v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net income $ 109,751 $ 49,849
Adjustments to reconcile net income to net cash used for operating activities:    
Net fair value adjustments [1] 210,070 57,120
Change in fair value of loan servicing assets 32,411 30,723
Gain on sales of loans (37,730) (25,742)
Provision for credit losses (10,527) 97,882
Accretion of deferred origination fees and marketing costs (26,343) (31,547)
Stock-based compensation, net 14,528 17,584
Depreciation and amortization 33,971 29,369
Other, net 120 5,893
Net change to loans held for sale (1,518,806) (1,317,153)
Net change in operating assets and liabilities:    
Other assets 14,874 24,077
Other liabilities (14,199) 9,595
Net cash used for operating activities (1,191,880) (1,052,350)
Cash Flows from Investing Activities:    
Net change in loans and leases held for investment (663,906) 85,143
Purchases of securities available for sale (67,196) (6,202)
Proceeds from maturities and paydowns of securities available for sale 1,081,630 815,390
Purchases of property, equipment and software, net (53,751) (103,760)
Other investing activities (691) (3,088)
Net cash provided by investing activities 296,086 787,483
Cash Flows from Financing Activities:    
Net change in deposits 931,955 65,953
Net issuances under equity incentive plans (17,955) (4,161)
Share repurchases (20,421) 0
Net cash provided by financing activities 893,579 61,792
Net decrease in cash, cash equivalents and restricted cash (2,215) (203,075)
Cash, cash equivalents and restricted cash, beginning of period 930,437 977,396
Cash, cash equivalents and restricted cash, end of period 928,222 774,321
Supplemental cash flow information:    
Cash paid for interest 172,131 165,439
Cash paid for income taxes 3,497 2,459
Cash paid for operating leases included in the measurement of lease liabilities 4,602 6,693
Supplemental non-cash investing activity:    
Net securities retained from Structured Program transactions $ 1,381,832 $ 880,511
[1] Prior period amounts have been reclassified to conform to the current period presentation. See “Note 1. Summary of Significant Accounting Policies” for additional information.