| 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): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Fair Value | | UPB | | Fair Value | | UPB | | Assets | | | | | | | | | Loans held for investment, subject to HMBS related obligations | $ | 25,044,536 | | | $ | 23,375,525 | | | $ | 19,135,403 | | | $ | 17,983,144 | | | Loans held for investment, subject to nonrecourse debt | 10,928,261 | | | 10,546,878 | | | 10,026,177 | | | 9,567,732 | | Loans held for investment(1) | 516,892 | | | 487,528 | | | 870,081 | | | 790,342 | | | Other assets: | | | | | | | | | Loans held for sale | 155,523 | | | 144,955 | | | 37,461 | | | 34,515 | | | Liabilities | | | | | | | | | HMBS related obligations | 24,717,687 | | | 23,375,525 | | | 18,912,226 | | | 17,983,144 | | | Nonrecourse debt | 10,641,380 | | | 10,995,493 | | | 9,736,493 | | | 9,960,524 | | | Convertible Notes | 61,156 | | | 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 $4.5 million and a UPB of $5.8 million as of June 30, 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): | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Loans held for investment, subject to HMBS related obligations | | $ | 23,375,525 | | | $ | 17,983,144 | | | | | | | | Loans held for investment, subject to nonrecourse debt: | | | | | | Non-agency reverse mortgages | | 9,840,125 | | | 8,887,778 | | | Performing HECM buyouts | | 260,878 | | | 251,051 | | | Nonperforming HECM buyouts | | 445,875 | | | 428,903 | | | Total loans held for investment, subject to nonrecourse debt | | 10,546,878 | | | 9,567,732 | | | | | | | | Loans held for investment: | | | | | | Non-agency reverse mortgages | | 216,079 | | | 614,515 | | HECM loans not securitized(1) | | 187,087 | | | 103,825 | | Unpoolable HECM loans(2) | | 78,566 | | | 64,983 | | Total loans held for investment(3) | | 481,732 | | | 783,323 | | | | | | | | Other assets: | | | | | Loans held for sale(3) | | 142,633 | | | 32,761 | | | | | | | | Total owned loan portfolio | | 34,546,768 | | | 28,366,960 | | | Loans reclassified as government guaranteed receivable | | 44,827 | | | 50,922 | | | Loans serviced for others | | 511,539 | | | 590,192 | | | Total serviced loan portfolio | | $ | 35,103,134 | | | $ | 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 June 30, 2026 and December 31, 2025, there was $508.4 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): | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Adjustable rate loans | | $ | 26,449,216 | | | $ | 20,662,839 | | | Fixed rate loans | | 8,097,552 | | | 7,704,121 | | | Total owned loan portfolio | | $ | 34,546,768 | | | $ | 28,366,960 | |
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