v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities    
Net income $ 301,336 $ (1,607,255)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of Excess MSRs 1,453 11,481
Change in fair value of MSR financing receivables 25,778 104,111
Change in fair value of servicer advance investments 371 18,749
Change in fair value of residential mortgage loans, at fair value (60,174) 265,244
Change in fair value of secured notes and bonds payable 4,422 (17,002)
Change in fair value of real estate and other securities 498,339 86,792
Change in fair value of consumer loans 6,004 39,917
(Gain) loss on settlement of investments, net (1,735) 801,033
(Gain) loss on originated mortgage loans, held-for-sale, net (403,434) (173,577)
(Gain) loss on extinguishment of debt 6 (1,461)
Change in fair value of derivative instruments (206,205) 39,982
Change in fair value of contingent consideration 408 1,614
Change in fair value of equity investments 2,783 45,023
(Gain) loss on transfer of loans to REO (1,321) (2,595)
(Gain) loss on transfer of loans to other assets 21 241
(Gain) loss on Ocwen common stock 186 5,050
Accretion and other amortization (26,034) (41,104)
Depreciation of Fixed Assets 371 0
Provision for credit losses on securities (894) 44,149
Valuation and credit loss provision on loans and real estate owned (18,713) 100,496
Non-cash portions of servicing revenue, net (217,911) 649,375
Non-cash directors’ compensation 500 500
Deferred tax provision 85,231 (166,917)
Changes in:    
Servicer advances receivable, net 107,229 235,685
Other assets (42,206) (24,112)
Due to affiliates (628) (86,666)
Accrued expenses and other liabilities (93,307) 183,185
Other operating cash flows:    
Interest and distributions received from Excess MSRs 12,515 13,575
Interest received from servicer advance investments 2,630 5,203
Interest received from Non-Agency RMBS 28,057 66,479
Interest received from residential mortgage loans, held-for-investment 864 0
Interest received from consumer loans, held-for-investment 0 6,013
Purchases of residential mortgage loans, held-for-sale (2,090,474) (988,183)
Origination of residential mortgage loans, held-for-sale (26,971,254) (11,456,291)
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 28,463,406 13,045,107
Principal repayments from purchased residential mortgage loans, held-for-sale 97,023 107,188
Net cash provided by (used in) operating activities (495,357) 1,311,416
Cash Flows From Investing Activities    
Purchase of servicer advance investments (332,750) (330,140)
Purchase of Non-Agency RMBS 0 (56,520)
Purchase of real estate owned and other assets (74,895) (6,438)
Draws on revolving consumer loans (7,147) (11,002)
Payments for settlement of derivatives (7,272) (60,554)
Return of investments in Excess MSRs 6,333 10,077
Principal repayments from servicer advance investments 357,060 354,302
Principal repayments from Agency RMBS 660,105 740,043
Principal repayments from Non-Agency RMBS 37,798 260,221
Principal repayments from residential mortgage loans 24,029 31,272
Proceeds from sale of residential mortgage loans 0 387
Principal repayments from consumer loans 52,582 55,201
Proceeds from MSRs and MSR financing receivables 638 22,217
Proceeds from sale of MSR financing receivables 1,793  
Proceeds from sale of Excess MSRs 9 117
Proceeds from sale of Agency RMBS 2,513,920 20,191,706
Proceeds from sale of Non-Agency RMBS 156,176 1,069,493
Proceeds from settlement of derivatives 3,749 23,899
Proceeds from sale of real estate owned 18,416 35,914
Net cash provided by (used in) investing activities (798,481) 16,660,824
Cash Flows From Financing Activities    
Repayments of secured financing agreements (20,311,180) (93,283,204)
Repayments of warehouse credit facilities (27,461,425) 0
Margin deposits under secured financing agreements and derivatives (1,701,769) (2,674,807)
Repayments of secured notes and bonds payable (1,952,039) (2,167,435)
Deferred financing fees (118) 0
Common stock dividends paid (82,949) (207,760)
Preferred stock dividends paid (14,358) (7,943)
Borrowings under secured financing agreements 21,192,890 76,181,064
Borrowings under warehouse credit facilities 28,551,939 0
Return of margin deposits under secured financing agreements and derivatives 1,777,057 2,147,596
Borrowings under secured notes and bonds payable 1,408,913 1,478,677
Issuance of preferred stock 0 389,548
Issuance of common stock 0 1,655
Costs related to issuance of common stock 0 (72)
Noncontrolling interests in equity of consolidated subsidiaries - distributions (19,078) (12,605)
Net cash provided by (used in) financing activities 1,387,883 (18,155,286)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 94,045 (183,046)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,080,473 690,934
Cash, Cash Equivalents, and Restricted Cash, End of Period 1,174,518 507,888
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 129,490 198,437
Cash paid during the period for income taxes 134 84
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 90,138  
Purchase of investments, primarily Agency and Non-Agency RMBS, settled after quarter-end 0 20,913
Sale of investments, primarily Non-Agency RMBS, settled after quarter-end 0 3,293,976
Transfer from residential mortgage loans to real estate owned and other assets 8,299 16,304
Real estate securities retained from loan securitizations 38,470 482,444
Residential mortgage loans subject to repurchase 1,493,449 [1] 1,452,005
Agency Residential Mortgage Backed Securities    
Cash Flows From Investing Activities    
Purchase of Agency RMBS (4,203,105) (5,263,722)
Mortgage Servicing Rights    
Cash Flows From Investing Activities    
Purchase of MSRs, MSR financing receivables and servicer advances receivable (7,119) (417,861)
Supplemental Schedule of Non-Cash Investing and Financing Activities    
MSR purchase price holdback 0 18,534
Excess MSRs Investees    
Other operating cash flows:    
Distributions of earnings from consumer loan equity method investees 0 387
MSRs    
Cash Flows From Investing Activities    
Proceeds from sale of MSR financing receivables 1,945 8,504
New Residential Mortgage LLC | Mortgage Servicing Rights Financing Receivable    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of MSR financing receivables 25,778 104,111
Cash Flows From Investing Activities    
Proceeds from sale of MSR financing receivables 777  
New Residential Mortgage LLC | MSRs | Mortgage Servicing Rights Financing Receivable    
Cash Flows From Investing Activities    
Proceeds from sale of MSR financing receivables 1,047 3,708
Common Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid 82,959 20,782
Preferred Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared by not paid $ 14,358 $ 7,250
[1] See Note 5 for details.

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