XML 203 R187.htm IDEA: XBRL DOCUMENT v3.24.2.u1
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) - Cash Flow Statement (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
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) $ (67,151) $ 221,191 $ 386,685 $ 89,949 $ 105,833 $ 154,190 $ 33,331 $ 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                              
Purchase of US Treasuries                 (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)
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       1,357       454 424,034 2,105 705,300 3,975 705,300 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 REO       5,678       3,832 13,175 7,210 19,806 9,652 23,153 14,201 54,232
Purchase of MSRs, MSR financing receivables and servicer advances receivable               (655)   (603)   (1,259)      
Principal repayments from MSRs and MSR financing receivables               703   1,216   1,509      
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)
Repayment of unsecured senior notes                 0            
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 1,593,110 1,697,655 1,815,649 1,629,328 1,961,989 1,959,237 1,995,450 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 1,697,095 1,593,110 1,697,655 1,815,649 1,629,328 1,961,989 1,959,237 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 REO and other assets       6,025       (2,034) 14,662 4,890 21,135 10,762 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 1,782,998 1,443,546 1,296,097 1,189,907 1,219,890 1,897,142 1,758,509 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
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
As Reported                              
Cash Flows From Operating Activities                              
Net income (loss) (67,151) 221,191 386,685 89,949 105,833 154,190 33,331 689,931 476,634 723,262 697,825 877,452 630,674 983,285 805,582
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                              
Change in fair value of investments, net       243,258       147,119 269,530 381,159 516,114 (587,181) 843,878 (1,108,366) (11,723)
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) 1,354,263 232,151
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net       (109,268)       (471,996) (261,090) (776,787) (410,320) (980,266) (508,434) (1,086,232) (1,826,909)
(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       (18,270)       (15,095) (37,711) (34,731) (85,063) (45,230) (120,699) (91,891) (49,382)
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) (50,321,003) (30,003,362) (65,446,856) (39,817,843) (76,420,262) (130,737,605)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale       8,227,517       33,244,922 18,491,330 55,755,342 30,494,925 72,072,003 40,420,708 83,313,008 132,834,967
Loan originations and draws of consolidated entities                   0   0   0  
Loan repayment proceeds of consolidated entities       0       0 0 0 0 0 0 0 0
Mortgage loans receivable repayment proceeds of consolidated CFEs       0         0 0 0 0 0 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)   (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       1,181,267       3,890,152 1,232,246 5,355,298 1,667,487 6,731,911 1,101,554 6,874,063 2,883,872
Cash Flows From Investing Activities                              
Purchase of US Treasuries                 (973,795)   (973,795)   (998,148)    
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)
Purchase of residential mortgage loans       (1,269)       (7,182) (1,269) (7,182) (1,269) (7,182) 0 (7,182)  
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)    
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       155,002       355,028 331,176 687,624 514,553 915,913 693,546 1,091,538 2,330,850
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       1,357       454 424,034 2,105 705,300 3,975 705,300 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 8,238,974
Proceeds from sale of REO       5,678       3,832 13,175 7,210 19,806 9,652 23,153 14,201 54,232
Purchase of MSRs, MSR financing receivables and servicer advances receivable               (655)   (603)   (1,259)      
Principal repayments from MSRs and MSR financing receivables               703   1,216   1,509      
Net cash provided by (used in) investing activities       (590,573)       (736,320) (826,689) 465,332 (1,453,938) (854,575) 252,518 198,253 2,306,253
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)
Repayment of unsecured senior notes                 0            
