Mortgage Banking Activities, Net (Tables)

6 Months Ended

Jun. 30, 2026

Mortgage Banking [Abstract]

Schedule of Mortgage Banking Activities, Net

The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of (loss) income for the three and six months ended June 30, 2026 and 2025.

Table 5.1 – Mortgage Banking Activities

	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2026		2025		2026		2025
Sequoia Mortgage Banking Activities, Net:
Changes in fair value of:
Residential consumer loans, at fair value (1)	$	48,709	$	14,019	$	69,237	$	44,392
Trading securities (2)	6,047		(38,645)		42,914		(67,972)
Risk management derivatives (3)	(45,753)		48,069		(81,664)		68,856
Other income, net (4)	3,941		870		4,508		956
Total Sequoia mortgage banking activities, net	12,944		24,313		34,995		46,232
Aspire Mortgage Banking Activities, Net:
Changes in fair value of:
Residential consumer loans, at fair value (1)	(7,561)		1,076		(9,803)		1,302
Trading securities (2)	972		—		1,300		—
Risk management derivatives (3)	15,238		(1,041)		19,466		(1,041)
Other income, net (4)	550		48		920		54
Total Aspire mortgage banking activities, net	9,199		83		11,883		315
CoreVest Mortgage Banking Activities, Net:
Changes in fair value of:
Residential investor term loans, at fair value (1)	2,627		4,560		961		11,490
Residential investor bridge loans, at fair value	836		3,574		1,200		4,606
Trading securities (2)	1,009		—		1,009		—
Risk management derivatives (3)	(18)		1,107		283		(1,838)
Other income, net (4) (5)	5,474		7,220		13,704		13,105
Total CoreVest mortgage banking activities, net	9,928		16,461		17,157		27,363
Mortgage Banking Activities, Net	$	32,071	$	40,857	$	64,035	$	73,910

(1)Includes changes in fair value for associated loan purchase commitments for residential consumer loans and associated interest rate lock commitments for residential investor term loans.

(2)Represents fair value changes on trading securities that are being used as hedges to manage the mark-to-market risks associated with our Sequoia mortgage banking platform.

(3)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking platforms and other derivative financial instruments such as loan purchase commitments and interest rate locks.

(4)Amounts in this line item include other fee income from loan acquisitions, and provisions for repurchases, presented net.

(5)Amounts in this line item include other fee income from loan originations.