XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities    
Net loss $ (94,807) $ (24,343)
Adjustments to reconcile net loss to net cash from operating activities    
Stock-based management termination fee and compensation expense 16,965 1,268
Mark to market on mortgage loans held-for-sale, net 55,507 0
Mark to market adjustment on securities carried at fair value (934) 0
Discount accretion on mortgage loans (2,708) (5,163)
Interest and discount accretion on investment in debt securities (5,366) (7,240)
Discount accretion on investment in beneficial interests (3,837) (5,979)
Loss on sale of mortgage loans 4,534 0
Gain on debt extinguishment 0 (31)
Gain on sale of real estate owned properties (503) (147)
Loss on sale of securities 2,372 3,347
Impairment of real estate owned 521 1,045
Credit loss expense on mortgage loans and beneficial interests 910 190
Net increase/(decrease) in the net present value of expected credit losses 4,230 (3,157)
Loss on loans and joint venture refinancing on beneficial interests 0 11,024
Amortization of debt discount and prepaid financing costs 5,019 2,151
Undistributed loss from investment in affiliates 3,590 265
Fair value adjustment on put option liability and warrants (3,077) 4,001
Net change in operating assets and liabilities    
Prepaid expenses and other assets 26,332 (9,877)
Accrued expenses, management fee payable, and other liabilities (6,031) (1,734)
Net cash from operating activities 2,717 (34,380)
Cash Flows From Investing Activities    
Purchase of mortgage loans and related balances 0 (14,401)
Principal paydowns on mortgage loans 40,629 71,187
Proceeds from sale of mortgage loans 384,056 0
Proceeds from refinancing and sale of securities available-for-sale and beneficial interests 57,802 61,689
Purchase of securities available-for-sale and beneficial interests (101,662) (74,274)
Principal and interest collection on debt securities available-for-sale and beneficial interests 35,442 74,212
Principal and interest collection on debt securities held-to-maturity 10,070 27,065
Proceeds from sale of property held-for-sale 1,572 2,743
Distribution from affiliates 408 763
Net cash from investing activities 428,317 148,984
Cash Flows From Financing Activities    
Net change in repurchase transactions (144,281) (53,846)
Repayments on secured borrowings (146,075) (43,756)
Repurchase of the Company's senior convertible notes 0 (952)
Redemption of senior convertible notes (103,516) 0
Payment of prepaid financing costs on notes payable 0 (55)
Payment of transaction costs (10,426) 0
Sale of common stock, net of offering costs 14,000 17,181
Distribution to non-controlling interests (900) (100)
Dividends paid on common stock and preferred stock (8,654) (17,011)
Net cash from financing activities (399,852) (98,539)
Net Change in Cash and Cash Equivalents 31,182 16,065
Cash and Cash Equivalents, Beginning of Period 52,834 47,845
Cash and Cash Equivalents, End of Period 84,016 63,910
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 29,893 43,016
Cash paid for income taxes 97 444
Supplemental Disclosure of Noncash Investing and Financing Activities    
Net transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net 428,029 0
Preferred stock and warrants redeemed for common stock 58,031 0
Conversion of 2020 Warrants for common shares 18,677 0
Common stock settled for management fee and compensation expense 16,965 1,268
Issuance of Rithm Warrants 2,734 0
Net transfer of loans to property held-for-sale 2,041 1,348
Amortization of unrealized loss on debt securities transferred to held-to-maturity 2,335 4,159
Other non-cash loan charges 671 0
Transfer of debt securities from investments in securities available-for-sale to investments in securities held-to-maturity 0 83,052
Other non-cash beneficial interest charges 0 504
Treasury stock received through distributions from investment in Former Manager 2,037 25
Unrealized gain on available-for-sale securities $ 3,413 $ 3,757