v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities:    
Net (Loss) Income $ (119,462) $ 275,568
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net 2,041 300
Depreciation and amortization of non-financial assets 12,115 12,674
Originations of held-for-sale loans (913,477) (960,419)
Purchases of held-for-sale loans (3,734,972) (9,902,028)
Proceeds from sales of held-for-sale loans 4,110,949 6,948,264
Principal payments on held-for-sale loans 160,985 49,619
Net settlements of derivatives 158,868 27,412
Non-cash equity award compensation expense 18,505 14,758
Market valuation adjustments 183,487 (292,056)
Realized gains, net (2,581) (17,803)
Net change in:    
Accrued interest receivable and other assets 56,156 (9,680)
Accrued interest payable and accrued expenses and other liabilities (62,046) 73,120
Net cash used in operating activities (129,432) (3,780,271)
Cash Flows From Investing Activities:    
Originations of loan investments (1,377,714) (557,327)
Purchases of loan investments (22,006) (35,713)
Proceeds from sales of loan investments 0 9,484
Principal payments on loan investments 1,666,514 1,950,151
Purchases of real estate securities (15,006) (29,342)
Sales of securities held in consolidated securitization trusts 0 8,197
Proceeds from sales of real estate securities 27,471 37,500
Principal payments on real estate securities 26,584 46,904
Principal repayments from servicer advance investments, net 65,772 58,248
Acquisition of Riverbend, net of cash acquired (40,636) 0
Purchases of HEIs (176,439) (109,174)
Principal payments on HEIs 35,187 0
Other investing activities, net (20,768) (15,915)
Net cash provided by investing activities 168,959 1,363,013
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 4,149,726 9,847,178
Repayments on short-term debt (5,192,165) (8,443,664)
Proceeds from issuance of asset-backed securities 1,420,289 2,822,785
Repayments on asset-backed securities issued (1,288,294) (1,549,766)
Proceeds from borrowings on long-term debt 1,678,805 948,674
Deferred long-term debt issuance costs paid (17,925) 0
Repayments on long-term debt (873,820) (1,055,475)
Payments on repurchase of common stock (56,496) 0
Taxes paid on equity award distributions (1,571) (957)
Net proceeds from issuance of common stock 67,899 20,248
Dividends paid (84,712) (64,212)
Other financing activities, net (3,659) (6,297)
Net cash (used in) provided by financing activities (201,923) 2,518,514
Net (decrease) increase in cash, cash equivalents and restricted cash (162,396) 101,256
Cash, cash equivalents and restricted cash at beginning of period [1] 531,484 544,450
Cash, cash equivalents, and restricted cash at end of period [1] 369,088 645,706
Cash paid during the period for:    
Interest 378,691 298,507
Taxes paid 3,894 28,092
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 0 9,375
Retention of mortgage servicing rights from loan securitizations and sales 4,543 7,065
Transfers from loans held-for-sale to loans held-for-investment 2,643,027 3,005,041
Transfers from loans held-for-investment to loans held-for-sale 0 44,922
Transfers from residential loans to real estate owned 4,033 21,655
Transfers from long-term debt to short-term debt 908,627 93,150
Right-of-use asset obtained in exchange for operating lease liability 0 1,135
Issuance of common stock for 5 Arches acquisition $ 0 $ 13,375
[1] Cash, cash equivalents, and restricted cash includes cash and cash equivalents of $297 million and restricted cash of $72 million at September 30, 2022, and includes cash and cash equivalents of $450 million and restricted cash of $81 million at December 31, 2021.

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