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Investment in Loans (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Summary of Investments in Loans The following table is a summary of the Company's investments in loans as of March 31, 2024 and December 31, 2023:
As of
(In thousands)March 31, 2024December 31, 2023
Loan TypeUnpaid Principal BalanceFair
Value		Unpaid Principal BalanceFair
Value
Residential mortgage loans$3,369,139 $3,160,176 $3,305,757 $3,093,912 
Commercial mortgage loans311,578 294,100 281,531 266,595 
Consumer loans1,500 1,289 2,081 1,759 
Corporate loans6,965 6,219 6,379 5,819 
Reverse mortgage loans8,742,962 9,182,448 8,568,271 8,938,551 
Total$12,432,144 $12,644,232 $12,164,019 $12,306,636 
The tables below detail certain information regarding the Company's residential mortgage loans as of March 31, 2024 and December 31, 2023.
March 31, 2024:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$3,173,699 $31,720 $3,205,419 $3,580 $(239,502)$2,969,497 7.39 %6.93 %4.36
Residential mortgage loans, held-for-sale195,440 4,076 199,516 1,516 (10,353)190,679 7.44 6.80 5.56
Total residential mortgage loans$3,369,139 $35,796 $3,404,935 $5,096 $(249,855)$3,160,176 7.39 %6.92 %4.44
(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 $1.534 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(217.6) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.
December 31, 2023:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized
Cost		GainsLossesFair 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 $(228.0) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.
The tables below detail certain information regarding the Company's commercial mortgage loans as of March 31, 2024 and December 31, 2023:
March 31, 2024:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount) Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$311,578 $(12,304)$299,274 $— $(5,174)$294,100 11.36 %11.33 %1.07
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $37.4 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2023:
Gross UnrealizedWeighted Average
($ 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 $33.3 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's consumer loans as of March 31, 2024 and December 31, 2023:
March 31, 2024:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair Value
Life (Years)(1)
Delinquency (Days)
Consumer loans, held-for-investment$1,500 $(31)$1,469 $134 $(314)$1,289 0.7616
(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2023:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair Value
Life (Years)(1)
Delinquency (Days)
Consumer loans, held-for-investment$2,081 $(120)$1,961 $127 $(329)$1,759 0.7518
(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's corporate loans as of March 31, 2024 and December 31, 2023:
March 31, 2024:
Weighted Average
($ in thousands)Unpaid
Principal Balance		Fair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$6,965 $6,219 9.88 %1.27
(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.
December 31, 2023:
Weighted Average
($ 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.
As described in Note 2, the Company evaluates the cost basis of its corporate loans for impairment on at least a quarterly basis. As of March 31, 2024 and December 31, 2023, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.7 million and $0.6 million, respectively.
The table below details certain information regarding the Company's reverse mortgage loans as of March 31, 2024 and December 31, 2023.
March 31, 2024:
Weighted Average
($ in thousands)Unpaid Principal BalanceFair ValueCouponLife (Years)
Reverse mortgage loans, held-for-investment
HECM loans
HECM loans collateralizing HMBS$8,297,381 $8,710,188 6.59 %5.03
Unsecuritized HECM loans(1)
109,824 111,617 6.98 %6.30
Proprietary reverse mortgage loans
Securitized proprietary reverse mortgage loans172,580 184,853 10.44 %9.08
Unsecuritized proprietary reverse mortgage loans37,916 40,040 10.38 %17.12
Total reverse mortgage loans, held-for-investment8,617,701 9,046,698 6.69 %5.18
Reverse mortgage loans, held-for-sale
Unsecuritized proprietary reverse mortgage loans125,261 135,750 10.64 %17.12
Total reverse mortgage loans$8,742,962 $9,182,448 6.74 %5.36
(1)Includes unpoolable HECM loans with an unpaid principal balance of $29.1 million.
December 31, 2023:
Weighted Average
($ 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.
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, 2024 and December 31, 2023:
As of
March 31, 2024December 31, 2023
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
90 days or more past due—non-accrual status
Residential mortgage loans$148,703 $138,001 $127,685 $120,087 
Commercial mortgage loans54,451 37,439 47,736 33,314 
Consumer loans57 40 94 66 
Schedules of Exposure to Counterparty Risk The following table summarizes the Company's exposure to counterparty risk as of March 31, 2024 and December 31, 2023.
March 31, 2024:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$187,467 11 49.6 %
Collateral on repurchase agreements held by dealers(2)
3,122,176 27 26.2 %
Due from brokers17,099 23 41.0 %
Receivable for securities sold(3)
14,598 6 40.0 %
(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of March 31, 2024.
(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, 2023:
Amount of ExposureNumber of Counterparties with ExposureMaximum Percentage of Exposure to a Single Counterparty
(In thousands)
Cash and cash equivalents$228,927 11 28.8 %
Collateral on repurchase agreements held by dealers(1)
3,672,278 28 18.6 %
Due from brokers51,884 21 58.5 %
Receivable for securities sold(2)
345,429 9 54.3 %
(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, 2024 and December 31, 2023.
As of
March 31, 2024December 31, 2023
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
Re-performing$4,134 $3,621 $4,252 $3,761 
Non-performing148,886 138,198 127,085 119,524 
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, 2024 and December 31, 2023.
Days Past DueMarch 31, 2024December 31, 2023
Current85.0 %81.0 %
30-59 Days6.6 %7.9 %
60-89 Days4.6 %6.6 %
90-119 Days3.1 %4.0 %
>120 Days0.7 %0.5 %
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, 2024 and December 31, 2023:
(In thousands)March 31, 2024December 31, 2023
Unpoolable HECM Loan TypeUnpaid
Principal Balance		Fair ValueUnpaid
Principal Balance		Fair Value
ABOs$11,109 $9,337 $8,508 $6,897 
NABOs13,424 9,356 14,562 10,167 
Other HECM loans(1)
4,522 4,485 4,883 4,908 
Total unpoolable HECM loans$29,055 $23,178 $27,953 $21,972 
(1)Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan.