v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income $ 6,312 $ 154,823
Adjustments to reconcile net income to net cash used in operating activities (320,437) (343,378)
Net cash used in operating activities (314,125) (188,555)
Investing Activities    
Purchases and originations of loans held for investment (1,727,216) (1,654,382)
Proceeds/payments received on loans held for investment 1,212,004 1,334,971
Purchases and originations of loans held for investment, subject to nonrecourse debt (13,427) (12,721)
Proceeds/payments on loans held for investment, subject to nonrecourse debt 671,614 518,298
Acquisition of Onity Mortgage Corporation net portfolio assets (91,825) 0
Other investing activities, net (849) (2,694)
Net cash provided by investing activities 50,301 183,472
Financing Activities    
Proceeds from issuance of HMBS related obligations 1,063,025 997,188
Payments on HMBS related obligations (1,290,498) (1,335,250)
Proceeds from issuance of nonrecourse debt 2,682,416 1,557,268
Payments on nonrecourse debt (1,996,055) (1,434,891)
Proceeds from other financing lines of credit 2,641,246 2,683,000
Payments on other financing lines of credit (2,774,179) (2,524,813)
Repurchase of Class A Common Stock and Class A LLC Units (41,552) 0
Dividends paid on Preferred Stock (2,250) 0
Other financing activities, net (2,510) (2,728)
Net cash provided by (used in) financing activities 279,643 (60,226)
Effect of exchange rate changes on cash and cash equivalents 0 (7)
Net increase (decrease) in cash and cash equivalents and restricted cash 15,819 (65,316)
Cash and cash equivalents and restricted cash, beginning of period 324,646 301,968
Cash and cash equivalents and restricted cash, end of period 340,465 236,652
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash and cash equivalents 85,278 46,476
Restricted cash 255,187 190,176
Total cash and cash equivalents and restricted cash, end of period 340,465 236,652
Supplementary Cash Flows Information    
Cash paid for interest 294,288 356,379
Non-cash investing activities: Loans held for investment acquired 75,117 0
Non-cash financing activities: Nonrecourse debt assumed 76,774 0
Loans transferred to loans held for sale, at fair value, from loans held for investment, subject to nonrecourse debt, at fair value 0 133,534
Loans transferred to loans held for sale, at fair value, from loans held for investment, at fair value $ 0 $ 47,365