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       1,675,265 2,425,593 2,929,949 3,561,756 4,101,314 6,669,483 6,192,823 7,964,077
Proceeds from issuance of debt obligations of consolidated CFEs               0 0 0 0 0 0 0 0
Repayments of debt obligations of consolidated CFEs       0       0 0 0 0 0 0 0 0
Issuance of common and preferred stock                             962,910
Repurchase of common and preferred stock               (3,814)   (3,814)   (3,814)   (5,227)  
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       (407,982)       (2,716,060) (334,401) (5,404,264) (245,453) (5,456,203) (1,298,887) (6,983,124) (4,742,156)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash       182,712       437,772 71,156 416,366 (31,904) 421,133 55,185 89,192 447,969
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,585,730 1,688,790 1,800,346 1,617,634 1,949,575 1,944,808 1,966,214 1,528,442 1,617,634 1,528,442 1,617,634 1,528,442 1,617,634 1,528,442 1,080,473
Cash, Cash Equivalents, and Restricted Cash, End of Period 1,672,819 1,585,730 1,688,790 1,800,346 1,617,634 1,949,575 1,944,808 1,966,214 1,688,790 1,944,808 1,585,730 1,949,575 1,672,819 1,617,634 1,528,442
Supplemental Disclosure of Cash Flow Information                              
Cash paid during the period for interest       286,434       132,817 624,519 280,007 893,204 468,991 1,361,090 734,232 505,978
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 REO and other assets       6,025       (2,034) 14,662 4,890 21,135 10,762 21,943 14,936 30,020
Real estate securities retained from loan securitizations               113,695 15,241 100,324 15,241 167,246 113,136 206,082 173,631
Residential mortgage loans subject to repurchase 1,782,998 1,443,546 1,296,097 1,189,907 1,219,890 1,897,142 1,758,509 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   731,216  
Cashless exercise of 2020 Warrants (par)       93         93   93   93 69  
As Reported | Marcus Acquisition                              
Supplemental Schedule of Non-Cash Investing and Financing Activities                              
Seller financing in acquisition                 1,317,347   1,317,347   1,317,347    
Error Adjustments                              
Cash Flows From Operating Activities                              
Net income (loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                              
Change in fair value of investments, net       3,817       (994) 38,103 15,002 43,903 26,689 49,787 38,439 (28,853)
Change in fair value of equity investments       0       0 0 0 0 0 0 0 0
Change in fair value of secured notes and bonds payable       0       0 0 0 0 0 0 0 0
(Gain) loss on settlement of investments, net       0       0 0 0 0 0 0 0 (26,931)
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net       0       10,088 (26,762) 3,309 (26,762) (1,098) (25,043) (6,517) 39,058
(Gain) loss on transfer of loans to real estate owned ("REO")       0       0 0 0 0 0 0 0 0
Accretion and other amortization       5,504       1,744 7,819 4,444 10,333 7,596 14,278 10,934 3,141
Provision (reversal) for credit losses on securities, loans and REO       0       0 0 0 0 0 0 0 0
Non-cash portions of servicing revenue, net       0       0 0 0 0 0 0 0 0
Deferred tax provision       0       0 0 0 0 0 0 0 0
Mortgage loans originated and purchased for sale, net of fees       0       0 0 0 0 0 0 0 531,940
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale       0       (836,156) (150,586) (1,142,476) (150,586) (1,376,748) (725,901) (1,595,098) (720,522)
Loan originations and draws of consolidated entities                   0   0   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       0         0 0 0 0 0 0  
Interest received from servicer advance investments, loans and other       0       0 0 0 0 0 0 0 0
Changes in:                              
Servicer advances receivable, net       0       0 0 0 0 0 0 0 0
Other assets       0       0 0 0 0 0 0 0 0
Due to affiliates               0   0   0   0 0
Accrued expenses and other liabilities       0       0 0 0 0 0 0 0 0
Net cash provided by (used in) operating activities       67,175       (670,478) (722) (825,357) 73,054 (970,611) (407,959) (1,121,177) 550,934
Cash Flows From Investing Activities                              
Purchase of US Treasuries                 0   0   0    
Purchase of servicer advance investments       0       0 0 0 0 0 0 0 0
Purchase of RMBS       0       0 0 0 0 0 0 0 0
Purchase of residential mortgage loans       0       0 0 0 0 0 0 0  
