v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities:    
Net Income (Loss) $ 7,493 $ (69,051)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of premiums, discounts, and debt issuance costs, net 10,190 (2,538)
Depreciation and amortization of non-financial assets 7,333 7,710
Originations of held-for-sale loans (360,273) (766,852)
Purchases of held-for-sale loans (242,235) (3,395,459)
Proceeds from sales of held-for-sale loans 582,346 3,376,600
Principal payments on held-for-sale loans 38,820 114,731
Net settlements of derivatives (17,235) 112,649
Non-cash equity award compensation expense 11,542 13,436
Market valuation adjustments (17,594) 132,594
Realized (gains) losses, net (1,054) (2,581)
Net change in:    
Other assets 3,358 63,829
Accrued expenses and other liabilities 878 (75,856)
Net cash provided by (used in) operating activities 23,569 (490,788)
Cash Flows From Investing Activities:    
Originations of loan investments (455,665) (954,179)
Purchases of loan investments 0 (22,006)
Principal payments on loan investments 725,687 1,160,403
Purchases of real estate securities (9,855) (15,006)
Proceeds from sales of real estate securities 98,338 23,329
Principal payments on real estate securities 637 26,033
Repayments from servicer advance investments, net 37,268 71,401
Purchases of HEIs (25,513) (97,389)
Repayments on HEIs 17,031 25,826
Other investing activities, net (1,677) (14,573)
Net cash provided by investing activities 386,251 203,839
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 1,033,741 3,450,606
Repayments on short-term debt (1,593,853) (4,125,634)
Proceeds from issuance of asset-backed securities 635,081 1,167,711
Repayments on asset-backed securities issued (446,451) (954,136)
Proceeds from borrowings on long-term debt 311,278 1,424,088
Deferred long-term debt issuance costs paid (1,329) (17,363)
Repayments on long-term debt (244,908) (726,076)
Payments on repurchase of common stock 0 (26,857)
Taxes paid on equity award distributions (3,017) (1,477)
Net proceeds from issuance of common stock 312 67,770
Net proceeds from issuance of preferred stock 66,923 0
Dividends paid on common stock (46,700) (57,013)
Dividends paid on preferred stock (1,699) 0
Other financing activities, net (1,720) (2,300)
Net cash (used in) provided by financing activities (292,342) 199,319
Net increase (decrease) in cash, cash equivalents and restricted cash 117,478 (87,630)
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] 446,842 443,854
Cash paid during the period for:    
Interest 287,699 247,968
Taxes (refunded) paid (1,049) 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 1,137,194 1,953,421
Transfers from residential loans to real estate owned 11,874 3,132
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 long-term debt to short-term debt $ 0 $ 367,431
[1] Cash, cash equivalents, and restricted cash includes cash and cash equivalents of $357 million and restricted cash of $90 million at June 30, 2023, and includes cash and cash equivalents of $371 million and restricted cash of $73 million at June 30, 2022.

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