v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities    
Net income $ 689,931 $ 301,336
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of Excess MSRs 927 1,453
Change in fair value of servicer advance investments 483 371
Change in fair value of residential mortgage loans, at fair value 106,920 (60,174)
Change in fair value of secured notes and bonds payable (7,194) 4,422
(Gain) loss on settlement of investments, net (61,184) 11,986
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (471,996) (403,448)
(Gain) loss on extinguishment of debt 0 6
Change in fair value of derivative instruments (574,697) (206,205)
Change in fair value of real estate and other securities 605,295 498,339
Change in fair value of consumer loans 13,733 6,004
Change in fair value of equity investments (256) 2,783
Change in fair value of mortgage loans receivable (5,542) 0
(Gain) loss on transfer of loans to REO (2,944) (1,321)
Accretion and other amortization (15,095) (26,034)
Depreciation of fixed assets 4,083 371
Provision for credit losses on securities 711 (894)
Valuation and credit loss provision on loans and real estate owned 3,029 (18,713)
Non-cash portions of servicing revenue, net (645,018) (217,911)
Non-cash directors’ compensation 310 500
Deferred tax provision 201,354 85,231
Changes in:    
Servicer advances receivable, net 202,938 107,229
Other assets (273,165) (29,511)
Due to affiliates (7,887) (628)
Accrued expenses and other liabilities 285,517 (93,307)
Other operating cash flows:    
Interest and distributions received from Excess MSRs 13,171 12,515
Interest received from servicer advance investments 2,389 2,630
Interest received from Non-Agency RMBS 23,399 28,057
Interest received from residential mortgage loans, held-for-investment 0 864
Interest received from PCD consumer loans, held-for-investment 2,762 0
Purchases of residential mortgage loans, held-for-sale (2,303,775) (2,090,474)
Origination of residential mortgage loans, held-for-sale (26,607,748) (26,971,254)
Origination of mortgage loans receivable (535,221) 0
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 32,717,314 28,463,406
Principal repayments from purchased residential mortgage loans, held-for-sale 170,583 97,023
Principal repayments from mortgage loans receivable 357,025 0
Net cash provided by (used in) operating activities 3,890,152 (495,348)
Cash Flows From Investing Activities    
Purchase of servicer advance investments (257,807) (332,750)
Purchase of MSRs, MSR financing receivables and servicer advances receivable (655) (7,119)
Purchase of Agency RMBS (1,004,458) (4,203,105)
Purchase of Non-Agency RMBS (2,025) 0
Purchase of residential mortgage loans (7,182) 0
Purchase of real estate owned and other assets 0 (2,516)
Purchase of SFR properties (239,347) (72,379)
Draws on revolving consumer loans (7,163) (7,147)
Payments for settlement of derivatives (11,626) (7,272)
Return of investments in Excess MSRs 2,680 6,333
Principal repayments from servicer advance investments 290,128 357,060
Principal repayments from Agency RMBS 318,839 660,105
Principal repayments from Non-Agency RMBS 36,189 37,798
Principal repayments from residential mortgage loans 24,121 24,029
Principal repayments from consumer loans 39,935 52,582
Principal repayments from MSRs and MSR financing receivables 703 638
Proceeds from sale of MSRs 454 2,992
Proceeds from sale of Agency RMBS 0 2,513,920
Proceeds from sale of Non-Agency RMBS 0 156,176
Proceeds from settlement of derivatives 77,062 3,749
Proceeds from sale of real estate owned 3,832 18,416
Net cash provided by (used in) investing activities (736,320) (798,490)
Cash Flows From Financing Activities    
Repayments of secured financing agreements (9,638,525) (20,311,180)
Repayments of warehouse credit facilities (33,378,329) (27,461,425)
Margin deposits under repurchase agreements and derivatives (1,241,285) (1,701,769)
Repayments of secured notes and bonds payable (1,047,972) (1,952,039)
Deferred financing fees (4,472) (118)
Common stock dividends paid (116,690) (82,949)
Preferred stock dividend paid (22,495) (14,358)
Borrowings under secured financing agreements 10,081,997 21,192,890
Borrowings under warehouse credit facilities 29,622,712 28,551,939
Return of margin deposits under repurchase agreements and derivatives 1,378,703 1,777,057
Borrowings under secured notes and bonds payable 1,675,265 1,408,913
Repurchase of preferred stock (3,814) 0
Noncontrolling interest in equity of consolidated subsidiaries - distributions (8,879) (19,078)
Payment of contingent consideration (12,276) 0
Net cash provided by (used in) financing activities (2,716,060) 1,387,883
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 437,772 94,045
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,528,442 1,080,473
Cash, Cash Equivalents, and Restricted Cash, End of Period 1,966,214 1,174,518
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 132,817 129,490
Cash paid during the period for income taxes 36 134
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 127,895  
Transfer from residential mortgage loans to real estate owned and other assets (2,034) 8,299
Real estate securities retained from loan securitizations 113,695 38,470
Residential mortgage loans subject to repurchase 1,700,426 [1] 1,493,449
Common Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 116,697 82,959
Preferred Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid $ 22,460 $ 14,358
[1] See Note 5 for details.

Source