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Investment in Loans (Tables)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Summary of Investments in Loans The following table is a summary of the Company's investments in loans as of March 31, 2023 and December 31, 2022:
As of
(In thousands)March 31, 2023December 31, 2022
Loan TypeUnpaid Principal BalanceFair
Value		Unpaid Principal BalanceFair
Value
Residential mortgage loans$3,261,327 $3,024,744 $3,404,544 $3,115,518 
Commercial mortgage loans376,291 374,233 406,721 404,324 
Consumer loans4,341 3,969 5,190 4,843 
Corporate loans4,965 4,920 4,132 4,086 
Reverse mortgage loans8,038,532 8,404,701 7,788,490 8,097,237 
Total$11,685,456 $11,812,567 $11,609,077 $11,626,008 
The tables below detail certain information regarding the Company's residential mortgage loans as of March 31, 2023 and December 31, 2022.
March 31, 2023:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$3,261,327 $42,841 $3,304,168 $3,882 $(283,306)$3,024,744 6.56 %6.17 %4.22
(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 $1.663 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(251.7) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 12 for additional information.
December 31, 2022:
Gross UnrealizedWeighted Average
($ 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 $(291.7) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 12 for additional information.
The tables below detail certain information regarding the Company's commercial mortgage loans as of March 31, 2023 and December 31, 2022:
March 31, 2023:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$376,291 $— $376,291 $2 $(2,060)$374,233 11.26 %11.12 %0.82
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $28.1 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2022:
Gross UnrealizedWeighted Average
($ 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 $17.6 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's consumer loans as of March 31, 2023 and December 31, 2022:
March 31, 2023:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLosses
Fair Value(1)
Life (Years)(2)
Delinquency (Days)
Consumer loans, held-for-investment$4,341 $186 $4,527 $274 $(832)$3,969 0.7811
(1)Includes $0.1 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2022:
Gross UnrealizedWeighted Average
($ 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 $0.2 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's corporate loans as of March 31, 2023 and December 31, 2022:
March 31, 2023:
Weighted Average
($ in thousands)Unpaid
Principal Balance		Fair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$4,965 $4,920 8.05 %2.36
(1)See Note 23 for further details on the Company's unfunded commitments related to certain of its corporate loans.
December 31, 2022:
Weighted Average
($ in thousands)Unpaid
Principal Balance		Fair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$4,132 $4,086 5.47 %2.74
(1)See Note 23 for further details on the Company's unfunded commitments related to certain of its corporate loans.
The table below details certain information regarding the Company's reverse mortgage loans as of March 31, 2023 and December 31, 2022.
March 31, 2023:
Weighted Average
($ in thousands)Unpaid Principal BalanceFair ValueCouponLife (Years)
Reverse mortgage loans, held-for-investment
HECM loans collateralizing HMBS$7,723,014 $8,078,684 6.12 %5.10
Unsecuritized HECM loans(1)
186,402 187,783 6.69 %4.73
Total reverse mortgage loans, held-for-investment7,909,416 8,266,467 6.14 %5.09
Reverse mortgage loans, held-for-sale129,116 138,234 10.47 %16.81
Total reverse mortgage loans$8,038,532 $8,404,701 6.21 %5.28
(1)Includes unpoolable HECM loans with an unpaid principal balance of $80.5 million.
