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
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating Activities    
Net loss [1] $ (218,158) $ (715,528)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Loss (gain) on sale and other income from loans held for sale, net [1] 27,216 (211,018)
Unrealized fair value changes on loans, related obligations, and derivatives [1] (307,152) (60,260)
Change in fair value of mortgage servicing rights (“MSR”) [1] 3,067 (23,026)
Depreciation and amortization [1] 47,545 64,991
Change in fair value of nonrecourse MSR financing liability [1] (748) 8,162
Impairment of intangibles and other assets [1] 13,751 192,509
Deferred income taxes [1] 678 (16,768)
Change in fair value of deferred purchase price liabilities [1] 552 (11,207)
Loss on investments [1] 16,845 6,925
Equity-based compensation [1] 24,667 47,857
Non-cash lease expense [1] (3,028) 6,537
Provision for claims [1] 2,186 3,351
Originations/purchases of loans held for sale [1] (211,485) (14,313,496)
Proceeds from sale of loans held for sale [1] 530,529 16,174,272
Change in fair value of warrant liability [1] 33 (4,380)
Changes in operating assets and liabilities:    
Other assets, net [1] 33,759 421,323
Payables and accrued expenses [1] (31,825) (162,425)
Net cash provided by (used in) operating activities [1] (71,568) 1,407,819
Investing Activities    
Purchases and originations of loans held for investment [1] (3,053,899) (6,165,003)
Proceeds/payments received on loans held for investment [1] 1,927,773 2,178,473
Purchases and originations of loans held for investment, subject to nonrecourse debt [1] (76,031) (117,009)
Proceeds/payments on loans held for investment, subject to nonrecourse debt [1] 1,349,682 1,846,937
Proceeds on sale of MSR [1] 85,628 473,794
Acquisition of American Advisors Group net assets [1] (140,854) 0
Proceeds from sale of businesses (net of cash transferred) [1] 71,166 0
Issuance of notes receivable [1] 0 (20,000)
Other investing activities, net [1] (5,328) (16,267)
Net cash provided by (used in) investing activities [1] 158,137 (1,819,075)
Financing Activities    
Proceeds from issuance of HMBS related obligations [1] 2,140,795 2,863,667
Payments on HMBS related obligations [1] (1,924,130) (2,325,269)
Proceeds from issuance of nonrecourse debt [1] 1,728,914 3,418,437
Payments on nonrecourse debt [1] (1,597,531) (1,879,198)
Proceeds from other financing lines of credit [1] 4,592,432 21,473,732
Payments on other financing lines of credit [1] (5,119,322) (23,365,804)
Changes in notes payable [1] 12,340 46,790
Other financing activities, net [1] (2,726) (7,141)
Net cash provided by (used in) financing activities [1] (139,228) 225,214
Effect of exchange rate changes on cash and cash equivalents 24 (163)
Net decrease in cash and cash equivalents and restricted cash (52,635) (186,205)
Cash and restricted cash, beginning of period [1] 277,436 463,641
Cash and restricted cash, end of period [1] 224,801 277,436
Supplementary Cash Flows Information    
Cash paid for interest 308,381 269,259
Cash paid for income taxes, net 0 46
Loans transferred to loans held for sale, at fair value, from loans held for investment, at fair value 4,732 11,562
Common Class A    
Financing Activities    
Issuance of Class A Common Stock [1] $ 30,000 $ 0
[1]
(1) Amounts presented contain results from both continuing and discontinued operations. Refer to Note 4 - Discontinued Operations for additional information regarding cash flow associated with the results of discontinued operations.