v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:      
Net (loss) income $ (163,520) $ 319,613 $ (581,847)
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Amortization of premiums, discounts, and debt issuance costs, net 6,254 (9,789) 8,550
Depreciation and amortization of non-financial assets 15,922 16,784 17,365
Originations of held-for-sale loans (1,077,262) (1,258,115) (1,004,058)
Purchases of held-for-sale loans (3,841,952) (13,188,434) (4,431,468)
Proceeds from sales of held-for-sale loans 4,316,792 8,639,769 4,776,469
Principal payments on held-for-sale loans 196,464 84,244 62,736
Net settlements of derivatives 198,963 44,755 (201,036)
Non-cash equity award compensation expense 23,940 18,902 15,298
Goodwill impairment expense 0 0 88,675
Market valuation adjustments 227,186 (321,433) 541,399
Realized gains, net (5,334) (17,993) (30,424)
Net change in:      
Accrued interest receivable and other assets 42,585 (64,835) 301,381
Accrued interest payable and accrued expenses and other liabilities (79,178) 41,967 (68,507)
Net cash used in operating activities (139,140) (5,694,565) (505,467)
Cash Flows From Investing Activities:      
Originations of loan investments (1,638,554) (894,908) (426,404)
Purchases of loan investments (22,006) (65,315) 0
Proceeds from sales of loan investments 2,280 9,484 1,574,160
Principal payments on loan investments 2,002,630 2,601,416 2,256,196
Purchases of real estate securities (15,006) (68,643) (112,626)
Sales of securities held in consolidated securitization trusts 0 8,197 142,990
Proceeds from sales of real estate securities 31,729 39,652 658,899
Principal payments on real estate securities 32,735 60,667 27,210
Purchases of servicer advance investments 0 (196,583) (179,419)
Repayments from servicer advance investments, net 70,589 76,223 107,527
Acquisition of Riverbend, net of cash acquired (40,636) 0 0
Purchases of HEIs (248,218) (133,547) 734
Repayments on HEIs 42,744 0 0
Other investing activities, net (4,401) (32,547) 21,147
Net cash provided by investing activities 213,886 1,404,096 4,070,414
Cash Flows From Financing Activities:      
Proceeds from borrowings on short-term debt 4,842,446 13,235,028 5,496,761
Repayments on short-term debt (5,963,666) (11,404,475) (7,303,543)
Proceeds from issuance of asset-backed securities 1,420,289 4,472,071 1,684,778
Repayments on asset-backed securities issued (1,453,511) (1,989,762) (1,493,438)
Proceeds from issuance of long-term debt 2,154,135 1,455,383 1,473,590
Deferred long-term debt issuance costs paid (21,115) (4,089) (10,244)
Repayments on long-term debt (1,148,064) (1,421,662) (2,974,795)
Net settlements of derivatives 0 0 (84,336)
Net proceeds from issuance of common stock 68,035 21,944 5,881
Payments for repurchase of common stock (56,496) 0 (21,659)
Taxes paid on equity award distributions (2,447) (2,267) (4,286)
Dividends paid (111,673) (91,672) (83,985)
Other financing activities, net (4,799) 7,004 3,946
Net cash (used in) provided by financing activities (276,866) 4,277,503 (3,311,330)
Net (decrease) increase in cash and cash equivalents (202,120) (12,966) 253,617
Cash, cash equivalents and restricted cash at beginning of period [1] 531,484 544,450 290,833
Cash, cash equivalents and restricted cash at end of period [1] 329,364 531,484 544,450
Cash paid during the period for:      
Interest 518,595 400,836 456,147
Taxes 4,936 43,144 1,190
Supplemental Noncash Information:      
Real estate securities retained from loan securitizations 0 9,375 53,276
Retention of mortgage servicing rights from loan securitizations and sales 4,543 7,065 0
Deconsolidation of multifamily loans held in securitization trusts 0 0 (3,849,779)
Deconsolidation of multifamily ABS issued 0 0 (3,706,789)
Transfers from loans held-for-sale to loans held-for-investment 2,949,262 5,026,723 1,868,656
Transfers from loans held-for-investment to loans held-for-sale 0 92,400 64,520
Transfers from residential loans to real estate owned 8,494 40,038 14,229
Issuance of common stock for 5 Arches acquisition 0 13,375 3,375
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 0 6,977 7,862
Reduction in operating lease liabilities due to lease modification $ 0 $ 0 $ 1,722
[1] Cash, cash equivalents, and restricted cash at December 31, 2022 included cash and cash equivalents of $259 million and restricted cash of $70 million; at December 31, 2021 included cash and cash equivalents of $450 million and restricted cash of $81 million; and at December 31, 2020 included cash and cash equivalents of $461 million and restricted cash of $83 million.

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