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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 161,874 $ (90,332)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan fees (1,974) (2,155)
Amortization of debt issuance costs and discounts 7,123 6,739
Amortization of guarantee fee 4,653 4,828
Depreciation and amortization 1,311 2,018
Provision for credit losses 3,496 4,003
Unrealized losses on equity and debt securities 2,446 2,332
Derivative forward value (gains) losses (104,372) 144,600
Advances on loans held for sale (69,000) 0
Proceeds from sales of loans held for sale 112,800 0
Changes in operating assets and liabilities:    
Accrued interest receivable (20,338) 1,635
Accrued interest payable 66,972 47,870
Deferred income 740 (268)
Other (20,216) 1,046
Net cash provided by operating activities 145,515 122,316
Cash flows from investing activities:    
Advances on loans held for investments, net (667,442) (455,651)
Investments in fixed assets, net (4,532) (4,136)
Purchase of trading securities (48,276) (28,006)
Proceeds from sales and maturities of trading securities 46,170 31,773
Net cash used in investing activities (674,080) (456,020)
Cash flows from financing activities:    
Proceeds from short-term borrowings ≤ 90 days, net 310,868 849,729
Proceeds from short-term borrowings with original maturity > 90 days 654,762 704,829
Repayments of short-term borrowings with original maturity > 90 days (675,971) (758,237)
Payments for issuance costs for revolving bank lines of credit 0 (3,563)
Proceeds from issuance of long-term debt, net of discount and issuance costs 724,300 44,229
Payments for retirement of long-term debt (408,323) (493,929)
Proceeds from issuance of members’ subordinated certificates 3,330 33
Payments for retirement of members’ subordinated certificates (963) (787)
Net cash provided by financing activities 608,003 342,304
Net increase in cash, cash equivalents and restricted cash 79,438 8,600
Beginning cash, cash equivalents and restricted cash 161,114 303,361
Ending cash, cash equivalents and restricted cash 240,552 311,961
Supplemental disclosure of cash flow information:    
Cash paid for interest 139,482 118,281
Cash paid for income taxes $ 2 $ 2