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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 68,436 $ (1,779)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
MSR valuation adjustments, net (95,830) 51,242
Loss on sale of MSRs, net 239 41
Provision for bad debts 9,822 11,522
Depreciation 5,169 5,066
Amortization of debt issuance costs and discount 5,082 3,232
Amortization of intangibles 2,125 0
Equity-based compensation expense 1,288 2,260
Loss (gain) on extinguishment of debt (914) 15,458
Loss on valuation of Pledged MSR financing liability 95,330 9,944
Net loss (gain) on valuation of loans held for investment and HMBS-related borrowings 16,180 (18,505)
Earnings of equity method investee (15,935) (350)
Loss (gain) on loans held for sale, net 2,266 (48,434)
Origination and purchase of loans held for sale (8,154,599) (6,620,727)
Proceeds from sale and collections of loans held for sale 8,275,230 6,287,238
Changes in assets and liabilities:    
Decrease in advances, net 105,932 56,461
Decrease in receivables and other assets, net 62,810 44,368
Decrease in other liabilities (84,223) (9,034)
Other, net 466 (4,240)
Net cash provided by (used in) operating activities 298,874 (216,237)
Cash flows from investing activities    
Origination of loans held for investment (1,144,856) (720,442)
Principal payments received on loans held for investment 995,711 722,099
Acquisition of loans held for investment, net (3,634) 0
Acquisition of reverse mortgage subservicing agreements (6,906) 0
Purchase of MSRs (103,473) (712,578)
Proceeds from sale of MSRs 134,465 0
Proceeds from sale of advances 754 0
Additions to premises and equipment (2,152) (831)
Purchase of real estate (197) (5,098)
Proceeds from sale of real estate 4,402 5,190
Proceeds from sale of premises and equipment 135 0
Investment in equity method investee (16,500) (11,528)
Distribution of capital from equity method investee 16,875 0
Other, net 30 692
Net cash used in investing activities (125,346) (722,496)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (35,319) (51,106)
Repayment of other financing liabilities (57,608) (39,616)
Proceeds from (repayment of) mortgage loan warehouse facilities, net (305,806) 321,639
Proceeds from MSR financing facilities 277,688 630,003
Repayment of MSR financing facilities (188,929) (53,509)
Repurchase and repayment of Senior notes (23,625) (319,156)
Proceeds from issuance of Senior notes and warrants 0 647,944
Repayment of senior secured term loan (SSTL) borrowings 0 (188,700)
Payment of debt issuance costs (1,164) (16,032)
Proceeds from sale of MSRs accounted for as secured financing 66,237 0
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 1,149,876 667,480
Repayment of HMBS-related borrowings (993,487) (715,332)
Issuance of common stock 0 9,878
Repurchase of common stock (2,262) 0
Other, net 0 (525)
Net cash provided by (used in) financing activities (114,399) 892,968
Net increase (decrease) in cash, cash equivalents and restricted cash 59,129 (45,765)
Cash, cash equivalents and restricted cash at beginning of year 263,446 357,265
Cash, cash equivalents and restricted cash at end of period 322,575 311,500
Supplemental non-cash investing and financing activities:    
Loans held for investment acquired at fair value 224,052 0
HMBS-related borrowings assumed at fair value (219,509) 0
Holdback (909) 0
Net cash paid to acquire loans held for investment 3,634 0
Right-of-use asset 8,583 3,204
Lease liability 8,583 3,204
Transfers of loans held for sale to real estate owned (REO) 381 4,090
Supplemental information - Sale and deconsolidation of subsidiary    
Cash proceeds received 0 4,409
Equity / cash balance held by subsidiary upon sale 0 (5,250)
Cash and cash equivalents 255,885 243,582
Debt service accounts 13,605 15,643
Other restricted cash 53,085 52,275
Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 322,575 $ 311,500