| Schedule of Components of Other Financing Lines of Credit |
Other financing lines of credit consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding borrowings at | | Maturity Date | | Interest Rate | | Collateral Pledged | | Total Capacity(1) | | June 30, 2026 | | December 31, 2025 | | Reverse lines: | | | | | | | | | | | | August 2026 - June 2027 | | Secured Overnight Financing Rate (“SOFR”) + applicable margin | | First and Second Lien Mortgages | | $ | 1,005,000 | | | $ | 507,940 | | | $ | 737,435 | | Various(2) | | Bond accrual rate/SOFR + applicable margin | | Mortgage Related Assets | | 460,610 | | | 434,110 | | | 335,443 | | | October 2027 | | SOFR + applicable margin | | HECM MSR | | 70,000 | | | 46,154 | | | 63,462 | | | October 2026 | | SOFR + applicable margin | | Unsecuritized Tails | | 90,000 | | | 36,646 | | | 20,269 | | | Total reverse lines of credit | | | | 1,625,610 | | | 1,024,850 | | | 1,156,609 | | | Mortgage line: | | | | | | | | | | | Various(2) | | Bond accrual rate + applicable margin | | Mortgage Related Assets | | 29,916 | | | 29,916 | | | 31,090 | | | Total other financing lines of credit | | | | $ | 1,655,526 | | | $ | 1,054,766 | | | $ | 1,187,699 | |
(1)Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions, and covenants of the respective agreements, including asset-eligibility requirements. Capacity amounts presented are as of June 30, 2026. (2)These lines of credit are generally tied to the maturity date of the underlying mortgage related assets that have been pledged as collateral.
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| Schedule of Maximum Allowable Distributions Based on the Most Restrictive Financial Covenant Ratios |
The maximum allowable distributions available to the Company are based on the most restrictive financial covenant ratios and are presented in the following tables (in thousands, except for ratios): | | | | | | | | | | | | | | | | | | | | | | Financial Covenants | | Requirement | | June 30, 2026 | | Maximum Allowable Distribution | | FAR | | | | | | | | Adjusted tangible net worth | | $ | 250,000 | | | $ | 528,597 | | | $ | 278,597 | | | Liquidity | | 54,159 | | | 63,595 | | | 9,436 | | | Leverage ratio | | 6:1 | | 2.7:1 | | 294,006 | | | FAH | | | | | | | | Adjusted tangible net worth | | $ | 200,000 | | | $ | 532,702 | | | $ | 332,702 | | | Liquidity | | 40,000 | | | 70,515 | | | 30,515 | | | Leverage ratio | | 10:1 | | 3.1:1 | | 369,750 | |
| | | | | | | | | | | | | | | | | | | | | | Financial Covenants | | Requirement | | December 31, 2025 | | Maximum Allowable Distribution | | FAR | | | | | | | | Adjusted tangible net worth | | $ | 250,000 | | | $ | 569,044 | | | $ | 319,044 | | | Liquidity | | 42,412 | | | 64,688 | | | 22,276 | | | Leverage ratio | | 6:1 | | 2.7:1 | | 315,994 | | | FAH | | | | | | | | Adjusted tangible net worth | | $ | 200,000 | | | $ | 561,035 | | | $ | 361,035 | | | Liquidity | | 40,000 | | | 68,632 | | | 28,632 | | | Leverage ratio | | 10:1 | | 3.1:1 | | 388,240 | |
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