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Home Equity Investments (HEI) (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Home Equity Investments | The following table presents our HEI at September 30, 2025 and December 31, 2024. Table 10.1 – Home Equity Investments
(In Thousands) |  | September 30, 2025 |  | December 31, 2024
Unsecuritized HEI |  | $ | 134,156 |  |  | $ | 257,315 |
HEI held at consolidated HEI securitization entities |  | 192,067 |  |  | 332,470 |
Total Home Equity Investments at fair value (1) |  | $ | 326,223 |  |  | $ | 589,785 |
(1)As of September 30, 2025, balance includes $315 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 nine months ended September 30, 2025 and 2024. Changes in the value of HEI during the nine months ended September 30, 2025 are driven by incremental fair value adjustments, reflecting the sales on HEI held in our Legacy Investments segment during the third quarter of 2025. Table 10.2 – Activity of HEI
|  | Three Months Ended September 30,
|  | 2025 |  | 2024
(In Thousands) |  | Unsecuritized HEI |  | Securitized HEI |  | Unsecuritized HEI |  | Securitized HEI
Fair value of HEI purchased and originated |  | $ | 2,926 |  |  | $ | — |  |  | $ | 460 |  |  | $ | — |
Fair value of HEI transferred |  | 148,963 |  |  | (148,963) |  |  | — |  |  | — |
Fair value of HEI sold to third party |  | 262,447 |  |  | — |  |  | — |  |  | — |
Net market valuation gains recorded |  | 198 |  |  | 2,960 |  |  | 5,812 |  |  | 19,408 |
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
(In Thousands) |  | Unsecuritized HEI |  | Securitized HEI |  | Unsecuritized HEI |  | Securitized HEI
Fair value of HEI purchased and originated |  | $ | 8,986 |  |  | $ | — |  |  | $ | 1,066 |  |  | $ | — |
Fair value of HEI transferred |  | 148,963 |  |  | (148,963) |  |  | — |  |  | — |
Fair value of HEI sold to third party |  | 262,447 |  |  | — |  |  | — |  |  | — |
Net market valuation (losses) gains recorded |  | (6,972) |  |  | 23,493 |  |  | 23,618 |  |  | 51,861 |
Schedule of Components of HEI Income, Net | The following table provides the components of HEI income, net for the three and nine months ended September 30, 2025 and 2024. Table 10.3 – Components of HEI Income, net
|  | Three Months Ended September 30,
(In Thousands) |  | 2025 |  | 2024
Net market valuation gains recorded on Unsecuritized HEI |  | $ | 198 |  |  | $ | 5,812 |
Net market valuation gains recorded on Securitized HEI |  | 2,960 |  |  | 19,407 |
Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1) |  | (2,596) |  |  | (5,964) |
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations |  | (231) |  |  | (8,604) |
Other |  | 123 |  |  | $ | 76 |
Total HEI (loss) income, net |  | $ | 454 |  |  | $ | 10,727 |
|  | Nine Months Ended September 30,
(In Thousands) |  | 2025 |  | 2024
Net market valuation (losses) gains recorded on Unsecuritized HEI |  | $ | (6,972) |  |  | $ | 23,618 |
Net market valuation gains recorded on Securitized HEI |  | 23,493 |  |  | 51,859 |
Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1) |  | (11,627) |  |  | (18,845) |
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations |  | (7,573) |  |  | (21,111) |
Other |  | 400 |  |  | 175 |
Total HEI (loss) income, net |  | $ | (2,279) |  |  | $ | 35,696 |
(1)Amount includes interest expense associated with ABS issued, which totaled $3 million and $9 million, for both the three and nine months ended September 30, 2025 and 2024, respectively.

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