XML 53 R41.htm IDEA: XBRL DOCUMENT v3.25.2
Home Equity Investments (HEI) (Tables)
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Home Equity Investments
The following table presents our HEI at June 30, 2025 and December 31, 2024.
Table 10.1 – Home Equity Investments
(In Thousands)June 30, 2025December 31, 2024
Unsecuritized HEI$246,355 $257,315 
HEI held at consolidated HEI securitization entities341,281 332,470 
Total Home Equity Investments at fair value (1)
$587,636 $589,785 
(1)As of June 30, 2025, balance includes $579 million of third-party originated HEI included in our Legacy Investments segment.
Schedule of Activity of Home Equity Investments
The following table details our HEI activity during the three and six months ended June 30, 2025 and 2024. Changes in the value of HEI during the three months ended June 30, 2025 are driven by incremental negative fair value adjustments, reflecting anticipated near-term resolutions on HEI held in our Legacy Investments segment.
Table 10.2 – Activity of HEI
Three Months Ended June 30,
20252024
(In Thousands)Unsecuritized HEISecuritized HEIUnsecuritized HEISecuritized HEI
Fair value of HEI purchased and originated$4,226 $— $299 $— 
Net market valuation (losses) gains recorded (14,306)8,621 11,663 17,029 
Six Months Ended June 30,
20252024
(In Thousands)Unsecuritized HEISecuritized HEIUnsecuritized HEISecuritized HEI
Fair value of HEI purchased and originated$6,060 $— $606 $— 
Net market valuation (losses) gains recorded (7,170)20,533 17,806 32,453 
Schedule of Components of HEI Income, Net
The following table provides the components of HEI income, net for the three and six months ended June 30, 2025 and 2024.
Table 10.3 – Components of HEI Income, net
Three Months Ended June 30,
(In Thousands)20252024
Net market valuation (losses) gains recorded on Unsecuritized HEI$(14,306)$11,663 
Net market valuation gains recorded on Securitized HEI8,621 17,029 
Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1)
(5,262)(5,472)
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations(2,133)(7,381)
Other (2)
181 $44 
Total HEI (loss) income, net$(12,899)$15,883 
Six Months Ended June 30,
(In Thousands)20252024
Net market valuation (losses) gains recorded on Unsecuritized HEI$(7,170)$17,806 
Net market valuation gains recorded on Securitized HEI20,533 32,453 
Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1)
(9,031)(12,881)
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations(7,342)(12,508)
Other (2)
277 99 
Total HEI (loss) income, net $(2,733)$24,969 
(1)Amount includes interest expense associated with ABS issued, which totaled $3 million and $6 million, for both the three and six months ended June 30, 2025 and 2024, respectively.
(2)Amount includes HEI income, net from direct HEI originations of $0.1 million and zero, for the three months ended June 30, 2025 and 2024, respectively, and $0.2 million and zero, for the six months ended June 30, 2025 and 2024, respectively.