The Company invests in various types of loans, such as residential mortgage, commercial mortgage, consumer, corporate, and reverse mortgage loans. As discussed in Note 2, the Company has elected the FVO for its investments in loans. The following table is a summary of the Company's investments in loans as of September 30, 2025 and December 31, 2024:


(In thousands)	September 30, 2025				December 31, 2024
Loan Type	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Residential mortgage loans	$	3,338,338	$	3,234,797	$	3,689,355	$	3,539,534
Commercial mortgage loans	546,466		545,674		370,658		350,515
Consumer loans	241		208		556		477
Corporate loans	18,563		18,304		11,767		11,767
Reverse mortgage loans	11,022,773		11,732,316		9,585,110		10,097,279
Total	$	14,926,381	$	15,531,299	$	13,657,446	$	13,999,572

The Company is subject to credit risk in connection with its investments in loans. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and severity risk, which is the risk of loss upon a borrower default on a mortgage loan or other secured or unsecured loan. Severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs. Credit risk in the loan portfolio can be amplified by exogenous shocks impacting borrowers, such as man-made or natural disasters.

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 September 30, 2025 and December 31, 2024:


	September 30, 2025				December 31, 2024
(In thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
90 days or more past due—non-accrual status
Residential mortgage loans	$	261,621	$	241,072	$	239,156	$	224,993
Commercial mortgage loans	61,453		60,726		56,476		37,558
Consumer loans	13		6		18		13

September 30, 2025:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield		Life (Years)(1)
Residential mortgage loans, held-for-investment(2)	$	3,109,293	$	32,459	$	3,141,752	$	9,996	$	(158,771)	$	2,992,977	7.17	%	6.17	%	4.39
Residential mortgage loans, held-for-sale	$	229,045	$	8,972	$	238,017	$	3,996	$	(193)	$	241,820	7.63	%	6.67	%	4.82
Total residential mortgage loans	$	3,338,338	$	41,431	$	3,379,769	$	13,992	$	(158,964)	$	3,234,797	7.20	%	6.20	%	4.42

(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 $1.386 billion of non-QM loans that have been securitized and are held in consolidated securitization trusts. Such loans had $(139.6) million of gross unrealized losses. See Residential Mortgage Loan Securitizations in Note 13 for additional information.


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield		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 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 September 30, 2025 and December 31, 2024:


Property Location	September 30, 2025		December 31, 2024
North America:
United States:
California	27.0	%	28.8	%
Florida	18.5	%	19.6	%
Texas	8.6	%	7.9	%
New York	3.6	%	1.9	%
New Jersey	3.5	%	2.6	%
Utah	2.9	%	2.7	%
Arizona	2.7	%	3.1	%
Washington	2.6	%	2.4	%
Pennsylvania	2.5	%	2.6	%
Georgia	2.2	%	2.6	%
North Carolina	2.2	%	2.1	%
Colorado	2.1	%	1.9	%
Illinois	2.0	%	2.1	%
Massachusetts	1.7	%	1.5	%
Oregon	1.6	%	1.4	%
South Carolina	1.6	%	0.9	%
Nevada	1.5	%	1.5	%
Tennessee	1.5	%	1.4	%
Connecticut	1.2	%	1.1	%
Ohio	0.8	%	1.1	%
Virginia	0.8	%	1.0	%
Maryland	0.7	%	1.2	%
Other	7.0	%	7.4	%
	98.8	%	98.8	%
Europe:
United Kingdom	1.2	%	1.2	%
	100.0	%	100.0	%


	September 30, 2025				December 31, 2024
(In thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Re-performing	$	22,583	$	21,715	$	24,640	$	22,845
Non-performing	252,046		231,817		229,140		215,736

As of September 30, 2025 and December 31, 2024, the Company had residential mortgage loans that were in the process of foreclosure with a fair value of $160.5 million and $121.5 million, respectively.

September 30, 2025:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield(1)		Life (Years)(2)
Commercial mortgage loans, held-for-investment	$	546,466	$	(866)	$	545,600	$	145	$	(71)	$	545,674	10.05	%	9.92	%	1.12

(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.


