v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 28,012 $ 23,070
Adjustments to reconcile net income to net cash used in operating activities:    
Net unrealized depreciation on joint ventures and other investments 1,970 96
Net loss (gain) on loans accounted for under the fair value option 28,924 (6,316)
Net gain on residuals in securitizations (58,150) (31,465)
Net loss on loan servicing assets 11,446 8,007
Net unrealized depreciation on warrants and derivative transactions 828 1,468
Net gain on sales of loans (37,908) (28,487)
Net accretion of premium/discount on debt securities available-for-sale and loans (264) (1,051)
Amortization of deferred financing costs and deferred loan fees and costs 1,183 2,096
Provision for credit losses 21,722 22,622
Lower of cost or market adjustment on loans held for sale 0 (15)
Bad debt expense, net of recoveries (227) 85
Stock compensation expense 1,159 3,390
Deferred income benefit expense (21,496) (2,439)
Depreciation and amortization 291 420
Proceeds from sale of loans held for sale 232,055 217,267
Purchase of loans held for sale (22,179) 0
Funding of loans held for sale (574,293) (508,393)
Principal received on loans held for sale 10,842 5,608
Other, net (539) (1,244)
Changes in operating assets and liabilities:    
Settlement receivable 438 32,759
Other assets (11,858) (1,351)
Due to participants (31,272) 4,354
Accounts payable, accrued expenses and other liabilities (1,454) (999)
Net cash used in operating activities (420,770) (260,518)
Cash flows from investing activities:    
Principal received on loans held for investment, at fair value 28,400 35,063
Repurchases of loans held for investment, at fair value (2,987) (1,071)
Net increase in loans held for investment, at cost (254,111) (171,609)
Proceeds from sales of Biller Genie and Newtek Technology Solutions, Inc. 1,983 4,000
Contributions to joint ventures and other investments 0 (85)
Return of capital from joint ventures and other investments 0 14
Purchase of fixed assets (58) (91)
Sales of Federal Home Loan Bank and Federal Reserve Bank stock 48 315
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock (361) (667)
Purchases of available-for-sale securities (17,015) (3,945)
Maturities of available-for-sale securities 19,000 14,000
Net cash used in investing activities (225,101) (124,076)
Cash flows from financing activities:    
Borrowing on bank notes payable 39,852 187,350
Repayment on bank notes payable (211,394) (202,638)
Net increase in deposits 731,751 110,248
Repayment of Federal Home Loan Bank advances (1,038) (7,004)
Repurchase of common shares under share repurchase plan 0 (167)
Payments on Notes Payable - Securitization Trusts (22,255) (29,596)
Proceeds related to residuals in securitizations 279,379 169,421
Dividends paid, net of dividend reinvestment plan (12,958) (10,468)
Payments of deferred financing costs (218) (724)
Proceeds from common stock issued under ESPP, net of discount, and restricted stock awards, net of forfeitures 173 157
Purchase of vested stock for employee payroll tax withholding (582) (70)
Net cash provided by financing activities 730,587 216,509
Net increase (decrease) in cash and restricted cash 84,716 (168,085)
Cash and restricted cash—beginning of period (NOTE 2) 310,291 381,374
Cash and restricted cash—end of period (NOTE 2) 395,007 213,289
Non-cash operating, investing and financing activities:    
Foreclosed real estate acquired 5,250 3,994
Reclass of loans from HFS to HFI 442,613 0
Dividends declared but not paid during the period 0 5,246
Supplemental disclosure of cash flow information:    
Interest paid 60,946 46,237
Income taxes paid 14,969 927
Stock Acquired    
Non-cash operating, investing and financing activities:    
IPM 0 8,200
Earn Out Receivable    
Non-cash operating, investing and financing activities:    
IPM 0 2,268
2033 8.375% Notes    
Cash flows from financing activities:    
Proceeds from Notes 15,000 0
2026 Notes    
Cash flows from financing activities:    
Redemption of Notes (87,123) 0
2025 5.00% Notes    
Cash flows from financing activities:    
Redemption of Notes 0 (30,000)
2023 Notes    
Cash flows from financing activities:    
Proceeds from Notes $ 0 $ 30,000