Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ 32,284 $ (79,055)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of premiums and discounts on investment securities, net 4,964 4,123
Amortization of deferred debt issuance costs on senior notes and convertible senior notes 218 362
Provision for credit losses on investment securities 15 94
Realized and unrealized losses on investment securities 10,971 32,635
Loss on servicing asset 42,527 36,221
Realized and unrealized (gains) losses on derivative instruments (26,938) 107,412
Gains on mortgage loans held-for-sale (2,172) (624)
Equity based compensation 4,422 6,523
Originations and purchases of mortgage loans held-for-sale (92,318) (28,870)
Proceeds from sales of mortgage loans held-for-sale 88,373 23,113
Proceeds from repayment of mortgage loans held-for-sale 5 1
Net change in assets and liabilities:    
Increase in accrued interest receivable (688) (5,946)
Decrease (increase) in deferred income taxes, net 4,067 (2,763)
Decrease in accrued interest payable (37,394) (10,640)
Change in other operating assets and liabilities, net 28,244 29,327
Net cash provided by operating activities 56,580 111,913
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (1,361,798) (2,625,086)
Proceeds from sales of available-for-sale securities 1,134,825 1,329,584
Principal payments on available-for-sale securities 173,922 180,663
Purchases of mortgage servicing rights, net of purchase price adjustments (985) (1,514)
Net proceeds (payments) on derivative instruments 50,865 (146,549)
Payments for reverse repurchase agreements (545,535) (1,434,785)
Proceeds from reverse repurchase agreements 531,800 1,562,942
(Decrease) increase in due to counterparties, net (21,238) (893,113)
Net cash (used in) provided by investing activities (38,144) (2,027,858)
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 7,629,246 12,970,058
Principal payments on repurchase agreements (7,639,499) (11,034,285)
Proceeds from revolving credit facilities 0 70,000
Principal payments on revolving credit facilities (2,500) (157,000)
Proceeds from warehouse facilities 57,503 28,995
Principal payments on warehouse facilities (54,215) (23,056)
Repayment of convertible senior notes (261,883) 0
Proceeds from issuance of common stock, net of offering costs 41 82
Dividends paid on preferred stock (13,042) (11,784)
Dividends paid on common stock (35,890) (46,981)
Net cash (used in) provided by financing activities (320,239) 1,796,029
Net (decrease) increase in cash, cash equivalents and restricted cash (301,803) (119,916)
Cash, cash equivalents and restricted cash at beginning of period 1,061,952 817,641
Cash, cash equivalents and restricted cash at end of period 760,149 697,725
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 131,162 125,556
Cash (received) paid for taxes, net (777) 3,701
Noncash Activities:    
Dividends declared but not paid at end of period 48,904 60,402
UWM Termination Fee paid by CCM $ 25,400 $ 0