Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 5,090,631	$ 1,272,853
Restricted cash	22,691	16,468
Mortgage loans held for sale, at fair value	11,168,691	9,020,176
Derivative assets, at fair value	391,770	192,433
Mortgage servicing rights (“MSRs”), at fair value	7,566,632	7,633,371
Notes receivable and due from affiliates	15,281	14,245
Property and equipment, net of accumulated depreciation and amortization of $642,409 and $620,252, respectively	193,843	213,848
Deferred tax asset, net	11,407	521,824
Lease right of use assets	259,029	281,770
Loans subject to repurchase right from Ginnie Mae	2,492,015	2,785,146
Goodwill and intangible assets, net	1,221,168	1,227,517
Other assets	1,927,064	1,330,412
Total assets	30,360,222	24,510,063
Liabilities
Funding facilities	9,481,780	6,708,186
Other financing facilities and debt:
Senior Notes, net	8,000,225	4,038,926
Early buy out facility	67,532	92,949
Accounts payable	278,245	181,713
Lease liabilities	293,671	319,296
Derivative liabilities, at fair value	163,870	11,209
Investor reserves	98,082	99,998
Tax receivable agreement liability	588,510	581,183
Loans subject to repurchase right from Ginnie Mae	2,492,015	2,785,146
Deferred tax liability	714,673	17,445
Total liabilities	22,911,294	15,466,683
Equity
Preferred stock, $0.00001 par value - 500,000,000 shares authorized as of June 30, 2025 and December 31, 2024, none issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.	0	0
Additional paid-in capital	7,271,613	389,695
Retained earnings	178,507	312,834
Accumulated other comprehensive loss	(1,212)	(48)
Non-controlling interest	0	8,340,879
Total equity	7,448,928	9,043,380
Total liabilities and equity	30,360,222	24,510,063
Related Party
Other financing facilities and debt:
Other liabilities	2,818	31,280
Nonrelated Party
Other financing facilities and debt:
Other liabilities	729,873	599,352
Class A common shares
Equity
Common stock	1	1
Class B Common Stock
Equity
Common stock	0	0
Class C common stock
Equity
Common stock	0	0
Class D Common Stock
Equity
Common stock	0	19
Class L common shares
Equity
Common stock	$ 19	$ 0