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Investment in Loans (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Summary of Investments in Loans The following table is a summary of the Company's investments in loans as of December 31, 2022 and 2021:
As of
(In thousands)December 31, 2022December 31, 2021
Loan TypeUnpaid Principal BalanceFair
Value		Unpaid Principal BalanceFair
Value
Residential mortgage loans$3,404,544 $3,115,518 $1,969,874 $2,016,228 
Commercial mortgage loans406,721 404,324 326,438 326,197 
Consumer loans5,190 4,843 59,881 62,365 
Corporate loans4,132 4,086 10,531 10,531 
Reverse mortgage loans7,788,490 8,097,237 — — 
Total$11,609,077 $11,626,008 $2,366,724 $2,415,321 
The tables below detail certain information regarding the Company's residential mortgage loans as of December 31, 2022 and 2021.
December 31, 2022:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$3,225,997 $43,806 $3,269,803 $2,143 $(327,316)$2,944,630 6.39 %5.97 %3.57
Residential mortgage loans, held-for-sale178,547 311 178,858 464 (8,434)170,888 6.68 6.44 %3.99
Total residential mortgage loans$3,404,544 $44,117 $3,448,661 $2,607 $(335,750)$3,115,518 6.41 %5.99 %3.59
(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 $1.665 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(291.7) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 12 for additional information.
December 31, 2021:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$1,958,807 $45,462 $2,004,269 $13,792 $(13,173)$2,004,888 5.63 %4.67 %2.06
Residential mortgage loans, held-for-sale11,067 (1,423)9,644 1,707 (11)11,340 4.58 5.94 %0.08
Total residential mortgage loans$1,969,874 $44,039 $2,013,913 $15,499 $(13,184)$2,016,228 5.63 %4.68 %2.05
(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 $1.042 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $11.5 million and $(3.7) million of gross unrealized gains and gross unrealized losses, respectively. See Residential Mortgage Loan Securitizations in Note 12 for additional information.
The tables below detail certain information regarding the Company's commercial mortgage loans as of December 31, 2022 and 2021:
December 31, 2022:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$406,721 $— $406,721 $1 $(2,398)$404,324 10.76 %10.66 %0.93
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $17.6 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2021:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$326,438 $— $326,438 $76 $(317)$326,197 7.05 %6.99 %1.33
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $15.5 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's consumer loans as of December 31, 2022 and 2021:
December 31, 2022:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLosses
Fair Value(1)
Life (Years)(2)
Delinquency (Days)
Consumer loans, held-for-investment$5,190 $(43)$5,147 $341 $(645)$4,843 0.8110
(1)Includes $0.2 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2021:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLosses
Fair Value(1)
Life (Years)(2)
Delinquency (Days)
Consumer loans, held-for-investment$59,881 $3,212 $63,093 $809 $(1,537)$62,365 0.944
(1)Includes $0.3 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's corporate loans as of December 31, 2022 and 2021:
December 31, 2022:
Weighted Average
($ in thousands)Unpaid
Principal Balance		Fair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$4,132 $4,086 5.47 %2.74
(1)See Note 23 for further details on the Company's unfunded commitments related to certain of its corporate loans.
December 31, 2021:
Weighted Average
($ in thousands)Unpaid
Principal Balance		Fair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$10,531 $10,531 16.14 %4.01
(1)See Note 23 for further details on the Company's unfunded commitments related to certain of its corporate loans.
The table below details certain information regarding the Company's reverse mortgage loans as of December 31, 2022. No such loans were held at December 31, 2021.
