UWM Holdings Corporation Class(NYSE:UWMC) 
UWM Holdings Corporation engages in the residential mortgage lending business in the United States. The company originates mortgage loans through wholesale channel. It originates primarily conforming and government loans. The company was founded in 1986 and is headquartered in Pontiac, Michigan.
Website: http://www.uwm.com
Founded: 1986
CEO: Mat Ishbia
Sector: Financial Services
Industry: Shell Companies
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At a glance:
- Largest Wholesale Mortgage Originator with Broker-First Model: UWM Holdings Corporation operates primarily in the wholesale mortgage channel, originating and servicing residential mortgage loans through independent mortgage brokers rather than a retail branch network.
- Earnings Highly Sensitive to Mortgage Rate and Refinance Cycles: Revenue and profitability are closely tied to origination volumes and gain-on-sale margins, which can swing materially with interest-rate changes, housing demand, and the mix of purchase versus refinance activity.
- Servicing Portfolio Provides Recurring Income but Adds Interest-Rate Risk: Mortgage servicing rights (MSRs) can generate ongoing servicing fees and act as a partial hedge when rates rise, but MSR valuations can be volatile and depend on prepayment speeds and market assumptions.
- Competitive Dynamics Centered on Pricing, Turn Times, and Broker Tools: Performance depends on maintaining broker relationships and competing effectively on loan pricing, speed of underwriting/closing, technology integration, and service levels versus other wholesale and retail lenders.
Bull Thesis:
- Dominance in the Wholesale Mortgage Channel: UWM Holdings Corporation is the largest wholesale mortgage lender in the U.S., consistently gaining market share. Their focus on the broker channel and proprietary technology creates a strong competitive moat and sticky relationships with independent mortgage brokers.
- Broker-Centric Technology and Support: UWMC invests heavily in technology and support tools for mortgage brokers (e.g., Brand 360, UWM Connect). This commitment fosters loyalty, streamlines the lending process for brokers, and helps them compete effectively against retail lenders, driving more volume to UWM.
- Cost Efficiency of the Wholesale Model: The wholesale lending model, by leveraging independent brokers, generally has lower customer acquisition costs and overhead compared to traditional retail mortgage lenders with extensive branch networks. This can lead to better profitability margins, especially at scale.
- Focus on Purchase Mortgages: While the overall mortgage market is sensitive to interest rates, UWMC has a significant focus on purchase mortgages rather than solely relying on refinances. This provides some resilience in a rising interest rate environment where refinance activity typically declines sharply.
Bear Thesis:
- High Sensitivity to Interest Rates and Origination Volume Decline: Mortgage origination volumes are highly sensitive to interest rate fluctuations. Rising rates significantly reduce refinance activity and can cool purchase demand, directly impacting UWMC's top-line revenue and profitability as overall loan origination volumes shrink.
- Intense Competition and Margin Compression: The mortgage industry is highly competitive, both within the wholesale channel and against retail lenders. This intense competition can lead to pricing pressure and margin compression, making it challenging for UWMC to maintain high profitability, especially during periods of lower volume.
- Risk of Housing Market Slowdown: A significant slowdown in the broader housing market, driven by factors like economic recession, affordability issues, or sustained high interest rates, would directly impact UWMC's business by reducing the overall pool of available mortgages to originate.
- Dividend Sustainability Concerns: UWMC has historically offered an attractive dividend yield. However, if earnings continue to be pressured by declining origination volumes and margin compression, the high payout ratio could become unsustainable, potentially leading to a dividend cut and impacting investor confidence.
Main Competitors:
- Rocket Companies ($RKT) (Rocket Pro TPO (Wholesale Division)), Competes directly with UWM in the wholesale mortgage channel by offering technology, marketing support, and competitive pricing to independent mortgage brokers. They leverage their strong brand recognition and scale, and also compete for end-borrowers through their direct-to-consumer retail channel (Rocket Mortgage), which can sometimes bypass brokers.
- PennyMac Financial Services ($PFSI) (Wholesale and Correspondent Lending), A large mortgage originator and servicer that competes in the wholesale channel by providing a broad range of loan products, competitive pricing, and technology solutions to brokers. They also have significant correspondent and retail lending operations, contributing to their overall market presence and scale.
- loanDepot ($LDI) (Wholesale Lending), Operates across multiple channels including retail, wholesale, and correspondent. In the wholesale channel, loanDepot competes by offering a variety of loan products, proprietary technology platforms for brokers, and competitive rates, aiming to provide comprehensive solutions and efficient processes.
- AmeriHome Mortgage (Western Alliance Bancorporation) ($WAL) (Wholesale and Correspondent Lending), A significant player in both the wholesale and correspondent lending channels. AmeriHome competes by offering competitive pricing, a wide array of loan products, and efficient processes for mortgage brokers and originators, backed by the capital strength of Western Alliance Bancorporation.
Moat:
UWM Holdings Corporation's primary competitive moat stems from its pure-play wholesale model, deep-rooted relationships with independent mortgage brokers, and proprietary technology (e.g., Blink+ LOS, Broker Portal) focused on speed, efficiency, and service. This specialization has built a strong brand within the broker community. Competition is intense, primarily centered on pricing, loan product variety, technological offerings, and the speed/quality of service. Competitors like Rocket Pro TPO directly target the same broker network, while others like PennyMac and loanDepot leverage their multi-channel presence and scale to compete for market share. The highly cyclical and interest-rate sensitive nature of the mortgage industry further intensifies this competition, making broker loyalty and operational efficiency critical for success.
