Rocket Companies, Inc(NYSE:RKT) 
Rocket Companies, Inc. engages in the tech-driven real estate, mortgage, and eCommerce businesses in the United States and Canada. It operates in two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insur...
Website: https://www.rocketcompanies.com/
Founded: 1985
Full Time Employees: 22,000
CEO: Jay Farner
Sector: Financial Services
Industry: Mortgage Finance
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At a glance:
- Mortgage Origination Volume Remains the Primary Earnings Driver: Rocket’s results are heavily influenced by U.S. mortgage origination volumes and gain-on-sale margins, which tend to swing with interest-rate levels and refinance demand.
- Rate-Cycle Sensitivity Creates Meaningful Earnings Volatility: Changes in Fed policy, mortgage rates, and housing affordability can quickly shift consumer demand between purchase and refinance activity, driving variability in revenue and profitability.
- Customer Acquisition and Marketing Spend Are Key Margin Levers: Sales efficiency and marketing intensity (especially during competitive periods) materially affect contribution margins, making cost discipline and lead conversion rates critical.
- Technology-Enabled Platform and Servicing/Retention Focus Support Down-Cycle Resilience: Rocket’s digital origination platform and emphasis on retaining customers through servicing and cross-sell can help stabilize performance when new origination demand weakens.
- Competitive Landscape Remains Intense Across Retail and Digital Lenders: Competition from banks, credit unions, and fintech lenders pressures pricing and margins, requiring differentiation through speed, customer experience, and product breadth.
Bull Thesis:
- Market Share Resilience & Digital Leadership: Despite a challenging mortgage market, Rocket Companies has demonstrated strong market share retention, leveraging its robust digital platform and brand recognition. This indicates a sticky customer base and efficient operational model that can weather downturns and capture market share when volumes rebound.
- Diversification Strategy Beyond Mortgages: Rocket is actively diversifying its revenue streams beyond traditional mortgages into areas like auto loans (Rocket Auto), solar energy (Rocket Solar), and real estate services (Rocket Homes). This strategy aims to reduce reliance on the highly cyclical mortgage market and tap into broader financial services opportunities, providing more stable long-term growth.
- Potential for Future Interest Rate Reversal: The current high-interest rate environment has significantly suppressed mortgage origination volumes. However, any future pivot by the Federal Reserve towards rate cuts could trigger a substantial increase in refinancing activity and purchase demand, directly benefiting Rocket's core mortgage business and leading to a significant rebound in profitability.
- Operational Efficiency and Scalability of Technology Platform: Rocket's technology-first approach allows for highly efficient loan origination and servicing. This scalable platform enables them to process high volumes with relatively lower per-unit costs compared to traditional lenders. As market volumes eventually recover, this operational leverage could lead to outsized profit growth.
Bear Thesis:
- Highly Cyclical Mortgage Market & Interest Rate Sensitivity: Rocket Companies' core business remains extremely sensitive to interest rate fluctuations and overall housing market conditions. Sustained high interest rates continue to suppress both purchase and refinancing activity, leading to significantly lower origination volumes and compressed gain-on-sale margins, directly impacting profitability.
- Intense Competition and Margin Pressure: The mortgage industry is highly fragmented and intensely competitive, with numerous banks, credit unions, and non-bank lenders vying for market share. This competition often leads to aggressive pricing and margin compression, making it difficult for Rocket to maintain high profitability, especially in a low-volume environment.
- Declining Origination Volumes and Revenue: The prolonged period of high interest rates has led to a significant contraction in the overall mortgage market. Rocket has experienced substantial declines in origination volumes and corresponding revenue, which puts pressure on its ability to cover fixed costs and maintain profitability.
- Reliance on Gain-on-Sale Margins: A significant portion of Rocket's revenue and profitability is derived from gain-on-sale margins (the profit made from selling originated loans into the secondary market). These margins can be volatile and are under pressure in competitive, low-volume markets, making earnings less predictable.
Main Competitors:
- Wells Fargo & Company ($WFC) (Mortgage Lending), As one of the largest traditional banks, Wells Fargo competes directly with Rocket Companies in mortgage origination and servicing. It leverages its vast branch network, existing customer base, and comprehensive financial product offerings, providing a more traditional, relationship-based approach alongside its digital mortgage solutions.
- LoanDepot, Inc. ($LDI) (Mortgage Origination and Servicing), LoanDepot is a direct competitor in the non-bank mortgage space, employing a similar tech-enabled, direct-to-consumer and retail channel strategy. They compete head-to-head with Rocket Mortgage for market share by offering online mortgage applications, competitive rates, and a focus on customer experience, often targeting the same demographic of borrowers.
- United Wholesale Mortgage (UWM Holdings Corporation) ($UWMC) (Wholesale Mortgage Lending), UWM is the largest wholesale mortgage lender in the U.S., competing with Rocket Companies for overall market share in mortgage origination. While Rocket primarily operates direct-to-consumer, UWM serves independent mortgage brokers, providing them with technology and funding. They compete indirectly for the same pool of borrowers through different distribution channels, often engaging in aggressive market share battles within the industry.
- SoFi Technologies, Inc. ($SOFI) (Mortgage, Personal Loans, Financial Services), SoFi competes with Rocket Companies as a broader fintech platform aiming to be a 'one-stop shop' for financial services. While Rocket is expanding its ecosystem beyond mortgages, SoFi already offers mortgages, personal loans, student loan refinancing, investing, and banking products, appealing to a similar tech-savvy demographic looking for integrated financial solutions.
Moat:
Rocket Companies maintains a strong competitive moat primarily through its highly recognized brand (Rocket Mortgage), advanced proprietary technology platform, and efficient direct-to-consumer origination model. Its significant scale allows for robust marketing spend and data-driven insights, contributing to its market leadership. Competition is fierce, coming from traditional banks with established customer bases, other large non-bank lenders leveraging similar tech-enabled strategies, and emerging fintech companies aiming to capture a broader share of consumers' financial lives. Rocket's challenge lies in sustaining its market share and expanding its ecosystem beyond mortgages in an increasingly competitive and interest-rate sensitive environment, while fending off rivals with diverse business models.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | ||||||||||||||||||||||||
