v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ 94,529 $ (338,096)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of premiums and discounts on investment securities, net 11,399 9,329
Amortization of deferred debt issuance costs on senior notes and convertible senior notes 368 804
Reversal of provision for credit losses on investment securities (16) (22)
Realized and unrealized losses on investment securities 13,125 65,581
Loss on servicing asset 89,766 72,123
Realized and unrealized (gains) losses on derivative instruments (156) 157,130
Gains on mortgage loans held-for-sale (2,384) (1,578)
Equity based compensation 5,858 8,455
Loss contingency accrual 0 199,935
Originations and purchases of mortgage loans held-for-sale (176,294) (77,539)
Proceeds from sales of mortgage loans held-for-sale 178,383 69,332
Proceeds from repayment of mortgage loans held-for-sale 21 1,369
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 6,088 (3,437)
Decrease (increase) in deferred income taxes, net 10,019 (2,965)
Decrease in accrued interest payable (37,947) (5,827)
Change in other operating assets and liabilities, net 56,564 56,431
Net cash provided by operating activities 249,323 211,025
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (1,361,798) (6,345,479)
Proceeds from sales of available-for-sale securities 2,310,360 5,101,348
Principal payments on available-for-sale securities 404,433 427,842
Purchases of mortgage servicing rights, net of purchase price adjustments (2,744) (92,919)
Net proceeds (payments) on derivative instruments 15,707 (257,577)
Payments for reverse repurchase agreements (1,131,497) (1,791,523)
Proceeds from reverse repurchase agreements 1,151,676 1,918,911
Increase (decrease) in due to counterparties, net 204,682 (159,241)
Net cash provided by (used in) investing activities 1,590,819 (1,198,638)
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 12,993,320 25,394,522
Principal payments on repurchase agreements (14,609,030) (24,416,957)
Proceeds from revolving credit facilities 0 213,000
Principal payments on revolving credit facilities (56,600) (221,300)
Proceeds from warehouse facilities 103,490 77,970
Principal payments on warehouse facilities (108,563) (70,727)
Proceeds from issuance of senior notes 0 110,778
Repayment of convertible senior notes (261,883) 0
Proceeds from issuance of common stock, net of offering costs 79 150
Dividends paid on preferred stock (25,849) (24,970)
Dividends paid on common stock (71,987) (94,197)
Net cash (used in) provided by financing activities (2,037,023) 968,269
Net decrease in cash, cash equivalents and restricted cash (196,881) (19,344)
Cash, cash equivalents and restricted cash at beginning of period 1,061,952 817,641
Cash, cash equivalents and restricted cash at end of period 865,071 798,297
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 220,047 238,713
Cash (received) paid for income taxes, net (581) 9,343
Noncash Activities:    
Dividends declared but not paid at end of period 48,955 54,195
UWM Termination Fee paid by CCM (see Note 1) $ 25,400 $ 0