Home About Us Strategy & Portfolio News Investors Contact Cash Flow FINANCIAL INFO Financial Results Income Statement Balance Sheet Cash Flow Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands 9 Months Ended Sep. 30, 2021 Sep. 30, 2020 Cash Flows From Operating Activities Net income (loss) $ 617,743 $ (1,459,206) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of Excess MSRs 12,245 14,675 Change in fair value of servicer advance investments 6,535 (431) Change in fair value of residential mortgage loans, at fair value (154,984) 108,306 Change in fair value of secured notes and bonds payable (5,245) (535) Change in fair value of real estate and other securities 336,009 531 Change in fair value of consumer loans 13,338 4,446 Bargain purchase gain (3,497) 0 (Gain) loss on settlement of investments, net 189,002 904,200 (Gain) loss on originated mortgage loans, held-for-sale, net (1,257,094) (966,813) (Gain) loss on extinguishment of debt (83) 64,795 Change in fair value of derivative instruments (214,367) (4,213) Change in fair value of contingent consideration 886 5,949 Change in fair value of equity investments (5,929) 52,413 (Gain) loss on transfer of loans to REO (3,412) (5,010) (Gain) loss on transfer of loans to other assets 14 773 (Gain) loss on Ocwen common stock (1,050) (221) Accretion and other amortization (Note 2) (36,559) (127,456) Depreciation on single family rental properties 3,174 473 Provision (reversal) for credit losses on securities (5,020) 15,166 Valuation and credit loss provision (reversal) on loans and real estate owned (42,617) 118,504 Non-cash portions of servicing revenue, net 421,332 1,731,378 Non-cash directors’ compensation 1,110 1,211 Deferred tax provision 119,679 (42,439) Changes in: Servicer advances receivable, net 303,841 470,221 Other assets (112,966) 159,684 Due to affiliates (555) (94,337) Accrued expenses and other liabilities (227,151) (204,710) Other operating cash flows: Interest and distributions received from Excess MSRs 16,810 27,415 Interest received from servicer advance investments 8,990 14,183 Interest received from Non-Agency RMBS 78,903 137,000 Interest received from residential mortgage loans, held-for-investment 3,196 3,907 Purchases of residential mortgage loans, held-for-sale (5,797,205) (2,390,498) Origination of residential mortgage loans, held-for-sale (84,611,600) (36,801,062) Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 89,272,284 39,908,942 Principal repayments from purchased residential mortgage loans, held-for-sale 387,748 226,436 Net cash provided by (used in) operating activities (686,495) 1,885,868 Cash Flows From Investing Activities Purchase of servicer advance investments (976,629) (991,289) Purchase of MSRs, MSR financing receivables and servicer advances receivable (15,617) (530,657) Purchase of Agency RMBS (6,098,841) (18,584,357) Purchase of Non-Agency RMBS 0 (56,515) Purchase of real estate owned and other assets (368,092) (5,347) Purchase of equity method investments (13,397) 0 Draws on revolving consumer loans (21,680) (25,008) Origination of commercial loans (250,000) 0 Payments for settlement of derivatives (153,770) (160,465) Return of investments in Excess MSRs 38,472 40,101 Acquisition of Caliber, net of cash acquired (811,207) 0 Principal repayments from servicer advance investments 1,034,242 1,036,634 Principal repayments from Agency RMBS 1,688,338 838,200 Principal repayments from Non-Agency RMBS 121,857 358,322 Principal repayments from residential mortgage loans 86,878 100,433 Principal repayments from commercial loans 23,442 0 Principal repayments from consumer loans 160,615 176,125 Proceeds from MSRs and MSR financing receivables 1,086 64,623 Proceeds from sale of MSRs and MSR financing receivables 59,163 14,160 Proceeds from sale of Excess MSRs 2,363 144 Proceeds from sale of Agency RMBS 8,074,294 23,249,507 Proceeds from sale of Non-Agency RMBS 164,630 5,292,717 Proceeds from settlement of derivatives 13,258 65,650 Proceeds from sale of real estate owned 47,638 84,733 Net cash provided by (used in) investing activities 2,807,043 10,967,711 Cash Flows From Financing Activities Repayments of secured financing agreements (58,118,431) (113,038,497) Repayments of warehouse credit facilities (88,254,304) (40,782,950) Margin deposits under secured financing agreements and derivatives (4,245,890) (3,519,989) Proceeds for issuance of term loan 0 592,400 Repayments of secured notes and bonds payable (5,920,361) (7,040,542) Deferred financing fees (4,385) (31,863) Common stock dividends paid (259,224) (270,117) Preferred stock dividends paid (43,073) (36,730) Borrowings under secured financing agreements 54,297,394 101,149,869 Borrowings under warehouse credit facilities 90,195,545 39,427,045 Return of margin deposits under secured financing agreements and derivatives 4,424,635 3,717,645 Borrowings under secured notes and bonds payable 5,402,819 7,057,202 Issuance of preferred stock 449,506 389,548 Issuance of common stock 512,012 1,734 Costs related to issuance of common and preferred stock (525) (72) Noncontrolling interests in equity of consolidated subsidiaries - contributions 0 1,818 Noncontrolling interests in equity of consolidated subsidiaries - distributions (45,017) (31,844) Payment of contingent consideration (7,776) (51,994) Purchase of noncontrolling interests (22,523) 0 Net cash provided by (used in) financing activities (1,639,598) (12,522,937) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 480,950 330,642 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,080,473 690,934 Cash, Cash Equivalents, and Restricted Cash, End of Period 1,561,423 1,021,576 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 365,241 450,792 Cash paid during the period for income taxes 20,732 105 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared by not paid 124,999 Warrants issued with term loan 0 53,462 Purchase of investments, settled after quarter-end 0 210 Sale of investments, settled after quarter-end 0 946,321 Transfer from residential mortgage loans to real estate owned and other assets 34,697 56,297 MSR purchase price holdback 0 (45,014) Real estate securities retained from loan securitizations 145,920 518,515 Residential mortgage loans subject to repurchase 1,826,620 [1] 1,458,325 Common Stock Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared by not paid 116,645 62,362 Preferred Stock Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared by not paid $ 19,601 $ 14,359 [1] See Note 5 for details. Source PDF HTML 10-Q Filing ZIP XLS HTML XBRL Published: November 5, 2021 Email Alerts Tear Sheet Contacts RSS News Feed Information Request © 2021 New Residential Investment Corp. All Rights Reserved. Privacy Policy CA Privacy and Disclosure Disclaimer Sitemap