we have also used proceeds from our stock financings and operating cash flow to fund loans in the past and continue to finance a portion of our outstanding loans with these funds . of the total principal outstanding as of december 31 , 2015 , including our loans held for investment and loans held for sale , plus loans sold to ondeck marketplace investors which had a balance remaining as of december 31 , 2015 , 39 % were funded via ondeck marketplace investors , 26 % were funded via our debt warehouse facilities , 21 % were financed via proceeds raised from our securitization transaction and 14 % were funded via our own equity . we originate loans through direct marketing , including direct mail , social media , and other online marketing channels . we also originate loans through referrals from our strategic partners , including banks , payment processors and small business-focused service providers , and through funding advisors who advise small businesses on available funding options . we have grown rapidly over the three years ended december 31 , 2015 . we generated gross revenue of $ 254.8 million , $ 158.1 million and $ 65.2 million , during the years ended december 31 , 2015 , 2014 and 2013 , respectively . we currently make loans throughout the united states and in canada and australia , although , to date , substantially all of our revenue has been generated in the united states . our adjusted ebitda , a non-gaap measure which is described in further detail in the section below titled “ —key financial and operating metrics , ” improved to positive $ 16.2 million for the year ended december 31 , 2015 from negative $ 0.2 million and negative $ 16.3 million for the years ended december 31 , 2014 and 2013 , respectively . we incurred net losses of $ 2.2 million , $ 18.7 million and $ 24.4 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively . initial public offering on december 22 , 2014 , we completed our initial public offering . we issued and sold 11,500,000 shares of our common stock at a public offering price of $ 20.00 per share , including 1,500,000 shares sold in connection with the exercise in full of the over-allotment option we granted to the underwriters . we received net offering proceeds of $ 210.0 million , after deducting underwriting discounts and commissions and offering expenses . key financial and operating metrics 37 we regularly monitor a number of metrics in order to measure our current performance and project our future performance . these metrics aid us in developing and refining our growth strategies and making strategic decisions . replace_table_token_7_th originations originations represent the total principal amount of the term loans we made during the period , plus the total amount drawn on lines of credit during the period . many of our repeat customers renew their loans before their existing loan is fully repaid . in accordance with industry practice , originations of such repeat loans are presented as the full renewal loan principal , rather than the net funded amount , which would be the renewal loan 's principal net of the unpaid principal balance on the existing loan . loans referred to , and funded by , our issuing bank partners and later purchased by us are included as part of our originations . unpaid principal balance unpaid principal balance represents the total amount of principal outstanding of term loans held for investment and amounts outstanding under lines of credit at the end of the period . it excludes net deferred origination costs , allowance for loan losses and any loans sold or held for sale at the end of the period . average loans average loans for the period is the simple average of loans held for investment as of the beginning of the period and as of the end of each quarter in the period . loans under management loans under management represents the unpaid principal balance plus the amount of principal outstanding of loans held for sale , excluding net deferred origination costs , plus the amount of principal outstanding of term loans we serviced for others at the end of the period . effective interest yield effective interest yield is the rate of return we achieve on loans outstanding during a period . for full years , it is calculated as our interest income divided by average loans and for interim periods it is calculated as our annualized interest income for the period divided by averag e loans . net deferred origination costs in loans held for investment consist of deferred origination fees and costs . deferred origination fees include fees paid up front to us by customers when loans are funded and decrease the carrying value of loans , thereby increasing the effective interest yield earned . deferred origination costs are limited to costs directly attributable to originating loans such as 38 commissions , vendor costs and personnel costs directly related to the time spent by the personnel performing activities related to loan origination and increase the carrying value of loans , thereby decreasing the effective interest yield earned . recent pricing trends are discussed under the subheading `` key factors affecting our performance - pricing . `` marketplace gain on sale rate marketplace gain on sale rate equals our gain on sale revenue from loans sold through ondeck marketplace divided by the carrying value of loans sold , which includes both unpaid principal balance sold and the remaining carrying value of the net deferred origination costs . a portion of loans regularly sold through ondeck marketplace are or may be loans which were initially designated as held for investment upon origination . the portion of such loans sold in a given period may vary materially dependent upon market conditions and other circumstances . story_separator_special_tag we believe that for such short-term loans , cents on dollar , or similar cost measures that provide total interest expense , give a borrower important information to understand and compare loans , and make an educated decision . despite these limitations , we are exploring ways to increase standardization of pricing and comparison terms in our industry in order to help small business customers assess their credit options . we are also providing aprs for prior periods as supplemental information for comparative purposes . historically , we have not used apr as an internal metric to evaluate performance