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Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Financial information for our segments prepared under GAAP is as follows:
			Three Months Ended June 30, 2025
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	211.3					$	—					$	—											$	211.3
Gain on reverse loans held for investment and HMBS-related borrowings, net			5.9						6.1						—												11.9
Gain (loss) on loans held for sale, net			(5.0)						15.4						—												10.4
Other revenue, net			5.0						8.0						—												13.0
Revenue			217.1						29.5						—												246.6
MSR valuation adjustments, net			(31.4)						4.2						—												(27.3)
Operating expenses
Compensation and benefits			22.9						13.8						24.2												60.9
Servicing and origination			10.5						2.6						(0.1)												13.0
Technology and communications			7.5						2.3						5.7												15.5
Professional services			1.1						0.5						6.8												8.4
Occupancy, equipment and mailing			6.9						0.8						0.4												8.1
Corporate overhead allocations			13.1						3.9						(17.0)												—
Other expenses			0.6						1.7						1.3												3.7
Operating expenses			62.6						25.6						21.3												109.5
Other income (expense):
Interest income			11.7						19.4						1.1												32.1
Interest expense			(51.1)						(18.3)						(6.3)												(75.6)
Pledged MSR liability expense			(43.0)						—						—												(43.0)
Other, net			(0.2)						(0.1)						(0.1)												(0.4)
Other income (expense), net			(82.7)						1.0						(5.3)												(87.0)
Income (loss) before income taxes			$	40.4					$	9.0					$	(26.6)											$	22.8

			Three Months Ended June 30, 2024
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	210.1					$	0.7					$	—											210.8
Gain on reverse loans held for investment and HMBS-related borrowings, net			2.8						5.7						—												8.5
Gain (loss) on loans held for sale, net			(0.2)						16.7						—												16.5
Other revenue, net			4.4						6.2						—												10.6
Revenue			217.2						29.2						—												246.4
MSR valuation adjustments, net			(35.8)						3.1						—												(32.7)
Operating expenses
Compensation and benefits			24.5						11.3						19.2												55.0
Servicing and origination			11.2						2.3						0.5												13.9
Technology and communications			6.2						1.7						5.0												13.0
Professional services			2.8						0.5						7.4												10.7
Occupancy, equipment and mailing			6.6						0.5						0.4												7.5
Corporate overhead allocations			10.8						4.3						(15.0)												—
Other expenses			0.9						1.4						1.5												3.9
Operating expenses			63.1						22.0						18.9												104.0
Other income (expense):
Interest income			7.2						14.2						1.1												22.5
Interest expense			(47.0)						(14.9)						(11.2)												(73.1)
Pledged MSR liability expense			(46.1)						—						—												(46.1)
Gain on extinguishment of debt			—						—						—												—
Earnings of equity method investee			3.1						—						—												3.1
Other, net			(2.9)						(0.2)						0.4												(2.7)
Other income (expense), net			(85.7)						(0.9)						(9.6)												(96.2)
Income (loss) before income taxes			$	32.6					$	9.4					$	(28.5)											$	13.5

			Six Months Ended June 30, 2025
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	414.6					$	—					$	—											$	414.6
Gain on reverse loans held for investment and HMBS-related borrowings, net			22.8						12.9						—												35.7
Gain (loss) on loans held for sale, net			(8.8)						31.0						—												22.2
Other revenue, net			9.7						14.2						—												23.9
Revenue			438.3						58.1						—												496.4
MSR valuation adjustments, net			(73.3)						7.2						—												(66.2)
Operating expenses
Compensation and benefits			46.0						26.2						46.1												118.4
Servicing and origination			22.2						3.7						0.1												26.0
Technology and communications			14.9						4.3						11.2												30.5
Professional services			7.4						1.0						22.7												31.0
Occupancy, equipment and mailing			14.1						1.5						0.7												16.3
Corporate overhead allocations			25.5						7.8						(33.4)												—
Other expenses			1.1						3.2						2.9												7.2
Operating expenses			131.2						47.9						50.4												229.4
Other income (expense):
Interest income			23.5						32.7						2.1												58.3
Interest expense			(98.9)						(31.0)						(12.7)												(142.7)
Pledged MSR liability expense			(85.0)						—						0.1												(84.9)
Other, net			0.3						(0.5)						0.7												0.4
Other income (expense), net			(160.2)						1.2						(9.8)												(168.8)
Income (loss) before income taxes			$	73.5					$	18.6					$	(60.2)											$	32.0

			Six Months Ended June 30, 2024
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	414.3					$	1.0					$	—											$	415.3
Gain on reverse loans held for investment and HMBS-related borrowings, net			11.4						12.5						—												23.9
Gain on loans held for sale, net			1.7						25.7						—												27.4
Other revenue, net			8.8						10.0						—												18.8
Revenue			436.2						49.3						—												485.5
MSR valuation adjustments, net			(48.3)						4.0						—												(44.3)
Operating expenses
Compensation and benefits			49.8						21.5						37.3												108.6
Servicing and origination			24.4						3.7						0.8												29.0
Technology and communications			12.3						3.4						9.9												25.7
Professional services			9.9						0.8						12.0												22.8
Occupancy, equipment and mailing			13.5						1.0						0.8												15.2
Corporate overhead allocations			21.7						8.2						(29.9)												—
Other expenses			2.0						2.4						2.8												7.2
Operating expenses			133.6						41.0						33.7												208.4
Other income (expense):
Interest income			13.9						23.8						2.3												40.0
Interest expense			(92.8)						(25.3)						(22.4)												(140.5)
Pledged MSR liability expense			(91.1)						—						0.1												(91.0)
Gain on extinguishment of debt			—						—						1.4												1.4
Earnings of equity method investee			5.8						—						—												5.8
Other, net			(3.4)						(0.3)						0.4												(3.4)
Other income (expense), net			(167.6)						(1.7)						(18.2)												(187.5)
Income (loss) before income taxes			$	86.7					$	10.5					$	(51.9)											$	45.3

Total Assets			Servicing						Originations						Corporate												Business Segments Consolidated
June 30, 2025			$	14,685.7					$	1,615.1					$	230.5											$	16,531.3
December 31, 2024			15,242.5						945.0						247.9												16,435.4

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

+ Details

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