v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net income $ 57,422 $ 116,101
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs, premiums and discounts on secured borrowings 12,452 11,366
Amortization of discounts and deferred financing costs on unsecured senior notes 3,810 2,648
Accretion of net discount on investment securities (1,162) (2,075)
Accretion of net deferred loan fees and discounts (15,735) (13,964)
Share-based compensation 13,994 13,350
Manager fees paid in stock 1,742 6,365
Change in fair value of investment securities (89) 173
Change in fair value of consolidated VIEs 2,562 12,128
Change in fair value of servicing rights 537 (753)
Change in fair value of loans 12,668 (58,404)
Change in fair value of affordable housing fund investments (1,934) 8,035
Change in fair value of derivatives 9,119 50,686
Foreign currency loss (gain), net 6,090 (34,791)
Gain on sale of investments and other assets, net (679) 0
Credit loss reversal, net (377) (24,999)
Depreciation and amortization 35,454 12,756
Earnings from unconsolidated entities (818) (537)
Distributions of earnings from unconsolidated entities 0 1,198
Loss on extinguishment of debt, net 335 0
Origination and purchase of loans held-for-sale, net of principal collections (191,254) (178,870)
Proceeds from sale of loans held-for-sale 182,087 297,319
Changes in operating assets and liabilities:    
Related-party payable 2,046 (2,420)
Accrued and capitalized interest receivable, less purchased interest (51,459) 2,850
Other assets (7,308) (10,858)
Accounts payable, accrued expenses and other liabilities 24,059 31,561
Net cash provided by operating activities 93,562 238,865
Cash Flows from Investing Activities:    
Origination, purchase and funding of loans held-for-investment (1,879,043) (1,703,570)
Proceeds from principal collections on loans 982,816 747,152
Purchase and funding of investment securities (22,733) (13,826)
Proceeds from sales and redemptions of investment securities 625 1,350
Proceeds from principal collections on investment securities 4,831 52,967
Proceeds from sales of real estate 62,040 0
Purchases and additions to properties and other assets (149,339) (5,739)
Distribution of capital from unconsolidated entities 0 250
Cash acquired in foreclosure 7,713 731
Payments for purchase or termination of derivatives (18,921) (12,936)
Proceeds from termination of derivatives 22,344 27,172
Net cash used in investing activities (989,667) (906,449)
Cash Flows from Financing Activities:    
Proceeds from borrowings 2,867,550 2,735,285
Principal repayments on and repurchases of borrowings (1,809,786) (1,811,835)
Payment of deferred financing costs (12,601) (15,295)
Net proceeds from issuances of common stock 1,682 1,434
Payment of dividends (178,241) (162,323)
Distributions to non-controlling interests (16,276) (9,125)
Purchase of treasury stock (19,936) 0
Issuance of debt of consolidated VIEs 3,865 0
Repayment of debt of consolidated VIEs (110) (4,755)
Distributions of cash from consolidated VIEs 51,286 72,120
Net cash provided by financing activities 887,433 805,506
Net (decrease) increase in cash, cash equivalents and restricted cash (8,672) 137,922
Cash, cash equivalents and restricted cash, beginning of period 674,647 553,995
Effect of exchange rate changes on cash 87 434
Cash, cash equivalents and restricted cash, end of period 666,062 692,351
Supplemental disclosure of cash flow information:    
Cash paid for interest 288,101 264,902
Income taxes paid (refunded) 4 (53)
Supplemental disclosure of non-cash investing and financing activities:    
Dividends declared with respect to the first quarter, but not yet paid 178,728 163,979
Deconsolidation of VIEs (VIE asset/liability reductions) 116,644 62,461
Net assets acquired through foreclosure:    
Assets acquired, less cash 352,039 52,386
Liabilities assumed 12,047 990
Loan principal collections temporarily held at master servicer $ 212,447 $ 47,650