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Business Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Financial information for our segments prepared under GAAP is as follows:
			Three Months Ended September 30, 2025
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	217.5					$	—					$	—											$	217.5
Gain on reverse loans held for investment and HMBS-related borrowings, net			6.6						6.4						—												13.0
Gain (loss) on loans held for sale, net			3.4						30.7						—												34.1
Other revenue, net			5.6						10.1						—												15.7
Revenue			233.2						47.1						—												280.3
MSR valuation adjustments, net			(48.6)						3.6						—												(45.0)
Operating expenses
Compensation and benefits			23.4						15.1						24.7												63.3
Servicing and origination			12.1						3.6						(0.1)												15.6
Technology and communications			7.5						2.5						5.9												15.9
Professional services			9.2						0.4						8.7												18.3
Occupancy, equipment and mailing			7.8						0.9						0.4												9.1
Corporate overhead allocations			14.2						4.2						(18.4)												—
Other expenses			0.5						1.5						1.6												3.6
Operating expenses			74.7						28.2						22.8												125.8
Other income (expense):
Interest income			13.3						23.3						1.0												37.6
Interest expense			(56.8)						(20.8)						(5.4)												(82.9)
Pledged MSR liability expense			(41.7)						—						—												(41.7)
Other, net			0.5						(0.1)						0.1												0.5
Other income (expense), net			(84.6)						2.4						(4.3)												(86.5)
Income (loss) before income taxes			$	25.2					$	24.9					$	(27.1)											$	23.1

			Three Months Ended September 30, 2024
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	210.2					$	1.0					$	—											211.1
Gain on reverse loans held for investment and HMBS-related borrowings, net			11.9						6.2						—												18.0
Gain on loans held for sale, net			9.4						16.4						—												25.8
Other revenue, net			4.7						6.1						—												10.8
Revenue			236.1						29.6						—												265.7
MSR valuation adjustments, net			(35.6)						4.1						—												(31.5)
Operating expenses
Compensation and benefits			26.0						11.8						21.7												59.5
Servicing and origination			8.9						1.8						0.4												11.1
Technology and communications			6.0						1.9						5.3												13.2
Professional services			9.6						0.6						7.2												17.3
Occupancy, equipment and mailing			6.7						0.7						0.5												7.9
Corporate overhead allocations			11.5						4.2						(15.7)												—
Other expenses			0.9						1.3						1.2												3.4
Operating expenses			69.6						22.2						20.6												112.4
Other income (expense):
Interest income			8.4						14.8						1.3												24.5
Interest expense			(46.6)						(16.2)						(11.4)												(74.2)
Pledged MSR liability expense			(42.3)						—						—												(42.3)
Gain on extinguishment of debt			—						—						0.3												0.3
Earnings of equity method investee			0.8						—						—												0.8
Other, net			(3.4)						—						0.2												(3.3)
Other income (expense), net			(83.2)						(1.4)						(9.6)												(94.1)
Income (loss) before income taxes			$	47.7					$	10.2					$	(30.2)											$	27.6

			Nine Months Ended September 30, 2025
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	632.0					$	—					$	—											$	632.1
Gain on reverse loans held for investment and HMBS-related borrowings, net			29.4						19.3						—												48.7
Gain (loss) on loans held for sale, net			(5.4)						61.7						—												56.3
Other revenue, net			15.4						24.3						—												39.6
Revenue			671.4						105.2						—												776.7
MSR valuation adjustments, net			(121.9)						10.8						—												(111.1)
Operating expenses
Compensation and benefits			69.5						41.4						70.8												181.7
Servicing and origination			34.3						7.3						—												41.6
Technology and communications			22.4						6.8						17.1												46.4
Professional services			16.5						1.4						31.4												49.3
Occupancy, equipment and mailing			21.9						2.4						1.2												25.4
Corporate overhead allocations			39.8						12.0						(51.8)												—
Other expenses			1.6						4.7						4.5												10.8
Operating expenses			206.0						76.0						73.2												355.2
Other income (expense):
Interest income			36.8						56.1						3.1												96.0
Interest expense			(155.7)						(51.8)						(18.1)												(225.6)
Pledged MSR liability expense			(126.7)						—						0.1												(126.6)
Other, net			0.8						(0.7)						0.8												0.9
Other income (expense), net			(244.8)						3.6						(14.1)												(255.3)
Income (loss) before income taxes			$	98.7					$	43.5					$	(87.3)											$	55.0

			Nine Months Ended September 30, 2024
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	624.5					$	2.0					$	—											$	626.5
Gain on reverse loans held for investment and HMBS-related borrowings, net			23.2						18.7						—												41.9
Gain on loans held for sale, net			11.0						42.2						—												53.2
Other revenue, net			13.5						16.1						—												29.6
Revenue			672.3						78.9						—												751.2
MSR valuation adjustments, net			(83.9)						8.1						—												(75.8)
Operating expenses
Compensation and benefits			75.8						33.3						59.1												168.1
Servicing and origination			33.3						5.5						1.2												40.0
Technology and communications			18.4						5.3						15.3												38.9
Professional services			19.5						1.4						19.1												40.1
Occupancy, equipment and mailing			20.2						1.7						1.3												23.1
Corporate overhead allocations			33.2						12.4						(45.6)												—
Other expenses			2.9						3.7						4.0												10.6
Operating expenses			203.3						63.2						54.3												320.8
Other income (expense):
Interest income			22.3						38.6						3.6												64.5
Interest expense			(139.4)						(41.4)						(33.8)												(214.6)
Pledged MSR liability expense			(133.4)						—						0.1												(133.3)
Gain on extinguishment of debt			—						—						1.8												1.8
Earnings of equity method investee			6.7						—						—												6.7
Other, net			(6.9)						(0.3)						0.5												(6.7)
Other income (expense), net			(250.8)						(3.1)						(27.8)												(281.7)
Income (loss) before income taxes			$	134.3					$	20.7					$	(82.1)											$	72.9

Total Assets			Servicing						Originations						Corporate												Business Segments Consolidated
September 30, 2025			$	14,506.3					$	1,384.7					$	216.4											$	16,107.4
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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