,801,000 139,363,000 -27,931,000 425,930,000 37,015,000 162,519,000 150,407,000 210,078,000 20,043,000 -448,000 361,000 184,490,000 12,379,000 25,561,000 2,920,000 159,294,000 -7,002,000 -34,224,000         
      supplemental schedule of non-cash investing and financing activities:
    		                                 
      right of use asset obtained in exchange for lease liability
    		  3,257,000 139,000 286,000        0 6,402,000 5,830,000 1,235,000 697,000 936,000 1,413,000               
      reconciliation of cash, cash equivalents and restricted cash
    		                                 
      cash and cash equivalents
    		  342,282,000 -76,120,000 -101,156,000 22,788,000 474,555,000      165,572,000 159,954,000 177,962,000 25,222,000 8,835,000 17,782,000 123,879,000 33,418,000 22,898,000 -28,181,000 108,785,000  -39,701,000         
      restricted cash
    		  85,676,000 -11,986,000 149,000 -20,368,000 128,402,000      -3,053,000 -6,170,000 19,567,000 -2,220,000 -14,687,000 -17,019,000 53,294,000 -19,740,000 788,000 31,891,000 45,416,000  4,292,000         
      total cash, cash equivalents and restricted cash shown in the statements of cash flows
    		  427,958,000 -88,106,000 -101,007,000 2,420,000 602,957,000      162,519,000 153,784,000 197,529,000 23,002,000 -5,852,000 763,000 177,173,000               
      net non-controlling interest (redemptions) contributions and other
    		 -173,000 -2,552,000 -740,000 -130,000 -240,000 8,751,000 -1,220,000 0                         
      net (gain) loss on held for sale of business
    		           0 -129,000 -1,944,000 -1,752,000                   
      proceeds from the sale of businesses and other assets
    		            0                     
      business and asset acquisitions, net of cash and deposits
    		       0 0 2,804,000 -22,530,000 0 0          20,136,000 0  -16,601,000        
      cash received for the exercise of warrants
    		           0 0 10,301,000 3,423,000                   
      issuance of fortegra common stock
    		           0 0                     
      issuance of fortegra warrants
    		           0 0                     
      issuance of fortegra additional warrants
    		           0 0                     
      issuance of fortegra preferred stock
    		           0 0                     
      payment of wp transaction costs
    		           -62,000 -1,197,000                     
      repurchases of common stock and other changes in additional paid-in capital
    		           -73,000 -718,000                     
      cash, cash equivalents and restricted cash – beginning of period - held for sale
    		           0 0 0 9,360,000 0 0 0 4,879,000 0 0 0 7,137,000 0 0         
      less: reclassification of cash to held for sale
    		                                 
      supplemental disclosure of cash flow information:
    		                                 
      cash paid during the period for interest expense
    		                                 
      cash (received) paid during the period for income taxes
    		                                 
      bonds and trade receivables exchanged for corporate loans and equity securities
    		            0                     
      shares issued in exchange for vested subsidiary awards
    		               -552,000 -1,633,000                 
      increase in reinsurance receivables
    		         -147,355,000 -121,350,000 18,237,000 -164,403,000 -79,972,000 -69,116,000 -53,637,000 -64,448,000 -49,021,000 14,279,000 -81,438,000 -55,537,000 -10,081,000 30,217,000 -86,951,000 -25,467,000 -15,540,000        
      proceeds from the sale of real estate, businesses and other assets
    		                                 
      net non-controlling interest (redemptions) contributions
    		          -6,079,000 -509,000 -3,028,000 -487,000 -1,566,000                   
      net income on extinguishment of debt
    		                                 
      less: reclassification of cash to held for sale / deconsolidation of cash previously held for sale
    		           0                      
      less: reclassification of cash to assets held for sale
    		             -3,377,000 12,549,000 -2,959,000 5,404,000 -402,000 7,317,000 -1,299,000 1,875,000 -790,000 5,093,000 2,365,000 1,185,000         
      proceeds from the sale of real estate and other assets
    		              583,000                   
      proceeds from the sale of businesses
    		               0 0 0 125,000 125,000 125,000 125,000 125,000 125,000 125,000         
      corporate loans and equity securities exchanged for trade receivables
    		              19,846,000                   
      net (gain) loss on sale of businesses
    		               753,000 386,000 358,000 431,000               
      business and asset acquisitions, net of cash, restricted cash and deposits
    		               0    -26,213,000 0             
      equity securities acquired as part of a dividend reinvestment plan
    		                   0 0             
      acquired real estate properties through, or in lieu of, foreclosure of the related loan
    		                        0 2,968,000        
      acquisition of non-controlling interest
    		                                 
      dividend reinvestment plan income
    		                    0             
      loss on extinguishment of debt
    		                    0 0 353,000 0 0         
      proceeds from the sale of real estate
    		                   1,715,000 767,000 110,000 389,000 2,230,000 3,426,000 2,028,000        
      non-controlling interest contributions
    		                0 0 100,000     8,000 3,000 1,318,000        
      non-controlling interest redemptions
    		                -378,000                 
      repurchases of common stock
    		                0 -432,000 -2,450,000 -4,724,000 -665,000 -4,555,000 -3,945,000 0 0  0 -2,000 0 0    
      non-controlling interest distributions
    		                   -227,000 -100,000 -1,015,000 -792,000 -751,000 -1,649,000 -527,000        
      net income attributable to non-controlling interests - tfp
    		                                 
      equity securities acquired through the sale of a subsidiary and asset sales
    		                                 
      cancellation of treasury shares
    		                                 
      net (gain) on sale of businesses
    		                       0 0         
      bad debt expense
    		                    65,000 67,000 60,000 32,000 51,000         
      deferred tax expense
    		                    10,373,000 4,715,000 -17,929,000 3,728,000 -856,000 1,166,000        
      right-of-use asset obtained in exchange for lease liability
    		                    596,000 0 513,000  0         
      reconciliation of cash, cash equivalents and restricted cash shown in the statement of cash flows
    		                                 
      total cash, cash equivalents and restricted cash shown in the statement of cash flows
    		                    23,686,000 3,710,000 154,201,000  -35,409,000         
      net income attributable to non-controlling interests - other
    		                       419,000 508,000 34,000        
      realized (gain) on cash flow hedge
    		                                 
      change in fair value of contingent consideration
    		                         554,000        
      operating activities from consolidated clos
    		                         -1,333,000        
      increase in loans owned, at amortized cost
    		                         19,393,000        
      investing activities from consolidated clos
    		                         21,618,000        
      proceeds from the exercise of options for common stock
    		                                 
      financing activities from consolidated clos
    		                         -21,410,000        
      non cash compensation expense
    		                        1,514,000 1,798,000        
      purchases of fixed assets
    		                        -1,831,000         
      cash, cash equivalents and restricted cash– end of period
    		                        -35,409,000         
      net (gain) on sale of subsidiary
    		                                 
      net unrealized gain on interest rate swaps
    		                         -343,000        
      proceeds from the sale of subsidiaries
    		                                 
      assets of consolidated clos deconsolidated due to sale and redemption
    		                                 
      liabilities of consolidated clos deconsolidated due to sale and redemption
    		                                 
      real estate acquired through asset acquisition
    		                         8,178,000        
      intangible assets related to in-place leases acquired through asset acquisition
    		                         2,049,000        
      settlement of contingent consideration payable with common stock
    		                                 
      debt assumed through acquisitions
    		                                 
      net income available to common stockholders
    		                         1,100,000        
      impairment of goodwill
    		                                 
      benefit from doubtful accounts
    		                         129,000        
      purchases of real estate capital expenditures
    		                         -500,000        
      purchases of corporate fixed assets
    		                         -780,000        
      increase in restricted cash
    		                         -2,998,000        
      deposits returned for future real estate acquisitions
    		                                 
      distributions from equity method investments
    		                                 
      change in non-controlling interest
    		                                 
      net increase in cash and cash equivalents
    		                         4,180,000 41,245,000 -18,671,000 -220,000 -1,392,000 -1,827,000 -2,439,000  
      cash and cash equivalents – beginning of period
    		                         63,010,000        
      cash and cash equivalents – beginning of period - held for sale
    		                                 
      cash and cash equivalents – end of period
    		                         67,190,000        
      cash paid during the period for income taxes
    		                                 
      seller provided financing related to the sale of siena
    		                                 
      settlement of contingent consideration payable with class a common stock
    		                                 
      re-issuance of notes payable to third party upon deconsolidation of clos
    		                                 
      recognized contingent consideration at fair value
    		                                 
      issuance of common stock
    		                                 
      net income attributable to non-controlling interests - tiptree financial partners, l.p.
    		                         208,000        
      assets of consolidated clos deconsolidated due to sale
    		                         405,263,000        
      liabilities of consolidated clos deconsolidated due to sale
    		                         387,273,000        
      debt assumed through asset acquisition
    		                         7,586,000        
      cash flows from operating activities:
    		                                 
      net income attributable to noncontrolling interests - tiptree financial partners, l.p.
    		                                 
      net (loss) attributable to noncontrolling interests - other
    		                                 
      discontinued operations
    		                                 
      adjustments to reconcile net income to net cash from operating activities:
    		                                 
      net realized and unrealized (gain) loss
    		                                 
      increase in non cash interest from investments in loans
    		                                 
      benefit from loan losses
    		                                 
      amortization and write off of deferred financing costs
    		                                 
      increase in unearned premiums from acquisitions
    		                                 
      loss/(income) from investments in partially-owned entities
    		                                 
      loans originated for sale
    		                                 
      proceeds from sale of loans
    		                                 
      (increase) in other assets
    		                                 
      increase in unpaid claims
    		                                 
      (decrease) in policy holder accounts
    		                                 
      operating activities from clos
    		                                 
      cash from operating activities - continuing operations
    		                                 
      cash from operating activities - discontinued operations
    		                                 
      cash flows from investing activities:
    		                                 
      purchases of trading securities and loans carried at fair value
    		                                 
      proceeds from sales of trading securities and loans carried at fair value
    		                                 
      purchases of available for sale securities
    		                                 
      proceeds from maturities, calls, and prepayments of available for sale securities
    		                                 
      proceeds from sales of available for sale securities
    		                                 
      purchases of derivatives
    		                                 
      purchases of real estate
    		                                 
      net proceeds from the sale of subsidiaries
    		                                 
      proceeds from loan repayments/disposal of loans
    		                                 
      acquisitions, net cash
    		                                 
      change in noncontrolling interest
    		                                 
      proceeds from distributions paid by partially owned entities
    		                                 
      change due to consolidation of trusts
    		                                 
      investing activities from clos
    		                                 
      cash from investing activities - continuing operations
    		                                 
      cash from investing activities from discontinued operations
    		                                 
      cash flows from financing activities:
    		                                 
      proceeds from loans and mortgage notes payable
    		                                 
      principal paydowns of loans and mortgage notes payable
    		                                 
      proceeds from issuance of common units of subsidiaries
    		                                 
      repurchase of common stock
    		                                 
      financing activities from clos
    		                                 
      cash from financing activities - continuing operations
    		                                 
      cash (used in) financing activities - discontinued operations
    		                                 
      net increase in cash
    		                                 
      cash and cash equivalents – unrestricted – beginning of period
    		                                 
      cash and cash equivalents – unrestricted – end of period
    		                                 
      cash and cash equivalents of continuing operations – unrestricted – end of period
    		                                 
      noncash investing and financing activities:
    		                                 
      capital change due to equity compensation
    		                                 
      net assets related to acquisitions
    		                                 
      cash flow from operating activities
    		                                 
      increase in deferred rent receivable
    		                          -312,000 -312,000 -312,000 -323,000 -400,000 -399,000  
      (income) or income from investments in partially-owned entities
    		                              -81,000 -81,000  
      distribution of income from partially-owned entities
    		                          86,000 81,000 81,000 81,000 82,000 80,000  
      amortization of above-market leases
    		                          52,000 52,000 52,000 51,000 52,000 52,000  
      amortization and write-off of deferred financing costs
    		                          14,000 13,000      
      accretion of mortgage note discount
    		                          15,000 5,000      
      amortization of mortgage note premium
    		                          -38,000 -37,000 -37,000 -38,000 -37,000 -37,000  
      stock-based compensation
    		                          71,000 69,000 101,000 53,000 36,000 69,000  
      non-cash interest from investments in loans
    		                          -74,000 -37,000      
      depreciation and amortization on real estate and fixed assets, including intangible assets
    		                          1,141,000 1,094,000 1,002,000 992,000 994,000 982,000  
      gain on sale of bickford portfolio
    		                                 
