Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities          
Net (loss) income $ 124,320 $ (1,301,002)   $ 497,913 $ 76,630
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:          
Gain on sale and other income from loans held for sale, net (291,334) (564,525)   (1,178,995) (464,308)
Unrealized changes on loans, related obligations and derivatives (69,283) (317,296)   (275,485) (280,662)
Change in fair value of mortgage servicing rights (20,349) 15,200   (4,562) 1,357
Depreciation and amortization 5,366 50,005   19,327 19,341
Impairment of ROU asset 0     702 1,689
Change in fair value of nonrecourse MSR financing liability (390) 2,998   (798) 0
Impairment of goodwill and intangibles 0 1,380,630   0 422
Change in deferred income taxes (128) (23,747)   (231) (96)
Change in fair value of deferred purchase price liabilities 29 2,240   3,014 (1,804)
Change in fair value of equity securities 0     0 (1,429)
Loss on investments 9,464 3,470   3,838 0
Equity based compensation 0 71,808   0 2,919
Non Cash Lease Expense 1,411 7,324   3,824 5,658
Provision for claims 0 7,043   3,520 1,417
Interest rate swap settlements 38,555 (57,493)   (15,922) (18,338)
Originations/purchases of loans held for sale (8,569,575) (21,843,640)   (29,407,723) (15,695,648)
Proceeds from sale of loans held for sale 8,878,131 22,438,540   29,628,177 16,488,142
Change in fair value of warrant liability 0 (12,472)   0 0
Changes in operating assets and liabilities:          
Payables and accrued expenses (99,597) 144,220   4,253 38,038
Other assets, net 111,423 (217,932)   33,058 (72,203)
Net cash (used in) provided by operating activities 118,043 (214,630)   (686,090) 101,125
Investing Activities          
Purchases and originations of loans held for investment (1,151,925) (4,426,519)   (3,637,299) (3,547,544)
Proceeds/payments received on loans held for investment 677,777   $ 2,006,133 1,822,409 920,768
Purchases and origination of loans held for investment, subject to nonrecourse debt (12,247)   (89,359) (44,705) (45,782)
Proceeds/payments on loans held for investment, subject to nonrecourse debt 217,452   1,460,257 913,824 760,013
Purchases of debt securities (557)   (4,987) (39,264) (128,828)
Proceeds/payments on debt securities 2,096   3,791 140,787 20,487
Purchases of mortgage servicing rights (9,014)   (16,915) (14,088)  
Acquisition of subsidiaries, net of cash acquired (749)   (28,436) (197)  
Acquisition of fixed assets (4,178)   (13,951) (9,027) (4,289)
Debtor in possession ("DIP") Financing (35,260)   5,600    
Other investing activities, net 4,558   975 (7,547) (460)
Net cash used in investing activities (312,047)   (1,103,411) (875,107) (2,025,635)
Financing Activities          
Proceeds from securitizations of loans, subject to HMBS related obligations 602,172   2,491,919 2,051,954 1,310,343
Payments of HMBS related obligations (506,142)   (1,933,388) (1,943,445) (1,974,683)
Proceeds from issuance of nonrecourse debt, net 579,518   2,108,634 3,074,047 2,343,707
Payments on nonrecourse debt (658,300)   (1,300,720) (1,637,612) (558,808)
Proceeds from other financing lines of credit 10,027,696   27,843,799 35,230,187 23,785,157
Payments on other financing lines of credit (9,660,588)   (27,836,702) (34,969,022) (22,825,625)
Debt issuance costs (2,467)   (5,607) (16,981) (8,795)
Issuance of notes payable 0     350,000  
Payments on notes payable 0     (46,771) (505)
Member distributions (75,000)     (380,431) (2,676)
Settlement of CRNCI     (203,216)    
Other financing activities, net 806   (9,754) 5,936 (187)
Net cash provided by financing activities 307,695   1,154,965 1,717,862 2,067,928
Foreign currency translation adjustment (7)   (110) 34 22
Net (decrease) increase in cash and restricted cash 113,684   (163,186) 156,699 143,440
Cash and restricted cash, beginning of period 539,363 [1] 653,047 626,827 [1] 382,664 [1] 239,224 [1]
Cash and restricted cash, end of period 653,047 $ 463,641 463,641 539,363 [1] 382,664 [1]
Supplementary Cash Flows Information          
Cash paid for interest 50,071   117,965 169,362 159,165
Cash paid for taxes, net 63   2,219 1,447 698
Loans transferred to loans held for investment, at fair value, from mortgage loans held for investment, subject to nonrecourse debt, at fair value 283,428   242,650 568,439 263,645
Loans transferred to loans held for sale, at fair value, from mortgage loans held for investment, at fair value     8,828 183,578 828,845
Loans transferred to government guaranteed receivables from mortgage loans held for investment, at fair value, and mortgage loans held for investment, subject to nonrecourse debt, at fair value 71   2,960 28,599 75,080
Loans transferred to loans held for investment, subject to nonrecourse debt, at fair value, from mortgage loans held for investment, at fair value 272,098   2,581,045 $ 2,729,356 2,796,514
Loans transferred to loans held for investment, subject to HMBS, at fair value, from mortgage loans held for investment, at fair value $ 42,909   $ 2,680,183    
Non-cash contributions from members         271
Non-cash distributions to members         $ 123
[1] Difference between beginning cash for Successor period and ending cash balance for Predecessor period resulted from cash expenses that were considered to have been incurred “on the line.”