Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Operating Activities        
Net (loss) income $ (14,824) $ (14,824) $ 124,320 $ 103,879
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:   5,172 (6,277) (221,079)
Net cash (used in) provided by operating activities   (9,652) 118,043 (117,200)
Investing Activities        
Purchases and originations of mortgage loans held for investment   (1,241,085) (1,151,925) (2,056,834)
Proceeds/payments received on mortgage loans held for investment   689,215 677,777 681,376
Purchases and origination of mortgage loans held for investment, subject to nonrecourse debt   (12,319) (12,247) (20,429)
Proceeds/payments on mortgage loans held for investment, subject to nonrecourse debt   251,152 217,452 511,615
Purchases of debt securities   (1,449) (557) (9,044)
Proceeds/payments on debt securities   1,888 2,096 26,673
Purchases of mortgage servicing rights   (61) (9,014)  
Proceeds on sale of mortgage servicing rights     7,765  
Acquisition of subsidiaries, net of cash acquired   (20,000) (749) 364
Purchase of investments       (2,250)
Acquisition of fixed assets   (4,915) (4,178) (4,129)
Payments on deferred purchase price liability   (311) (657) (949)
Issuance of convertible notes receivable     (2,550)  
DIP Financing     (35,260)  
Net cash used in investing activities   (337,885) (312,047) (873,607)
Financing Activities        
Proceeds from securitizations of reverse mortgage loans, subject to HMBS related obligations   795,334 602,172 898,118
Payments of HMBS related obligations   (597,892) (506,142) (1,002,412)
Proceeds from issuance of nonrecourse debt, net   600,595 579,518 1,645,039
Payments on nonrecourse debt   (498,966) (658,300) (512,689)
Proceeds from other financing lines of credit   8,758,149 10,027,696 15,347,541
Payments on other financing lines of credit   (8,620,873) (9,660,588) (15,354,635)
Debt issuance costs   (580) (2,467) (2,828)
Payments on notes payable       (10,000)
Principal payments under capital lease obligation       (415)
Member contributions     1,426 502
Member distributions     (75,000)  
Settlement of CRNCI   (203,216)    
Noncontrolling interest contributions     16
Noncontrolling interest distributions   (137) (620) (310)
Net cash provided by financing activities   232,437 307,695 1,007,927
Foreign currency translation adjustment   (1) (7) 5
Net increase (decrease) in cash and restricted cash   (115,101) 113,684 17,125
Cash and restricted cash, beginning of period 653,047 626,827 539,363 382,664
Cash and restricted cash, end of period 511,726 511,726 653,047 399,789
Supplementary Cash Flows Information        
Cash paid for interest   68,186 50,071 206,536
Cash paid for taxes, net   1,521 63 276
Loans transferred to mortgage loans held for investment, at fair value, from mortgage loans held for investment, subject to nonrecourse debt, at fair value   242,650 283,428 238,811
Loans transferred to mortgage loans held for sale, at fair value, from mortgage loans held for investment, at fair value     777,256
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   79 71 72,469
Loans transferred to mortgage loans held for investment, subject to nonrecourse debt, at fair value, from mortgage loans held for investment, at fair value   505,378 272,098 1,885,291
Loans transferred to mortgage loans held for investment, subject to HMBS, at fair value, from mortgage loans held for investment, at fair value   701,375 42,909  
Liabilities assumed:        
Goodwill 1,298,324 1,298,324 $ 128,750 $ 121,754
FoA Equity        
Supplemental Cash Flow Elements [Abstract]        
Total cash consideration   342,270    
Blocker rollover equity   221,811    
Seller earnout contingent consideration 160,272 160,272    
Tax Receivable Agreement obligations to the seller   31,950    
Total consideration transferred   756,303    
Non-controlling interest 1,658,545 1,658,545    
Total equity value 2,414,848 2,414,848    
Assets acquired:        
Cash and cash equivalents 336,075 336,075    
Restricted cash 305,292 305,292    
Reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value 10,071,192 10,071,192    
Mortgage loans held for investment, subject to nonrecourse debt, at fair value 5,291,443 5,291,443    
Mortgage loans held for investment, at fair value 1,100,544 1,100,544    
Mortgage loans held for sale, at fair value 2,140,361 2,140,361    
Debt securities 9,230 9,230    
Mortgage servicing rights, at fair value 267,364 267,364    
Derivative assets 116,479 116,479    
Fixed assets and leasehold improvements, net 26,079 26,079    
Intangible assets, net 717,700 717,700    
Other assets, net 279,155 279,155    
Total assets acquired 20,660,914 20,660,914    
Liabilities assumed:        
HMBS related obligations, at fair value 9,926,131 9,926,131    
Nonrecourse debt, at fair value 5,227,942 5,227,942    
Other financing lines of credit 3,340,345 3,340,345    
Payables and other liabilities 669,048 669,048    
Notes payable, net 353,924 353,924    
Total liabilities assumed 19,517,390 19,517,390    
Tangible net assets acquired 1,143,524 1,143,524    
Goodwill $ 1,271,324 $ 1,271,324