gain on sale of loans | 1,376,000,000 | 1,192,061,000 | 1,027,413,000 | 815,900,000 | 771,626,000 | 710,741,000 | 844,390,000 | 758,556,000 | 699,226,000 | 430,137,000 | 572,123,000 | 594,469,000 | 469,563,000 | 280,783,000 | 566,011,000 | 806,838,000 | 1,483,786,000 | 1,920,430,000 | 2,654,213,000 | 2,341,489,000 | 3,552,442,000 | 4,214,568,000 | 4,280,442,000 | 4,753,584,000 |
gain on sale of loans excluding fair value of originated msrs | 688,000,000 | 464,705,000 | 641,721,000 | 472,375,000 | 507,199,000 | 349,032,000 | 506,688,000 | 413,011,000 | ||||||||||||||||
fair value of originated msrs | 688,000,000 | 727,356,000 | 385,692,000 | 343,525,000 | 264,427,000 | 424,172,000 | 337,702,000 | 345,545,000 | 222,797,000 | 242,305,000 | 330,627,000 | 314,840,000 | 204,560,000 | 288,281,000 | 426,278,000 | 459,473,000 | 796,616,000 | 926,842,000 | 907,242,000 | 857,111,000 | 1,173,164,000 | 1,082,760,000 | 836,557,000 | 669,923,000 |
loan servicing income | 598,000,000 | 699,561,000 | -66,464,000 | 202,391,000 | -48,488,000 | 744,017,000 | -504,515,000 | 241,736,000 | 402,254,000 | -10,102,000 | 356,826,000 | 385,968,000 | -31,894,000 | -36,493,000 | 514,515,000 | 345,056,000 | 820,594,000 | 222,649,000 | -7,013,000 | -71,396,000 | 538,282,000 | |||
servicing fee income | 1,083,000,000 | 1,101,889,000 | 413,138,000 | 401,276,000 | 400,697,000 | 387,954,000 | 373,796,000 | 354,677,000 | 345,746,000 | 347,743,000 | 344,061,000 | 343,591,000 | 366,385,000 | 370,633,000 | 364,211,000 | 357,578,000 | 366,214,000 | 355,880,000 | 334,348,000 | 343,349,000 | 292,361,000 | 295,162,000 | 272,158,000 | 249,842,000 |
change in fair value of msrs | -485,000,000 | -402,328,000 | -479,602,000 | -198,885,000 | -449,185,000 | 356,063,000 | -878,311,000 | -112,941,000 | 56,508,000 | -357,845,000 | 12,765,000 | 42,377,000 | -398,279,000 | -407,126,000 | 150,304,000 | -12,522,000 | 454,380,000 | -133,231,000 | -341,361,000 | -414,745,000 | 245,921,000 | -375,380,000 | -374,765,000 | -552,843,000 |
interest income | 507,000,000 | 158,949,000 | 126,459,000 | 123,502,000 | 92,090,000 | 103,198,000 | 108,566,000 | 112,415,000 | 88,980,000 | 86,079,000 | 93,868,000 | 80,757,000 | 66,744,000 | 85,101,000 | 95,753,000 | 79,196,000 | 90,540,000 | 118,233,000 | 129,963,000 | 86,645,000 | 95,245,000 | 97,622,000 | 79,890,000 | 24,283,000 |
other income | 460,000,000 | 771,934,000 | 608,654,000 | 309,337,000 | 286,075,000 | 292,493,000 | 300,327,000 | 269,308,000 | 244,699,000 | 265,224,000 | 236,275,000 | 219,105,000 | 190,715,000 | 187,213,000 | 164,580,000 | 204,035,000 | 317,372,000 | 387,601,000 | 410,345,000 | 376,388,000 | 466,112,000 | 549,913,000 | 445,757,000 | 562,265,000 |
total revenue | 2,941,000,000 | 2,692,201,000 | 1,605,284,000 | 1,360,251,000 | 1,037,264,000 | 1,769,412,000 | 646,948,000 | 1,300,722,000 | 1,383,716,000 | 693,806,000 | 1,203,168,000 | 1,236,227,000 | 666,068,000 | 480,792,000 | 1,294,686,000 | 1,392,419,000 | 2,670,596,000 | 2,592,767,000 | 3,114,730,000 | 2,668,748,000 | 4,584,237,000 | 4,698,942,000 | 4,634,118,000 | 5,037,131,000 |
yoy | 183.53% | 52.15% | 148.13% | 4.58% | -25.04% | 155.03% | -46.23% | 5.22% | 107.74% | 44.30% | -7.07% | -11.22% | -75.06% | -81.46% | -58.43% | -47.83% | -41.74% | -44.82% | -32.79% | -47.02% | ||||
qoq | 9.24% | 67.71% | 18.01% | 31.14% | -41.38% | 173.50% | -50.26% | -6.00% | 99.44% | -42.34% | -2.67% | 85.60% | 38.54% | -62.86% | -7.02% | -47.86% | 3.00% | -16.76% | 16.71% | -41.78% | -2.44% | 1.40% | -8.00% | |
expenses | ||||||||||||||||||||||||
salaries, commissions and team member benefits | 1,079,000,000 | 1,199,159,000 | 874,774,000 | 623,459,000 | 609,608,000 | 559,203,000 | 607,526,000 | 553,420,000 | 541,096,000 | 484,793,000 | 589,584,000 | 579,139,000 | 603,775,000 | 519,024,000 | 670,804,000 | 754,125,000 | 853,915,000 | 804,136,000 | 870,010,000 | 840,470,000 | 842,199,000 | 884,280,000 | 816,408,000 | 853,750,000 |
general and administrative expenses | 535,000,000 | 536,210,000 | 354,554,000 | 287,421,000 | 260,815,000 | 202,463,000 | 221,074,000 | 232,952,000 | 236,665,000 | 207,651,000 | 199,399,000 | 200,425,000 | 195,390,000 | 196,342,000 | 204,290,000 | 229,706,000 | 275,857,000 | 315,779,000 | 313,405,000 | 262,815,000 | 291,419,000 | 289,118,000 | 280,705,000 | 288,494,000 |
marketing and advertising expenses | 345,000,000 | 262,054,000 | 274,273,000 | 276,050,000 | 275,623,000 | 206,281,000 | 200,528,000 | 210,937,000 | 206,296,000 | 142,823,000 | 193,406,000 | 218,843,000 | 181,604,000 | 175,413,000 | 210,701,000 | 231,522,000 | 328,058,000 | 305,584,000 | 316,471,000 | 306,685,000 | 320,843,000 | 279,184,000 | 250,558,000 | 202,198,000 |
interest expense | 349,000,000 | |||||||||||||||||||||||
depreciation and amortization | 146,000,000 | 157,224,000 | 78,340,000 | 27,526,000 | 26,910,000 | 29,284,000 | 28,607,000 | 28,009,000 | 27,017,000 | 26,593,000 | 27,636,000 | 25,357,000 | 30,685,000 | 23,987,000 | 24,211,000 | 24,780,000 | 21,042,000 | 19,243,000 | 19,577,000 | 20,589,000 | 15,304,000 | 26,683,000 | 15,329,000 | |
other expenses | 87,000,000 | 163,717,000 | 70,344,000 | 63,815,000 | 49,124,000 | 58,934,000 | 47,912,000 | 44,998,000 | 35,907,000 | 36,486,000 | 37,164,000 | 35,759,000 | 32,268,000 | 33,111,000 | 40,008,000 | 35,487,000 | 90,603,000 | 166,712,000 | 135,415,000 | 142,454,000 | 235,731,000 | 248,885,000 | 176,036,000 | 198,310,000 |
total expenses | 2,541,000,000 | 2,523,164,000 | 1,789,480,000 | 1,335,989,000 | 1,260,367,000 | 1,094,453,000 | 1,144,267,000 | 1,108,680,000 | 1,085,346,000 | 936,711,000 | 1,085,543,000 | 1,097,857,000 | 1,082,055,000 | 986,210,000 | 1,188,331,000 | 1,313,902,000 | 1,608,139,000 | 1,737,422,000 | 1,689,041,000 | 1,608,051,000 | 1,741,067,000 | 1,810,160,000 | 1,577,052,000 | 1,575,920,000 |
income before income taxes | 400,000,000 | 169,037,000 | -184,196,000 | 24,262,000 | -223,103,000 | 674,959,000 | -497,319,000 | 192,042,000 | 298,370,000 | -242,905,000 | 117,625,000 | 138,370,000 | -415,987,000 | -505,418,000 | 106,355,000 | 78,517,000 | 1,062,457,000 | 855,345,000 | 1,425,689,000 | 1,060,697,000 | 2,843,170,000 | 2,888,782,000 | 3,057,066,000 | |
benefit from income taxes | -103,000,000 | -100,826,000 | 60,342,000 | 9,827,000 | 10,657,000 | -26,346,000 | 15,895,000 | -14,117,000 | -7,656,000 | 10,211,000 | -2,680,000 | 782,000 | 4,504,000 | |||||||||||
net income | 297,000,000 | 68,211,000 | -123,854,000 | 34,089,000 | -212,446,000 | 648,613,000 | -481,424,000 | 177,925,000 | 290,714,000 | -232,694,000 | 114,945,000 | 139,152,000 | -411,483,000 | -492,655,000 | 96,224,000 | 59,756,000 | 1,036,608,000 | 865,316,000 | 1,392,859,000 | 1,036,650,000 | 2,777,338,000 | 2,840,764,000 | 2,995,383,000 | 3,461,211,000 |
yoy | -239.80% | -89.48% | -74.27% | -80.84% | -173.08% | -378.74% | -518.83% | 27.86% | -170.65% | -52.77% | 19.46% | 132.87% | -139.70% | -156.93% | -93.09% | -94.24% | -62.68% | -69.54% | -53.50% | -70.05% | ||||
qoq | 335.41% | -155.07% | -463.33% | -116.05% | -132.75% | -234.73% | -370.58% | -38.80% | -224.93% | -302.44% | -17.40% | -133.82% | -16.48% | -611.99% | 61.03% | -94.24% | 19.80% | -37.87% | 34.36% | -62.67% | -2.23% | -5.16% | -13.46% | |
net income margin % | 10.10% | 2.53% | -7.72% | 2.51% | -20.48% | 36.66% | -74.41% | 13.68% | 21.01% | -33.54% | 9.55% | 11.26% | -61.78% | -102.47% | 7.43% | 4.29% | 38.82% | 33.37% | 44.72% | 38.84% | 60.58% | 60.46% | 64.64% | 68.71% |
net loss attributable to non-controlling interest | -189,000 | -35,874,000 | 202,063,000 | -614,742,000 | 459,413,000 | -176,630,000 | -274,499,000 | 222,059,000 | -108,739,000 | -131,714,000 | 392,960,000 | 436,000 | ||||||||||||
