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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income (loss) $ (116,391) $ 82,488 $ 90,231
Adjustments to reconcile net income to net cash provided by operating activities:      
Accretion of deferred origination and amendment fees (21,608) (27,741) (23,114)
Depreciation and amortization 1,314 741 (558)
Goodwill impairment 136,965 0 0
Amortization of right of use assets 407 382 446
Amortization of debt issuance costs 572 78 0
Amortization of credit facility costs 1,510 1,255 0
Stock-based compensation expense for restricted stock units 3,779 3,455 4,867
Provision for credit losses, net 38,266 6,179 6,722
Gain on sale of real property (984) 0 0
Impairment on real property 7,596 0 0
Change in fair value of warrant liabilities (1,813) 1,838 (5,492)
Changes in operating assets and liabilities:      
Interest and fees receivable, net 1,507 (3,169) (10,249)
Other assets 16 385 (1,073)
Accounts payable and accrued liabilities 6,553 (1,397) 2,469
Lease liabilities (471) (364) (446)
Net cash provided by operating activities 57,218 64,130 63,803
Cash flows from investing activities:      
Fundings of mortgage notes receivable (540,579) (675,009) 445,794
Principal collections 500,486 569,104 458,309
Origination and amendment fees received on mortgage notes receivable 15,073 13,916 13,670
Purchases of property and equipment (137) (476) 0
Proceeds from sale of real property 8,365 4,319 6,356
Improvements in real property (5,911) (4,435) (119)
Repurchase of participations in mortgage notes receivable 0 (43,498) 0
Net cash provided by (used in) investing activities (22,703) (136,079) 32,422
Cash flows from financing activities:      
Dividends paid (106,932) (110,072) (111,064)
Purchase of treasury stock (5,000) 0 0
Proceeds from issuance of senior unsecured notes 0 100,000 0
Payment of debt issue costs 0 (2,855) 0
Payment of costs to obtain financing 0 (5,125) 0
Proceeds from borrowings on credit facilities 45,000 50,000 0
Repayment of borrowings on credit facilities (45,000) (50,000) 0
Payment of taxes on shares withheld for tax liability (508) (485) 0
Net cash used in financing activities (112,440) (18,537) (111,064)
Net decrease in cash and cash equivalents (77,925) (90,486) (14,839)
Cash and cash equivalents, beginning of period 132,889 223,375 238,214
Cash and cash equivalents, end of period 54,964 132,889 223,375
Supplemental disclosure of cash flow information:      
Interest paid 5,193 0 0
Supplemental disclosure of non-cash investing and financing activities      
Dividends payable 4,654 9,291 7,952
Measurement Period Adjustment to Goodwill and Intangible Assets 0 0 5,000
Mortgage notes receivable converted to investment in real property 54,230 54,349 8,873
Investments in real property converted to mortgage notes receivable 25,900 0 0
Interest and fee receivables converted to investments in real property 1,244 4,129 0
Operating lease right-of-use assets 0 6,360 0
Lease liabilities arising from obtaining right-of-use assets 0 8,319 0
Property and equipment purchased through tenant improvement allowance $ 0 $ 1,959 $ 0