| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 | Mar'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash Flows From Operating Activities: | ||||||||||||
Net (loss) income | ||||||||||||
-37,191 | 17,676 | 17,392 | 18,177 | 16,969 | 16,697 | 16,565 | 15,227 | 14,586 | 14,136 | 11,518 | 14,197 | 13,454 |
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 | ||||||||||||
4,774 | 4,379 | 3,095 | 4,121 | 3,822 | 3,570 | 3,389 | 3,186 | 2,707 | 2,412 | 1,437 | 1,690 | 2,424 |
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations | ||||||||||||
1,665 | 1,796 | 1,910 | 1,853 | 2,029 | 1,412 | 1,271 | 918 | 184 | 4,573 | 0 | -552 | 552 |
Provision for credit losses | ||||||||||||
53,336 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Equity based compensation | ||||||||||||
1,355 | 1,175 | 1,175 | 1,283 | 1,149 | 662 | 967 | 1,203 | 664 | 401 | 686 | 0 | 0 |
Depreciation of fixed assets | ||||||||||||
- | - | - | - | - | 15 | 1 | 2 | 1 | 0 | 0 | 0 | 0 |
Net change in assets and liabilities: | ||||||||||||
Decrease (increase) in accrued interest receivable | ||||||||||||
-108 | 526 | 873 | -671 | 327 | 2,080 | 633 | -86 | 536 | 1,319 | 853 | 446 | 742 |
Decrease (increase) in prepaid expenses | ||||||||||||
- | - | - | - | - | -280 | 1,088 | 49 | -192 | 390 | 0 | 0 | 0 |
Increase in other assets | ||||||||||||
54,735 | 2,974 | -475 | 3,519 | 3,781 | 1,240 | 452 | 815 | 696 | 113 | 2,196 | 2,039 | 724 |
Increase in accrued interest payable | ||||||||||||
- | - | - | - | - | 774 | 2,340 | -2,000 | 2,161 | 788 | 1,300 | 54 | 322 |
(Decrease) increase in unearned interest income | ||||||||||||
- | - | - | - | - | 393 | -493 | 553 | -140 | -253 | 336 | 114 | -143 |
Decrease in other payables to affiliates | ||||||||||||
- | - | - | - | - | - | - | - | - | -86 | -1,671 | -23,758 | 4,055 |
Increase in other liabilities | ||||||||||||
904 | 1,190 | 1,278 | -1,973 | 6,327 | 446 | 1,519 | 1,954 | -580 | 1,288 | 2,244 | 2,861 | -135 |
Net cash (used in) provided by operating activities | ||||||||||||
-39,332 | 10,514 | 22,877 | 12,247 | 18,544 | 13,789 | 16,608 | 13,893 | 13,129 | 16,613 | 9,927 | -10,259 | 14,215 |
Cash Flows From Investing Activities: | ||||||||||||
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees | ||||||||||||
184,969 | 596,020 | 528,680 | 411,424 | 276,574 | 479,861 | 245,542 | 440,025 | 154,101 | 272,573 | 387,567 | 234,893 | 137,445 |
Proceeds from repayment of loans held-for-investment | ||||||||||||
102,139 | 301,282 | 164,797 | 148,417 | 155,320 | 23,856 | 24,199 | 324,252 | 96,427 | 98,673 | 303 | 296 | 1,194 |
Principal payments on held-to-maturity securities | ||||||||||||
6,298 | 1,518 | 2,426 | 3,795 | 881 | 3,830 | 3,133 | 3,717 | 4,793 | 1,221 | 106 | 2,141 | 2,615 |
Decrease in due from counterparties | ||||||||||||
- | - | - | - | - | - | - | - | - | -20 | -341 | -95 | 207 |
Net cash used in investing activities | ||||||||||||
-76,532 | -293,220 | -361,457 | -259,212 | -120,373 | -452,175 | -218,210 | -112,056 | -52,881 | -172,659 | -386,817 | -232,361 | -133,843 |
Cash Flows From Financing Activities: | ||||||||||||
Proceeds from repurchase agreements | ||||||||||||
237,344 | 375,257 | 514,675 | 274,866 | 225,261 | 356,753 | 310,251 | 420,626 | 140,731 | 304,319 | 927,927 | 310,412 | 193,027 |
Principal payments on repurchase agreements | ||||||||||||
89,266 | 176,148 | 43,790 | 14,473 | 732,170 | 137,465 | 48,005 | 926,073 | 137,883 | 257,975 | 92,787 | 206,509 | 107,973 |
Proceeds from issuance of securitized debt obligations | ||||||||||||
0 | 0 | 0 | 0 | 646,868 | 0 | 0 | 651,374 | 0 | - | - | - | - |
Principal payments on securitized debt obligations | ||||||||||||
60,000 | 85,179 | 10,000 | 66,000 | 105,000 | 0 | 0 | 0 | 0 | - | - | - | - |
Proceeds from convertible senior notes | ||||||||||||
- | - | - | - | - | 127,681 | 0 | 0 | 18,247 | 121,288 | 0 | 0 | 0 |
Proceeds from asset-specific financings | ||||||||||||
2,597 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Proceeds from revolving credit facilities | ||||||||||||
38,361 | 196,675 | 115,901 | 0 | 48,697 | 75,000 | 0 | 49,394 | 0 | - | - | - | - |
Repayment of revolving credit facilities | ||||||||||||
42,008 | 154,667 | 115,901 | 0 | 123,697 | 0 | 0 | 49,394 | 0 | - | - | - | - |
Proceeds from note payable to affiliate | ||||||||||||
- | - | - | - | - | - | - | - | - | 0 | 354 | 92,961 | 17,338 |
Repayment of note payable to affiliate | ||||||||||||
- | - | - | - | - | - | - | - | - | 27,458 | 565,176 | 110,351 | 1,300 |
(Increase) decrease in deferred debt issuance costs | ||||||||||||
- | - | - | - | - | -1,476 | -1,550 | -518 | -1,404 | 4,077 | 156 | 5,955 | 866 |
Proceeds from issuance of common stock, net of offering costs | ||||||||||||
0 | 109 | 0 | 50,177 | 157,228 | 3,092 | 0 | 0 | 0 | - | - | - | - |
Dividends paid on preferred stock | ||||||||||||
25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 0 | 25 | 0 | 0 |
Dividends paid on common stock | ||||||||||||
23,038 | 23,039 | 23,039 | 21,913 | 18,321 | 18,251 | 17,383 | 16,563 | 16,372 | 13,836 | 0 | 0 | 0 |
Net cash provided by financing activities | ||||||||||||
63,965 | 136,306 | 475,757 | 295,517 | 98,841 | 408,261 | 246,388 | 129,857 | 6,102 | 122,042 | 270,137 | 457,218 | 100,226 |
Net decrease in cash, cash equivalents and restricted cash | ||||||||||||
-51,899 | -146,400 | 137,177 | 48,552 | -2,988 | -30,125 | 44,786 | 31,694 | -33,650 | -34,004 | -106,753 | 214,598 | -19,402 |
Supplemental Disclosure of Cash Flow Information: | ||||||||||||
Cash paid for interest | ||||||||||||
31,914 | 40,243 | 31,314 | 36,250 | 28,284 | 27,776 | 21,025 | 23,235 | 16,212 | 15,300 | 11,196 | 7,720 | 5,783 |
Cash paid for taxes | ||||||||||||
0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 | 1 | 0 | -6 | -1 | 3 |