Home Equity Investments (HEI) (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Home Equity Investments

The following table presents our HEI at March 31, 2026 and December 31, 2025.

Table 10.1 – Home Equity Investments

(In Thousands)	March 31, 2026		December 31, 2025
Unsecuritized HEI	$	145,069	$	138,762
HEI held at consolidated HEI securitization entity	196,032		191,121
Total Home Equity Investments at fair value (1)	$	341,101	$	329,883

(1)At March 31, 2026 and December 31, 2025, balance includes $322 million and $314 million, respectively, of third-party originated HEI included in our Legacy Investments segment, including amounts held through our consolidated HEI securitization entity.

Schedule of Activity of Home Equity Investments

The following table details our HEI activity during the three months ended March 31, 2026 and 2025. Changes in the value of HEI during the three months ended March 31, 2026 are driven by incremental fair value adjustments.

Table 10.2 – Activity of HEI

	Three Months Ended March 31,
	2026				2025
(In Thousands)	Unsecuritized HEI		Securitized HEI		Unsecuritized HEI		Securitized HEI
Fair value of HEI purchased and originated	$	2,612	$	—	$	1,834	$	—
Net market valuation gains recorded	5,109		7,386		7,136		11,912

Schedule of Components of HEI Income, Net

The following table provides the components of HEI income, net for the three months ended March 31, 2026 and 2025.

Table 10.3 – Components of HEI Income, net

	Three Months Ended March 31,
(In Thousands)	2026		2025
Net market valuation gains recorded on Unsecuritized HEI	$	5,109	$	7,136
Net market valuation gains recorded on Securitized HEI	7,386		11,912
Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1)	(2,207)		(3,769)
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations	(3,286)		(5,208)
Other	107		$	95
Total HEI income, net	$	7,109	$	10,166

(1)Amount includes interest expense associated with ABS issued, which totaled $2 million and $3 million, for both the three months ended March 31, 2026 and 2025, respectively.