RC-PE: the cash flow

Cash Flow Overview

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

2025-09-30

Net income (loss) from continuing operations

-99,683

-200,087

-232,565

16,712

Amortization of premiums, discounts, and debt issuance costs, net

18,262

12,054

12,403

33,208

Stock-based compensation

2,483

1,629

797

5,010

Provision for (recovery of) loan losses

21,554

70,907

149,989

-62,951

Impairment (recovery) on real estate owned, held for sale

952

-469

15,027

8,476

Depreciation and amortization on real estate owned

1,575

1,576

1,712

1,100

Repair and denial reserve

2,353

354

3,342

1,627

Paid-in-kind accrued interest

708

1,961

4,061

Provision for loan losses on purchased future receivables

Valuation allowance, loans held for sale

-2,447

6,557

23,318

-38,761

Net (income) loss of unconsolidated joint ventures, net of distributions

645

1,533

762

1,509

Realized (gains) losses, net

-21,734

-60,401

-10,599

-132,945

Unrealized (gains) losses, net

-3,533

-6,919

-12,709

626

Loss on deconsolidation of securitization trust

-2,840

Bargain purchase gain

-3,013

112,562

Loans, held for sale, net

107,135

596,031

79,353

556,246

Derivative instruments

-1,326

-3,834

927

457

Assets of consolidated vies (excluding loans, net), accrued interest and due from servicers

2,807

-8,622

-38,927

-41,127

Receivable from third parties

-5,964

13,210

-3,236

6,209

Other assets

14,250

-33,634

105,637

111,574

Accounts payable and other accrued liabilities

5,321

3,678

-23,335

8,922

Net cash provided by operating activities from continuing operations

75,107

590,189

-10,762

466,663

Net cash used for operating activities from discontinued operations

-23,784

Net cash provided by operating activities

75,107

590,189

-10,762

442,879

Origination of loans

72,792

91,261

171,867

420,697

Proceeds from disposition and principal payment of loans

291,857

724,693

546,339

1,593,480

Funding of investments held to maturity

2,385

Proceeds from sale and principal payment of mortgage-backed securities

3,747

776

Funding of real estate, held for sale

474

669

1,402

964

Proceeds from sale of real estate, held for sale

54,864

36,728

14,822

57,743

Investment in unconsolidated joint ventures

3,444

6,484

5,255

20,280

Distributions in excess of cumulative earnings from unconsolidated joint ventures

5,682

2,190

23,433

9,800

Payment of liabilities under participation agreements

46,775

1,335

Net cash provided by disposal of discontinued operations

-3,521

Net cash provided by asset acquisitions

4,249

Net cash provided by (used for) business acquisitions

-16,020

Net cash provided by investing activities from continuing operations

275,693

668,944

360,071

1,239,152

Net cash provided by investing activities from discontinued operations

43,316

Net cash provided by investing activities

275,693

668,944

360,071

1,282,468

Proceeds from secured borrowings

200,424

866,664

324,475

2,710,938

Repayment of secured borrowings

644,751

1,333,647

414,694

1,870,521

Repayment of the paycheck protection program liquidity facility borrowings

3,834

4,758

1,849

10,451

Proceeds from issuance of securitized debt obligations of consolidated vies

135,657

Repayment of securitized debt obligations of consolidated vies

24,478

649,409

120,316

2,295,827

Proceeds from corporate debt

Proceeds from sale of retained beneficial interests

24,065

Repayment of corporate debt

67,438

116,556

247,434

Proceeds from senior secured note

290,250

Repayment of corporate debt

232,140

Repayment of convertible note

Repayment of guaranteed loan financing

27,553

22,344

38,087

147,002

Payment of deferred financing costs

2,474

3,413

3,887

25,940

Payment of contingent consideration

Proceeds from issuance of equity, net of issuance costs

Common stock repurchased

1,875

65,721

Settlement of share-based awards in satisfaction of withholding tax requirements

165

374

142

1,964

Dividend payments

3,700

3,627

22,601

90,716

Distributions, net

Net cash used for financing activities from continuing operations

-414,247

-1,267,464

-294,270

-1,739,094

Net cash used for financing activities from discontinued operations

-4,324

Net cash used for financing activities

-414,247

-1,267,464

-294,270

-1,743,418

Net increase (decrease) in cash, cash equivalents, and restricted cash including cash classified within assets held for sale

-63,447

-8,331

55,039

-18,071

Less net increase (decrease) in cash and cash equivalents within assets held for sale

-29,792

Net increase (decrease) in cash, cash equivalents, and restricted cash

-63,447

-8,331

55,039

11,721

Cash, cash equivalents, and restricted cash beginning balance

241,203

249,534

194,495

182,774

Cash, cash equivalents, and restricted cash ending balance

177,756

Cash paid for interest

151,131

Cash paid (received) for income taxes

160

Loans transferred from loans, held for sale to loans, net

37,270

Loans transferred from loans, net to loans, held for sale

322,952

Loans transferred to real estate owned, held for sale

49,633

Deconsolidation of assets in securitization trusts

26,300

Consolidation of assets in securitization trusts

475,919

Contingent consideration in connection with acquisitions

Deconsolidation of borrowings in securitization trusts

22,973

Consolidation of borrowings in securitization trusts

475,919

Shares and op units issued in connection with merger transactions

Conversion of op units to common stock

Cash and cash equivalents

124,149

Restricted cash

50,182

Cash, cash equivalents, and restricted cash in assets of consolidated vies

3,425

Cash, cash equivalents, and restricted cash ending balance

177,756

241,203

249,534

194,495

Time Plot

Show the time plot by selecting a row from the table.

