XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows provided by operating activities:    
Net income $ 49,433 $ 47,125
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of discount/premium and PIK (15,695) (3,517)
Amortization of deferred financing costs 2,545 1,203
Equity-based compensation (1,385) 1,461
Unrealized gain on securities 0 (2,852)
Income from unconsolidated joint venture 0 (458)
Foreign currency gain (9,853) (2,808)
Unrealized loss on derivative instruments 8,855 2,897
Realized loss on sale of assets 0 1,042
Changes in operating assets and liabilities:    
Proceeds received from PIK 55,000 0
Other assets (2,620) (10,926)
Accounts payable, accrued expenses and other liabilities 2,075 (8,011)
Payable to related party (76) 418
Net cash (used in) provided by operating activities 88,279 25,574
Cash flows used in investing activities:    
New funding of commercial mortgage loans (476,951) (258,950)
Add-on funding of commercial mortgage loans (13,185) (60,649)
New funding of subordinate loans (11,687) (117,500)
Add-on funding of subordinate loans (5,208) (55,182)
Payments received on commercial mortgage loans 90,547 6,336
Payments received on subordinate loans 257,548 37,738
Origination and exit fees received on commercial mortgage and subordinate loans 19,085 6,294
Funding of unconsolidated joint venture 0 (726)
Funding of other assets 0 (1,379)
Increase in collateral held related to derivative contracts (15,220) (960)
Payments and proceeds received on securities 0 70,033
Net cash (used in) provided by investing activities (155,071) (374,945)
Cash flows from financing activities:    
Proceeds from issuance of common stock 275,879 0
Payment of offering costs (38) (58)
Proceeds from secured debt arrangements 416,549 407,955
Repayments of secured debt arrangements (538,562) (67,286)
Repayments of participations sold 0 (434)
Payment of deferred financing costs (2,234) (4,394)
Dividends on common stock (57,328) (42,947)
Dividends on preferred stock (6,835) (9,310)
Net cash (used in) provided by financing activities 87,431 283,526
Net increase (decrease) in cash and cash equivalents 20,639 (65,845)
Cash and restricted cash, beginning of period 77,671 263,452
Cash and restricted cash, end of period 98,310 197,607
Supplemental disclosure of cash flow information:    
Interest paid 26,517 18,965
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 63,598 51,109
Offering costs payable 339 222
Loan proceeds held by servicer $ 30,281 $ 0