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Investment in Loans (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Summary of Investments in Loans The following table is a summary of the Company's investments in loans as of June 30, 2025 and December 31, 2024:
(In thousands)June 30, 2025December 31, 2024
Loan TypeUnpaid Principal BalanceFair
Value		Unpaid Principal BalanceFair
Value
Residential mortgage loans$3,221,956 $3,107,555 $3,689,355 $3,539,534 
Commercial mortgage loans436,044 435,222 370,658 350,515 
Consumer loans338 271 556 477 
Corporate loans19,838 19,709 11,767 11,767 
Reverse mortgage loans10,484,715 11,105,608 9,585,110 10,097,279 
Total$14,162,891 $14,668,365 $13,657,446 $13,999,572 
The tables below detail certain information regarding the Company's residential mortgage loans as of June 30, 2025 and December 31, 2024.
June 30, 2025:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$3,221,956 $41,416 $3,263,372 $11,988 $(167,805)$3,107,555 7.27 %6.42 %4.27
(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 $1.417 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(145.1) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.
December 31, 2024:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized
Cost		GainsLossesFair ValueCouponYield
Life (Years)(1)
Residential mortgage loans, held-for-investment(2)
$3,689,355 $50,288 $3,739,643 $11,535 $(211,644)$3,539,534 7.69 %6.70 %4.64
(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 $1.449 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(184.8) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.
The tables below detail certain information regarding the Company's commercial mortgage loans as of June 30, 2025 and December 31, 2024:
June 30, 2025:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$436,044 $(773)$435,271 $132 $(181)$435,222 10.23 %10.06 %1.14
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $54.7 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2024:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized Cost GainsLossesFair ValueCoupon
Yield(1)
Life (Years)(2)
Commercial mortgage loans, held-for-investment$370,658 $(8,341)$362,317 $— $(11,802)$350,515 10.55 %10.59 %1.22
(1)Excludes non-performing commercial mortgage loans, in non-accrual status, with a fair value of $37.6 million.
(2)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's consumer loans as of June 30, 2025 and December 31, 2024:
June 30, 2025:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair Value
Life (Years)(1)
Delinquency (Days)
Consumer loans, held-for-investment$338 $125 $463 $48 $(240)$271 0.8318
(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
December 31, 2024:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid Principal BalancePremium (Discount)Amortized CostGainsLossesFair Value
Life (Years)(1)
Delinquency (Days)
Consumer loans, held-for-investment$556 $89 $645 $69 $(237)$477 0.8514
(1)Average lives of loans are generally shorter than stated contractual maturities. Average lives are affected by scheduled periodic payments of principal and unscheduled prepayments of principal.
The tables below detail certain information regarding the Company's corporate loans as of June 30, 2025 and December 31, 2024:
June 30, 2025:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid
Principal Balance		Premium (Discount)Amortized CostGainsLossesFair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$19,838 $(622)$19,216 $493 $— $19,709 11.08 %4.41
(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.
December 31, 2024:
Gross UnrealizedWeighted Average
($ in thousands)Unpaid
Principal Balance		Premium (Discount)Amortized CostGainsLossesFair ValueRateRemaining Term (Years)
Corporate loans, held-for-investment(1)
$11,767 $(386)$11,381 $386 $— $11,767 9.80 %3.66
(1)See Note 24 for further details on the Company's unfunded commitments related to certain of its corporate loans.
The table below details certain information regarding the Company's reverse mortgage loans as of June 30, 2025 and December 31, 2024.
