Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Activities    
Net income (loss) [1] $ 35,691 $ (218,158)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
(Gain) loss on sale and other income from loans held for sale, net [1] (302) 27,216
Unrealized fair value changes on loans, related obligations, and derivatives [1] (408,754) (307,152)
Change in fair value of mortgage servicing rights (“MSR”) [1] 920 3,067
Depreciation and amortization [1] 38,947 47,545
Impairment of intangibles and other assets [1] 891 13,751
Deferred income taxes [1] (2,411) 678
Change in fair value of deferred purchase price liabilities [1] 7,966 552
Loss on investments [1] 0 16,845
Equity-based compensation [1] 8,812 24,667
Originations/purchases of loans held for sale [1] (9,877) (211,485)
Proceeds from sale of loans held for sale [1] 10,971 530,529
Gain on extinguishment of debt [1] (56,193) 0
Changes in operating assets and liabilities:    
Other assets, net [1] 33,437 33,759
Payables and accrued expenses [1] (92,563) (31,825)
Other operating activities, net [1] 8,650 (1,557)
Net cash used in operating activities [1] (423,815) (71,568)
Investing Activities    
Purchases and originations of loans held for investment [1] (2,894,673) (3,053,899)
Proceeds/payments received on loans held for investment [1] 2,120,036 1,927,773
Purchases and originations of loans held for investment, subject to nonrecourse debt [1] (41,134) (76,031)
Proceeds/payments on loans held for investment, subject to nonrecourse debt [1] 922,355 1,349,682
Proceeds on sale of MSR [1] 5,516 85,628
Acquisition of American Advisors Group net assets [1] 0 (140,854)
Proceeds from sale of businesses (net of cash transferred) [1] 3,000 71,166
Other investing activities, net [1] (298) (5,328)
Net cash provided by investing activities [1] 114,802 158,137
Financing Activities    
Proceeds from issuance of HMBS related obligations [1] 2,003,170 2,140,795
Payments on HMBS related obligations [1] (2,253,476) (1,924,130)
Proceeds from issuance of nonrecourse debt [1] 1,462,646 1,728,914
Payments on nonrecourse debt [1] (831,373) (1,597,531)
Proceeds from other financing lines of credit [1] 5,832,530 4,592,432
Payments on other financing lines of credit [1] (5,842,762) (5,119,322)
Changes in notes payable [1] 25,825 12,340
Other financing activities, net [1] (10,353) (2,726)
Net cash provided by (used in) financing activities [1] 386,207 (139,228)
Effect of exchange rate changes on cash and cash equivalents (27) 24
Net increase (decrease) in cash and cash equivalents and restricted cash 77,167 (52,635)
Cash and cash equivalents and restricted cash, beginning of period [1] 224,801 277,436
Cash and cash equivalents and restricted cash, end of period [1] 301,968 224,801
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]    
Cash and cash equivalents 47,383 46,482
Restricted cash 254,585 178,319
Total cash and cash equivalents and restricted cash, end of period [1] 301,968 224,801
Supplementary Cash Flows Information    
Cash paid for interest 432,937 308,381
Loans transferred to loans held for sale, at fair value, from loans held for investment, at fair value 5,424 4,732
Class A Common Stock    
Financing Activities    
Issuance of Class A Common Stock [1] $ 0 $ 30,000
[1] Amounts presented contain results from both continuing and discontinued operations. Refer to Note 4 - Discontinued Operations for additional information regarding cash flow associated with the results of discontinued operations.