v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net (loss) income $ (2,274) $ (163,520) $ 319,613
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Amortization of premiums, discounts, and debt issuance costs, net 17,914 6,254 (9,789)
Depreciation and amortization of non-financial assets 14,854 15,922 16,784
Originations of held-for-sale loans (774,633) (1,077,262) (1,258,115)
Purchases of held-for-sale loans (2,046,299) (3,841,952) (13,188,434)
Proceeds from sales of held-for-sale loans 781,386 4,316,792 8,639,769
Principal payments on held-for-sale loans 52,097 196,464 84,244
Net settlements of derivatives 11,071 198,963 44,755
Non-cash equity award compensation expense 19,062 23,940 18,902
Market valuation adjustments (35,814) 227,186 (321,433)
Realized gains, net (1,699) (5,334) (17,993)
Net change in:      
Accrued interest receivable and other assets (41,156) 42,585 (64,835)
Accrued interest payable and accrued expenses and other liabilities (10,334) (79,178) 41,967
Net cash used in operating activities (2,015,825) (139,140) (5,694,565)
Cash Flows From Investing Activities:      
Originations of loan investments (806,894) (1,638,554) (894,908)
Purchases of loan investments 0 (22,006) (65,315)
Proceeds from sales of loan investments 45,663 2,280 9,484
Principal payments on loan investments 1,549,092 2,002,630 2,601,416
Purchases of real estate securities (9,855) (15,006) (68,643)
Sales of securities held in consolidated securitization trusts 0 0 8,197
Proceeds from sales of real estate securities 143,914 31,729 39,652
Principal payments on real estate securities 1,122 32,735 60,667
Purchases of servicer advance investments 0 0 (196,583)
Repayments from servicer advance investments, net 55,777 70,589 76,223
Acquisition of Riverbend, net of cash acquired 0 (40,636) 0
Purchases of HEI (108,054) (248,218) (133,547)
Repayments on HEI 42,961 42,744 0
Other investing activities, net (5,006) (4,401) (32,547)
Net cash provided by investing activities 908,720 213,886 1,404,096
Cash Flows From Financing Activities:      
Proceeds from borrowings on short-term debt 2,958,179 4,842,446 13,235,028
Repayments on short-term debt (3,329,242) (5,963,666) (11,404,475)
Proceeds from issuance of asset-backed securities 2,465,515 1,420,289 4,472,071
Repayments on asset-backed securities issued (872,710) (1,453,511) (1,989,762)
Proceeds from issuance of long-term debt 746,989 2,154,135 1,455,383
Deferred long-term debt issuance costs paid (3,166) (21,115) (4,089)
Repayments on long-term debt (904,630) (1,148,064) (1,421,662)
Net proceeds from issuance of common stock 124,474 68,035 21,944
Net proceeds from issuance of preferred stock 66,948 0 0
Payments for repurchase of common stock 0 (56,496) 0
Taxes paid on equity award distributions (5,353) (2,447) (2,267)
Dividends paid on common stock (88,376) (111,673) (91,672)
Dividends paid on preferred stock (5,199) 0 0
Other financing activities, net (6,900) (4,799) 7,004
Net cash provided by (used in) financing activities 1,146,529 (276,866) 4,277,503
Net increase (decrease) in cash and cash equivalents 39,424 (202,120) (12,966)
Cash, cash equivalents and restricted cash at beginning of period [1] 329,364 531,484 544,450
Cash, cash equivalents and restricted cash at end of period [1] 368,788 329,364 531,484
Cash paid during the period for:      
Interest 603,316 518,595 400,836
Taxes (refunded) paid, net (1,445) 4,936 43,144
Supplemental Noncash Information:      
Real estate securities retained from loan securitizations 0 0 9,375
Retention of mortgage servicing rights from loan securitizations and sales 0 4,543 7,065
Dividends declared but not paid on preferred stock 1,478 0 0
Transfers from loans held-for-sale to loans held-for-investment 2,789,507 2,949,262 5,026,723
Transfers from loans held-for-investment to loans held-for-sale 27,958 0 92,400
Transfers from residential loans to real estate owned 100,280 8,494 40,038
Issuance of common stock for 5 Arches acquisition 0 0 13,375
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 478 0 6,977
Reduction in operating lease liabilities due to lease modification 274 0 0
Transfers from long-term debt to short-term debt 325,176 908,627 93,150
Transfers from short-term debt to long-term debt $ 427,021 $ 0 $ 0
[1] Cash, cash equivalents, and restricted cash at December 31, 2023 included cash and cash equivalents of $293 million and restricted cash of $76 million; at December 31, 2022 included cash and cash equivalents of $259 million and restricted cash of $70 million; and at December 31, 2021 included cash and cash equivalents of $450 million and restricted cash of $81 million.

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