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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:          
Consolidated net income $ 99,525 $ 122,569 $ 114,404 $ 178,039  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:          
Gain on originated mortgage servicing rights     (126,571) (73,873)  
Depreciation and amortization 29,627 36,781 104,613 98,510  
Nasdaq earn-out recognition     (121,906) (98,580)  
Provision for credit losses on the financial guarantee liability     14,702 0  
Provision for doubtful accounts     2,976 1,575  
Equity-based compensation and allocation of net income to limited partnership units and FPUs     74,544 109,872  
Employee loan amortization     50,193 31,688  
Deferred tax (benefit) provision     (20) 956  
Unrealized (gains) on loans held for sale     (27,136) (22,522)  
Loss (income) from an equity method investment 7,400 (1,300) 11,562 (6,000)  
Change in fair value of contingent consideration     (11,445) 639  
Realized loss (gains) on marketable securities     2,204 (4,056)  
Unrealized loss (gains) on non-marketable investments     26,837 (20,960)  
Unrealized (gains) on marketable securities     0 (4,445)  
Change in valuation of derivative asset     7,110 37,181  
Loan originations—loans held for sale     (8,285,891) (7,511,234)  
Loan sales—loans held for sale     6,990,582 7,820,263  
Other     3,899 3,234  
Consolidated net (loss) income, adjusted for non-cash and non-operating items     (1,169,343) 540,287  
Changes in operating assets and liabilities:          
Receivables, net     120,729 (24,293)  
Loans, forgivable loans and other receivables from employees and partners     (130,037) (102,745)  
Other assets     194 (62,883)  
Accrued compensation     (98,191) 13,326  
Accounts payable, accrued expenses and other liabilities     (40,031) 24,114  
Payables to related parties     (24,371) 5,609  
Net cash (used in) provided by operating activities     (1,341,050) 393,415  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Payments for acquisitions, net of cash acquired     (5,850) (18,212)  
Distributions from equity method investment     0 7,293  
Proceeds from the sale of marketable securities     34,738 32,606  
Purchase of non-marketable investments     0 (28,000)  
Purchases of fixed assets     (16,182) (23,447)  
Purchase of mortgage servicing rights     (200) (845)  
Net cash provided by (used in) investing activities     12,506 (30,605)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from warehouse facilities     8,285,891 7,511,234  
Principal payments on warehouse facilities     (6,985,205) (7,802,761)  
Settlement of pre-Spin-Off related party receivables     0 33,892  
Borrowing of debt     365,000 155,000  
Repayment of debt     (75,000) (95,000)  
Securities loaned     (36,735) 24,838  
Treasury stock repurchases     0 (33,983)  
Earnings distributions to limited partnership interests and noncontrolling interests     (81,879) (112,691)  
Dividends to stockholders     (21,362) (51,659)  
Payments on acquisition earn-outs     (3,981) (3,407)  
Payment of deferred financing costs     (3,395) (1,363)  
Net cash provided by (used in) financing activities     1,443,334 (375,900)  
Net (decrease) increase in cash and cash equivalents and restricted cash     114,790 (13,090)  
Cash and cash equivalents and restricted cash at beginning of period     221,872 187,406 $ 187,406
Cash and cash equivalents and restricted cash at end of period $ 336,662 $ 174,316 336,662 174,316 $ 221,872
Cash paid during the period for:          
Interest     22,435 19,392  
Taxes     69,460 82,939  
Supplemental disclosure of non-cash operating, investing and financing activities:          
Right-of-use assets and liabilities     $ 26,444 $ 52,381