v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (61,564) $ (65,969)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 12,204 14,045
Amortization of operating lease right-of-use asset 5,114 5,536
Amortization of debt discount and debt issuance costs 14,528 12,104
Gain on origination and sale of loans (377,391) (333,867)
Fair value change in trading securities 645 (1,709)
Provision for loss obligation on sold loans and servicing rights 7,228 4,149
Deferred tax expense (benefit) 12 (22,166)
Fair value change in derivative assets 2,753 7,469
Fair value change in derivative liabilities (4,377) (5,959)
Fair value change in loans held for sale 13,425 (29,438)
Fair value change in loans held for investment (1,021) (1,076)
Fair value change in servicing rights 65,332 102,445
Stock-based compensation expense 11,674 3,460
Originations of loans (15,441,739) (11,623,880)
Proceeds from sales of loans 16,559,124 12,302,996
Proceeds from principal payments on loans held for sale 42,412 35,356
Proceeds from principal payments on loans held for investment 4,574 6,113
Payments to investors for loan repurchases (465,308) (497,643)
Premiums paid on derivatives (19,613) (32,921)
Gain on extinguishment of debt (1,170) 0
Disbursements from joint ventures 2,402 1,791
Other changes in operating assets and liabilities (18,892) 13,014
Net cash provided by (used in) operating activities 350,352 (106,150)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (17,284) (13,030)
Proceeds from sale of servicing rights 6,257 15,480
Cash flows received on trading securities 2,987 3,104
Investments in joint ventures (49) (150)
Net cash (used in) provided by investing activities (8,089) 5,404
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings on warehouse and other lines of credit 14,933,130 10,105,668
Repayment of borrowings on warehouse and other lines of credit (15,391,868) (10,071,379)
Proceeds from debt obligations 80,180 855,725
Payments on debt obligations (58,997) (821,570)
Payments of debt issuance costs (4,685) (11,412)
Treasury stock purchased to net settle and withhold taxes on vested shares (2,422) (2,248)
Exercise of stock options 1,040 0
Refund (payment) of shareholder tax distributions and dividends, net 182  
Refund (payment) of shareholder tax distributions and dividends, net   (3,158)
Net cash (used in) provided by financing activities (443,440) 51,626
Net change in cash and cash equivalents and restricted cash (101,177) (49,120)
Cash and cash equivalents and restricted cash at beginning of the period 401,022 527,221
Cash and cash equivalents and restricted cash at end of the period 299,845 478,101
Cash paid (received) during the period for:    
Interest 147,891 148,688
Income taxes (6,000) 278
Supplemental disclosure of noncash investing and financing activities    
Operating leases right-of-use assets obtained in exchange for lease liabilities 7,188 10,816
Cash and cash equivalents and restricted cash reconciliation    
Cash and cash equivalents 229,128 408,623
Restricted cash 70,717 69,478
Total cash and cash equivalents and restricted cash $ 299,845 $ 478,101