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 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | ||||||||||||||||||||||||
loan production income | 554,572,000 | 603,364,000 | 542,144,000 | 447,882,000 | 304,751,000 | 407,229,000 | 465,548,000 | 357,109,000 | 298,954,000 | 225,436,000 | 288,930,000 | 280,757,000 | 205,424,000 | 129,180,000 | 172,402,000 | 296,535,000 | 383,871,000 | 442,407,000 | 589,461,000 | 479,274,000 | 1,074,665,000 | |||
loan servicing income | 213,379,000 | 186,392,000 | 169,019,000 | 178,813,000 | 190,517,000 | 173,300,000 | 134,753,000 | 143,910,000 | 184,702,000 | 206,498,000 | 200,428,000 | 193,220,000 | 218,557,000 | 217,225,000 | 196,781,000 | 179,501,000 | 198,565,000 | 194,976,000 | 174,695,000 | 145,278,000 | 123,789,000 | |||
interest income | 133,476,000 | 155,491,000 | 132,089,000 | 132,005,000 | 118,102,000 | 140,067,000 | 145,297,000 | 121,394,000 | 101,863,000 | 87,901,000 | 94,849,000 | 88,895,000 | 74,580,000 | 106,837,000 | 78,210,000 | 62,020,000 | 67,395,000 | 104,601,000 | 102,063,000 | 79,194,000 | 45,912,000 | |||
total revenue | 901,427,000 | 945,247,000 | 843,252,000 | 758,700,000 | 613,370,000 | 560,207,000 | 526,434,000 | 507,094,000 | 569,956,000 | -114,583,000 | 677,116,000 | 587,520,000 | 161,274,000 | 302,434,000 | 684,173,000 | 564,225,000 | 821,794,000 | 605,457,000 | 690,314,000 | 484,652,000 | 1,189,870,000 | |||
yoy | 46.96% | 68.73% | 60.18% | 49.62% | 7.62% | -588.91% | -22.25% | -13.69% | 253.41% | -137.89% | -1.03% | 4.13% | -80.38% | -50.05% | -0.89% | 16.42% | -30.93% | |||||||
qoq | -4.64% | 12.10% | 11.14% | 23.69% | 9.49% | 6.42% | 3.81% | -11.03% | -597.42% | -116.92% | 15.25% | 264.30% | -46.67% | -55.80% | 21.26% | -31.34% | 35.73% | -12.29% | 42.43% | -59.27% | ||||
other gains | -148,533,000 | -186,208,000 | -280,012,000 | 97,483,000 | ||||||||||||||||||||
change in fair value of mortgage servicing rights | -10,335,000 | -247,617,000 | -307,825,000 | -111,421,000 | -388,585,000 | 309,149,000 | -446,100,000 | -115,319,000 | -15,563,000 | -634,418,000 | 92,909,000 | 24,648,000 | -337,287,000 | -150,808,000 | 236,780,000 | 26,169,000 | 171,963,000 | -138,988,000 | -170,462,000 | -219,104,000 | -59,259,000 | |||
loss on other interest rate derivatives | -138,198,000 | |||||||||||||||||||||||
expenses | ||||||||||||||||||||||||
salaries, commissions and benefits | 224,554,000 | 224,192,000 | 222,760,000 | 211,461,000 | 192,800,000 | 193,155,000 | 181,453,000 | 160,311,000 | 154,241,000 | 142,515,000 | 135,333,000 | 131,380,000 | 121,003,000 | 118,266,000 | 135,028,000 | 138,983,000 | 160,609,000 | 146,697,000 | 164,971,000 | 172,951,000 | 213,061,000 | |||
direct loan production costs | 60,505,000 | 55,141,000 | 64,213,000 | 46,330,000 | 43,127,000 | 54,958,000 | 58,398,000 | 45,485,000 | 31,436,000 | 27,977,000 | 36,184,000 | 23,618,000 | 16,483,000 | 17,396,000 | 20,498,000 | 25,757,000 | 26,718,000 | 25,292,000 | 18,980,000 | 15,518,000 | 13,162,000 | |||
marketing, travel, and entertainment | 30,878,000 | 34,212,000 | 23,410,000 | 26,379,000 | 22,190,000 | 30,771,000 | 22,462,000 | 24,438,000 | 19,111,000 | 25,600,000 | 20,117,000 | 21,588,000 | 17,210,000 | 22,976,000 | 17,730,000 | 20,625,000 | 12,837,000 | 25,334,000 | 14,138,000 | 11,330,000 | 10,495,000 | |||
depreciation and amortization | 14,385,000 | 13,757,000 | 12,747,000 | 12,200,000 | 11,340,000 | 11,094,000 | 11,636,000 | 11,404,000 | 11,340,000 | 11,472,000 | 11,563,000 | 11,441,000 | 11,670,000 | 11,713,000 | 11,426,000 | 11,181,000 | 10,915,000 | 10,422,000 | 9,034,000 | 8,353,000 | 7,289,000 | |||
general and administrative | 59,034,000 | 73,670,000 | 62,243,000 | 59,999,000 | 68,148,000 | 60,314,000 | 53,664,000 | 55,051,000 | 40,809,000 | 38,209,000 | 44,904,000 | 52,691,000 | 34,619,000 | 49,668,000 | 51,649,000 | 39,909,000 | 38,323,000 | 36,467,000 | 39,148,000 | 42,116,000 | 16,778,000 | |||
servicing costs | 43,067,000 | 46,184,000 | 33,928,000 | 35,083,000 | 30,434,000 | 29,866,000 | 25,009,000 | 25,787,000 | 30,324,000 | 29,632,000 | 33,640,000 | 31,658,000 | 36,862,000 | 36,809,000 | 37,596,000 | 44,435,000 | 47,184,000 | 36,200,000 | 29,192,000 | 23,067,000 | 20,508,000 | |||
interest expense | 140,765,000 | 144,833,000 | 132,084,000 | 133,467,000 | 120,410,000 | 142,342,000 | 141,102,000 | 108,651,000 | 98,668,000 | 80,811,000 | 93,724,000 | 82,437,000 | 63,284,000 | 114,918,000 | 73,136,000 | 57,559,000 | 60,374,000 | 88,772,000 | 90,221,000 | 72,673,000 | 52,990,000 | |||
other expense | 2,206,000 | -454,250 | -815,000 | 1,846,000 | -4,625,000 | 421,000 | -1,105,000 | -2,391,000 | -76,000 | 2,703,000 | -241,000 | -54,000 | 6,729,000 | 9,562,000 | 7,502,000 | 4,437,000 | -8,710,000 | -1,530,000 | -17,304,000 | |||||
total expenses | 575,394,000 | 589,415,000 | 550,570,000 | 526,765,000 | 485,601,000 | 517,875,000 | 494,145,000 | 430,022,000 | 385,692,000 | 353,825,000 | 375,389,000 | 357,516,000 | 300,890,000 | 371,692,000 | 353,792,000 | 348,011,000 | 364,462,000 | 373,621,000 | 356,974,000 | 344,478,000 | 316,979,000 | |||
earnings before income taxes | 177,500,000 | 169,624,000 | 12,670,000 | 329,418,000 | -260,816,000 | 42,332,000 | 32,289,000 | 77,072,000 | 184,264,000 | -468,408,000 | 301,727,000 | 230,004,000 | -139,616,000 | -69,258,000 | 330,381,000 | 216,214,000 | 457,332,000 | 231,836,000 | 333,340,000 | 140,174,000 | 872,891,000 | |||
provision for income taxes | 7,126,000 | 5,140,000 | 582,000 | 14,939,000 | -13,788,000 | 1,719,000 | 344,000 | 786,000 | 3,733,000 | -7,452,000 | 734,000 | 1,210,000 | -1,003,000 | -6,774,000 | 4,771,000 | 769,000 | 4,045,000 | -7,990,000 | 3,483,000 | 1,462,000 | 12,886,000 | |||
net income | 170,374,000 | 164,484,000 | 12,088,000 | 314,479,000 | -247,028,000 | 40,613,000 | 31,945,000 | 76,286,000 | 180,531,000 | -460,956,000 | 300,993,000 | 228,794,000 | -138,613,000 | -62,484,000 | 325,610,000 | 215,445,000 | 453,287,000 | 239,826,000 | 329,857,000 | 138,712,000 | 860,005,000 | |||
yoy | -168.97% | 305.00% | -62.16% | 312.24% | -236.83% | -108.81% | -89.39% | -66.66% | -230.24% | 637.72% | -7.56% | 6.20% | -130.58% | -126.05% | -1.29% | 55.32% | -47.29% | |||||||
qoq | 3.58% | 1260.72% | -96.16% | -227.31% | -708.25% | 27.13% | -58.12% | -57.74% | -139.16% | -253.15% | 31.56% | -265.06% | 121.84% | -119.19% | 51.13% | -52.47% | 89.01% | -27.29% | 137.80% | -83.87% | ||||
