in the december update of the fed 's summary of economic projections , the median forecast for real gdp growth decreased in 2018 and 2019 and remained the same for 2020 , while the median forecast for the unemployment rate remained the same for 2018 and 2019 and increased in 2020. the projection of the median fed funds rates , based on the individual assessments of the fomc members , was 2.4 % in 2018 , 2.9 % in 2019 and 3.1 % in 2020. the interest rate environment experienced volatility in 2018 , as rates moved higher in concert with expectations for federal funds rate increases and then reversed course during the fourth quarter , falling sharply partially due to uncertainty related to the path of the economy in 2019. agency mortgages underperformed for 2018 , with nearly all the underperformance occurring in the fourth quarter . agency rmbs spreads widened as interest rates declined , which primarily drove the decrease in mitt 's book value for the year . during the fourth quarter , legacy rmbs spreads were wider but exhibited strong technical demand and favorable underlying fundamentals . the crt market widened in sympathy with broader risk markets during the fourth quarter , with the widening most pronounced in the lower part of the capital structure . despite this backdrop , there was little forced selling from crt investors during the quarter . the market conditions and trends outlined above may have a meaningful impact on our operating results and our existing portfolio and may cause us to adjust our investment and financing strategies over time as new opportunities emerge and the risk profile of our business changes . 49 recent government activity the current regulatory environment may be impacted by future legislative developments , such as amendments to key provisions of the dodd-frank act or changes to fannie mae and freddie mac , including with respect to how long they will continue to be in existence , the extent of their roles in the market and what forms they will take . there is a lack of clarity around the impact of such potential reform on our operations . results of operations our operating results can be affected by a number of factors and primarily depend on the size and composition of our investment portfolio , the level of our net interest income , the market value of our assets and the supply of , and demand for , our target assets in the marketplace , which can be impacted by unanticipated credit events , such as defaults , liquidations or delinquencies , experienced by borrowers whose mortgage loans are included in our investment portfolio . our primary source of net income available to common stockholders is our net interest income , less our cost of hedging , which represents the difference between the interest earned on our investment portfolio and the costs of financing and hedging our investment portfolio . our net interest income varies primarily as a result of changes in market interest rates , prepayment speeds , as measured by the constant prepayment rate ( `` cpr `` ) on the agency rmbs in our investment portfolio , and our funding and hedging costs . the table below presents certain information from our consolidated statements of operations for the years ended december 31 , 2018 , december 31 , 2017 and december 31 , 2016 ( in thousands ) : replace_table_token_8_th 50 net income/ ( loss ) available to common stockholders net income/ ( loss ) available to common stockholders decreased $ 117.0 million from $ 105.1 million for the year ended december 31 , 2017 to $ ( 11.9 ) million for the year ended december 31 , 2018 primarily due to lower prices on our securities and derivatives and other investments , which decreased our `` unrealized gain/ ( loss ) on real estate securities and loans , net , `` our `` unrealized gain/ ( loss ) on derivative and other instruments , net `` , and our `` net realized gain/ ( loss ) . `` net income/ ( loss ) available to common stockholders increased $ 54.9 million from $ 50.2 million for the year ended december 31 , 2016 to $ 105.1 million for the year ended december 31 , 2017 primarily due to higher prices on our securities , which increased our `` unrealized gain/ ( loss ) on real estate securities and loans , net , `` coupled with higher derivative prices , which increased our `` unrealized gain/ ( loss ) on derivative and other instruments , net . `` interest income interest income is calculated using the effective interest method for our gaap investment portfolio excluding sfr and calculated based on the actual coupon rate and the outstanding principal balance on our u.s. treasury securities , if any . year ended december 31 , 2018 compared to the year ended december 31 , 2017 