Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED 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 $ (117,953) $ (16,947)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17,191 32,141
Change in affiliate guarantee obligation 9,505 0
Share-based payment arrangements 6,270 8,652
Deferred income tax benefit 0 (4,051)
Increase (decrease) in operating capital:    
Decrease (increase) in advances 39,656 (25,206)
Decrease (increase) in other assets 5,535 2,915
Increase (decrease) in accounts payable and accrued expenses 5,493 (2,088)
Increase (decrease) in funding commitments 17,781 (6,182)
Increase (decrease) in due to affiliates 68,021 (1,977)
Decrease in other liabilities (496) (1,946)
Net cash provided by (used in) operating activities 56,151 (18,000)
Cash Flows From Investing Activities    
Payments to acquire loans (10,007) (1,355)
Payments to acquire loans from affiliate 0 (83)
Payments to acquire property and equipment (1,584) (1,265)
Net cash used in investing activities (11,198) (2,117)
Cash Flows From Financing Activities    
Proceeds from borrowings under affiliate debt 17,000 0
Repayments of borrowings under line of credit (20,612) 0
Payments for share-based payment tax withholding (16) (103)
Payments for repurchase of common stock 0 (2,004)
Payment of capital distributions 0 (1,182)
Payment of debt issuance costs (6,738) 0
Net cash used in financing activities (10,366) (3,289)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 34,587 (23,406)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 51,787 93,900
Cash, Cash Equivalents, and Restricted Cash, End of Period 86,374 70,494
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 384 559
Cash paid during the period for income taxes, net 0 3,360
Noncash Investing and Financing Activities    
Distributions declared, but not paid 0 1,330
Affiliate debt borrowings, paid in-kind 59,987 0
Affiliate deferred financing costs, paid in-kind 2,658 0
Capital expenditures incurred but not yet paid 502 400
Warrant issuance 7,656 0
Reclassification of warrants as equity 682 0
Deferred financing costs not paid 2,658 0
Nonrelated Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for losses 9,811 4,638
Change in fair value of warrant liabilities (3,839) (8,726)
Change in fair value of contract derivatives, net 285 (300)
Other expense (income) (82) 828
Cash Flows From Investing Activities    
Return of investments in loan principal repayments 40 7
Related Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for losses (28) 42
Change in fair value of warrant liabilities (1,669) 0
Change in fair value of contract derivatives, net 670 207
Cash Flows From Investing Activities    
Return of investments in affiliate loan pool participations $ 353 $ 579