net income margin % | 18.90% | 17.40% | 1.43% | 41.45% | -40.27% | 7.25% | 6.07% | 15.04% | 31.67% | 402.29% | 44.45% | 38.94% | -85.95% | -20.66% | 47.59% | 38.18% | 55.16% | 39.61% | 47.78% | 28.62% | 72.28% | NaN% | NaN% | NaN% |
net income attributable to non-controlling interest | 145,073,000 | 145,072,000 | 13,350,000 | 291,570,000 | -233,349,000 | 31,694,000 | 38,240,000 | 73,236,000 | 171,801,000 | -433,878,000 | 282,762,000 | 221,236,000 | -126,672,000 | -62,207,000 | 313,914,000 | 207,079,000 | 431,357,000 | 222,876,000 | 304,611,000 | 130,448,000 | 812,020,000 | |||
net income attributable to uwm holdings corporation | 25,301,000 | 19,412,000 | -1,262,000 | 22,909,000 | -13,679,000 | 8,919,000 | -6,295,000 | 3,050,000 | 8,730,000 | -27,078,000 | 18,231,000 | 7,558,000 | -11,941,000 | -277,000 | 11,696,000 | 8,366,000 | 21,930,000 | 16,950,000 | 25,246,000 | 8,264,000 | 47,985,000 | |||
earnings per share of class a common stock | ||||||||||||||||||||||||
basic | 0.09 | 0.09 | -0.01 | 0.11 | -0.08 | 0.07 | -0.06 | 0.03 | 0.09 | -0.29 | 0.2 | 0.08 | -0.13 | 0.13 | 0.09 | 0.24 | 0.18 | 0.25 | 0.08 | 0.47 | ||||
diluted | 0.09 | 0.08 | -0.01 | 0.11 | -0.12 | 0.07 | -0.06 | 0.03 | 0.09 | -0.29 | 0.15 | 0.08 | -0.13 | 0.13 | 0.09 | 0.22 | 0.11 | 0.16 | 0.07 | 0.33 | ||||
weighted-average shares outstanding: | ||||||||||||||||||||||||
basic | 292,122,233 | 211,407,534 | 221,354,499 | 202,133,122 | 164,100,022 | 111,374,469 | 99,801,301 | 95,387,609 | 94,365,991 | 93,245,373 | 93,290,736 | 93,107,133 | 92,920,794 | 92,475,170 | 92,571,886 | 92,533,620 | 92,214,594 | 100,881,094 | 101,106,023 | 102,760,823 | 103,104,205 | |||
diluted | 1,600,064,853 | 1,599,179,891 | 221,354,499 | 202,133,122 | 1,598,383,240 | 111,374,469 | 99,801,301 | 95,387,609 | 1,598,647,205 | 93,245,373 | 1,596,624,780 | 93,107,133 | 92,920,794 | 92,475,170 | 92,571,886 | 92,533,620 | 1,594,284,381 | 1,603,157,640 | 1,603,710,511 | 1,605,067,478 | 1,605,173,992 | |||
gain on other interest rate derivatives | 61,409,000 | 27,813,000 | 208,904,000 | 63,525,500 | 226,936,000 | |||||||||||||||||||
msr valuation adjustments | -388,585,000 | |||||||||||||||||||||||
other income | -2,848,000 | -237,000 | ||||||||||||||||||||||
gain on sale of mortgage servicing rights | 2,461,000 | -5,443,000 | 10,000 | 4,763,000 | ||||||||||||||||||||
amortization, impairment and pay-offs of mortgage servicing rights | ||||||||||||||||||||||||
professional fees and other incomes | -20,514 | |||||||||||||||||||||||
state franchise taxes, other than income tax | -717 | |||||||||||||||||||||||
net income from operations | -21,231 | |||||||||||||||||||||||
other income - interest and dividend income | ||||||||||||||||||||||||
income before income taxes | -21,231 | |||||||||||||||||||||||
income tax expense | ||||||||||||||||||||||||
net income attributable to common shares | -21,231 | |||||||||||||||||||||||
net income per ordinary share: | ||||||||||||||||||||||||
class a ordinary shares - basic and diluted | ||||||||||||||||||||||||
class f ordinary shares - basic and diluted |
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 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||
cash and cash equivalents | 423,996,000 | 503,364,000 | 870,703,000 | 489,984,000 | 485,024,000 | 507,339,000 | 636,327,000 | 680,153,000 | 605,639,000 | 497,468,000 | 729,616,000 | 634,576,000 | 740,063,000 | 704,898,000 | 799,534,000 | 958,656,000 | 901,174,000 | 731,088,000 | 950,910,000 | 1,048,177,000 | 1,592,663,000 | 50,573 | 222,372 | 541,719 | 1,106,732 |
mortgage loans at fair value | 10,991,101,000 | 9,932,729,000 | 10,784,461,000 | 8,040,310,000 | 8,402,211,000 | 9,516,537,000 | 10,141,683,000 | 8,236,183,000 | 7,338,135,000 | 5,449,884,000 | 5,560,039,000 | 6,269,924,000 | 4,800,259,000 | 7,134,960,000 | 5,341,217,000 | 5,332,383,000 | 5,208,167,000 | 17,473,324,000 | 11,736,642,000 | 12,404,112,000 | 5,503,271,000 | ||||
derivative assets | 124,490,000 | 37,567,000 | 91,446,000 | 59,356,000 | 43,958,000 | 99,964,000 | 66,977,000 | 54,962,000 | 34,050,000 | 33,019,000 | 92,791,000 | 61,407,000 | 61,136,000 | 82,869,000 | 385,348,000 | 125,079,000 | 241,932,000 | 67,356,000 | 143,807,000 | 75,438,000 | 113,168,000 | ||||
investment securities at fair value, pledged | 98,491,000 | 100,512,000 | 101,277,000 | 101,627,000 | 102,982,000 | 103,013,000 | 108,964,000 | 105,593,000 | 108,323,000 | 110,352,000 | 104,526,000 | 111,625,000 | 114,275,000 | 113,290,000 | 115,079,000 | 125,193,000 | 138,417,000 | 152,263,000 | 41,809,000 | ||||||
accounts receivable | 1,271,014,000 | 526,694,000 | 548,090,000 | 719,369,000 | 472,299,000 | 417,955,000 | 561,901,000 | 516,838,000 | 554,443,000 | 512,070,000 | 385,922,000 | 347,865,000 | 433,747,000 | 383,147,000 | 556,153,000 | 350,090,000 | 617,608,000 | 415,691,000 | 340,028,000 | 317,458,000 | 549,381,000 | ||||
mortgage servicing rights | 4,591,855,000 | 4,073,781,000 | 3,308,585,000 | 3,445,195,000 | 3,321,457,000 | 3,969,881,000 | 2,800,054,000 | 2,650,090,000 | 3,191,803,000 | 4,026,136,000 | 4,352,219,000 | 4,224,207,000 | 3,974,870,000 | 4,453,261,000 | 4,305,686,000 | 3,736,359,000 | 3,514,102,000 | ||||||||
premises and equipment | 180,523,000 | 180,199,000 | 164,985,000 | 166,460,000 | 153,855,000 | 146,199,000 | 147,981,000 | 146,750,000 | 145,265,000 | 146,417,000 | 146,509,000 | 149,515,000 | 152,428,000 | 152,477,000 | 152,172,000 | 153,971,000 | 151,206,000 | 151,687,000 | 145,774,000 | 130,864,000 | 111,964,000 | ||||
operating lease right-of-use asset | 92,616,000 | 94,310,000 | 95,957,000 | 91,004,000 | 92,450,000 | 93,730,000 | 95,123,000 | 96,474,000 | 97,801,000 | 99,125,000 | 100,427,000 | 101,686,000 | 102,923,000 | 104,181,000 | 101,377,000 | 102,533,000 | 103,670,000 | 104,828,000 | 105,902,000 | 87,130,000 | 87,896,000 | ||||
finance lease right-of-use asset | 20,681,000 | 21,247,000 | 21,219,000 | 21,810,000 | 22,464,000 | 23,193,000 | 24,020,000 | 25,061,000 | 26,890,000 | 29,111,000 | 31,803,000 | 34,947,000 | 38,320,000 | 42,218,000 | 45,667,000 | 50,179,000 | 53,857,000 | 57,024,000 | 60,113,000 | 61,356,000 | 54,456,000 | ||||
loans eligible for repurchase from ginnie mae | 1,124,020,000 | 1,133,359,000 | 749,089,000 | 564,806,000 | 750,769,000 | 641,554,000 | 391,696,000 | 279,290,000 | 577,487,000 | 856,856,000 | 617,490,000 | 409,078,000 | 440,775,000 | 345,490,000 | |||||||||||