Cash Flow Overview

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

2025-09-30

Net income (loss) from continuing operations

-99,683

-200,087

-232,565

16,712

Amortization of premiums, discounts, and debt issuance costs, net

18,262

12,054

12,403

33,208

Stock-based compensation

2,483

1,629

797

5,010

Provision for (recovery of) loan losses

21,554

70,907

149,989

-62,951

Impairment (recovery) on real estate owned, held for sale

952

-469

15,027

8,476

Depreciation and amortization on real estate owned

1,575

1,576

1,712

1,100

Repair and denial reserve

2,353

354

3,342

1,627

Paid-in-kind accrued interest

708

1,961

4,061

Provision for loan losses on purchased future receivables

Valuation allowance, loans held for sale

-2,447

6,557

23,318

-38,761

Net (income) loss of unconsolidated joint ventures, net of distributions

645

1,533

762

1,509

Realized (gains) losses, net

-21,734

-60,401

-10,599

-132,945

Unrealized (gains) losses, net

-3,533

-6,919

-12,709

626

Loss on deconsolidation of securitization trust

-2,840

Bargain purchase gain

-3,013

112,562

Loans, held for sale, net

107,135

596,031

79,353

556,246

Derivative instruments

-1,326

-3,834

927

457

Assets of consolidated vies (excluding loans, net), accrued interest and due from servicers

2,807

-8,622

-38,927

-41,127

Receivable from third parties

-5,964

13,210

-3,236

6,209

Other assets

14,250

-33,634

105,637

111,574

Accounts payable and other accrued liabilities

5,321

3,678

-23,335

8,922

Net cash provided by operating activities from continuing operations

75,107

590,189

-10,762

466,663

Net cash used for operating activities from discontinued operations

-23,784

Net cash provided by operating activities

75,107

590,189

-10,762

442,879

Origination of loans

72,792

91,261

171,867

420,697

Proceeds from disposition and principal payment of loans

291,857

724,693

546,339

1,593,480

Funding of investments held to maturity

2,385

Proceeds from sale and principal payment of mortgage-backed securities

3,747

776

Funding of real estate, held for sale

474

669

1,402

964

Proceeds from sale of real estate, held for sale

54,864

36,728

14,822

57,743

Investment in unconsolidated joint ventures

3,444

6,484

5,255

20,280

Distributions in excess of cumulative earnings from unconsolidated joint ventures

5,682

2,190

23,433

9,800

Payment of liabilities under participation agreements

46,775

1,335

Net cash provided by disposal of discontinued operations

-3,521

Net cash provided by asset acquisitions

4,249

Net cash provided by (used for) business acquisitions

-16,020

Net cash provided by investing activities from continuing operations

275,693

668,944

360,071

1,239,152

Net cash provided by investing activities from discontinued operations

43,316

Net cash provided by investing activities

275,693

668,944

360,071

1,282,468

Proceeds from secured borrowings

200,424

866,664

324,475

2,710,938

Repayment of secured borrowings

644,751

1,333,647

414,694

1,870,521

Repayment of the paycheck protection program liquidity facility borrowings

3,834

4,758

1,849

10,451

Proceeds from issuance of securitized debt obligations of consolidated vies

135,657

Repayment of securitized debt obligations of consolidated vies

24,478

649,409

120,316

2,295,827

Proceeds from corporate debt

Proceeds from sale of retained beneficial interests

24,065

Repayment of corporate debt

67,438

116,556

247,434

Proceeds from senior secured note

290,250

Repayment of corporate debt

232,140

Repayment of convertible note

Repayment of guaranteed loan financing

27,553

22,344

38,087

147,002

Payment of deferred financing costs

2,474

3,413

3,887

25,940

Payment of contingent consideration

Proceeds from issuance of equity, net of issuance costs

Common stock repurchased

1,875

65,721

Settlement of share-based awards in satisfaction of withholding tax requirements

165

374

142

1,964

Dividend payments

3,700

3,627

22,601

90,716

Distributions, net

Net cash used for financing activities from continuing operations

-414,247

-1,267,464

-294,270

-1,739,094

Net cash used for financing activities from discontinued operations

-4,324

Net cash used for financing activities

-414,247

-1,267,464

-294,270

-1,743,418

Net increase (decrease) in cash, cash equivalents, and restricted cash including cash classified within assets held for sale

-63,447

-8,331

55,039

-18,071

Less net increase (decrease) in cash and cash equivalents within assets held for sale

-29,792

Net increase (decrease) in cash, cash equivalents, and restricted cash

-63,447

-8,331

55,039

11,721

Cash, cash equivalents, and restricted cash beginning balance

241,203

249,534

194,495

182,774

Cash, cash equivalents, and restricted cash ending balance

177,756

Cash paid for interest

151,131

Cash paid (received) for income taxes

160

Loans transferred from loans, held for sale to loans, net

37,270

Loans transferred from loans, net to loans, held for sale

322,952

Loans transferred to real estate owned, held for sale

49,633

Deconsolidation of assets in securitization trusts

26,300

Consolidation of assets in securitization trusts

475,919

Contingent consideration in connection with acquisitions

Deconsolidation of borrowings in securitization trusts

22,973

Consolidation of borrowings in securitization trusts

475,919

Shares and op units issued in connection with merger transactions

Conversion of op units to common stock

Cash and cash equivalents

124,149

Restricted cash

50,182

Cash, cash equivalents, and restricted cash in assets of consolidated vies

3,425

Cash, cash equivalents, and restricted cash ending balance

177,756

241,203

249,534

194,495

Time Plot

Show the time plot by selecting a row from the table.