Nonrecourse Debt, at Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Nonrecourse Debt at Fair Value

Nonrecourse debt, at fair value, consisted of the following (in thousands):


	Issue Date	Final Maturity Date(1)	Interest Rate	Original Issue Amount		December 31, 2025		December 31, 2024
Securitization of non-agency reverse mortgage loans	May 2018 - September 2025	December 2053 - September 2075	2.00% - 7.00%	$	10,220,880	$	8,834,991	$	8,304,568
Securitization of performing/nonperforming HECM loans	October 2024 - November 2025	October 2034 - November 2035	4.00% - 6.00%	1,135,800		749,110		677,035
Securitization of commercial loans(2)	N/A	N/A	N/A	N/A		—		8,245
Total consolidated VIE nonrecourse debt UPB						9,584,101		8,989,848
Nonrecourse loan financing liability(3)						376,423		374,071
Fair value adjustments						(224,031)		(409,851)
Total nonrecourse debt, at fair value						$	9,736,493	$	8,954,068

(1) The Company’s securitizations are generally callable at or following the optional redemption date as defined in each related indenture agreement.

(2) The nonrecourse debt associated with the securitization of commercial loans was fully paid off during 2025.

(3) Nonrecourse loan financing liability is comprised of nonrecourse debt associated with securitizations of non-agency mortgage loans. As the securitizations were determined to be unconsolidated VIEs and failed sale treatment, the associated nonrecourse debt is accounted for by the Company and presented separately from other nonrecourse debt. Refer to Note 4 - Variable Interest Entities and Securitizations for additional information.

Schedule of Estimated Maturities for Nonrecourse Debt Fair Value

As of December 31, 2025, estimated maturities for nonrecourse debt for the next five years and thereafter are as follows (in thousands):


Year Ending December 31,	Estimated Maturities
2026	$	2,716,708
2027	1,887,846
2028	794,907
2029	404,861
2030	531,170
Thereafter	3,625,032
Total payments on nonrecourse debt	$	9,960,524