v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ (299,770) $ 28,288
Net loss from discontinued operations, net of tax 0 (5,371)
Net income (loss) from continuing operations (299,770) 33,659
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of premiums, discounts, and debt issuance costs, net 30,316 27,040
Stock-based compensation 4,112 3,419
Provision for (recovery of) loan losses 92,461 (100,928)
Impairment (recovery) on real estate owned, held for sale 483 6,614
Depreciation and amortization on real estate owned 3,151 0
Repair and denial reserve 2,707 1,158
Paid-in-kind accrued interest (801) (1,048)
Valuation allowance, loans held for sale 4,110 139,464
Net (income) loss of unconsolidated joint ventures, net of distributions (2,178) 6,451
Realized (gains) losses, net 82,135 (27,506)
Unrealized (gains) losses, net 10,452 2,499
Loss on deconsolidation of securitization trust 2,840 0
Bargain purchase gain 0 (88,090)
Loans, held for sale, net 703,166 50,174
Changes in operating assets and liabilities:    
Derivative instruments 5,160 (996)
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers 5,815 50,882
Receivable from third parties (7,246) 2,656
Other assets 19,384 (105,016)
Accounts payable and other accrued liabilities 8,999 31,554
Net cash provided by operating activities from continuing operations 665,296 31,986
Net cash used for operating activities from discontinued operations 0 (23,784)
Net cash provided by operating activities 665,296 8,202
Cash Flows From Investing Activities:    
Origination of loans (164,053) (300,692)
Proceeds from disposition and principal payment of loans 1,016,550 1,034,968
Funding of investments held to maturity 0 (2,385)
Proceeds from sale and principal payment of mortgage-backed securities 3,747 0
Funding of real estate, held for sale (1,143) (215)
Proceeds from sale of real estate, held for sale 91,592 8,312
Investment in unconsolidated joint ventures (9,928) (11,897)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 7,872 2,928
Payment of liabilities under participation agreements 0 (1,335)
Net cash provided by (used for) business acquisitions 0 16,020
Net cash provided by investing activities from continuing operations 944,637 745,704
Net cash provided by investing activities from discontinued operations 0 43,316
Net cash provided by investing activities 944,637 789,020
Cash Flows From Financing Activities:    
Proceeds from secured borrowings 1,067,088 2,385,296
Repayment of secured borrowings (1,978,398) (917,296)
Repayment of the Paycheck Protection Program Liquidity Facility borrowings (8,592) (8,134)
Proceeds from issuance of securitized debt obligations of consolidated VIEs 135,657 0
Repayment of securitized debt obligations of consolidated VIEs (673,887) (2,075,012)
Proceeds from sale of retained beneficial interests 24,065 0
Repayment of corporate debt (183,994) (231,511)
Proceeds from senior secured note 0 290,250
Repayment of guaranteed loan financing (49,897) (83,492)
Payment of deferred financing costs (5,887) (18,099)
Common stock repurchased 0 (55,151)
Settlement of share-based awards in satisfaction of withholding tax requirements (539) (1,948)
Dividend payments (7,327) (67,886)
Net cash used for financing activities from continuing operations (1,681,711) (782,983)
Net cash used for financing activities from discontinued operations 0 (4,324)
Net cash used for financing activities (1,681,711) (787,307)
Net increase (decrease) in cash, cash equivalents, and restricted cash including cash classified within assets held for sale (71,778) 9,915
Less: Net increase (decrease) in cash and cash equivalents within assets held for sale 0 (29,792)
Net increase (decrease) in cash, cash equivalents, and restricted cash (71,778) 39,707
Cash, cash equivalents, and restricted cash beginning balance 249,534 182,774
Cash, cash equivalents, and restricted cash ending balance 177,756 222,481
Supplemental disclosures:    
Cash paid for interest 151,131 263,125
Cash paid (received) for income taxes 160 (258)
Non-cash investing activities    
Loans transferred from loans, held for sale to loans, net 37,270 72,826
Loans transferred from loans, net to loans, held for sale 322,952 722,797
Loans transferred to real estate owned, held for sale 49,633 35,546
Deconsolidation of assets in securitization trusts 26,300 0
Consolidation of assets in securitization trusts 475,919 0
Contingent consideration in connection with acquisitions 0 15,242
Non-cash financing activities    
Deconsolidation of borrowings in securitization trusts 22,973 0
Consolidation of borrowings in securitization trusts 475,919 0
Shares and OP units issued in connection with merger transactions 0 64,600
Conversion of OP units to common stock 0 1,197
Cash, cash equivalents, and restricted cash reconciliation    
Cash and cash equivalents 124,149 162,935
Restricted cash 50,182 56,769
Cash, cash equivalents, and restricted cash in assets of consolidated VIEs 3,425 2,777
Cash, cash equivalents, and restricted cash ending balance $ 177,756 $ 222,481