June 30, 2025:
Weighted Average
($ in thousands)Unpaid Principal BalanceFair ValueCouponLife (Years)
Reverse mortgage loans, held-for-investment
HECM loans
HECM loans collateralizing HMBS$9,397,909 $9,917,205 6.27 %4.87
Unsecuritized HECM loans(1)
125,987 128,802 6.56 %5.93
Proprietary reverse mortgage loans
Securitized proprietary reverse mortgage loans752,725 830,910 9.95 %9.05
Unsecuritized proprietary reverse mortgage loans20,215 25,418 10.27 %20.52
Total reverse mortgage loans, held-for-investment10,296,836 10,902,335 6.55 %5.23
Reverse mortgage loans, held-for-sale
Unsecuritized proprietary reverse mortgage loans187,879 203,273 9.46 %16.63
Total reverse mortgage loans$10,484,715 $11,105,608 6.60 %5.44
(1)Includes unpoolable HECM loans with an unpaid principal balance of $39.7 million.
December 31, 2024:
Weighted Average
($ in thousands)Unpaid Principal BalanceFair ValueCouponLife (Years)
Reverse mortgage loans, held-for-investment
HECM loans
HECM loans collateralizing HMBS$8,795,790 $9,242,569 6.51 %4.95
Unsecuritized HECM loans(1)
136,329 140,709 6.64 %6.64
Proprietary reverse mortgage loans
Securitized proprietary reverse mortgage loans556,158 606,752 10.13 %10.19
Unsecuritized proprietary reverse mortgage loans11,083 14,601 10.87 %17.15
Total reverse mortgage loans, held-for-investment9,499,360 10,004,631 6.72 %5.31
Reverse mortgage loans, held-for-sale
Unsecuritized proprietary reverse mortgage loans85,750 92,648 9.92 %17.15
Total reverse mortgage loans$9,585,110 $10,097,279 6.75 %5.42
(1)Includes unpoolable HECM loans with an unpaid principal balance of $29.0 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 June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
90 days or more past due—non-accrual status
Residential mortgage loans$264,168 $247,030 $239,156 $224,993 
Commercial mortgage loans54,689 54,680 56,476 37,558 
Consumer loans30 13 18 13 
Schedules of Exposure to Counterparty Risk The following table summarizes the Company's exposure to counterparty risk as of June 30, 2025 and December 31, 2024.
June 30, 2025:
Amount of ExposureNumber of Counterparties with Exposure
Maximum Percentage of Exposure to a Single Counterparty(1)
(In thousands)
Cash and cash equivalents$211,013 9 28.9 %
Collateral on repurchase agreements held by dealers(2)
2,979,858 24 14.7 %
Due from brokers45,973 15 59.5 %
Receivable for securities sold(3)
6,043 6 57.4 %
(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of June 30, 2025.
(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, 2024:
Amount of ExposureNumber of Counterparties with ExposureMaximum Percentage of Exposure to a Single Counterparty
(In thousands)
Cash and cash equivalents$192,387 7 55.4 %
Collateral on repurchase agreements held by dealers(1)
3,271,047 24 18.1 %
Due from brokers22,186 17 25.5 %
Receivable for securities sold(2)
3,836 5 75.2 %
(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 June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
(In thousands)Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
Re-performing$22,050 $21,068 $24,640 $22,845 
Non-performing256,376 239,542 229,140 215,736 
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 June 30, 2025 and December 31, 2024.
Days Past DueJune 30, 2025December 31, 2024
Current76.0 %79.6 %
30-59 Days3.4 %14.7 %
60-89 Days11.8 %2.5 %
90-119 Days8.8 %3.2 %
100.0 %100.0 %
Schedule of Unpoolable HECM Loans
The following table provides details on the Company's unpoolable HECM loans as of June 30, 2025 and December 31, 2024:
(In thousands)June 30, 2025December 31, 2024
Unpoolable HECM Loan TypeUnpaid
Principal Balance		Fair ValueUnpaid
Principal Balance		Fair Value
ABOs$12,446 $11,855 $8,487 $7,773 
NABOs21,881 17,696 15,479 11,140 
Other HECM loans(1)
5,331 5,331 4,986 4,988 
Total unpoolable HECM loans$39,658 $34,882 $28,952 $23,901 
(1)Includes HECM tail loans where the borrower is not in compliance with the terms of the underlying loan.