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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities:    
Net (loss) income $ (28,788) $ (9,095)
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 (5,854) (7,907)
Amortization of deferred debt issuance costs 4,333 7,520
Provision for credit losses 52,228 17,315
(Gain) loss on extinguishment of debt (274) 11,307
Amortization of equity-based compensation 4,341 4,077
Proceeds received from deferred interest capitalized on loans held-for-investment 0 2,407
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 216 (739)
Decrease (increase) in other assets 999 121
Increase (decrease) in other liabilities (810) (2,226)
Net cash provided by operating activities 26,391 22,780
Cash Flows From Investing Activities:    
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees (34,318) (379,493)
Proceeds from loan sales 0 43,714
Proceeds from repayment of loans held-for-investment 265,623 236,594
Increase in other assets, due from servicer on repayments of loans held-for-investment 0 (689)
Net cash provided by (used in) investing activities 231,305 (99,874)
Cash Flows From Financing Activities:    
Proceeds from repurchase facilities 453,242 677,175
Principal payments on repurchase facilities (396,676) (82,801)
Principal payments on securitized debt obligations (139,215) (255,117)
Repayment of senior secured term loan facilities 0 (150,000)
Proceeds from asset-specific financings 910 0
Repayment of term financing facility 0 (129,099)
Payment of debt issuance costs (3,514) (5,943)
Proceeds from issuance of preferred stock, net of offering costs 0 87,521
Tax withholding on restricted stock and RSUs (966) (1,736)
Repurchase of common stock (5,118) (15,714)
Redemption of cumulative redeemable preferred stock (1,000) 0
Dividends paid on preferred stock (7,250) (4,343)
Dividends paid on common stock (21,424) (27,458)
Net cash (used in) provided by financing activities (121,011) 92,485
Net increase (decrease) in cash, cash equivalents and restricted cash 136,685 15,391
Cash, cash equivalents, and restricted cash at beginning of period 140,165 204,293
Cash, cash equivalents, and restricted cash at end of period 276,850 219,684
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 90,379 49,938
Cash paid for taxes 697 420
Noncash Activities:    
Dividends declared but not paid at end of period 14,336 17,007
Transfers to real estate owned $ 24,000 $ 0

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