| Schedule of Fair Value Option, Disclosures |
The following table presents the fair value and the unpaid principal balance (“UPB”) of these financial assets and liabilities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Fair Value | | UPB | | Fair Value | | UPB | | Assets | | | | | | | | | Loans held for investment, subject to HMBS related obligations | $ | 19,321,265 | | | $ | 18,056,054 | | | $ | 19,135,403 | | | $ | 17,983,144 | | | Loans held for investment, subject to nonrecourse debt | 10,769,209 | | | 10,284,554 | | | 10,026,177 | | | 9,567,732 | | Loans held for investment(1) | 454,245 | | | 421,049 | | | 870,081 | | | 790,342 | | | Other assets: | | | | | | | | | Loans held for sale | 85,587 | | | 79,664 | | | 37,461 | | | 34,515 | | | Liabilities | | | | | | | | | HMBS related obligations | 19,087,650 | | | 18,056,054 | | | 18,912,226 | | | 17,983,144 | | | Nonrecourse debt | 10,450,834 | | | 10,728,087 | | | 9,736,493 | | | 9,960,524 | | | Convertible Notes | 36,889 | | | 40,000 | | | 53,800 | | | 40,000 | |
(1) Loans held for investment include certain loans that were greater than 90 days past due and on non-accrual status. These loans had a fair value of $5.2 million and a UPB of $6.0 million as of March 31, 2026, compared to a fair value of $6.1 million and a UPB of $7.0 million as of December 31, 2025. The following table presents the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands): | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Loans held for investment, subject to HMBS related obligations | | $ | 18,056,054 | | | $ | 17,983,144 | | | | | | | | Loans held for investment, subject to nonrecourse debt: | | | | | | Non-agency reverse mortgages | | 9,555,033 | | | 8,887,778 | | | Performing HECM buyouts | | 266,648 | | | 251,051 | | | Nonperforming HECM buyouts | | 462,873 | | | 428,903 | | | Total loans held for investment, subject to nonrecourse debt | | 10,284,554 | | | 9,567,732 | | | | | | | | Loans held for investment: | | | | | | Non-agency reverse mortgages | | 225,348 | | | 614,515 | | HECM loans not securitized(1) | | 133,471 | | | 103,825 | | Unpoolable HECM loans(2) | | 56,274 | | | 64,983 | | Total loans held for investment(3) | | 415,093 | | | 783,323 | | | | | | | | Other assets: | | | | | Loans held for sale(3) | | 77,460 | | | 32,761 | | | | | | | | Total owned loan portfolio | | 28,833,161 | | | 28,366,960 | | | Loans reclassified as government guaranteed receivable | | 50,817 | | | 50,922 | | | Loans serviced for others | | 512,116 | | | 590,192 | | | Total serviced loan portfolio | | $ | 29,396,094 | | | $ | 29,008,074 | |
(1) HECM loans not securitized primarily represent newly originated loans and poolable tails. (2) Unpoolable HECM loans primarily represent loans that have reached 98% of their maximum claim amount (“MCA”). (3) As of March 31, 2026 and December 31, 2025, there was $422.3 million and $753.2 million, respectively, in UPB in loans pledged as collateral for financing lines of credit.
The following table presents our owned loan portfolio by mortgage rate type (in thousands): | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Adjustable rate loans | | $ | 20,927,395 | | | $ | 20,662,839 | | | Fixed rate loans | | 7,905,766 | | | 7,704,121 | | | Total owned loan portfolio | | $ | 28,833,161 | | | $ | 28,366,960 | |
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