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Strategic Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, All Other Investments [Abstract]  
Schedule of Components of Strategic Investments and Components of Income From Strategic Investments, Net
Servicing Investments at June 30, 2025 and December 31, 2024 are summarized in the following table.
Table 11.1 – Components of Servicing Investments
(In Thousands)June 30, 2025December 31, 2024
Servicer advance investments, at fair value$236,225 $233,820 
Excess MSRs, at fair value29,940 32,274 
MSRs, at fair value31,839 31,589 
Total Servicing Investments$298,004 $297,683 
Strategic Investments at June 30, 2025 and December 31, 2024 are summarized in the following table.
Table 12.1 – Components of Strategic Investments
(In Thousands)June 30, 2025December 31, 2024
Strategic investments, equity method$37,138 $48,767 
Strategic investments, measurement alternative26,594 25,896 
Strategic investments, at fair value3,460 3,460 
Other investments11,063 — 
Total Strategic Investments$78,255 $78,123 
Income from Strategic Investments for the three and six months ended June 30, 2025 and 2024 are summarized in the following tables.
Table 12.2 – Components of Income From Strategic Investments, net
Three Months Ended June 30,
(In Thousands)20252024
Other (loss) income, net (1)
$(210)$(1)
Investment fair value changes, net (2)
(132)(1,450)
Total Strategic Investments Income, Net$(342)$(1,451)
Six Months Ended June 30,
(In Thousands)20252024
Other income (loss), net (1)
$969 $(945)
Investment fair value changes, net (2)
(212)(800)
Total Strategic Investments Income, Net$757 $(1,745)
(1)Represents net equity method earnings from our Strategic investments that are accounted for under the equity method.
(2)Includes Investment fair value changes related to our Strategic investments that are accounted for under the measurement alternative for equity securities without readily determinable fair values. For the three and six months ended June 30, 2025, includes Investment fair value earnings of $0.1 million and $0.2 million, respectively, under the measurement alternative. For both the three and six months ended June 30, 2024, we recognized net equity method losses of $1 million and $0.8 million, respectively, under the measurement alternative.