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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 72,018 $ 21,440
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Gains on originated mortgage servicing rights (77,432) (63,798)
Depreciation and amortization 134,429 129,430
Provision (benefit) for credit losses on the financial guarantee liability 5,172 (1,317)
Provision (reversal) for doubtful accounts 8,116 (371)
Equity-based compensation and allocation of net income to limited partnership units and FPUs 215,610 125,678
Employee loan amortization and other non-cash compensation expense 111,213 91,772
Deferred tax provision (benefit) (10,105) (136)
Non-cash changes in acquisition related earn-outs 587 (4,033)
Unrealized (gains) on loans held for sale (32,088) (29,937)
Loan originations—loans held for sale (7,163,694) (5,291,238)
Loan sales—loans held for sale 6,570,479 4,822,339
Other 5,224 (9,074)
Consolidated net income (loss), adjusted for non-cash and non-operating items (160,471) (209,245)
Changes in operating assets and liabilities:    
Receivables, net 11,646 79,990
Loans, forgivable loans and other receivables from employees and partners, net (177,316) (209,771)
Right-of-use assets 31,082 56,290
Receivable from related parties 326 0
Other assets (50,714) (45,242)
Accrued compensation (105,836) (98,091)
Right-of-use liability (35,275) (64,320)
Accounts payable, accrued expenses and other liabilities 35,257 78,475
Payables to related parties 4,786 (599)
Net cash used in operating activities (446,515) (412,513)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of non-marketable investments 0 (312)
Payments for intangible assets 0 (1,500)
Purchases of fixed assets (19,678) (25,490)
Purchase of restricted short-term investments (215,282) 0
Proceeds from maturity of restricted short-term investments 105,000 0
Net cash used in investing activities (129,960) (27,302)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from warehouse facilities 7,163,694 5,291,238
Principal payments on warehouse facilities (6,567,613) (4,804,069)
Borrowing of debt 420,000 835,000
Repayment of debt (345,000) (610,000)
Purchase of limited partnership interests 0 (11,284)
Treasury stock repurchases (125,523) (182,219)
Earnings and tax distributions to limited partnership interests and other noncontrolling interests (27,985) (32,325)
Dividends to stockholders (16,294) (15,526)
Payments on acquisition earn-outs (943) 0
Deferred financing costs (1,682) (5,368)
Net cash provided by financing activities 498,654 465,447
Net increase (decrease) in cash and cash equivalents and restricted cash (77,821) 25,632
Cash and cash equivalents and restricted cash at beginning of period 304,865 258,706
Cash and cash equivalents and restricted cash at end of period 227,044 284,338
Cash paid during the period for:    
Interest 53,778 29,767
Taxes 31,884 46,601
Supplemental disclosure of non-cash operating, investing and financing activities:    
Right-of-use assets and liabilities 69,991 42,005
Deferred tax asset 20,601 0
Tax receivable agreement liability $ 17,511 $ 0