v3.26.1
Investment in Loans (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Summary of 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, 2026December 31, 2025
Loan TypeUnpaid Principal BalanceFair
Value		Unpaid Principal BalanceFair
Value
Residential mortgage loans$3,863,111 $3,748,165 $3,739,813 $3,643,094 
Commercial mortgage loans623,924 623,196 648,592 640,712 
Consumer loans154 135 190 159 
Corporate loans32,138 31,479 25,767 25,366 
Reverse mortgage loans12,128,018 12,990,186 11,586,369 12,331,316 
Total$16,647,345 $17,393,161 $16,000,731 $16,640,647 
The tables below detail certain information regarding the Company's residential mortgage loans as of March 31, 2026 and December 31, 2025.
March 31, 2026:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair ValueCouponYield
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 $(142.0) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.
December 31, 2025:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized
Cost		GainsLossesFair ValueCouponYield
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 $(136.1) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.
The tables below detail certain information regarding the Company's commercial mortgage loans as of March 31, 2026 and December 31, 2025:
March 31, 2026:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized Cost GainsLossesFair ValueCoupon
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
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $35.2 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2025:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized Cost GainsLossesFair ValueCoupon
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
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $64.1 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's consumer loans as of March 31, 2026 and December 31, 2025:
March 31, 2026:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair Value
Life (Years)(1)
Delinquency (Days)
Consumer loans, held-for-investment$154 $163 $317 $22 $(204)$135 0.899
(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2025:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair Value
Life (Years)(1)
Delinquency (Days)
Consumer loans, held-for-investment$190 $148 $338 $36 $(215)$159 0.8914
(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's corporate loans as of March 31, 2026 and December 31, 2025:
March 31, 2026:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid
Principal Balance		Premium (Discount)Amortized CostGainsLossesFair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$32,138 $(1,012)$31,126 $544 $(191)$31,479 8.45 %1.15
(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.
December 31, 2025:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid
Principal Balance		Premium (Discount)Amortized CostGainsLossesFair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$25,767 $(912)$24,855 $511 $— $25,366 11.31 %2.32
(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.
The tables below detail certain information regarding the Company's reverse mortgage loans as of March 31, 2026 and December 31, 2025.
March 31, 2026:
Weighted Average
($ in thousands)Unpaid Principal BalanceFair ValueCouponLife (Years)
Reverse mortgage loans, held-for-investment
HECM loans(1)
$10,345,883 $11,056,873 5.78 %4.72
Proprietary reverse mortgage loans1,782,135 1,933,313 9.47 %19.03
Total reverse mortgage loans, held-for-investment12,128,018 12,990,186 6.32 %6.85
(1)Includes unpoolable HECM loans with an unpaid principal balance of $53.8 million.
December 31, 2025:
Weighted Average
($ in thousands)Unpaid Principal BalanceFair ValueCouponLife (Years)
Reverse mortgage loans, held-for-investment
HECM loans(1)
$10,081,026 $10,690,598 5.89 %4.77
Proprietary reverse mortgage loans1,505,343 1,640,718 9.56 %15.99
Total reverse mortgage loans, held-for-investment11,586,369 12,331,316 6.36 %6.26
(1)Includes unpoolable HECM loans with an unpaid principal balance of $59.1 million.
Financing Receivable, Past Due [Table Text Block]
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, 2026December 31, 2025
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
90 days or more past due—non-accrual status
Residential mortgage loans$244,701 $222,339 $276,604 $256,244 
Commercial mortgage loans35,889 35,168 64,770 64,050 
Consumer loans9 4 15 7 
Schedules of Exposure to Counterparty Risk The following table summarizes the Company's exposure to counterparty risk as of March 31, 2026 and December 31, 2025.
March 31, 2026:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$163,224 9 26.2 %
Collateral on repurchase agreements held by dealers(2)
3,479,878 22 17.5 %
Due from brokers39,708 16 28.5 %
Receivable for securities sold(3)
91,803 4 60.7 %
(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of March 31, 2026.
(2)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.
(3)Included in Investment related receivables on the Consolidated Balance Sheet.
