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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 459,161 $ 421,576
Restricted cash 66,711 105,645
Loans held for sale, at fair value (includes $611,394 and $293,165 pledged to creditors in securitization trusts at September 30, 2025 and December 31, 2024, respectively) 2,606,361 2,603,735
Loans held for investment, at fair value (pledged to creditors in a securitization trust) 111,341 116,627
Derivative assets, at fair value 54,582 44,389
Servicing rights, at fair value (includes $647,066 and $625,699 pledged to creditors in securitization trusts at September 30, 2025 and December 31, 2024, respectively) 1,637,930 1,633,661
Trading securities, at fair value 85,980 87,466
Property and equipment, net 58,037 61,079
Operating lease right-of-use assets 24,679 20,432
Loans eligible for repurchase 916,911 995,398
Investments in joint ventures 18,270 18,113
Other assets 205,022 235,907
Total assets 6,244,985 6,344,028
Liabilities    
Warehouse and other lines of credit 2,382,706 2,377,127
Accounts payable, accrued expenses and other liabilities 373,627 379,439
Derivative liabilities, at fair value 12,085 25,060
Liability for loans eligible for repurchase 916,911 995,398
Operating lease liability 35,476 33,190
Debt obligations, net 2,090,870 2,027,203
Total liabilities 5,811,675 5,837,417
Commitments and contingencies (Note 15)
Equity    
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued at September 30, 2025 and December 31, 2024, respectively 0 0
Treasury stock at cost, 8,517,138 and 5,270,250 shares at September 30, 2025 and December 31, 2024, respectively (28,980) (20,340)
Additional paid-in capital 880,389 843,523
Retained deficit (592,382) (550,623)
Noncontrolling interest 173,941 233,719
Total equity 433,310 506,611
Total liabilities and equity 6,244,985 6,344,028
Class A    
Equity    
Common stock 128 104
Class B    
Equity    
Common stock 0 0
Class C    
Equity    
Common stock 117 131
Class D    
Equity    
Common stock $ 97 $ 97