Quarterly report [Sections 13 or 15(d)]

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income (loss) $ 28,047 $ (960)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 10,786 11,477
Valuation adjustment of mortgage servicing rights 140,258 122,864
Valuation adjustment of mortgage loans held for sale (16,582) (1,419)
Valuation adjustment of reverse mortgage loans held for investment and HMBS-related borrowings (9,524) (7,731)
Unrealized loss (gain) on derivatives 1,444 (15,023)
Amortization of right-of-use assets 15,723 17,032
Provision for investor reserves 23,246 10,974
Provision for foreclosure losses 4,641 509
Valuation adjustment of contingent liabilities due to acquisitions, net 5,372 10,621
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (518,609) (407,452)
Deferred income taxes 2,273 (3,659)
Stock-based compensation 5,296 7,681
Origination of mortgage servicing rights (149,698) (141,113)
Origination and purchase of mortgage loans held for sale (18,303,339) (15,977,511)
Proceeds on sale of and payments from mortgage loans held for sale 18,611,748 15,524,488
Other 5,603 4,954
Changes in operating assets and liabilities:    
Advances and other assets (11,511) 2,276
Accounts payable and accrued expenses 21,918 26,600
Operating lease liabilities (16,490) (17,843)
Other liabilities (18,790) (28,482)
Net cash used in operating activities (168,188) (861,717)
Cash flows from investing activities    
Acquisition of businesses, net of cash acquired 0 (17,710)
Origination and purchase of reverse mortgage loans held for investment (102,255) (102,265)
Principal payments received on reverse mortgage loans held for investment 29,131 32,559
Purchases of property and equipment, net (7,058) (7,372)
Other (10,245) (20,813)
Net cash used in investing activities (90,427) (115,601)
Cash flows from financing activities    
Borrowings on warehouse lines of credit 19,270,658 17,149,169
Repayments on warehouse lines of credit (19,093,102) (16,333,345)
Proceeds from issuance of reverse mortgage loans and tails accounted for as HMBS-related obligations 114,054 103,892
Repayments on HMBS-related obligations (29,043) (30,346)
Borrowings on notes payable 70,500 122,234
Repayments on notes payable (30,000) (31,000)
Contingent liability payments (481) (27)
Dividends paid (46,515) (30,702)
Repurchases of Class A common stock (1,268) (791)
Taxes paid related to net share settlement of equity awards (1,989) (1,177)
Other (2,569) 13,801
Net cash provided by financing activities 250,245 961,708
Decrease in cash, cash equivalents and restricted cash (8,370) (15,610)
Cash, cash equivalents and restricted cash, beginning of period 125,056 127,381
Cash, cash equivalents and restricted cash, end of period 116,686 111,771
Supplemental information    
Cash paid for interest, net 37,450 30,709
Income tax refunds, net of cash paid (492) (5,476)
Cash, cash equivalents and restricted cash at end of period are comprised of the following:    
Cash and cash equivalents 106,401 106,151
Restricted cash 10,285 5,620
Total cash, cash equivalents and restricted cash $ 116,686 $ 111,771