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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 371,480 $ 421,576
Restricted cash 74,247 105,645
Loans held for sale, at fair value (includes $304,027 and $293,165 pledged to creditors in securitization trusts at March 31, 2025 and December 31, 2024, respectively) 2,765,417 2,603,735
Loans held for investment, at fair value (pledged to creditors in a securitization trust) 114,447 116,627
Derivative assets, at fair value 49,762 44,389
Servicing rights, at fair value (includes $627,527 and $625,699 pledged to creditors in securitization trusts at March 31, 2025 and December 31, 2024, respectively) 1,621,494 1,633,661
Trading securities 87,355 87,466
Property and equipment, net 60,192 61,079
Operating lease right-of-use assets 22,682 20,432
Loans eligible for repurchase 1,022,924 995,398
Investments in joint ventures 18,214 18,113
Other assets 208,500 235,907
Total assets 6,416,714 6,344,028
Liabilities    
Warehouse and other lines of credit 2,490,447 2,377,127
Accounts payable, accrued expenses and other liabilities 368,276 379,439
Derivative liabilities: 13,453 25,060
Liability for loans eligible for repurchase 1,022,924 995,398
Operating lease liability 34,821 33,190
Debt obligations, net 2,017,495 2,027,203
Total liabilities 5,947,416 5,837,417
Commitments and contingencies (Note 15)
Equity    
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued at March 31, 2025 and December 31, 2024, respectively 0 0
Treasury stock at cost, 5,468,337 and 5,270,250 shares at March 31, 2025 and December 31, 2024, respectively (20,975) (20,340)
Additional paid-in capital 855,799 843,523
Retained deficit (573,591) (550,623)
Noncontrolling interest 207,732 233,719
Total equity 469,298 506,611
Total liabilities and equity 6,416,714 6,344,028
Class A    
Equity    
Common stock 110 104
Class B    
Equity    
Common stock 0 0
Class C    
Equity    
Common stock 126 131
Class D    
Equity    
Common stock $ 97 $ 97