v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities    
Net income $ (1,563,126) $ 130,892
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of investments in excess mortgage servicing rights 11,109 3,828
Change in fair value of investments in excess mortgage servicing rights, equity method investees 2,509 664
Change in fair value of investments in mortgage servicing rights financing receivables 225,631 91,790
Change in fair value of servicer advance investments 2,712 (9,291)
Change in fair value of residential mortgage loans, at fair value (165,246) 81,607
Change in fair value of notes and bonds payable (6,146) 2,601
Change in fair value of investments in real estate and other securities 28,194 (14,064)
(Gain) loss on settlement of investments, net 874,538 37,285
(Gain) loss on sale of originated mortgage loans, net (489,720) (168,188)
Earnings from investments in consumer loans, equity method investees 0 (1,657)
Change in fair value of derivative instruments 18,876 66,426
Change in fair value of contingent consideration 3,871 4,727
Change in fair value of investments in consumer loans, held-for-investment 9,223 0
Change in fair value of equity investments 47,697 159
(Gain) loss on transfer of loans to REO (4,307) (6,584)
(Gain) loss on transfer of loans to other assets 261 277
(Gain) loss on Excess MSR recapture agreements (1,190) (1,242)
(Gain) loss on Ocwen common stock 4,121 (4,237)
Accretion and other amortization (80,990) (256,955)
Provision for credit losses on securities 19,015 16,375
Valuation and credit loss provision on loans and real estate owned 103,920 18,732
Non-cash portions of servicing revenue, net 1,090,408 391,509
Non-cash directors’ compensation 1,211 1,055
Deferred tax provision (141,640) 24,733
Changes in:    
Servicer advances receivable 365,078 231,023
Other assets 200,638 (370,927)
Due to affiliates (86,988) (73,694)
Accrued expenses and other liabilities (181,811) 75,747
Other operating cash flows:    
Interest received from excess mortgage servicing rights 13,239 12,568
Interest received from servicer advance investments 9,796 15,251
Interest received from Non-Agency RMBS 105,032 137,729
Interest received from residential mortgage loans, held-for-investment 2,509 37,253
Interest received from consumer loans, held-for-investment 0 16,437
Purchases of residential mortgage loans, held-for-sale (1,147,328) (4,220,239)
Origination of residential mortgage loans, held-for-sale (19,030,513) (5,537,689)
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 22,017,043 6,473,386
Principal repayments from purchased residential mortgage loans, held-for-sale 177,023 165,931
Net cash provided by (used in) operating activities 2,766,313 (2,783,183)
Cash Flows From Investing Activities    
Purchase of servicer advance investments (631,240) (865,350)
Purchase of Non-Agency RMBS (56,520) (651,001)
Purchase of real estate owned and other assets (5,970) (16,426)
Purchase of investment in consumer loans, equity method investees 0 (63,875)
Draws on revolving consumer loans (17,684) (28,871)
Payments for settlement of derivatives (155,034) (191,527)
Return of investments in excess mortgage servicing rights 22,575 30,342
Return of investments, equity method investees 0 55,848
Principal repayments from servicer advance investments 643,580 969,851
Principal repayments from Agency RMBS 745,259 314,623
Principal repayments from Non-Agency RMBS 324,098 605,874
Principal repayments from residential mortgage loans 62,293 57,168
Proceeds from sale of residential mortgage loans 866 34,682
Principal repayments from consumer loans 119,124 139,846
Proceeds from MSRs and MSR financing receivables 61,475 9,113
Proceeds from sale of mortgage servicing rights financing receivables 13,509  
Proceeds from sale of excess mortgage servicing rights 114 0
Proceeds from sale of Agency RMBS 23,099,348 10,889,487
Proceeds from sale of Non-Agency RMBS 4,460,656 752,026
Proceeds from settlement of derivatives 46,458 57,240
Proceeds from sale of real estate owned 57,407 74,976
Net cash provided by (used in) investing activities 16,363,229 (3,477,068)
Cash Flows From Financing Activities    
Repayments of repurchase agreements (118,194,027) (91,625,830)
Margin deposits under repurchase agreements and derivatives (3,102,467) (1,637,846)
Proceeds for issuance of term loan 592,400 0
Repayments of notes and bonds payable (3,880,989) (4,540,705)
Deferred financing fees (22,974) (2,868)
Common stock dividends paid (228,543) (392,267)
Preferred Stock Dividend paid (22,372) 0
Borrowings under repurchase agreements 99,455,395 97,551,956
Return of margin deposits under repurchase agreements and derivatives 3,316,509 1,606,200
Borrowings under notes and bonds payable 3,050,608 4,725,330
Issuance of preferred stock 389,548 0
Issuance of common stock 1,734 752,217
Costs related to issuance of common stock (72) (824)
Noncontrolling interests in equity of consolidated subsidiaries - contributions 1,791 0
Noncontrolling interests in equity of consolidated subsidiaries - distributions (22,933) (25,001)
Payment of contingent consideration 1,944 0
Net cash provided by (used in) financing activities (18,668,336) 6,410,362
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 461,206 150,111
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 690,934 415,078
Cash, Cash Equivalents, and Restricted Cash, End of Period 1,152,140 565,189
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 335,464 417,974
Cash paid during the period for income taxes 92 1,194
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 48,753  
Warrants issued with term loan 53,462 0
Transfer from residential mortgage loans to real estate owned and other assets 18,931,717 48,449
Transfer from residential mortgage loans, held-for-investment to residential mortgage loans, held-for-sale 0 36,331
Real estate securities retained from loan securitizations 518,515 232,050
Residential mortgage loans subject to repurchase 1,075,008 [1] 141,581
Agency Residential Mortgage Backed Securities    
Cash Flows From Investing Activities    
Purchase of Agency RMBS (11,944,647) (14,883,418)
Agency RMBS    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase of investments, primarily Agency RMBS, settled after quarter-end 105,930 265,125
Sale of investments, primarily Non-Agency RMBS, settled after quarter-end 163,477 5,307,642
Mortgage Servicing Rights    
Cash Flows From Investing Activities    
Purchase of MSRs, MSR financing receivables and servicer advances receivable (491,880) (775,873)
Supplemental Schedule of Non-Cash Investing and Financing Activities    
MSR purchase price holdback (44,734) 22,574
Excess MSRs Investees    
Other operating cash flows:    
Distributions of earnings from equity method investees 1,172 5,635
Cash Flows From Investing Activities    
Return of investments, equity method investees 9,442 8,197
Consumer Loans    
Other operating cash flows:    
Distributions of earnings from equity method investees 0 1,178
MSRs    
Cash Flows From Investing Activities    
Proceeds from sale of mortgage servicing rights financing receivables 9,801 0
LoanCo    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Non-cash distributions from LoanCo 0 21,314
New Residential Mortgage LLC | MSRs | Mortgage Servicing Rights Financing Receivable    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of investments in mortgage servicing rights financing receivables 225,631 91,790
Cash Flows From Investing Activities    
Proceeds from sale of mortgage servicing rights financing receivables 3,708 0
Common Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 41,574 207,760
Preferred Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid $ 14,357 $ 0
[1] See Note 8 for details.

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