XML 33 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net income $ 348,411 $ 203,163 $ 159,974
Net income (loss) from discontinued operations, net of tax (2,834) 43,612 42,673
Net income from continuing operations 351,245 159,551 117,301
Adjustments to reconcile net income to net cash provided by (used for) operating activities:      
Amortization of premiums, discounts, and debt issuance costs, net 66,526 2,433 (23,932)
Stock-based compensation 7,550 7,495 6,920
Provision for loan losses 7,230 34,442 8,049
Impairment loss on real estate owned, held for sale 8,638 4,033 2,293
Repair and denial reserve (3,872) (8,879) 10,168
Provision for loan losses on purchased future receivables 8,989 3,357 1,296
Loans, held for sale, net 18,062 192,094 (83,632)
Net income (loss) of unconsolidated joint ventures, net of distributions 2,933 (9,328) 561
Realized (gains) losses, net (66,357) (52,283) (68,881)
Unrealized (gains) losses, net (8,867) (23,484) (23,166)
Gain on bargain purchase (207,972)    
Changes in operating assets and liabilities:      
Purchased future receivables, net (10,226) (3,731) 8,140
Derivative instruments 12,369 56,898 (63,430)
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers (28,027) (32,056) 6,182
Receivable from third parties (21,313) 14,106 9,729
Other assets (91,891) (3,409) (1,161)
Accounts payable and other accrued liabilities 55,840 (56,504) 3,661
Net cash provided by (used for) operating activities from continuing operations 100,857 284,735 (89,902)
Net cash provided by (used for) operating activities from discontinued operations (49,727) 74,413 55,461
Net cash provided by (used for) operating activities 51,130 359,148 (34,441)
Cash Flows From Investing Activities:      
Origination of loans (1,005,137) (3,303,318) (3,826,182)
Purchase of loans   (669,137) (137,182)
Proceeds from disposition and principal payment of loans 1,779,990 1,471,118 973,111
Origination of Paycheck Protection Program loans     (2,129,830)
Purchase of Paycheck Protection Program loans     (3,866)
Proceeds from disposition and principal payment of Paycheck Protection Program loans 160,996 734,211 1,401,330
Funding of investments held to maturity (140) (5,848)  
Proceeds from principal payments of investments held to maturity   27,006  
Proceeds from sale and principal payment of mortgage-backed securities 8,059 61,504 2,015,907
Funding of real estate, held for sale (12,463) (10,972)  
Proceeds from sale of real estate, held for sale 78,001 7,519 41,746
Investment in unconsolidated joint ventures (25,186) (122,391) (59,714)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 7,573 154,226 18,307
Payment of liabilities under participation agreements, net of proceeds received (9,051) (19,015)  
Net cash provided by (used for) business acquisitions 38,710 123,566 (11,536)
Net cash provided by (used for) investing activities from continuing operations 1,021,352 (1,551,531) (1,717,909)
Net cash used for investing activities from discontinued operations (1,908) (4,897) (496)
Net cash provided by (used for) investing activities 1,019,444 (1,556,428) (1,718,405)
Cash Flows From Financing Activities:      
Proceeds from secured borrowings 4,127,416 7,770,435 7,756,474
Repayment of secured borrowings (4,692,079) (7,413,701) (8,310,369)
Proceeds from the Paycheck Protection Program Liquidity Facility borrowings     2,299,167
Repayment of the Paycheck Protection Program Liquidity Facility borrowings (164,975) (740,494) (1,433,938)
Proceeds from issuance of securitized debt obligations of consolidated VIEs 1,120,815 2,387,288 1,993,111
Repayment of securitized debt obligations of consolidated VIEs (976,790) (675,843) (673,069)
Proceeds from corporate debt   220,146 303,511
Repayment of corporate debt     (50,000)
Proceeds from senior secured note     350,000
Repayment of senior secured note     (180,294)
Repayment of convertible note (115,000)    
Repayment of guaranteed loan financing (154,441) (109,279) (70,388)
Payment of deferred financing costs (32,210) (43,937) (46,938)
Payment of contingent consideration (9,000) (9,000)  
Proceeds from issuance of equity, net of issuance costs 108 123,490 165,050
Preferred stock redemption     (98,241)
Common stock repurchased (18,108) (36,969)  
Settlement of share-based awards in satisfaction of withholding tax requirements (3,948) (5,817) (1,293)
Dividend payments (215,089) (187,832) (111,924)
Tender offer of preferred shares     (11,133)
Distributions to non-controlling interests, net (6) (14,317) 59,172
Net cash provided by (used for) financing activities from continuing operations (1,133,307) 1,264,170 1,938,898
Net cash provided by (used for) financing activities from discontinued operations 48,220 (93,191) (63,206)
Net cash provided by (used for) financing activities (1,085,087) 1,170,979 1,875,692
Net increase (decrease) in cash, cash equivalents, and restricted cash (11,098) (2,626) 131,087
Cash, cash equivalents, and restricted cash beginning balance 273,604 276,230 145,143
Cash, cash equivalents, and restricted cash ending balance 262,506 273,604 276,230
Supplemental disclosures:      
Cash paid for interest 661,169 355,230 186,095
Cash paid for income taxes 2,008 29,164 13,375
Supplemental disclosure: Non-cash investing activities      
Loans transferred from loans, held for sale to loans, net 68,661 3,987  
Loans transferred from loans, net to loans, held for sale 3,641 3,093  
Paid-in-kind accrued interest 42,148    
Consolidation of assets in securitization trusts 689,079    
Loans transferred to real estate owned, held for sale 56,900 1,598 9,015
Investments held to maturity transferred to real estate owned   29,904  
Contingent consideration in connection with acquisitions   25,000 12,400
Supplemental disclosure: Non-cash financing activities      
Shares and OP units issued in connection with merger transactions 637,229 458,056 239,537
Retirement of OP units   $ 2,000  
Consolidation of borrowings in securitization trusts 689,079    
Share-based component of incentive fees     1,386
Conversion of OP units to common stock $ 2,842   $ 13,207