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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 18,074 $ 20,381
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of deferred origination and amendment fees (5,318) (6,612)
Depreciation and amortization 219 163
Amortization of right of use assets 99 94
Amortization of debt issuance costs 143
Amortization of credit facility costs 379 142
Stock-based compensation expense for restricted stock units 985 737
Provision for credit losses, net 1,747 2,708
Gain on sale of real property (257)
Change in fair value of warrant liabilities 8
Changes in operating assets and liabilities:    
Interest and fees receivable, net (1,991) (2,146)
Other assets (135) 171
Accounts payable and accrued liabilities 714 713
Lease liabilities (114) (10)
Net cash provided by operating activities 14,553 16,341
Cash flows from investing activities:    
Origination and fundings of mortgage notes receivable (123,802) (121,316)
Principal collections and proceeds from mortgage notes receivable 96,366 114,792
Origination and amendment fees received on mortgage notes receivable 1,968 2,269
Purchases of property and equipment (198) (135)
Proceeds from sale of real property 5,288 815
Improvements in real property (1,450) (250)
Net cash provided by (used in) investing activities (21,828) (3,825)
Cash flows from financing activities:    
Dividends paid (27,879) (26,510)
Payment of costs to obtain financing (5,104)
Payment of taxes on shares withheld for tax liability (328)
Net cash provided by (used in) financing activities (28,207) (31,614)
Net decrease in cash and cash equivalents (35,482) (19,098)
Cash and cash equivalents, beginning of period 132,889 223,375
Cash and cash equivalents, end of period 97,407 204,277
Supplemental disclosure of non-cash investing and financing activities    
Dividends payable 9,297 9,280
Mortgage notes receivable converted to investment in real property 5,205
Operating lease right-of-use assets 6,360
Lease liabilities arising from obtaining right-of-use assets 8,319
Property and equipment purchased through tenant improvement allowance $ 1,959