net income attributable to rocket companies | 297,000,000 | -1,785,000 | -10,383,000 | 33,871,000 | -22,011,000 | 1,295,000 | 16,215,000 | -10,635,000 | 6,206,000 | 7,438,000 | -18,523,000 | -17,616,000 | 6,910,000 | 3,415,000 | 53,712,000 | 48,051,000 | 75,337,000 | 61,120,000 | 123,702,000 | 140,048,000 | 57,903,000 | 3,461,647,000 | ||
earnings per share of participating common stock | ||||||||||||||||||||||||
basic | 0.11 | -0.01 | -0.07 | 0.24 | -0.16 | 0.01 | 0.12 | -0.08 | 0.05 | 0.06 | -0.15 | -0.14 | 0.06 | 0.03 | 0.44 | 0.36 | 0.55 | 0.45 | 1.07 | 1.23 | 0.54 | |||
diluted | 0.1 | -0.01 | -0.08 | 0.24 | -0.19 | 0.01 | 0.11 | -0.09 | 0.04 | 0.05 | -0.16 | -0.19 | 0.04 | 0.02 | 0.4 | 0.32 | 0.54 | 0.4 | 1.07 | 1.22 | 0.54 | |||
weighted-average shares outstanding | ||||||||||||||||||||||||
basic | 2,828,455,368 | 1,322,362,708 | 2,106,227,188 | 171,438,105 | 147,717,296 | 141,037,083 | 141,763,221 | 139,647,845 | 136,991,743 | 128,641,762 | 129,390,501 | 126,740,748 | 124,732,722 | 120,577,548 | 119,020,520 | 118,801,530 | 122,691,728 | 130,578,206 | 137,664,471 | 136,139,400 | 115,673,524 | 111,926,619 | 106,265,422 | |
diluted | 2,846,974,742 | 1,322,362,708 | 2,106,227,188 | 171,438,105 | 2,001,936,379 | 141,037,083 | 2,003,296,515 | 139,647,845 | 1,991,982,680 | 1,980,523,690 | 1,983,992,350 | 1,979,450,651 | 1,974,629,808 | 1,971,620,573 | 1,970,665,767 | 1,971,741,764 | 1,975,379,132 | 1,989,433,567 | 1,990,828,351 | 1,991,267,972 | 122,011,916 | 116,238,493 | 106,265,422 | |
comprehensive income | 297 | 34,873 | -212,433 | 647,088 | -481,782 | 178,130 | 291,028 | -232,897 | 115,109 | 140,582 | -413,065 | -492,524 | 97,504 | 58,818 | 1,035,701 | 863,320 | 1,388,225 | 1,037,671 | 2,777,281 | |||||
comprehensive loss attributable to non-controlling interest | -165,171 | -36,713 | 202,049 | -613,326 | 459,747 | -176,822 | -274,792 | 38,124 | -108,893 | -133,052 | 394,441 | |||||||||||||
comprehensive income attributable to rocket companies | 297 | -1,840 | -10,384 | 33,762 | -22,035 | 1,308 | 16,236 | -10,649 | 6,216 | 7,530 | -18,624 | -17,609 | 6,991 | 3,365 | 53,652 | 47,918 | 75,024 | 61,185 | 123,695 | 139,997 | 57,901 | |||
interest expense on funding facilities | -130,304,000 | -90,778,000 | -90,879,000 | -64,039,000 | -81,037,000 | -101,820,000 | -81,293,000 | -51,443,000 | -77,532,000 | -55,924,000 | -44,072,000 | -29,060,000 | -35,812,000 | -46,173,000 | -42,706,000 | -41,696,000 | -56,146,000 | -72,778,000 | -64,378,000 | -67,844,000 | -82,943,000 | -69,364,000 | ||
interest and amortization expense on non-funding debt | 204,800,000 | 137,195,000 | 57,718,000 | 38,287,000 | 38,288,000 | 38,620,000 | 38,364,000 | 38,365,000 | 38,365,000 | 38,354,000 | 38,334,000 | 38,333,000 | 38,333,000 | 38,317,000 | 38,282,000 | 38,664,000 | 125,968,000 | 34,163,000 | 35,038,000 | 35,571,000 | 82,010,000 | 38,016,000 | ||
net loss attributable to rocket companies | -34,005,500 | -123,854,000 | ||||||||||||||||||||||
loss per share of participating common stock | ||||||||||||||||||||||||
basic | -0.043 | -0.06 | ||||||||||||||||||||||
diluted | -0.043 | -0.06 | ||||||||||||||||||||||
comprehensive loss | -75,480.25 | -124,361 | ||||||||||||||||||||||
cumulative translation adjustment | -289 | -507 | 784 | 13 | -1,525 | -358 | 205 | 314 | -203 | 164 | -159 | 7 | 131 | -990 | -679 | 588 | 79 | -995 | 494 | 307 | ||||
comprehensive loss attributable to rocket companies | -34,146.25 | -124,361 | ||||||||||||||||||||||
earnings per share of class a common stock | ||||||||||||||||||||||||
basic | 0.11 | -0.01 | -0.07 | 0.24 | -0.16 | 0.01 | 0.12 | -0.08 | 0.05 | 0.06 | -0.15 | -0.14 | 0.06 | 0.03 | 0.44 | 0.36 | 0.55 | 0.45 | 1.07 | 1.23 | 0.54 | |||
diluted | 0.1 | -0.01 | -0.08 | 0.24 | -0.19 | 0.01 | 0.11 | -0.09 | 0.04 | 0.05 | -0.16 | -0.19 | 0.04 | 0.02 | 0.4 | 0.32 | 0.54 | 0.4 | 1.07 | 1.22 | 0.54 | |||
unrealized gain on investment securities | 1,589 | 2,270 | -259 | -2,075 | -3,639 | 527 | ||||||||||||||||||
gain on sale of loans excluding fair value of msrs | 476,429,000 | 187,832,000 | 241,496,000 | 279,629,000 | 265,003,000 | -7,498,000 | 139,733,000 | 347,365,000 | 687,170,000 | 993,588,000 | 1,746,971,000 | 1,484,378,000 | 2,379,278,000 | 3,131,808,000 | 3,443,885,000 | |||||||||
unrealized loss on investment securities | -1,589 | -1,495 | -364 | 5,037 | -4 | |||||||||||||||||||
provision for income taxes | 12,763,000 | -10,131,000 | -18,761,000 | -25,849,000 | 9,971,000 | -32,830,000 | -24,047,000 | -65,832,000 | -48,018,000 | -61,683,000 | ||||||||||||||
net income attributable to non-controlling interest | 475,039,000 | -89,314,000 | -56,341,000 | -982,896,000 | -817,265,000 | -1,317,522,000 | -975,530,000 | -2,653,636,000 | -2,700,716,000 | -2,937,480,000 | ||||||||||||||
comprehensive income attributable to non-controlling interest | -282,004 | -90,513 | -55,453 | -982,049 | -1,235,818.25 | -1,313,201 | -976,486 | -2,653,586 | ||||||||||||||||
income | ||||||||||||||||||||||||
income: | ||||||||||||||||||||||||
gain on sale of loans: | ||||||||||||||||||||||||
loan servicing loss: | ||||||||||||||||||||||||
loan servicing loss | -284,941,750 | -102,607,000 | ||||||||||||||||||||||
interest income: | ||||||||||||||||||||||||
earnings per share of class a common stock: | ||||||||||||||||||||||||
basic | 0.11 | -0.01 | -0.07 | 0.24 | -0.16 | 0.01 | 0.12 | -0.08 | 0.05 | 0.06 | -0.15 | -0.14 | 0.06 | 0.03 | 0.44 | 0.36 | 0.55 | 0.45 | 1.07 | 1.23 | 0.54 | |||
diluted | 0.1 | -0.01 | -0.08 | 0.24 | -0.19 | 0.01 | 0.11 | -0.09 | 0.04 | 0.05 | -0.16 | -0.19 | 0.04 | 0.02 | 0.4 | 0.32 | 0.54 | 0.4 | 1.07 | 1.22 | 0.54 | |||
weighted-average shares outstanding: | ||||||||||||||||||||||||
basic | 2,828,455,368 | 1,322,362,708 | 2,106,227,188 | 171,438,105 | 147,717,296 | 141,037,083 | 141,763,221 | 139,647,845 | 136,991,743 | 128,641,762 | 129,390,501 | 126,740,748 | 124,732,722 | 120,577,548 | 119,020,520 | 118,801,530 | 122,691,728 | 130,578,206 | 137,664,471 | 136,139,400 | 115,673,524 | 111,926,619 | 106,265,422 | |
diluted | 2,846,974,742 | 1,322,362,708 | 2,106,227,188 | 171,438,105 | 2,001,936,379 | 141,037,083 | 2,003,296,515 | 139,647,845 | 1,991,982,680 | 1,980,523,690 | 1,983,992,350 | 1,979,450,651 | 1,974,629,808 | 1,971,620,573 | 1,970,665,767 | 1,971,741,764 | 1,975,379,132 | 1,989,433,567 | 1,990,828,351 | 1,991,267,972 | 122,011,916 | 116,238,493 | 106,265,422 | |
comprehensive income: | ||||||||||||||||||||||||
other comprehensive income | 0.5 | 2 | ||||||||||||||||||||||
interest and amortization expense on non-funding-debt | 33,168,000 | |||||||||||||||||||||||
net gain on sale of loans | 3,087,003,000 | |||||||||||||||||||||||
benefit from investor reserves | -7,787,000 | |||||||||||||||||||||||
fair value adjustment gain on loans held for sale and irlcs | 1,458,540,000 | |||||||||||||||||||||||
revaluation loss from forward commitments economically hedging loans held for sale and irlcs | -454,095,000 | |||||||||||||||||||||||
loan origination volume by type | 2,020,000 | |||||||||||||||||||||||
conventional conforming | 58,938,294,000 | |||||||||||||||||||||||
fha/va | 11,014,894,000 | |||||||||||||||||||||||
non agency | 2,370,793,000 | |||||||||||||||||||||||
total mortgage loan origination volume | 72,323,981,000 | |||||||||||||||||||||||
portfolio metrics | ||||||||||||||||||||||||
average loan amount | 274,000 | |||||||||||||||||||||||
weighted-average loan-to-value ratio | 70,640 | |||||||||||||||||||||||
weighted-average credit score | 754,000 | |||||||||||||||||||||||
weighted-average loan rate | 3,220 | |||||||||||||||||||||||
percentage of loans sold | ||||||||||||||||||||||||
to gses and government | 93,870 | |||||||||||||||||||||||
to other counterparties | 6,130 | |||||||||||||||||||||||