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		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

(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 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 September 30, 2025 and December 31, 2024:


Property Location by U.S. State	September 30, 2025		December 31, 2024
Florida	25.6	%	20.4	%
New York	25.1	%	14.4	%
New Jersey	7.2	%	4.3	%
Texas	5.7	%	4.3	%
Illinois	4.5	%	12.5	%
Virginia	4.1	%	2.8	%
Connecticut	3.8	%	10.9	%
South Carolina	3.5	%	—	%
Georgia	3.3	%	5.4	%
Louisiana	3.1	%	3.8	%
Michigan	2.3	%	3.4	%
Colorado	2.2	%	3.2	%
Pennsylvania	1.7	%	3.3	%
Mississippi	1.5	%	—	%
Alabama	1.2	%	3.2	%
Arizona	1.2	%	1.8	%
Maryland	1.1	%	—	%
North Carolina	1.0	%	—	%
West Virginia	1.0	%	—	%
Ohio	—	%	4.2	%
Other	0.9	%	2.1	%
	100.0	%	100.0	%

As of September 30, 2025, the Company had eight non-performing commercial mortgage loans with an unpaid principal balance and fair value of $61.5 million and $60.7 million, respectively. As of December 31, 2024, the Company had four non-

As described in Note 2, the Company evaluates the cost basis of its commercial mortgage loans for impairment on at least a quarterly basis. As of September 30, 2025 and December 31, 2024, the expected future credit losses, which the Company tracks for purposes of calculating interest income, of $0.1 million and $11.8 million, respectively, related to adverse changes in estimated future cash flows on its commercial mortgage loans.

As of December 31, 2024, the Company had one commercial mortgage loan in the process of foreclosure; such loan had an unpaid principal balance and fair value of $15.5 million and $11.3 million, respectively. As of September 30, 2025, the Company did not have any commercial mortgage loans in the process of foreclosure.

September 30, 2025:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Life (Years)(1)	Delinquency (Days)
Consumer loans, held-for-investment	$	241	$	177	$	418	$	35	$	(245)	$	208	0.85	13

(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 Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Life (Years)(1)	Delinquency (Days)
Consumer loans, held-for-investment	$	556	$	89	$	645	$	69	$	(237)	$	477	0.85	14

(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 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 September 30, 2025 and December 31, 2024.


Days Past Due	September 30, 2025		December 31, 2024
Current	79.3	%	79.6	%
30-59 Days	12.7	%	14.7	%
60-89 Days	2.5	%	2.5	%
90-119 Days	5.5	%	3.2	%
	100.0	%	100.0	%

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 September 30, 2025 and December 31, 2024, the Company had expected future credit losses, which it tracks for purposes of calculating interest income, of $0.2 million and $0.3 million, respectively, on its consumer loans. The Company has determined for certain of its consumer loans that a portion of such loans' cost basis is not collectible. For the three-month period ended September 30, 2024, the Company recognized realized losses on these loans of $(0.1) million; no such losses were recognized for the three-month period ended September 30, 2025. For the nine-month periods ended September 30, 2025 and 2024, the Company recognized realized losses on these loans of $23 thousand and $(0.1) million, respectively.

September 30, 2025:


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Rate		Remaining Term (Years)
Corporate loans, held-for-investment(1)	$	18,563	$	(742)	$	17,821	$	493	$	(11)	$	18,304	7.85	%	2.17


							Gross Unrealized						Weighted Average
($ in thousands)	Unpaid Principal Balance		Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Rate		Remaining Term (Years)
Corporate loans, held-for-investment(1)	$	11,767	$	(386)	$	11,381	$	386	$	—	$	11,767	9.80	%	3.66


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Coupon		Life (Years)
Reverse mortgage loans, held-for-investment
HECM loans
HECM loans collateralizing HMBS	$	9,643,771	$	10,227,356	6.29	%	4.81
Unsecuritized HECM loans(1)	138,813		143,165		6.35	%	5.70
Proprietary reverse mortgage loans
Securitized proprietary reverse mortgage loans	863,789		953,169		9.96	%	7.97
Unsecuritized proprietary reverse mortgage loans	286,474		311,850		9.36	%	17.25
Total reverse mortgage loans, held-for-investment	10,932,847		11,635,540		6.66	%	5.42
Reverse mortgage loans, held-for-sale
Unsecuritized proprietary reverse mortgage loans	89,926		96,776		9.21	%	17.22
Total reverse mortgage loans	$	11,022,773	$	11,732,316	6.68	%	5.51


