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Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities

The carrying amounts and the estimated fair values of our financial instruments and certain of our nonfinancial assets measured at fair value on a recurring or non-recurring basis or disclosed, but not measured, at fair value are as follows:

									September 30, 2025												December 31, 2024
			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
Financial assets
Loans held for sale, at fair value (a) (d)			3, 2						$	1,915.6					$	1,915.6					$	1,290.2					$	1,290.2
Loans held for investment, at fair value (a)			3						$	10,117.4					$	10,117.4					$	11,125.3					$	11,125.3
Advances, net (b)			3						$	435.1					$	435.1					$	577.2					$	577.2
Receivables, net (b)			3						$	167.4					$	167.4					$	176.4					$	176.4
Financial liabilities
Advance match funded liabilities (b)			3						$	320.6					$	320.6					$	417.1					$	417.1
HMBS-related borrowings, at fair value (a)			3						$	9,924.6					$	9,924.6					$	10,872.1					$	10,872.1
Other financing liabilities, at fair value (a)			3						$	822.0					$	822.0					$	846.9					$	846.9
Mortgage loan financing facilities (b) (c)			3						$	2,062.3					$	2,067.4					$	1,528.2					$	1,535.3
MSR financing facilities (b) (c)			3						$	1,223.2					$	1,215.5					$	957.9					$	947.6
Senior notes (b) (c)			2						$	489.0					$	502.5					$	487.4					$	495.0

									September 30, 2025												December 31, 2024
			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
Derivative financial instrument assets (liabilities), net
Interest rate lock commitments (IRLCs) (a)			3						$	12.6					$	12.6					$	(0.5)					$	(0.5)
Other derivatives (a)			1						(21.1)						(21.1)						(11.7)						(11.7)
MSRs (a)			3						$	2,762.9					$	2,762.9					$	2,466.3					$	2,466.3

(a)Measured at fair value on a recurring basis in our financial statements.

(b)Disclosed, but not measured at fair value in our financial statements. 

(c)The carrying values are net of unamortized debt issuance costs and discount. See Note 12 – Borrowings for additional information.

(d)The newly originated portfolio of loans held for sale pending securitization with the Agencies or sale is classified as Level 2; all other loans are classified as Level 3.

Schedule of Reconciliation of Changes in Fair Value of Level 3 Assets and Liabilities

The following tables present a reconciliation of the changes in fair value of certain Level 3 assets and liabilities that we measure at fair value on a recurring basis (refer to the respective notes for other Level 3 assets and liabilities):

						Three Months Ended September 30,
						2025												2024
						Loans Held for Sale - Fair Value						IRLCs						Loans Held for Sale - Fair Value						IRLCs
Beginning balance						$	544.2					$	18.1					$	296.7					$	4.1
Purchases, issuances, sales and settlements
Purchases and other						266.7						—						211.7						—
Issuances (1)						—						68.1						—						33.5
Sales						(108.8)						—						(43.8)						—
Settlements						(54.2)						—						(20.7)						—
Transfers from (to):
Loans held for sale, at fair value (1)						—						(38.7)						—						(27.4)
Loans held for investment, at fair value						6.1						—						1.0						—
Receivables, net						(15.8)						—						(9.2)						—
REO (Other assets)						(15.9)						—						(8.2)						—
Advances (incl. capitalization upon Ginnie Mae modification)						5.6						—						2.1						—
Other						(4.9)						—						0.8						—
Net additions (disposition/derecognition)						78.7						29.4						133.8						6.2
Included in earnings:
Change in fair value (1)						13.7						(34.9)						16.0						(5.1)
Ending balance						$	636.7					$	12.6					$	446.5					$	5.2

						Nine Months Ended September 30,
						2025												2024
						Loans Held for Sale - Fair Value												IRLCs						Loans Held for Sale - Fair Value						IRLCs
Beginning balance						$	472.9											$	(0.5)					$	203.1					$	5.6
Purchases, issuances, sales and settlements
Purchases and other						560.5												—						437.3						—
Issuances (1)						—												146.1						—						54.7
Sales						(244.0)												—						(120.5)						—
Settlements						(120.0)												—						(68.0)						—
Transfers from (to):
Loans held for sale, at fair value (1)						—												(135.4)						—						(24.6)
Loans held for investment, at fair value						11.8												—						2.9						—
Receivables, net						(36.5)												—						(27.4)						—
REO (Other assets)						(41.3)												—						(15.5)						—
Advances (incl. capitalization upon Ginnie Mae modification)						15.6												—						7.0						—
Other						(4.9)												—						0.8						—
Net additions (disposition/derecognition)						141.2												10.7						216.6						30.1
Included in earnings:
Change in fair value (1)						22.6												2.4						26.9						(30.6)
Ending balance						$	636.7											$	12.6					$	446.5					$	5.2

(1)IRLC activity (issuances and transfers) represent changes in fair value included in earnings. This activity is presented on a gross basis in the table for disclosure purposes. See Note 15 – Derivative Financial Instruments and Hedging Activities.

Schedule of Significant Assumptions used in Valuation

Significant unobservable assumptions			September 30, 2025						December 31, 2024
Life in years
Range			0.6 to 7.8						0.4 to 7.6
Weighted average			4.7						4.2
Conditional prepayment rate (CPR), including voluntary and involuntary prepayments (a)
Range			13.1% to 36.2%						13.1% to 31.6%
Weighted average			19.2		%				21.3		%
Discount rate			4.8		%				5.4		%

Significant unobservable assumptions			September 30, 2025												December 31, 2024
			Agency						Non-Agency						Agency						Non-Agency
Weighted average prepayment speed			7.0		%				7.7%						6.4		%				7.8		%
Weighted average delinquency rate			1.2		%				10.8%						1.2		%				10.4		%
Weighted average discount rate			9.4		%				10.9%						10.0		%				10.9		%
Weighted average cost to service (in dollars)			$	71					$	195					$	71					$	193

Significant unobservable assumptions			September 30, 2025						December 31, 2024
Life in years
Range			0.6 to 7.8						0.4 to 7.6
Weighted average			4.7						4.2
Conditional prepayment rate
Range			13.1% to 36.2%						13.1% to 31.6%
Weighted average			19.2		%				21.3		%
Discount rate			4.7		%				5.3		%

Significant unobservable assumptions			September 30, 2025						December 31, 2024
Weighted average prepayment speed			5.5		%				5.4		%
Weighted average delinquency rate			3.0		%				3.0		%
Weighted average subservicing life (in years)			4.8						4.7
Weighted average discount rate			9.7		%				10.3		%
Weighted average cost to service (in dollars)			$	131					$	133

Summary of Estimated Change in the Value of MSRs Carried at Fair Value

The following table summarizes the estimated change in the value of the MSRs as of September 30, 2025 given hypothetical increases in lifetime prepayments and yield assumptions:

Adverse change in fair value			10%						20%
Change in weighted average prepayment speeds (in percentage points)			0.8						1.6
Change in fair value due to change in weighted average prepayment speeds			$	(77.5)					$	(151.5)
Change in weighted average discount rate (in percentage points)			0.9						1.9
Change in fair value due to change in weighted average discount rate			$	(94.6)					$	(181.9)

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