In 2025, we began reporting our third-party originated HEI portfolio within the Legacy Investments segment, consistent with how the CODM evaluates financial performance and allocates resources across our reportable segments. We historically invested in HEI contracts acquired from third party originators, however, we ceased allocating capital to new investments in third-party originated HEI contracts. Between 2023 and early in the second quarter of 2026, we originated HEI directly through our own Aspire HEI platform. During the second quarter of 2026, we discontinued origination of new HEI contracts through Aspire HEI. As a result, we are no longer originating or acquiring new HEI contracts as of June 30, 2026. Each HEI provides the owner of such HEI the right to purchase a percentage ownership interest in an associated residential property, and the homeowner's obligations under the HEI are secured by a lien (primarily second liens) on the property created by recording a security instrument (e.g., deed of trust) with respect to the property. Our investments in HEI expose us to both home price appreciation and depreciation of the associated property.

At June 30, 2026, our Legacy Investments segment included a co-sponsored HEI securitization which is consolidated in accordance with GAAP, and for which we have elected to account under the CFE election. As such, market valuation changes for the securitized HEI are based on the fair value of the associated ABS issued by the entity, including the interest we own, and are reported in HEI income, net on our Consolidated statements of (loss) income.

(1)At June 30, 2026 and December 31, 2025, balance includes $321 million and $314 million, respectively, of third-party originated HEI included in our Legacy Investments segment, including amounts held through our consolidated HEI securitization entity.

Table 10.2 – Activity of HEI


	Three Months Ended June 30,
	2026				2025
(In Thousands)	Unsecuritized HEI		Securitized HEI		Unsecuritized HEI		Securitized HEI
Fair value of HEI purchased and originated	$	391	$	—	$	4,226	$	—


Net market valuation gains (losses) recorded	3,325		470		(14,306)		8,621


	Six Months Ended June 30,
	2026				2025
(In Thousands)	Unsecuritized HEI		Securitized HEI		Unsecuritized HEI		Securitized HEI
Fair value of HEI purchased and originated	$	3,003	$	—	$	6,060	$	—


Net market valuation gains (losses) recorded	8,434		7,857		(7,170)		20,533

Table 10.3 – Components of HEI Income, net


	Three Months Ended June 30,
(In Thousands)	2026		2025
Net market valuation gains (losses) recorded on Unsecuritized HEI	$	3,325	$	(14,306)
Net market valuation gains recorded on Securitized HEI	470		8,621
Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1)	(1,971)		(5,262)
Net market valuation gains (losses) recorded on non-controlling interests in HEI securitizations	952		(2,133)
Other	22		$	181
Total HEI income (loss), net	$	2,798	$	(12,899)


	Six Months Ended June 30,
(In Thousands)	2026		2025
Net market valuation gains (losses) recorded on Unsecuritized HEI	$	8,434	$	(7,170)
Net market valuation gains recorded on Securitized HEI	7,857		20,533
Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1)	(4,178)		(9,031)
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations	(2,334)		(7,342)
Other	128		277
Total HEI income (loss), net	$	9,907	$	(2,733)

(1)Amount includes interest expense associated with ABS issued, which totaled $2 million and $4 million, for both the three and six months ended June 30, 2026, respectively. Amount includes interest expense associated with ABS issued, which totaled $3 million and $6 million, for both the three and six months ended June 30, 2025, respectively.