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CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Only Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Consolidated Balance Sheets | (Parent Company Only) Condensed Balance Sheets (Dollars in thousands)
| December 31, 2023 |  | December 31, 2022
Assets: |  |  |
Assets: |  |  |
Cash and cash equivalents | $ | 1,147 |  |  | $ | 27,786 |
Investment in consolidated subsidiaries | 2,002,325 |  |  | 2,198,902 |
Other assets | 52,153 |  |  | 32,766 |
Total assets | $ | 2,055,625 |  |  | $ | 2,259,454 |
Liabilities and Stockholders' Equity |  |  |
Liabilities: |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 77,558 |  |  | $ | 57,266 |
Dividends payable | 18,929 |  |  | 33,923 |
Senior notes payable, net | 1,668,021 |  |  | 1,721,751 |
Total liabilities | 1,764,508 |  |  | 1,812,940 |
Total stockholders' equity | 291,117 |  |  | 446,514 |
Total liabilities and stockholders' equity | $ | 2,055,625 |  |  | $ | 2,259,454 |
See Notes to Condensed Financial Statements
Consolidated Statements of Operations | Condensed Statements of Operations (Dollars in thousands, except per share data)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenues | $ | 17,066 |  |  | $ | 805 |  |  | $ | 10,697 |
Operating expenses: |  |  |  |  |
Selling, general and administrative expenses | 40,053 |  |  | 39,146 |  |  | 41,369 |
Interest expense - Securities lending and loan participations sold | — |  |  | — |  |  | 323 |
Total operating expenses | 40,053 |  |  | 39,146 |  |  | 41,692 |
Operating (loss) income | (22,987) |  |  | (38,341) |  |  | (30,995) |
Other income (expense): |  |  |  |  |
Interest and dividend income | 201 |  |  | 272 |  |  | 4,591 |
Realized and unrealized (losses) gains on investments | — |  |  | — |  |  | 129,351 |
Change in fair value of financial instruments and other | — |  |  | — |  |  | (6,514) |
Loss from equity investments | — |  |  | — |  |  | (384) |
Interest expense | (103,212) |  |  | (100,087) |  |  | (81,479) |
(Loss) income before income taxes | (125,998) |  |  | (138,156) |  |  | 14,570 |
Benefit from (provision for) income taxes | 32,192 |  |  | 34,788 |  |  | (4,237) |
Income (loss) before income in equity investees | (93,806) |  |  | (103,368) |  |  | 10,333 |
Equity in (loss) income of subsidiaries | (6,104) |  |  | (56,461) |  |  | 434,721 |
Net (loss) income | (99,910) |  |  | (159,829) |  |  | 445,054 |
Other comprehensive income (loss) | 2,699 |  |  | (4,720) |  |  | (257) |
Comprehensive (loss) income | $ | (97,211) |  |  | $ | (164,549) |  |  | $ | 444,797 |
Consolidated Statements of Cash Flows | Condensed Statements of Cash Flows (Dollars in thousands)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net (loss) income | $ | (99,910) |  |  | $ | (159,829) |  |  | $ | 445,054 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Equity in net loss of subsidiaries | 6,104 |  |  | 56,461 |  |  | (434,721) |
Share-based compensation | 16,241 |  |  | 21,743 |  |  | 13,419 |
Non-cash interest and other | 5,228 |  |  | 4,631 |  |  | 3,041 |
Depreciation and amortization | 606 |  |  | 646 |  |  | 686 |
Loss on extinguishment of debt | — |  |  | — |  |  | 6,514 |
Change in operating assets and liabilities: |  |  |  |  |
Other assets | 7,994 |  |  | 32,006 |  |  | 348,837 |
Accounts payable, accrued expenses and other liabilities | 22,562 |  |  | 1,721 |  |  | 11,685 |
Other liabilities | (2,268) |  |  | (42,411) |  |  | (27,561) |
Net cash (used in) provided by operating activities | (43,443) |  |  | (85,032) |  |  | 366,954 |
Cash flows from investing activities: |  |  |  |  |
Contributions to subsidiaries | (392,984) |  |  | (342,031) |  |  | (1,349,077) |
Distributions from subsidiaries | 580,000 |  |  | 519,213 |  |  | 522,824 |
Net cash provided by (used in) investing activities | 187,016 |  |  | 177,182 |  |  | (826,253) |
Cash flows from financing activities: |  |  |  |  |
Proceeds from issuance of senior notes | 185 |  |  | 51,601 |  |  | 1,249,083 |
Redemption of senior notes | (58,924) |  |  | — |  |  | (507,348) |
Payment of debt issuance and offering costs | (714) |  |  | (1,041) |  |  | (15,768) |
ESPP and payment of employment taxes on vesting of restricted stock | (7,591) |  |  | (10,286) |  |  | (9,620) |
Common dividends paid | (141,099) |  |  | (119,454) |  |  | (347,134) |
Preferred dividends paid | (8,057) |  |  | (8,008) |  |  | (7,458) |
Repurchase of common stock | (69,479) |  |  | (6,516) |  |  | (2,656) |
Proceeds from issuance of common stock | 115,000 |  |  | — |  |  | 64,713 |
Proceeds from issuance of preferred stock | 467 |  |  | 874 |  |  | 14,712 |
Net cash (used in) provided by financing activities | (170,212) |  |  | (92,830) |  |  | 438,524 |
Decrease in cash, cash equivalents and restricted cash | (26,639) |  |  | (680) |  |  | (20,775) |
Cash, cash equivalents and restricted cash, beginning of year | 27,786 |  |  | 28,466 |  |  | 49,241 |
Cash, cash equivalents and restricted cash, end of year | $ | 1,147 |  |  | $ | 27,786 |  |  | $ | 28,466 |

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