The Company invests in various types of loans, such as residential mortgage, commercial mortgage, consumer, corporate, and reverse mortgage loans. As discussed in Note 2, the Company has elected the FVO for its investments in loans. The following table is a summary of the Company's investments in loans as of March 31, 2026 and December 31, 2025:


(In thousands)	March 31, 2026				December 31, 2025
Loan Type	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Residential mortgage loans	$	3,863,111	$	3,748,165	$	3,739,813	$	3,643,094
Commercial mortgage loans	623,924		623,196		648,592		640,712
Consumer loans	154		135		190		159
Corporate loans	32,138		31,479		25,767		25,366
Reverse mortgage loans	12,128,018		12,990,186		11,586,369		12,331,316
Total	$	16,647,345	$	17,393,161	$	16,000,731	$	16,640,647

The Company is subject to credit risk in connection with its investments in loans. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and severity risk, which is the risk of loss upon a borrower default on a mortgage loan or other secured or unsecured loan. Severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs. Credit risk in the loan portfolio can be amplified by exogenous shocks impacting borrowers, such as man-made or natural disasters.

The following table provides details, by loan type, for residential and commercial mortgage and consumer loans that are 90 days or more past due as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
(In thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
90 days or more past due—non-accrual status
Residential mortgage loans	$	244,701	$	222,339	$	276,604	$	256,244
Commercial mortgage loans	35,889		35,168		64,770		64,050
Consumer loans	9		4		15		7

March 31, 2026:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield		Life (Years)(1)
Residential mortgage loans, held-for-investment(2)	$	3,863,111	$	50,973	$	3,914,084	$	9,988	$	(175,907)	$	3,748,165	7.11	%	6.72	%	5.23

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

(2)Includes $1.594 billion of non-QM loans and residential transition loans (or "RTL") that have been securitized and are held in consolidated securitization trusts. Such loans had $(142.0) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield		Life (Years)(1)
Residential mortgage loans, held-for-investment(2)	$	3,739,813	$	47,839	$	3,787,652	$	16,476	$	(161,034)	$	3,643,094	7.18	%	5.68	%	4.50

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

(2)Includes $1.547 billion of non-QM loans and RTL that have been securitized and are held in consolidated securitization trusts. Such loans had $(136.1) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as a percentage of total outstanding unpaid principal balance as of March 31, 2026 and December 31, 2025:


Property Location	March 31, 2026		December 31, 2025
North America:
United States:
California	26.4	%	25.5	%
Florida	16.3	%	17.1	%
Texas	9.4	%	9.1	%
New Jersey	3.8	%	3.9	%
Arizona	3.7	%	3.4	%
Utah	2.9	%	3.2	%
North Carolina	2.6	%	2.2	%
Pennsylvania	2.6	%	2.8	%
Washington	2.6	%	2.5	%
Georgia	2.4	%	2.6	%
Tennessee	2.3	%	1.6	%
Illinois	2.0	%	2.1	%
New York	2.0	%	2.4	%
Colorado	1.8	%	1.8	%
South Carolina	1.8	%	1.7	%
Nevada	1.6	%	1.6	%
Oregon	1.6	%	1.8	%
Massachusetts	1.2	%	1.6	%
Connecticut	1.1	%	1.1	%
Virginia	1.1	%	1.0	%
Ohio	1.0	%	1.1	%
Other	8.8	%	8.9	%
	99.0	%	99.0	%
Europe:
United Kingdom	1.0	%	1.0	%
	100.0	%	100.0	%

The following table presents information on the Company's non-performing and re-performing residential mortgage loans, as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
(In thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Re-performing	$	21,710	$	20,555	$	23,062	$	22,148
Non-performing	234,620		212,807		266,485		246,586

As of March 31, 2026 and December 31, 2025, the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $131.0 million and $133.3 million, respectively.