      gain on derivative instruments
    		                            0 0    
      other assets
    		                          -180,000 -458,000 753,000 -770,000   -703,000 
      accounts payable and accrued expenses
    		                          211,000 -270,000 200,000 412,000 -148,000 -743,000 -658,000 
      other liabilities including payable to related parties
    		                             -6,000 -35,000 -1,310,000  
      cash flow from investing activities
    		                                 
      fixed asset purchases
    		                          -5,000 -2,000 0 -6,000    
      proceeds from derivative transactions
    		                            0 0    
      proceeds from sale of bickford portfolio
    		                                 
      investment in real estate
    		                                 
      proceeds from loan repayments
    		                          290,000 272,000 70,000 56,000 87,000 86,000  
      funding of notes receivable from related party
    		                          -2,122,000 -1,224,000      
      investment in loans
    		                          0 -17,258,000      
      cash flow from financing activities
    		                                 
      principal payments under mortgage notes payable
    		                          -369,000 -371,000 -298,000 -275,000 -15,422,000 -383,000  
      borrowings under mortgage notes payable
    		                            0 0    
      financing costs
    		                          0 -38,000 173,000 -73,000 -561,000 -64,000  
      cash and cash equivalents, beginning of period
    		                          0 46,428,000 0 0 0 52,306,000 15,319,000 
      cash and cash equivalents, end of period
    		                          41,245,000 27,757,000 -220,000 -1,392,000 -1,827,000 49,867,000 14,889,000 
      supplemental disclosure of cash flow information
    		                                 
      cash paid for interest
    		                          1,997,000 1,547,000 1,569,000 1,590,000 1,580,000 1,559,000  
      cash paid for taxes
    		                          1,000 37,000 -179,000 0 0 227,000  
      non-cash financing and investing activities
    		                                 
      assets acquired and liabilities assumed by consolidation of care cal jv llc
    		                                 
      land, building, and improvements
    		                                 
      other assets acquired
    		                          37,000 -220,000      
      mortgage notes payable assumed
    		                          0 18,056,000      
      other liabilities assumed
    		                          -117,000 120,000      
      liabilities extinguished by sale of bickford portfolio
    		                                 
      mortgage note payable
    		                                 
      mortgage note premium
    		                                 
      stock-based payments
    		                          15,000 15,000      
      accrued expenses for financing costs
    		                            -57,000 9,000 -104,000 157,000  
      income from investments in partially-owned entities
    		                           -83,000 -81,000    1,108,000 
      unrealized loss on derivative instruments
    		                                195,000 
      other liabilities including payable to related party
    		                           -17,000      
      cash deposit for derivative
    		                               -632,000  
      land, building and improvements
    		                           -23,109,000      
      impairment of investments
    		                                 
      gain on sale of partially-owned entities
    		                                 
      amortization of deferred financing cost
    		                                 
      non-cash incentive fee
    		                                 
      return of investment in partially owned entities
    		                                 
      acquisition of derivative
    		                                 
      non-cash financing and investing activities:
    		                                 
      modification and cancellation of operating partnership units
    		                                 
      warrant issued
    		                                 
      warrant canceled
    		                                 
      write-off fully depreciated assets
    		                                 
      return of investment in partially-owned entities
    		                                 
      modification of operating partnership units
    		                                 
      stock-based payments to related parties
    		                             15,000    
      unrealized (gain) loss on derivative instruments
    		                               -420,000  
      reduction of accrued expenses for shares issued to related parties
    		                               360,000  
      realized gain on sale and repayment of loans
    		                                 
