Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows From Operating Activities    
Net income $ 800,200 $ 474,561
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 50,967 18,359
Change in fair value of investments in excess mortgage servicing rights, equity method investees (2,228) (4,002)
Change in fair value of investments in mortgage servicing rights financing receivables (151,973) (5,596)
Change in fair value of servicer advance investments 81,228 (59,528)
(Gain) / loss on settlement of investments (net) (117,957) 303
Earnings from investments in consumer loans, equity method investees (7,788) (5,880)
Unrealized (gain) / loss on derivative instruments (3,686) 3,684
Unrealized (gain) / loss on other ABS (4,804) (151)
(Gain) / loss on transfer of loans to REO (10,490) (11,612)
(Gain) / loss on transfer of loans to other assets 120 (293)
(Gain) / loss on Excess MSRs (4,270) (1,342)
(Gain) / loss on Ocwen common stock (4,800) 0
Accretion and other amortization (359,105) (545,386)
Other-than-temporary impairment 19,301 7,227
Valuation and loss provision (reversal) on loans and real estate owned (REO) 22,665 38,681
Non-cash portions of servicing revenue, net (61,859) 1,618
Non-cash directors’ compensation 1,019 698
Deferred tax provision (10,815) 85,606
Changes in:    
Servicer advances receivable 425,215 (7,780)
Other assets (79,511) (25,621)
Due to affiliates (40,313) 17,465
Accrued expenses and other liabilities 39,032 12,985
Other operating cash flows:    
Interest received from excess mortgage servicing rights 21,399 32,174
Interest received from servicer advance investments 17,826 96,639
Interest received from Non-Agency RMBS 98,268 118,339
Interest received from residential mortgage loans, held-for-investment 4,350 3,097
Interest received from PCD consumer loans, held-for-investment 17,858 28,262
Distributions of earnings from equity method investees 6,530 7,433
Purchases of residential mortgage loans, held-for-sale (2,402,258) (3,193,841)
Proceeds from sales of purchased residential mortgage loans, held-for-sale 1,776,239 2,523,335
Principal repayments from purchased residential mortgage loans, held-for-sale 73,153 45,867
Net cash provided by (used in) operating activities 196,776 (343,470)
Cash Flows From Investing Activities    
Purchase of servicer advance investments (1,313,291) (6,341,861)
Purchase of Agency RMBS (2,210,812) (4,561,503)
Purchase of Non-Agency RMBS (947,955) (1,826,031)
Purchase of residential mortgage loans (85,778) (586,154)
Purchase of derivatives 0 0
Purchase of real estate owned and other assets (23,948) (19,168)
Purchase of investment in consumer loans, equity method investees (205,641) (192,467)
Draws on revolving consumer loans (20,636) (27,240)
Payments for settlement of derivatives (40,980) (98,399)
Return of investments in excess mortgage servicing rights 31,097 95,144
Principal repayments from servicer advance investments 1,326,252 7,491,101
Principal repayments from Agency RMBS 43,403 50,412
Principal repayments from Non-Agency RMBS 374,084 265,767
Principal repayments from residential mortgage loans 69,133 21,277
Proceeds from sale of residential mortgage loans 21,155 0
Principal repayments from consumer loans 152,512 212,883
Proceeds from sale of Agency RMBS 2,956,351 3,534,480
Proceeds from sale of Non-Agency RMBS 66,198 154,498
Proceeds from settlement of derivatives 110,467 44,764
Proceeds from sale of real estate owned 71,994 38,528
Net cash provided by (used in) investing activities (55,662) (2,775,859)
Cash Flows From Financing Activities    
Repayments of repurchase agreements (33,450,992) (20,745,543)
Margin deposits under repurchase agreements and derivatives (670,912) (550,012)
Repayments of notes and bonds payable (5,053,552) (4,947,215)
Payment of deferred financing fees (10,614) (5,325)
Common stock dividends paid (321,749) (262,874)
Borrowings under repurchase agreements 33,542,060 23,815,777
Return of margin deposits under repurchase agreements and derivatives 604,930 547,290
Borrowings under notes and bonds payable 4,683,103 4,741,739
Issuance of common stock 482,696 835,465
Costs related to issuance of common stock (442) (936)
Noncontrolling interest in equity of consolidated subsidiaries - contributions 0 0
Noncontrolling interest in equity of consolidated subsidiaries - distributions (37,015) (45,374)
Purchase of noncontrolling interests in the Buyer 0 0
Net cash provided by (used in) financing activities (232,487) 3,382,992
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash (91,373) 263,663
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 446,050 453,697
Cash, Cash Equivalents, and Restricted Cash, End of Period 354,677 717,360
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 248,990 198,553
Cash paid during the period for income taxes 3,176 4,765
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared but not paid 169,931 153,678
Transfer from residential mortgage loans to real estate owned and other assets 56,789 71,747
Real estate securities retained from loan securitizations 224,359 284,874
Ocwen transaction (Note 5) - excess mortgage servicing rights 638,567 0
Ocwen transaction (Note 5) - servicer advance investments 3,175,891 0
Ocwen transaction (Note 5) - mortgage servicing rights financing receivables 1,017,993 0
Mortgage Servicing Rights and Servicer Advances    
Cash Flows From Investing Activities    
Purchase of MSRs, MSR financing receivables and servicer advances receivable (628,841) (1,177,658)
Supplemental Schedule of Non-Cash Investing and Financing Activities    
MSR purchase price holdback 1,210 71,265
Agency RMBS    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase of Agency and Non-Agency RMBS, settled after quarter end 1,168,865 1,814,344
Sale of investments, primarily Agency RMBS, settled after quarter end 1,076,626 2,677,542
Consumer Loans    
Other operating cash flows:    
Distributions of earnings from equity method investees 3,263 1,229
Cash Flows From Investing Activities    
Return of investments, equity method investees 191,145 136,021
Excess MSRs Investees    
Cash Flows From Investing Activities    
Return of investments, equity method investees 8,429 9,747
LoanCo    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Non-cash distributions from LoanCo $ 12,613 $ 16,062