v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:      
Net income (loss) $ 54,004 $ (2,274) $ (163,520)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Amortization of premiums, discounts, and debt issuance costs, net 12,155 17,914 6,254
Depreciation and amortization of non-financial assets 11,916 14,854 15,922
Originations of held-for-sale loans (1,577,336) (774,633) (1,077,262)
Purchases of held-for-sale loans (7,107,623) (2,046,299) (3,841,952)
Proceeds from sales of held-for-sale loans 2,811,160 781,386 4,316,792
Principal payments on held-for-sale loans 112,132 52,097 196,464
Net settlements of derivatives (74,432) 11,071 198,963
Non-cash equity award compensation expense and other 20,742 19,062 23,940
Market valuation adjustments (108,422) (35,814) 227,186
Realized gains, net (307) (1,699) (5,334)
Net change in:      
Accrued interest receivable and other assets (40,708) (41,156) 42,585
Accrued interest payable and accrued expenses and other liabilities 24,195 (10,334) (79,178)
Net cash used in operating activities (5,862,524) (2,015,825) (139,140)
Cash Flows From Investing Activities:      
Originations of loan investments (120,661) (806,894) (1,638,554)
Purchases of loan investments 0 0 (22,006)
Proceeds from sales of loan investments 94,339 45,663 2,280
Principal payments on loan investments 2,768,197 1,549,092 2,002,630
Purchases of real estate securities (234,828) (9,855) (15,006)
Proceeds from sales of real estate securities 2,833 143,914 31,729
Principal payments on real estate securities 8,526 1,122 32,735
Repayments from servicer advance investments, net 357 55,777 70,589
Acquisition of Riverbend, net of cash acquired 0 0 (40,636)
Purchases of HEI (2,043) (108,054) (248,218)
Repayments on HEI 49,553 42,961 42,744
Other investing activities, net (27,874) (5,006) (4,401)
Net cash provided by investing activities 2,538,399 908,720 213,886
Cash Flows From Financing Activities:      
Proceeds from borrowings on debt obligations 10,021,863 3,705,168 6,996,581
Repayments on borrowings on debt obligations (9,788,744) (4,233,872) (7,111,730)
Proceeds from issuance of asset-backed securities 5,311,810 2,465,515 1,420,289
Repayments on asset-backed securities issued (2,153,596) (872,710) (1,453,511)
Debt issuance costs paid (16,707) (3,166) (21,115)
Net proceeds from issuance of common stock 462 124,474 68,035
Net proceeds from issuance of preferred stock 0 66,948 0
Payments for repurchase of common stock 0 0 (56,496)
Taxes paid on equity award distributions (5,013) (5,353) (2,447)
Dividends paid on common stock (92,896) (88,376) (111,673)
Dividends paid on preferred stock (7,015) (5,199) 0
Other financing activities, net (1,900) (6,900) (4,799)
Net cash provided by (used in) financing activities 3,268,264 1,146,529 (276,866)
Net (decrease) increase in cash and cash equivalents (55,861) 39,424 (202,120)
Cash, cash equivalents and restricted cash at beginning of year [1] 368,788 329,364 531,484
Cash, cash equivalents and restricted cash at end of year [1] 312,927 368,788 329,364
Cash paid during the year for:      
Interest 811,423 603,316 518,595
Taxes paid (refunded), net 4,057 (1,445) 4,936
Supplemental Noncash Information:      
Retention of mortgage servicing rights from loan securitizations and sales 1,276 0 4,543
Dividends declared but not paid on preferred stock 1,478 1,478 0
Transfers from loans held-for-sale to loans held-for-investment 5,702,565 2,789,507 2,949,262
Transfers from loans held-for-investment to loans held-for-sale 14,862 27,958 0
Transfers from residential loans to real estate owned 22,554 100,280 8,494
Consolidation Of Securitized Bridge Loans 287,605 0 0
Consolidation of CAFL bridge ABS 284,997 0 0
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 282 478 0
Reduction in operating lease liabilities due to lease modification $ 0 $ 274 $ 0
[1] Cash, cash equivalents, and restricted cash at December 31, 2024 included cash and cash equivalents of $245 million and restricted cash of $68 million; at December 31, 2023 included cash and cash equivalents of $293 million and restricted cash of $76 million; and at December 31, 2022 included cash and cash equivalents of $259 million and restricted cash of $70 million.

Source

PDF HTML
ZIP XLS XBRL