Weighted Average
($ in thousands)Unpaid Principal BalanceFair ValueCouponLife (Years)
Reverse mortgage loans, held-for-investment
HECM loans collateralizing HMBS$7,577,139 $7,873,964 5.80 %4.99
Unsecuritized HECM loans110,911 119,671 6.53 %7.15
Total reverse mortgage loans, held-for-investment7,688,050 7,993,635 5.81 %5.02
Reverse mortgage loans, held-for-sale100,440 103,602 10.35 %17.63
Total reverse mortgage loans$7,788,490 $8,097,237 5.87 %5.18
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 December 31, 2022 and 2021:
As of
December 31, 2022December 31, 2021
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
90 days or more past due—non-accrual status
Residential mortgage loans$50,994 $47,022 $36,528 $33,288 
Commercial mortgage loans17,656 17,583 15,500 15,462 
Consumer loans170 145 600 589 
Schedules of Exposure to Counterparty Risk
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 December 31, 2022 and 2021:
Property Location by U.S. StateDecember 31, 2022December 31, 2021
California33.2 %40.2 %
Florida17.2 %14.9 %
Texas10.3 %11.9 %
Utah3.4 %2.9 %
Arizona3.1 %2.1 %
North Carolina2.8 %1.8 %
Georgia2.6 %1.5 %
Pennsylvania2.3 %0.9 %
Tennessee2.1 %1.6 %
Massachusetts1.9 %2.2 %
Nevada1.8 %1.9 %
New Jersey1.8 %1.1 %
Colorado1.7 %2.0 %
Washington1.7 %1.5 %
Illinois1.6 %2.0 %
New York1.4 %1.7 %
Oregon1.3 %1.8 %
Ohio1.1 %0.7 %
Maryland1.0 %0.7 %
Connecticut0.9 %1.2 %
Other6.8 %5.4 %
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 December 31, 2022 and 2021:
Property Location by U.S. StateDecember 31, 2022December 31, 2021
Florida20.5 %32.3 %
Texas13.4 %— %
New York9.4 %13.5 %
Arizona9.0 %9.3 %
New Jersey6.2 %5.1 %
Massachusetts5.5 %— %
Michigan5.5 %4.9 %
Georgia5.4 %— %
Illinois4.6 %— %
Oklahoma4.2 %— %
Ohio3.8 %7.3 %
North Carolina3.7 %5.9 %
Connecticut2.2 %3.5 %
New Hampshire2.2 %3.5 %
Louisiana1.5 %— %
Pennsylvania1.5 %— %
Rhode Island1.0 %— %
Tennessee— %7.7 %
Missouri— %7.0 %
Other0.4 %— %
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 December 31, 2022.
Property Location by U.S. StateDecember 31, 2022
California31.5 %
Florida9.1 %
Colorado6.4 %
Arizona5.7 %
Washington4.9 %
Utah4.5 %
Texas4.0 %
Oregon2.8 %
Massachusetts2.4 %
Idaho2.3 %
New York2.2 %
Nevada2.1 %
North Carolina1.9 %
Virginia1.7 %
Ohio1.5 %
Maryland1.4 %
New Jersey1.4 %
South Carolina1.4 %
Georgia1.3 %
Pennsylvania1.2 %
Tennessee1.1 %
Other9.2 %
100.0 %
The following table summarizes the Company's exposure to counterparty risk as of December 31, 2022 and 2021.
December 31, 2022:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$217,053 13 41.3 %
Collateral on repurchase agreements held by dealers(2)
3,247,276 26 21.6 %
Due from brokers36,761 20 22.8 %
Receivable for securities sold(3)
21,439 6 36.4 %
(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of December 31, 2022.
(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, 2021:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$92,661 9 46.9 %
Collateral on repurchase agreements held by dealers(2)
2,822,847 23 33.5 %
Due from brokers93,549 19 29.1 %
Receivable for securities sold(3)
11,014 3 50.7 %
(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of December 31, 2022.
(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.
Financing Receivable Credit Quality Indicators [Table Text Block]
The following table presents information on the Company's residential mortgage loans by re-performing or non-performing status, as of December 31, 2022 and 2021.
As of
December 31, 2022December 31, 2021
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
Re-performing$9,903 $8,836 $20,712 $20,611 
Non-performing49,144 45,110 33,949 30,806 
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 December 31, 2022 and 2021.
Days Past DueDecember 31, 2022December 31, 2021
Current90.3 %96.0 %
30-59 Days4.2 %1.7 %
60-89 Days2.3 %1.3 %
90-119 Days3.1 %1.0 %
>120 Days0.1 %— %
100.0 %100.0 %