v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 124,093 [1] $ 144,558
Less: Income (loss) from discontinued operations, net of tax (5,373) (7,532)
Net cash provided by (used in) operating activities, continuing operations 145,791 [2] 206,699
Net cash provided by (used in) operating activities, discontinued operations 139,228 [2] (138,893)
Net cash provided by (used in) operating activities 285,019 [2] 67,806
Proceeds from sales of:    
Available for sale securities 300,591 [2] 115,982
Trading securities 9,298 [2] 0
Equity securities 11,980 [2] 14,319
Proceeds from redemptions of:    
Available for sale securities 215,186 [2] 219,501
Trading securities 9,923 [2] 7,803
Purchases of:    
Available for sale securities (673,898) [2] (255,462)
Equity securities (12,849) [2] (2,077)
Sales, redemptions and (purchases) of:    
Short-term investments, net 1,498,239 [2] (48,394)
Other assets and other invested assets, net (135) [2] (279)
Acquisition, net of cash acquired (1,567,435) [2] 0
Additions to property and equipment (749) [2] (1,091)
Net cash provided by (used in) investing activities, continuing operations (209,849) [2] 50,302
Net cash provided by (used in) investing activities, discontinued operations 29,222 [2] 55,935
Net cash provided by (used in) investing activities (180,627) [2] 106,237
Cash flows from financing activities    
Dividends and dividend equivalents paid (35,307) [2] (37,288)
Issuance of common stock 153 [2] 109
Repurchases of common stock, including excise taxes paid (50,014) [2] (208,924)
Proceeds (repayments) of FHLB advances, net (with terms three months or less) 18,250 [2] 2,042
Proceeds from FHLB advances (with terms greater than three months) 4,580 [2] 2,500
Repayments of FHLB advances (with terms greater than three months) (13,935) [2] (18,285)
Proceeds from credit facility borrowings 200,000 [2] 0
Repayments of credit facility borrowings (50,000) [2] 0
Letters of credit and credit facility commitment fees paid (3,724) [2] (146)
Proceeds (repayments) related to cash collateral for loaned securities, net 14,954 [2] 10,385
Net cash provided by (used in) financing activities, continuing operations 84,957 [2] (249,607)
Net cash provided by (used in) financing activities, discontinued operations (140,369) [2] 62,441
Net cash provided by (used in) financing activities (55,412) [2] (187,166)
Effect of exchange rate changes on cash and restricted cash 841 [2] 0
Increase (decrease) in cash and restricted cash 49,821 [2] (13,123)
Cash and restricted cash, beginning of period [3] 45,522 [2] 41,473
Cash and restricted cash, end of period [3] 95,343 [2] 28,350
Supplemental noncash information    
Transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment, discontinued operations 0 [2] 369,977
Retention of mortgage servicing and other related rights from residential mortgage loan sales, discontinued operations $ 1,269 [2] $ 1,486
[1] Includes Inigo results for the two-month period from the Closing Date of the acquisition through March 31, 2026.
[2] Includes Inigo results for the two-month period from the Closing Date of the acquisition through March 31, 2026.
[3] For the three months ended March 31, 2026, includes $21 million and $7 million as of the beginning and end of period, respectively, of cash and restricted cash related to discontinued operations that are included in assets held for sale on our condensed consolidated balance sheets. For the three months ended March 31, 2025, includes $22 million and $12 million as of the beginning and end of period, respectively, of cash and restricted cash related to discontinued operations that are included in assets held for sale on our condensed consolidated balance sheets. See Note 18 for additional details.