v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income $ 35,164 $ 75,000
Adjustments to reconcile net income to net cash used in operating activities (166,026) (167,082)
Net cash used in operating activities (130,862) (92,082)
Investing Activities    
Purchases and originations of loans held for investment (782,555) (810,325)
Proceeds/payments received on loans held for investment 585,580 620,532
Purchases and originations of loans held for investment, subject to nonrecourse debt (6,661) (6,900)
Proceeds/payments on loans held for investment, subject to nonrecourse debt 298,082 242,557
Other investing activities, net 649 (389)
Net cash provided by investing activities 95,095 45,475
Financing Activities    
Proceeds from issuance of HMBS related obligations 497,572 466,008
Payments on HMBS related obligations (649,317) (615,703)
Proceeds from issuance of nonrecourse debt 1,618,018 780,901
Payments on nonrecourse debt (1,045,554) (724,479)
Proceeds from other financing lines of credit 1,298,845 1,186,403
Payments on other financing lines of credit (1,587,206) (1,095,756)
Repurchase of Class A Common Stock and Class A LLC Units (41,552) 0
Dividends paid on Preferred Stock (1,125) 0
Other financing activities, net (1,954) (874)
Net cash provided by (used in) financing activities 87,727 (3,500)
Effect of exchange rate changes on cash and cash equivalents 0 (9)
Net increase (decrease) in cash and cash equivalents and restricted cash 51,960 (50,116)
Cash and cash equivalents and restricted cash, beginning of period 324,646 301,968
Cash and cash equivalents and restricted cash, end of period 376,606 251,852
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash and cash equivalents 107,656 52,016
Restricted cash 268,950 199,836
Total cash and cash equivalents and restricted cash, end of period 376,606 251,852
Supplementary Cash Flows Information    
Cash paid for interest 244,312 146,739
Non-cash investing activities: Loans held for investment acquired 75,117 0
Non-cash financing activities: Nonrecourse debt assumed $ 76,774 $ 0