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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities:    
Net income (loss) $ (16,853) $ 41,693
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Amortization of premiums, discounts, and debt issuance costs, net 17,389 9,149
Provision for loan losses 39,214 1,866
Impairment loss on real estate, held for sale 3,075 680
Change in repair and denial reserve 2,768 794
Net settlement of derivative instruments (9,454) (4,199)
Purchase of loans, held for sale, at fair value   (1,349)
Origination of loans, held for sale, at fair value (2,282,920) (1,084,686)
Proceeds from disposition and principal payments of loans, held for sale, at fair value 2,265,362 1,057,121
Realized gains, net (122,336) (44,778)
Unrealized losses, net 47,790 13,918
Gain on bargain purchase   (30,728)
Equity in net loss (income) of unconsolidated joint ventures, net of distributions 3,030 (5,012)
Foreign currency (gain) loss. net (653)  
Payoff of purchased future receivables, net of originations 7,387  
Allowance for doubtful accounts on purchased future receivables 8,688  
Net changes in operating assets and liabilities    
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers 12,817 (10,084)
Receivable from third parties 940 6,125
Other assets 1,477 (8,652)
Accounts payable and other accrued liabilities 70,307 135
Net cash (used in) provided by operating activities 48,028 (58,007)
Cash Flow From Investing Activities:    
Origination of loans (473,834) (567,955)
Purchase of loans (53,053) (501,417)
Purchase of mortgage backed securities, at fair value (1,576) (9,593)
Funding of unconsolidated joint ventures (1,698) (6,951)
Purchase of servicing rights   (894)
Proceeds on unconsolidated joint venture in excess of earnings recognized 3,579 6,466
Proceeds from disposition and principal payment of loans 371,699 379,493
Proceeds from sale and principal payment of mortgage backed securities, at fair value 8,546 5,453
Proceeds from sale of real estate 8,955 9,968
Cash acquired in connection with the ORM Merger   10,822
Net cash (used in) investing activities (137,382) (674,608)
Cash Flows From Financing Activities:    
Proceeds from secured borrowings 3,626,223 2,509,321
Payment of secured borrowings (3,561,787) (2,366,918)
Proceeds from issuance of securitized debt obligations of consolidated VIEs 495,220 869,940
Payment of securitized debt obligations of consolidated VIEs (168,042) (202,085)
Payment of offering costs   (75)
Payment of guaranteed loan financing (59,325) (26,645)
Payment of deferred financing costs (9,417) (15,040)
Equity issuance, net of offering costs 13,364  
Payment of contingent consideration   (1,207)
Distributions from non-controlling interests, net (50) (5)
Dividend payments (25,427) (26,742)
Payment of promissory note   (859)
Net cash (used in) provided by financing activities 310,759 739,685
Net increase (decrease) in cash, cash equivalents, and restricted cash 221,405 7,070
Cash, cash equivalents, and restricted cash at beginning of period 127,980 94,970
Cash, cash equivalents, and restricted cash at end of period 349,385 102,040
Supplemental disclosure of operating cash flow    
Cash paid for interest 79,394 57,916
Cash (received) paid for income taxes   (2,749)
Stock-based compensation 1,121 1,026
Supplemental disclosure of non-cash investing activities    
Loans transferred from Loans, held for sale, at fair value to Loans, net 509 750
Loans transferred to real estate owned 8,609  
Deconsolidation of assets in securitization trusts   $ 177,815
Supplemental disclosure of non-cash financing activities    
Dividends paid in stock 17,395  
Common stock issued in connection with merger transactions (shares)   12,223,552
Deconsolidation of borrowings in securitization trusts   $ 177,815
Share-based component of incentive fees 53 233
Cash and restricted cash reconciliation    
Cash and cash equivalents 257,017 41,925
Restricted cash 91,539 38,019
Cash, cash equivalents, and restricted cash in Assets of consolidated VIEs 829 22,096
Cash, cash equivalents, and restricted cash at end of period $ 349,385 $ 102,040