servicing-retained | 94,230 | |||||||||||||||||||||||
servicing-released | 5,770 | |||||||||||||||||||||||
net rate lock volume | 91,977,659,000 | |||||||||||||||||||||||
gain on sale margin | 5,190 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||
cash and cash equivalents | 2,687,000,000 | 2,696,000,000 | 5,836,104,000 | 5,090,631,000 | 1,408,800,000 | 1,272,853,000 | 1,228,234,000 | 1,309,494,000 | 861,410,000 | 1,108,466,000 | 957,254,000 | 882,783,000 | 893,383,000 | 722,293,000 | 825,926,000 | 915,363,000 | 2,310,661,000 | 2,131,174,000 | 2,233,667,000 | 1,974,997,000 | 2,864,906,000 | 1,971,085,000 | 3,485,137,000 | 1,724,035,000 |
mortgage loans held for sale, at fair value | 13,928,000,000 | 15,471,000,000 | 11,657,795,000 | 11,168,691,000 | 9,599,477,000 | 9,020,176,000 | 10,978,259,000 | 9,486,922,000 | 9,416,229,000 | 6,542,232,000 | 8,012,552,000 | 8,444,443,000 | 8,438,714,000 | 7,343,475,000 | 9,123,110,000 | 12,402,869,000 | 10,685,144,000 | 19,323,568,000 | 23,251,936,000 | 23,194,843,000 | 18,825,444,000 | 22,865,106,000 | 21,677,400,000 | 17,628,535,000 |
derivative assets, at fair value | 734,000,000 | 360,000,000 | 329,559,000 | 391,770,000 | ||||||||||||||||||||
mortgage servicing rights, at fair value | 19,377,000,000 | 19,442,000,000 | ||||||||||||||||||||||
advance receivables, net of reserves and discount of 131 and 120, respectively | 1,623,000,000 | |||||||||||||||||||||||
property and equipment | 273,000,000 | 260,000,000 | 201,282,000 | 193,843,000 | 202,966,000 | 213,848,000 | 229,377,000 | 233,257,000 | 243,476,000 | 250,856,000 | 256,411,000 | 263,251,000 | 267,320,000 | 274,192,000 | 274,480,000 | 271,312,000 | 260,042,000 | 254,376,000 | 253,886,000 | 242,599,000 | 232,155,000 | 211,161,000 | 208,029,000 | 192,173,000 |
loans subject to repurchase right from ginnie mae | 5,365,000,000 | 5,125,000,000 | 2,842,715,000 | 2,492,015,000 | 2,758,634,000 | 2,785,146,000 | 2,283,017,000 | 1,945,022,000 | 1,601,648,000 | 1,533,387,000 | 1,381,127,000 | 1,476,560,000 | 1,626,587,000 | 1,642,392,000 | 1,471,823,000 | 1,376,747,000 | 1,490,804,000 | 1,918,032,000 | 2,306,673,000 | 2,769,911,000 | 4,970,601,000 | 5,696,608,000 | 5,554,471,000 | 3,496,120,000 |
intangible assets | 2,109,000,000 | 2,224,000,000 | ||||||||||||||||||||||
goodwill | 10,611,000,000 | 10,611,000,000 | ||||||||||||||||||||||
other assets | 2,732,000,000 | 2,456,000,000 | 1,751,366,000 | 1,927,064,000 | 1,587,124,000 | 1,330,412,000 | 1,250,771,000 | 1,203,228,000 | 1,047,942,000 | 1,015,022,000 | 927,535,000 | 846,202,000 | 860,289,000 | 799,159,000 | 1,975,414,000 | 2,066,436,000 | 2,152,276,000 | 2,115,814,000 | 941,843,000 | 876,582,000 | 703,377,000 | 941,477,000 | 736,802,000 | 714,789,000 |
total assets | 59,439,000,000 | 60,685,000,000 | 33,576,128,000 | 30,360,222,000 | 25,250,877,000 | 24,510,063,000 | 25,118,134,000 | 23,648,714,000 | 22,219,175,000 | 19,231,740,000 | 20,648,739,000 | 20,855,677,000 | 21,202,279,000 | 20,082,212,000 | 22,600,602,000 | 25,076,876,000 | 25,248,020,000 | 32,774,895,000 | 35,809,025,000 | 35,619,354,000 | 34,732,277,000 | 37,534,602,000 | 37,752,829,000 | 28,856,457,000 |
liabilities and equity | ||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||
secured financing | 15,882,000,000 | |||||||||||||||||||||||
unsecured financing | 10,430,000,000 | |||||||||||||||||||||||
derivative liabilities, at fair value | 360,000,000 | 145,000,000 | 65,211,000 | 163,870,000 | ||||||||||||||||||||
accounts payable and other liabilities | 4,172,000,000 | |||||||||||||||||||||||
total liabilities | 36,209,000,000 | 37,787,000,000 | 24,724,665,000 | 22,911,294,000 | 16,667,240,000 | 15,466,683,000 | 16,765,750,000 | 14,834,793,000 | 13,609,724,000 | 10,930,030,000 | 12,142,366,000 | 12,490,823,000 | 13,092,934,000 | 11,606,663,000 | 13,689,342,000 | 16,304,673,000 | 16,546,724,000 | 23,015,363,000 | 26,623,213,000 | 27,433,546,000 | 26,426,448,000 | 29,652,446,000 | 31,392,093,000 | 23,320,280,000 |
equity | ||||||||||||||||||||||||
preferred stock, 0.00001 par value - 500,000,000 shares authorized as of march 31, 2026 and december 31, 2025, none issued and outstanding as of march 31, 2026 and december 31, 2025. | ||||||||||||||||||||||||
class a common stock | 2,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |||
class l common stock, 0.00001 par value - 6,000,000,000 shares authorized as of march 31, 2026 and december 31, 2025, 1,848,879,455 shares issued and outstanding as of march 31, 2026 and december 31, 2025. | ||||||||||||||||||||||||
additional paid-in capital | 22,809,000,000 | 22,774,000,000 | 8,797,962,000 | 7,271,613,000 | 403,781,000 | 389,695,000 | 373,362,000 | 357,610,000 | 350,811,000 | 340,532,000 | 317,004,000 | 302,140,000 | 294,718,000 | 276,221,000 | 242,074,000 | 225,702,000 | 241,458,000 | 287,558,000 | 367,860,000 | 363,916,000 | 370,210,000 | 282,743,000 | 272,806,000 | |
retained earnings | 421,000,000 | 124,000,000 | 55,199,000 | 178,507,000 | 180,223,000 | 312,834,000 | 278,955,000 | 300,958,000 | 300,494,000 | 284,296,000 | 294,770,000 | 288,517,000 | 280,997,000 | 300,394,000 | 316,381,000 | 308,904,000 | 305,794,000 | 378,005,000 | 336,594,000 | 261,351,000 | 184,939,000 | 207,422,000 | 57,568,000 | |
total equity | 23,230,000,000 | 22,898,000,000 | 8,851,463,000 | 7,448,928,000 | 8,583,637,000 | 9,043,380,000 | 8,352,384,000 | 8,813,921,000 | 8,609,451,000 | 8,301,710,000 | 8,506,373,000 | 8,364,854,000 | 8,109,345,000 | 8,475,549,000 | 8,911,260,000 | 8,772,203,000 | 8,701,296,000 | 9,759,532,000 | 9,185,812,000 | 8,185,808,000 | 8,305,829,000 | 7,882,156,000 | 6,360,736,000 | 5,536,177,000 |
total liabilities and equity | 59,439,000,000 | 60,685,000,000 | 33,576,128,000 | 30,360,222,000 | 25,250,877,000 | 24,510,063,000 | 25,118,134,000 | 23,648,714,000 | 22,219,175,000 | 19,231,740,000 | 20,648,739,000 | 20,855,677,000 | 21,202,279,000 | 20,082,212,000 | 22,600,602,000 | 25,076,876,000 | 25,248,020,000 | 32,774,895,000 | 35,809,025,000 | 35,619,354,000 | 34,732,277,000 | 37,534,602,000 | 37,752,829,000 | 28,856,457,000 |
advance receivables, net of reserves and discount of 120 and 12, respectively | 2,040,000,000 | |||||||||||||||||||||||
funding facilities | 14,155,000,000 | 10,523,088,000 | 9,481,780,000 | 7,609,741,000 | 6,708,186,000 | 8,499,043,000 | 7,022,439,000 | 6,145,452,000 | 3,367,383,000 | 4,670,403,000 | 4,889,236,000 | 5,236,034,000 | 3,548,699,000 | 4,909,369,000 | 7,647,154,000 | 6,469,607,000 | 12,751,592,000 | 16,623,031,000 | 17,221,229,000 | 14,452,672,000 | 17,742,573,000 | 19,089,399,000 | 15,685,860,000 | |
other financing facilities and debt: | ||||||||||||||||||||||||
senior notes | 10,423,000,000 | 8,537,628,000 | 8,000,225,000 | 4,040,296,000 | 4,038,926,000 | 4,037,557,000 | 4,036,187,000 | 4,034,818,000 | 4,033,448,000 | 4,032,078,000 | 4,030,709,000 | 4,029,339,000 | 4,027,970,000 | 4,026,600,000 | 4,025,230,000 | 4,023,861,000 | 4,022,491,000 | 2,976,439,000 | 2,975,308,000 | 2,974,177,000 | 2,973,046,000 | 4,217,194,000 | 2,235,721,000 | |
msr and advance facilities | 3,781,000,000 | |||||||||||||||||||||||
accounts payable | 285,000,000 | 297,536,000 | 278,245,000 | 291,507,000 | 181,713,000 | 175,925,000 | 205,949,000 | 189,038,000 | 171,350,000 | 199,917,000 | 156,941,000 | 135,039,000 | 116,331,000 | 203,832,000 | 233,720,000 | 288,860,000 | 271,544,000 | 347,288,000 | 287,533,000 | 297,459,000 | 251,960,000 | 252,551,000 | 219,650,000 | |