Purchase of SFR properties, MSRs and other assets       0       0 0 0 0 0 0 0 0
Purchase of mortgage loans receivable                     0   0    
Draws on revolving consumer loans       0       0 0 0 0 0 0 0 0
Net settlement of derivatives and hedges       0       0 0 0 0 0 0 0 0
Return of investments in Excess MSRs       0       0 0 0 0 0 0 0 0
Principal repayments from servicer advance investments       0       0 0 0 0 0 0 0 0
Principal repayments from RMBS       (11,583)       (18,648) (25,289) (38,330) (37,073) (52,720) (53,810) (65,352) (73,152)
Principal repayments from residential mortgage loans       0       0 0 0 0 0 0 0 0
Principal repayments from consumer loans       0       0 0 0 0 0 0 0 0
Proceeds from sale of MSRs and MSR financing receivables       0       0 0 0 0 0 0 0 0
Proceeds from sale of RMBS       0         0 0 0 0 0 0 (49,389)
Proceeds from sale of REO       0       0 0 0 0 0 0 0 0
Purchase of MSRs, MSR financing receivables and servicer advances receivable               0   0   0      
Principal repayments from MSRs and MSR financing receivables               0   0   0      
Net cash provided by (used in) investing activities       (11,583)       (18,648) (25,289) (38,330) (37,073) (52,720) (35,797) (65,352) (122,541)
Cash Flows From Financing Activities                              
Repayments of secured financing agreements       0       0 0 0 0 0 0 0 0
Repayments of warehouse credit facilities       0       0 0 0 0 0 0 0 0
Repayment of unsecured senior notes                 0            
Net settlement of margin deposits under repurchase agreements and derivatives       0       0 0 0 0 0 0 0 0
Repayments of secured notes and bonds payable       0       0 0 0 0 0 0 0 0
Deferred financing fees       0       0 0 0 0 0 0 0 0
Dividends paid on common and preferred stock       0       0 0 0 0 0 0 0 0
Borrowings under secured financing agreements       0       0 0 0 0 0 0 0 0
Borrowings under warehouse credit facilities       0       0 0 0 0 0 0 0 0
Borrowings under secured notes and bonds payable       0       0 0 0 0 0 0 0 0
Proceeds from issuance of debt obligations of consolidated CFEs               836,156 150,586 1,142,476 150,586 1,376,748 725,901 1,595,098 725,397
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
Repurchase of common and preferred stock               0   0   0   0  
Noncontrolling interest in equity of consolidated subsidiaries - distributions       0       0 0 0 0 0 0 0 0
Payment of contingent consideration               0         0 0 0
Net cash provided by (used in) financing activities       (51,983)       685,195 23,182 844,949 (40,295) 1,002,578 456,338 1,165,056 (419,927)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash       3,609       (3,931) (2,829) (18,738) (4,314) (20,753) 12,582 (21,473) 8,466
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 7,380 8,865 15,303 11,694 12,414 14,429 29,236 33,167 11,694 33,167 11,694 33,167 11,694 33,167 24,701
Cash, Cash Equivalents, and Restricted Cash, End of Period 24,276 7,380 8,865 15,303 11,694 12,414 14,429 29,236 8,865 14,429 7,380 12,414 24,276 11,694 33,167
Supplemental Disclosure of Cash Flow Information                              
Cash paid during the period for interest       27,436       17,304 55,811 38,431 82,668 62,912 123,004 90,992 72,703
Cash paid during the period for income taxes       0       0 0 0 0 0 0 0 0
Supplemental Schedule of Non-Cash Investing and Financing Activities                              
Dividends declared but not paid on common and preferred stock       0       0 0 0 0 0 0 0 0
Transfer from residential mortgage loans to REO and other assets       0       0 0 0 0 0 0 0 0
Real estate securities retained from loan securitizations               (113,695) (15,241) (100,324) (15,241) (167,246) (113,136) (206,082) (127,664)
Residential mortgage loans subject to repurchase 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchase of Agency RMBS, settled after quarter-end                       0   0  
Cashless exercise of 2020 Warrants (par)       0         0   0   0 0  
Error Adjustments | Marcus Acquisition                              
Supplemental Schedule of Non-Cash Investing and Financing Activities                              
Seller financing in acquisition                 0   0   0    
Subtotal                              
Cash Flows From Operating Activities                              
Net income (loss) (67,151) 221,191 386,685 89,949 105,833 154,190 33,331 689,931 476,634 723,262 697,825 877,452 630,674 983,285 805,582