other assets | 347,457,000 | 324,914,000 | 286,525,000 | 186,968,000 | 200,964,000 | 151,751,000 | 145,072,000 | 130,247,000 | 117,498,000 | 111,416,000 | 82,795,000 | 81,089,000 | 88,920,000 | 83,834,000 | 87,850,000 | 82,467,000 | 60,820,000 | 60,145,000 | 55,655,000 | 57,007,000 | 59,393,000 | ||||
total assets | 19,266,244,000 | 16,928,676,000 | 17,022,337,000 | 13,886,889,000 | 14,048,433,000 | 15,671,116,000 | 15,119,798,000 | 12,921,641,000 | 12,797,334,000 | 11,871,854,000 | 12,204,137,000 | 12,425,919,000 | 10,947,716,000 | 13,600,625,000 | 11,890,083,000 | 11,016,910,000 | 10,990,953,000 | 22,528,358,000 | 16,480,950,000 | 16,844,098,000 | 10,372,626,000 | 425,565,768 | 425,796,377 | 426,922,501 | 427,376,055 |
liabilities and equity | |||||||||||||||||||||||||
warehouse lines of credit | 9,900,303,000 | 8,912,496,000 | 9,783,664,000 | 7,254,526,000 | 7,573,139,000 | 8,697,744,000 | 9,207,746,000 | 7,429,591,000 | 6,681,917,000 | 4,902,090,000 | 5,066,900,000 | 5,732,791,000 | 4,259,834,000 | 6,443,992,000 | 4,712,719,000 | 4,497,353,000 | 4,076,829,000 | 15,954,938,000 | 10,487,950,000 | 11,249,213,000 | 4,823,740,000 | ||||
derivative liabilities | 337,817,000 | 26,574,000 | 41,209,000 | 76,683,000 | 27,922,000 | 35,965,000 | 93,599,000 | 26,171,000 | 26,918,000 | 40,781,000 | 38,882,000 | 21,734,000 | 62,742,000 | 49,748,000 | 215,330,000 | 93,958,000 | 115,430,000 | 36,741,000 | 61,434,000 | 82,551,000 | 55,479,000 | ||||
secured lines of credit | 2,000,000,000 | 1,200,000,000 | 425,000,000 | 250,000,000 | 500,000,000 | 300,000,000 | 200,000,000 | 750,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||
borrowings against investment securities | 86,724,000 | 87,497,000 | 87,142,000 | 86,896,000 | 88,775,000 | 90,646,000 | 93,662,000 | 91,406,000 | 94,064,000 | 93,814,000 | 97,328,000 | 100,901,000 | 101,345,000 | 101,345,000 | 114,875,000 | 118,786,000 | 118,786,000 | 118,786,000 | 32,560,000 | ||||||
accounts payable, accrued expenses and other | 949,788,000 | 707,790,000 | 706,993,000 | 661,496,000 | 652,701,000 | 580,736,000 | 573,865,000 | 486,138,000 | 477,765,000 | 469,101,000 | 503,890,000 | 423,407,000 | 416,818,000 | 439,719,000 | 1,157,054,000 | 780,166,000 | 1,207,145,000 | ||||||||
accrued distributions and dividends payable | 161,773,000 | 161,292,000 | 160,846,000 | 160,360,000 | 159,856,000 | 159,827,000 | 159,818,000 | 159,766,000 | 159,702,000 | 159,572,000 | 159,572,000 | 159,518,000 | 159,517,000 | 159,465,000 | 159,465,000 | 159,461,000 | 159,460,000 | 160,444,000 | |||||||
senior notes | 2,983,152,000 | 2,981,975,000 | 3,780,620,000 | 2,787,797,000 | 2,786,467,000 | 2,785,326,000 | 1,991,216,000 | 1,990,233,000 | 1,989,250,000 | 1,988,267,000 | 1,987,284,000 | 1,986,301,000 | 1,985,319,000 | 1,984,336,000 | 1,983,099,000 | 1,982,103,000 | 1,981,106,000 | 1,980,112,000 | 1,484,370,000 | 1,483,587,000 | 789,870,000 | ||||
operating lease liability | 98,811,000 | 100,596,000 | 102,333,000 | 97,471,000 | 99,010,000 | 100,376,000 | 101,833,000 | 103,247,000 | 104,637,000 | 106,024,000 | 107,389,000 | 108,711,000 | 110,012,000 | 111,332,000 | 108,591,000 | 109,811,000 | 111,010,000 | 112,231,000 | 117,824,000 | 98,280,000 | 99,188,000 | ||||
finance lease liability | 22,955,000 | 23,468,000 | 23,363,000 | 23,872,000 | 24,445,000 | 25,094,000 | 25,836,000 | 26,787,000 | 28,536,000 | 30,678,000 | 33,291,000 | 36,356,000 | 36,812,000 | 43,505,000 | 46,917,000 | 51,370,000 | 54,945,000 | 57,967,000 | 60,871,000 | 61,918,000 | 54,873,000 | ||||
total liabilities | 17,665,343,000 | 15,335,047,000 | 15,435,259,000 | 12,138,907,000 | 12,413,084,000 | 13,617,268,000 | 12,939,271,000 | 10,592,629,000 | 10,340,276,000 | 9,397,183,000 | 9,112,026,000 | 9,478,797,000 | 8,073,174,000 | 10,428,932,000 | 8,498,050,000 | 7,793,008,000 | 7,824,711,000 | 19,357,357,000 | 13,486,922,000 | 14,157,112,000 | 7,594,590,000 | 20,072,819 | 19,377,000 | 15,153,978 | 15,558,975 |
equity | |||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2026 or december 31, 2025 | |||||||||||||||||||||||||
class a common stock | 31,000 | 27,000 | 23,000 | 21,000 | 20,000 | 16,000 | 11,000 | 10,000 | 9,000 | 10,000 | 10,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 10,000 | 10,000 | 10,000 | 400,492,940 | |||
class b common stock | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2026 or december 31, 2025 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,287,482,620 and 1,331,482,620 shares issued and outstanding as of march 31, 2026 and december 31, 2025, respectively | 129,000 | ||||||||||||||||||||||||
additional paid-in capital | 12,593,000 | 9,910,000 | 7,579,000 | 5,688,000 | 4,298,000 | 3,523,000 | 2,644,000 | 2,305,000 | 2,085,000 | 1,702,000 | 1,484,000 | 1,267,000 | 1,036,000 | 903,000 | 784,000 | 669,000 | 542,000 | 437,000 | 313,000 | 187,000 | |||||
retained earnings | 216,768,000 | 189,447,000 | 169,935,000 | 170,320,000 | 160,407,000 | 157,837,000 | 116,561,000 | 111,021,000 | 111,980,000 | 110,690,000 | 130,233,000 | 120,379,000 | 122,136,000 | 142,500,000 | 141,194,000 | 137,955,000 | 138,834,000 | 141,805,000 | 129,815,000 | 109,397,000 | 113,078,000 | ||||
non-controlling interest | 1,371,380,000 | 1,394,112,000 | 1,409,404,000 | 1,571,814,000 | 1,470,484,000 | 1,892,328,000 | 2,061,162,000 | 2,215,526,000 | 2,342,834,000 | 2,362,119,000 | 2,960,234,000 | 2,825,317,000 | 2,751,211,000 | 3,028,131,000 | 3,249,896,000 | 3,085,119,000 | 3,026,707,000 | 3,028,600,000 | 2,863,740,000 | 2,577,242,000 | 2,664,798,000 | ||||
total equity | 1,600,901,000 | 1,593,629,000 | 1,587,078,000 | 1,747,982,000 | 1,635,349,000 | 2,053,848,000 | 2,180,527,000 | 2,329,012,000 | 2,457,058,000 | 2,474,671,000 | 3,092,111,000 | 2,947,122,000 | 2,874,542,000 | 3,171,693,000 | 3,392,033,000 | 3,223,902,000 | 3,166,242,000 | 3,171,001,000 | 2,994,028,000 | 2,686,986,000 | 2,778,036,000 | ||||
