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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 170,374 $ (247,028)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Reserve for representations and warranties 5,575 10,376
Capitalization of mortgage servicing rights (1,101,017) (735,571)
Change in fair value of mortgage servicing rights 10,335 388,585
Depreciation & amortization 15,624 12,631
Stock-based compensation expense 13,162 8,310
Decrease (increase) in fair value of investment securities 303 (1,721)
Decrease in fair value of warrants liability 0 (685)
Decrease (increase) in:    
Mortgage loans at fair value (1,058,372) 1,114,326
Derivative assets (86,923) 56,006
Other assets (702,816) (10,164)
Increase (decrease) in:    
Derivative liabilities 311,242 (8,043)
Other liabilities 192,634 6,876
Net cash (used in) provided by operating activities (2,229,879) 593,898
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of premises and equipment, and capitalization of internal-use software (19,063) (17,764)
Net proceeds from sale of mortgage servicing rights 542,626 941,403
Proceeds from principal payments on investment securities 1,718 1,752
Margin calls on borrowings against investment securities (1,000) 3,000
Net cash provided by investing activities 524,281 928,391
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings (repayments) under warehouse lines of credit 987,807 (1,124,604)
Repayments of finance lease liabilities (513) (650)
Borrowings under secured lines of credit 2,050,000 225,000
Repayments under secured lines of credit (1,250,000) (475,000)
Borrowings against investment securities 86,724 88,775
Repayments of borrowings against investment securities (87,497) (90,646)
Dividends paid to Class A common stockholders (26,842) (15,794)
Member distributions paid to SFS Corp. (133,148) (151,347)
Other financing activities (301) (338)
Net cash provided by (used in) financing activities 1,626,230 (1,544,604)
DECREASE IN CASH AND CASH EQUIVALENTS (79,368) (22,315)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 503,364 507,339
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 423,996 485,024
SUPPLEMENTAL INFORMATION    
Cash paid for interest 145,972 84,784
Cash paid for taxes $ 39 $ 58