interest income increased by $ 27.7 million from $ 128.8 million for the year ended december 31 , 2017 to $ 156.5 million for the year ended december 31 , 2018 primarily due to an increase in the weighted average cost of our gaap investment portfolio ( excluding sfr ) and u.s. treasury securities , if any , period over period by $ 0.4 billion from $ 2.9 billion for the year ended december 31 , 2017 to $ 3.3 billion for the year ended december 31 , 2018 . this was coupled with an increase in the weighted average yield on our gaap investment portfolio ( excluding sfr ) and u.s. treasury securities , if any , during the period of 0.35 % from 4.45 % for the year ended december 31 , 2017 to 4.80 % for the year ended december 31 , 2018 . story_separator_special_tag there was no property management fee for the year ended december 31 , 2017 . years ended december 31 , 2017 compared to the year ended december 31 , 2016 there was no property management fee for the years ended december 31 , 2017 and december 31 , 2016 . equity in earnings/ ( loss ) from affiliates equity in earnings/ ( loss ) from affiliates represents our share of earnings and profits of investments held within affiliated entities . a majority of these investments are comprised of real estate securities , loans and our investment in ag arc . year ended december 31 , 2018 compared to the year ended december 31 , 2017 for the years ended december 31 , 2018 and december 31 , 2017 , we recorded equity in earnings/ ( loss ) from affiliates of $ 15.6 million and $ 12.6 million , respectively . the increase primarily pertains to increased security prices causing an increase in unrealized gains on securities and loans . year ended december 31 , 2017 compared to the year ended december 31 , 2016 for the years ended december 31 , 2017 and december 31 , 2016 , we recorded equity in earnings/ ( loss ) from affiliates of $ 12.6 million and $ 1.5 million , respectively . the increase primarily pertains to an increased allocation of our capital to investments held within affiliated entities , increased security prices , and realized gains recognized on certain investments held by our affiliates . book value per share as of december 31 , 2018 , december 31 , 2017 , and december 31 , 2016 , our book value per common share was $ 17.21 , $ 19.62 , and $ 17.86 respectively . undepreciated book value per share is a non-gaap book value metric which adds accumulated depreciation and amortization back to book value to present an adjusted book value that incorporates the company 's single-family rental property portfolio at its undepreciated basis . this metric allows management to consider the investment portfolio exclusive of non-cash adjustments and facilitates the comparison of our financial performance to peer reits . a reconciliation of book value per share to undepreciated book value per share as of december 31 , 2018 , december 31 , 2017 and december 31 , 2016 is presented below . replace_table_token_11_th per share amounts for book value are calculated using all outstanding common shares in accordance with gaap , including all shares granted to ag reit management , llc , our external manager , and our independent directors under our equity incentive plans as of quarter-end . book value is calculated using stockholders ' equity less net proceeds of the company 's 8.25 % series a and 8.00 % series b cumulative redeemable preferred stock as the numerator . 56 presentation of investment , financing and hedging activities in the `` investment activities , `` `` financing activities , `` `` hedging activities `` and `` liquidity and capital resources `` sections of this part ii , item 7 , where we disclose our investment portfolio and the related financing arrangements , we have presented this information inclusive of ( i ) unconsolidated ownership interests in affiliates that are accounted for under gaap using the equity method and ( ii ) tbas , which are accounted for as derivatives under gaap . our investment portfolio and the related financing arrangements are presented along with a reconciliation to gaap . this presentation of our investment portfolio is consistent with how our management evaluates the business , and we believe this presentation , when considered with the gaap presentation , provides supplemental information useful for investors in evaluating our investment portfolio and financial condition . see note 2 to the notes to consolidated financial statements for a discussion of investments in debt and equity of affiliates and tbas . net interest margin and leverage ratio our gaap net interest margin is calculated by subtracting the weighted average cost of funds on our gaap investment portfolio from