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) (50,321,003) (30,003,362) (65,446,856) (39,817,843) (76,420,262) (130,205,665)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale       8,227,517       32,408,766 18,340,744 54,612,866 30,344,339 70,695,255 39,694,807 81,717,910 132,114,445
Loan originations and draws of consolidated entities                   0   0   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       0         0 0 0 0 0 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)   (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                              
Purchase of US Treasuries                 (973,795)   (973,795)   (998,148)    
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)
Purchase of residential mortgage loans       (1,269)       (7,182) (1,269) (7,182) (1,269) (7,182) 0 (7,182)  
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)    
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       1,357       454 424,034 2,105 705,300 3,975 705,300 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 REO       5,678       3,832 13,175 7,210 19,806 9,652 23,153 14,201 54,232
Purchase of MSRs, MSR financing receivables and servicer advances receivable               (655)   (603)   (1,259)      
Principal repayments from MSRs and MSR financing receivables               703   1,216   1,509      
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)
Repayment of unsecured senior notes                 0            
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       1,675,265 2,425,593 2,929,949 3,561,756 4,101,314 6,669,483 6,192,823 7,964,077
Proceeds from issuance of debt obligations of consolidated CFEs               836,156 150,586 1,142,476 150,586 1,376,748 725,901 1,595,098 725,397
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                             962,910
Repurchase of common and preferred stock               (3,814)   (3,814)   (3,814)   (5,227)  
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)         (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 1,593,110 1,697,655 1,815,649 1,629,328 1,961,989 1,959,237 1,995,450 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 1,697,095 1,593,110 1,697,655 1,815,649 1,629,328 1,961,989 1,959,237 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 REO and other assets       6,025       (2,034) 14,662 4,890 21,135 10,762 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 1,782,998 1,443,546 1,296,097 1,189,907 1,219,890 1,897,142 1,758,509 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   731,216  
Cashless exercise of 2020 Warrants (par)       93         93   93   93 69  
Subtotal | Marcus Acquisition                              
Supplemental Schedule of Non-Cash Investing and Financing Activities                              
Seller financing in acquisition                 1,317,347   1,317,347   1,317,347    
Reclassifications                              
Cash Flows From Operating Activities                              
Net income (loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                              
Change in fair value of investments, net       0       0 0 0 0 0 0 0 0
Change in fair value of equity investments       0       0 0 0 0 0 0 0 0
Change in fair value of secured notes and bonds payable       0       0 0 0 0 0 0 0 0
(Gain) loss on settlement of investments, net       0       0 0 0 0 0 0 0 0
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net       0       0 0 0 0 0 0 0 0
(Gain) loss on transfer of loans to real estate owned ("REO")       0       0 0 0 0 0 0 0 0
Accretion and other amortization       0       0 0 0 0 0 0 0 0
Provision (reversal) for credit losses on securities, loans and REO       0       0 0 0 0 0 0 0 0
Non-cash portions of servicing revenue, net       0       0 0 0 0 0 0 0 0
Deferred tax provision       0       0 0 0 0 0 0 0 0
Mortgage loans originated and purchased for sale, net of fees       0       0 0 27,061 0 49,024 0 75,406 0
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale       (90,496)       0 (166,550) (79,480) (255,798) (124,918) (353,994) (170,834) 0
Loan originations and draws of consolidated entities                   (27,061)   (49,024)   (75,406)  
Loan repayment proceeds of consolidated entities       0       0 0 0 0 0 0 0 0
Mortgage loans receivable repayment proceeds of consolidated CFEs       90,496         166,550 79,480 255,798 124,918 353,994 170,834  
Interest received from servicer advance investments, loans and other       0       0 0 0 0 0 0 0 0
Changes in:                              