					Weighted Average
($ in thousands)	Unpaid Principal Balance		Fair Value		Coupon		Life (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 loans	556,158		606,752		10.13	%	10.19
Unsecuritized proprietary reverse mortgage loans	11,083		14,601		10.87	%	17.15
Total reverse mortgage loans, held-for-investment	9,499,360		10,004,631		6.72	%	5.31
Reverse mortgage loans, held-for-sale
Unsecuritized proprietary reverse mortgage loans	85,750		92,648		9.92	%	17.15
Total reverse mortgage loans	$	9,585,110	$	10,097,279	6.75	%	5.42

During the three-month periods ended September 30, 2025 and 2024, the Company transferred proprietary reverse mortgage loans held-for-sale with an unpaid principal balance of $379.3 million and $97.8 million, respectively, to held-for-investment. During the nine-month periods ended September 30, 2025 and 2024, the Company transferred proprietary reverse mortgage loans held-for-sale with an unpaid principal balance of $580.0 million and $396.0 million, respectively, to held-for-investment.

Reverse mortgage loans are categorized as either "active" or "inactive." Inactive loans include loans where the borrower is deceased, no longer occupies the property, or is delinquent on tax and/or insurance payments; in addition, HECM loans may also be categorized as inactive as a result of various administrative or legal issues, such as missing loan documentation. Loans that are not inactive are categorized as "active."

The issuer of a HECM loan that has been pooled into an HMBS is required to repurchase such loan if its outstanding principal balance has reached 98% of its maximum claim amount (the "MCA"). The MCA for a loan is equal to the lesser of the home's appraised value or the maximum loan limit that can be insured by FHA, in each case at the point in time that the conditional commitment is issued. The timing and amount of the Company obligations with respect to MCA repurchases is uncertain, as repurchase is dependent largely on circumstances outside of the Company’s control, including the amount and timing of future draws and the status of the loan.

HECM loans that have reached 98% of the MCA and have been repurchased from an HMBS pool ("HECM Buyout Loans") are categorized as either assignable buyout loans ("ABOs") when active, or non-assignable buyout loans ("NABOs") when inactive. ABOs may be assigned to the U.S. Department of Housing and Urban Development ("HUD"), which then reimburses the Company for the outstanding debt on the repurchased loan, up to the MCA. For NABOs, following resolution of the loan, the Company may file a claim with HUD for any recoverable remaining principal and advance balances. Any unsecuritized HECM loan that is inactive, or that has already reached 98% of its MCA, is “unpoolable”; i.e., it is not eligible for securitization into HMBS.


(In thousands)	September 30, 2025				December 31, 2024
Unpoolable HECM Loan Type	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
ABOs	$	20,647	$	19,571	$	8,487	$	7,773
NABOs	21,065		17,344		15,479		11,140
Other HECM loans(1)	5,726		5,733		4,986		4,988
Total unpoolable HECM loans	$	47,438	$	42,648	$	28,952	$	23,901

As of September 30, 2025, the Company had $507.1 million in unpaid principal balance of inactive reverse mortgage loans, of which $472.9 million related to HECM loans and the remainder related to proprietary reverse mortgage loans. As of

December 31, 2024, the Company had $388.2 million in unpaid principal balance of inactive reverse mortgage loans, of which $373.8 million related to HECM loans and the remainder related to proprietary reverse mortgage loans.

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 September 30, 2025 and December 31, 2024.


Property Location by U.S. State	September 30, 2025		December 31, 2024
California	29.8	%	29.4	%
Florida	8.9	%	8.8	%
Colorado	6.7	%	7.1	%
Arizona	6.3	%	6.4	%
Washington	5.2	%	5.4	%
Texas	5.0	%	5.1	%
Utah	4.9	%	5.1	%
Oregon	2.8	%	3.0	%
Idaho	2.6	%	2.7	%
New York	2.6	%	2.3	%
Massachusetts	2.2	%	2.1	%
North Carolina	2.2	%	2.2	%
Nevada	2.1	%	2.1	%
Georgia	1.7	%	1.7	%
Tennessee	1.5	%	1.4	%
South Carolina	1.4	%	1.4	%
Virginia	1.4	%	1.4	%
New Jersey	1.4	%	1.4	%
Ohio	1.3	%	1.2	%
Pennsylvania	1.0	%	1.0	%
Maryland	0.9	%	0.9	%
Other	8.1	%	7.9	%
	100.0	%	100.0	%