the weighted average yield for our gaap investment portfolio , which excludes cash held by us and any net tba position . both elements of cost of funds on our gaap investment portfolio are weighted by the outstanding financing arrangements on our gaap investment portfolio , securitized debt , and loan participation payable at quarter end , exclusive of repurchase agreements associated with u.s. treasury securities , if any . net interest margin , a non-gaap financial measure , is calculated by subtracting the weighted average cost of funds from the weighted average yield for our investment portfolio , which excludes cash held by us and any net tba position . the weighted average yield on our agency rmbs portfolio and our credit portfolio represents an effective interest rate , which utilizes all estimates of future cash flows and adjusts for actual prepayment and cash flow activity as of year-end . the weighted average yield on our sfr portfolio represents annualized fourth quarter net operating income divided by the carrying value of our sfr portfolio gross of accumulated depreciation and amortization . net operating income on our sfr portfolio is comprised of rental income and other sfr related income less property operating and maintenance expenses and property management fees . the calculation of weighted average yield is weighted on net carrying value . the weighted average cost of funds is the sum of the weighted average funding costs on total financing outstanding at year-end and our weighted average hedging cost , which is the weighted average of the net pay rate on our interest rate swaps , the net receive/pay rate on our treasury long and short positions , respectively , and the net receivable rate on our io index derivatives , if any . both elements of cost of funds are weighted by the outstanding financing arrangements on our investment portfolio , securitized debt , and loan participation payable at year-end , exclusive

cash flows as of december 31 , 2018 , our cash and cash equivalents totaled $ 31.6 million representing a net increase from $ 15.2 million at december 31 , 2017 . cash provided by operations of $ 78.0 million was attributable to net interest income less operating expenses . cash provided by investing activities of $ 161.0 million was attributable to sales and principal repayments of investments less purchases of investments . cash used in financing activities of $ 207.5 million was primarily attributable to repayments of financing arrangements offset by borrowings under financing arrangements and dividend payments . equity distribution agreement on may 5 , 2017 , we entered into an equity distribution agreement with each of credit suisse securities ( usa ) llc and jmp securities llc ( collectively , the `` sales agents '' ) , which we refer to as the `` equity distribution agreements , '' pursuant to which we may sell up to $ 100.0 million aggregate offering price of shares of our common stock from time to time through the sales agents , as defined in rule 415 under the securities act of 1933. the equity distribution agreements were amended on may 2 , 2018 in conjunction with the filing of our shelf registration statement registering up to $ 750.0 million of its securities , including capital stock ( the `` 2018 registration statement '' ) .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows as of december 31 , 2018 , our cash and cash equivalents totaled $ 31.6 million representing a net increase from $ 15.2 million at december 31 , 2017 . cash provided by operations of $ 78.0 million was attributable to net interest income less operating expenses . cash provided by investing activities of $ 161.0 million was attributable to sales and principal repayments of investments less purchases of investments . cash used in financing activities of $ 207.5 million was primarily attributable to repayments of financing arrangements offset by borrowings under financing arrangements and dividend payments . equity distribution agreement on may 5 , 2017 , we entered into an equity distribution agreement with each of credit suisse securities ( usa ) llc and jmp securities llc ( collectively , the `` sales agents '' ) , which we refer to as the `` equity distribution agreements , '' pursuant to which we may sell up to $ 100.0 million aggregate offering price of shares of our common stock from time to time through the sales agents , as defined in rule 415 under the securities act of 1933. the equity distribution agreements were amended on may 2 , 2018 in conjunction with the filing of our shelf registration statement registering up to $ 750.0 million of its securities , including capital stock ( the `` 2018 registration statement '' ) .
