v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 244,023 $ 329,375 $ (69,782)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Reserve for representations and warranties 35,289 43,437 49,676
Capitalization of mortgage servicing rights (3,647,451) (2,931,543) (2,269,378)
Change in fair value of mortgage servicing rights 1,055,448 294,999 854,148
Depreciation & amortization 55,506 48,777 50,060
Stock-based compensation expense 50,363 24,580 13,832
Increase in fair value of investment securities (4,794) (550) (4,502)
(Decrease) increase in fair value of warrants liability (2,743) (5,089) 6,060
Decrease (increase) in:      
Mortgage loans at fair value (416,192) (4,066,653) 1,685,076
Derivative assets 62,397 (66,945) 49,850
Other assets (9,556) 57,063 (169,285)
Increase (decrease) in:      
Derivative liabilities (9,386) (4,816) (8,967)
Other liabilities (60,461) 35,870 (21,544)
Net cash (used in) provided by operating activities (2,647,557) (6,241,495) 165,244
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of premises and equipment (74,048) (39,455) (26,434)
Net proceeds from sale of mortgage servicing rights 2,423,711 2,711,955 1,843,649
Proceeds from principal payments on investment securities 7,294 7,887 7,439
Margin calls on borrowings against investment securities 2,600 (4,295) 5,308
Investment in private company equity securities (100,000) 0 0
Net cash provided by investing activities 2,259,557 2,676,092 1,829,962
CASH FLOWS FROM FINANCING ACTIVITIES      
Net borrowings (repayments) under warehouse lines of credit 214,753 3,795,655 (1,541,903)
Repayments of finance lease liabilities (2,219) (5,584) (12,826)
Repayments under equipment notes payable 0 0 (991)
Borrowings under secured lines of credit 3,050,000 1,675,000 1,000,000
Repayments under secured lines of credit (2,350,000) (1,925,000) (1,000,000)
Borrowings against investment securities 350,310 369,777 166,067
Repayments of borrowings against investment securities (353,460) (372,946) (173,598)
Proceeds from issuance of senior notes 1,000,000 800,000 0
Discount and direct issuance cost of senior notes (8,399) (6,958) 0
Repayments of senior notes (800,000) 0 0
Dividends paid to Class A common stockholders (78,596) (39,734) (37,244)
Member distributions paid to SFS Corp. (637,999) (714,027) (600,828)
Other financing activities (365) (909) (1,313)
Net cash provided by (used in) financing activities 384,025 3,575,274 (2,202,636)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,975) 9,871 (207,430)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 507,339 497,468 704,898
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 503,364 507,339 497,468
SUPPLEMENTAL INFORMATION      
Cash paid for interest 496,248 476,988 341,090
Cash paid (received) for taxes $ 914 $ 2,984 $ (56)