Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Cash Flows From Operating Activities          
Net income $ 337,403 $ 93,627 $ 474,561 $ 209,565  
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 19,180 15,263 18,359 7,337  
Change in fair value of investments in excess mortgage servicing rights, equity method investees (4,246) 675 (4,002) (2,347)  
Change in fair value of investments in mortgage servicing rights financing receivable (5,596) 0 (5,596) 0  
Change in fair value of investments in servicer advances (56,969) (13,946) (59,528) 17,278  
(Gain) / loss on remeasurement of consumer loans investment     0 (71,250)  
(Gain) / loss on settlement of investments (net)     303 26,517  
Earnings from investments in consumer loans, equity method investees     (5,880) 0  
Unrealized (gain) / loss on derivative instruments 8,010 11,603 3,684 36,160  
Unrealized (gain) / loss on other ABS 607 1,218 (151) 950  
(Gain) / loss on transfer of loans to REO     (11,612) (10,287)  
(Gain) / loss on transfer of loans to other assets (81) (344) (293) (861)  
(Gain) / loss on Excess MSR recapture agreements (715) (688) (1,342) (1,420)  
Accretion and other amortization     (545,386) (331,915)  
Other-than-temporary impairment 5,115 2,819 7,227 6,073  
Valuation and loss provision on loans and real estate owned 20,771 16,825 38,681 23,570  
Non-cash portions of servicing revenue, net     1,618 0  
Non-cash directors’ compensation     698 300  
Deferred tax provision     85,606 (4,131)  
Changes in:          
Other assets     (25,621) 39,664  
Servicer advances receivable     (7,780) 0  
Due to affiliates     17,465 (11,802)  
Accrued expenses and other liabilities     12,985 29,271  
Other operating cash flows:          
Interest received from excess mortgage servicing rights     32,174 82,163  
Interest received from servicer advance investments     96,639 94,870  
Interest received from Non-Agency RMBS     118,339 50,074  
Interest received from residential mortgage loans, held-for-investment     3,097 2,815  
Interest received from PCD consumer loans, held-for-investment     28,262 18,567  
Purchases of residential mortgage loans, held-for-sale     (3,193,841) (469,665)  
Proceeds from sales of purchased residential mortgage loans, held-for-sale     2,523,335 519,615  
Principal repayments from purchased residential mortgage loans, held-for-sale     45,867 64,963  
Net cash provided by (used in) operating activities     (343,470) 341,606  
Cash Flows From Investing Activities          
SpringCastle Transaction, net of cash acquired     0 (49,943)  
Restricted cash acquired from SpringCastle transaction     0 74,604  
Purchase of servicer advance investments     (6,341,861) (7,814,541)  
Purchase of Agency RMBS     (4,561,503) (3,227,130)  
Purchase of Non-Agency RMBS     (1,826,031) (1,273,231)  
Purchase of residential mortgage loans     (586,154) (319)  
Purchase of derivatives     0 (4,457)  
Purchase of real estate owned and other assets     (19,168) (9,602)  
Purchase of investment in consumer loans, equity method investees     (192,467) 0  
Draws on revolving consumer loans     (27,240) (16,483)  
Payments for settlement of derivatives     (98,399) (52,612)  
Return of investments in excess mortgage servicing rights     95,144 94,250  
Principal repayments from servicer advance investments     7,491,101 8,772,662  
Principal repayments from Agency RMBS     50,412 42,442  
Principal repayments from Non-Agency RMBS     265,767 143,837  
Principal repayments from residential mortgage loans     21,277 17,825  
Principal repayments from consumer loans     212,883 100,751  
Proceeds from sale of Agency RMBS     3,534,480 3,236,165  
Proceeds from sale of Non-Agency RMBS     154,498 95,683  
Proceeds from settlement of derivatives     44,764 5,445  
Proceeds from sale of real estate owned     38,528 30,484  
Net cash provided by (used in) investing activities     (2,775,859) 168,699  
Cash Flows From Financing Activities          
Repayments of repurchase agreements     (20,745,543) (12,026,068)  
Margin deposits under repurchase agreements and derivatives     (550,012) (182,666)  
Repayments of notes and bonds payable     (4,947,215) (4,474,167)  
Payment of deferred financing fees     (5,325) (37,144)  
Common stock dividends paid     (262,874) (212,034)  
Borrowings under repurchase agreements     23,815,777 12,605,745  
Return of margin deposits under repurchase agreements and derivatives     547,290 160,055  
Borrowings under notes and bonds payable     4,741,739 3,741,665  
Issuance of common stock     835,465 0  
Costs related to issuance of common stock     (936) 0  
Noncontrolling interest in equity of consolidated subsidiaries - contributions     0 0  
Noncontrolling interest in equity of consolidated subsidiaries - distributions     (45,374) (28,441)  
Purchase of Noncontrolling Interest in the Buyer     0 0  
Net cash provided by (used in) financing activities     3,382,992 (453,055)  
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash     263,663 57,250  
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period     453,697 344,638 $ 344,638
Cash, Cash Equivalents, and Restricted Cash, End of Period 717,360 401,888 717,360 401,888 453,697
Supplemental Disclosure of Cash Flow Information          
Cash paid during the period for interest     198,553 75,690  
Cash paid during the period for income taxes     4,765 265  
Supplemental Schedule of Non-Cash Investing and Financing Activities          
Dividends declared but not paid $ 153,678 $ 106,017 153,678 106,017 $ 115,356
Transfer from residential mortgage loans to real estate owned and other assets     71,747 36,485  
Non-cash contingent consideration     0 5,581  
Real estate securities retained from loan securitizations     284,874 36,902  
Remeasurement of Consumer Loan Companies noncontrolling interest     0 110,438  
Excess MSRs [Member]          
Cash Flows From Investing Activities          
Purchase of excess mortgage servicing rights, MSRs, and Servicer Advances     0 (2,022)  
Mortgage Servicing Rights and Servicer Advances [Member]          
Cash Flows From Investing Activities          
Purchase of excess mortgage servicing rights, MSRs, and Servicer Advances     (1,177,658) 0  
Supplemental Schedule of Non-Cash Investing and Financing Activities          
Non-cash contingent consideration     71,265 0  
Agency RMBS [Member]          
Supplemental Schedule of Non-Cash Investing and Financing Activities          
Purchase of Agency and Non-Agency RMBS, settled after quarter end     1,814,344 1,431,003  
Sale of investments, primarily Agency RMBS, settled after quarter end     2,677,542 1,509,016  
Excess MSRs Investees [Member]          
Other operating cash flows:          
Distributions of earnings from investments in excess mortgage servicing rights, equity method investees     7,433 15,532  
Cash Flows From Investing Activities          
Return of investments in excess mortgage servicing rights, equity method investees     9,747 4,891  
Consumer Loans [Member]          
Other operating cash flows:          
Distributions of earnings from investments in excess mortgage servicing rights, equity method investees     1,229 0  
Cash Flows From Investing Activities          
Return of investments in excess mortgage servicing rights, equity method investees     136,021 0  
Consumer Loan Companies [Member]          
Supplemental Schedule of Non-Cash Investing and Financing Activities          
Non-cash distributions from Consumer Loan Companies     0 25  
LoanCo [Member]          
Supplemental Schedule of Non-Cash Investing and Financing Activities          
Non-cash distributions from Consumer Loan Companies     $ 16,062 $ 0