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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 34,020 $ 38,633
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of deferred origination and amendment fees (10,830) (13,823)
Depreciation and amortization 487 431
Amortization of right of use assets 200 189
Amortization of debt issuance costs 286 0
Amortization of credit facility costs 756 502
Stock-based compensation expense for restricted stock units 2,004 1,661
Provision for credit losses, net 4,441 2,766
Gain on sale of real property (959) 0
Impairment on real property (346) 0
Change in fair value of warrant liabilities (178) 3,734
Changes in operating assets and liabilities:    
Interest and fees receivable, net 30 2,128
Other assets 359 998
Accounts payable and accrued liabilities 2,251 (1,826)
Lease liabilities (231) (86)
Net cash provided by operating activities 32,982 35,307
Cash flows from investing activities:    
Fundings of mortgage notes receivable (277,342) (265,754)
Principal collections 193,973 228,159
Origination and amendment fees received on mortgage notes receivable 5,135 3,627
Purchases of property and equipment (122) (249)
Proceeds from sale of real property 8,335 878
Improvements in real property (3,754) (1,711)
Net cash provided by (used in) investing activities (73,775) (35,050)
Cash flows from financing activities:    
Dividends paid (55,767) (54,349)
Payment of costs to obtain financing 0 (5,125)
Payment of taxes on shares withheld for tax liability (371) (135)
Net cash provided by (used in) financing activities (56,138) (59,609)
Net decrease in cash and cash equivalents (96,931) (59,352)
Cash and cash equivalents, beginning of period 132,889 223,375
Cash and cash equivalents, end of period 35,958 164,023
Supplemental disclosure of of cash flow information:    
Interest Paid 2,542 0
Dividends payable 9,301 9,284
Mortgage notes receivable converted to investment in real property 53,908 32,419
Investments in real property converted to mortgage notes receivable 25,900 0
Interest and fee receivables converted to investment in real property 1,244 0
Operating lease right-of-use assets 0 6,360
Lease liabilities arising from obtaining right-of-use assets 0 8,319
Property and equipment purchased through tenant improvement allowance $ 0 $ 1,959