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Investment in Loans (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Summary of Investments in Loans The following table is a summary of the Company's investments in loans as of December 31, 2023 and 2022:
As of
(In thousands)December 31, 2023December 31, 2022
Loan TypeUnpaid Principal BalanceFair
Value		Unpaid Principal BalanceFair
Value
Residential mortgage loans$3,305,757 $3,093,912 $3,404,544 $3,115,518 
Commercial mortgage loans281,531 266,595 406,721 404,324 
Consumer loans2,081 1,759 5,190 4,843 
Corporate loans6,379 5,819 4,132 4,086 
Reverse mortgage loans8,568,271 8,938,551 7,788,490 8,097,237 
Total$12,164,019 $12,306,636 $11,609,077 $11,626,008 
The tables below detail certain information regarding the Company's residential mortgage loans as of December 31, 2023 and 2022.
December 31, 2023:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$3,305,757 $37,831 $3,343,588 $5,554 $(255,230)$3,093,912 7.17 %6.77 %4.17
(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 $1.555 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(228.0) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.
December 31, 2022:
Gross UnrealizedWeighted Average
($ 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 $(291.7) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.
The tables below detail certain information regarding the Company's commercial mortgage loans as of December 31, 2023 and 2022:
December 31, 2023:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$281,531 $(13,648)$267,883 $— $(1,288)$266,595 11.44 %11.45 %0.79
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $33.3 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2022:
Gross UnrealizedWeighted Average
($ 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 $17.6 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's consumer loans as of December 31, 2023 and 2022:
December 31, 2023:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLosses
Fair Value(1)
Life (Years)(2)
Delinquency (Days)
Consumer loans, held-for-investment$2,081 $(120)$1,961 $127 $(329)$1,759 0.7518
(1)Includes $35 thousand of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2022:
Gross UnrealizedWeighted Average
($ 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 $0.2 million of charged-off loans for which the Company has determined that it is probable the servicer will be able to collect principal and interest.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's corporate loans as of December 31, 2023 and December 31, 2022:
December 31, 2023:
Weighted Average
($ in thousands)Unpaid
Principal Balance		Fair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$6,379 $5,819 10.13 %1.52
(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.
December 31, 2022:
Weighted Average
($ 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 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.
As described in Note 2, the Company evaluates the cost basis of its consumer loans for impairment on at least a quarterly basis. As of December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.6 million; there were no such expected future credit losses as of December 31, 2022.
The table below details certain information regarding the Company's reverse mortgage loans as of December 31, 2023 and 2022.
December 31, 2023:
Weighted Average
($ in thousands)Unpaid Principal BalanceFair ValueCouponLife (Years)
Reverse mortgage loans, held-for-investment
HECM loans collateralizing HMBS$8,166,222 $8,506,423 6.82 %5.10
Unsecuritized HECM loans(1)
103,063 102,553 7.15 %6.12
Total reverse mortgage loans, held-for-investment8,269,285 8,608,976 6.83 %5.11
Reverse mortgage loans, held-for-sale298,986 329,575 10.67 %16.78
Total reverse mortgage loans$8,568,271 $8,938,551 6.96 %5.54
(1)Includes unpoolable HECM loans with an unpaid principal balance of $28.0 million.
December 31, 2022:
Weighted Average
($ 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 December 31, 2023 and 2022:
As of
December 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$127,685 $120,087 $50,994 $47,022 
Commercial mortgage loans47,736 33,314 17,656 17,583 
Consumer loans94 66 170 145 
Schedules of Exposure to Counterparty Risk The following table summarizes the Company's exposure to counterparty risk as of December 31, 2023 and 2022.
December 31, 2023:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$228,927 11 28.8 %
Collateral on repurchase agreements held by dealers(2)
3,672,278 28 18.6 %
Due from brokers51,884 21 58.5 %
Receivable for securities sold(3)
345,429 9 54.3 %
(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of December 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 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 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, 2023 and 2022.
As of
December 31, 2023December 31, 2022
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
Re-performing$4,252 $3,761 $9,903 $8,836 
Non-performing127,085 119,524 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 December 31, 2023 and 2022.
Days Past DueDecember 31, 2023December 31, 2022
Current81.0 %90.3 %
30-59 Days7.9 %4.2 %
60-89 Days6.6 %2.3 %
90-119 Days4.0 %3.1 %
>120 Days0.5 %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 December 31, 2023:
(In thousands)December 31, 2023
Unpoolable HECM Loan TypeUnpaid
Principal Balance		Fair Value
ABOs$8,508 $6,897 
NABOs14,562 10,167 
Other HECM loans(1)
4,883 4,908 
Total unpoolable HECM loans$27,953 $21,972 
(1)Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan.