EMERGENT CAPITAL, INC. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated statements of cash flows

In millions of USD, except per-share amounts

	FY2019 12 months to Nov 30, 2019	FY2017 12 months to Dec 31, 2017	FY2016 12 months to Dec 31, 2016	FY2015 12 months to Dec 31, 2015	FY2014 12 months to Dec 31, 2014
Debt instrument, interest rate
8.50% Senior Unsecured Convertible Notes
5.0% Senior Unsecured Convertible Notes
Eight Point Five Zero Percent New Senior Secured Note Due 2021
Cash flows from operating activities
Net income (loss)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization
Revolving Credit Facility financing cost and fees
Amortization of premiums and accretion of discounts on available for sale securities sale securities
Amortization of discount and deferred cost for notes
8.50% Senior Unsecured Convertible Notes Due 2019
12.875% Senior Secured Notes Due 2017
Amortization of discount and deferred debt costs
Convertible Notes
12.875% Senior Secured Notes Due 2017
Secured Notes
Debt origination costs
Red Falcon Revolving Credit Facility
White Eagle Revolving Credit Facility
White Eagle Revolving Credit Facility financing cost and fees withheld by lender
Debt modification costs 8.5% Convertible Notes
Amortization of discount and deferred debt costs
8.50% Senior Unsecured Convertible Notes
15.0% Senior Secured Notes
12.875% Senior Secured Notes
5.0% Senior Unsecured Convertible Notes
Eight Point Five Zero Percent New Senior Secured Note Due 2021
Stock-based compensation
Gain on loan payoffs and settlements, net
Change in fair value of life settlements
Change in fair value of Revolving Credit Facility debt
Unrealized change in fair value of structured settlements
Change in fair value of investment in limited partnership, net of distributions
Change in fair value of investment in affiliates
Change in fair value of investment in deconsolidated subsidiaries
Change in fair value of White Eagle Revolving Credit Facility
Loss on life settlements
Amortization of deferred costs
Interest income
Gain on sale and prepayment of investment securities available for sale
Net gain from business dispositions
Change in value of warrants to be issued
Change in fair value of conversion derivative liability
8.50% Senior Unsecured Convertible Notes Due 2019
Total change in fair value of conversion derivative liability

Interest paid in kind
8.50% Senior Unsecured Convertible Notes
Eight Point Five Zero Percent New Senior Secured Note Due 2021
Total interest paid in kind
Deferred tax asset
Change in assets and liabilities:
Restricted cash
Deposits—other
Investment in affiliates
Structured settlement receivables
Prepaid expenses and other assets
Deferred costs
Accounts payable and accrued expenses
Other liabilities
Interest receivable
Current tax liability
Interest payable
8.50% Senior Unsecured Convertible Notes
15.0% Senior Secured Notes
Convertible Notes
12.875% Senior Secured Notes Due 2017
Secured Notes
12.875% Senior Secured Notes
5.0% Senior Unsecured Convertible Notes
Eight Point Five Zero Percent New Senior Secured Note Due 2021
Total interest payable

Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of fixed assets, net of disposals
Capital lease asset
Proceeds from sale and prepayments of investment securities available for sale
Premiums paid on investments in life settlements
Purchases of investments in life settlements
Certificate of deposit
Premiums paid on life settlements
Purchases of life settlements
Proceeds from sale of life settlements, net
Consolidation from subsidiaries cash
Deconsolidation of subsidiaries cash
Proceeds from maturity of life settlements
Proceeds from surrender of life settlement
Proceeds from loan payoffs and lender protection insurance claims received in advance
Deposit on purchase of life settlement
Net proceeds associated with business disposition
Distributions from investment in limited partnership
Net cash provided by/(used in) investing activities

Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility
Red Falcon Revolving Credit Facility
White Eagle Revolving Credit Facility
Total repayment of borrowings under White Eagle Revolving Credit Facility
Restricted cash
Repayment of borrowings under Bridge Facility
Bridge Facility
Total repayment of borrowings under Bridge Facility
Borrowings from White Eagle Revolving Credit Facility
Red Falcon Revolving Credit Facility
White Eagle Revolving Credit Facility
15.0% Senior Secured Notes
Total borrowings from White Eagle Revolving Credit Facility
Borrowings from Bridge Facility
Proceeds from Convertible Notes, net
Convertible Notes
Total proceeds from Convertible Notes, net

Proceeds from rights offering, net
Borrowings under 15.0% Promissory Note
Proceeds from issue of common stock, net
Purchase of treasury shares
Proceeds from 8.5% Senior Secured Notes
15.0% Senior Secured Notes
12.875% Senior Secured Notes Due 2017
Eight Point Five Zero Percent New Senior Secured Note Due 2021
Secured Notes
Total proceeds from 8.5% Senior Secured Notes
Repayment from issue of 8.5% senior Unsecured Convertible
Payment under finance lease obligations
Payment of Recapitalization Transaction Closing Cost
Extinguishment of Secured Notes
Red Falcon Revolving Credit Facility
Secured Notes
Payments for debt origination costs
Red Falcon Revolving Credit Facility
15.0% Senior Secured Notes
Secured Notes deferred debt costs
12.875% Senior Secured Notes Due 2017
Secured Notes
Total secured Notes deferred debt costs
Net cash provided by financing activities

Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents, at beginning of the year
Cash and cash equivalents, at end of the year
Cash paid for interest during the period
Revolving Credit Facility
Total cash paid for interest during the period

Life settlements acquired in foreclosure
Cash paid for interest during the period
Supplemental disclosures of non-cash investing activities:
Deconsolidation of life settlement, November 13, 2018
Supplemental disclosures of non-cash financing activities:
Purchase of policies through release of subrogation claim paid by lender
Interest Paid in Kind on 8.5% Senior Unsecured Convertible Notes
Interest payment and fees withheld from borrowings by lender
Revolving Credit Facility
Total interest payment and fees withheld from borrowings by lender

Reclassification of derivative liability, net of tax
Issuance of warrants and common stock in connection with settlement of class action litigation
Pre-conversion tax adjustment
Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement
15.0% Senior Secured Notes
PJC Promissory Note
Issue of 8.5% Senior Secured Notes through Recapitalization Transaction
Recapitalization Transaction Closing Cost and Other Costs withheld from Proceeds
Red Falcon Revolving Credit Facility origination cost paid to lender
Repayment of line of credit
Red Falcon Revolving Credit Facility
White Eagle Revolving Credit Facility
Borrowings under Red Falcon Revolving Credit Facility
Deconsolidation of White Eagle Revolving Credit Facility, November 13, 2018

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