```    
 Suspicious Activity Report : in the december update of the fed 's summary of economic projections , the median forecast for real gdp growth decreased in 2018 and 2019 and remained the same for 2020 , while the median forecast for the unemployment rate remained the same for 2018 and 2019 and increased in 2020. the projection of the median fed funds rates , based on the individual assessments of the fomc members , was 2.4 % in 2018 , 2.9 % in 2019 and 3.1 % in 2020. the interest rate environment experienced volatility in 2018 , as rates moved higher in concert with expectations for federal funds rate increases and then reversed course during the fourth quarter , falling sharply partially due to uncertainty related to the path of the economy in 2019. agency mortgages underperformed for 2018 , with nearly all the underperformance occurring in the fourth quarter . agency rmbs spreads widened as interest rates declined , which primarily drove the decrease in mitt 's book value for the year . during the fourth quarter , legacy rmbs spreads were wider but exhibited strong technical demand and favorable underlying fundamentals . the crt market widened in sympathy with broader risk markets during the fourth quarter , with the widening most pronounced in the lower part of the capital structure . despite this backdrop , there was little forced selling from crt investors during the quarter . the market conditions and trends outlined above may have a meaningful impact on our operating results and our existing portfolio and may cause us to adjust our investment and financing strategies over time as new opportunities emerge and the risk profile of our business changes . 49 recent government activity the current regulatory environment may be impacted by future legislative developments , such as amendments to key provisions of the dodd-frank act or changes to fannie mae and freddie mac , including with respect to how long they will continue to be in existence , the extent of their roles in the market and what forms they will take . there is a lack of clarity around the impact of such potential reform on our operations . results of operations our operating results can be affected by a number of factors and primarily depend on the size and composition of our investment portfolio , the level of our net interest income , the market value of our assets and the supply of , and demand for , our target assets in the marketplace , which can be impacted by unanticipated credit events , such as defaults , liquidations or delinquencies , experienced by borrowers whose mortgage loans are included in our investment portfolio . our primary source of net income available to common stockholders is our net interest income , less our cost of hedging , which represents the difference between the interest earned on our investment portfolio and the costs of financing and hedging our investment portfolio . our net interest income varies primarily as a result of changes in market interest rates , prepayment speeds , as measured by the constant prepayment rate ( `` cpr `` ) on the agency rmbs in our investment portfolio , and our funding and hedging costs . the table below presents certain information from our consolidated statements of operations for the years ended december 31 , 2018 , december 31 , 2017 and december 31 , 2016 ( in thousands ) : replace_table_token_8_th 50 net income/ ( loss ) available to common stockholders net income/ ( loss ) available to common stockholders decreased $ 117.0 million from $ 105.1 million for the year ended december 31 , 2017 to $ ( 11.9 ) million for the year ended december 31 , 2018 primarily due to lower prices on our securities and derivatives and other investments , which decreased our `` unrealized gain/ ( loss ) on real estate securities and loans , net , `` our `` unrealized gain/ ( loss ) on derivative and other instruments , net `` , and our `` net realized gain/ ( loss ) . `` net income/ ( loss ) available to common stockholders increased $ 54.9 million from $ 50.2 million for the year ended december 31 , 2016 to $ 105.1 million for the year ended december 31 , 2017 primarily due to higher prices on our securities , which increased our `` unrealized gain/ ( loss ) on real estate securities and loans , net , `` coupled with higher derivative prices , which increased our `` unrealized gain/ ( loss ) on derivative and other instruments , net . `` interest income interest income is calculated using the effective interest method for our gaap investment portfolio excluding sfr and calculated based on the actual coupon rate and the outstanding principal balance on our u.s. treasury securities , if any . year ended december 31 , 2018 compared to the year ended december 31 , 2017 interest income increased by $ 27.7 million from $ 128.8 million for the year ended december 31 , 2017 to $ 156.5 million for the year ended december 31 , 2018 primarily due to an increase in the weighted average cost of our gaap investment portfolio ( excluding sfr ) and u.s. treasury securities , if any , period over period by $ 0.4 billion from $ 2.9 billion for the year ended december 31 , 2017 to $ 3.3 billion for the year ended december 31 , 2018 . this was coupled with an increase in the weighted average yield on our gaap investment portfolio ( excluding sfr ) and u.s. treasury securities , if any , during the period of 0.35 % from 4.45 % for the year ended december 31 , 2017 to 4.80 % for the year ended december 31 , 2018 . story_separator_special_tag there was no property management fee for the year ended december 31 , 2017 . years ended december 31 , 2017 compared to the year ended december 31 , 2016 there was no property management fee for