v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities    
Net income (loss) $ 617,743 $ (1,459,206)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of Excess MSRs 12,245 14,675
Change in fair value of servicer advance investments 6,535 (431)
Change in fair value of residential mortgage loans, at fair value (154,984) 108,306
Change in fair value of secured notes and bonds payable (5,245) (535)
Change in fair value of real estate and other securities 336,009 531
Change in fair value of consumer loans 13,338 4,446
Bargain purchase gain (3,497) 0
(Gain) loss on settlement of investments, net 189,002 904,200
(Gain) loss on originated mortgage loans, held-for-sale, net (1,257,094) (966,813)
(Gain) loss on extinguishment of debt (83) 64,795
Change in fair value of derivative instruments (214,367) (4,213)
Change in fair value of contingent consideration 886 5,949
Change in fair value of equity investments (5,929) 52,413
(Gain) loss on transfer of loans to REO (3,412) (5,010)
(Gain) loss on transfer of loans to other assets 14 773
(Gain) loss on Ocwen common stock (1,050) (221)
Accretion and other amortization (Note 2) (36,559) (127,456)
Depreciation on single family rental properties 3,174 473
Provision (reversal) for credit losses on securities (5,020) 15,166
Valuation and credit loss provision (reversal) on loans and real estate owned (42,617) 118,504
Non-cash portions of servicing revenue, net 421,332 1,731,378
Non-cash directors’ compensation 1,110 1,211
Deferred tax provision 119,679 (42,439)
Changes in:    
Servicer advances receivable, net 303,841 470,221
Other assets (112,966) 159,684
Due to affiliates (555) (94,337)
Accrued expenses and other liabilities (227,151) (204,710)
Other operating cash flows:    
Interest and distributions received from Excess MSRs 16,810 27,415
Interest received from servicer advance investments 8,990 14,183
Interest received from Non-Agency RMBS 78,903 137,000
Interest received from residential mortgage loans, held-for-investment 3,196 3,907
Purchases of residential mortgage loans, held-for-sale (5,797,205) (2,390,498)
Origination of residential mortgage loans, held-for-sale (84,611,600) (36,801,062)
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 89,272,284 39,908,942
Principal repayments from purchased residential mortgage loans, held-for-sale 387,748 226,436
Net cash provided by (used in) operating activities (686,495) 1,885,868
Cash Flows From Investing Activities    
Purchase of servicer advance investments (976,629) (991,289)
Purchase of MSRs, MSR financing receivables and servicer advances receivable (15,617) (530,657)
Purchase of Agency RMBS (6,098,841) (18,584,357)
Purchase of Non-Agency RMBS 0 (56,515)
Purchase of real estate owned and other assets (368,092) (5,347)
Purchase of equity method investments (13,397) 0
Draws on revolving consumer loans (21,680) (25,008)
Origination of commercial loans (250,000) 0
Payments for settlement of derivatives (153,770) (160,465)
Return of investments in Excess MSRs 38,472 40,101
Acquisition of Caliber, net of cash acquired (811,207) 0
Principal repayments from servicer advance investments 1,034,242 1,036,634
Principal repayments from Agency RMBS 1,688,338 838,200
Principal repayments from Non-Agency RMBS 121,857 358,322
Principal repayments from residential mortgage loans 86,878 100,433
Principal repayments from commercial loans 23,442 0
Principal repayments from consumer loans 160,615 176,125
Proceeds from MSRs and MSR financing receivables 1,086 64,623
Proceeds from sale of MSRs and MSR financing receivables 59,163 14,160
Proceeds from sale of Excess MSRs 2,363 144
Proceeds from sale of Agency RMBS 8,074,294 23,249,507
Proceeds from sale of Non-Agency RMBS 164,630 5,292,717
Proceeds from settlement of derivatives 13,258 65,650
Proceeds from sale of real estate owned 47,638 84,733
Net cash provided by (used in) investing activities 2,807,043 10,967,711
Cash Flows From Financing Activities    
Repayments of secured financing agreements (58,118,431) (113,038,497)
Repayments of warehouse credit facilities (88,254,304) (40,782,950)
Margin deposits under secured financing agreements and derivatives (4,245,890) (3,519,989)
Proceeds for issuance of term loan 0 592,400
Repayments of secured notes and bonds payable (5,920,361) (7,040,542)
Deferred financing fees (4,385) (31,863)
Common stock dividends paid (259,224) (270,117)
Preferred stock dividends paid (43,073) (36,730)
Borrowings under secured financing agreements 54,297,394 101,149,869
Borrowings under warehouse credit facilities 90,195,545 39,427,045
Return of margin deposits under secured financing agreements and derivatives 4,424,635 3,717,645
Borrowings under secured notes and bonds payable 5,402,819 7,057,202
Issuance of preferred stock 449,506 389,548
Issuance of common stock 512,012 1,734
Costs related to issuance of common and preferred stock (525) (72)
Noncontrolling interests in equity of consolidated subsidiaries - contributions 0 1,818
Noncontrolling interests in equity of consolidated subsidiaries - distributions (45,017) (31,844)
Payment of contingent consideration (7,776) (51,994)
Purchase of noncontrolling interests (22,523) 0
Net cash provided by (used in) financing activities (1,639,598) (12,522,937)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 480,950 330,642
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,080,473 690,934
Cash, Cash Equivalents, and Restricted Cash, End of Period 1,561,423 1,021,576
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 365,241 450,792
Cash paid during the period for income taxes 20,732 105
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 124,999  
Warrants issued with term loan 0 53,462
Purchase of investments, settled after quarter-end 0 210
Sale of investments, settled after quarter-end 0 946,321
Transfer from residential mortgage loans to real estate owned and other assets 34,697 56,297
MSR purchase price holdback 0 (45,014)
Real estate securities retained from loan securitizations 145,920 518,515
Residential mortgage loans subject to repurchase 1,826,620 [1] 1,458,325
Common Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 116,645 62,362
Preferred Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid $ 19,601 $ 14,359
[1] See Note 5 for details.

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