Commitments (Tables)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity Related to HMBS Repurchases

The table below provides the breakdown of the portfolio UPB with respect to the percentage of the MCA at December 31, 2025.

Securitized HECM loans at less than 92% MCA	$	8,327.5
Securitized HECM loans at equal to or greater than 92% and less than 95% MCA	352.8
Securitized HECM loans at equal to or greater than 95% MCA and less than 98% MCA	448.7
Total Securitized HECM loans UPB	$	9,129.1

For 2025, 2024 and 2023, we repurchased HECM loans from Ginnie Mae securitizations in the amount of $473.9 million, $213.1 million and $274.6 million, respectively. Activity with regard to HMBS repurchases for 2025 is as follows:

	Active (2)		Inactive		Total
Beginning balance	$	68.5	$	159.5	$	228.0
Additions	257.4		216.5		473.9
Recoveries, net (1)	(259.4)		(94.8)		(354.2)
Transfers	10.3		(10.3)		—
Changes in value	0.3		(13.7)		(13.4)
Ending balance	$	77.1	$	257.2	$	334.3

(1)Includes amounts received upon assignment of loan to HUD, loan payoff, REO liquidation and claim proceeds less any amounts charged off as unrecoverable.

(2)Excludes $1.5 billion UPB in loans directly assigned to HUD from the underlying Ginnie Mae securities without a cash repurchase from us ($456.8 million and $115.6 million for the years ended December 31, 2024 and 2023, respectively).

Schedule of Future Minimum Rental Commitments under Non-cancelable Operating Leases

A maturity analysis of our lease liability as of December 31, 2025 is summarized as follows:

2026	$	3.3
2027	2.9
2028	1.3
2029	0.4
2030	0.1
Thereafter	—
Total lease payments	8.1
Less: Adjustment to present value (1)	(0.9)
Lease liability	$	7.2

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

(1)At December 31, 2025, the weighted average discount rate used to estimate the present value was 9.3% based on our incremental borrowing rate.