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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Cash Flows from Operating Activities:          
Net income $ 92,799 $ 105,813 $ 318,886 $ 244,930  
Adjustments to reconcile net income to net cash used in operating activities:          
Amortization of deferred financing costs, premiums and discounts on secured financing agreements [and secured borrowings on transferred loans]     14,131 12,061  
Amortization of discounts and deferred financing costs on senior notes     17,514 16,058  
Accretion of net discount on investment securities     (11,669) (11,967)  
Accretion of net deferred loan fees and discounts     (27,014) (38,809)  
Share-based compensation     13,290 22,797  
Share-based component of incentive fees     14,410 14,657  
Change in fair value of fair value option investment securities 397 2,786 4,061 714  
Change in fair value of consolidated VIEs     (59,160) 42,371  
Change in fair value of servicing rights 4,867 14,283 21,301 33,213  
Change in fair value of loans held-for-sale (19,485) (49,996) (45,484) (70,122)  
Change in fair value of derivatives     62,463 3,360  
Foreign currency (gain) loss, net     (28,211) 20,367  
Gain on sale of investments and other assets     (17,004) (165)  
Impairment charges     1,099 711  
Loan loss allowance, net (171) 2,127 (3,170) 3,395  
Depreciation and amortization     64,937 49,081  
Earnings from unconsolidated entities 4,689 (4,305) (27,763) (12,849)  
Distributions of earnings from unconsolidated entities     4,716 15,151  
Bargain purchase gain       (8,406)  
Loss on extinguishment of debt     5,916    
Origination and purchase of loans held-for-sale, net of principal collections     (1,487,813) (1,186,080)  
Proceeds from sale of loans held-for-sale     987,828 1,123,512  
Changes in operating assets and liabilities:          
Related-party payable, net     (7,829) (17,166)  
Accrued and capitalized interest receivable, less purchased interest     (63,032) (58,275)  
Other assets     (12,198) 6,168  
Accounts payable, accrued expenses and other liabilities     37,367 (3,537)  
Net cash (used in) provided by operating activities     (222,428) 201,170  
Cash Flows from Investing Activities:          
Origination and purchase of loans held-for-investment     (2,195,258) (1,583,628)  
Proceeds from principal collections on loans     1,670,159 2,187,844  
Proceeds from loans sold     37,079 236,433  
Purchase of investment securities     (69,231) (359,510)  
Proceeds from sales of investment securities     11,134 3,799  
Proceeds from principal collections on investment securities 123,644 22,772 209,903 70,316  
Real estate business combinations, net of cash and restricted cash acquired     (18,194) (91,186)  
Proceeds from sale of properties     44,219    
Purchases and additions to properties and other assets     (564,755) (10,209)  
Investment in unconsolidated entities     (20,544) (3,870)  
Distribution of capital from unconsolidated entities     3,858 15,026  
Payments for purchase or termination of derivatives     (41,208) (24,954)  
Proceeds from termination of derivatives     23,686 37,652  
Return of investment basis in purchased derivative asset     151 206  
Net cash (used in) provided by investing activities     (909,001) 477,919  
Cash Flows from Financing Activities:          
Proceeds from borrowings     4,090,163 3,158,920  
Principal repayments on and repurchases of borrowings     (2,724,179) (3,138,534)  
Payment of deferred financing costs     (17,038) (17,799)  
Proceeds from common stock issuances     541 299  
Payment of equity offering costs     (647)    
Payment of dividends     (376,061) (343,670)  
Contributions from non-controlling interests     105 10,417  
Distributions to non-controlling interests     (7,519) (5,400)  
Purchase of treasury stock       (19,723)  
Issuance of debt of consolidated VIEs     11,657 596  
Repayment of debt of consolidated VIEs     (92,383) (202,892)  
Distributions of cash from consolidated VIEs     62,797 40,731  
Net cash provided by (used in) financing activities     947,436 (517,055)  
Net (decrease) increase in cash, cash equivalents and restricted cash     (183,993) 162,034  
Cash, cash equivalents and restricted cash, beginning of period     650,755 391,884 $ 391,884
Effect of exchange rate changes on cash     1,674 (626)  
Cash, cash equivalents and restricted cash, end of period 468,436 553,292 468,436 553,292 $ 650,755
Supplemental disclosure of cash flow information:          
Cash paid for interest     177,604 146,011  
Income taxes paid     7,722 3,038  
Supplemental disclosure of non-cash investing and financing activities:          
Dividends declared, but not yet paid $ 125,638 $ 115,190 125,638 115,190  
Consolidation of VIEs (VIE asset/liability additions)     2,092,516 19,118,645  
Deconsolidation of VIEs (VIE asset/liability reductions)     2,244,267 5,404,305  
Net assets acquired from consolidated VIEs     19,652 133,177  
Fair value of assets acquired, net of cash and restricted cash     18,956 270,021  
Fair value of liabilities assumed     $ 762 170,429  
Unsettled investment securities sold       $ 14,926