v3.22.2.2
CONDENSED 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 $ (34,599) $ 60,890
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment (10,014) (20,310)
Amortization of deferred debt issuance costs 9,977 9,692
Provision for (benefit from) credit losses 52,757 (15,072)
Loss on extinguishment of debt 11,307 0
Amortization of equity-based compensation 6,426 5,558
Proceeds received from deferred interest capitalized on loans held-for-investment 4,069 0
Net change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (340) 2,490
Decrease (increase) in other assets 2,276 (4,069)
(Decrease) increase in other liabilities (1,092) 5,846
Net cash provided by operating activities 40,767 45,025
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (449,844) (549,705)
Proceeds from loan sales 43,714 0
Proceeds from repayment of loans held-for-investment 581,669 815,054
Increase in other assets, due from servicer on repayments of loans held-for-investment (4,248) (66,944)
Net cash provided by investing activities 171,291 198,405
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 746,713 347,261
Principal payments on repurchase facilities (228,034) (1,139,378)
Proceeds from issuance of securitized debt obligations 0 685,766
Principal payments on securitized debt obligations (457,416) (254,647)
Repayment of senior secured term loan facilities (150,000) 0
Proceeds from asset-specific financings 1,291 2,785
Repayment of asset-specific financings 0 (81,123)
Proceeds from term financing facility 0 349,291
Repayment of term financing facility (129,099) (219,311)
Payment of debt issuance costs (7,398) (8,353)
Settlement of warrants to purchase common stock 0 (7,478)
Contributions from non-controlling interests 0 125
Proceeds from issuance of preferred stock, net of offering costs 87,521 0
Tax withholding on restricted stock (1,736) (1,194)
Repurchase of common stock (15,714) (17,804)
Dividends paid on preferred stock (7,968) (75)
Dividends paid on common stock (40,855) (52,970)
Net cash used in financing activities (202,695) (397,105)
Net increase (decrease) in cash, cash equivalents and restricted cash 9,363 (153,675)
Cash, cash equivalents and restricted cash at beginning of period 204,293 329,193
Cash, cash equivalents and restricted cash at end of period 213,656 175,518
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 83,391 75,818
Cash paid for taxes 440 607
Noncash Activities:    
Dividends declared but not paid at end of period $ 17,023 $ 13,713

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