Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2018

Parent Company Information

Schedule of condensed balance sheets

	December 31,
	2018		2017
	(in thousands)
ASSETS
Cash	$	—	$	2,605
Investments in subsidiaries		1,975,231		556,439
Due from subsidiaries		582		6,538
Total assets	$	1,975,813	$	565,582
LIABILITIES AND STOCKHOLDERS' EQUITY
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	$	—	$	44,011
Payable to subsidiaries		575		—
Income taxes payable		321,447		52,160
Total liabilities		322,022		96,171
Stockholders' equity		1,653,791		469,411
Total liabilities and stockholders' equity	$	1,975,813	$	565,582

Schedule of condensed statements of income

	Year ended December 31,
	2018		2017		2016
	(in thousands)
Revenues
Dividends from subsidiary	$	10,054	$	—	$	6,418
Interest		—		—		49
Revaluation of Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement		—		32,940		551
Total revenue		10,054		32,940		7,018
Expenses
Interest		32		—		—
Total expenses		32		—		—
Income before provision for income taxes and equity in undistributed earnings in subsidiaries		10,022		32,940		7,018
Provision for income taxes		20,897		24,387		46,103
Income (loss) before equity in undistributed earnings of subsidiaries		(10,875)		8,553		(39,085)
Equity in undistributed earnings of subsidiaries		98,569		92,204		105,164
Net income	$	87,694	$	100,757	$	66,079

Schedule of condensed statements of cash flows

	Year ended December 31,
	2018		2017		2016
	(in thousands)
Cash flows from operating activities
Net income	$	87,694	$	100,757	$	66,079
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiaries		(98,569)		(92,204)		(105,164)
Revaluation of Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement		—		(32,940)		(551)
Decrease in deferred tax asset		—		—		18,668
Decrease (increase) in intercompany receivable		(3,737)		5,646		(76)
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement		—		(6,726)		—
Increase in income taxes payable		22,889		29,912		25,559
Net cash provided by  operating activities		8,277		4,445		4,515
Cash flows from investing activities
Increase in investments in subsidiaries		(77)		—		—
Net cash used by investing activities		(77)		—		—
Cash flows from financing activities
Payment of dividend to Class A common stockholders		(10,054)		—		—
Exercise of from Class A common stock options		803		1,254		149
Repurchase of Class A common stock		(1,554)		(8,599)		—
Net cash (used in) provided by financing activities		(10,805)		(7,345)		149
Net change in cash and restricted cash		(2,605)		(2,900)		4,664
Cash and restricted cash at beginning of year		2,605		5,505		841
Cash and restricted cash at end of year	$	—	$	2,605	$	5,505