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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 144,558 $ 152,354
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Purchases of residential mortgage loans held for sale (210,909) (167,241)
Proceeds from sales of residential mortgage loans held for sale 71,046 52,204
Principal payments from residential mortgage loans held for sale 12,249 1,262
Net (gains) losses on investments and other financial instruments 723 (490)
Net (gains) losses on consolidated VIE assets and liabilities (1,430) 0
Loss on extinguishment of debt 0 4,275
Depreciation, other amortization, and other impairments, net 14,376 14,364
Deferred income tax provision 42,705 45,202
Change in:    
Accrued investment income 2,950 (550)
Accounts and notes receivable 995 (6,426)
Reinsurance recoverable (3,794) (2,242)
Deferred policy acquisition costs (109) 157
Other assets 8,761 7,748
Unearned premiums (9,406) (10,272)
Reserve for losses and LAE 14,619 (8,315)
Reinsurance funds withheld 3,156 2,896
Other liabilities (22,684) (33,882)
Net cash provided by (used in) operating activities 67,806 51,044
Proceeds from sales of:    
Available for sale securities 117,832 130,248
Equity securities 14,319 840
Proceeds from redemptions of:    
Available for sale securities 220,334 164,685
Trading securities 7,803 704
Purchases of:    
Available for sale securities (285,497) (328,174)
Equity securities (2,077) (816)
Sales, redemptions and (purchases) of:    
Short-term investments, net (4,408) (39,147)
Other assets and other invested assets, net (279) (180)
Principal payments from securitized residential mortgage loans held for investment 39,419 0
Additions to property and equipment (1,209) (1,558)
Net cash provided by (used in) investing activities 106,237 (73,398)
Cash flows from financing activities    
Dividends and dividend equivalents paid (37,288) (37,563)
Issuance of common stock 109 460
Repurchases of common stock (208,924) (50,018)
Issuance of senior notes 0 617,164
Redemption of senior notes 0 (527,079)
Issuance of securitized nonrecourse debt 353,744 0
Repayments of securitized nonrecourse debt (39,419) 0
Proceeds (repayments) related to cash collateral for loaned securities, net 10,385 (59,832)
Proceeds from secured borrowings 336,069 298,477
Repayments of secured borrowings (601,696) (210,353)
Credit facility commitment fees paid (146) (142)
Net cash provided by (used in) financing activities (187,166) 31,114
Increase (decrease) in cash and restricted cash (13,123) 8,760
Cash and restricted cash, beginning of period 41,473 20,065
Cash and restricted cash, end of period 28,350 28,825
Supplemental noncash information    
Transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment 369,977 0
Retention of mortgage servicing and other related rights from residential mortgage loan sales $ 1,486 $ 310