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UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 172.8 $ 184.8
Restricted cash ($31.4 and $29.1 related to variable interest entities (VIEs)) 98.4 80.8
Mortgage servicing rights (MSRs), at fair value 2,762.9 2,466.3
Advances, net ($346.0 and $481.8 related to VIEs) 435.1 577.2
Loans held for sale, at fair value ($678.6 and $575.4 related to VIEs) 1,915.6 1,290.2
Loans held for investment, at fair value 10,117.4 11,125.3
Receivables, net ($37.6 and $31.9 related to VIEs) 167.4 176.4
Premises and equipment, net 9.8 11.0
Other assets 119.4 111.3
Contingent loan repurchase asset 308.4 412.2
Total assets 16,107.4 16,435.4
Liabilities    
Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value 9,924.6 10,872.1
Other financing liabilities, at fair value ($307.1 and $322.7 due to related party) 822.0 846.9
Advance match funded liabilities ($320.1 and $416.5 related to VIEs) 320.6 417.1
Mortgage loan financing facilities, net ($613.9 and $481.9 related to VIEs) 2,062.3 1,528.2
MSR financing facilities, net 1,223.2 957.9
Senior notes, net 489.0 487.4
Other liabilities ($27.5 and $28.0 carried at fair value) 406.0 420.6
Contingent loan repurchase liability 308.4 412.2
Total liabilities 15,556.1 15,942.5
Commitments and Contingencies (Notes 21 and 22)
Temporary Equity, Par Value 49.9 49.9
Stockholders’ Equity    
Common stock, $0.01 par value; 13,333,333 shares authorized; 8,058,874 and 7,873,053 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 0.1 0.1
Additional paid-in capital 555.2 559.3
Accumulated deficit (55.3) (117.6)
Accumulated other comprehensive income, net of income taxes 1.4 1.2
Total stockholders’ equity 501.4 442.9
Total liabilities, mezzanine equity and stockholders’ equity $ 16,107.4 $ 16,435.4