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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net (loss) income $ (12,175) $ 8,851
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization, net 20,530 31,481
Amortization of deferred financing costs 1,042 1,317
Amortization of fair value adjustment of mortgage notes payable assumed (23) (22)
Amortization and accretion on deferred loan fees (560) (758)
Amortization of premiums and discounts of broadly syndicated loans, net (21) 0
Capitalized interest income (539) (2,643)
Equity-based compensation 40 32
Straight-line rental income, net 261 (1,176)
Gain on disposition of real estate assets, net (13,110) (9,940)
Amortization of gain on swap termination (5) (5)
Impairment of real estate assets 11,676 20,073
Provision for credit losses 17,777 0
Write-off of deferred financing costs 177 0
Changes in assets and liabilities:    
Rents and tenant receivables (238) (120)
Prepaid expenses and other assets (484) (4,867)
Accounts payable and accrued expenses 1,918 1,921
Deferred rental income and other liabilities (7,271) (4,617)
Due to affiliates (1,849) (80)
Net cash provided by operating activities 17,146 39,447
Cash flows from investing activities:    
Investment in broadly syndicated loans (330,678) 0
Investment in real estate assets and capital expenditures (1,534) (1,550)
Origination and acquisition of loans held-for-investment, net (866) 0
Principal payments received on loans held-for-investment 6,853 7,961
Origination and exit fees received on loans held-for-investment 61 80
Net proceeds from disposition of real estate assets 126,645 120,652
Proceeds from the settlement of insurance claims 0 4
Net cash (used in) provided by investing activities (199,519) 127,147
Cash flows from financing activities:    
Redemptions of common stock (19,514) (21,724)
Distributions to stockholders (29,148) (26,716)
Proceeds from notes payable and credit facility 100,000 27,500
Repayments of credit facilities and notes payable (97,129) (139,126)
Deferred financing costs paid (115) 0
Distributions to noncontrolling interest 0 (72)
Net cash used in financing activities (45,906) (160,138)
Net (decrease) increase in cash and cash equivalents and restricted cash (228,279) 6,456
Cash and cash equivalents and restricted cash, beginning of period 473,355 19,674
Cash and cash equivalents and restricted cash, end of period 245,076 26,130
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 240,872 16,202
Restricted cash $ 4,204 $ 9,928