v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities:    
Net income (loss) $ (23,317) $ (119,462)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of premiums, discounts, and debt issuance costs, net 14,137 2,041
Depreciation and amortization of non-financial assets 11,082 12,115
Originations of held-for-sale loans (577,098) (913,477)
Purchases of held-for-sale loans (1,051,236) (3,734,972)
Proceeds from sales of held-for-sale loans 692,392 4,110,949
Principal payments on held-for-sale loans 45,326 160,985
Net settlements of derivatives (5,023) 158,868
Non-cash equity award compensation expense 14,952 18,505
Market valuation adjustments (1,275) 183,487
Realized (gains) losses, net (1,104) (2,581)
Net change in:    
Other assets 14,687 56,156
Accrued expenses and other liabilities (984) (62,046)
Net cash used in operating activities (867,461) (129,432)
Cash Flows From Investing Activities:    
Originations of loan investments (674,500) (1,377,714)
Purchases of loan investments 0 (22,006)
Proceeds from sales of loans 5,351 0
Principal payments on loan investments 1,126,609 1,666,514
Purchases of real estate securities (9,855) (15,006)
Proceeds from sales of real estate securities 138,111 27,471
Principal payments on real estate securities 950 26,584
Repayments from servicer advance investments, net 55,828 65,772
Acquisition of Riverbend, net of cash acquired 0 (40,636)
Purchases of HEI (25,626) (176,439)
Repayments on HEI 26,153 35,187
Other investing activities, net (3,787) (20,768)
Net cash provided by investing activities 639,234 168,959
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 1,956,373 4,149,726
Repayments on short-term debt (2,393,313) (5,192,165)
Proceeds from issuance of asset-backed securities 1,240,121 1,420,289
Repayments on asset-backed securities issued (657,638) (1,288,294)
Proceeds from borrowings on long-term debt 442,039 1,678,805
Deferred long-term debt issuance costs paid (1,640) (17,925)
Repayments on long-term debt (451,253) (873,820)
Payments on repurchase of common stock 0 (56,496)
Taxes paid on equity award distributions (3,288) (1,571)
Net proceeds from issuance of common stock 33,788 67,899
Net proceeds from issuance of preferred stock 66,923 0
Dividends paid on common stock (66,447) (84,712)
Dividends paid on preferred stock (3,449) 0
Other financing activities, net (3,630) (3,659)
Net cash provided by (used in) financing activities 158,586 (201,923)
Net decrease in cash, cash equivalents and restricted cash (69,641) (162,396)
Cash, cash equivalents and restricted cash at beginning of period [1] 329,364 531,484
Cash, cash equivalents, and restricted cash at end of period [1] 259,723 369,088
Cash paid during the period for:    
Interest 436,879 378,691
Taxes (refunded) paid (1,034) 3,894
Supplemental Noncash Information:    
Dividends declared but not paid on preferred stock 1,478 0
Retention of mortgage servicing rights from loan securitizations and sales 0 4,543
Transfers from loans held-for-sale to loans held-for-investment 2,009,030 2,643,027
Transfers from residential loans to real estate owned 53,906 4,033
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 337 0
Reduction in operating lease liabilities due to lease modification 274 0
Transfers from short-term debt to long-term debt 325,173 0
Transfers from long-term debt to short-term debt $ 427,021 $ 908,627
[1] Cash, cash equivalents, and restricted cash includes cash and cash equivalents of $204 million and restricted cash of $56 million at September 30, 2023, and includes cash and cash equivalents of $297 million and restricted cash of $72 million at September 30, 2022.

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