v3.25.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net (loss) income $ (23,959) $ 28,400
Adjustments to reconcile net (loss) income to net cash provided by (used) in operating activities:    
Depreciation and amortization 3,647 3,754
Valuation adjustment of mortgage servicing rights 69,936 (20,778)
Valuation adjustment of mortgage loans held for sale (8,947) 6,408
Valuation adjustment of reverse mortgage loans held for investment and HMBS-related borrowings (2,915) (3,230)
Unrealized loss (gain) on derivatives 5,972 (25,072)
Amortization of right-of-use assets 5,451 5,410
Provision for investor reserves 5,095 520
Provision for foreclosure losses 2,378 392
Valuation adjustment of contingent liabilities due to acquisitions, net 2,001 1,364
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (143,204) (81,092)
Deferred income taxes (8,752) 9,125
Stock-based compensation 1,602 2,137
Origination of mortgage servicing rights (38,484) (34,234)
Origination and purchase of mortgage loans held for sale (4,700,821) (3,605,155)
Proceeds on sale of and payments from mortgage loans held for sale 5,017,499 3,454,907
Other 1,072 1,982
Changes in operating assets and liabilities:    
Advances and other assets 13,637 11,654
Accounts payable and accrued expenses (3,066) 11,370
Operating lease liabilities (5,559) (5,622)
Other liabilities (11,802) (23,683)
Net cash provided by (used in) operating activities 180,781 (261,443)
Cash flows from investing activities    
Acquisition of businesses, net of cash acquired 0 (17,710)
Origination and purchase of reverse mortgage loans held for investment (30,214) (30,543)
Principal payments received on reverse mortgage loans held for investment 9,259 9,192
Purchases of property and equipment, net (2,278) (592)
Other (7,671) (1,289)
Net cash used in investing activities (30,904) (40,942)
Cash flows from financing activities    
Borrowings on warehouse lines of credit 4,951,115 3,844,707
Repayments on warehouse lines of credit (5,141,925) (3,620,230)
Proceeds from issuance of reverse mortgage loans and tails accounted for as HMBS-related obligations 37,651 26,524
Repayments on HMBS-related obligations (9,205) (9,486)
Borrowings on notes payable 40,000 36,234
Contingent liability payments (251) 0
Dividends paid (30,952) 0
Repurchases of Class A common stock (456) (251)
Other (570) (692)
Net cash (used in) provided by financing activities (154,593) 276,806
Decrease in cash, cash equivalents and restricted cash (4,716) (25,579)
Cash, cash equivalents and restricted cash, beginning of period 125,056 127,381
Cash, cash equivalents and restricted cash, end of period 120,340 101,802
Supplemental information    
Cash paid for interest, net 8,854 3,529
Income tax refunds, net of cash paid (783) (358)
Cash, cash equivalents and restricted cash at end of period are comprised of the following:    
Cash and cash equivalents 111,726 95,148
Restricted cash 8,614 6,654
Total cash, cash equivalents and restricted cash $ 120,340 $ 101,802