total liabilities and equity | 19,266,244,000 | 16,928,676,000 | 17,022,337,000 | 13,886,889,000 | 14,048,433,000 | 15,671,116,000 | 15,119,798,000 | 12,921,641,000 | 12,797,334,000 | 11,871,854,000 | 12,204,137,000 | 12,425,919,000 | 10,947,716,000 | 13,600,625,000 | 11,890,083,000 | 11,016,910,000 | 10,990,953,000 | 22,528,358,000 | 16,480,950,000 | 16,844,098,000 | 10,372,626,000 | ||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2025 or december 31, 2024 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2025 or december 31, 2024 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,331,482,620 and 1,440,332,098 shares issued and outstanding as of december 31, 2025 and december 31, 2024, respectively | 133,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2025 or december 31, 2024 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2025 or december 31, 2024 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,365,482,620 and 1,440,332,098 shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively | 137,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2025 or december 31, 2024 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2025 or december 31, 2024 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,393,282,620 and 1,440,332,098 shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively | 139,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2025 or december 31, 2024 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2025 or december 31, 2024 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,397,782,620 and 1,440,332,098 shares issued and outstanding as of march 31, 2025 and december 31, 2024, respectively | 140,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2024 or december 31, 2023 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2024 or december 31, 2023 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,440,332,098 and 1,502,069,787 shares issued and outstanding as of december 31, 2024 and december 31, 2023, respectively | 144,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2024 or december 31, 2023 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2024 or december 31, 2023 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,485,027,775 shares issued and outstanding as of september 30, 2024 and 1,502,069,787 at december 31, 2023 | 149,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2024 or december 31, 2023 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2024 or december 31, 2023 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of june 30, 2024 and december 31, 2023 | 150,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2024 or december 31, 2023 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2024 or december 31, 2023 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of march 31, 2024 and december 31, 2023 | 150,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2023 or december 31, 2022 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2023 or december 31, 2022 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of december 31, 2023 and december 31, 2022 | 150,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2023 or december 31, 2022 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2023 or december 31, 2022 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of september 30, 2023 and december 31, 2022 | 150,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2023 or december 31, 2022 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2023 or december 31, 2022 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of june 30, 2023 and december 31, 2022 | 150,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2023 or december 31, 2022 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2023 or december 31, 2022 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of march 31, 2023 and december 31, 2022 | 150,000 | ||||||||||||||||||||||||
secured line of credit | 750,000,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2022 or 2021 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2022 or 2021 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of december 31, 2022 and december 31, 2021 | 150,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2022 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2022 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of september 30, 2022 | 150,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2022 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2022 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of june 30, 2022 | 150,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2022 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2022 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of march 31, 2022 | 150,000 | ||||||||||||||||||||||||
mortgage servicing rights - fair value as of december 31, 2021; amortized cost as of december 31, 2020 | 3,314,952,000 | ||||||||||||||||||||||||
operating lines of credit | 400,000,000 | ||||||||||||||||||||||||
accounts payable and accrued expenses | 1,085,365,000 | 1,229,483,000 | 1,018,536,000 | 1,185,499,000 | |||||||||||||||||||||
accrued dividends payable | 9,171,000 | 10,087,000 | 160,517,000 | ||||||||||||||||||||||
equipment note payable | 2,046,000 | 2,343,000 | 2,583,000 | 25,424,000 | |||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2021 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2021 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of december 31, 2021 | 150,000 | ||||||||||||||||||||||||
mortgage servicing rights - fair value as of september 30, 2021; amortized cost as of december 31, 2020 | 2,900,310,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2021 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2021 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of september 30, 2021 | 150,000 | ||||||||||||||||||||||||
mortgage servicing rights - fair value as of june 30, 2021; amortized cost as of december 31, 2020 | 2,662,556,000 | ||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2021 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2021 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of june 30, 2021 | 150,000 | ||||||||||||||||||||||||
mortgage servicing rights - fair value as of march 31, 2021; amortized cost as of december 31, 2020 | 2,300,434,000 | ||||||||||||||||||||||||
equity: | |||||||||||||||||||||||||
preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2021 | |||||||||||||||||||||||||
class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2021 | |||||||||||||||||||||||||
class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of march 31, 2021 | 150,000 | ||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||
deferred offering costs associated with public offering | |||||||||||||||||||||||||
prepaid assets | 183,889 | 250,861 | 320,924 | 390,015 | |||||||||||||||||||||
total current assets | 234,462 | 473,233 | 862,643 | 1,496,747 | |||||||||||||||||||||
