v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 7,600 $ 22,100
Adjustments to reconcile net income to net cash used in operating activities:    
MSR valuation adjustments, net 87,700 55,900
Provision for bad debts (advances and receivables) 4,900 4,700
Provision for indemnification obligations 1,900 300
Depreciation 1,100 1,200
Amortization of debt issuance costs, discount and premium 9,400 5,700
Amortization of intangibles 300 300
Equity-based compensation expense 1,700 2,100
Interest capitalized on reverse buyouts (17,100) (10,500)
Deferred income tax expense (benefit) 1,600 (600)
Gain on reverse loans and HMBS-related borrowings, net (11,300) (19,000)
Gain on loans held for sale, net (34,100) (11,800)
Changes in assets and liabilities:    
Decrease in advances 77,700 54,400
Increase in receivables and other assets (137,100) (27,600)
Decrease (increase) in derivatives 16,700 (16,200)
Decrease in other liabilities (39,500) (52,600)
Origination and purchase of loans held for sale (7,717,500) (4,273,300)
Proceeds from sale and collections of loans held for sale 6,156,300 4,114,600
Other, net (400) 2,200
Net cash used in operating activities (1,589,900) (148,100)
Cash flows from investing activities    
Origination of loans held for investment 0 (277,100)
Principal payments received on loans previously held for investment 559,800 786,100
Purchase of MSRs (186,800) (98,100)
Proceeds from sale of MSRs 20,000 4,500
Acquisition of advances in connection with MSR transactions (5,600) (2,500)
Proceeds from sale of advances in connection with MSR transactions 500 300
Purchase of real estate (21,400) (2,300)
Proceeds from sale of real estate 23,700 9,200
Additions to premises and equipment (100) (300)
Net cash provided by investing activities 390,000 419,800
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (50,600) (39,600)
Proceeds from mortgage warehouse facilities, net 968,400 78,600
Proceeds from reverse mortgage securitization notes 491,800 0
Repayment of reverse mortgage securitization notes (74,000) (35,000)
Proceeds from MSR financing facilities, net 86,300 178,500
Proceeds from issuance of Senior notes 206,500 0
Payment of debt issuance costs (8,400) (200)
Proceeds from MSR related financing liabilities 11,000 6,900
Repayment of MSR related financing liabilities 39,500 17,000
Proceeds from sale of HECM or reverse mortgages, accounted for as a financing (HMBS-related borrowings) 214,100 309,100
Repayment of HMBS-related borrowings (555,900) (777,100)
Repurchase of common stock (6,100) 0
Payment of preferred stock dividend (1,000) (1,000)
Payment on exercise of common stock warrants 0 (3,500)
Net cash provided by (used in) financing activities 1,242,500 (300,400)
Net increase (decrease) in cash, cash equivalents and restricted cash 42,600 (28,700)
Cash, cash equivalents and restricted cash at beginning of year 264,600 265,600
Cash, cash equivalents and restricted cash at end of period 307,200 236,900
Supplemental non-cash investing and financing activities:    
Interest paid 55,000 46,300
Income tax payments (refunds), net    
Federal 0 (500)
State (300) 0
Foreign 700 1,000
Income tax payments (refunds), net 400 500
Right-of-use asset 1,500 700
Lease liability 1,500 700
MSR, at fair value (17,200) 0
MSR related financing liability, at fair value - MSR pledged liability (17,200) 0
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 182,500 178,000
Debt service accounts 63,500 24,800
Other restricted cash 61,200 34,000
Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 307,200 $ 236,900