XML 17 R8.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows provided by operating activities:    
Net income $ 86,189 $ 126,026
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of discount/premium and PIK (26,819) (42,991)
Amortization of deferred financing costs 5,511 6,344
Equity-based compensation 9,216 8,744
Provision for (reversal of) loan losses, net [1] 17,667 (30,824)
Foreign currency loss 109,491 2,743
Gain on derivative instruments 122,959 8,727
Depreciation and amortization on real estate owned 704 452
Realized losses and impairments on investments and real estate owned 0 20,550
Changes in operating assets and liabilities:    
Proceeds received from PIK interest 20,141 34,986
Other assets (6,161) 875
Accounts payable, accrued expenses and other liabilities 6,605 2,923
Payable to related party (141) (158)
Net cash provided by operating activities 99,444 120,943
Cash flows used in investing activities:    
New funding of commercial mortgage loans (2,324,370) (1,322,016)
Add-on funding of commercial mortgage loans (270,974) (138,489)
Add-on funding of subordinate loans and other lending assets (63,120) (107,716)
Proceeds received from the repayment and sale of commercial mortgage loans 1,044,388 295,914
Proceeds received from the repayment of subordinate loans and other lending assets 129,670 195,551
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 32,732 17,061
Proceeds received from the sale of real estate owned, held for sale 0 42,356
Capital expenditures on real estate assets (82) 0
Cash received from hotel title assumption 0 4,148
Increase in collateral related to derivative contracts, net 117,380 260
Net cash used in investing activities (1,334,376) (1,012,931)
Cash flows provided by financing activities:    
Payment of offering costs 0 (40)
Proceeds from secured debt arrangements 2,189,701 987,010
Repayments of secured debt arrangements (930,660) (744,570)
Repayments of senior secured term loan principal (4,000) (3,250)
Proceeds from issuance of senior secured term loan 0 297,000
Proceeds from issuance of senior secured notes 0 500,000
Repayment of debt related to real estate owned 0 (143,073)
Payment of deferred financing costs (4,639) (11,217)
Withholding tax payment upon RSU delivery (6,972) (4,278)
Dividends on common stock (100,359) (99,741)
Dividends on preferred stock (6,136) (6,770)
Net cash provided by financing activities 1,136,935 771,071
Net decrease in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (97,997) (120,917)
Less increase in cash classified within assets related to real estate owned, held for sale (7,304) 0
Net decrease in cash and cash equivalents (105,301) (120,917)
Cash and cash equivalents, beginning of period 343,106 325,498
Cash and cash equivalents, end of period 241,619 204,581
Effects of foreign currency translation on cash and cash equivalents 3,814 0
Supplemental disclosure of cash flow information:    
Interest paid 89,004 63,071
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 53,176 52,635
Change in participation sold (2,708) 20,358
Change in loan proceeds held by servicer 21,726 4,853
Deferred financing costs, not yet paid 0 3,757
Repayments of PIK on participation sold 0 (27,670)
Transfer of subordinate loan to subordinate loan, held for sale 7,500 0
Assumption of real estate 0 154,300
Assumption of debt related to real estate owned 0 (110,073)
Assumption of other assets related to real estate owned 0 1,555
Assumption of accounts payable and other liabilities related to real estate owned 0 (4,641)
Transfer of assets to assets related to real estate owned, held for sale 155,542 0
Transfer of liabilities to liabilities related to real estate owned, held for sale 7,156 0
Transfer of subordinate loans to real estate owned $ 0 $ (45,289)
[1] Comprised of $3,000 and $(27,000) Specific CECL Reversals (Allowances) and $(2,056) and $9,333 of General CECL Reversals (Allowances) for the three and six months ended June 30, 2022, respectively. Comprised of $30,000 and $30,000 Specific CECL Reversals and $(414) and $824 of General CECL Reversals (Allowances) for the three and six months ended June 30, 2021, respectively.