deferred tax asset | 8,210 | ||||||||||||||||||||||||
investments held in trust account | 425,331,306 | ||||||||||||||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||
accrued expenses | 3,916,817 | ||||||||||||||||||||||||
state franchise tax accrual | 200,000 | 150,000 | 100,000 | 50,000 | |||||||||||||||||||||
notes and advances payable – related party | 1,000,000 | ||||||||||||||||||||||||
income tax payable | 81,002 | 114,395 | 122,318 | 67,286 | |||||||||||||||||||||
total current liabilities | 5,197,819 | 4,502,000 | 278,978 | 624,246 | |||||||||||||||||||||
deferred underwriting compensation | 14,875,000 | 14,875,000 | 14,875,000 | 14,875,000 | |||||||||||||||||||||
commitments and contingencies: | |||||||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||||||||
common stock | |||||||||||||||||||||||||
class a common stock, 0.0001 par value... | 245 | 236 | 182 | 182 | |||||||||||||||||||||
class f common stock, 0.0001 par value... | 1,063 | 1,063 | 1,063 | 1,063 | |||||||||||||||||||||
additional paid-in-capital | 10,845,009 | 9,918,588 | 4,569,492 | 4,520,942 | |||||||||||||||||||||
accumulated deficit | -5,846,308 | -4,919,880 | |||||||||||||||||||||||
total stockholders’ equity/ | 5,000,009 | ||||||||||||||||||||||||
total liabilities and stockholders’ equity | 425,565,768 | 425,796,377 | 426,922,501 | 427,376,055 | |||||||||||||||||||||
deferred offering costs | |||||||||||||||||||||||||
investments and cash held in trust account | 425,323,144 | 426,051,648 | 425,879,308 | ||||||||||||||||||||||
accrued expenses, formation and offering costs | 3,237,605 | 56,660 | 506,960 | ||||||||||||||||||||||
notes payable – related party | 1,000,000 | ||||||||||||||||||||||||
class a subject to possible redemption, 40,141,937 and -0- shares at september 30, 2020 and december 31, 2019, respectively | 401,419,370 | ||||||||||||||||||||||||
total stockholders’ equity | 5,000,007 | 5,000,003 | 5,000,010 | ||||||||||||||||||||||
class a subject to possible redemption, 40,676,852 and -0- shares at june 30, 2020 and december 31, 2019, respectively | 406,768,520 | ||||||||||||||||||||||||
retained earnings/ | 429,266 | ||||||||||||||||||||||||
deferred income tax | 59,729 | ||||||||||||||||||||||||
class a subject to possible redemption, 40,681,707 and -0- shares at march 31, 2020 and december 31, 2019, respectively | 406,817,070 | ||||||||||||||||||||||||
net income/ | 477,823 |
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 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||||||
net income | 170,374,000 | 164,484,000 | 12,088,000 | 314,479,000 | -247,028,000 | 40,613,000 | 31,945,000 | 76,286,000 | 180,531,000 | -460,956,000 | 300,993,000 | 228,794,000 | -138,613,000 | -62,484,000 | 325,610,000 | 215,445,000 | 453,287,000 | 239,826,000 | 329,857,000 | 138,712,000 | 860,005,000 | |||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||
reserve for representations and warranties | 5,575,000 | 9,531,000 | 5,582,000 | 9,800,000 | 10,376,000 | 3,252,000 | 16,329,000 | 13,393,000 | 10,463,000 | 9,865,000 | 12,181,000 | 20,103,000 | 7,527,000 | 19,538,000 | 24,138,000 | 5,977,000 | 7,762,000 | 11,039,000 | 12,601,000 | 11,843,000 | 9,818,000 | |||
capitalization of mortgage servicing rights | -1,101,017,000 | -1,180,631,000 | -829,978,000 | -901,271,000 | -735,571,000 | -950,993,000 | -761,928,000 | -682,671,000 | -535,951,000 | -465,730,000 | -637,280,000 | -640,972,000 | -525,396,000 | -472,947,000 | -682,510,000 | -412,678,000 | -645,437,000 | -553,622,000 | -663,246,000 | -581,226,000 | -599,389,000 | |||
change in fair value of mortgage servicing rights | 10,335,000 | 247,617,000 | 307,825,000 | 111,421,000 | 388,585,000 | -309,149,000 | 446,100,000 | 142,485,000 | 15,563,000 | 634,418,000 | -92,909,000 | -24,648,000 | 337,287,000 | 150,808,000 | -236,780,000 | -26,169,000 | -171,963,000 | 138,988,000 | 170,462,000 | 219,104,000 | 59,259,000 | |||
depreciation & amortization | 15,624,000 | 15,205,000 | 14,139,000 | 13,531,000 | 12,631,000 | 12,162,000 | 12,620,000 | 11,672,000 | 12,323,000 | 12,438,000 | 12,791,000 | 12,178,000 | 12,653,000 | 12,949,000 | ||||||||||
stock-based compensation expense | 13,162,000 | 15,592,000 | 14,732,000 | 11,729,000 | 8,310,000 | 8,999,000 | 5,768,000 | 3,937,000 | 5,876,000 | 3,961,000 | 3,822,000 | 3,567,000 | 2,482,000 | 2,055,000 | 1,986,000 | 1,676,000 | 1,828,000 | 2,014,000 | 2,126,000 | |||||
decrease in fair value of investment securities | 303,000 | -403,000 | -1,721,000 | 3,980,000 | -5,409,000 | 610,000 | 269,000 | -7,458,000 | 4,944,000 | -103,000 | 7,485,000 | 9,911,000 | 10,934,000 | |||||||||||
decrease in fair value of warrants liability | -1,309,000 | -685,000 | 54,000 | -755,000 | -2,850,000 | -4,132,000 | -5,161,000 | -12,110,000 | ||||||||||||||||
decrease in: | ||||||||||||||||||||||||
mortgage loans at fair value | -1,058,372,000 | 851,732,000 | -2,744,151,000 | 361,901,000 | 1,114,326,000 | 625,146,000 | -1,905,500,000 | -898,048,000 | -1,888,251,000 | 110,155,000 | 709,885,000 | -1,469,665,000 | 2,334,701,000 | -2,357,166,000 | -8,835,000 | -124,215,000 | 12,265,157,000 | -5,736,682,000 | 667,470,000 | -6,900,841,000 | 2,413,244,000 | |||
derivative assets | -86,923,000 | 53,879,000 | -32,090,000 | -15,398,000 | 56,006,000 | -32,987,000 | -12,015,000 | -20,912,000 | -1,031,000 | 59,772,000 | -31,384,000 | -271,000 | 21,733,000 | 302,479,000 | -260,268,000 | 116,853,000 | -174,576,000 | 76,451,000 | -68,369,000 | 37,730,000 | -52,096,000 | |||
other assets | -702,816,000 | 3,186,000 | 208,305,000 | -210,883,000 | -10,164,000 | 122,713,000 | -142,530,000 | 41,161,000 | 35,719,000 | -193,858,000 | -17,260,000 | 69,651,000 | -27,818,000 | 181,572,000 | -205,185,000 | 253,329,000 | -173,090,000 | -168,620,000 | 1,651,000 | 2,904,000 | -394,000 | |||
increase in: | ||||||||||||||||||||||||
derivative liabilities | 311,242,000 | -14,634,000 | -35,473,000 | 48,764,000 | -8,043,000 | -57,634,000 | 67,428,000 | -747,000 | -13,863,000 | 1,899,000 | 17,148,000 | -41,008,000 | 12,994,000 | -165,582,000 | 121,372,000 | -21,472,000 | 78,689,000 | -24,693,000 | -21,117,000 | 27,072,000 | -10,758,000 | |||
other liabilities | 192,634,000 | -59,643,000 | 543,000 | -8,237,000 | 6,876,000 | -866,000 | 63,044,000 | -2,606,000 | -23,702,000 | -38,583,000 | 64,993,000 | -3,828,000 | -44,126,000 | -155,813,000 | 353,441,000 | -418,993,000 | 91,395,000 | |||||||
