| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Cash Flows From Operating Activities: | ||||||
Net (loss) income | ||||||
70,214 | 63,075 | 53,305 | 35,357 | 138 | ||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||
Accretion of discounts and net deferred fees on loans held-for-investment | ||||||
15,417 | 12,852 | 7,963 | 7,244 | 468 | ||
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations | ||||||
7,588 | 3,785 | 4,573 | 1,375 | 53 | ||
Realized gains on sales of loans held-for-investment | ||||||
- | - | - | - | 181 | ||
Equity based compensation | ||||||
4,782 | 3,496 | 1,087 | 0 | 0 | ||
Depreciation of fixed assets | ||||||
266 | 19 | 0 | 0 | - | ||
Net change in assets and liabilities: | ||||||
Decrease (increase) in accrued interest receivable | ||||||
1,055 | 3,163 | 3,360 | 2,178 | 1,567 | ||
Decrease (increase) in prepaid expenses | ||||||
-172 | 665 | 390 | 0 | 0 | ||
Increase in other assets | ||||||
9,799 | 3,203 | 5,072 | 5,431 | 2,309 | ||
Increase in accrued interest payable | ||||||
891 | 3,275 | 2,464 | 582 | 73 | ||
(Decrease) increase in unearned interest income | ||||||
-282 | 313 | 54 | -12 | 155 | ||
Increase in income taxes payable | ||||||
- | - | - | -70 | 70 | ||
Decrease in other payables to affiliates | ||||||
0 | 0 | -21,460 | 13,173 | 8,287 | ||
Increase in other liabilities | ||||||
6,822 | 3,339 | 6,258 | -47 | 606 | ||
Increase in 10% cumulative redeemable preferred stock | ||||||
0 | 0 | 1,000 | 0 | 0 | ||
Net cash (used in) provided by operating activities | ||||||
64,182 | 57,419 | 30,496 | 35,505 | 3,227 | ||
Cash Flows From Investing Activities: | ||||||
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees | ||||||
1,812,698 | 1,319,529 | 1,032,478 | 775,731 | 584,127 | ||
Proceeds from sales of loans held-for-investment | ||||||
- | - | - | - | 1,979 | ||
Proceeds from repayment of loans held-for-investment | ||||||
769,816 | 468,734 | 100,466 | 1,377 | 104 | ||
Purchases of available-for-sale securities | ||||||
- | - | - | - | 15,000 | ||
Principal payments on available-for-sale securities | ||||||
- | - | - | 2,202 | 0 | ||
Purchases of held-to-maturity securities | ||||||
- | - | - | - | 63,500 | ||
Principal payments on held-to-maturity securities | ||||||
8,620 | 15,473 | 6,083 | 15,008 | 240 | ||
Decrease in due from counterparties | ||||||
0 | 0 | -249 | 249 | 0 | ||
Net cash used in investing activities | ||||||
-1,034,262 | -835,322 | -925,680 | -757,393 | -660,304 | ||
Cash Flows From Financing Activities: | ||||||
Proceeds from repurchase agreements | ||||||
1,390,059 | 1,228,361 | 1,735,685 | 998,698 | 242,523 | ||
Principal payments on repurchase agreements | ||||||
966,581 | 1,249,426 | 665,244 | 606,880 | 183,174 | ||
Proceeds from issuance of securitized debt obligations | ||||||
646,868 | 651,374 | 0 | 0 | - | ||
Principal payments on securitized debt obligations | ||||||
266,179 | 0 | 0 | - | - | ||
Proceeds from convertible senior notes | ||||||
0 | 145,928 | 121,288 | 0 | 0 | ||
Proceeds from asset-specific financings | ||||||
116,465 | 0 | 0 | - | - | ||
Proceeds from revolving credit facilities | ||||||
361,273 | 124,394 | 0 | 0 | - | ||
Repayment of revolving credit facilities | ||||||
394,265 | 49,394 | 0 | 0 | - | ||
Proceeds from note payable to affiliate | ||||||
0 | 0 | 110,653 | 437,888 | 167,262 | ||
Repayment of note payable to affiliate | ||||||
0 | 0 | 704,285 | 11,518 | 0 | ||
(Increase) decrease in deferred debt issuance costs | ||||||
2,321 | -4,948 | 11,054 | 2,163 | 1,630 | ||
Proceeds from issuance of common stock, net of offering costs | ||||||
207,514 | 3,092 | 181,964 | 0 | 0 | ||
Capital contributions from Two Harbors Investment Corp. | ||||||
0 | 0 | 254,785 | 10,000 | 486,804 | ||
Distributions to Two Harbors Investment Corp. | ||||||
0 | 0 | 60,308 | 104,196 | 0 | ||
Dividends paid on preferred stock | ||||||
100 | 100 | 25 | 0 | 0 | ||
Dividends paid on common stock | ||||||
86,312 | 68,569 | 13,836 | 0 | 0 | ||
Net cash provided by financing activities | ||||||
1,006,421 | 790,608 | 949,623 | 721,829 | 713,415 | ||
Net decrease in cash, cash equivalents and restricted cash | ||||||
36,341 | 12,705 | 54,439 | -59 | 56,338 | ||
Supplemental Disclosure of Cash Flow Information: | ||||||
Cash paid for interest | ||||||
136,091 | 88,248 | 39,999 | 10,448 | 403 | ||
Cash paid for taxes | ||||||
0 | -5 | -4 | 64 | 0 | ||
Noncash Activities: | ||||||
Acquisition of TH Commercial Holdings LLC from Two Harbors Investment Corp. in exchange for common and preferred shares (See Note 1) | ||||||
0 | 0 | 651,000 | 0 | 0 | ||