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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Cash Flows From Operating Activities:    
Net income (loss) $ (108,368) $ 290,351
Net income (loss) from discontinued operations, net of tax (1,359) 7,310
Net income (loss) from continuing operations (107,009) 283,041
Adjustments to reconcile net income to net cash provided by (used for) operating activities:    
Amortization of premiums, discounts, and debt issuance costs, net 23,548 17,982
Stock-based compensation 3,768 3,915
Provision for (recovery of) loan losses (45,415) 12,693
Impairment loss on real estate owned, held for sale 26,102 3,418
Repair and denial reserve (recovery) 606 (944)
Paid-in-kind accrued interest (28,547)  
Provision for loan losses on purchased future receivables 2,118 4,232
Loans, held for sale, net 48,911 32,585
Valuation allowance, loans held for sale 227,167  
Net income (loss) of unconsolidated joint ventures, net of distributions (808) 472
Realized (gains) losses, net (25,491) (35,928)
Unrealized (gains) losses, net (3,318) 5,599
Bargain purchase gain (loss) 18,306 (229,894)
Changes in operating assets and liabilities:    
Derivative instruments 4,399 13,665
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers (23,249) (13,142)
Receivable from third parties 3,624 (7,878)
Other assets (70,970) (15,601)
Accounts payable and other accrued liabilities (3,681) (25,339)
Net cash provided by operating activities from continuing operations 50,061 48,876
Net cash used for operating activities from discontinued operations (25,554) (11,637)
Net cash provided by operating activities 24,507 37,239
Cash Flows From Investing Activities:    
Origination of loans (505,224) (518,209)
Proceeds from disposition and principal payment of loans 1,044,121 793,937
Funding of real estate, held for sale (981) (3,968)
Proceeds from sale of real estate, held for sale 34,684 34,782
Investment in unconsolidated joint ventures (2,245) (9,387)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 1,772 5,052
Proceeds from liabilities under participation agreements 25,697  
Payment of liabilities under participation agreements (1,474) (6,242)
Net cash provided by (used for) business acquisitions (32,063) 38,710
Net cash provided by investing activities from continuing operations 564,287 334,675
Net cash provided by (used for) investing activities from discontinued operations 60,709 (1,056)
Net cash provided by investing activities 624,996 333,619
Cash Flows From Financing Activities:    
Proceeds from secured borrowings 1,620,500 3,360,360
Repayment of secured borrowings (1,409,193) (3,860,660)
Repayment of the Paycheck Protection Program Liquidity Facility borrowings (11,206) (90,173)
Proceeds from issuance of securitized debt obligations of consolidated VIEs   988,837
Repayment of securitized debt obligations of consolidated VIEs (681,336) (500,261)
Proceeds from senior secured note 72,118  
Repayment of guaranteed loan financing (62,195) (49,120)
Payment of deferred financing costs (7,047) (21,127)
Payment of contingent consideration   (9,000)
Proceeds from issuance of equity, net of issuance costs   108
Common stock repurchased (39,190) (18,102)
Settlement of share-based awards in satisfaction of withholding tax requirements (1,081) (2,104)
Dividend payments (107,167) (123,932)
Distributions, net (18) (100)
Net cash used for financing activities from continuing operations (625,815) (325,274)
Net cash provided by (used for) financing activities from discontinued operations (1,059) 46,338
Net cash used for financing activities (626,874) (278,936)
Net increase in cash, cash equivalents, and restricted cash including cash classified within assets held for sale 22,629 91,922
Less: Net increase in cash and cash equivalents within assets held for sale 6,096 11,785
Net increase in cash, cash equivalents, and restricted cash 16,533 80,137
Cash, cash equivalents, and restricted cash beginning balance 262,506 273,604
Cash, cash equivalents, and restricted cash ending balance 279,039 353,741
Supplemental disclosures:    
Cash paid for interest 355,012 311,667
Cash paid (received) for income taxes (11,940) 648
Non-cash investing activities    
Loans transferred from loans, net to loans, held for sale 719,623 1,635
Loans transferred to real estate owned, held for sale 18,711 24,388
Contingent consideration in connection with acquisitions 3,926  
Non-cash financing activities    
Shares and OP units issued in connection with merger transactions   637,229
Conversion of OP units to common stock $ 983 $ 567