      amortization and write off of deferred financing cost
    		                                 
      amortization of deferred loan fees
    		                                 
      unrealized (gain) or loss on derivative instruments
    		                                 
      adjustment to valuation allowance on investments in loans held at locom
    		                                 
      proceeds from sale of loans to third parties
    		                                 
      loan repayments
    		                                1,179,000 
      investments in real estate
    		                                 
      proceeds from sale of derivatives
    		                                 
      investments in partially-owned entities
    		                                -116,000 
      sale of shares to tiptree financial partners l.p.
    		                                 
      share tender offer
    		                                 
      treasury stock purchases
    		                                 
      (income) income from investments in partially-owned entities
    		                                 
      stock-based compensation — non-employee
    		                                 
      adjustment to valuation allowance on investment in loans held at locom
    		                                 
      accrued interest receivable
    		                                388,000 
      sale of loans to third parties
    		                                 
      adjustment to valuation allowance on investment in loans
    		                                 
      due from partially-owned entities
    		                                 
      net (loss)/income
    		                                 
      adjustments to reconcile net income/(loss) to net cash from operating activities:
    		                                 
      realized gain on sales and repayment of loans
    		                                 
      amortization of loan premium paid on investments in loans
    		                                 
      amortization and write-off of deferred financing cost
    		                                 
      stock-based non-employee compensation
    		                                187,000 
      depreciation and amortization on real estate, including intangible assets
    		                                 
      unrealized (gain)/loss on derivative instruments
    		                                 
      adjustment to valuation allowance on investments in loans
    		                                 
      net cash (used in)/provided by operating activities
    		                                 
      sale of loans to cit healthcare llc
    		                                 
      sale of loans to third party
    		                                 
      net cash (used in)/provided by investing activities
    		                                 
      principal payments under warehouse line of credit
    		                                -105,000 
      net (decrease)/increase in cash and cash equivalents
    		                                 
      adjustments to reconcile net (loss)/income to net cash from operating activities:
    		                                 
      unrealized loss/(gain) on derivative instruments
    		                                 
      adjustment to valuation allowance on loans held at locom
    		                                 
      sale of loans to manager
    		                                 
      net income/
    		                                 
      gain on sale of loans
    		                                 
      amortization of loan premium paid on investment in loans
    		                                 
      net unrealized (gain)/loss on derivative instruments
    		                                 
      unrealized loss on loan held for sale
    		                                 
      loss on loan prepayment
    		                                 
      adjustment to valuation allowance on loans at locom
    		                                 
      loan investments
    		                                -10,696,000 
      borrowings under warehouse line of credit
    		                                13,601,000 
      deferred financing costs
    		                                -26,000 
      net unrealized gain on derivative instruments
    		                                 
      sale of loan to manager
    		                                 
      realized (gain)/loss on sale of loans
    		                                 
      stock-based compensation to manager
    		                                 
      purchase of initial assets from manager
    		                                 
      proceeds from sale of common stock
    		                                 
      underwriting and offering costs
    		                                 
      borrowing under mortgage notes payable
    		                                 
      payment of deferred financing costs
    		                                 
      issuance of common stock to manager to purchase initial assets
    		                                 
      obligation to issue operating partnership units in connection with the cambridge investment
    		                                 
      net decrease in cash and cash equivalents
    		                                -430,000 
      distributions of income from partially-owned entities
    		                                 
      stock-based non-employee (reversal of expense) compensation
    		                                 
      depreciation and amortization on real estate, including intangible asset
    		                                 
      unrealized gain on derivative instruments
    		                                 
      borrowing under mortgage note payable
    		                                 
      distributions of income of partially-owned entities
    		                                191,000 
      amortization of loan premium, deferred loan fees and deferred financing cost
    		                                220,000 
      other non-cash expense
    		                                317,000 
      other liabilities
    		                                573,000 
      investment in net leased property
    		                                -2,970,000 
      distributions paid
    		                                -3,574,000 
      operating activities
    		                                 
      net income:
    		                                 
      amortization of premium paid on investment in loans
    		                                 
      share-based non-employee compensation
    		                                 
      accrued interest
    		                                 
      investing activities
    		                                 
      financing activities
    		                                 
      supplementary non-cash investing activity
    		                                 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.