Quarterly report pursuant to Section 13 or 15(d)

Loans, at Fair Value

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Loans, at Fair Value
6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Loans, at Fair Value
8. Loans, at Fair Value
Loans held for investment and held for sale consisted of the following (in thousands):
June 30, 2024 Unpaid Principal Balance Fair Value Adjustments Estimated Fair Value
Loans held for investment, subject to HMBS related obligations $ 17,320,933  $ 875,159  $ 18,196,092 
Loans held for investment, subject to nonrecourse debt:
Reverse mortgage loans 8,491,733  (122,750) 8,368,983 
Commercial mortgage loans 62,457  (13,245) 49,212 
Total loans held for investment, subject to nonrecourse debt 8,554,190  (135,995) 8,418,195 
Loans held for investment(1):
Reverse mortgage loans 640,152  37,077  677,229 
Commercial mortgage loans 702  (205) 497 
Total loans held for investment 640,854  36,872  677,726 
Other assets:
Loans held for sale - residential mortgage loans 1,490  (336) 1,154 
Total loan portfolio $ 26,517,467  $ 775,700  $ 27,293,167 
(1) As of June 30, 2024, there was $608.3 million in UPB in loans held for investment pledged as collateral for financing lines of credit.
December 31, 2023 Unpaid Principal Balance Fair Value Adjustments Estimated Fair Value
Loans held for investment, subject to HMBS related obligations $ 16,875,437  $ 673,326  $ 17,548,763 
Loans held for investment, subject to nonrecourse debt:
Reverse mortgage loans 8,257,750  (119,347) 8,138,403 
Commercial mortgage loans 136,622  (2,632) 133,990 
Total loans held for investment, subject to nonrecourse debt 8,394,372  (121,979) 8,272,393 
Loans held for investment(1):
Reverse mortgage loans 558,577  15,694  574,271 
Commercial mortgage loans 1,044  (87) 957 
Total loans held for investment 559,621  15,607  575,228 
Other assets:
Loans held for sale - residential mortgage loans 9,247  (5,001) 4,246 
Total loan portfolio $ 25,838,677  $ 561,953  $ 26,400,630 
(1) As of December 31, 2023, there was $487.9 million in UPB in loans held for investment pledged as collateral for financing lines of credit.
The tables below show the total amount of loans held for investment and held for sale that were greater than 90 days past due and on non-accrual status (in thousands):
June 30, 2024 Unpaid Principal Balance Estimated Fair Value Difference
Loans held for investment, subject to nonrecourse debt:
Commercial mortgage loans $ 29,660  $ 23,795  $ (5,865)
Loans held for investment:
Commercial mortgage loans 702  497  (205)
Other assets:
Loans held for sale - residential mortgage loans 459  368  (91)
Total loans 90 days or more past due and on non-accrual status $ 30,821  $ 24,660  $ (6,161)

December 31, 2023 Unpaid Principal Balance Estimated Fair Value Difference
Loans held for investment, subject to nonrecourse debt:
Commercial mortgage loans $ 34,115  $ 31,244  $ (2,871)
Other assets:
Loans held for sale - residential mortgage loans 4,324  428  (3,896)
Total loans 90 days or more past due and on non-accrual status $ 38,439  $ 31,672  $ (6,767)

The table below shows a reconciliation of the changes in loans held for sale (in thousands):
For the three months ended June 30, 2024 For the three months ended June 30, 2023 For the six months ended June 30, 2024 For the six months ended June 30, 2023
Beginning balance $ 2,465  $ 77,494  $ 4,246  $ 173,984 
Originations/purchases/repurchases 579  46,042  2,863  125,328 
Proceeds from sales (2,106) (65,554) (6,257) (266,010)
Net transfers related to loans held for sale   —    15,580 
Net transfers related to discontinued operations   (105)   12,525 
Gain (loss) on loans held for sale, net 216  (3,854) 302  (16,346)
Net fair value changes on loans held for sale   (523)   8,439 
Ending balance $ 1,154  $ 53,500  $ 1,154  $ 53,500