the years ended december 31 , 2017 and december 31 , 2016 . equity in earnings/ ( loss ) from affiliates equity in earnings/ ( loss ) from affiliates represents our share of earnings and profits of investments held within affiliated entities . a majority of these investments are comprised of real estate securities , loans and our investment in ag arc . year ended december 31 , 2018 compared to the year ended december 31 , 2017 for the years ended december 31 , 2018 and december 31 , 2017 , we recorded equity in earnings/ ( loss ) from affiliates of $ 15.6 million and $ 12.6 million , respectively . the increase primarily pertains to increased security prices causing an increase in unrealized gains on securities and loans . year ended december 31 , 2017 compared to the year ended december 31 , 2016 for the years ended december 31 , 2017 and december 31 , 2016 , we recorded equity in earnings/ ( loss ) from affiliates of $ 12.6 million and $ 1.5 million , respectively . the increase primarily pertains to an increased allocation of our capital to investments held within affiliated entities , increased security prices , and realized gains recognized on certain investments held by our affiliates . book value per share as of december 31 , 2018 , december 31 , 2017 , and december 31 , 2016 , our book value per common share was $ 17.21 , $ 19.62 , and $ 17.86 respectively . undepreciated book value per share is a non-gaap book value metric which adds accumulated depreciation and amortization back to book value to present an adjusted book value that incorporates the company 's single-family rental property portfolio at its undepreciated basis . this metric allows management to consider the investment portfolio exclusive of non-cash adjustments and facilitates the comparison of our financial performance to peer reits . a reconciliation of book value per share to undepreciated book value per share as of december 31 , 2018 , december 31 , 2017 and december 31 , 2016 is presented below . replace_table_token_11_th per share amounts for book value are calculated using all outstanding common shares in accordance with gaap , including all shares granted to ag reit management , llc , our external manager , and our independent directors under our equity incentive plans as of quarter-end . book value is calculated using stockholders ' equity less net proceeds of the company 's 8.25 % series a and 8.00 % series b cumulative redeemable preferred stock as the numerator . 56 presentation of investment , financing and hedging activities in the `` investment activities , `` `` financing activities , `` `` hedging activities `` and `` liquidity and capital resources `` sections of this part ii , item 7 , where we disclose our investment portfolio and the related financing arrangements , we have presented this information inclusive of ( i ) unconsolidated ownership interests in affiliates that are accounted for under gaap using the equity method and ( ii ) tbas , which are accounted for as derivatives under gaap . our investment portfolio and the related financing arrangements are presented along with a reconciliation to gaap . this presentation of our investment portfolio is consistent with how our management evaluates the business , and we believe this presentation , when considered with the gaap presentation , provides supplemental information useful for investors in evaluating our investment portfolio and financial condition . see note 2 to the notes to consolidated financial statements for a discussion of investments in debt and equity of affiliates and tbas . net interest margin and leverage ratio our gaap net interest margin is calculated by subtracting the weighted average cost of funds on our gaap investment portfolio from the weighted average yield for our gaap investment portfolio , which excludes cash held by us and any net tba position . both elements of cost of funds on our gaap investment portfolio are weighted by the outstanding financing arrangements on our gaap investment portfolio , securitized debt , and loan participation payable at quarter end , exclusive of repurchase agreements associated with u.s. treasury securities , if any . net interest margin , a non-gaap financial measure , is calculated by subtracting the weighted average cost of funds from the weighted average yield for our investment portfolio , which excludes cash held by us and any net tba position . the weighted average yield on our agency rmbs portfolio and our credit portfolio represents an effective interest rate , which utilizes all estimates of future cash flows and adjusts for actual prepayment and cash flow activity as of year-end . the weighted average yield on our sfr portfolio represents annualized fourth quarter net operating income divided by the carrying value of our sfr portfolio gross of accumulated depreciation and amortization . net operating income on our sfr portfolio is comprised of rental income and other sfr related income less property operating and maintenance expenses and property management fees . the calculation of weighted average yield is weighted on net carrying value . the weighted average cost of funds is the sum of the weighted average funding costs on total financing outstanding at year-end and our weighted average hedging cost , which is the weighted average of the net pay rate on our interest rate swaps , the net receive/pay rate on our treasury long and short positions , respectively , and the net receivable rate on our io index derivatives , if any . both elements of cost of funds are weighted by the outstanding financing arrangements on our investment portfolio , securitized debt , and loan participation payable at year-end , exclusive