other liabilities | 3,873,000,000 | 865,313,000 | 729,873,000 | 807,077,000 | 616,797,000 | 550,118,000 | 415,223,000 | 375,650,000 | 376,294,000 | 473,484,000 | 422,713,000 | 390,274,000 | 393,200,000 | 979,210,000 | 634,223,000 | 1,314,339,000 | 776,714,000 | 878,613,000 | 697,136,000 | 1,343,441,000 | 605,485,000 | 489,500,000 | 457,920,000 | |
preferred stock, 0.00001 par value - 500,000,000 shares authorized as of december 31, 2025 and 2024, none issued and outstanding as of december 31, 2025 and 2024. | ||||||||||||||||||||||||
class b common stock | ||||||||||||||||||||||||
class c common stock, 0.00001 par value - zero and 6,000,000,000 shares authorized as of december 31, 2025 and 2024, respectively, none issued and outstanding as of december 31, 2025 and 2024. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - zero and 6,000,000,000 shares authorized as of december 31, 2025 and 2024, respectively, zero and 1,848,879,483 shares issued and outstanding as of december 31, 2025 and 2024, respectively. | ||||||||||||||||||||||||
class l common stock, 0.00001 par value - 6,000,000,000 and zero shares authorized, 1,848,879,455 and no shares issued and outstanding as of december 31, 2025 and 2024, respectively. | ||||||||||||||||||||||||
non-controlling interest | 7,999,667,000 | 8,340,879,000 | 7,699,987,000 | 8,155,248,000 | 7,958,054,000 | 7,676,810,000 | 7,894,511,000 | 7,774,117,000 | 7,533,642,000 | 7,898,845,000 | 8,352,727,000 | 8,237,603,000 | 8,154,002,000 | 9,093,868,000 | 8,481,214,000 | 7,560,090,000 | 7,750,295,000 | 7,391,654,000 | 6,030,054,000 | 3,075,000 | ||||
restricted cash | 21,036,000 | 22,691,000 | 19,810,000 | 16,468,000 | 20,363,000 | 27,764,000 | 31,975,000 | 28,366,000 | 34,668,000 | 35,004,000 | 64,307,000 | 66,806,000 | 65,718,000 | 68,721,000 | 77,027,000 | 80,423,000 | 145,978,000 | 77,454,000 | 75,647,000 | 83,018,000 | 85,351,000 | 78,367,000 | ||
mortgage servicing rights (“msrs”), at fair value | 7,364,129,000 | 7,566,632,000 | 7,349,978,000 | 7,633,371,000 | 6,810,667,000 | 7,162,690,000 | 6,691,341,000 | 6,439,787,000 | 6,678,165,000 | 6,443,632,000 | 6,669,939,000 | 6,946,940,000 | 7,260,066,000 | 6,657,758,000 | 6,410,288,000 | 5,385,613,000 | 4,701,045,000 | 4,644,172,000 | 4,304,762,000 | 2,862,685,000 | 2,606,149,000 | 2,289,209,000 | ||
notes receivable and due from affiliates | 17,433,000 | 15,281,000 | 14,803,000 | 14,245,000 | 15,226,000 | 14,325,000 | 18,574,000 | 19,530,000 | 10,759,000 | 71,792,000 | 8,073,000 | 10,796,000 | 11,179,000 | 9,799,000 | 10,796,000 | 9,753,000 | 9,671,000 | 10,977,000 | 11,901,000 | 22,172,000 | 13,071,000 | 17,028,000 | ||
deferred tax asset | 11,800,000 | 11,407,000 | 523,021,000 | 521,824,000 | 535,776,000 | 528,104,000 | 543,896,000 | 550,149,000 | 531,509,000 | 537,893,000 | 541,248,000 | 537,963,000 | 513,515,000 | 520,553,000 | 555,663,000 | 572,049,000 | 588,507,000 | 592,909,000 | 608,351,000 | 519,933,000 | 542,438,000 | |||
lease right of use assets | 260,056,000 | 259,029,000 | 273,938,000 | 281,770,000 | 296,631,000 | 314,683,000 | 313,408,000 | 347,696,000 | 355,412,000 | 371,425,000 | 391,897,000 | 366,189,000 | 381,232,000 | 400,974,000 | 414,201,000 | 427,895,000 | 328,361,000 | 304,593,000 | 227,078,000 | 238,546,000 | 241,513,000 | 256,183,000 | ||
goodwill and intangible assets | 3,282,853,000 | 1,221,168,000 | 1,224,365,000 | 1,227,517,000 | 1,233,954,000 | 1,239,819,000 | 1,245,907,000 | 1,236,765,000 | 1,242,218,000 | 1,248,006,000 | 1,253,309,000 | 1,258,928,000 | ||||||||||||
early buy out facility | 54,589,000 | 67,532,000 | 80,293,000 | 92,949,000 | 106,863,000 | 134,615,000 | 171,748,000 | 203,208,000 | 256,749,000 | 361,207,000 | 423,831,000 | 672,882,000 | 814,458,000 | 1,153,902,000 | 1,698,167,000 | 1,896,784,000 | 2,219,319,000 | 2,148,959,000 | 635,712,000 | 330,266,000 | 213,339,000 | 241,752,000 | ||
lease liabilities | 294,662,000 | 293,671,000 | 310,420,000 | 319,296,000 | 335,950,000 | 356,050,000 | 357,524,000 | 393,882,000 | 408,009,000 | 425,806,000 | 448,331,000 | 422,769,000 | 439,171,000 | 458,064,000 | 468,693,000 | 482,184,000 | 381,104,000 | 345,930,000 | 261,774,000 | 272,274,000 | 274,608,000 | 288,866,000 | ||
investor reserves | 98,725,000 | 98,082,000 | 100,790,000 | 99,998,000 | 99,080,000 | 94,362,000 | 95,041,000 | 92,389,000 | 95,567,000 | 100,828,000 | 107,134,000 | 110,147,000 | 106,217,000 | 90,230,000 | 80,759,000 | 78,888,000 | 80,321,000 | 74,202,000 | 93,937,000 | 87,191,000 | 57,018,000 | 63,012,000 | ||
notes payable and due to affiliates | 2,839,000 | 2,818,000 | 3,309,000 | 31,280,000 | 30,511,000 | 31,743,000 | 31,325,000 | 31,006,000 | 30,749,000 | 36,061,000 | 30,451,000 | 33,463,000 | 30,465,000 | 37,970,000 | 29,656,000 | 33,650,000 | 29,892,000 | 76,869,000 | 73,769,000 | 73,896,000 | 72,896,000 | 61,192,000 | ||
tax receivable agreement liability | 590,490,000 | 588,510,000 | 580,434,000 | 581,183,000 | 584,695,000 | 584,695,000 | 584,695,000 | 584,695,000 | 577,996,000 | 577,996,000 | 577,996,000 | 613,693,000 | 623,498,000 | 623,498,000 | 647,852,000 | 688,573,000 | 669,738,000 | 669,738,000 | 669,738,000 | 550,282,000 | 558,142,000 | |||
deferred tax liability | 551,869,000 | 714,673,000 | ||||||||||||||||||||||
preferred stock, 0.00001 par value - 500,000,000 shares authorized as of september 30, 2025 and december 31, 2024, none issued and outstanding as of september 30, 2025 and december 31, 2024, respectively. | ||||||||||||||||||||||||
class c common stock, 0.00001 par value - zero and 6,000,000,000 shares authorized as of september 30, 2025 and december 31, 2024, respectively, none issued and outstanding as of september 30, 2025 and december 31, 2024. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized as of september 30, 2025 and december 31, 2024, zero and 1,848,879,483 shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively. | ||||||||||||||||||||||||
class l common stock, 0.00001 par value - 6,000,000,000 and zero shares authorized as of september 30, 2025 and december 31, 2024, respectively, 1,848,879,455 and zero shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively. | 19,000 | |||||||||||||||||||||||
accumulated other comprehensive loss | -1,719,000 | -1,212,000 | -54,000 | |||||||||||||||||||||
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. | ||||||||||||||||||||||||
class c common stock, 0.00001 par value - zero and 6,000,000,000 shares authorized as of june 30, 2025 and december 31, 2024, respectively, none issued and outstanding as of june 30, 2025 and december 31, 2024. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized as of june 30, 2025 and december 31, 2024, zero and 1,848,879,483 shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively. | ||||||||||||||||||||||||
class l common stock, 0.00001 par value - 6,000,000,000 and zero shares authorized as of june 30, 2025 and december 31, 2024, respectively, 1,848,879,455 and zero shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively. | 19,000 | |||||||||||||||||||||||
interest rate lock commitments (“irlcs”), at fair value | 283,388,000 | 103,101,000 | 228,204,000 | 170,381,000 | 202,873,000 | 132,870,000 | 92,568,000 | 127,690,000 | 182,112,000 | 90,635,000 | 7,743,000 | 309,497,000 | 213,210,000 | 538,861,000 | 794,258,000 | 907,978,000 | 765,215,000 | 1,897,194,000 | 2,590,319,000 | 2,393,764,000 | ||||
forward commitments, at fair value | 4,573,000 | 89,332,000 | 7,655,000 | 13,025,000 | 496,000 | 26,614,000 | 168,561,000 | 106,996,000 | 5,101,000 | 22,444,000 | 690,396,000 | 76,847,000 | 667,908,000 | 17,337,000 | 253,200,000 | 22,339,000 | 909,153,000 | 20,584,000 | 12,149,000 | 6,328,000 | ||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of march 31, 2025 and december 31, 2024. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of march 31, 2025 and december 31, 2024. | 19,000 | |||||||||||||||||||||||
