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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 (loss) $ (281,528) $ 67,451
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Reserve for representations and warranties 13,017 20,176
Capitalization of mortgage servicing rights (2,142,855) (1,636,842)
Change in fair value of mortgage servicing rights 133,018 500,006
Depreciation & amortization 29,842 26,162
Stock-based compensation expense 25,656 20,039
Decrease (increase) in fair value of investment securities 861 (2,124)
Decrease in fair value of warrants liability 0 (1,994)
Decrease (increase) in:    
Mortgage loans at fair value 313,653 1,476,227
Derivative assets (46,034) 40,608
Other assets (19,858) (221,047)
Increase (decrease) in:    
Derivative liabilities 6,992 40,721
Other liabilities 81,394 (1,361)
Net cash (used in) provided by operating activities (1,885,842) 328,022
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of premises and equipment, and capitalization of internal-use software (28,525) (41,955)
Net proceeds from sale of mortgage servicing rights 801,013 1,591,780
Proceeds from principal payments on investment securities 3,606 3,508
Margin calls on borrowings against investment securities (2,000) 3,000
Net cash provided by investing activities 774,094 1,556,333
CASH FLOWS FROM FINANCING ACTIVITIES    
Net repayments under warehouse lines of credit (312,417) (1,443,217)
Repayments of finance lease liabilities (1,026) (1,223)
Borrowings under secured lines of credit 3,650,000 925,000
Repayments under secured lines of credit (1,900,000) (1,000,000)
Borrowings against investment securities 170,384 175,671
Repayments of borrowings against investment securities (174,221) (179,422)
Dividends paid to Class A common stockholders (59,867) (34,569)
Member distributions paid to SFS Corp. (261,896) (343,589)
Other financing activities (4,166) (361)
Net cash provided by (used in) financing activities 1,106,791 (1,901,710)
DECREASE IN CASH AND CASH EQUIVALENTS (4,957) (17,355)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 503,364 507,339
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 498,407 489,984
SUPPLEMENTAL INFORMATION    
Cash paid for interest 288,971 233,534
Cash paid for taxes $ 99 $ 161