v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities:        
Net (loss) income $ (30,165) $ 36,309 $ (19,141) $ 79,690
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization 5,929 5,848 13,033 9,592
Stock-based compensation     9,089 8,545
Amortization and accretion of interest and fees, net     6,416 6,549
Originations of loans held-for-sale     (1,784,340) (1,467,283)
Proceeds from sales of loans held-for-sale, net of gain on sale     1,814,410 1,537,874
Payoffs and paydowns of loans held-for-sale     69 6,503
Mortgage servicing rights (12,110) (10,930) (21,770) (19,061)
Amortization of capitalized mortgage servicing rights 18,247 17,767 36,540 35,525
Write-off of capitalized mortgage servicing rights from payoffs     3,893 5,164
Provision for loss sharing, net 13,472 4,215 18,009 6,002
Provision for credit losses, net 38,163 19,004 43,979 28,079
Charge-offs and advances, net of reimbursements     3,310 605
Deferred tax benefit (2,211) (1,603) (4,791) (1,741)
Income from equity affiliates (1,893) (2,654) (6,304) (1,020)
Distributions from operations of equity affiliates     9,104 4,138
Loss on extinguishment of debt 0 0 0 2,319
Impairment loss on real estate owned 13,650 0 26,150 0
Change in fair value of held-for-sale loans     412 (2,788)
Gain on derivative instruments, net     (548) (3,619)
Loss on real estate (64) 1,448 2,073 4,258
Changes in operating assets and liabilities     379 (28,734)
Net cash provided by operating activities     149,972 210,597
Investing Activities:        
Loans and investments funded, originated and purchased, net     (1,575,738) (1,484,429)
Payoffs and paydowns of loans and investments     1,491,887 962,014
Deferred fees     11,084 16,002
Contributions to equity affiliates     (28,251) (6,507)
Distributions from equity affiliates     656 7,905
Payoffs and paydowns of securities held-to-maturity     0 121
Investment in real estate, net     (27,925) (14,007)
Change in due to borrowers and reserves     (100) (3,224)
Net cash used in investing activities     (128,387) (522,125)
Financing activities:        
Proceeds from credit and repurchase facilities     5,672,204 4,936,438
Payoffs and paydowns of credit and repurchase facilities     (4,981,763) (3,774,678)
Proceeds from issuance of securitized debt     818,344 491,416
Payoffs and paydowns of securitized debt     (1,312,080) (1,599,961)
Payoffs and paydowns of senior unsecured notes     (175,000) 0
Proceeds from notes payable - REO     41,736 177,534
Payoffs and paydowns of notes payable - REO     (24,454) (67,812)
Proceeds from issuance of common stock     0 30,801
Repurchase of common stock     (51,583) 0
Redemption of operating partnership units     0 (1,577)
Payments of withholding taxes on net settlement of vested stock     (2,344) (3,125)
Distributions to stockholders and noncontrolling interest     (118,819) (172,441)
Payment of deferred financing costs     (12,141) (18,560)
Net cash used in financing activities     (145,900) (1,965)
Net decrease in cash, cash equivalents and restricted cash     (124,315) (313,493)
Cash, cash equivalents and restricted cash at beginning of period     550,222 660,179
Cash, cash equivalents and restricted cash at end of period 425,907 346,686 425,907 346,686
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents at beginning of period     482,875 503,803
Restricted cash at beginning of period     67,347 156,376
Cash, cash equivalents and restricted cash at beginning of period     550,222 660,179
Cash and cash equivalents at end of period 287,525 255,742 287,525 255,742
Restricted cash at end of period 138,382 90,944 138,382 90,944
Cash, cash equivalents and restricted cash at end of period $ 425,907 $ 346,686 425,907 346,686
Supplemental cash flow information:        
Cash used to pay interest     341,865 325,903
Cash used to pay taxes     1,704 11,122
Supplemental schedule of non-cash investing and financing activities:        
Real estate acquired in settlement of loans and investments, net     169,844 355,954
Settlement of loans and investments, net of real estate     (174,318) (376,059)
Derecognition of real estate owned     113,806 175,882
Loan funded in conjunction with real estate sold     (107,760) (183,955)
Distributions accrued on preferred stock     $ 10,342 $ 7,010