| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Cash Flows From Operating Activities | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||||||
89,965 | 89,807 | 60,079 | 32,272 | 17,172 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||
Amortization of deferred debt issuance costs and discounts | ||||||
16,765 | 8,590 | 3,142 | 2,044 | 175 | ||
Amortization of Debt Discount (Premium) | ||||||
-20,217 | -10,524 | -3,588 | -1,021 | -171 | ||
Interest paid-in-kind | ||||||
0 | 0 | 864 | 1,799 | 681 | ||
Change in non-cash net assets of consolidated variable interest entities | ||||||
0 | 2,564 | -3,375 | -3,363 | -3,653 | ||
Loss (Gain) on sale of investment securities | ||||||
-2,688 | 13,000 | 0 | 0 | 1,101 | ||
(Gain) on sale of commercial mortgage loans, held-for-sale | ||||||
- | - | - | 285 | 54 | ||
(Income) Loss from equity method investments | ||||||
1,420 | 1,406 | 875 | 0 | 0 | ||
Stock-based compensation expense | ||||||
4,091 | 1,973 | 65 | 0 | 0 | ||
Origination and purchase of commercial loans, held-for-sale | ||||||
0 | 0 | 91,475 | 0 | 0 | ||
Proceeds from sale of commercial loans, held-for-sale | ||||||
0 | 0 | 91,467 | 0 | 0 | ||
Changes in operating assets and liabilities: | ||||||
Accrued interest receivable, net | ||||||
-61 | 6,914 | 5,453 | 1,647 | 1,053 | ||
Other assets | ||||||
-321 | 1,708 | -2,792 | -4,826 | 4,545 | ||
Accrued interest payable | ||||||
-830 | 5,893 | 1,030 | 454 | 139 | ||
Accounts payable, accrued expenses and other liabilities | ||||||
122 | 2,786 | -1,858 | -5,677 | 3,984 | ||
Due to affiliates | ||||||
167 | -1,231 | 2,714 | -398 | 1,330 | ||
Net cash provided by (used in) operating activities | ||||||
91,713 | 76,830 | 53,801 | 25,406 | 11,542 | ||
Cash Flows From Investing Activities | ||||||
Proceeds from sales of commercial mortgage-backed securities | ||||||
9,784 | 112,747 | 0 | 0 | 83,773 | ||
Proceeds from sale of commercial mortgage loans | ||||||
- | - | - | 31,539 | 21,554 | ||
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | ||||||
1,934,893 | 446,336 | 94,600 | 7,403 | 13,284 | ||
Proceeds from principal repayments of preferred interest in joint venture, held-to-maturity | ||||||
0 | 0 | 37,310 | 0 | 0 | ||
Payments to Acquire Loans Held-for-investment | ||||||
2,864,810 | 2,540,685 | 1,201,778 | 448,344 | 307,970 | ||
Investment in commercial mortgage-backed securities, equity method investee | ||||||
6,245 | 15,611 | 33,588 | 0 | 0 | ||
Proceeds from commercial mortgage-backed securities, equity method investee | ||||||
- | - | 19,779 | 0 | 0 | ||
Purchase of Available-for-Sale debt securities | ||||||
94,007 | - | - | - | - | ||
Sales of Available-for-Sale debt securities | ||||||
94,071 | 0 | 0 | - | - | ||
Purchases of commercial mortgage-backed securities | ||||||
- | - | - | 36,351 | 150,787 | ||
Investment in preferred interest in joint venture | ||||||
- | - | - | 10,240 | 23,887 | ||
Purchases of other capitalized assets | ||||||
- | - | - | 455 | 274 | ||
Net cash provided by (used in) investing activities | ||||||
-926,314 | -1,997,213 | -1,083,677 | -456,448 | -364,307 | ||
Cash Flows From Financing Activities | ||||||
Proceeds from borrowings under secured financing agreements | ||||||
3,217,859 | 2,311,140 | 984,197 | 520,408 | 123,900 | ||
Proceeds from issuance of collateralized loan obligation | ||||||
0 | 810,000 | 0 | 0 | - | ||
Net proceeds from issuance of convertible notes | ||||||
0 | 139,438 | 0 | 0 | - | ||
Proceeds from issuances of common stock | ||||||
0 | 109,500 | 581,255 | 210,004 | 256,825 | ||
Proceeds from noncontrolling interest contributions | ||||||
- | - | - | 2,049 | 4,777 | ||
Proceeds from issuances of preferred stock | ||||||
- | - | - | - | 125 | ||
Redemption of preferred stock | ||||||
0 | 0 | 125 | 0 | 0 | ||
Payments of common stock dividends | ||||||
98,954 | 88,847 | 50,579 | 21,908 | 7,545 | ||
Payments of preferred stock dividends | ||||||
592 | 386 | 137 | 16 | 15 | ||
Principal repayments on borrowings under secured financing agreements | ||||||
2,284,819 | 1,314,812 | 460,432 | 198,726 | 0 | ||
Payments of Debt Issuance Costs | ||||||
12,060 | 26,418 | 3,412 | 4,652 | 2,065 | ||
Payments of stock issuance costs | ||||||
1,254 | 1,324 | 4,898 | 4,205 | 74 | ||
Payments for Repurchase of Common Stock | ||||||
4,106 | 31,347 | 523 | 0 | 0 | ||
Tax withholding on stock-based compensation | ||||||
385 | 397 | 0 | 0 | - | ||
Net cash provided by (used in) financing activities | ||||||
815,689 | 1,903,394 | 1,037,050 | 500,602 | 379,490 | ||
Net Increase (Decrease) in Cash, Cash Equivalents | ||||||
-18,912 | -16,989 | 7,174 | 69,560 | 26,725 | ||
Supplemental Disclosure of Cash Flow Information | ||||||
Cash paid during the period for interest | ||||||
146,156 | 66,775 | 17,322 | 5,546 | 239 | ||
Cash paid during the period for income taxes | ||||||
398 | 755 | 806 | 521 | 0 | ||
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||||
Loan principal payments held by servicer | ||||||
0 | 0 | 4,557 | 0 | 0 | ||
Dividend declared, not yet paid | ||||||
25,036 | 25,097 | 19,981 | 0 | 0 | ||
Loan Participations Sold, Net (Note 7) | ||||||
- | - | - | 0 | - | ||
Payoff of loan participations sold and commercial mortgage loans, held-for-investment | ||||||
150,880 | 0 | 0 | - | - | ||
Deferred issuance costs, not yet paid | ||||||
503 | 0 | 0 | - | - | ||
Deconsolidation of variable interest entities (assets and liabilities) | ||||||
1,047,346 | 4,048,378 | 0 | 0 | - | ||
Loan participations sold, net | ||||||
- | - | - | - | 0 | ||
Funding of commercial loans, held-for-investment | ||||||
- | - | - | 0 | 0 | ||
Consolidation of variable interest entities (incremental assets and liabilities) | ||||||
- | - | - | 940,806 | 4,119,235 | ||
Redeemable Noncontrolling Interest | ||||||
Payments to Noncontrolling Interests | ||||||
0 | 3,153 | 156 | 1,915 | - | ||
Noncontrolling Interest | ||||||
Payments to Noncontrolling Interests | ||||||
0 | 0 | 8,140 | 437 | - | ||