liabilities: | ||||||||||||||||||||||||
equity: | ||||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of december 31, 2024 and december 31, 2023. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of december 31, 2024 and december 31, 2023. | 19,000 | |||||||||||||||||||||||
accumulated other comprehensive income | -48,000 | 60,000 | 85,000 | 72,000 | 52,000 | 68,000 | 60,000 | -32,000 | 69,000 | 58,000 | -26,000 | 22,000 | 81,000 | 124,000 | 431,000 | 365,000 | 317,000 | 288,000 | 5,929,000 | |||||
other financing facilities and debt | ||||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of september 30, 2024 and december 31, 2023. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of september 30, 2024 and december 31, 2023. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of june 30, 2024 and december 31, 2023. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of june 30, 2024 and december 31, 2023. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of march 31, 2024 and december 31, 2023. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of march 31, 2024 and december 31, 2023. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of december 31, 2023 and december 31, 2022. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of december 31, 2023 and december 31, 2022. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of september 30, 2023 and december 31, 2022. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of september 30, 2023 and december 31, 2022. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of june 30, 2023 and december 31, 2022. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of june 30, 2023 and december 31, 2022. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of march 31, 2023 and december 31, 2022. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of march 31, 2023 and december 31, 2022. | 19,000 | |||||||||||||||||||||||
lines of credit | 75,000,000 | 75,000,000 | 75,000,000 | 375,000,000 | 375,000,000 | 374,971,000 | 160,000,000 | |||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of december 31, 2022 and december 31, 2021. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of december 31, 2022 and december 31, 2021. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of september 30, 2022 and december 31, 2021. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of september 30, 2022 and december 31, 2021. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of june 30, 2022 and december 31, 2021. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of june 30, 2022 and december 31, 2021. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of march 31, 2022 and december 31, 2021. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 and 1,848,879,483 shares issued and outstanding as of march 31, 2022 and december 31, 2021, respectively. | 19,000 | |||||||||||||||||||||||
msrs collateral for financing liability, at fair value | 233,687,000 | 205,033,000 | 59,926,000 | |||||||||||||||||||||
msrs financing liability, at fair value | 223,756,000 | 187,794,000 | 58,926,000 | |||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of december 31, 2021 and december 31, 2020. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 and 1,869,079,483 shares issued and outstanding as of december 31, 2021 and december 31, 2020, respectively. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of september 30, 2021 and december, 31, 2020. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 and 1,869,079,483 shares issued and outstanding as of september 30, 2021 and december 31, 2020, respectively. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of june 30, 2021 and december, 31, 2020. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 and 1,869,079,483 shares issued and outstanding as of june 30, 2021 and december 31, 2020, respectively. | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of march 31, 2021 and december, 31, 2020. | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 and 1,869,079,483 shares issued and outstanding as of march 31, 2021 and december 31, 2020, respectively. | 19,000 | |||||||||||||||||||||||
net parent investment | 5,527,173,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of december 31, 2020 | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,869,079,483 shares issued and outstanding as of december 31, 2020 | 19,000 | |||||||||||||||||||||||
class c common stock, 0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of september 30, 2020 | ||||||||||||||||||||||||
class d common stock, 0.00001 par value - 6,000,000,000 shares authorized, 1,869,079,483 shares issued and outstanding as of september 30, 2020 | 19,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||||||
net income | 297,000,000 | 34,089,000 | -212,446,000 | 177,925,000 | 290,714,000 | -232,694,000 | 114,945,000 | 139,152,000 | -411,483,000 | -492,655,000 | 96,224,000 | 59,756,000 | 1,036,608,000 | 865,316,000 | 1,392,859,000 | 1,036,650,000 | 2,777,338,000 | 2,840,764,000 | 3,000,021,000 | ||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||
depreciation and amortization | 146,000,000 | 157,224,000 | 78,340,000 | 27,526,000 | 26,910,000 | 29,284,000 | 28,607,000 | 28,009,000 | 27,017,000 | 26,593,000 | 27,636,000 | 25,357,000 | 30,685,000 | 23,987,000 | 24,211,000 | 24,780,000 | 21,042,000 | 19,243,000 | 19,577,000 | 20,589,000 | 15,304,000 | 26,683,000 | 15,329,000 |
provision for deferred income taxes | 97,000,000 | 97,678,000 | -62,256,000 | -18,083,000 | -5,339,000 | 23,752,000 | -13,237,000 | 14,930,000 | 3,907,000 | -14,194,000 | 2,755,000 | 2,163,000 | -8,505,000 | 406,000 | 1,310,000 | 32,672,000 | 1,786,000 | 13,864,000 | 38,457,000 | ||||
fair value of originated msrs | -688,000,000 | ||||||||||||||||||||||
change in fair value of msrs | 325,000,000 | 492,206,000 | 485,024,000 | 240,914,000 | 445,856,000 | -356,360,000 | 885,441,000 | 107,831,000 | -52,525,000 | 356,806,000 | -31,670,000 | -44,145,000 | 397,681,000 | 423,354,000 | -193,831,000 | -10,515,000 | -478,655,000 | 85,823,000 | 344,520,000 | 414,745,000 | -245,921,000 | 375,380,000 | 374,765,000 |
gain on sale of loans excluding fair value of msrs | -688,000,000 | -464,705,000 | -641,721,000 | -472,375,000 | -507,199,000 | -476,429,000 | -187,832,000 | -241,496,000 | -279,629,000 | -265,003,000 | 7,498,000 | -139,733,000 | -347,365,000 | -687,170,000 | -993,588,000 | -1,746,971,000 | -1,484,378,000 | -2,379,278,000 | -3,131,808,000 | -3,443,885,000 | |||
disbursements of mortgage loans held for sale | -43,633,000,000 | -47,643,067,000 | -31,415,290,000 | -29,008,125,000 | -21,003,518,000 | -28,405,015,000 | -27,914,282,000 | -24,421,864,000 | -19,739,707,000 | -17,278,057,000 | -22,012,589,000 | -22,204,353,000 | -16,785,731,000 | -19,057,493,000 | -25,799,915,000 | -35,295,819,000 | -54,173,353,000 | -77,452,380,000 | -87,537,240,000 | -83,875,672,000 | -104,103,499,000 | -107,161,460,000 | -87,484,199,000 |
proceeds from sale of mortgage loans held for sale | 45,666,000,000 | 31,672,489,000 | 27,866,086,000 | 20,893,288,000 | 26,928,053,000 | ||||||||||||||||||
disbursements of non-mortgage loans held for sale | -453,000,000 | -687,753,000 | -123,140,000 | -176,237,000 | -121,870,000 | -43,810,000 | -128,814,000 | -71,432,000 | -36,599,000 | ||||||||||||||
proceeds from sale of non-mortgage loans held for sale | 452,000,000 | ||||||||||||||||||||||
