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
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows From Operating Activities    
Net income (loss) $ 995,677 $ 714,282
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 55,711 32,650
Change in fair value of investments in excess mortgage servicing rights, equity method investees (5,624) (6,056)
Change in fair value of investments in mortgage servicing rights financing receivables (63,628) (75,828)
Change in fair value of servicer advance investments 86,581 (70,469)
Change in fair value of residential mortgage loans, at fair value, and notes and bonds payable, at fair value (1,462) 0
(Gain) / loss on settlement of investments (net) (106,064) (1,250)
Earnings from investments in consumer loans, equity method investees (12,343) (12,649)
Unrealized (gain) / loss on derivative instruments (27,985) 124
Unrealized (gain) / loss on other ABS (12,001) (340)
(Gain) / loss on transfer of loans to REO (16,609) (16,791)
(Gain) / loss on transfer of loans to other assets 1,648 (359)
(Gain) / loss on Excess MSRs (5,257) (1,948)
(Gain) / loss on Ocwen common stock (4,655) (6,987)
Accretion and other amortization (528,981) (811,922)
Other-than-temporary impairment 23,190 8,736
Valuation and loss provision (reversal) on loans and real estate owned (REO) 28,136 65,381
Non-cash portions of servicing revenue, net (35,118) 81,986
Non-cash directors’ compensation 1,019 699
Deferred tax provision (12,680) 114,016
Changes in:    
Servicer advances receivable 441,351 (7,774)
Other assets (168,862) (35,799)
Due to affiliates (14,826) 32,276
Accrued expenses and other liabilities 161,246 48,442
Other operating cash flows:    
Interest received from excess mortgage servicing rights 33,521 53,067
Interest received from servicer advance investments 25,901 136,431
Interest received from Non-Agency RMBS 156,420 170,931
Interest received from residential mortgage loans, held-for-investment 6,656 5,906
Interest received from PCD consumer loans, held-for-investment 27,681 40,762
Distributions of earnings from equity method investees 7,976 11,054
Purchases of residential mortgage loans, held-for-sale (3,295,378) (4,146,740)
Origination of residential mortgage loans, held-for-sale (1,678,606) 0
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 3,706,334 2,986,992
Principal repayments from purchased residential mortgage loans, held-for-sale 146,170 69,069
Net cash provided by (used in) operating activities (75,761) (617,817)
Cash Flows From Investing Activities    
Acquisition of Shellpoint, net of cash acquired 118,285 0
Purchase of servicer advance investments (1,790,635) (9,328,137)
Purchase of MSRs, MSR financing receivables and servicer advances receivable (952,100)  
Purchase of Agency RMBS (6,574,783) (6,352,488)
Purchase of Non-Agency RMBS (2,714,991) (2,070,898)
Purchase of residential mortgage loans (85,778) (585,983)
Purchase of derivatives 0 0
Purchase of real estate owned and other assets (26,807) (25,667)
Purchase of investment in consumer loans, equity method investees (292,616) (344,902)
Draws on revolving consumer loans (45,017) (41,930)
Payments for settlement of derivatives (59,113) (146,898)
Return of investments in excess mortgage servicing rights 43,690 142,626
Principal repayments from servicer advance investments 1,845,411 10,898,739
Principal repayments from Agency RMBS 76,515 76,744
Principal repayments from Non-Agency RMBS 565,460 615,657
Principal repayments from residential mortgage loans 110,770 59,673
Proceeds from sale of residential mortgage loans 21,278 0
Principal repayments from consumer loans 237,129 312,132
Proceeds from sale of Agency RMBS 4,121,325 6,205,573
Proceeds from sale of Non-Agency RMBS 81,325 166,460
Proceeds from settlement of derivatives 146,146 81,505
Proceeds from sale of real estate owned 111,459 63,476
Net cash provided by (used in) investing activities (5,024,453) (1,569,623)
Cash Flows From Financing Activities    
Repayments of repurchase agreements (58,414,966) (34,057,218)
Margin deposits under repurchase agreements and derivatives (1,374,374) (820,678)
Repayments of notes and bonds payable (7,512,484) (7,323,512)
Payment of deferred financing fees (12,838) (5,702)
Common stock dividends paid (491,680) (416,552)
Borrowings under repurchase agreements 63,696,426 36,713,743
Return of margin deposits under repurchase agreements and derivatives 1,263,220 815,903
Borrowings under notes and bonds payable 7,547,541 6,561,390
Issuance of common stock 492,285 835,465
Costs related to issuance of common stock (681) (936)
Noncontrolling interest in equity of consolidated subsidiaries - contributions 0 0
Noncontrolling interest in equity of consolidated subsidiaries - distributions (51,735) (70,493)
Purchase of noncontrolling interests (653) (65,860)
Net cash provided by (used in) financing activities 5,140,061 2,165,550
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 39,847 (21,890)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 446,050 453,697
Cash, Cash Equivalents, and Restricted Cash, End of Period 485,897 431,807
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 405,672 320,804
Cash paid during the period for income taxes 3,176 4,956
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared but not paid 170,177 153,681
Transfer from residential mortgage loans to real estate owned and other assets 88,376 105,750
Real estate securities retained from loan securitizations 762,056 310,579
Residential mortgage loans subject to repurchase 110,181 0
Ocwen transaction (Note 5) - excess mortgage servicing rights 638,567 23,080
Ocwen transaction (Note 5) - servicer advance investments 3,175,891 71,982
Ocwen transaction (Note 5) - mortgage servicing rights financing receivables 1,017,993 481,220
Shellpoint Acquisition    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
MSR purchase price holdback 10,173 0
Shellpoint Acquisition contingent consideration 42,770 0
Mortgage Servicing Rights and Servicer Advances    
Cash Flows From Investing Activities    
Purchase of MSRs, MSR financing receivables and servicer advances receivable (971,079) (1,586,063)
Supplemental Schedule of Non-Cash Investing and Financing Activities    
MSR purchase price holdback 8,692 79,045
Agency RMBS    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase of Agency and Non-Agency RMBS, settled after quarter end 1,791,191 1,076,086
Sale of investments, primarily Agency RMBS, settled after quarter end 3,424,865 1,785,708
Consumer Loans    
Other operating cash flows:    
Distributions of earnings from equity method investees 6,176 4,291
Cash Flows From Investing Activities    
Return of investments, equity method investees 279,669 276,601
Excess MSRs Investees    
Cash Flows From Investing Activities    
Return of investments, equity method investees 14,474 14,157
LoanCo    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Non-cash distributions from LoanCo $ 25,739 $ 30,337