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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:    
Consolidated net income (loss) $ 40,031 $ 13,562
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Gains on originated mortgage servicing rights (54,333) (39,007)
Depreciation and amortization 92,211 88,969
Provision (benefit) for credit losses on the financial guarantee liability 4,845 3,475
Provision (reversal) for doubtful accounts 3,393 5,639
Equity-based compensation and allocation of net income to limited partnership units and FPUs 136,512 134,486
Employee loan amortization and other non-cash compensation expense 71,544 71,236
Deferred tax provision (benefit) (195) (774)
Non-cash changes in acquisition related earn-outs 399 388
Unrealized (gains) on loans held for sale (14,769) (39,193)
Loan originations—loans held for sale (4,723,923) (3,895,933)
Loan sales—loans held for sale 4,721,510 3,360,791
Other 689 469
Consolidated net income (loss), adjusted for non-cash and non-operating items 277,914 (295,892)
Changes in operating assets and liabilities:    
Receivables, net (30,764) 32,148
Loans, forgivable loans and other receivables from employees and partners, net (100,996) (157,926)
Right-of-use assets 39,334 5,482
Receivable from related parties 0 326
Other assets (15,273) (38,635)
Accrued compensation (35,216) (143,245)
Right-of-use liability (44,574) (7,509)
Accounts payable, accrued expenses and other liabilities 20,638 34,278
Payables to related parties 3,806 11,827
Net cash provided by (used in) operating activities 114,869 (559,146)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for acquisitions, net of cash acquired and proceeds from divestitures (2,448) 0
Purchase of non-marketable investments (500) 0
Payments for convertible debt and other contract assets (72,100) 0
Purchases of fixed assets (30,997) (11,946)
Purchase of restricted short-term investments (123,778) 0
Proceeds from maturity of restricted short-term investments 118,000 0
Net cash provided by (used in) investing activities (111,823) (11,946)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from warehouse facilities 4,723,923 3,895,933
Principal payments on warehouse facilities (4,707,218) (3,359,378)
Borrowing of debt 285,000 420,000
Repayment of debt (90,000) (220,000)
Treasury stock repurchases (151,144) (125,523)
Earnings and tax distributions to limited partnership interests and other noncontrolling interests (17,144) (22,852)
Dividends to stockholders (16,153) (10,966)
Payments on acquisition earn-outs 0 (943)
Deferred financing costs (593) (450)
Net cash provided by (used in) financing activities 26,671 575,821
Net increase (decrease) in cash and cash equivalents and restricted cash 29,717 4,729
Cash and cash equivalents and restricted cash at beginning of period 233,906 304,865
Cash and cash equivalents and restricted cash at end of period 263,623 309,594
Cash paid during the period for:    
Interest 27,303 27,659
Taxes 22,626 29,128
Supplemental disclosure of non-cash operating, investing and financing activities:    
Right-of-use assets and liabilities 38,336 65,331
Deferred tax asset 0 20,601
Tax Receivable Agreement liability $ 0 $ 17,511