March 31, 2026:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield(1)		Life (Years)(2)
Commercial mortgage loans, held-for-investment	$	623,924	$	(883)	$	623,041	$	162	$	(7)	$	623,196	8.86	%	8.82	%	1.29

(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield(1)		Life (Years)(2)
Commercial mortgage loans, held-for-investment	$	648,592	$	(7,646)	$	640,946	$	146	$	(380)	$	640,712	9.30	%	9.15	%	1.18

(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as a percentage of total outstanding unpaid principal balance as of March 31, 2026 and December 31, 2025:


Property Location by U.S. State	March 31, 2026		December 31, 2025
Florida	28.2	%	24.3	%
New York	26.8	%	19.9	%
Texas	13.3	%	11.5	%
New Jersey	4.7	%	8.0	%
South Carolina	3.1	%	6.1	%
Louisiana	2.8	%	2.7	%
Pennsylvania	2.3	%	2.2	%
Virginia	2.3	%	4.4	%
Connecticut	1.8	%	1.8	%
Kentucky	1.8	%	—	%
North Carolina	1.8	%	1.8	%
Washington	1.6	%	1.5	%
Georgia	1.4	%	2.8	%
Illinois	1.4	%	3.8	%
Mississippi	1.4	%	1.3	%
Tennessee	1.1	%	1.0	%
Maryland	1.0	%	1.0	%
Minnesota	1.0	%	—	%
Michigan	—	%	1.9	%
Colorado	—	%	1.8	%
Other	2.2	%	2.2	%
	100.0	%	100.0	%

As of March 31, 2026, the Company had five non-performing commercial mortgage loans with an unpaid principal balance and fair value of $35.9 million and $35.2 million, respectively. As of December 31, 2025, the Company had seven non-

As described in Note 2, the Company evaluates the cost basis of its commercial mortgage loans for impairment on at least a quarterly basis. As of March 31, 2026 and December 31, 2025, the expected future credit losses, which the Company tracks for purposes of calculating interest income, of $7 thousand and $0.4 million, respectively, related to adverse changes in estimated future cash flows on its commercial mortgage loans.

As of March 31, 2026 the Company had three commercial mortgage loans in the process of foreclosure; such loans had an unpaid principal balance and fair value of $23.8 million and $23.8 million, respectively. As of December 31, 2025, the Company did not have any commercial mortgage loans in the process of foreclosure.

March 31, 2026:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Life (Years)(1)	Delinquency (Days)
Consumer loans, held-for-investment	$	154	$	163	$	317	$	22	$	(204)	$	135	0.89	9

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

December 31, 2025:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Life (Years)(1)	Delinquency (Days)
Consumer loans, held-for-investment	$	190	$	148	$	338	$	36	$	(215)	$	159	0.89	14

(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.

The table below provides details on the delinquency status as a percentage of total unpaid principal balance of the Company's consumer loans, which the Company uses as an indicator of credit quality, as of March 31, 2026 and December 31, 2025.


Days Past Due	March 31, 2026		December 31, 2025
Current	86.9	%	78.1	%
30-59 Days	6.2	%	9.5	%
60-89 Days	0.9	%	4.2	%
90-119 Days	6.0	%	8.2	%
	100.0	%	100.0	%

As described in Note 2, the Company evaluates the cost basis of its consumer loans for impairment on at least a quarterly basis. As of both March 31, 2026 and December 31, 2025, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.2 million on its consumer loans. The Company has determined for certain of its consumer loans that a portion of such loans' cost basis is not collectible. For the three-month period ended March 31, 2026, the Company recognized realized losses on these loans of $(21) thousand; no such losses were recognized during the three-month period ended March 31, 2025.

March 31, 2026:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Rate		Remaining Term (Years)
Corporate loans, held-for-investment(1)	$	32,138	$	(1,012)	$	31,126	$	544	$	(191)	$	31,479	8.45	%	1.15


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Rate		Remaining Term (Years)
Corporate loans, held-for-investment(1)	$	25,767	$	(912)	$	24,855	$	511	$	—	$	25,366	11.31	%	2.32

As described in Note 2, the Company evaluates the cost basis of its corporate loans for impairment on at least a quarterly basis. As of March 31, 2026, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.2 million on its corporate loans.


