v3.26.3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 300 $ 62,300
Adjustments to reconcile net income to net cash used in operating activities:    
MSR valuation adjustments, net 258,000 164,000
Provision for bad debts (advances and receivables) 12,900 13,800
Provision for indemnification obligations 9,700 6,300
Depreciation and amortization 4,300 4,000
Amortization of debt issuance costs, discount and premium 39,600 19,400
Equity-based compensation expense 5,700 5,900
Interest capitalized on reverse buyouts (69,000) (33,600)
Loss on extinguishment of debt 300 0
Deferred income tax expense (benefit) 1,200 (500)
Gain on reverse loans and HMBS-related borrowings, net (17,900) (33,600)
Gain on loans held for sale, net (90,200) (56,300)
Changes in assets and liabilities:    
Decrease in advances 123,600 121,300
Decrease in receivables and other assets 94,700 52,900
Increase in derivatives (97,300) (18,800)
Decrease in other liabilities (100,900) (14,500)
Origination and purchase of loans held for sale (24,331,800) (17,572,200)
Proceeds from sale and collections of loans held for sale 22,605,400 16,765,800
Proceeds from sale of reverse loans held for sale, pooled into HMBS, net of associated HMBS-related borrowings 22,400 0
Other, net 600 (3,900)
Net cash used in operating activities (1,528,400) (517,400)
Cash flows from investing activities    
Origination of reverse loans held for investment, pooled into HMBS (45,300) (794,800)
Principal payments received on loans previously held for investment 1,434,100 2,341,600
Proceeds from sale of reverse loans held for sale (previously held for investment), pooled into HMBS, net of associated HMBS-related borrowings 97,300 0
Purchase of MSRs (464,100) (239,400)
Proceeds from sale of MSRs 144,000 4,800
Acquisition of advances in connection with MSR transactions (6,200) (4,000)
Proceeds from sale of advances in connection with MSR transactions 1,300 900
Purchase of real estate (96,400) (16,100)
Proceeds from sale of real estate 98,200 35,700
Additions to premises and equipment (1,500) (1,000)
Net cash provided by investing activities 1,161,400 1,327,800
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (82,500) (96,500)
Proceeds from mortgage warehouse facilities, net 205,500 402,000
Proceeds from reverse mortgage securitization notes 1,496,900 309,500
Repayment of reverse mortgage securitization notes (720,400) (191,800)
Proceeds from MSR financing facilities 2,929,000 2,233,700
Repayment of MSR financing facilities (2,512,100) (1,967,100)
Proceeds from issuance of Senior notes 206,500 0
Payment of debt issuance costs (19,800) (4,000)
Proceeds from MSR related financing liabilities 35,400 36,800
Repayment of MSR related financing liabilities (72,000) (52,800)
Proceeds from sale of HECM or reverse mortgages, accounted for as a financing (HMBS-related borrowings) 357,100 847,000
Repayment of HMBS-related borrowings (1,424,200) (2,314,800)
Repurchase of common stock (18,000) 0
Payment of preferred stock dividend (3,100) (3,100)
Payment on exercise of common stock warrants 0 (3,500)
Net cash provided by (used in) financing activities 378,300 (804,700)
Net increase in cash, cash equivalents and restricted cash 11,300 5,700
Cash, cash equivalents and restricted cash at beginning of year 264,600 265,600
Cash, cash equivalents and restricted cash at end of period 275,900 271,300
Supplemental non-cash investing and financing activities:    
Interest paid 234,600 187,600
Income tax payments (refunds), net    
Federal 200 (1,700)
State 100 800
Foreign 1,900 2,700
Income tax payments (refunds), net 2,200 1,900
Sale (5,629,800) 0
HMBS-related borrowings, at fair value (5,503,100) 0
Non-Cash, Liabilities Assumed By The Buyer (2,200) 0
Less: Receivables, net 7,000 0
Net cash received 117,500 0
Right-of-use asset 1,100 1,100
Lease liability 1,200 1,100
MSRs, at fair value (249,900) (12,200)
MSR related financing liability, at fair value - MSR pledged liability (249,700) (12,200)
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 176,000 172,800
Debt service accounts 47,800 35,100
Other restricted cash 52,100 63,400
Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 275,900 $ 271,300