v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income (loss) $ 334,218 $ 511,662
Adjustments to reconcile net income to net cash used in operating activities:    
Provisions for credit losses 327,872 351,466
Income tax expense 87,686 164,904
Amortization of brokered deposit placement fee 5,859 6,230
Amortization of deferred loan origination costs and loan premium/(discounts), net 11,151 11,161
Net amortization of discount on investments (3,890) (497)
Depreciation of premises and equipment 12,639 11,953
Acquired intangible assets amortization expense 2,062 2,765
Stock-based compensation expense 37,750 31,543
Unrealized (gains) losses on derivatives and hedging activities, net 0 (4)
Gains on sales of loans, net (164,902) (323,680)
Losses on securities, net 8,367 8,143
Other adjustments to net income, net 6,102 11,000
Changes in operating assets and liabilities:    
Increase in accrued interest receivable (800,558) (887,045)
Decrease in trading investments 0 1,634
Increase in non-marketable securities (414) (509)
Decrease in other interest-earning assets 55 4,042
Increase in other assets (42,599) (37,362)
Decrease in income taxes payable, net (138,592) (141,806)
Decrease in accrued interest payable (12,166) (31,360)
Increase (decrease) in other liabilities 10,938 (30,270)
Total adjustments (651,396) (845,779)
Total net cash used in operating activities (317,178) (334,117)
Investing activities    
Loans acquired and originated (7,015,294) (6,430,903)
Net proceeds from sales of loans held for investment and loans held for sale 4,078,693 4,168,714
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales) 2,462,111 2,132,718
Purchases of available-for-sale securities (1,633,340) (70,262)
Proceeds from sales and maturities of available-for-sale securities 691,310 407,881
Total net cash (used in) provided by investing activities (1,416,520) 208,148
Financing activities    
Brokered deposit placement fee (14,474) (3,615)
Net increase (decrease) in certificates of deposit 544,268 (1,249,292)
Net (decrease) increase in other deposits (834,811) 188,886
Borrowings collateralized by loans in securitization trusts - issued 615,244 536,610
Borrowings collateralized by loans in securitization trusts - repaid (941,356) (838,985)
Unsecured debt issued 493,429 493,885
Unsecured debt repaid (498,851) (500,000)
Borrowings under Secured Borrowing Facility 0 700,000
Borrowings under Secured Warehouse Facility 899,946 0
Common stock dividends paid (74,123) (81,520)
Preferred stock dividends paid (10,779) (11,922)
Common stock repurchased (421,463) (244,919)
Total net cash used in financing activities (245,884) (1,015,807)
Net decrease in cash, cash equivalents and restricted cash (1,979,582) (1,141,776)
Cash, cash equivalents and restricted cash at beginning of period 4,418,528 4,874,260
Cash, cash equivalents and restricted cash at end of period 2,438,946 3,732,484
Cash disbursements made for:    
Interest 816,704 857,970
Income taxes paid 138,396 147,036
Income taxes refunded (73) (5,561)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:    
Cash and cash equivalents 2,165,175 3,539,341
Restricted cash 273,771 193,143
Total cash, cash equivalents and restricted cash 2,438,946 3,732,484
Supplemental non-cash investing activities:    
Accrued interest capitalized during the period 407,460 391,576
Trading investments received in consideration for loans sold 2,299 1,362
Available-for-sale investments received in consideration for loans sold 195,161 131,384
Secured Borrowing Facility    
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of Secured Borrowing Facility upfront fee 1,711 1,913
Financing activities    
Fees paid on Facility (2,134) (2,951)
Secured Warehouse Facility    
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of Secured Borrowing Facility upfront fee (467) 0
Financing activities    
Fees paid on Facility (780) 0
Collateralized Securities    
Financing activities    
Issuance costs 0 (42)
Unsecured borrowings    
Financing activities    
Issuance costs $ 0 $ (1,942)