Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows From Operating Activities    
Net income $ 115,938 $ 41,798
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 (7,926) 1,761
Change in fair value of investments in excess mortgage servicing rights, equity method investees (3,022) (4,921)
Change in fair value of investments in servicer advances 31,224 7,669
(Gain) / loss on settlement of investments (net) 14,500 (17,701)
Loss on extinguishment of debt 0 2,934
(Gain) on remeasurement of consumer loans investment (71,250) 0
Unrealized loss on derivative instruments 22,303 7,030
Unrealized (gain) / loss on other ABS (268) 290
(Gain) / loss on transfer of loans to REO (2,483) 544
(Gain) on transfer of loans to other assets (687) (11)
(Gain) on Excess MSR recapture agreements (732) (730)
Accretion and other amortization (153,670) (61,345)
Other-than-temporary impairment 3,254 1,071
Valuation and loss provision on loans and real estate owned 6,745 977
Deferred tax provision (10,681) (3,007)
Changes in:    
Restricted cash (1,058) 1,093
Other assets 19,067 (1,838)
Due to affiliates (17,938) (50,959)
Accrued expenses and other liabilities 15,872 618
Other operating cash flows:    
Interest received from excess mortgage servicing rights 43,990 12,692
Interest received from servicer advance investments 50,229 23,168
Interest received from Non-Agency RMBS 29,449 8,050
Interest payments from residential mortgage loans, held-for-investment 437 0
Purchases of residential mortgage loans, held-for-sale (173,270) 0
Proceeds from sales of purchased residential mortgage loans, held-for-sale 231,390 0
Principal repayments from purchased residential mortgage loans, held-for-sale 18,186 3,178
Net cash provided by (used in) operating activities 169,353 (15,413)
Cash Flows From Investing Activities    
Acquisition of investments in excess mortgage servicing rights (2,022) (23,831)
SpringCastle Transaction (Note 1), net of cash acquired (49,943) 0
Purchase of servicer advance investments (3,844,638) (1,765,294)
Purchase of Agency RMBS (1,684,194) (1,026,525)
Purchase of Non-Agency RMBS (314,547) (26,649)
Purchase of residential mortgage loans (319) (19,032)
Purchase of derivatives (1,355) 0
Purchase of real estate owned (9,196) 0
Payments for settlement of derivatives (33,553) (25,007)
Return of investments in excess mortgage servicing rights 42,149 17,122
Principal repayments from servicer advance investments 4,267,612 1,802,188
Principal repayments from Agency RMBS 18,426 46,967
Principal repayments from Non-Agency RMBS 48,014 14,952
Principal repayments from residential mortgage loans 8,754 5,844
Proceeds from sale of residential mortgage loans 0 627,719
Proceeds from sale of Agency RMBS 1,727,673 1,060,569
Proceeds from sale of Non-Agency RMBS 38,471 389,719
Proceeds from settlement of derivatives 1,837 2,417
Proceeds from sale of real estate owned 8,142 34,930
Net cash provided by (used in) investing activities 221,899 1,116,291
Cash Flows From Financing Activities    
Repayments of repurchase agreements (5,062,857) (2,016,777)
Margin deposits under repurchase agreements and derivatives (106,952) (123,289)
Repayments of notes and bonds payable (1,894,548) (396,125)
Payment of deferred financing fees (5,555) (666)
Common stock dividends paid (106,017) (53,745)
Borrowings under repurchase agreements 4,993,318 1,121,121
Return of margin deposits under repurchase agreements and derivatives 98,138 145,378
Borrowings under notes and bonds payable 1,713,002 482,334
Issuance of common stock 0 0
Costs related to issuance of common stock 0 0
Noncontrolling interest in equity of consolidated subsidiaries - contributions 0 0
Noncontrolling interest in equity of consolidated subsidiaries - distributions (11,095) (12,760)
Net cash provided by (used in) financing activities (382,566) (854,529)
Net Increase (Decrease) in Cash and Cash Equivalents 8,686 246,349
Cash and Cash Equivalents, Beginning of Period 249,936 [1] 212,985
Cash and Cash Equivalents, End of Period 258,622 [1] 459,334
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 75,690 32,880
Cash paid during the period for income taxes 265 305
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared but not paid 106,017 53,745
Transfer from residential mortgage loans to real estate owned and other assets 36,485 0
Non-cash distributions from Consumer Loan Companies 25 0
Real estate securities retained from loan securitizations 36,902 0
Remeasurement of Consumer Loan Companies noncontrolling interest 110,438 0
Agency RMBS [Member]    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase of investments, primarily RMBS, settled after quarter end 1,431,003 196,000
Sale of Agency RMBS settled after quarter end 1,509,016 0
Accounting Standards Update 2014-11 [Member]    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Reclassification resulting from the application of ASU No. 2014-11 0 85,955
Excess MSRs Investees [Member]    
Other operating cash flows:    
Distributions of earnings from excess mortgage servicing rights, equity method investees 9,754 12,226
Cash Flows From Investing Activities    
Return of investments in excess mortgage servicing rights, equity method investees $ 588 $ 202
[1] New Residential’s Condensed Consolidated Balance Sheets include the assets and liabilities of certain consolidated VIEs, the Buyer (Note 6) and the Consumer Loan SPVs (Note 9), which primarily hold investments in servicer advances and consumer loans, respectively, financed with notes and bonds payable. The Buyer’s balance sheet is included in Note 6 and the Consumer Loan SPVs’ balance sheet is included in Note 9. The creditors of the Buyer and the Consumer Loan SPVs do not have recourse to the general credit of New Residential and the assets of the Buyer and the Consumer Loan SPVs are not directly available to satisfy New Residential’s obligations.