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LOANS (Tables) | 9 Months Ended
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Sep. 30, 2024
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, for the nine months ended September 30, 2024:
| Residential Loans |  |  |  |  |  |  |  |
| (dollars in thousands)
Beginning balance January 1, 2024 | $ | 2,353,084 |  |  |  |  |  |  |  |  |
Purchases / originations | 9,329,964 |  |  |  |  |  |  |  |  |
Sales and transfers (1) | (9,287,090) |  |  |  |  |  |  |  |  |
Principal payments | (103,691) |  |  |  |  |  |  |  |  |
Gains / (losses) | 25,189 |  |  |  |  |  |  |  |  |
(Amortization) / accretion | (11,843) |  |  |  |  |  |  |  |  |
Ending balance September 30, 2024 | $ | 2,305,613 |  |  |  |  |  |  |  |  |
(1) Includes transfer of residential loans to securitization vehicles with a carrying value of $8.8 billion during the nine months ended September 30, 2024.
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, at September 30, 2024 and December 31, 2023:
| September 30, 2024 | December 31, 2023
| (dollars in thousands)
Fair value | $ | 23,349,620 |  | $ | 15,660,706 |
Unpaid principal balance | $ | 23,711,456 |  | $ | 16,611,204 |
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 the three and nine months ended September 30, 2024 and 2023 for these investments:
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
| (dollars in thousands)
Interest income | $ | 346,031 |  |  | $ | 181,965 |  |  | $ | 899,867 |  |  | $ | 491,397 |
Net gains (losses) on disposal of investments (1) | 1,535 |  |  | (1,087) |  |  | (1,810) |  |  | (3,358) |
Net unrealized gains (losses) on instruments measured at fair value through earnings (1) | 558,161 |  |  | (418,776) |  |  | 469,462 |  |  | (326,096) |
Total included in net income (loss) | $ | 905,727 |  |  | $ | (237,898) |  |  | $ | 1,367,519 |  |  | $ | 161,943 |
(1) These amounts are presented in the line item Net gains (losses) on investments and other in 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 September 30, 2024 and December 31, 2023 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:
Geographic Concentrations of Residential Mortgage Loans
September 30, 2024 |  | December 31, 2023
Property location | % of Balance |  | Property location | % of Balance
California | 38.3% |  | California | 40.1%
New York | 10.9% |  | Florida | 10.6%
Florida | 10.6% |  | New York | 10.5%
Texas | 5.6% |  | Texas | 5.6%
All other (none individually greater than 5%) | 34.6% |  | All other (none individually greater than 5%) | 33.2%
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 September 30, 2024 and December 31, 2023:
| September 30, 2024 |  | December 31, 2023
| Portfolio Range | Portfolio Weighted Average |  | Portfolio Range | Portfolio Weighted Average
| (dollars in thousands)
Unpaid principal balance | $1 - $4,396 |  | $475 |  | $1 - $4,396 |  | $477
Interest rate | 2.00% - 18.00% |  | 6.31% |  | 2.00% - 13.25% |  | 5.63%
Maturity | 7/1/2029 - 10/1/2064 |  | 11/4/2052 |  | 7/1/2029 - 12/1/2063 |  | 4/22/2052
FICO score at loan origination | 549 - 850 |  | 758 |  | 549 - 850 |  | 758
Loan-to-value ratio at loan origination | 3% - 100% |  | 68% |  | 3% - 100% |  | 68%

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