share-based compensation expense | 88,000,000 | 181,369,000 | 71,565,000 | 50,046,000 | 40,020,000 | 35,558,000 | 39,928,000 | 39,000,000 | 30,997,000 | 35,386,000 | 42,092,000 | 50,696,000 | 51,960,000 | 47,621,000 | 56,346,000 | 56,441,000 | 55,593,000 | 39,839,000 | 40,871,000 | 40,930,000 | 42,072,000 | ||
other operating activities | 186,000,000 | ||||||||||||||||||||||
change in assets and liabilities | |||||||||||||||||||||||
advance receivables | 415,000,000 | ||||||||||||||||||||||
other assets | -329,000,000 | 728,585,000 | 415,387,000 | -149,861,000 | -113,111,000 | -30,448,000 | 113,544,000 | -48,942,000 | -20,142,000 | 65,236,000 | -79,433,000 | 12,828,000 | -61,435,000 | -111,894,000 | 97,591,000 | 74,095,000 | -37,034,000 | 159,468,000 | -56,539,000 | -147,810,000 | 132,324,000 | -180,053,000 | -13,924,000 |
accounts payable | -72,000,000 | -76,715,000 | -52,818,000 | -13,261,000 | 109,794,000 | 5,787,000 | -30,024,000 | 16,912,000 | 17,688,000 | -28,568,000 | 42,976,000 | 21,902,000 | 18,708,000 | -87,501,000 | -29,888,000 | -55,140,000 | 17,316,000 | -84,158,000 | 59,754,000 | -9,925,000 | 45,499,000 | -592,000 | 32,800,000 |
other liabilities | 48,000,000 | 35,770,000 | 30,647,000 | 110,918,000 | -87,335,000 | -6,240,000 | 81,465,000 | 33,081,000 | -6,823,000 | -217,462,000 | 76,266,000 | 18,920,000 | -31,753,000 | -590,509,000 | 342,611,000 | -698,906,000 | 628,602,000 | -271,576,000 | 149,169,000 | -643,594,000 | 832,332,000 | 90,377,000 | -8,906,000 |
total adjustments | 1,560,000,000 | -1,297,811,000 | 73,584,000 | -1,884,214,000 | -584,559,000 | 1,194,556,000 | -855,933,000 | -300,254,000 | -3,303,436,000 | 1,626,582,000 | 213,434,000 | -425,397,000 | -914,210,000 | 1,711,266,000 | 2,923,326,000 | -2,246,722,000 | 7,735,692,000 | 3,541,433,000 | -613,371,000 | -4,752,473,000 | 3,496,176,000 | -856,514,000 | -4,738,341,000 |
net cash from operating activities | 1,857,000,000 | -1,229,600,000 | -50,270,000 | -1,850,125,000 | -797,005,000 | 1,843,169,000 | -1,337,357,000 | -122,329,000 | -3,012,722,000 | 1,393,888,000 | 328,379,000 | -286,245,000 | -1,325,693,000 | 1,218,611,000 | 3,019,550,000 | -2,186,966,000 | 8,772,300,000 | 4,406,749,000 | 779,488,000 | -3,715,823,000 | 6,273,514,000 | 1,984,250,000 | -1,738,320,000 |
capital expenditures | -43,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 1,814,000,000 | -1,229,600,000 | -50,270,000 | -1,850,125,000 | -797,005,000 | 1,843,169,000 | -1,337,357,000 | -122,329,000 | -3,012,722,000 | 1,393,888,000 | 328,379,000 | -286,245,000 | -1,325,693,000 | 1,218,611,000 | 3,019,550,000 | -2,186,966,000 | 8,772,300,000 | 4,406,749,000 | 779,488,000 | -3,715,823,000 | 6,273,514,000 | 1,984,250,000 | -1,738,320,000 |
investing activities | |||||||||||||||||||||||
net proceeds from sale of msrs | 576,000,000 | 107,070,000 | 63,421,000 | 144,486,000 | 94,189,000 | ||||||||||||||||||
net purchase of msrs | -188,000,000 | -305,670,000 | -10,662,000 | -177,843,000 | -55,825,000 | -95,628,000 | -310,434,000 | -314,177,000 | -17,364,000 | 5,171,000 | -106,943,000 | 3,839,000 | -3,285,000 | 4,000,000 | -2,193,000 | -866,000 | -15,581,000 | -149,710,000 | |||||
purchase of property and equipment, net of disposals | -43,000,000 | ||||||||||||||||||||||
other investing activities | -10,000,000 | ||||||||||||||||||||||
net cash from investing activities | 335,000,000 | -2,474,359,000 | -3,066,000 | -129,848,000 | 75,273,000 | -35,648,000 | -233,800,000 | -261,485,000 | 35,460,000 | 122,192,000 | 97,221,000 | 583,111,000 | 58,629,000 | 196,573,000 | -26,353,000 | 189,792,000 | 218,730,000 | -1,172,007,000 | 512,109,000 | 33,937,000 | -38,891,000 | 206,151,000 | 104,359,000 |
financing activities | |||||||||||||||||||||||
net (payments) borrowings on secured financing | -2,054,000,000 | ||||||||||||||||||||||
net payments on notes payable from unconsolidated affiliates | -486,000 | 0 | 0 | -28,514,000 | |||||||||||||||||||
(payments to) proceeds from consolidated cfe | -26,000,000 | ||||||||||||||||||||||
stock issuance | 19,000,000 | 16,417,000 | 22,078,000 | 8,418,000 | 8,087,000 | 7,315,000 | 21,225,000 | 6,660,000 | 5,403,000 | 5,403,000 | 7,226,000 | 6,127,000 | 6,122,000 | 6,444,000 | 6,426,000 | 13,315,000 | 11,575,000 | 13,203,000 | 11,187,000 | ||||
taxes withheld on team members' restricted share award vesting | -88,000,000 | -19,171,000 | -51,763,000 | -5,470,000 | -28,596,000 | -36,320,000 | -4,334,000 | -16,562,000 | |||||||||||||||
distributions to other unit holders | -2,000,000 | 535,000 | -231,320,000 | -5,397,000 | -1,944,000 | ||||||||||||||||||
net cash from financing activities | -2,151,000,000 | 780,431,000 | 797,661,000 | 5,663,900,000 | 861,008,000 | -1,765,272,000 | 1,482,854,000 | 827,482,000 | 2,733,501,000 | -1,370,967,000 | -351,628,000 | -336,611,000 | 1,435,648,000 | -1,517,861,000 | -3,084,647,000 | 594,250,000 | -8,815,528,000 | -3,402,869,000 | -963,408,000 | 2,793,290,000 | -5,348,480,000 | -3,708,301,000 | 3,358,038,000 |
net increase in cash and cash equivalents and restricted cash | 41,000,000 | -2,922,819,000 | 743,818,000 | 3,684,712,000 | 139,289,000 | 40,724,000 | -88,661,000 | 443,873,000 | -243,447,000 | 144,910,000 | 74,135,000 | -39,903,000 | 168,591,000 | -102,545,000 | 176,091,000 | -168,048,000 | 327,194,000 | -888,102,000 | 886,450,000 | -1,516,385,000 | 1,724,487,000 | ||
cash and cash equivalents and restricted cash, beginning of period | 2,932,000,000 | -321,000 | 0 | 0 | 1,289,321,000 | 0 | 0 | 0 | 1,136,832,000 | 0 | 0 | 0 | 789,099,000 | 0 | 0 | 0 | 2,211,597,000 | 0 | 0 | 0 | 2,054,103,000 | 0 | 43,599,000 |
cash and cash equivalents and restricted cash, end of period | 2,973,000,000 | -2,923,140,000 | 743,818,000 | 3,684,712,000 | 1,428,610,000 | 40,724,000 | -88,661,000 | 443,873,000 | 893,385,000 | 144,910,000 | 74,135,000 | -39,903,000 | 957,690,000 | -102,545,000 | -92,440,000 | -1,403,604,000 | 2,387,688,000 | -168,048,000 | 327,194,000 | -888,102,000 | 2,940,553,000 | -1,516,385,000 | 1,768,086,000 |
non-cash activities | |||||||||||||||||||||||
purchase of mortgage servicing rights holdback | 37,000,000 | ||||||||||||||||||||||
sale of mortgage servicing rights holdback | 48,000,000 | ||||||||||||||||||||||
origination of msrs | -727,356,000 | -385,692,000 | -343,525,000 | -264,427,000 | -424,172,000 | -337,702,000 | -345,545,000 | -222,797,000 | |||||||||||||||
proceeds from sale of loans held for sale | 17,168,741,000 | 19,282,157,000 | 22,559,828,000 | 22,395,832,000 | 15,994,526,000 | 21,356,828,000 | 29,009,292,000 | 34,424,471,000 | 63,189,908,000 | 82,881,865,000 | 89,064,296,000 | 81,772,464,000 | 110,280,681,000 | 110,096,120,000 | 86,564,414,000 | ||||||||
change in fair value of non-mortgage loans held for sale | -3,298,000 | 3,179,000 | 2,733,000 | 2,386,000 | 10,633,000 | -86,000 | -367,000 | 1,956,000 | |||||||||||||||
change in assets and liabilities: | |||||||||||||||||||||||
acquisition of business, net of cash acquired | -2,244,457,000 | ||||||||||||||||||||||
proceeds from sale of msrs | 56,707,000 | 114,003,000 | 221,893,000 | 594,462,000 | 81,539,000 | 197,946,000 | 0 | 220,025,000 | 253,946,000 | 267,556,000 | 572,503,000 | 83,194,000 | 10,204,000 | 241,532,000 | 134,260,000 | ||||||||
purchase and other additions of property and equipment, net of disposals | -39,988,000 | -21,509,000 | -15,498,000 | -14,005,000 | -18,722,000 | -18,739,000 | -16,021,000 | -14,027,000 | 540,000 | -20,745,000 | -16,309,000 | -23,822,000 | -5,166,000 | -25,020,000 | -36,196,000 | -26,742,000 | -19,742,000 | -30,884,000 | -31,032,000 | -36,633,000 | -33,151,000 | -30,974,000 | |
net borrowings (payments) on funding facilities | -218,833,000 | -346,798,000 | 1,687,335,000 | ||||||||||||||||||||