December 31, 2022:
Weighted Average
($ 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 March 31, 2023 and December 31, 2022:
As of
March 31, 2023December 31, 2022
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
90 days or more past due—non-accrual status
Residential mortgage loans$72,398 $68,094 $50,994 $47,022 
Commercial mortgage loans28,261 28,117 17,656 17,583 
Consumer loans124 102 170 145 
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 March 31, 2023 and December 31, 2022:
Property Location by U.S. StateMarch 31, 2023December 31, 2022
California32.1 %33.2 %
Florida18.2 %17.2 %
Texas10.2 %10.3 %
Utah3.4 %3.4 %
Arizona3.0 %3.1 %
North Carolina2.8 %2.8 %
Georgia2.7 %2.6 %
Pennsylvania2.5 %2.3 %
Tennessee2.1 %2.1 %
New Jersey2.0 %1.8 %
Massachusetts1.9 %1.9 %
Nevada1.7 %1.8 %
Illinois1.7 %1.6 %
Colorado1.6 %1.7 %
Washington1.6 %1.7 %
New York1.4 %1.4 %
Oregon1.2 %1.3 %
Ohio1.1 %1.1 %
Maryland1.0 %1.0 %
Connecticut1.0 %0.9 %
Other6.8 %6.8 %
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, 2023 and December 31, 2022:
Property Location by U.S. StateMarch 31, 2023December 31, 2022
Florida19.2 %20.5 %
Texas14.4 %13.4 %
New York14.2 %9.4 %
Arizona7.7 %9.0 %
Massachusetts6.3 %5.5 %
Michigan6.0 %5.5 %
New Jersey5.5 %6.2 %
Illinois5.0 %4.6 %
Oklahoma4.5 %4.2 %
Ohio4.1 %3.8 %
Georgia4.0 %5.4 %
North Carolina4.0 %3.7 %
Connecticut2.4 %2.2 %
Louisiana1.7 %1.5 %
Pennsylvania— %1.5 %
New Hampshire— %2.2 %
Rhode Island— %1.0 %
Other1.0 %0.4 %
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 March 31, 2023 and December 31, 2022.
Property Location by U.S. StateMarch 31, 2023December 31, 2022
California27.9 %31.5 %
Florida9.2 %9.1 %
Colorado6.7 %6.4 %
Arizona5.9 %5.7 %
Washington5.2 %4.9 %
Utah4.8 %4.5 %
Texas4.3 %4.0 %
Oregon3.0 %2.8 %
Massachusetts2.6 %2.4 %
Idaho2.6 %2.3 %
New York2.4 %2.2 %
Nevada2.2 %2.1 %
North Carolina2.0 %1.9 %
Virginia1.8 %1.7 %
Ohio1.6 %1.5 %
Georgia1.5 %1.3 %
Maryland1.5 %1.4 %
New Jersey1.4 %1.4 %
South Carolina1.4 %1.4 %
Pennsylvania1.3 %1.2 %
Tennessee1.2 %1.1 %
Other9.5 %9.2 %
100.0 %100.0 %
The following table summarizes the Company's exposure to counterparty risk as of March 31, 2023 and December 31, 2022.
March 31, 2023:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$188,555 13 37.4 %
Collateral on repurchase agreements held by dealers(2)
2,905,626 27 24.8 %
Due from brokers24,291 17 23.0 %
Receivable for securities sold(3)
21,034 4 50.9 %
(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of March 31, 2023.
(2)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.
(3)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.
December 31, 2022:
Amount of ExposureNumber of Counterparties with ExposureMaximum Percentage of Exposure to a Single Counterparty
(In thousands)
Cash and cash equivalents$217,053 13 41.3 %
Collateral on repurchase agreements held by dealers(1)
3,247,276 26 21.6 %
Due from brokers36,761 20 22.8 %
Receivable for securities sold(2)
21,439 6 36.4 %
(1)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.
(2)Included in Investment related receivables on the Condensed 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 March 31, 2023 and December 31, 2022.
As of
March 31, 2023December 31, 2022
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
Re-performing$9,475 $8,190 $9,903 $8,836 
Non-performing71,211 67,030 49,144 45,110 
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, 2023 and December 31, 2022.
Days Past DueMarch 31, 2023December 31, 2022
Current89.3 %90.3 %
30-59 Days4.5 %4.2 %
60-89 Days3.4 %2.3 %
90-119 Days2.6 %3.1 %
>120 Days0.2 %0.1 %
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, 2023:
(In thousands)March 31, 2023
Unpoolable HECM Loan TypeUnpaid
Principal Balance		Fair Value
ABOs$55,656 $51,963 
NABOs20,499 16,352 
HECM tail loans(1)
4,392 4,411 
Total unpoolable HECM loans$80,547 $72,726 
(1)Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan.