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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Consolidated net income (loss) $ 155,446,000 $ 85,491,000 $ 62,375,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Gains on originated mortgage servicing rights (119,211,000) (103,980,000) (75,704,000)
Depreciation and amortization 181,303,000 174,299,000 166,221,000
Lease impairment 0 0 7,563,000
Provision (benefit) for credit losses on the financial guarantee liability 4,295,000 (1,891,000) 2,634,000
Provision (reversal) for doubtful accounts 9,363,000 230,000 (2,201,000)
Equity-based compensation and allocation of net income to limited partnership units and FPUs 282,045,000 185,398,000 139,747,000
Employee loan amortization and other non-cash compensation expense 155,273,000 123,856,000 92,935,000
Deferred tax provision (benefit) 16,809,000 1,047,000 (5,195,000)
Non-cash changes in acquisition related earn-outs 975,000 (3,845,000) 5,170,000
Unrealized (gains) on loans held for sale (12,170,000) (10,238,000) (26,662,000)
Income from an equity method investment 0 0 (14,221,000)
Loan originations—loans held for sale (10,727,688,000) (8,625,601,000) (6,913,075,000)
Loan sales—loans held for sale 10,601,462,000 8,389,879,000 6,549,138,000
Other 5,916,000 (1,110,000) 6,210,000
Consolidated net income (loss), adjusted for non-cash and non-operating items 553,818,000 213,535,000 (5,065,000)
Changes in operating assets and liabilities:      
Receivables, net (31,162,000) 17,676,000 (69,309,000)
Loans, forgivable loans and other receivables from employees and partners, net (220,168,000) (211,854,000) (243,258,000)
Right-of-use assets 52,699,000 95,898,000 54,141,000
Receivable from related parties 326,000 (326,000) 0
Other assets (7,682,000) 3,155,000 (9,036,000)
Accrued compensation (90,194,000) (15,143,000) (22,262,000)
Right-of-use liability (59,676,000) (106,862,000) (39,746,000)
Accounts payable, accrued expenses and other liabilities (27,795,000) 629,000 71,675,000
Payables to related parties 1,835,000 (6,644,000) (3,101,000)
Net cash provided by (used in) operating activities 172,001,000 (9,936,000) (265,961,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Payments for acquisitions, net of cash acquired and proceeds from divestitures (53,360,000) 0 (99,885,000)
Proceeds from the exercise of redemption option 0 0 105,501,000
Purchase of non-marketable investments 0 (312,000) 0
Payments for intangible assets 0 (1,500,000) 0
Purchases of fixed assets (29,372,000) (31,509,000) (55,361,000)
Purchase of restricted short-term investments (334,379,000) (110,000) 0
Proceeds from maturity of restricted short-term investments 219,000,000 0 0
Net cash provided by (used in) investing activities (198,111,000) (33,431,000) (49,745,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from warehouse facilities 10,727,688,000 8,625,601,000 6,913,075,000
Principal payments on warehouse facilities (10,589,557,000) (8,369,924,000) (6,551,850,000)
Borrowing of debt 520,000,000 845,000,000 930,000,000
Repayment of debt (520,000,000) (720,000,000) (930,000,000)
Purchase of limited partnership interests 0 (12,307,000) 0
Treasury stock repurchases (127,068,000) (212,570,000) (37,428,000)
Earnings and tax distributions to limited partnership interests and other noncontrolling interests (31,556,000) (38,657,000) (35,375,000)
Dividends to stockholders (21,723,000) (20,624,000) (20,905,000)
Payments on acquisition earn-outs (943,000) 0 (983,000)
Deferred financing costs (1,690,000) (6,993,000) (5,074,000)
Net cash provided by (used in) financing activities (44,849,000) 89,526,000 261,460,000
Net increase (decrease) in cash and cash equivalents and restricted cash (70,959,000) 46,159,000 (54,246,000)
Cash and cash equivalents and restricted cash at beginning of period 304,865,000 258,706,000 312,952,000
Cash and cash equivalents and restricted cash at end of period 233,906,000 304,865,000 258,706,000
Cash paid during the period for:      
Interest 56,368,000 32,129,000 45,434,000
Taxes [1] 43,463,000 49,826,000 57,181,000
Supplemental disclosure of non-cash operating, investing and financing activities:      
Right-of-use assets and liabilities 80,348,000 45,546,000 80,088,000
Deferred tax asset 19,456,000 0 0
Tax Receivable Agreement liability $ 17,511,000 $ 0 $ 0
[1] For additional detail refer to Note 25— “Income Taxes."