v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities    
Net income $ 447,062 $ (1,563,126)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of Excess MSRs 6,232 13,618
Change in fair value of MSR financing receivables 55,295 225,631
Change in fair value of servicer advance investments 4,873 2,712
Change in fair value of residential mortgage loans, at fair value (181,416) 165,246
Change in fair value of secured notes and bonds payable (1,216) (6,146)
Change in fair value of real estate and other securities 341,547 28,194
Change in fair value of consumer loans 7,630 5,750
(Gain) loss on settlement of investments, net 88,365 875,999
(Gain) loss on originated mortgage loans, held-for-sale, net (690,319) (478,561)
(Gain) loss on extinguishment of debt (83) (1,461)
Change in fair value of derivative instruments (168,978) 18,876
Change in fair value of contingent consideration 408 3,871
Change in fair value of equity investments 4,617 47,697
(Gain) loss on transfer of loans to REO (4,111) (4,307)
(Gain) loss on transfer of loans to other assets (23) 261
(Gain) loss on Ocwen common stock (1,539) 4,121
Accretion and other amortization (31,617) (80,990)
Depreciation on single family rental properties 1,350 315
Provision (reversal) for credit losses on securities (2,650) 19,015
Valuation and credit loss provision (reversal) on loans and real estate owned (51,365) 103,920
Non-cash portions of servicing revenue, net 172,721 1,090,408
Non-cash directors’ compensation 1,110 1,211
Deferred tax provision 92,195 (141,640)
Changes in:    
Servicer advances receivable, net 253,577 365,078
Other assets 177,662 199,133
Due to affiliates (768) (86,988)
Accrued expenses and other liabilities (111,133) (189,497)
Other operating cash flows:    
Interest and distributions received from Excess MSRs 12,445 13,239
Interest received from servicer advance investments 5,978 9,796
Interest received from Non-Agency RMBS 54,268 105,032
Interest received from residential mortgage loans, held-for-investment 2,085 2,509
Distributions of earnings from excess mortgage servicing rights, equity method investees 0 1,172
Purchases of residential mortgage loans, held-for-sale (3,789,824) (1,147,328)
Origination of residential mortgage loans, held-for-sale (50,484,279) (19,030,513)
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 52,554,890 22,017,043
Principal repayments from purchased residential mortgage loans, held-for-sale 228,426 177,023
Net cash provided by (used in) operating activities (1,006,585) 2,766,313
Cash Flows From Investing Activities    
Purchase of servicer advance investments (667,080) (631,240)
Purchase of MSRs, MSR financing receivables and servicer advances receivable (11,409) (491,880)
Purchase of Agency RMBS (6,098,841) (11,944,647)
Purchase of Non-Agency RMBS 0 (56,520)
Purchase of real estate owned and other assets (192,169) (5,970)
Purchase of commercial real estate and other, equity method investees (11,709) 0
Draws on revolving consumer loans (13,544) (17,684)
Origination of commercial loans (250,000) 0
Payments for settlement of derivatives (94,173) (155,034)
Return of investments in Excess MSRs 25,646 22,575
Principal repayments from servicer advance investments 698,476 643,580
Principal repayments from Agency RMBS 1,208,869 745,259
Principal repayments from Non-Agency RMBS 82,560 324,098
Principal repayments from residential mortgage loans 59,086 62,293
Proceeds from sale of residential mortgage loans 0 866
Principal repayments from consumer loans 109,068 119,124
Proceeds from MSRs and MSR financing receivables 675 61,475
Proceeds from sale of MSR financing receivables 48,342 9,801
Proceeds from sale of MSR financing receivables 4,902 3,708
Proceeds from sale of Excess MSRs 2,356 114
Proceeds from sale of Agency RMBS 2,522,227 23,099,348
Proceeds from sale of Non-Agency RMBS 164,630 4,460,656
Proceeds from settlement of derivatives 8,967 46,458
Proceeds from sale of real estate owned 28,996 57,407
Net cash provided by (used in) investing activities (2,374,125) 16,363,229
Cash Flows From Financing Activities    
Repayments of secured financing agreements (39,544,668) (118,194,027)
Repayments of warehouse credit facilities (52,015,640) 0
Margin deposits under secured financing agreements and derivatives (3,160,265) (3,102,467)
Proceeds for issuance of term loan 0 592,400
Repayments of secured notes and bonds payable (4,058,588) (3,880,989)
Deferred financing fees (1,332) (22,974)
Common stock dividends paid (165,908) (228,543)
Preferred stock dividends paid (28,716) (22,372)
Borrowings under secured financing agreements 41,670,409 99,455,395
Borrowings under warehouse credit facilities 53,628,840 0
Return of margin deposits under secured financing agreements and derivatives 2,984,261 3,316,509
Borrowings under secured notes and bonds payable 3,716,891 3,050,608
Issuance of preferred stock 0 389,548
Issuance of common stock 512,012 1,734
Costs related to issuance of common stock (525) (72)
Noncontrolling interests in equity of consolidated subsidiaries - contributions 0 1,791
Noncontrolling interests in equity of consolidated subsidiaries - distributions (34,015) (22,933)
Payment of contingent consideration (7,776) (1,944)
Net cash provided by (used in) financing activities 3,494,980 (18,668,336)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 114,270 461,206
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,080,473 690,934
Cash, Cash Equivalents, and Restricted Cash, End of Period 1,194,743 1,152,140
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 231,658 335,464
Cash paid during the period for income taxes 14,489 92
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 100,495  
Warrants issued with term loan 0 53,462
Purchase of investments, settled after quarter-end 0 105,930
Sale of investments, settled after quarter-end 1,109,959 163,477
Transfer from residential mortgage loans to real estate owned and other assets 25,583 8,299
MSR purchase price holdback 0 (44,734)
Real estate securities retained from loan securitizations 90,797 518,515
Residential mortgage loans subject to repurchase 1,308,242 [1] 1,075,008
Common Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 93,316 41,574
Preferred Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid $ 14,357 $ 14,357
[1] See Note 5 for details.

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