| 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 | ||||||||||||
16,054 | 70,214 | 69,235 | 68,408 | 65,458 | 63,075 | 60,514 | 55,467 | 54,437 | 53,305 | 0 | 0 | 0 |
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 | ||||||||||||
16,369 | 15,417 | 14,608 | 14,902 | 13,967 | 12,852 | 11,694 | 9,742 | 8,246 | 7,963 | 0 | 0 | 0 |
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations | ||||||||||||
7,224 | 7,588 | 7,204 | 6,565 | 5,630 | 3,785 | 6,946 | 5,675 | 4,205 | 4,573 | 0 | 0 | 0 |
Provision for credit losses | ||||||||||||
0 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Equity based compensation | ||||||||||||
4,988 | 4,782 | 4,269 | 4,061 | 3,981 | 3,496 | 3,235 | 2,954 | 1,751 | 1,087 | 0 | 0 | 0 |
Depreciation of fixed assets | ||||||||||||
- | - | - | - | - | 19 | 4 | 3 | 1 | 0 | 0 | 0 | 0 |
Net change in assets and liabilities: | ||||||||||||
Decrease (increase) in accrued interest receivable | ||||||||||||
620 | 1,055 | 2,609 | 2,369 | 2,954 | 3,163 | 2,402 | 2,622 | 3,154 | 3,360 | 0 | 0 | 0 |
Decrease (increase) in prepaid expenses | ||||||||||||
- | - | - | - | - | 665 | 1,335 | 247 | 198 | 390 | 0 | 0 | 0 |
Increase in other assets | ||||||||||||
60,753 | 9,799 | 8,065 | 8,992 | 6,288 | 3,203 | 2,076 | 3,820 | 5,044 | 5,072 | 0 | 0 | 0 |
Increase in accrued interest payable | ||||||||||||
- | - | - | - | - | 3,275 | 3,289 | 2,249 | 4,303 | 2,464 | 0 | 0 | 0 |
(Decrease) increase in unearned interest income | ||||||||||||
- | - | - | - | - | 313 | -333 | 496 | 57 | 54 | 0 | 0 | 0 |
Decrease in other payables to affiliates | ||||||||||||
- | - | - | - | - | - | - | - | - | -21,460 | 0 | 0 | 0 |
Increase in other liabilities | ||||||||||||
1,399 | 6,822 | 6,078 | 6,319 | 10,246 | 3,339 | 4,181 | 4,906 | 5,813 | 6,258 | 0 | 0 | 0 |
Net cash (used in) provided by operating activities | ||||||||||||
6,306 | 64,182 | 67,457 | 61,188 | 62,834 | 57,419 | 60,243 | 53,562 | 29,410 | 30,496 | 0 | 0 | 0 |
Cash Flows From Investing Activities: | ||||||||||||
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees | ||||||||||||
1,721,093 | 1,812,698 | 1,696,539 | 1,413,401 | 1,442,002 | 1,319,529 | 1,112,241 | 1,254,266 | 1,049,134 | 1,032,478 | 0 | 0 | 0 |
Proceeds from repayment of loans held-for-investment | ||||||||||||
716,635 | 769,816 | 492,390 | 351,792 | 527,627 | 468,734 | 543,551 | 519,655 | 195,699 | 100,466 | 0 | 0 | 0 |
Principal payments on held-to-maturity securities | ||||||||||||
14,037 | 8,620 | 10,932 | 11,639 | 11,561 | 15,473 | 12,864 | 9,837 | 8,261 | 6,083 | 0 | 0 | 0 |
Decrease in due from counterparties | ||||||||||||
- | - | - | - | - | - | - | - | - | -249 | 0 | 0 | 0 |
Net cash used in investing activities | ||||||||||||
-990,421 | -1,034,262 | -1,193,217 | -1,049,970 | -902,814 | -835,322 | -555,806 | -724,413 | -844,718 | -925,680 | 0 | 0 | 0 |
Cash Flows From Financing Activities: | ||||||||||||
Proceeds from repurchase agreements | ||||||||||||
1,402,142 | 1,390,059 | 1,371,555 | 1,167,131 | 1,312,891 | 1,228,361 | 1,175,927 | 1,793,603 | 1,683,389 | 1,735,685 | 0 | 0 | 0 |
Principal payments on repurchase agreements | ||||||||||||
323,677 | 966,581 | 927,898 | 932,113 | 1,843,713 | 1,249,426 | 1,369,936 | 1,414,718 | 695,154 | 665,244 | 0 | 0 | 0 |
Proceeds from issuance of securitized debt obligations | ||||||||||||
0 | 646,868 | 646,868 | 646,868 | 1,298,242 | 651,374 | 0 | 0 | 0 | - | - | - | - |
Principal payments on securitized debt obligations | ||||||||||||
221,179 | 266,179 | 181,000 | 171,000 | 105,000 | 0 | 0 | 0 | 0 | - | - | - | - |
Proceeds from convertible senior notes | ||||||||||||
- | - | - | - | - | 145,928 | 139,535 | 139,535 | 139,535 | 121,288 | 0 | 0 | 0 |
Proceeds from asset-specific financings | ||||||||||||
0 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Proceeds from revolving credit facilities | ||||||||||||
350,937 | 361,273 | 239,598 | 123,697 | 173,091 | 124,394 | 0 | 0 | 0 | - | - | - | - |
Repayment of revolving credit facilities | ||||||||||||
312,576 | 394,265 | 239,598 | 123,697 | 173,091 | 49,394 | 0 | 0 | 0 | - | - | - | - |
Proceeds from note payable to affiliate | ||||||||||||
- | - | - | - | - | - | - | - | - | 110,653 | 0 | 0 | 0 |
Repayment of note payable to affiliate | ||||||||||||
- | - | - | - | - | - | - | - | - | 704,285 | 0 | 0 | 0 |
(Increase) decrease in deferred debt issuance costs | ||||||||||||
- | - | - | - | - | -4,948 | 605 | 2,311 | 8,784 | 11,054 | 0 | 0 | 0 |
Proceeds from issuance of common stock, net of offering costs | ||||||||||||
50,286 | 207,514 | 210,497 | 210,497 | 160,320 | 3,092 | 0 | 0 | 0 | - | - | - | - |
Dividends paid on preferred stock | ||||||||||||
100 | 100 | 100 | 100 | 100 | 100 | 75 | 75 | 50 | 25 | 0 | 0 | 0 |
Dividends paid on common stock | ||||||||||||
91,029 | 86,312 | 81,524 | 75,868 | 70,518 | 68,569 | 64,154 | 46,771 | 30,208 | 13,836 | 0 | 0 | 0 |
Net cash provided by financing activities | ||||||||||||
971,545 | 1,006,421 | 1,278,376 | 1,049,007 | 883,347 | 790,608 | 504,389 | 528,138 | 855,499 | 949,623 | 0 | 0 | 0 |
Net decrease in cash, cash equivalents and restricted cash | ||||||||||||
-12,570 | 36,341 | 152,616 | 60,225 | 43,367 | 12,705 | 8,826 | -142,713 | 40,191 | 54,439 | 0 | 0 | 0 |
Supplemental Disclosure of Cash Flow Information: | ||||||||||||
Cash paid for interest | ||||||||||||
139,721 | 136,091 | 123,624 | 113,335 | 100,320 | 88,248 | 75,772 | 65,943 | 50,428 | 39,999 | 0 | 0 | 0 |
Cash paid for taxes | ||||||||||||
0 | 0 | 0 | 0 | -6 | -5 | -5 | -11 | -6 | -4 | 0 | 0 | 0 |