XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Cash Flows From Operating Activities:    
Net income $ 123,228 $ 59,851
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of premiums, discounts, and debt issuance costs, net (10,298) (8,367)
Stock-based compensation 4,110 2,345
Provision for (recovery of) loan losses (2,848) 5,509
Impairment loss on real estate, held for sale 2,667 1,278
Repair and denial reserve (3,614) 6,095
Allowance for doubtful accounts on purchased future receivables 440 1,630
Origination of loans, held for sale, at fair value (1,997,997) (2,899,959)
Proceeds from disposition and principal payments of loans, held for sale, at fair value 2,070,326 2,961,060
Net income of unconsolidated joint ventures, net of distributions (8,755) (2,342)
Realized (gains) losses, net (28,956) (92,704)
Unrealized (gains) losses, net (46,722) (25,712)
Net changes in operating assets and liabilities    
Purchased future receivables, net (1,272) 8,465
Derivative instruments 1,562 (62,474)
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers (9,648) 8,624
Receivable from third parties 21,801 34,487
Other assets (6,211) (10,871)
Accounts payable and other accrued liabilities (28,630) 34,017
Net cash provided by (used for) operating activities 79,183 20,932
Cash Flows From Investing Activities:    
Origination of loans (2,302,054) (1,497,521)
Purchase of loans (649,834) (17,100)
Proceeds from disposition and principal payment of loans 672,327 367,055
Origination of Paycheck Protection Program loans   (2,134,612)
Purchase of Paycheck Protection Program loans   (3,866)
Proceeds from disposition and principal payment of Paycheck Protection Program loans 514,607 62,366
Funding of investments held to maturity (1,191)  
Proceeds from principal payments of investments held to maturity 7,295  
Proceeds from sale and principal payment of mortgage backed securities, at fair value 56,167 1,846,109
Funding of real estate, held for sale (2,160)  
Proceeds from sale of real estate, held for sale 1,518 2,094
Investment in unconsolidated joint ventures (85,634) (15,686)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 11,317 10,543
Payment of liability under participation agreements, net of proceeds received (20,112)  
Net of cash provided by business acquisitions 123,566 49,917
Net cash used for investing activities (1,674,188) (1,330,701)
Cash Flows From Financing Activities:    
Proceeds from secured borrowings 6,017,619 6,830,648
Repayment of secured borrowings (5,386,027) (8,204,704)
Proceeds from the Paycheck Protection Program Liquidity Facility borrowings   2,295,535
Repayment of Paycheck Protection Program Liquidity Facility borrowings (513,746) (85,187)
Proceeds from issuance of securitized debt obligations of consolidated VIEs 1,735,344 696,840
Repayment of securitized debt obligations of consolidated VIEs (390,575) (290,645)
Proceeds from corporate debt 122,646 195,768
Repayment of corporate debt   (50,000)
Repayment of guaranteed loan financing (61,912) (44,873)
Payment of deferred financing costs (25,662) (16,708)
Proceeds from issuance of equity, net of issuance costs 123,606 111,307
Payment of contingent consideration (9,000)  
Settlement of share-based awards in satisfaction of withholding tax requirements (1,294) (987)
Dividend payments (85,512) (44,394)
Tender offer of preferred shares   (11,133)
Distributions to non-controlling interests, net (8,753) (150)
Net cash provided by financing activities 1,516,734 1,381,317
Net increase (decrease) in cash, cash equivalents, and restricted cash (78,271) 71,548
Cash, cash equivalents, and restricted cash beginning balance 323,328 200,482
Cash, cash equivalents, and restricted cash ending balance 245,057 272,030
Supplemental disclosures:    
Cash paid for interest 125,411 91,099
Cash paid for income taxes 13,858 416
Supplemental disclosure: Non-cash investing activities    
Loans transferred from loans, held for sale, at fair value to loans, net 3,862  
Loans transferred from loans, net to loans, held for sale, at fair value 3,029 1,793
Loans transferred to real estate owned 496 1,388
Contingent consideration in connection with acquisitions 84,348  
Supplemental disclosure: Non-cash financing activities    
Shares issued in connection with merger transactions $ 458,056 $ 239,537