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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 8 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities            
Net income $ 52,841 $ 51,437   $ 153,400 $ 163,297  
Adjustments to reconcile net income to net cash provided by operating activities:            
Accretion of origination fees on loans receivable, net       (18,677) (22,240)  
Accretion of origination fees on interests in loans receivable, net       (849) (227)  
Amortization of financing costs 5,302 4,409   16,277 14,211  
Non-cash equity compensation       (376) 7,354  
Other income       (5,855)    
Depreciation on real estate owned 1,940   $ 5,173 5,173    
Gain on foreclosure of real estate owned       (1,430)    
Non-cash advances to loans receivable in lieu of interest       (55,792) (66,470)  
Non-cash advances to interests in loans receivable in lieu of interest       (15,149) (9,458)  
Non-cash advances on secured financings in lieu of interest       15,161 14,748  
Repayment of non-cash advances to loans receivable in lieu of interest       97,087 4,383  
Repayment of non-cash advances to interests in loans receivable in lieu of interest       363 (4,383)  
Repayment of non-cash advances to secured financings in lieu of interest       (22,285)    
Realized loss on sale of investments   202     202  
Reversal of current expected credit loss reserve (9,306)     (17,413)    
Changes in operating assets and liabilities:            
Accrued interest receivable       5,163 (6,377)  
Other assets       (18,519) (777)  
Accounts payable and accrued expenses       8,624 (333)  
Interest payable       (1,507) (807)  
Deposits held       1,389 (519)  
Due to/from affiliate         (25)  
Management fee payable - affiliate       (60) 973  
Incentive fee payable - affiliate       (187) (2,096)  
Net cash provided by operating activities       144,538 95,839  
Net cash provided by operating activities       144,538 95,839  
Cash flows from investing activities            
Loan originations, acquisitions and advances, net of fees       (1,272,396) (627,130)  
Acquisitions and advances of interests in loans receivable, net of fees       (86,022) (83,963)  
Repayments of loans receivable       1,046,111 449,813  
Repayments of interests in loans receivable       2,977 15,224  
Exit fees received from loans receivable       5,698 1,172  
Extension fees received from loans receivable       2,368 1,044  
Cash, cash equivalents and restricted cash from foreclosure of properties       9,580    
Acquisition of real estate owned       (11,463)    
Sale of loans receivable         19,781  
Reserves held for loans receivable       659 (2,880)  
Net cash used in investing activities       (302,488) (226,939)  
Net cash used in investing activities       (302,488) (226,939)  
Cash flows from financing activities            
Proceeds from issuance of common stock         70,000  
Contributions from non-controlling interests       1,975    
Offering costs       (30) (947)  
Dividends paid on common stock and vested restricted stock units       (141,792) (160,301)  
Dividends paid on redeemable common stock       (8,208) (9,699)  
Dividends paid on preferred stock       (8) (16)  
Distributions to non-controlling interests         (15,537)  
Proceeds from secured financings       1,014,627 719,010  
Payment of financing costs       (14,335) (16,283)  
Payment of exit fees on secured financings       (443) (105)  
Repayments of secured financings       (849,141) (481,414)  
Repayments of secured term loan       (5,837) (3,375)  
Repayments of debt related to real estate owned       (10,000)    
Net cash provided by (used in) financing activities       (13,192) 101,333  
Net decrease in cash, cash equivalents and restricted cash       (171,142) (29,767)  
Cash, cash equivalents and restricted cash, beginning of period       430,974 338,018 $ 338,018
Cash, cash equivalents and restricted cash, end of period 259,832 308,251 259,832 259,832 308,251 430,974
Cash and cash equivalents, beginning of period       427,512 334,999 334,999
Restricted cash, beginning of period       3,462 3,019 3,019
Cash and cash equivalents, end of period 235,596 304,692 235,596 235,596 304,692 427,512
Restricted cash, end of period $ 24,236 $ 3,559 $ 24,236 24,236 3,559 $ 3,462
Supplemental disclosure of cash flow information:            
Cash paid for interest       121,257 100,929  
Supplemental disclosure of non-cash investing and financing activities:            
Dividends accrued on common stock, redeemable common stock and vested restricted stock units       50,000 50,000  
Dividends accrued on preferred stock       4 8  
Dividends accrued on unvested restricted stock units       3,192 4,033  
Loan principal payments held by servicer       252,946    
Accrued financing costs       6,251 36  
Accrued offering costs       2,231 $ 3,403  
Working capital consolidated       (18,546)    
Settlement of loan receivable       (103,901)    
Real estate acquired in settlement of loan receivable       414,000    
Assumption of debt related to real estate owned       (300,000)    
Conversion of restricted stock units to common shares - common stock       6    
Conversion of restricted stock units to common shares - additional paid in capital       $ (6)