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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities                  
Net income (loss) $ 89,949 $ 689,931 $ 476,634 $ 723,262 $ 697,825 $ 877,452 $ 630,674 $ 983,285 $ 805,582
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                  
Change in fair value of investments, net 247,075 146,125 307,633 396,161 560,017 (560,492) 893,665 (1,069,927) (40,576)
Change in fair value of equity investments 2,098 (256) 27,630 9,111 27,509 8,535 28,407 13,265 (5,986)
Change in fair value of secured notes and bonds payable 2,500 (7,194) (2,049) (35,151) (5,890) (50,279) 17,155 (45,792) (12,991)
(Gain) loss on settlement of investments, net (167,609) (61,184) (283,306) (156,120) (402,449) 843,837 (820,238) 1,354,263 205,220
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (109,268) (461,908) (287,852) (773,478) (437,082) (981,364) (533,477) (1,092,749) (1,787,851)
(Gain) loss on transfer of loans to real estate owned ("REO") (3,276) (2,944) (7,472) (4,039) (10,120) (6,263) (10,224) (7,726) (3,752)
Accretion and other amortization (12,766) (13,351) (29,892) (30,287) (74,730) (37,634) (106,421) (80,957) (46,241)
Provision (reversal) for credit losses on securities, loans and REO (2,803) 3,740 3,009 7,528 6,455 14,272 (478) 14,962 (47,744)
Non-cash portions of servicing revenue, net 149,730 (645,018) 120,272 (981,581) 158,344 (890,281) 618,005 (639,945) 577,763
Deferred tax provision (16,822) 201,354 39,626 275,458 86,324 297,517 90,002 271,167 151,200
Mortgage loans originated and purchased for sale, net of fees (7,531,856) (29,446,744) (18,109,588) (50,293,942) (30,003,362) (65,397,832) (39,817,843) (76,344,856) (130,205,665)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 8,137,021 32,408,766 18,174,194 54,533,386 30,088,541 70,570,337 39,340,813 81,547,076 132,114,445
Loan originations and draws of consolidated entities       (27,061)   (49,024) 0 (75,406) 0
Loan repayment proceeds of consolidated entities 57,854 154,840 130,704 294,364 196,166 372,950 278,920 431,065 753,101
Mortgage loans receivable repayment proceeds of consolidated CFEs 90,496   166,550 79,480 255,798 124,918 353,994 170,834 0
Interest received from servicer advance investments, loans and other 13,705 41,721 27,874 31,394 42,932 46,797 54,485 62,375 153,539
Changes in:                  
Servicer advances receivable, net 230,596 202,938 377,567 294,452 339,610 332,902 15,022 (36,695) 226,173
Other assets 50,472 (268,772) 16,191 72,498 15,312 (54,485) (428,763) 405,469 939,953
Due to affiliates   (7,887)   (17,819)   (17,819) 0 (17,819) 8,369
Accrued expenses and other liabilities 21,346 285,517 83,799 132,325 199,341 317,256 89,897 (89,003) (349,733)
Net cash provided by (used in) operating activities 1,248,442 3,219,674 1,231,524 4,529,941 1,740,541 5,761,300 693,595 5,752,886 3,434,806
Cash Flows From Investing Activities                  
Business acquisitions, net of cash acquired             (306,770) 0 (1,173,171)
Maturity of U.S. Treasury Bills             1,030,000 0 0
Purchase of U.S. Treasury Bills     (973,795)   (973,795)   (998,148) 0 0
Purchase of servicer advance investments (232,446) (257,807) (445,470) (500,000) (644,594) (744,671) (852,015) (988,847) (1,286,526)
Purchase of RMBS (2,883,278) (1,006,483) (2,898,237) (1,052,724) (4,094,458) (9,597,580) (4,094,934) (15,629,483) (6,099,550)
U.S. Treasury Note short sales             1,765,360 0 0
Reverse repurchase agreements entered             (1,769,601) 0 0
Purchase of residential mortgage loans (1,269) (7,182) (1,269) (7,182) (1,269) (7,182) 0 (7,182) 0
Purchase of SFR properties, MSRs and other assets (4,607) (239,347) (11,975) (355,002) (72,503) (396,981) (106,351) (416,610) (1,390,317)
Purchase of mortgage loans receivable         (146,631)   (146,631) 0 0
Draws on revolving consumer loans (6,831) (7,163) (13,493) (14,350) (20,675) (22,070) (27,510) (29,615) (29,002)
Net settlement of derivatives and hedges 225,560 65,436 291,174 279,306 390,415 282,827 867,637 311,073 (182,971)
Return of investments in Excess MSRs 7,821 2,680 16,489 7,873 23,066 12,264 31,940 17,701 54,037
Principal repayments from servicer advance investments 240,331 290,128 464,921 541,868 675,261 791,653 880,861 1,033,326 1,382,344
Principal repayments from RMBS 143,419 336,380 305,887 649,294 477,480 863,193 639,736 1,026,186 2,257,698
Principal repayments from residential mortgage loans 8,272 24,121 21,364 49,806 35,064 69,020 47,735 85,836 119,841
Principal repayments from consumer loans 24,784 39,935 86,164 79,298 267,820 112,228 439,540 140,574 214,619
