In millions, except per share items | Dec-31-21 | Dec-31-20 |
| 10-K | 10-K |
Cash flows from operating activities | | |
Net income | 83.5 | 34.2 |
|
Adjustments to reconcile net income to net cash from operating activities: | | |
Amortization of premiums | 15.8 | 8.3 |
Accretion of discounts | -9.2 | -3.2 |
Net change in unrealized (gain) loss on investments held at fair value | -43.5 | -4.0 |
Vesting of stock-based compensation | 2.0 | 0.5 |
Payment in kind income | -0.1 | |
Changes in operating assets and liabilities: | | |
Accrued interest | -3.2 | -6.0 |
Accounts receivable and other assets | 0.4 | -0.7 |
Accrued interest payable | 1.7 | 2.3 |
Accounts payable, accrued expenses and other liabilities | 1.6 | 0.7 |
Net cash provided by operating activities | 49.3 | 32.9 |
|
Cash flows from investing activities | | |
Proceeds from sale of loans held-for-investment | 63.0 | 22.4 |
|
Proceeds from payments received on mortgage backed securities | | |
Originations of bridge loan | -32.6 | |
Originations of loans, held-for-investment, net | -117.7 | -108.6 |
Purchases of debt securities, at fair value | -39.1 | -40.2 |
Acquisitions of real estate investments | -29.8 | |
Net cash provided by investing activities | 517.9 | -68.3 |
|
Cash flows from financing activities | | |
Principal repayments on borrowings under secured financing agreements | -54.2 | -8.2 |
|
Distributions to bondholders of variable interest entities | | |
Borrowings under master repurchase agreements | 153.8 | 163.5 |
Principal repayments on borrowings under master repurchase agreements | -29.0 | -2.0 |
Proceeds received on borrowings under secured financing agreements | | 59.9 |
Proceeds received from unsecured notes offering, net | 132.8 | 34.9 |
Proceeds from issuance of common stock | 32.4 | |
Redemption of redeemable noncontrolling interests in the OP | -32.4 | |
Payments for taxes related to net share settlement of stock-based compensation | -0.3 | |
Dividends paid to common stockholders | -14.2 | -7.4 |
Dividends paid to preferred stockholders | -3.5 | -0.9 |
Distributions to redeemable noncontrolling interests in the OP | -22.2 | -19.1 |
Contributions from noncontrolling interests | | 11.8 |
Net cash used in financing activities | -567.4 | 68.8 |
|
Supplemental Disclosure of Cash Flow Information | | |
Interest paid | 27.5 | 23.2 |
|
Supplemental Disclosure of Noncash Investing and Financing Activities | | |
|
Adjustment to accounts payable and accrued liabilities on deconsolidation of real estate | | |
Increase in dividends payable upon vesting of restricted stock units | 0.5 | 0.2 |