XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows provided by operating activities:    
Net income (loss) $ 126,026 $ (67,641)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium and PIK (42,991) (36,449)
Amortization of deferred financing costs 6,344 6,577
Equity-based compensation 8,744 8,515
Provision for (reversal of) loan losses, net [1] (30,824) 158,296
Foreign currency loss 2,743 48,404
Unrealized gain on derivative instruments (8,727) (68,640)
Depreciation and amortization 452 0
Realized losses and impairments on investments and real estate owned 20,550 16,405
Changes in operating assets and liabilities:    
Proceeds received from PIK 34,986 0
Other assets 875 (9,615)
Accounts payable, accrued expenses and other liabilities 2,923 (1,921)
Payable to related party (158) (472)
Net cash provided by operating activities 120,943 53,459
Cash flows used in investing activities:    
New funding of commercial mortgage loans (1,322,016) (447,440)
Add-on funding of commercial mortgage loans (138,489) (197,261)
Add-on funding of subordinate loans and other lending assets (107,716) (25,766)
Proceeds received from the repayment and sale of commercial mortgage loans 295,914 397,994
Proceeds received from the repayment of subordinate loans and other lending assets 195,551 1,885
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 17,061 6,110
Proceeds received from the sale of real estate owned, held for sale 42,356 0
Cash received from hotel title assumption 4,148 0
Increase in collateral held related to derivative contracts, net 260 55,550
Net cash used in investing activities (1,012,931) (208,928)
Cash flows from financing activities:    
Payment of offering costs (40) 0
Repurchase of common stock 0 (46,279)
Proceeds from secured debt arrangements 987,010 1,373,643
Repayments of secured debt arrangements (744,570) (980,280)
Repayments of senior secured term loan principal (3,250) (2,500)
Proceeds from issuance of senior secured term loan 297,000 0
Proceeds from issuance of senior secured notes 500,000 0
Repayment of debt related to real estate owned (143,073) 0
Payment of deferred financing costs (11,217) (7,522)
Other financing activities (4,278) (6,494)
Dividends on common stock (99,741) (133,446)
Dividends on preferred stock (6,770) (6,770)
Net cash provided by financing activities 771,071 190,352
Net increase (decrease) in cash and cash equivalents (120,917) 34,883
Cash and cash equivalents, beginning of period 325,498 452,282
Cash and cash equivalents, end of period 204,581 487,165
Supplemental disclosure of cash flow information:    
Interest paid 63,071 71,974
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 52,635 56,256
Change in participation sold 20,358 0
Repayments of PIK on participation sold (27,670) 0
Loan proceeds held by servicer 4,853 0
Deferred financing costs, not yet paid 3,757 2,596
Transfer of proceeds borrowed under secured credit facilities to Barclays Private Securitization 0 782,006
Assumption of real estate 154,300 0
Assumption of debt related to real estate owned (110,073) 0
Assumption of other assets related to real estate owned 1,555 0
Assumption of accounts payable and other liabilities related to real estate owned (4,641) 0
Transfer of subordinate loans to real estate owned $ (45,289) $ 0
[1] Comprised of $30,000, $30,000, $9,500 and $(140,500) Specific CECL Reversals (Allowance) for the three and six months ended June 30, 2021 and 2020, respectively, and $(414), $824, $15,669, and $(17,796) of General CECL Reversals (Allowance) for the three and six months ended June 30, 2021 and 2020, respectively.