| Schedule of Home Equity Investments |
The following table presents our HEI at June 30, 2026 and December 31, 2025. Table 10.1 – Home Equity Investments | | | | | | | | | | | | | | | | (In Thousands) | | June 30, 2026 | | December 31, 2025 | | Unsecuritized HEI | | $ | 145,474 | | | $ | 138,762 | | | HEI held at consolidated HEI securitization entity | | 194,261 | | | 191,121 | | Total Home Equity Investments at fair value (1) | | $ | 339,735 | | | $ | 329,883 | |
(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.
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| Schedule of Activity of Home Equity Investments |
The following table details our HEI activity during the three and six months ended June 30, 2026 and 2025. Changes in the value of HEI during the six months ended June 30, 2026 are driven by incremental fair value adjustments. 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 | |
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| Schedule of Components of HEI Income, Net |
The following table provides the components of HEI income, net for the three and six months ended June 30, 2026 and 2025. 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.
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