
Financial information for our segments prepared under GAAP is as follows:
	Three Months Ended June 30, 2026
Results of Operations	Servicing		Originations		Corporate		Business Segments Consolidated
Servicing and subservicing fees	$	229.3	$	—	$	—	$	229.3
Gain on reverse loans and HMBS-related borrowings, net	2.2		1.6		—		3.8
Gain (loss) on loans held for sale, net	(3.6)		33.0		—		29.4
Other revenue, net	5.7		14.7		—		20.4
Revenue	233.6		49.3		—		282.9

MSR valuation adjustments, net	(83.1)		12.6		—		(70.5)

Operating expenses
Compensation and benefits	21.8		21.1		26.9		69.8
Servicing and origination	17.8		5.3		—		23.1
Technology and communications	8.2		3.1		6.6		17.9
Professional services	7.2		0.6		8.9		16.7
Occupancy, equipment and mailing	6.4		1.3		0.5		8.2
Corporate overhead allocations	14.6		5.1		(19.7)		—
Other expenses	0.2		1.2		1.9		3.3
Operating expenses	76.2		37.7		25.1		139.0

Other income (expense):
Interest income	24.9		29.6		1.0		55.5
Interest expense	(71.6)		(25.7)		(5.8)		(103.1)
Pledged MSR liability expense	(38.2)		—		—		(38.2)




Other, net	(2.2)		(0.7)		0.2		(2.7)
Other income (expense), net	(87.1)		3.2		(4.6)		(88.5)


Income (loss) before income taxes	$	(12.8)	$	27.4	$	(29.7)	$	(15.1)


	Three Months Ended June 30, 2025
Results of Operations	Servicing		Originations		Corporate		Business Segments Consolidated
Servicing and subservicing fees	$	211.3	$	—	$	—	$	211.3
Gain on reverse loans and HMBS-related borrowings, net	5.9		6.1		—		11.9
Gain (loss) on loans held for sale, net	(5.0)		15.4		—		10.4
Other revenue, net	5.0		8.0		—		13.0
Revenue	217.1		29.5		—		246.6

MSR valuation adjustments, net	(31.4)		4.2		—		(27.3)

Operating expenses
Compensation and benefits	22.9		13.8		24.2		60.9
Servicing and origination	10.5		2.6		(0.1)		13.0
Technology and communications	7.5		2.3		5.7		15.5
Professional services	1.1		0.5		6.8		8.4
Occupancy, equipment and mailing	6.9		0.8		0.4		8.1
Corporate overhead allocations	13.1		3.9		(17.0)		—
Other expenses	0.6		1.7		1.3		3.7
Operating expenses	62.6		25.6		21.3		109.5

Other income (expense):
Interest income	11.7		19.4		1.1		32.1
Interest expense	(51.1)		(18.3)		(6.3)		(75.6)
Pledged MSR liability expense	(43.0)		—		—		(43.0)





Other, net	(0.2)		(0.1)		(0.1)		(0.4)
Other income (expense), net	(82.7)		1.0		(5.3)		(87.0)

Income (loss) before income taxes	$	40.4	$	9.0	$	(26.6)	$	22.8


	Six Months Ended June 30, 2026
Results of Operations	Servicing		Originations		Corporate		Business Segments Consolidated
Servicing and subservicing fees	$	451.7	$	—	$	—	$	451.7
Gain on reverse loans and HMBS-related borrowings, net	16.5		6.0		—		22.5
Gain (loss) on loans held for sale, net	(6.3)		69.8		—		63.5
Other revenue, net	12.2		27.3		—		39.5
Revenue	474.1		103.1		—		577.2

MSR valuation adjustments, net	(163.6)		24.1		—		(139.5)

Operating expenses
Compensation and benefits	45.0		41.9		52.6		139.5
Servicing and origination	33.0		8.6		—		41.6
Technology and communications	16.4		5.9		13.1		35.4
Professional services	14.5		1.1		15.8		31.4
Occupancy, equipment and mailing	13.7		2.1		0.9		16.7
Corporate overhead allocations	29.3		10.3		(39.6)		—
Other expenses	0.4		2.8		3.4		6.6
Operating expenses	152.3		72.7		46.2		271.2

Other income (expense):
Interest income	42.9		51.4		2.2		96.5
Interest expense	(130.1)		(44.3)		(11.3)		(185.7)


Pledged MSR liability expense	(80.9)		—		0.1		(80.8)


Other, net	(2.8)		(1.1)		0.3		(3.6)
Other income (expense), net	(170.9)		6.0		(8.7)		(173.6)

Income (loss) before income taxes	$	(12.7)	$	60.5	$	(54.9)	$	(7.1)


	Six Months Ended June 30, 2025
Results of Operations	Servicing		Originations		Corporate		Business Segments Consolidated
Servicing and subservicing fees	$	414.6	$	—	$	—	$	414.6
Gain on reverse loans and HMBS-related borrowings, net	22.8		12.9		—		35.7
Gain (loss) on loans held for sale, net	(8.8)		31.0		—		22.2
Other revenue, net	9.7		14.2		—		23.9
Revenue	438.3		58.1		—		496.4

MSR valuation adjustments, net	(73.3)		7.2		—		(66.2)

Operating expenses
Compensation and benefits	46.0		26.2		46.1		118.4
Servicing and origination	22.2		3.7		0.1		26.0
Technology and communications	14.9		4.3		11.2		30.5
Professional services	7.4		1.0		22.7		31.0
Occupancy, equipment and mailing	14.1		1.5		0.7		16.3
Corporate overhead allocations	25.5		7.8		(33.4)		—
Other expenses	1.1		3.2		2.9		7.2
Operating expenses	131.2		47.9		50.4		229.4

Other income (expense):
Interest income	23.5		32.7		2.1		58.3
Interest expense	(98.9)		(31.0)		(12.7)		(142.7)
Pledged MSR liability expense	(85.0)		—		0.1		(84.9)



Other, net	0.3		(0.5)		0.7		0.4
Other income (expense), net	(160.2)		1.2		(9.8)		(168.8)

Income (loss) before income taxes	$	73.5	$	18.6	$	(60.2)	$	32.0