v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income (loss) $ 526 $ (178)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:    
Depreciation and amortization 291 54
Provision for (benefit from) deferred income taxes 156 (23)
Fair value of originated MSRs (1,447) (608)
Change in fair value of MSRs, net 872 687
Gain on sale of loans excluding fair value of originated MSRs, net (1,134) (980)
Disbursements of mortgage loans held for sale (93,228) (50,012)
Proceeds from sale of mortgage loans held for sale 94,028 48,759
Disbursements of non-mortgage loans held for sale (977) (298)
Proceeds from sale of non-mortgage loans held for sale 901 86
Share-based compensation expense 177 90
Other operating activities 257 (23)
Change in assets and liabilities    
Advance receivables, net 497 102
Other assets (63) (425)
Accounts payable (172) 97
Other liabilities (39) 24
Total adjustments 119 (2,470)
Net cash provided by (used in) operating activities 645 (2,648)
Investing activities    
Net proceeds from sale of MSRs 1,371 208
Net purchase of MSRs (348) (234)
Purchase of property and equipment, net of disposals (77) (30)
Other investing activities (52) 1
Net cash provided by (used in) investing activities 894 (55)
Financing activities    
Net (payments) borrowings on secured financing (1,297) 2,748
Borrowings on Senior Notes 1,500 4,000
Repayments of Senior Notes (1,150) 0
Payment of debt issuance costs (13) (30)
Net payments on notes payable from unconsolidated affiliates 0 (29)
(Payments to) proceeds from consolidated CFE, net (50) 90
Stock issuance, net 34 17
Taxes withheld on team members' restricted share award vesting (105) (33)
Contributions from (distributions to) other unit holders (members of Holdings) 4 (237)
Net cash (used in) provided by financing activities (1,077) 6,526
Effects of exchange rate changes on Cash and cash equivalents 0 1
Net increase in Cash and cash equivalents and restricted cash 462 3,824
Cash and cash equivalents and restricted cash, beginning of period 2,934 1,289
Cash and cash equivalents and restricted cash, end of period 3,396 5,113
Supplemental Disclosures of Non-cash Investing Activities    
Purchase of mortgage servicing rights holdback 27 21
Sale of mortgage servicing rights holdback $ 85 $ 15