net cash from operating activities | -2,229,879,000 | 103,757,000 | -3,079,336,000 | -265,876,000 | 593,898,000 | -543,258,000 | -2,178,318,000 | -1,317,179,000 | -2,202,740,000 | -329,269,000 | 345,903,000 | -1,844,312,000 | 1,992,922,000 | -2,544,640,000 | -547,879,000 | -391,062,000 | 11,751,763,000 | -6,203,104,000 | 592,098,000 | -6,982,974,000 | 2,637,017,000 | -304,345 | ||
capital expenditures | 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 | -2,229,879,000 | 103,757,000 | -3,079,336,000 | -265,876,000 | 593,898,000 | -543,258,000 | -2,178,318,000 | -1,317,179,000 | -2,202,740,000 | -329,269,000 | 345,903,000 | -1,844,312,000 | 1,992,922,000 | -2,544,640,000 | -547,879,000 | -391,062,000 | 11,751,763,000 | -6,203,104,000 | 592,098,000 | -6,982,974,000 | 2,637,017,000 | -304,345 | ||
cash flows from investing activities | ||||||||||||||||||||||||
purchases of premises and equipment, and capitalization of internal-use software | -19,063,000 | |||||||||||||||||||||||
net proceeds from sale of mortgage servicing rights | 542,626,000 | 181,097,000 | 650,834,000 | 650,377,000 | 941,403,000 | 104,639,000 | 243,117,000 | 1,070,338,000 | 1,293,861,000 | 174,433,000 | 587,569,000 | 430,940,000 | 650,707,000 | 139,852,000 | 347,234,000 | 210,664,000 | 613,532,000 | |||||||
proceeds from principal payments on investment securities | 1,718,000 | 1,808,000 | 1,978,000 | 1,756,000 | 1,752,000 | 1,970,000 | 2,037,000 | 2,120,000 | 1,760,000 | 1,632,000 | 2,154,000 | 2,039,000 | 1,614,000 | 2,418,000 | 2,486,000 | 3,015,000 | 3,068,000 | 901,000 | ||||||
margin calls on borrowings against investment securities | -1,000,000 | -900,000 | 500,000 | 0 | 3,000,000 | -3,500,000 | 4,500,000 | -4,149,000 | -1,146,000 | 8,388,000 | -1,776,000 | 9,374,000 | -2,356,000 | |||||||||||
net cash from investing activities | 524,281,000 | 160,267,000 | 542,957,000 | 627,942,000 | 928,391,000 | 94,816,000 | 237,389,000 | 1,056,385,000 | 1,287,502,000 | 177,636,000 | 581,618,000 | 426,339,000 | 644,369,000 | 145,770,000 | 341,985,000 | 192,093,000 | 610,498,000 | 10,182,000 | 219,134,000 | -22,332,000 | -7,233,000 | -8,162 | ||
cash flows from financing activities | ||||||||||||||||||||||||
net borrowings (repayments) under warehouse lines of credit | 987,807,000 | -1,124,604,000 | -510,001,000 | 1,778,155,000 | ||||||||||||||||||||
repayments of finance lease liabilities | -513,000 | -487,000 | -509,000 | -573,000 | -650,000 | -742,000 | -950,000 | -1,750,000 | -2,142,000 | -2,613,000 | -3,065,000 | -456,000 | -6,692,000 | -4,300,000 | -4,453,000 | -4,345,000 | -4,225,000 | -4,084,000 | -3,725,000 | -3,038,000 | -2,857,000 | |||
borrowings under secured lines of credit | 2,050,000,000 | 1,575,000,000 | 550,000,000 | 700,000,000 | 225,000,000 | 1,175,000,000 | 300,000,000 | 100,000,000 | 100,000,000 | 250,000,000 | 0 | |||||||||||||
repayments under secured lines of credit | -1,250,000,000 | -375,000,000 | -975,000,000 | -525,000,000 | -475,000,000 | -975,000,000 | 0 | -300,000,000 | -650,000,000 | 0 | 0 | |||||||||||||
borrowings against investment securities | 86,724,000 | 87,497,000 | 87,142,000 | 86,896,000 | 88,775,000 | 90,645,000 | 93,662,000 | 91,406,000 | 94,064,000 | 68,739,000 | 25,075,000 | 72,697,000 | ||||||||||||
repayments of borrowings against investment securities | -87,497,000 | -87,142,000 | -86,896,000 | -88,776,000 | -90,646,000 | -93,662,000 | -91,406,000 | -94,064,000 | -93,814,000 | -72,253,000 | -28,648,000 | -86,227,000 | ||||||||||||
dividends paid to class a common stockholders | -26,842,000 | -23,429,000 | -20,598,000 | -18,775,000 | -15,794,000 | -11,315,000 | -9,559,000 | -9,495,000 | -9,365,000 | -9,365,000 | -9,311,000 | -9,310,000 | -9,258,000 | -9,258,000 | ||||||||||
member distributions paid to sfs corp. | -133,148,000 | -136,548,000 | -157,862,000 | -192,242,000 | -151,347,000 | -148,503,000 | -172,799,000 | -198,464,000 | -194,261,000 | -150,207,000 | -150,207,000 | -150,207,000 | -150,207,000 | -149,677,000 | ||||||||||
other financing activities | -301,000 | 0 | -4,000 | -23,000 | -338,000 | -10,000 | 0 | 0 | -899,000 | -6,000 | 0 | 0 | -1,307,000 | |||||||||||
net cash from financing activities | 1,626,230,000 | -631,363,000 | 2,917,098,000 | -357,106,000 | -1,544,604,000 | 319,454,000 | 1,897,103,000 | 335,308,000 | 1,023,409,000 | -80,515,000 | -832,481,000 | 1,312,486,000 | -2,602,126,000 | 2,304,234,000 | 46,772,000 | 256,451,000 | -12,192,175,000 | 5,973,100,000 | -908,499,000 | 6,460,820,000 | -2,260,958,000 | 140,708 | ||
decrease in cash and cash equivalents | -79,368,000 | |||||||||||||||||||||||
cash and cash equivalents, beginning of the period | 503,364,000 | 0 | 0 | 0 | 507,339,000 | 0 | 0 | 0 | 497,468,000 | 0 | 0 | 0 | 704,898,000 | 0 | 0 | 0 | 731,088,000 | 0 | 0 | 0 | 1,223,837,000 | |||
cash and cash equivalents, end of the period | 423,996,000 | -367,339,000 | 380,719,000 | 4,960,000 | 485,024,000 | -128,988,000 | -43,826,000 | 74,514,000 | 605,639,000 | -232,148,000 | 95,040,000 | -159,122,000 | 57,482,000 | 901,174,000 | -219,822,000 | -97,267,000 | -544,486,000 | 1,592,663,000 | ||||||
supplemental information | ||||||||||||||||||||||||
cash paid for interest | 145,972,000 | 140,218,000 | 122,496,000 | 148,750,000 | 84,784,000 | 176,593,000 | 100,386,000 | 131,170,000 | 68,839,000 | 107,845,000 | 119,092,000 | 50,831,000 | 63,322,000 | 119,683,000 | 40,541,000 | 43,585,000 | 37,923,000 | 110,991,000 | 71,789,000 | 68,438,000 | 36,077,000 | |||
cash paid for taxes | 39,000 | 292,000 | 461,000 | 103,000 | 58,000 | 18,000 | 2,100,000 | 503,000 | 363,000 | 38,000 | 39,000 | |||||||||||||
increase in fair value of investment securities | -1,042,000 | -2,600,000 | ||||||||||||||||||||||
increase in fair value of warrants liability | -1,519,000 | -8,494,000 | 5,830,000 | -1,739,000 | -686,000 | 4,808,000 | -2,021,000 | 1,175,000 | 2,098,000 | -17,304,000 | ||||||||||||||
purchases of premises and equipment | -21,738,000 | -10,355,000 | -24,191,000 | -17,764,000 | -8,293,000 | -12,265,000 | -11,924,000 | -6,973,000 | -6,817,000 | -6,329,000 | -5,336,000 | -7,952,000 | -5,874,000 | -5,379,000 | -9,260,000 | -6,102,000 | -13,113,000 | -19,998,000 | -22,458,000 | -9,815,000 | ||||
investment in private company equity securities | 0 | |||||||||||||||||||||||
