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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net income (loss) attributable to common stockholders $ 24,595 $ 21,901
Net income (loss) attributable to non-controlling interests 19,477 15,953
Net income (loss) 44,072 37,854
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Net realized and unrealized gains (losses) (27,475) (28,202)
Non-cash compensation expense 11,486 7,252
Amortization/accretion of premiums and discounts (3,263) (3,488)
Depreciation and amortization expense 9,805 10,859
Non-cash lease expense 3,580 3,957
Deferred provision (benefit) for income taxes 22,630 30,452
Amortization of deferred financing costs 912 610
Change in fair value of liability classified warrants 593 5,072
Other (50) 410
Changes in operating assets and liabilities:    
Mortgage loans originated for sale (453,620) (437,272)
Proceeds from the sale of mortgage loans originated for sale 478,116 449,518
(Increase) decrease in notes and accounts receivable (115,310) (82,461)
(Increase) decrease in reinsurance recoverable (243,917) 49,194
(Increase) decrease in prepaid reinsurance premiums 2,309 (61,635)
(Increase) decrease in deferred acquisition costs (7,306) 20,713
(Increase) decrease in other assets (1,625) (12)
Increase (decrease) in unearned premiums 93,570 (23,764)
Increase (decrease) in policy liabilities and unpaid claims 205,412 242,355
Increase (decrease) in deferred revenue (28,209) 10,428
Increase (decrease) in reinsurance payable 7,181 (65,434)
Increase (decrease) in other liabilities and accrued expenses (10,959) (56,824)
Net cash provided by (used in) operating activities (12,068) 109,582
Investing Activities:    
Purchases of investments (348,467) (411,082)
Proceeds from sales and maturities of investments 339,880 444,718
Purchases of property, plant and equipment (2,306) (1,693)
Proceeds from notes receivable 70,034 43,368
Issuance of notes receivable (49,073) (56,747)
Net cash provided by (used in) investing activities 10,068 18,564
Financing Activities:    
Dividends paid (7,717) (7,746)
Net non-controlling interest (redemptions) contributions and other (2,725) 8,511
Payment of debt issuance costs (2,340) (120)
Proceeds from borrowings and mortgage notes payable 677,440 506,963
Principal paydowns of borrowings and mortgage notes payable (610,170) (522,526)
Net cash provided by (used in) financing activities 54,488 (14,918)
Effect of exchange rate changes on cash 6,296 (412)
Net increase (decrease) in cash, cash equivalents and restricted cash 58,784 112,816
Cash, cash equivalents and restricted cash – beginning of period 416,264 492,561
Cash, cash equivalents and restricted cash – end of period 475,048 605,377
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Right of use asset obtained in exchange for lease liability $ 4,364 $ 1,637