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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 170,389 $ 205,668 $ 174,046
Adjustments to reconcile net income to net cash provided by operating activities:      
Accretion of origination fees on loans receivable, net (25,237) (27,859) (23,055)
Accretion of origination fees on interests in loans receivable, net (1,250) (451) (535)
Amortization of financing costs 21,307 19,638 13,400
Non-cash equity compensation 8,812 5,670 25,495
Other income (5,855)    
Depreciation on real estate owned 7,113    
Gain on foreclosure of real estate owned (1,430)    
Non-cash advances to loans receivable in lieu of interest (69,291) (90,065) (56,709)
Non-cash advances to interests in loans receivable in lieu of interest (18,733) (13,782) (6,379)
Non-cash advances on secured financings in lieu of interest 18,134 19,869 2,255
Repayment of non-cash advances to loans receivable in lieu of interest 126,865 15,784 6,226
Repayment of non-cash advances to interests in loans receivable in lieu of interest 27,903 1,566  
Repayment of non-cash advances to secured financings in lieu of interest (40,556) (1,238)  
Realized (gain) loss on sale of investments 141 640 (103)
Provision for (reversal of) current expected credit loss reserve (8,962) 6,000  
Equity in income from investment in CMTG/CN Mortgage REIT LLC     (40)
Distributions of income from CMTG/CN Mortgage REIT LLC     40
Changes in operating assets and liabilities:      
Accrued interest receivable 9,460 165 (13,190)
Other assets (10,062) 756 (519)
Accounts payable, accrued expenses and other liabilities 6,800 (915) 413
Interest payable (1,938) 1,146 5,452
Due to/from affiliate   (25) (11)
Management fee payable - affiliate 134 978 1,375
Incentive fee payable - affiliate (187) (3,050) 1,392
Net cash provided by operating activities 213,557 140,495 129,553
Cash flows from investing activities      
Loan originations, acquisitions and advances, net of fees (2,924,699) (791,667) (3,256,212)
Advances of interests in loans receivable, net of fees (101,767) (118,582) (64,031)
Repayments of loans receivable 2,312,184 535,565 660,813
Repayments of interests in loans receivable 269,988 15,417  
Extension and exit fees received from loans receivable 9,269 2,048 3,404
Extension and exit fees received from interests in loans receivable 265 453  
Cash, cash equivalents and restricted cash acquired from foreclosure of properties 9,580    
Acquisition of real estate owned (11,463)    
Sale of loans receivable 48,006 151,017 342,377
Return of capital distribution from CMTG/CN Mortgage REIT LLC     128
Reserves and deposits held for loans receivable 15,441 (3,112) 2,799
Net cash used in investing activities (373,196) (208,861) (2,310,722)
Cash flows from financing activities      
Proceeds from issuance of common stock 103,040 70,000 539,095
Treasury stock, repurchase (3,602)    
Redemption of preferred stock (125) (125)  
Contributions from non-controlling interests 2,514 1,029  
Offering costs (13,068) (949) (4,840)
Dividends paid on common stock and vested restricted stock units (196,712) (207,569) (172,776)
Dividends paid on redeemable common stock (8,214) (12,431) (12,624)
Dividends paid on preferred stock (16) (31) (31)
Distributions to non-controlling interests   (15,537) (5,415)
Proceeds from secured financings 1,997,562 817,159 2,295,685
Proceeds from secured term loan   325,000 450,000
Payment of financing costs (22,652) (30,124) (25,670)
Payment of exit fees on secured financings (864) (138)  
Repayments of secured financings (1,779,225) (779,641) (615,051)
Repayments of secured term loan (5,837) (5,321) (1,125)
Repayments of debt related to real estate owned (10,000)    
Net cash provided by financing activities 62,801 161,322 2,447,248
Net (decrease) increase in cash, cash equivalents and restricted cash (96,838) 92,956 266,079
Cash, cash equivalents and restricted cash, beginning of period 430,974 338,018 71,939
Cash, cash equivalents and restricted cash, end of period 334,136 430,974 338,018
Cash and cash equivalents, beginning of period 427,512 334,999 69,430
Restricted cash, beginning of period 3,462 3,019 2,509
Cash and cash equivalents, end of period 310,194 427,512 334,999
Restricted cash, end of period 23,942 3,462 3,019
Supplemental disclosure of cash flow information:      
Cash paid for interest 158,729 131,579 118,640
Supplemental disclosure of non-cash investing and financing activities:      
Dividends accrued on common stock, redeemable common stock and vested restricted stock units 51,741 50,000 55,000
Dividends accrued on unvested restricted stock units   3,480 2,354
Loan principal payments held by servicer 154,600 12,980  
Accrued financing costs 6,250 394 2,884
Accrued offering costs 270 $ 1,516 $ 2,268
Working capital consolidated (18,546)    
Settlement of loan receivable (103,901)    
Real estate acquired in settlement of loan receivable 414,000    
Assumption of debt related to real estate owned (300,000)    
Conversion of restricted stock units to common shares; common stock 17    
Conversion of restricted stock units to common shares; additional paid in capital (17)    
Conversion of temporary equity to permanent equity; redeemable common stock (138,081)    
Conversion of temporary equity to permanent equity; stockholder's equity $ 138,081