v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 50,853 $ 47,329 $ 32,311
Adjustments to reconcile net income to net cash used in operating activities:      
Net unrealized (appreciation) depreciation on investments (10,712) (3,219) (24,321)
Net (gain) loss on loans accounted for under the fair value option (5,200) (18,008) 26,504
Loan servicing asset revaluation 12,665 4,282 10,095
Net unrealized (appreciation) depreciation on derivative transactions (1,344) 699 (183)
Unrealized loss on assets classified as held for sale 616 0 0
Net gain on sales of loans (97,183) (51,467) (56,901)
Net accretion of premium/discount (836) (675) 0
Loss on extinguishment of debt 0 271 417
Amortization of deferred financing costs 4,564 4,052 2,494
Provision for credit losses 26,216 11,704 0
Lower of cost or market adjustment on loans held for sale (73) 0 0
Bad debt expense, net of recoveries 1,059 3,637 0
Stock compensation expense 4,062 2,828 0
Deferred income tax expense (benefit) 10,403 (4,800) 6,464
Depreciation and amortization 1,784 2,884 239
Proceeds from sale of loans held for sale 817,869 695,461 691,219
Purchase of loans held for sale 0 0 (2,404)
Sale (purchase) of loans held for sale from affiliate 140,009 (5,279) 0
Funding of loans held for sale (1,125,131) (783,035) (775,577)
Principal received on loans held for sale 18,898 12,235 74,287
Principal received on investments 0 0 6,970
Return of investments from controlled investments 0 0 48,709
Other, net (230) 0 3,257
Changes in operating assets and liabilities:      
Settlement receivable 9,765 (62,230) 44,537
Income tax payable 19 (4,040) 0
Dividends receivable 0 493 0
Due to/from related parties (91) (165) 2,778
Other assets (13,660) 7,432 1,816
Assets classified as held for sale (1,497) 0 0
Liabilities directly associated with assets classified as held for sale (174) 0 0
Dividends payable 441 4,776 0
Due to participants (2,264) (11,832) (110,598)
Accounts payable, accrued expenses and other liabilities 6,158 (22,552) 9,021
Other, net 0 0 6
Net cash used in operating activities (153,014) (169,219) (62,418)
Cash flows from investing activities:      
Net decrease in loans held for investment, at fair value 66,817 29,349 0
Net increase in loans held for investment, at cost (278,539) (169,003) 0
Contributions to joint ventures and other non-control investments (25,680) (14,550) 0
Return of capital from joint ventures and other non-control investments 20,301 564 0
Purchase of fixed assets (439) (458) (11)
Net decrease (increase) in Federal Home Loan Bank and Federal Reserve Bank stock 50 (2,112) 0
Purchases of available-for-sale securities (33,021) (27,167) 0
Purchases of available-for-sale securities 41,460 0 0
Acquisitions, net of cash acquired 0 11,142 0
Net cash used in investing activities (209,051) (172,235) (11)
Cash flows from financing activities:      
Net borrowings (paydowns) on bank notes payable 71,613 (78,663) 5,885
Net increase in deposits 508,577 324,705 0
Repayment of Federal Home Loan Bank advances (7,959) (4,895) 0
Proceeds from common shares sold, net of offering costs 13,818 0 2,019
Proceeds from preferred stock, net of offering costs 0 19,493 0
Net repayments under related party line of credit 0 0 12,800
Payments on Notes Payable - Securitization Trusts (106,992) (90,780) (82,817)
Issuance of Notes Payable - Securitization Trusts 0 103,860 116,210
Dividends paid, net of dividend reinvestment plan (20,252) (14,147) (64,544)
Payments of deferred financing costs (6,039) (4,650) (2,552)
Proceeds from common stock issued under ESPP 207 51
Purchase of vested stock for employee payroll tax withholding (299) 0 (826)
Retirement of common shares (402) 0 0
Net cash provided by financing activities 560,897 344,974 1,175
Net increase in cash and restricted cash 198,832 3,520 (61,254)
Cash and restricted cash—beginning of period (Note 2) 184,006 125,606 186,860
Consolidation/(deconsolidation) of cash and restricted cash from controlled investments related to business combinations and dispositions, net of cash paid (1,464) 54,880 0
Cash and restricted cash—end of period (Note 2) 381,374 184,006 125,606
Non-cash operating, investing and financing activities:      
Foreclosed real estate acquired 4,569 2,978 3,466
Dividends declared but not paid during the period 5,237 4,363 2,118
Issuance of common shares under dividend reinvestment plan 0 219 1,614
Supplemental disclosure of cash flow information:      
Interest paid 79,192 66,471 25,348
Income taxes paid 7,429 6,884 0
2025 5.00% Notes      
Cash flows from financing activities:      
Proceeds from Notes 0 0 30,000
2025 8.125% Notes      
Cash flows from financing activities:      
Proceeds from Notes 0 50,000 0
8.00% Notes due 2028      
Cash flows from financing activities:      
Proceeds from Notes 0 40,000 0
2024 Notes      
Cash flows from financing activities:      
Redemption of Notes (38,250) 0 0
2025 6.85% Notes      
Cash flows from financing activities:      
Redemption of Notes 0 0 (15,000)
2029 8.50% Notes      
Cash flows from financing activities:      
Proceeds from Notes 71,875 0
2029 8.625% Notes      
Cash flows from financing activities:      
Proceeds from Notes 75,000 0
Controlled Investments      
Adjustments to reconcile net income to net cash used in operating activities:      
Funding of investments 0 0 (53,198)
Other Non-Control Investments      
Adjustments to reconcile net income to net cash used in operating activities:      
Net unrealized (appreciation) depreciation on investments (128) 68  
Funding of investments $ 0 $ 0 $ (360)