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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 3,620 $ 496
Adjustments to reconcile net income to cash provided by operations:    
Net realized loss on real estate securities 43  
Net unrealized gain on real estate securities (1,808) (31)
Amortization of equity based compensation 5 1
Amortization of debt finance costs to operating expense 195 65
Amortization of debt finance costs to interest expense 22 1
Amortization of bond discount (177)  
Amortization of origination fees (268) (27)
Amortization of deferred exit fees (131)  
Changes in assets and liabilities:    
Accrued interest receivable (159) (24)
Accrued expenses (91) 22
Due to related parties 350 (7)
Prepaid expenses and other assets (7) (18)
Other liabilities 67 116
Net cash provided by operating activities 1,661 594
Cash flows from investing activities:    
Origination of commercial loans (72,868) (19,560)
Origination fees received on commercial loans 618 131
Purchase of real estate securities (14,884) (5,000)
Real estate securities sold 9,211 77
Real estate securities principal pay-down 710  
Net cash used in investing activities (77,213) (24,352)
Cash flows from financing activities:    
Proceeds from issuance of common stock 42,680 20,148
Payment of offering costs (3,024) (1,575)
Proceeds from repurchase agreements 269,791 65,647
Principal repayments of repurchase agreements (229,099) (54,689)
Debt finance costs (381) (532)
Distributions paid (2,922) (882)
Net cash provided by financing activities 77,045 28,117
Net change in cash, cash equivalents and restricted cash 1,493 4,359
Cash, cash equivalents and restricted cash at beginning of period 28,497 1,406
Cash, cash equivalents and restricted cash at end of period 29,990 5,765
Supplemental disclosure of cash flow information:    
Change in deferred offering costs and accrued offering expenses, included in due to related parties (422) (157)
Interest paid 2,739 102
Distributions payable $ 1,189 $ 385