of our business or as a basis to compensate our employees or to measure their performance . the interest on commercial business loans is also tax deductible as permitted by law compared to typical personal loans which do not provide a tax deduction . apr does not give effect to the small business customer 's possible tax deductions and cash savings associated with business related interest expenses . we consider effective interest yield , or eiy , as a key pricing metric . eiy is the rate of return we achieve on loans outstanding during a period . our eiy differs from apr in that it takes into account deferred origination fees and deferred origination costs . deferred origination fees include fees paid up front to us by customers when loans are funded and decrease the carrying value of loans , thereby increasing the eiy . deferred origination costs are limited to costs directly attributable to originating loans such as commissions , vendor costs and personnel costs directly related to the time spent by the personnel performing activities related to loan origination and increase the carrying value of loans , thereby decreasing the effective interest yield . in addition to individual loan pricing and the number of days in a period , there are many other factors that can affect eiy , including : channel mix - in general , loans originated from the direct and strategic partner channels have lower eiys than loans from the funding advisor channel primarily due to their lower rates , lower acquisition costs and lower loss rates . the direct and strategic partner channels have , in the aggregate , made up 72 % , 59 % and 44 % of total originations during the years ended december 31 , 2015 , 2014 and 2013 , respectively . we expect the direct and strategic partner channels to continue to grow as a percentage of the overall channel mix as we continue to focus on growing these historically higher-quality originations . term mix - in general , term loans with longer durations have lower annualized interest rates . despite lower eiys , total revenues from customers with longer loan durations are typically higher than the revenue of customers with shorter-term , higher eiy loans because total payback is typically higher compared to a shorter length term for the same principal loan amount . since the introduction of our 24-month and 36-month term loan products , the average length of new term loan originations has increased to 11.8 from 10.8 and 10.0 months for the years ended december 31 , 2015 , 2014 and 2013 , respectively . customer type mix - in general , loans originated from repeat customers have lower eiys than loans from new customers . this is primarily due to the fact that repeat customers typically have a higher ondeck score and are therefore deemed to be lower risk . in addition , repeat customers are more likely to be approved for longer terms than new customers given their established payment history and lower risk profiles . finally , origination fees are generally reduced or waived and rates are lower for repeat customers due to our loyalty program , contributing to lower eiys . product mix - in general , loans originated from line of credit customers have lower eiys than loans from term loan customers . this is primarily due to the fact that lines of credit are expected to have longer lifetime usage than term loans , enabling more time to recoup upfront acquisition costs . for the year ended 2015 , the average line of credit apr was 33.8 % , compared to the average term loan apr which was 45.0 % . further , draws from line of credit customers have increased to 9.1 % from 4.9 % of total originations in 2015 and 2014 , respectively . as we expand the availability and market awareness of our 24-month and 36-month term loan products , we expect the product mix to result in a further 44 reduction of eiy although it is not possible to estimate the impact since such impact is dependent upon the ultimate volume achieved by those new products which can not yet be determined . competition - as new online and alternative lenders have entered the market , there has been an increased volume of direct marketing to potential borrowers and increased competition for responses to those direct marketing efforts . competitors may attempt to obtain new customers by pricing term loans and lines of credit below prevailing market rates . this could cause downward pricing pressure as these new entrants attempt to win new customers even at the cost of pricing loans below market rates , or even at rates resulting in net losses to them . while we recognize that there has been increased competition in the market of small business loans , we believe only a small portion of our period over period eiy decline is a result of increased competition . ondeck marketplace loan sales - since its inception in october 2013 through the first quarter of 2015 , ondeck marketplace sales had a negligible effect on eiy due to the fact that loans were typically sold within several days of origination resulting in immaterial increases to interest income . during 2015 , eiy began to be more significantly impacted by

cash flows operating activities for the year ended december 31 , 2015 , net cash provided by our operating activities $ 118.9 million , which were primarily the result of our cash received from our customers including interest payments $ 234.6 million , plus proceeds from sale of loans held for sale of $ 489.4 million , less $ 433.7 million of loans held for sale originations in excess of loan repayments received , $ 134.7 million utilized to pay our operating expenses and $ 15.4 million we used to pay the interest on our debt ( both funding and corporate ) . during that same period , accounts payable and accrued expenses and other liabilities increased by approximately $ 16.2 million . cash flows provided by operating activities in 2014 were $ 103.2 million , which were primarily the result of our cash received from our customers including interest payments as well as the gain on sale of our loans totaling approximately $ 185.3 million , less the amount of cash we utilized to pay our operating expenses of approximately $ 67.8 million and $ 15.0 million we used to pay the interest on our debt ( both funding and corporate ) . during that same period , accounts payable and accrued expenses and other liabilities increased by approximately $ 7.6 million .