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Coupon		Life (Years)
Reverse mortgage loans, held-for-investment
HECM loans(1)	$	10,345,883	$	11,056,873	5.78	%	4.72
Proprietary reverse mortgage loans	1,782,135		1,933,313		9.47	%	19.03
Total reverse mortgage loans, held-for-investment	12,128,018		12,990,186		6.32	%	6.85


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Coupon		Life (Years)
Reverse mortgage loans, held-for-investment
HECM loans(1)	$	10,081,026	$	10,690,598	5.89	%	4.77
Proprietary reverse mortgage loans	1,505,343		1,640,718		9.56	%	15.99
Total reverse mortgage loans, held-for-investment	11,586,369		12,331,316		6.36	%	6.26

During the three-month period ended March 31, 2025, the Company transferred proprietary reverse mortgage loans held-for-sale with an unpaid principal balance of $97.4 million to held-for-investment.

Reverse mortgage loans are categorized as either "active" or "inactive." Inactive loans include loans where the borrower is deceased, no longer occupies the property, or is delinquent on tax and/or insurance payments; in addition, HECM loans may also be categorized as inactive as a result of various administrative or legal issues, such as missing loan documentation. Loans that are not inactive are categorized as "active."

The issuer of a HECM loan that has been pooled into an HMBS is required to repurchase such loan if its outstanding principal balance has reached 98% of its maximum claim amount (the "MCA"). The MCA for a loan is equal to the lesser of the home's appraised value or the maximum loan limit that can be insured by FHA, in each case at the point in time that the conditional commitment is issued. The timing and amount of the Company obligations with respect to MCA repurchases is uncertain, as repurchase is dependent largely on circumstances outside of the Company’s control, including the amount and timing of future draws and the status of the loan.

HECM loans that have reached 98% of the MCA and have been repurchased from an HMBS pool ("HECM Buyout Loans") are categorized as either assignable buyout loans ("ABOs") when active, or non-assignable buyout loans ("NABOs") when inactive. ABOs may be assigned to the U.S. Department of Housing and Urban Development ("HUD"), which then reimburses the Company for the outstanding debt on the repurchased loan, up to the MCA. For NABOs, following resolution of the loan, the Company may file a claim with HUD for any recoverable remaining principal and advance balances. Any unsecuritized HECM loan that is inactive, or that has already reached 98% of its MCA, is “unpoolable”; i.e., it is not eligible for securitization into HMBS.


(In thousands)	March 31, 2026				December 31, 2025
Unpoolable HECM Loan Type	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
ABOs	$	23,568	$	21,669	$	29,757	$	28,468
NABOs	23,682		19,857		23,169		19,011
Other HECM loans(1)	6,567		6,568		6,142		6,149
Total unpoolable HECM loans	$	53,817	$	48,094	$	59,068	$	53,628

As of March 31, 2026, the Company had $572.6 million in unpaid principal balance of inactive reverse mortgage loans, of which $518.0 million related to HECM loans and the remainder related to proprietary reverse mortgage loans. As of December 31, 2025, the Company had $520.1 million in unpaid principal balance of inactive reverse mortgage loans, of which $469.2 million related to HECM loans and the remainder related to proprietary reverse mortgage loans.

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's reverse mortgage loans as a percentage of total outstanding unpaid principal balance, as of March 31, 2026 and December 31, 2025.


Property Location by U.S. State	March 31, 2026		December 31, 2025
California	30.0	%	29.9	%
Florida	8.9	%	8.9	%
Colorado	6.5	%	6.6	%
Arizona	6.1	%	6.2	%
Washington	5.2	%	5.2	%
Texas	4.9	%	4.9	%
Utah	4.9	%	4.9	%
Oregon	2.8	%	2.8	%
New York	2.8	%	2.7	%
Idaho	2.5	%	2.5	%
North Carolina	2.2	%	2.2	%
Massachusetts	2.2	%	2.2	%
Nevada	2.1	%	2.1	%
Georgia	1.7	%	1.7	%
Tennessee	1.5	%	1.6	%
New Jersey	1.5	%	1.4	%
South Carolina	1.4	%	1.4	%
Virginia	1.4	%	1.4	%
Ohio	1.2	%	1.3	%
Pennsylvania	1.0	%	1.0	%
Other	9.2	%	9.1	%
	100.0	%	100.0	%