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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 12,849 $ 4,720
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 603 606
Amortization of right-of-use assets 565 609
(Reversal of) provision for loan losses (895) 3,088
Origination of loans held for sale   (96,064)
Proceeds from sales of loans held for sale   80,858
Purchase of held for sale loans (755) (203)
Repayments on loans held for sale 11 18,843
Net accretion of discount on purchased loans and deferred loan origination costs 3,092 2,265
Provision for uncollectible borrower advances 47 174
Gain on disposition of loans (4,598) (2,272)
Real estate acquired through foreclosure in excess of recorded investment (632) (500)
Amortization of debt issuance discount and costs 10,156 8,862
Loss on disposal of property and equipment 18 38
Change in valuation of real estate owned 1,235 1,216
Change in valuation of fair value loans (18) (32)
Change in valuation of held for sale loans (2) 961
Gain on sale of real estate owned (162) (395)
Stock-based compensation 1,030 460
Net deferred tax benefit (6,542) 2,765
(Increase) decrease in operating assets and liabilities:    
Accrued interest and other receivables (476) (4,440)
Other assets (1,081) (975)
Accounts payable and accrued expenses 6,451 3,156
Net cash provided by operating activities 20,896 23,740
Cash flows from investing activities:    
Purchase of loans held for investment (3,490) (3,571)
Origination of loans held for investment (496,497) (153,600)
Payoffs of loans held for investment and loans at fair value 82,856 163,998
Proceeds from sales of loans originally classified as held for investment 274,042  
Proceeds from sale of real estate owned 4,076 2,827
Capitalized real estate owned improvements (29) (347)
Change in advances (667) (2,554)
Change in impounds and deposits 167 (3,367)
Purchase of property and equipment (102) (682)
Net cash (used in) provided by investing activities (139,644) 2,704
Cash flows from financing activities:    
Warehouse repurchase facilities advances 414,030 250,416
Warehouse repurchase facilities repayments (337,332) (511,664)
Proceeds from secured financing 175,000  
Repayment of secured financing (79,969) (75,000)
Proceeds of securitizations, net 251,274 341,926
Repayment of securitizations (273,810) (179,968)
Debt issuance costs (15,076) (5,268)
Issuance of common stock   100,800
Preferred stock issuance costs   41,045
Proceeds from issuance of warrants   2,158
IPO deal costs   (1,903)
Net cash provided by (used in) financing activities 134,117 (37,458)
Net increase (decrease) in cash, cash equivalents, and restricted cash 15,369 (11,014)
Cash, cash equivalents, and restricted cash at beginning of period 20,293 27,552
Cash, cash equivalents, and restricted cash at end of period 35,662 16,538
Supplemental cash flow information:    
Cash paid during the period for interest 42,898 42,824
Cash paid during the period for income taxes 4,682 38
Noncash transactions from investing and financing activities:    
Transfer of loans held for investment to held for sale 80,498  
Transfer of loans held for investment to real estate owned 8,767 5,380
Transfer of accrued interest to loans held for investment 618  
Discount on issuance of securitizations 27 3,126
Transfer of loans held for sale to held for investment $ 4,615  
Deferred IPO costs charged against additional paid-in capital   $ (4,000)