Quarterly report [Sections 13 or 15(d)]

Cash, Cash Equivalents and Restricted Cash

v3.25.2
Cash, Cash Equivalents and Restricted Cash
6 Months Ended
Jun. 30, 2025
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]  
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.
The Company is required to maintain certain cash balances with counterparties for securities and derivatives trading activity, servicing activities and collateral for the Company’s borrowings in restricted accounts. The Company has also placed cash in a restricted account pursuant to a letter of credit on an office space lease.
The following table presents the Company’s restricted cash balances as of June 30, 2025 and December 31, 2024:
(in thousands) June 30,
2025
December 31,
2024
Restricted cash balances held by trading counterparties:
For securities trading activity $ 600  $ 950 
For derivatives trading activity 37,080  43,398 
For servicing activities 58,165  49,900 
As restricted collateral for borrowings
44,569  218,715 
Total restricted cash balances held by trading counterparties 140,414  312,963 
Restricted cash balance pursuant to letter of credit on office lease 67  65 
Total $ 140,481  $ 313,028 

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets as of June 30, 2025 and December 31, 2024 that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
(in thousands) June 30,
2025
December 31,
2024
Cash and cash equivalents $ 657,816  $ 504,613 
Restricted cash 140,481  313,028 
Total cash, cash equivalents and restricted cash $ 798,297  $ 817,641