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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Cash Flows from Operating Activities:          
Net income $ 123,233 $ 112,071 $ 226,087 $ 139,117  
Adjustments to reconcile net income to net cash used in operating activities:          
Amortization of deferred financing costs, premiums and discounts on secured financing agreements     9,324 8,212  
Amortization of discounts and deferred financing costs on senior notes     11,777 10,628  
Accretion of net discount on investment securities     (8,007) (7,349)  
Accretion of net deferred loan fees and discounts     (16,194) (23,362)  
Share-based compensation     8,079 14,660  
Share-based component of incentive fees     12,244 13,223  
Change in fair value of fair value option investment securities 2,493 (1,319) 3,664 (2,072)  
Change in fair value of consolidated VIEs     (42,593) 45,899  
Change in fair value of servicing rights 8,001 12,191 16,434 18,930  
Change in fair value of loans held-for-sale (15,406) (13,235) (25,999) (20,126)  
Change in fair value of derivatives     39,223 2,332  
Foreign currency (gain) loss, net     (17,590) 17,169  
Gain on sale of investments and other assets     (5,127) (155)  
Impairment charges     867    
Loan loss allowance, net (2,694) 2,029 (2,999) 1,268  
Depreciation and amortization     42,701 34,664  
Earnings from unconsolidated entities (29,465) (4,479) (32,452) (8,544)  
Distributions of earnings from unconsolidated entities     4,284 9,817  
Bargain purchase gain       (8,406)  
Loss on extinguishment of debt     5,916    
Origination and purchase of loans held-for-sale, net of principal collections     (991,343) (488,448)  
Proceeds from sale of loans held-for-sale     470,478 475,333  
Changes in operating assets and liabilities:          
Related-party payable, net     (15,040) (20,749)  
Accrued and capitalized interest receivable, less purchased interest     (39,143) (41,151)  
Other assets     (2,391) 6,715  
Accounts payable, accrued expenses and other liabilities     2,763 (29,055)  
Net cash (used in) provided by operating activities     (345,037) 148,550  
Cash Flows from Investing Activities:          
Origination and purchase of loans held-for-investment     (1,228,952) (997,421)  
Proceeds from principal collections on loans     869,297 1,193,643  
Proceeds from loans sold     37,079 121,276  
Purchase of investment securities     (7,433) (350,642)  
Proceeds from sales of investment securities     11,134 1,269  
Proceeds from principal collections on investment securities 10,209 25,200 86,259 47,544  
Real estate business combinations, net of cash acquired       (91,186)  
Proceeds from sale of properties     18,256    
Additions to properties and other assets     (25,503) (5,521)  
Investment in unconsolidated entities       (3,854)  
Distribution of capital from unconsolidated entities     3,235 1,244  
Payments for purchase or termination of derivatives     (39,755) (15,144)  
Proceeds from termination of derivatives     22,981 27,447  
Return of investment basis in purchased derivative asset     121 137  
Net cash used in investing activities     (253,281) (71,208)  
Cash Flows from Financing Activities:          
Proceeds from borrowings     2,134,245 2,059,599  
Principal repayments on and repurchases of borrowings     (1,590,421) (1,711,117)  
Payment of deferred financing costs     (8,211) (6,437)  
Proceeds from common stock issuances     369 177  
Payment of equity offering costs     (647)    
Payment of dividends     (249,925) (229,151)  
Contributions from non-controlling interests       10,417  
Distributions to non-controlling interests     (3,599) (2,350)  
Purchase of treasury stock       (19,723)  
Issuance of debt of consolidated VIEs     10,188 596  
Repayment of debt of consolidated VIEs     (79,099) (147,523)  
Distributions of cash from consolidated VIEs     38,840 22,986  
Net cash provided by (used in) financing activities     251,740 (22,526)  
Net (decrease) increase in cash, cash equivalents and restricted cash     (346,578) 54,816  
Cash, cash equivalents and restricted cash, beginning of period     650,755 391,884 $ 391,884
Effect of exchange rate changes on cash     1,016 (749)  
Cash, cash equivalents and restricted cash, end of period 305,193 445,951 305,193 445,951 $ 650,755
Supplemental disclosure of cash flow information:          
Cash paid for interest     113,564 91,961  
Income taxes paid     3,362 2,177  
Supplemental disclosure of non-cash investing and financing activities:          
Dividends declared, but not yet paid $ 125,587 $ 115,013 125,587 115,013  
Consolidation of VIEs (VIE asset/liability additions)     1,127,952 16,850,221  
Deconsolidation of VIEs (VIE asset/liability reductions)     2,108,589 5,126,980  
Net assets acquired from consolidated VIEs     19,652 102,976  
Settlement of loans transferred as secured borrowings     $ 35,000    
Fair value of assets acquired, net of cash       270,021  
Fair value of liabilities assumed       $ 170,429