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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 20,871 $ 8,201
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 883 918
Amortization of right-of-use assets 885 916
Provision for (reversal of) loan losses (668) 4,662
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) (1,232)
Repayments on loans held for sale 16 19,850
Accretion and amortization of loan costs, net 4,696 3,288
Provision for uncollectible borrower advances 170 518
Gain on disposition of loans (4,745) (2,209)
Real estate acquired through foreclosure in excess of recorded investment (791) (511)
Amortization of debt issuance discount and costs 14,088 12,807
Loss on disposal of property and equipment 18 41
Change in valuation of real estate owned 1,619 1,744
Change in valuation of fair value loans (18) (411)
Change in valuation of held for sale loans (15) (345)
Gain on sale of real estate owned (240) (652)
Stock-based compensation 1,595 712
Net deferred tax benefit (10,373) 6,489
(Increase) decrease in operating assets and liabilities:    
Accrued interest and other receivables (1,043) (5,549)
Other assets (512) (5,112)
Accounts payable and accrued expenses 13,893 8,445
Net cash provided by operating activities 39,574 37,364
Cash flows from investing activities:    
Purchase of loans held for investment (9,412) (3,571)
Origination of loans held for investment (840,798) (161,797)
Payoffs of loans held for investment and loans at fair value 427,224 242,166
Proceeds from sales of loans originally classified as held for investment 99,117  
Proceeds from sale of real estate owned 7,459 5,867
Capitalized real estate owned improvements (78) (598)
Change in advances (1,597) (5,272)
Change in impounds and deposits 1,894 (2,732)
Purchase of property and equipment (104) (724)
Net cash (used in) provided by investing activities (316,295) 73,339
Cash flows from financing activities:    
Warehouse repurchase facilities advances 717,605 267,539
Warehouse repurchase facilities repayments (534,062) (670,404)
Proceeds from secured financing 175,000  
Repayment of secured financing (81,063) (75,000)
Proceeds of securitizations, net 456,184 517,995
Repayment of securitizations (412,916) (284,901)
Debt issuance costs (18,981) (8,552)
Issuance of common stock 137 100,800
Preferred stock issuance costs   41,044
Proceeds from issuance of warrants   2,158
Stock issuance costs (393)  
IPO deal costs   (1,903)
Net cash provided by (used in) financing activities 301,511 (111,224)
Net increase (decrease) in cash, cash equivalents, and restricted cash 24,790 (521)
Cash, cash equivalents, and restricted cash at beginning of period 20,293 27,552
Cash, cash equivalents, and restricted cash at end of period 45,083 27,031
Supplemental cash flow information:    
Cash paid during the period for interest 63,706 63,516
Cash paid during the period for income taxes 7,224 2,861
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 10,107 7,435
Transfer of accrued interest to loans held for investment 1,776 6,574
Discount on issuance of securitizations 223 6,428
Transfer of loans held for sale to held for investment 10,178 213,609
Deferred IPO costs charged against additional paid-in capital   $ 4,000
Deferred stock issuance costs charged against additional paid-in capital $ 1