Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net (loss) income $ (39,137,000) $ 328,630,000
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 14,580,000 15,525,000
Valuation adjustment of mortgage servicing rights 139,560,000 (217,551,000)
Valuation adjustment of mortgage loans held for sale (29,855,000) 44,561,000
Valuation adjustment of reverse mortgage loans held for investment and HMBS-related borrowings (8,233,000) 0
Unrealized (gain) loss on derivatives (1,404,000) 27,936,000
Amortization of right-of-use assets 21,427,000 15,972,000
Provision for investor reserves 8,675,000 6,876,000
Provision for foreclosure losses 1,188,000 300,000
Valuation adjustment of contingent liabilities due to acquisitions, net 2,479,000 (45,075,000)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (336,245,000) (528,243,000)
Earnings from unconsolidated joint ventures, net of distributions received (337,000) 0
Paid-in-kind interest income (306,000) 0
Deferred income taxes (7,943,000) 90,718,000
Benefit from investor reserves (4,796,000) (9,219,000)
Foreclosure loss reserve (4,192,000) (1,957,000)
Stock-based compensation 8,662,000 7,322,000
Origination of mortgage loans held for sale (14,193,944,000) (19,220,547,000)
Proceeds on sale of and payments from mortgage loans held for sale 14,504,592,000 21,062,670,000
Other 3,437,000 (6,171,000)
Changes in operating assets and liabilities:    
Accounts and notes receivable, net (3,224,000) 12,288,000
Other assets 2,768,000 (5,172,000)
Mortgage servicing rights (161,378,000) (246,648,000)
Accounts payable and accrued expenses (3,928,000) (22,742,000)
Accrued compensation and benefits 799,000 (45,482,000)
Income taxes 23,024,000 14,475,000
Contingent liability payments 0 (7,125,000)
Operating lease liabilities (22,186,000) (16,008,000)
Deferred compensation plan liability (4,616,000) 4,377,000
Real estate owned, net (1,186,000) (117,000)
Net cash (used in) provided by operating activities (91,719,000) 1,259,593,000
Cash flows from investing activities    
Acquisition of businesses (8,030,000) (3,500,000)
Acquisition of loans held for investment, net (2,000,000) 0
Origination and purchase of reverse mortgage loans held for investment (109,589,000) 0
Principal payments received on reverse mortgage loans held for investment 5,089,000 0
Issuance of notes receivable (16,250,000) 0
Repayments on notes receivable 5,000,000 0
Purchases of property and equipment (5,512,000) (3,678,000)
Other (5,311,000) 0
Net cash used in investing activities (136,603,000) (7,178,000)
Cash flows from financing activities    
Borrowings on warehouse lines of credit 14,496,450,000 18,892,553,000
Repayments on warehouse lines of credit (14,374,916,000) (20,106,295,000)
Proceeds from issuance of reverse mortgage loans and tails accounted for as HMBS-related obligations 106,691,000 0
Repayments on HMBS-related obligations (5,138,000) 0
Borrowings on MSR notes payable 148,766,000 20,000,000
Repayments on MSR notes payable (126,250,000) (143,750,000)
Contingent liability payments (388,000) (7,300,000)
Net change in related party notes payable (530,000) (2,311,000)
Taxes paid related to net share settlement of equity awards (1,952,000) (1,097,000)
Repurchases of Class A common stock (3,274,000) (5,581,000)
Dividends paid (30,479,000) 0
Other (31,000) 0
Net cash provided by (used in) financing activities 208,949,000 (1,353,781,000)
Decrease in cash, cash equivalents and restricted cash (19,373,000) (101,366,000)
Cash, cash equivalents and restricted cash, beginning of year 146,754,000 248,120,000
Cash, cash equivalents and restricted cash, end of year 127,381,000 146,754,000
Supplemental information    
Cash paid for interest, net 15,356,000 30,218,000
Cash paid for income taxes, net of refunds (22,069,000) (14,028,000)
Supplemental disclosure of non-cash investing activities:    
Loans held for investment acquired at fair value 189,770,000 0
HMBS-related borrowings assumed at fair value (187,221,000) 0
Purchase price holdback (549,000) 0
Net cash paid to acquire loans held for investment 2,000,000 0
Measurement period adjustment to goodwill $ 758,000 $ (1,710,000)