December 31, 2025:
Amount of ExposureNumber of Counterparties with ExposureMaximum Percentage of Exposure to a Single Counterparty
(In thousands)
Cash and cash equivalents$201,893 10 48.9 %
Collateral on repurchase agreements held by dealers(1)
3,271,751 21 17.7 %
Due from brokers35,919 18 38.1 %
Receivable for securities sold(2)
1,474 2 84.2 %
(1)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.
(2)Included in Investment related receivables on the Consolidated Balance Sheet.
Financing Receivable Credit Quality Indicators [Table Text Block]
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, 2026December 31, 2025
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
Re-performing$21,710 $20,555 $23,062 $22,148 
Non-performing234,620 212,807 266,485 246,586 
Consumer Loans, Delinquency Status [Table Text Block]
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 DueMarch 31, 2026December 31, 2025
Current86.9 %78.1 %
30-59 Days6.2 %9.5 %
60-89 Days0.9 %4.2 %
90-119 Days6.0 %8.2 %
100.0 %100.0 %
Schedule of Unpoolable HECM Loans
The following table provides details on the Company's unpoolable HECM loans as of March 31, 2026 and December 31, 2025:
(In thousands)March 31, 2026December 31, 2025
Unpoolable HECM Loan TypeUnpaid
Principal Balance		Fair ValueUnpaid
Principal Balance		Fair Value
ABOs$23,568 $21,669 $29,757 $28,468 
NABOs23,682 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 
(1)Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan.
Schedule of Geographic Distribution
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 LocationMarch 31, 2026December 31, 2025
North America:
United States:
California26.4 %25.5 %
Florida16.3 %17.1 %
Texas9.4 %9.1 %
New Jersey3.8 %3.9 %
Arizona3.7 %3.4 %
Utah2.9 %3.2 %
North Carolina2.6 %2.2 %
Pennsylvania2.6 %2.8 %
Washington2.6 %2.5 %
Georgia2.4 %2.6 %
Tennessee2.3 %1.6 %
Illinois2.0 %2.1 %
New York2.0 %2.4 %
Colorado1.8 %1.8 %
South Carolina1.8 %1.7 %
Nevada1.6 %1.6 %
Oregon1.6 %1.8 %
Massachusetts1.2 %1.6 %
Connecticut1.1 %1.1 %
Virginia1.1 %1.0 %
Ohio1.0 %1.1 %
Other8.8 %8.9 %
99.0 %99.0 %
Europe:
United Kingdom1.0 %1.0 %
100.0 %100.0 %
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. StateMarch 31, 2026December 31, 2025
Florida28.2 %24.3 %
New York26.8 %19.9 %
Texas13.3 %11.5 %
New Jersey4.7 %8.0 %
South Carolina3.1 %6.1 %
Louisiana2.8 %2.7 %
Pennsylvania2.3 %2.2 %
Virginia2.3 %4.4 %
Connecticut1.8 %1.8 %
Kentucky1.8 %— %
North Carolina1.8 %1.8 %
Washington1.6 %1.5 %
Georgia1.4 %2.8 %
Illinois1.4 %3.8 %
Mississippi1.4 %1.3 %
Tennessee1.1 %1.0 %
Maryland1.0 %1.0 %
Minnesota1.0 %— %
Michigan— %1.9 %
Colorado— %1.8 %
Other2.2 %2.2 %
100.0 %100.0 %
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. StateMarch 31, 2026December 31, 2025
California30.0 %29.9 %
Florida8.9 %8.9 %
Colorado6.5 %6.6 %
Arizona6.1 %6.2 %
Washington5.2 %5.2 %
Texas4.9 %4.9 %
Utah4.9 %4.9 %
Oregon2.8 %2.8 %
New York2.8 %2.7 %
Idaho2.5 %2.5 %
North Carolina2.2 %2.2 %
Massachusetts2.2 %2.2 %
Nevada2.1 %2.1 %
Georgia1.7 %1.7 %
Tennessee1.5 %1.6 %
New Jersey1.5 %1.4 %
South Carolina1.4 %1.4 %
Virginia1.4 %1.4 %
Ohio1.2 %1.3 %
Pennsylvania1.0 %1.0 %
Other9.2 %9.1 %
100.0 %100.0 %