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LOANS (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Loan Investment Activity

The following table presents the activity of the Company’s loan investments, excluding loans transferred or pledged to securitization vehicles and loan warehouse facilities, for the year ended December 31, 2023:

			Residential Loans
			(dollars in thousands)
Beginning balance January 1, 2023			$	1,809,832
Purchases / originations			5,497,162
Sales and transfers (1)			(4,905,106)
Principal payments			(118,932)
Gains / (losses)			78,315
(Amortization) / accretion			(8,187)
Ending balance December 31, 2023			$	2,353,084
(1) Includes transfer of residential loans to securitization vehicles with a carrying value of $4.9 billion during the year ended December 31, 2023.

Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio

The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio, including loans transferred or pledged to securitization vehicles and excluding loan warehouse facilities, at December 31, 2023 and 2022:

			December 31, 2023			December 31, 2022
			(dollars in thousands)
Fair value			$	15,660,706		$	10,931,744
Unpaid principal balance			$	16,611,204		$	12,247,346

Summary of Comprehensive Income (Loss)

The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for December 31, 2023 and 2022 for these investments, excluding loan warehouse facilities:

			For the Years Ended
			December 31, 2023						December 31, 2022
			(dollars in thousands)
Interest income			$	703,838					$	410,195
Net gains (losses) on disposal of investments (1)			(5,049)						(12,842)
Net unrealized gains (losses) on instruments measured at fair value through earnings (1)			374,764						(1,420,645)
Total included in net income (loss)			$	1,073,553					$	(1,023,292)
(1) These amounts are presented in the line item Net gains (losses) on investments and other on the Consolidated Statements of Comprehensive Income (loss).

Geographic Concentrations Based on Unpaid Principal Balances

The following table provides the geographic concentrations based on the unpaid principal balances at December 31, 2023 and 2022 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles: 

Geographic Concentrations of Residential Mortgage Loans
December 31, 2023									December 31, 2022
Property location			% of Balance						Property location			% of Balance
California			40.1%						California			44.8%
Florida			10.6%						New York			10.3%
New York			10.5%						Florida			8.3%
Texas			5.6%						Texas			5.1%
All other (none individually greater than 5%)			33.2%						All other (none individually greater than 5%)			31.5%
Total			100.0%									100.0%

Residential Mortgage Loans

The following table provides additional data on the Company’s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at December 31, 2023 and 2022:

			December 31, 2023												December 31, 2022
			Portfolio Range						Portfolio Weighted Average						Portfolio Range						Portfolio Weighted Average
			(dollars in thousands)
Unpaid principal balance			$1 - $4,396						$477						$3 - $4,396						$489
Interest rate			2.00% - 13.25%						5.63%						2.00% - 15.00%						4.61%
Maturity			7/1/2029 - 12/1/2063						4/22/2052						7/1/2029 - 1/1/2063						10/6/2051
FICO score at loan origination			549 - 850						758						588 - 831						759
Loan-to-value ratio at loan origination			3% - 100%						68%						5% - 100%						68%

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