Servicer advances receivable, net       0       0 0 0 0 0 0 0 0
Other assets       0       0 0 0 0 0 0 0 0
Due to affiliates               0   0   0   0 0
Accrued expenses and other liabilities       0       0 0 0 0 0 0 0 0
Net cash provided by (used in) operating activities       0       0 0 0 0 0 0 0 0
Cash Flows From Investing Activities                              
Purchase of US Treasuries                 0   0   0    
Purchase of servicer advance investments       0       0 0 0 0 0 0 0 0
Purchase of RMBS       0       0 0 0 0 0 0 0 0
Purchase of residential mortgage loans       0       0 0 0 0 0 0 0  
Purchase of SFR properties, MSRs and other assets       0       0 0 0 0 0 0 0 0
Purchase of mortgage loans receivable                     0   0    
Draws on revolving consumer loans       0       0 0 0 0 0 0 0 0
Net settlement of derivatives and hedges       0       0 0 0 0 0 0 0 0
Return of investments in Excess MSRs       0       0 0 0 0 0 0 0 0
Principal repayments from servicer advance investments       0       0 0 0 0 0 0 0 0
Principal repayments from RMBS       0       0 0 0 0 0 0 0 0
Principal repayments from residential mortgage loans       0       0 0 0 0 0 0 0 0
Principal repayments from consumer loans       0       0 0 0 0 0 0 0 0
Proceeds from sale of MSRs and MSR financing receivables       0       0 0 0 0 0 0 0 0
Proceeds from sale of RMBS       0         0 0 0 0 0 0 0
Proceeds from sale of REO       0       0 0 0 0 0 0 0 0
Purchase of MSRs, MSR financing receivables and servicer advances receivable               0   0   0      
Principal repayments from MSRs and MSR financing receivables               0   0   0      
Net cash provided by (used in) investing activities       0       0 0 0 0 0 0 0 0
Cash Flows From Financing Activities                              
Repayments of secured financing agreements       0       0 0 0 0 0 0 0 0
Repayments of warehouse credit facilities       0       0 0 0 0 0 0 0 0
Repayment of unsecured senior notes                 0            
Net settlement of margin deposits under repurchase agreements and derivatives       0       0 0 0 0 0 0 0 0
Repayments of secured notes and bonds payable       0       0 0 0 0 0 0 0 0
Deferred financing fees       0       0 0 0 0 0 0 0 0
Dividends paid on common and preferred stock       0       0 0 0 0 0 0 0 0
Borrowings under secured financing agreements       0       0 0 0 0 0 0 0 0
Borrowings under warehouse credit facilities       0       0 0 0 0 0 0 0 0
Borrowings under secured notes and bonds payable       0       (324,062) 0 (324,062) 0 (324,062) 0 (324,062) 0
Proceeds from issuance of debt obligations of consolidated CFEs               324,062 0 324,062 0 324,062 0 324,062 0
Repayments of debt obligations of consolidated CFEs       0       0 0 0 0 0 0 0 0
Issuance of common and preferred stock                             0
Repurchase of common and preferred stock               0   0   0   0  
Noncontrolling interest in equity of consolidated subsidiaries - distributions       0       0 0 0 0 0 0 0 0
Payment of contingent consideration               0         0 0 0
Net cash provided by (used in) financing activities       0       0 0 0 0 0 0 0 0
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash       0       0 0 0 0 0 0 0 0
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash, Cash Equivalents, and Restricted Cash, End of Period 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Supplemental Disclosure of Cash Flow Information                              
Cash paid during the period for interest       0       0 0 0 0 0 0 0 0
Cash paid during the period for income taxes       0       0 0 0 0 0 0 0 0
Supplemental Schedule of Non-Cash Investing and Financing Activities                              
Dividends declared but not paid on common and preferred stock       0       0 0 0 0 0 0 0 0
Transfer from residential mortgage loans to REO and other assets       0       0 0 0 0 0 0 0 0
Real estate securities retained from loan securitizations               0 0 0 0 0 0 0 0
Residential mortgage loans subject to repurchase $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 $ 0 0 $ 0 0 0 0 0 $ 0
Purchase of Agency RMBS, settled after quarter-end                       $ 0   0  
Cashless exercise of 2020 Warrants (par)       $ 0         0   0   0 $ 0  
Reclassifications | Marcus Acquisition                              
Supplemental Schedule of Non-Cash Investing and Financing Activities                              
Seller financing in acquisition                 $ 0   $ 0   $ 0