net payments on msr and advance facilities | |||||||||||||||||||||||
borrowings on senior notes | 0 | 0 | |||||||||||||||||||||
repayments of senior notes | |||||||||||||||||||||||
payment of debt issuance costs | -6,190,000 | -9,810,000 | |||||||||||||||||||||
proceeds from consolidated cfe | -29,018,000 | -33,505,000 | 62,994,000 | 26,529,000 | 41,620,000 | ||||||||||||||||||
increase in controlling interest in subsidiaries | |||||||||||||||||||||||
(distributions to) contributions from other unit holders (members) and class a shareholders | |||||||||||||||||||||||
effects of exchange rate changes on cash and cash equivalents | 709,000 | -507,000 | 785,000 | 13,000 | -1,525,000 | -358,000 | 205,000 | 314,000 | -203,000 | 163,000 | -158,000 | 7,000 | 132,000 | -990,000 | -680,000 | 589,000 | 79,000 | -995,000 | 494,000 | 307,000 | 1,515,000 | 410,000 | |
loans transferred to other real estate owned | 5,302,000 | 210,000 | 1,408,000 | 2,080,000 | 430,000 | 1,132,000 | 666,000 | 1,248,000 | 346,000 | 542,000 | 743,000 | 726,000 | 237,000 | 431,000 | 209,000 | 435,000 | 265,000 | 146,000 | 299,000 | 578,000 | 524,000 | 272,000 | |
issuance of common stock as consideration for acquisition | 13,666,906,000 | ||||||||||||||||||||||
share-based compensation as consideration for acquisition | 193,102,000 | ||||||||||||||||||||||
supplemental disclosures | |||||||||||||||||||||||
cash paid for interest on related party borrowings | 0 | 0 | 278,000 | 434,000 | 433,000 | 429,000 | 429,000 | -6,131,000 | 2,795,000 | 2,737,000 | 2,452,000 | 2,347,000 | 1,638,000 | 1,192,000 | 1,231,000 | 3,837,000 | 1,203,000 | 667,000 | 1,460,000 | 1,360,000 | 1,312,000 | ||
cash paid for interest | |||||||||||||||||||||||
cash paid for income taxes | |||||||||||||||||||||||
net loss | |||||||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||
due from affiliates | -2,152,000 | -478,000 | -558,000 | 981,000 | -901,000 | 4,249,000 | 956,000 | -8,770,000 | 61,032,000 | -63,718,000 | 2,722,000 | 383,000 | -1,380,000 | 998,000 | -1,044,000 | -81,000 | 1,306,000 | 923,000 | 10,272,000 | -9,101,000 | 3,947,000 | ||
due to affiliates | 22,000 | -492,000 | 544,000 | 2,519,000 | -1,237,000 | 418,000 | 324,000 | 610,000 | -5,496,000 | 5,432,000 | -3,187,000 | 3,535,000 | -7,688,000 | 7,414,000 | -4,168,000 | 3,574,000 | -47,160,000 | 2,921,000 | -302,000 | 817,000 | -5,954,000 | ||
decrease in mortgage loans held for investment | 578,000 | 72,000 | 617,000 | 512,000 | 1,184,000 | -85,000 | 10,144,000 | 2,478,000 | 3,016,000 | 1,119,000 | 3,190,000 | -2,262,000 | 860,000 | 6,829,000 | 7,107,000 | -18,225,000 | -12,462,000 | -2,230,000 | 1,073,000 | ||||
net borrowings on funding facilities | 883,069,000 | 1,872,039,000 | 901,555,000 | 1,476,604,000 | 876,987,000 | 2,778,069,000 | 3,403,539,000 | ||||||||||||||||
net payments on early buy out facility | -12,943,000 | -12,761,000 | -12,656,000 | -13,914,000 | -27,752,000 | -37,133,000 | -31,460,000 | -104,458,000 | -62,624,000 | -249,051,000 | |||||||||||||
purchases of investment securities, available for sale | 0 | 0 | 0 | -5,472,000 | |||||||||||||||||||
sales of investment securities, available for sale | 0 | 0 | 0 | 6,479,000 | |||||||||||||||||||
net decrease in investment securities, held to maturity | |||||||||||||||||||||||
net payments on lines of credit | 0 | 0 | -75,000,000 | ||||||||||||||||||||
net (payments) borrowings on notes payable from unconsolidated affiliates | 0 | -5,000 | |||||||||||||||||||||
share repurchase | -11,700,000 | -20,558,000 | -45,280,000 | -100,162,000 | -187,699,000 | -35,572,000 | |||||||||||||||||
taxes withheld on employees' restricted share award vesting | -17,850,000 | -19,447,000 | -3,260,000 | -6,994,000 | -12,209,000 | -27,400,000 | -2,842,000 | -1,297,000 | -138,000 | ||||||||||||||
gain on sale of loans excluding fair value of originated msrs | -506,688,000 | ||||||||||||||||||||||
net borrowings on notes payable from unconsolidated affiliates | -352,000 | 183,000 | 179,000 | 174,000 | 184,000 | 899,000 | 174,000 | ||||||||||||||||
loss on extinguishment of senior notes | |||||||||||||||||||||||
origination of mortgage servicing rights | -242,305,000 | -330,627,000 | -314,840,000 | -204,560,000 | -288,281,000 | -426,278,000 | -459,472,000 | -796,616,000 | -926,842,000 | -907,242,000 | -857,111,000 | -1,173,164,000 | -1,082,760,000 | -836,557,000 | |||||||||
cash paid on acquisition of business | |||||||||||||||||||||||
net payments on funding facilities | -2,737,784,000 | 1,177,547,000 | -6,281,985,000 | -3,289,901,000 | |||||||||||||||||||
repayments on senior notes | |||||||||||||||||||||||
net (payments) borrowings on early buy out facility | -141,576,000 | -339,444,000 | -544,265,000 | -198,617,000 | |||||||||||||||||||
proceeds from msrs financing liability | 0 | 0 | 9,931,000 | 11,704,000 | 176,500,000 | 0 | |||||||||||||||||
contributions (distributions) to other unit holders (members) and class a shareholders | |||||||||||||||||||||||
contributions | |||||||||||||||||||||||
premium recapture and indemnification losses paid | -51,842,000 | -50,318,000 | -16,668,000 | -9,322,000 | -376,000 | -515,000 | -518,000 | -208,000 | -419,000 | 1,399,000 | -943,000 | -2,329,000 | |||||||||||
contributions from (distributions to) other unit holders (members) of holdings | |||||||||||||||||||||||
distributions to other unit holders (members) of holdings | -1,938,000 | 33,929,000 | -5,124,000 | -2,170,216,000 | -398,785,000 | -1,207,902,000 | -2,375,904,000 | ||||||||||||||||
net decrease in notes receivable from affiliates | 0 | 0 | |||||||||||||||||||||
net decrease in investment securities | |||||||||||||||||||||||
net (payments) borrowings on funding facilities | -3,871,439,000 | -598,199,000 | |||||||||||||||||||||
net (payments) borrowings on lines of credit | 0 | ||||||||||||||||||||||
net borrowings (payments) notes payable from unconsolidated affiliates | 184,000 | ||||||||||||||||||||||
issuance of class d shares to rhi | 0 | ||||||||||||||||||||||
proceeds from class a shares issued prior to offering | 0 | ||||||||||||||||||||||
proceeds received from ipo, net of cost | 0 | ||||||||||||||||||||||
proceeds received from greenshoe option | 0 | ||||||||||||||||||||||
use of proceeds to purchase class d shares and holding units from rhi | 0 | ||||||||||||||||||||||
distributions to other unit holders (members) and class a shareholders | |||||||||||||||||||||||
net transfers to parent | 0 | -2,207,871,000 | |||||||||||||||||||||
net decrease in cash and cash equivalents and restricted cash | |||||||||||||||||||||||
benefit from deferred income taxes | -6,498,000 | ||||||||||||||||||||||
increase in mortgage loans held for investment | 4,180,000 | ||||||||||||||||||||||
net increase in investment securities | 0 | 0 | |||||||||||||||||||||
net borrowings on early buy out facility | -322,535,000 | 70,360,000 | 1,513,247,000 | 305,446,000 | 116,927,000 | -28,412,000 | |||||||||||||||||
net transfer to parent | |||||||||||||||||||||||
net borrowings notes payable from unconsolidated affiliates | 178,000 | 175,000 | |||||||||||||||||||||
net borrowings on lines of credit | |||||||||||||||||||||||
change in non-controlling interest | |||||||||||||||||||||||
stock-based compensation expense | 42,622,000 | 33,253,000 | |||||||||||||||||||||
net borrowings (payments) on lines of credit | |||||||||||||||||||||||
net (payments) borrowings notes payable from unconsolidated affiliates | 183,000 | ||||||||||||||||||||||
deferred tax asset | |||||||||||||||||||||||
net borrowings on senior notes | |||||||||||||||||||||||
cash distributions to holding company |