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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ (63,700) $ 25,700 $ 18,100
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
MSR valuation adjustments, net 326,400 121,100 187,800
Provision for bad debts (advances and receivables) 25,700 20,500 22,700
Provision for (reversal of) representation and warranty obligations 4,600 7,600 4,600
Depreciation 7,000 10,500 10,300
Amortization of debt discount and issuance costs 18,000 10,100 7,800
Amortization of Intangible Assets 5,100 4,300 700
Loss (gain) on extinguishment of debt (1,300) (900) 15,500
Equity-based compensation expense 9,700 4,600 4,700
Gain on reverse loans held for investment and HMBS-related borrowings, net (35,000) (8,100) (18,300)
Gain on loans held for sale, net (40,600) (22,000) (145,800)
Origination and purchase of loans held for sale (12,797,700) (17,582,000) (19,972,400)
Proceeds from sale and collections of loans held for sale 12,539,800 17,590,100 19,349,300
Changes in assets and liabilities:      
Decrease in advances 76,100 28,300 28,900
Decrease in receivables and other assets 47,800 4,200 33,600
Increase (Decrease) in Derivative Assets and Liabilities (37,300) 6,900 (12,500)
Decrease in other liabilities (65,000) (47,600) (1,400)
Other, net (9,100) (100) (2,000)
Net cash provided by (used in) operating activities 10,400 173,200 (468,400)
Cash flows from investing activities      
Origination of loans held for investment (1,033,400) (1,658,100) (1,763,400)
Principal payments received on loans held for investment 1,078,000 1,581,100 1,628,300
Purchase of MSRs (120,000) (199,400) (831,200)
Proceeds from sale of MSRs 900 155,700 0
Acquisition of loans held for investment, net 0 (4,500) 0
Acquisition of reverse mortgage subservicing agreements 0 (6,900) (9,000)
Distribution of capital from equity method investee 4,400    
Distribution from (investment in) equity method investee, net   (19,000) (23,300)
Acquisition of advances in connection with MSR transactions (42,200) 0 (6,300)
Proceeds from sale of advances 6,400 2,500 1,300
Purchase of real estate (10,700) (1,800) (6,500)
Proceeds from sale of real estate 18,500 6,600 8,100
Additions to premises and equipment (2,200) (5,500) (3,300)
Other, net 100 200 200
Net cash provided by (used in) investing activities (100,300) (149,100) (1,005,100)
Cash flows from financing activities      
Proceeds from (repayment of) advance match funded liabilities, net (13,900) 1,400 (69,000)
Proceeds from (repayment of) mortgage loan financing facilities, net 6,000 (382,300) 633,400
Proceeds from MSR financing facilities 978,600 652,100 715,700
Repayment of MSR financing facilities (1,014,600) (596,900) (250,000)
Repurchase and repayment of Senior notes (13,500) (23,600) (319,200)
Proceeds from issuance of Senior notes and warrants 0 0 647,900
Repayment of senior secured term loan (SSTL) borrowings 0 0 (188,700)
Payment of debt issuance costs (4,200) (1,300) (16,200)
Proceeds from other financing liabilities - Sale of MSRs accounted for as secured financing 174,700 86,200 247,000
Proceeds from other financing liabilities - Excess Servicing Spread (ESS) liability 68,700 200,900 0
Repayment of other financing liabilities (95,300) (111,900) (91,200)
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 1,054,600 1,780,400 1,674,900
Repayment of HMBS-related borrowings (1,070,100) (1,568,400) (1,614,300)
Issuance of common stock 0 0 9,900
Repurchase of common stock 0 (50,000) 0
Other, net 0 0 (500)
Net cash provided by (used in) financing activities 70,800 (13,400) 1,379,800
Net increase (decrease) in cash, cash equivalents and restricted cash (19,100) 10,700 (93,700)
Cash, cash equivalents and restricted cash at beginning of year 274,200 263,500 357,200
Cash, cash equivalents and restricted cash at end of year 255,100 274,200 263,500
Supplemental cash flow information      
Interest paid 253,800 168,500 125,100
Income tax payments (refunds), net (4,600) (26,900) (22,300)
Fair Value of Assets Acquired 0 224,100 0
Liabilities Assumed 0 (219,500) 0
Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset 0 4,500 0
Supplemental non-cash investing and financing activities      
Right-of-use asset (2,300) 11,400 4,500
Lease liability (2,300) 11,400 4,200
Transfer from loans held for investment to loans held for sale 6,100 8,000 4,300
Transfers of loans held for sale to real estate owned (REO) 20,200 3,500 9,100
Derecognition of MSRs (454,300) (39,000) 0
Derecognition of financing liabilities: (454,300) (35,900) 0
Restricted cash and equivalents:      
Cash and cash equivalents 201,600 208,000 192,800
Debt service accounts 32,300 22,300 10,000
Other restricted cash 21,200 43,900 60,700
Federal      
Supplemental cash flow information      
Income tax payments (refunds), net 100 (25,800) (22,700)
State      
Supplemental cash flow information      
Income tax payments (refunds), net 500 (4,100) (3,100)
Foreign      
Supplemental cash flow information      
Income tax payments (refunds), net $ (5,200) $ 3,000 $ 3,500