repayments under equipment notes payable | 0 | -433,000 | -53,000 | -505,000 | -274,000 | -270,000 | -267,000 | -226,000 | -195,000 | -343,000 | -23,465,000 | -1,557,000 | ||||||||||||
proceeds from issuance of senior notes | 0 | 500,000,000 | 0 | |||||||||||||||||||||
discount and direct issuance cost of senior notes | -86,000 | |||||||||||||||||||||||
repayments of senior notes | ||||||||||||||||||||||||
increase in cash and cash equivalents | -367,339,000 | 380,719,000 | 4,960,000 | -22,315,000 | -128,988,000 | -43,826,000 | 74,514,000 | 108,171,000 | -232,148,000 | 95,040,000 | -105,487,000 | 35,165,000 | -94,636,000 | -159,122,000 | 57,482,000 | 170,086,000 | -219,822,000 | -97,267,000 | -544,486,000 | 368,826,000 | ||||
net borrowings under warehouse lines of credit | 420,524,000 | -11,878,109,000 | 6,425,471,000 | -2,117,657,000 | ||||||||||||||||||||
net (repayments) borrowings under warehouse lines of credit | ||||||||||||||||||||||||
net repayments under warehouse lines of credit | 1,779,826,000 | -164,810,000 | -665,892,000 | 1,472,956,000 | -2,184,157,000 | |||||||||||||||||||
retention of investment securities | -112,630,000 | |||||||||||||||||||||||
borrowings under equipment notes payable | 0 | 0 | 625,000 | 453,000 | ||||||||||||||||||||
discount and direct issuance costs on senior notes | -5,123,000 | 0 | ||||||||||||||||||||||
proceeds from business combination transaction | 0 | 0 | 0 | 895,134,000 | ||||||||||||||||||||
costs incurred related to business combination transaction | 0 | 0 | 0 | -11,260,000 | ||||||||||||||||||||
class a common stock repurchased | -60,632,000 | -15,279,000 | ||||||||||||||||||||||
cash received for taxes | 0 | 0 | -124,000 | |||||||||||||||||||||
borrowings under lines of credit | 500,000,000 | |||||||||||||||||||||||
repayments under lines of credit | -750,000,000 | |||||||||||||||||||||||
amortization and pay-offs of mortgage servicing rights | ||||||||||||||||||||||||
impairment of mortgage servicing rights | ||||||||||||||||||||||||
member contributions from sfs corp. | ||||||||||||||||||||||||
borrowings under operating lines of credit | 0 | 0 | 0 | 79,700,000 | ||||||||||||||||||||
repayments under operating lines of credit | 0 | 0 | ||||||||||||||||||||||
depreciation and amortization of premises & equipment, finance lease assets and debt issuance costs | 12,124,000 | 11,909,000 | ||||||||||||||||||||||
dividends paid | -9,254,000 | -9,171,000 | -10,087,000 | -10,237,000 | ||||||||||||||||||||
member distributions to sfs corp. | -150,207,000 | -300,444,000 | 5,000 | -150,212,000 | ||||||||||||||||||||
loss on sale of mortgage servicing rights | -2,461,000 | 5,443,000 | -10,000 | -4,763,000 | ||||||||||||||||||||
depreciation and amortization of premises and equipment | 6,131,000 | 4,976,000 | 5,079,000 | 4,447,000 | ||||||||||||||||||||
senior notes issuance cost amortization | 863,000 | 783,000 | 753,000 | 549,000 | ||||||||||||||||||||
amortization of finance lease right-of-use assets | 4,270,000 | 3,937,000 | 3,252,000 | 2,985,000 | ||||||||||||||||||||
proceeds from sale of mortgage servicing rights | 22,394,000 | 238,926,000 | 126,000 | 2,582,000 | ||||||||||||||||||||
proceeds from borrowings against investment securities | 86,226,000 | |||||||||||||||||||||||
impairment on mortgage servicing rights | ||||||||||||||||||||||||
change in fair value of investment securities | ||||||||||||||||||||||||
accounts receivable | 2,986,000 | 231,787,000 | -303,876,000 | |||||||||||||||||||||
accounts payable and accrued expenses | 196,663,000 | -179,930,000 | 275,290,000 | |||||||||||||||||||||
cash flow from investing activities | ||||||||||||||||||||||||
member distributions | -1,102,914,000 | |||||||||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||||||||
changes in state franchise tax accrual | 50,000 | |||||||||||||||||||||||
changes in prepaid assets | 66,972 | |||||||||||||||||||||||
changes in income taxes payable and deferred | ||||||||||||||||||||||||
changes in deferred offering costs | ||||||||||||||||||||||||
changes in accrued expenses | ||||||||||||||||||||||||
cash flows from investing activities: | ||||||||||||||||||||||||
cash deposited in trust account | 0 | |||||||||||||||||||||||
interest reinvested in trust account | ||||||||||||||||||||||||
cash flows from financing activities: | ||||||||||||||||||||||||
proceeds from sale of units in initial public offering | 0 | |||||||||||||||||||||||
proceeds from sale of private placement warrants to sponsor | 0 | |||||||||||||||||||||||
proceeds from notes payable – related party | 0 | |||||||||||||||||||||||
repayment of notes and advances payable – related party | ||||||||||||||||||||||||
proceeds from sale of class f common stock to sponsor | ||||||||||||||||||||||||
payment of underwriter's discounts and commissions | ||||||||||||||||||||||||
payment of offering costs | ||||||||||||||||||||||||
increase in cash | -171,799 | |||||||||||||||||||||||
cash at beginning of period | 0 | |||||||||||||||||||||||
cash at end of period | -171,799 | |||||||||||||||||||||||
supplemental disclosure of non-cash financing activities: | ||||||||||||||||||||||||
deferred underwriting compensation | 0 | |||||||||||||||||||||||
cash paid for income and state franchise taxes | 0 | |||||||||||||||||||||||
deferred offering costs included in accrued expenses | ||||||||||||||||||||||||
net loss | ||||||||||||||||||||||||
changes in accrued expenses, formation and offering costs | ||||||||||||||||||||||||
changes in income tax payable | ||||||||||||||||||||||||
interest and dividends reinvested in the trust account | ||||||||||||||||||||||||
repayment of notes payable – related party | ||||||||||||||||||||||||
payment of underwriters’ discounts and commissions | ||||||||||||||||||||||||
payment of accrued offering costs | ||||||||||||||||||||||||
deferred offering costs charged to paid-in capital | ||||||||||||||||||||||||
basic and diluted net income/(loss) per share: | ||||||||||||||||||||||||
numerator: | ||||||||||||||||||||||||
allocation of net income/ | 616,145 | |||||||||||||||||||||||
denominator: | ||||||||||||||||||||||||
weighted-average shares outstanding | 29,890,250 | |||||||||||||||||||||||
basic and diluted net income/(loss) per share | 0.02 | |||||||||||||||||||||||
basic and diluted net income per share: | ||||||||||||||||||||||||
allocation of net income | ||||||||||||||||||||||||
basic and diluted net income per share |