CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$ 13,562	$ (2,900)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains on originated mortgage servicing rights	(39,007)	(39,850)
Depreciation and amortization	88,969	84,854
Provision (benefit) for credit losses on the financial guarantee liability	3,475	1,357
Provision (reversal) for doubtful accounts	5,639	(636)
Equity-based compensation and allocation of net income to limited partnership units and FPUs	134,486	76,929
Employee loan amortization and other non-cash compensation expense	71,236	62,072
Deferred tax provision (benefit)	(774)	(136)
Non-cash changes in acquisition related earn-outs	388	(721)
Unrealized (gains) on loans held for sale	(39,193)	(16,056)
Loan originations—loans held for sale	(3,895,933)	(3,198,267)
Loan sales—loans held for sale	3,360,791	2,924,275
Other	469	1,650
Consolidated net income (loss), adjusted for non-cash and non-operating items	(295,892)	(107,429)
Changes in operating assets and liabilities:
Receivables, net	32,148	70,484
Loans, forgivable loans and other receivables from employees and partners, net	(157,926)	(185,745)
Right-of-use assets	5,482	64,920
Receivable from related parties	326	0
Other assets	(38,635)	(13,420)
Accrued compensation	(143,245)	(111,573)
Right-of-use liability	(7,509)	(69,373)
Accounts payable, accrued expenses and other liabilities	34,278	24,778
Payables to related parties	11,827	89
Net cash used in operating activities	(559,146)	(327,269)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of non-marketable investments	0	(312)
Purchases of fixed assets	(11,946)	(16,308)
Net cash used in investing activities	(11,946)	(16,620)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from warehouse facilities	3,895,933	3,198,267
Principal payments on warehouse facilities	(3,359,378)	(2,904,037)
Borrowing of debt	420,000	775,000
Repayment of debt	(220,000)	(575,000)
Treasury stock repurchases	(125,523)	(92,668)
Earnings and tax distributions to limited partnership interests and other noncontrolling interests	(22,852)	(22,418)
Dividends to stockholders	(10,966)	(10,422)
Payments on acquisition earn-outs	(943)	0
Deferred financing costs	(450)	(5,340)
Net cash provided by financing activities	575,821	363,382
Net increase (decrease) in cash and cash equivalents and restricted cash	4,729	19,493
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	309,594	278,199
Cash paid during the period for:
Interest	27,659	4,792
Taxes	29,128	16,708
Supplemental disclosure of non-cash operating, investing and financing activities:
Right-of-use assets and liabilities	65,331	569
Deferred tax asset	20,601	0
Tax receivable agreement liability	$ 17,511	$ 0