Quarterly report pursuant to Section 13 or 15(d)

REVERSE MORTGAGE LOANS HELD FOR INVESTMENT AND HMBS-RELATED BORROWINGS - Schedule of Loans Held For Investment (Details)

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REVERSE MORTGAGE LOANS HELD FOR INVESTMENT AND HMBS-RELATED BORROWINGS - Schedule of Loans Held For Investment (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Reverse Mortgage Loans Held for Investment        
Balance — beginning of period $ 376,182 $ 36,709 $ 315,912 $ 0
Originations and purchases 34,782 42,894 102,265 77,297
Principal payments received (8,939) (734) (32,559) (734)
Change in fair value recognized in earnings 7,119 2,588 23,526 4,894
Balance — end of period 409,144 81,457 409,144 81,457
HMBS-Related Borrowings        
Balance — beginning of period (358,101) 0 (302,183) 0
Securitization of home equity conversion mortgages (“HECM”) loans and tails accounted for as a financing (including realized fair value changes) (37,691) (71,445) (103,892) (71,445)
Repayments (principal payments received) 9,020 0 30,346 0
Change in fair value recognized in earnings (4,752) 167 (15,795) 167
Balance — end of period (391,524) (71,278) (391,524) (71,278)
Reverse Mortgage Loans Held for Investment        
Securitized loans (pledged to HMBS-related borrowings) 398,723 73,443 398,723 73,443
Unsecuritized loans and tail advances 10,421 8,014 10,421 8,014
Total 409,144 81,457 409,144 81,457
HMBS-Related Borrowings        
Securitized loans (pledged to HMBS-related borrowings) (391,524) (71,278) (391,524) (71,278)
Home Equity Conversion Mortgage-Backed Securities Related Borrowings At Fair Value $ 391,524 $ 71,278 $ 391,524 $ 71,278