 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 operating activities for the year ended december 31 , 2015 , net cash provided by our operating activities $ 118.9 million , which were primarily the result of our cash received from our customers including interest payments $ 234.6 million , plus proceeds from sale of loans held for sale of $ 489.4 million , less $ 433.7 million of loans held for sale originations in excess of loan repayments received , $ 134.7 million utilized to pay our operating expenses and $ 15.4 million we used to pay the interest on our debt ( both funding and corporate ) . during that same period , accounts payable and accrued expenses and other liabilities increased by approximately $ 16.2 million . cash flows provided by operating activities in 2014 were $ 103.2 million , which were primarily the result of our cash received from our customers including interest payments as well as the gain on sale of our loans totaling approximately $ 185.3 million , less the amount of cash we utilized to pay our operating expenses of approximately $ 67.8 million and $ 15.0 million we used to pay the interest on our debt ( both funding and corporate ) . during that same period , accounts payable and accrued expenses and other liabilities increased by approximately $ 7.6 million .
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 Suspicious Activity Report : we have also used proceeds from our stock financings and operating cash flow to fund loans in the past and continue to finance a portion of our outstanding loans with these funds . of the total principal outstanding as of december 31 , 2015 , including our loans held for investment and loans held for sale , plus loans sold to ondeck marketplace investors which had a balance remaining as of december 31 , 2015 , 39 % were funded via ondeck marketplace investors , 26 % were funded via our debt warehouse facilities , 21 % were financed via proceeds raised from our securitization transaction and 14 % were funded via our own equity . we originate loans through direct marketing , including direct mail , social media , and other online marketing channels . we also originate loans through referrals from our strategic partners , including banks , payment processors and small business-focused service providers , and through funding advisors who advise small businesses on available funding options . we have grown rapidly over the three years ended december 31 , 2015 . we generated gross revenue of $ 254.8 million , $ 158.1 million and $ 65.2 million , during the years ended december 31 , 2015 , 2014 and 2013 , respectively . we currently make loans throughout the united states and in canada and australia , although , to date , substantially all of our revenue has been generated in the united states . our adjusted ebitda , a non-gaap measure which is described in further detail in the section below titled “ —key financial and operating metrics , ” improved to positive $ 16.2 million for the year ended december 31 , 2015 from negative $ 0.2 million and negative $ 16.3 million for the years ended december 31 , 2014 and 2013 , respectively . we incurred net losses of $ 2.2 million , $ 18.7 million and $ 24.4 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively . initial public offering on december 22 , 2014 , we completed our initial public offering . we issued and sold 11,500,000 shares of our common stock at a public offering price of $ 20.00 per share , including 1,500,000 shares sold in connection with the exercise in full of the over-allotment option we granted to the underwriters . we received net offering proceeds of $ 210.0 million , after deducting underwriting discounts and commissions and offering expenses . key financial and operating metrics 37 we regularly monitor a number of metrics in order to measure our current performance and project our future performance . these metrics aid us in developing and refining our growth strategies and making strategic decisions . replace_table_token_7_th originations originations represent the total principal amount of the term loans we made during the period , plus the total amount drawn on lines of credit during the period . many of our repeat customers renew their loans before their existing loan is fully repaid . in accordance with industry practice , originations of such repeat loans are presented as the full renewal loan principal , rather than the net funded amount , which would be the renewal loan 's principal net of the unpaid principal balance on the existing loan . loans referred to , and funded by , our issuing bank partners and later purchased by us are included as part of our originations . unpaid principal balance unpaid principal balance represents the total amount of principal outstanding of term loans held for investment and amounts outstanding under lines of credit at the end of the period . it excludes net deferred origination costs , allowance for loan losses and any loans sold or held for sale at the end of the period . average loans average loans for the period is the simple average of loans held for investment as of the beginning of the period and as of the end of each quarter in the period . loans under management loans under management represents the unpaid principal balance plus the amount of principal outstanding of loans held for sale , excluding net deferred origination costs , plus the amount of principal outstanding of term loans we serviced for others at the end of the period . effective interest yield effective interest yield is the rate of return we achieve on loans outstanding during a period . for full years , it is calculated as our interest income divided by average loans and for interim periods it is calculated as our annualized interest income for the period divided by averag e loans . net deferred origination costs in loans held for investment consist of deferred origination fees and costs . deferred origination fees include fees paid up front to us by customers when loans are funded and decrease the carrying value of loans , thereby increasing the effective interest yield earned . deferred origination costs are limited to costs directly attributable to originating loans such as 38 commissions , vendor costs and personnel costs directly related to the time spent by the personnel performing activities related to loan origination and increase the carrying value of loans , thereby decreasing the effective interest yield earned . recent pricing trends are discussed under the subheading `` key factors affecting our performance - pricing . `` marketplace gain on sale rate marketplace gain on sale rate equals our gain on sale revenue from loans sold through ondeck marketplace divided by the carrying value of loans sold , which includes both unpaid principal balance sold and the remaining carrying value of the net deferred origination costs . a portion of loans regularly sold through ondeck marketplace are or may be loans which were initially designated as held for investment upon origination . the portion of such loans sold in a given period may vary materially dependent upon market conditions and other circumstances . story_separator_special_tag we believe that for such short-term loans , cents on dollar , or similar cost measures that provide total interest expense , give a borrower important information to understand and compare loans , and make an educated decision . despite these limitations , we are exploring ways to increase standardization of pricing and comparison terms in our industry in order to help small business customers assess their credit options . we are also providing aprs for prior periods as supplemental information for comparative purposes . historically , we have not used apr as an internal metric to evaluate performance of our business or as a basis to compensate our employees or to measure their performance . the interest on commercial business loans is also tax deductible as permitted by law compared to typical personal loans which do not provide a tax deduction . apr does not give effect to the small business customer 's possible tax deductions and cash savings associated with business related interest expenses . we consider effective interest yield , or eiy , as a key pricing metric . eiy is the rate of return we achieve on loans outstanding during a period . our eiy differs from apr in that it takes into account deferred origination fees and deferred origination costs . deferred origination fees include fees paid up front to us by customers when loans are funded and decrease the carrying value of loans , thereby increasing the eiy . deferred origination costs are limited to costs directly attributable to originating loans such as commissions , vendor costs and personnel costs directly related to the time spent by the personnel performing activities related to loan origination and increase the carrying value of loans , thereby decreasing the effective interest yield . in addition to individual loan pricing and the number of days in a period , there are many other factors that can affect eiy , including : channel mix - in general , loans originated from the direct and strategic partner channels have lower eiys than loans from the funding advisor channel primarily due to their lower rates , lower acquisition costs and lower loss rates . the direct and strategic partner channels have , in the aggregate , made up 72 % , 59 % and 44 % of total originations during the years ended december 31 , 2015 , 2014 and 2013 , respectively . we expect the direct and strategic partner channels to continue to grow as a percentage of the overall channel mix as we continue to focus on growing these historically higher-quality originations . term mix - in general , term loans with longer durations have lower annualized interest rates . despite lower eiys , total revenues from customers with longer loan durations are typically higher than the revenue of customers with shorter-term , higher eiy loans because total payback is typically higher compared to a shorter length term for the same principal loan amount . since the introduction of our 24-month and 36-month term loan products , the average length of new term loan originations has increased to 11.8 from 10.8 and 10.0 months for the years ended december 31 , 2015 , 2014 and 2013 , respectively . customer type mix - in general , loans originated from repeat customers have lower eiys than loans from new customers . this is primarily due to the fact that repeat customers typically have a higher ondeck score and are therefore deemed to be lower risk . in addition , repeat customers are more likely to be approved for longer terms than new customers given their established payment history and lower risk profiles . finally , origination fees are generally reduced or waived and rates are lower for repeat customers due to our loyalty program , contributing to lower eiys . product mix - in general , loans originated from line of credit customers have lower eiys than loans from term loan customers . this is primarily due to the fact that lines of credit are expected to have longer lifetime usage than term loans , enabling more time to recoup upfront acquisition costs . for the year ended 2015 , the average line of credit apr was 33.8 % , compared to the average term loan apr which was 45.0 % . further , draws from line of credit customers have increased to 9.1 % from 4.9 % of total originations in 2015 and 2014 , respectively . as we expand the availability and market awareness of our 24-month and 36-month term loan products , we expect the product mix to result in a further 44 reduction of eiy although it is not possible to estimate the impact since such impact is dependent upon the ultimate volume achieved by those new products which can not yet be determined . competition - as new online and alternative lenders have entered the market , there has been an increased volume of direct marketing to potential borrowers and increased competition for responses to those direct marketing efforts . competitors may attempt to obtain new customers by pricing term loans and lines of credit below prevailing market rates . this could cause downward pricing pressure as these new entrants attempt to win new customers even at the cost of pricing loans below market rates , or even at rates resulting in net losses to them . while we recognize that there has been increased competition in the market of small business loans , we believe only a small portion of our period over period eiy decline is a result of increased competition . ondeck marketplace loan sales - since its inception in october 2013 through the first quarter of 2015 , ondeck marketplace sales had a negligible effect on eiy due to the fact that loans were typically sold within several days of origination resulting in immaterial increases to interest income . during 2015 , eiy began to be more significantly impacted by

