Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities    
Net income $ (1,607,255) $ 155,912
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 11,024 (4,627)
Change in fair value of investments in excess mortgage servicing rights, equity method investees 457 (2,612)
Change in fair value of investments in mortgage servicing rights financing receivables 104,111 36,379
Change in fair value of servicer advance investments 18,749 (7,903)
Change in fair value of residential mortgage loans, at fair value, and notes and bonds payable, at fair value 248,202 (8,077)
Change in fair value of investments in real estate and other securities 86,792 (6,679)
(Gain) loss on settlement of investments, net 799,572 43,168
(Gain) loss on sale of originated mortgage loans, net (179,698) (67,171)
Earnings from investments in consumer loans, equity method investees 0 (4,311)
Change in fair value of derivative instruments 39,982 25,760
Changes in fair value of contingent consideration 1,614 2,045
Unrealized (gain) loss on consumer loans held-for-investment, at fair value 39,917 0
(Gain) loss on transfer of loans to REO (2,595) (4,984)
(Gain) loss on transfer of loans to other assets 241 521
(Gain) loss on Excess MSR recapture agreements (628) (307)
(Gain) loss on Ocwen common stock 5,050 (2,786)
Accretion and other amortization (41,104) (152,894)
Provision for credit losses on securities 44,149 7,516
Valuation and credit loss provision on loans and real estate owned 100,496 5,280
Non-cash portions of servicing revenue, net 649,375 56,910
Non-cash directors’ compensation 500 400
Deferred tax provision (166,917) 46,331
Changes in:    
Servicer advances receivable 235,685 241,531
Other assets 21,602 (148,797)
Due to affiliates (86,666) (73,586)
Accrued expenses and other liabilities 189,283 (6,728)
Other operating cash flows:    
Interest received from excess mortgage servicing rights 13,575 5,327
Interest received from servicer advance investments 5,203 7,361
Interest received from Non-Agency RMBS 66,479 69,838
Interest received from residential mortgage loans, held-for-investment 0 12,226
Interest received from consumer loans, held-for-investment 6,013 8,329
Purchases of residential mortgage loans, held-for-sale (988,183) (1,328,148)
Origination of residential mortgage loans, held-for-sale (11,456,291) (2,010,029)
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 13,045,107 2,727,071
Principal repayments from purchased residential mortgage loans, held-for-sale 107,188 73,982
Net cash provided by (used in) operating activities 1,311,416 (300,393)
Cash Flows From Investing Activities    
Purchase of servicer advance investments (330,140) (483,772)
Purchase of Non-Agency RMBS (56,520) (249,520)
Purchase of real estate owned and other assets (6,438) (9,823)
Purchase of investment in consumer loans, equity method investees 0 (23,442)
Draws on revolving consumer loans (11,002) (15,241)
Payments for settlement of derivatives (60,554) (48,769)
Return of investments in excess mortgage servicing rights 4,934 16,445
Return of investments, equity method investees 0 13,967
Principal repayments from servicer advance investments 354,302 529,616
Principal repayments from Agency RMBS 740,043 74,037
Principal repayments from Non-Agency RMBS 260,221 330,185
Principal repayments from residential mortgage loans 31,272 27,970
Proceeds from sale of residential mortgage loans 387 34,494
Principal repayments from consumer loans 55,201 68,948
Proceeds from MSRs and MSR financing receivables 22,217 0
Proceeds from sale of mortgage servicing rights financing receivables 12,212  
Proceeds from sale of excess mortgage servicing rights 117 0
Proceeds from sale of Agency RMBS 20,191,706 3,911,838
Proceeds from sale of Non-Agency RMBS 1,069,493 228,000
Proceeds from settlement of derivatives 23,899 36,362
Proceeds from sale of real estate owned 35,914 38,825
Net cash provided by (used in) investing activities 16,660,824 (2,752,933)
Cash Flows From Financing Activities    
Repayments of repurchase agreements (93,283,204) (40,803,763)
Margin deposits under repurchase agreements and derivatives (2,674,807) (841,807)
Repayments of notes and bonds payable (2,167,435) (2,210,352)
Deferred financing fees 0 (115)
Common stock dividends paid (207,760) (184,552)
Preferred Stock Dividend paid (7,943) 0
Borrowings under repurchase agreements 76,181,064 43,688,820
Return of margin deposits under repurchase agreements and derivatives 2,147,596 701,370
Borrowings under notes and bonds payable 1,478,677 2,057,042
Issuance of preferred stock 389,548 0
Issuance of common stock 1,655 752,112
Costs related to issuance of common stock (72) (453)
Noncontrolling interests in equity of consolidated subsidiaries - distributions (12,605) (11,015)
Payment of contingent consideration 0 0
Net cash provided by (used in) financing activities (18,155,286) 3,147,287
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash (183,046) 93,961
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 690,934 415,078
Cash, Cash Equivalents, and Restricted Cash, End of Period 507,888 509,039
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 198,437 194,241
Cash paid during the period for income taxes 84 79
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Common dividends declared but not paid 28,033  
Transfer from residential mortgage loans to real estate owned and other assets 16,304 29,058
Transfer from residential mortgage loans, held-for-investment to residential mortgage loans, held-for-sale 0 33,134
Real estate securities retained from loan securitizations 482,444 96,799
Residential mortgage loans subject to repurchase 197,715 140,135
Agency RMBS    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase of investments, primarily Agency RMBS, settled after quarter-end 20,913 206,638
Sale of investments, primarily Non-Agency RMBS, settled after quarter-end 3,293,976 7,049,723
Mortgage Servicing Rights    
Cash Flows From Investing Activities    
Purchase of MSRs, MSR financing receivables and servicer advances receivable (417,861) (272,696)
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase price holdback 18,534 (289)
Agency Residential Mortgage Backed Securities    
Cash Flows From Investing Activities    
Purchase of Agency RMBS (5,263,722) (6,971,839)
Excess MSRs Investees    
Other operating cash flows:    
Distributions of earnings from equity method investees 387 2,807
Cash Flows From Investing Activities    
Return of investments, equity method investees 5,143 4,569
Consumer Loans    
Other operating cash flows:    
Distributions of earnings from equity method investees 0 552
MSRs    
Cash Flows From Investing Activities    
Proceeds from sale of mortgage servicing rights financing receivables 8,504 0
New Residential Mortgage LLC | MSRs | Mortgage Servicing Rights Financing Receivable    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of investments in mortgage servicing rights financing receivables 104,111 36,379
Cash Flows From Investing Activities    
Proceeds from sale of mortgage servicing rights financing receivables 3,708 6,913
Common Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Common dividends declared but not paid 20,782 207,715
Preferred Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Common dividends declared but not paid $ 7,250 $ 0