Proceeds from sale of MSRs and MSR financing receivables             705,300 10,698 62,971
Proceeds from sale of RMBS 1,869,053   1,869,053 738,887 1,868,702 7,716,127 2,087,419 14,565,043 8,189,585
Proceeds from sale of residential mortgage loans             0 0 9,922
Proceeds from sale of REO 5,678 3,832 13,175 7,210 19,806 9,652 23,153 14,201 54,232
Net cash provided by (used in) investing activities (602,156) (754,968) (851,978) 427,002 (1,491,011) (907,295) 216,721 132,901 2,183,712
Cash Flows From Financing Activities                  
Repayments of secured financing agreements (11,327,261) (9,638,525) (24,321,697) (23,318,214) (31,733,802) (39,920,856) (48,921,875) (55,998,234) (69,206,600)
Repayments of warehouse credit facilities (8,473,149) (33,378,329) (18,980,639) (56,240,720) (31,076,021) (73,028,747) (41,096,041) (83,793,352) (130,744,991)
Net settlement of margin deposits under repurchase agreements and derivatives (387,780) 137,418 (411,796) 812,477 (676,511) 1,007,970 (862,662) 1,460,458 249,367
Repayments of secured notes and bonds payable (1,677,534) (1,047,972) (3,538,076) (2,220,042) (5,024,509) (3,174,439) (7,636,954) (4,696,136) (8,078,073)
Deferred financing fees (2,103) (4,472) (11,740) (1,398) (7,084) (8,992) (7,364) (11,062) (8,385)
Dividends paid on common and preferred stock (140,968) (139,185) (284,262) (278,293) (427,583) (417,445) (570,878) (558,301) (438,544)
Borrowings under secured financing agreements 12,240,027 10,081,997 26,093,901 21,936,667 34,530,433 39,713,905 50,079,186 54,385,892 64,749,425
Borrowings under warehouse credit facilities 8,062,420 29,622,712 18,706,720 50,995,092 30,625,465 66,296,292 41,065,479 76,069,417 129,899,057
Borrowings under secured notes and bonds payable 1,303,796 1,351,203 2,425,593 2,605,887 3,561,756 3,777,252 6,669,483 5,868,761 7,964,077
Proceeds from issuance of debt obligations of consolidated CFEs   1,160,218 150,586 1,466,538 150,586 1,700,810 725,901 1,919,160 725,397
Repayments of debt obligations of consolidated CFEs (51,983) (150,961) (127,404) (297,527) (190,881) (374,170) (269,563) (430,042) (1,145,324)
Issuance of common and preferred stock             0 0 962,910
Repurchase of common and preferred stock   (3,814)   (3,814)   (3,814) 0 (5,227) 0
Noncontrolling interest in equity of consolidated subsidiaries - distributions (5,430) (8,879) (12,405) (15,968) (17,597) (21,391) (17,261) (27,047) (78,123)
Payment of contingent consideration   (12,276)         0 (2,355) (12,276)
Net cash provided by (used in) financing activities (459,965) (2,030,865) (311,219) (4,559,315) (285,748) (4,453,625) (842,549) (5,818,068) (5,162,083)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 186,321 433,841 68,327 397,628 (36,218) 400,380 67,767 67,719 456,435
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,629,328 1,561,609 1,629,328 1,561,609 1,629,328 1,561,609 1,629,328 1,561,609 1,105,174
Cash, Cash Equivalents, and Restricted Cash, End of Period 1,815,649 1,995,450 1,697,655 1,959,237 1,593,110 1,961,989 1,697,095 1,629,328 1,561,609
Supplemental Disclosure of Cash Flow Information                  
Cash paid during the period for interest 313,870 150,121 680,330 318,438 975,872 531,903 1,484,094 825,224 578,681
Cash paid during the period for income taxes 402 36 1,798 1,636 1,798 1,757 6,524 4,012 23,506
Supplemental Schedule of Non-Cash Investing and Financing Activities                  
Dividends declared but not paid on common and preferred stock 143,149 139,158 143,225 139,141 143,199 140,856 143,199 140,984 139,170
Transfer from residential mortgage loans to real estate owned and other assets             21,943 14,936 30,020
Real estate securities retained from loan securitizations   0 0 0 0 0 0 0 45,967
Residential mortgage loans subject to repurchase 1,189,907 $ 1,700,426 1,296,097 $ 1,758,509 1,443,546 1,897,142 1,782,998 1,219,890 1,787,314
Purchase of Agency RMBS, settled after quarter-end           $ 498,933 0 731,216 0
Cashless exercise of 2020 Warrants (par) $ 93   93   93   93 69 0
Genesis Acquisition                  
Supplemental Schedule of Non-Cash Investing and Financing Activities                  
Seller financing in acquisition             0 0 1,256,279
Marcus Acquisition                  
Supplemental Schedule of Non-Cash Investing and Financing Activities                  
Seller financing in acquisition     $ 1,317,347   $ 1,317,347   1,317,347 0 0
CPX Acquisition                  
Supplemental Schedule of Non-Cash Investing and Financing Activities                  
Seller financing in acquisition             $ 323,452 $ 0 $ 0