v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities    
Net income (loss) $ (4,200) $ 43,600
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
MSR valuation adjustments, net 176,200 101,000
Provision for bad debts (advances and receivables) 9,100 9,000
Provision for indemnification obligations 8,000 1,500
Depreciation 2,200 2,300
Amortization of debt issuance costs, discount and premium 22,200 11,600
Amortization of intangibles 500 500
Equity-based compensation expense 4,600 4,200
Interest capitalized on reverse buyouts (41,300) (21,300)
Loss on extinguishment of debt 300 0
Deferred income tax expense (benefit) (1,900) (500)
Gain on reverse loans and HMBS-related borrowings, net (11,300) (27,200)
Gain on loans held for sale, net (63,500) (22,200)
Changes in assets and liabilities:    
Decrease in advances 133,200 101,200
Decrease (increase) in receivables and other assets 81,200 (700)
Increase in derivatives (54,100) (27,800)
Decrease in other liabilities (103,800) (44,800)
Origination and purchase of loans held for sale (16,354,600) (10,162,000)
Proceeds from sale and collections of loans held for sale 14,071,100 9,287,000
Proceeds from sale of reverse loans held for sale, pooled into HMBS, net of associated HMBS-related borrowings 18,800 0
Other, net 1,300 (2,100)
Net cash used in operating activities (2,106,000) (746,900)
Cash flows from investing activities    
Origination of reverse loans held for investment, pooled into HMBS (18,700) (545,500)
Principal payments received on loans previously held for investment 1,113,300 1,563,400
Proceeds from sale of reverse loans held for sale (previously held for investment), pooled into HMBS, net of associated HMBS-related borrowings 75,100 0
Purchase of MSRs (332,800) (151,000)
Proceeds from sale of MSRs 20,300 4,800
Acquisition of advances in connection with MSR transactions (6,200) (3,400)
Proceeds from sale of advances in connection with MSR transactions 900 700
Purchase of real estate (90,600) (4,700)
Proceeds from sale of real estate 53,600 22,500
Additions to premises and equipment (900) (300)
Net cash provided by investing activities 814,000 886,500
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (87,200) (74,600)
Proceeds from mortgage warehouse facilities, net 837,100 719,300
Proceeds from reverse mortgage securitization notes 1,468,600 0
Repayment of reverse mortgage securitization notes (448,800) (62,900)
Proceeds from MSR financing facilities, net 281,900 261,600
Proceeds from issuance of Senior notes 206,500 0
Payment of debt issuance costs (17,500) (300)
Proceeds from MSR related financing liabilities 25,500 15,700
Repayment of MSR related financing liabilities 57,500 34,800
Proceeds from sale of HECM or reverse mortgages, accounted for as a financing (HMBS-related borrowings) 331,600 577,600
Repayment of HMBS-related borrowings (1,105,800) (1,544,600)
Repurchase of common stock (12,000) 0
Payment of preferred stock dividend (2,100) (2,100)
Payment on exercise of common stock warrants 0 (3,500)
Net cash provided by (used in) financing activities 1,420,300 (148,600)
Net increase (decrease) in cash, cash equivalents and restricted cash 128,300 (9,000)
Cash, cash equivalents and restricted cash at beginning of year 264,600 265,600
Cash, cash equivalents and restricted cash at end of period 392,900 256,600
Supplemental non-cash investing and financing activities:    
Interest paid 157,100 126,400
Income tax payments (refunds), net    
Federal 200 300
State 100 400
Foreign 1,300 1,800
Income tax payments (refunds), net 1,600 2,500
Sale (5,629,600) 0
HMBS-related borrowings, at fair value (5,503,100) 0
Less: Receivables, net 32,600 0
Net cash received 93,900 0
Right-of-use asset 1,500 700
Lease liability 1,500 700
MSR, at fair value (123,200) (12,200)
MSR related financing liability, at fair value - MSR pledged liability (123,100) (12,200)
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 196,600 194,300
Debt service accounts 170,000 27,200
Other restricted cash 26,300 35,200
Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 392,900 $ 256,600