v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Cash Flows From Operating Activities:    
Net income (loss) $ (200,087) $ 81,965
Net loss from discontinued operations, net of tax 0 (445)
Net income (loss) from continuing operations (200,087) 82,410
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of premiums, discounts, and debt issuance costs, net 12,054 11,265
Stock-based compensation 1,629 1,785
Provision for (recovery of) loan losses 70,907 (109,568)
Impairment (recovery) on real estate owned, held for sale (469) 2,346
Depreciation and amortization on real estate owned 1,576 0
Repair and denial reserve 354 823
Paid-in-kind accrued interest (708) (241)
Valuation allowance, loans held for sale 6,557 99,718
Net (income) loss of unconsolidated joint ventures, net of distributions (1,533) 5,782
Realized (gains) losses, net 60,401 (10,242)
Unrealized (gains) losses, net 6,919 1,922
Bargain purchase gain 0 (102,471)
Loans, held for sale, net 596,031 89,106
Changes in operating assets and liabilities:    
Derivative instruments 3,834 (1,982)
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers 8,622 32,964
Receivable from third parties (13,210) (862)
Other assets 33,634 (46,464)
Accounts payable and other accrued liabilities 3,678 24,126
Net cash provided by operating activities from continuing operations 590,189 80,417
Net cash used for operating activities from discontinued operations 0 28,052
Net cash provided by operating activities 590,189 108,469
Cash Flows From Investing Activities:    
Origination of loans (91,261) (174,330)
Proceeds from disposition and principal payment of loans 724,693 414,830
Proceeds from sale and principal payment of mortgage-backed securities 3,747 0
Funding of real estate, held for sale (669) (5)
Proceeds from sale of real estate, held for sale 36,728 7,096
Investment in unconsolidated joint ventures (6,484) (11,508)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 2,190 1,657
Payment of liabilities under participation agreements 0 (1,335)
Net cash provided by business acquisitions 0 16,020
Net cash provided by investing activities from continuing operations 668,944 252,425
Net cash provided by investing activities from discontinued operations 0 54,843
Net cash provided by investing activities 668,944 307,268
Cash Flows From Financing Activities:    
Proceeds from secured borrowings 866,664 1,235,533
Repayment of secured borrowings (1,333,647) (558,475)
Repayment of the Paycheck Protection Program Liquidity Facility borrowings (4,758) (5,639)
Repayment of securitized debt obligations of consolidated VIEs (649,409) (1,010,685)
Repayment of corporate debt (116,556) (79,477)
Proceeds from senior secured note 0 240,250
Repayment of guaranteed loan financing (22,344) (41,532)
Payment of deferred financing costs (3,413) (12,850)
Common stock repurchased 0 (17,405)
Settlement of share-based awards in satisfaction of withholding tax requirements (374) (1,915)
Dividend payments (3,627) (44,042)
Net cash used for financing activities from continuing operations (1,267,464) (296,237)
Net cash provided by (used for) financing activities from discontinued operations 0 (58,753)
Net cash used for financing activities (1,267,464) (354,990)
Net increase (decrease) in cash, cash equivalents, and restricted cash including cash classified within assets held for sale (8,331) 60,747
Less: Net decrease in cash and cash equivalents within assets held for sale 0 (4,858)
Net increase (decrease) in cash, cash equivalents, and restricted cash (8,331) 65,605
Cash, cash equivalents, and restricted cash beginning balance 249,534 182,774
Cash, cash equivalents, and restricted cash ending balance 241,203 248,379
Supplemental disclosures:    
Cash paid for interest 78,537 134,316
Cash received for income taxes (38) (297)
Non-cash investing activities    
Loans transferred from loans, held for sale to loans, net 0 72,826
Loans transferred from loans, net to loans, held for sale 264,728 722,797
Loans transferred to real estate owned, held for sale 25,149 32,336
Contingent consideration in connection with acquisitions 0 15,409
Non-cash financing activities    
Shares and OP units issued in connection with merger transactions 0 64,600
Cash, cash equivalents, and restricted cash reconciliation    
Cash and cash equivalents 200,430 205,917
Restricted cash 38,906 39,603
Cash, cash equivalents, and restricted cash in assets of consolidated VIEs 1,867 2,859
Cash, cash equivalents, and restricted cash ending balance $ 241,203 $ 248,379