Servicing Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, All Other Investments [Abstract]

Schedule of Components of Servicing Investments and Components of Income From Servicing Investments, Net

Servicing Investments at March 31, 2025 and December 31, 2024 are summarized in the following table.

Table 11.1 – Components of Servicing Investments


(In Thousands)	March 31, 2025		December 31, 2024
Servicer advance investments, at fair value	$	234,423	$	233,820


Excess MSRs, at fair value	31,084		32,274
MSRs, at fair value	32,783		31,589

Total Servicing Investments	$	298,290	$	297,683

Strategic Investments at March 31, 2025 and December 31, 2024 are summarized in the following table.

Table 12.1 – Components of Strategic Investments


(In Thousands)	March 31, 2025		December 31, 2024

Strategic investments, equity method	$	54,963	$	48,767
Strategic investments, measurement alternative	26,446		25,896
Strategic investments, at fair value	3,460		3,460



Total Strategic Investments	$	84,869	$	78,123

Income from Strategic Investments for the three months ended March 31, 2025 and 2024 are summarized in the following table.

Table 12.2 – Components of Income From Strategic Investments, net


	Three Months Ended		Three Months Ended
(In Thousands)	March 31, 2025		March 31, 2024




Other income (loss), net (1)	$	1,179	$	(944)
Investment fair value changes, net (2)	(80)		650





Total Strategic Investments Income, Net	$	1,099	$	(294)

(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 months ended March 31, 2025, includes Investment fair value gains of $0.5 million and investment fair value losses of $0.4 million under the measurement alternative.