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Residential Mortgage Loans (Tables) | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Derivative Instruments Used to Hedge Mortgage Loan Activity | The following table reflects the outstanding derivative instruments related to our mortgage loan activity as of the dates indicated.
Derivative instruments |
|  | March 31, 2025 |  |  | December 31, 2024 |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
(In thousands) |  | Notional (1) |  |  | Derivative Assets |  |  | Derivative Liabilities |  |  | Notional (1) |  |  | Derivative Assets |  |  | Derivative Liabilities |
Forward mortgage loan purchase commitments |  | $ | 366,176 |  |  | $ | 1,400 |  |  | $ | — |  |  | $ | 51,732 |  |  | $ | 65 |  |  | $ | — |
Hedging instruments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward RMBS purchase contracts |  | $ | 318,000 |  |  | $ | 856 |  |  | $ | 108 |  |  | $ | 394,000 |  |  | $ | 2,492 |  |  | $ | 40 |
Interest rate swap futures contracts |  |  | 57,000 |  |  |  | 1,286 |  |  |  | — |  |  |  | 58,500 |  |  |  | 1,717 |  |  |  | — |
(1) Notional amounts provide an indication of the volume of the Company’s derivative capacity. For our hedging instruments, the notional amount is the face amount of our contracts and does not represent our exposure to credit loss and therefore is not reflected on our condensed consolidated balance sheets. (2) All of the derivatives used for hedging purposes are interest rate derivatives subject to master netting agreements and are considered economic hedges.
Schedule of Net Gains (Losses) on Residential Mortgage Loans Held for Sale, Net of Hedging Activities | The impact to net gains (losses) on investments and other financial instruments from our residential mortgage loans held for sale and related hedging activities is as follows.
Net gains (losses) on residential mortgage loans held for sale, net of hedging activities |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Net realized gains (losses) on residential mortgage loans held for sale |  |  |  |  |  |
Mortgage loans held for sale (1) |  | $ | (5,982 | ) |  | $ | 63 |
Mortgage servicing and other related rights resulting from residential mortgage loan sales |  |  | 1,543 |  |  |  | 310 |
Total realized gains (losses) on residential mortgage loans held for sale |  |  | (4,439 | ) |  |  | 373 |
Change in unrealized gains (losses) on residential mortgage loans sold |  |  | 5,328 |  |  |  | (1,097 | )
Unrealized gains (losses) on residential mortgage loans held for sale still held (2) |  |  | 4,208 |  |  |  | 1,078 |
Total net gains (losses) on residential mortgage loans held for sale |  |  | 5,097 |  |  |  | 354 |
Net gains (losses) on mortgage loans held for sale hedging activities |  |  | (3,810 | ) |  |  | 30 |
Net gains (losses) on residential mortgage loans held for sale, net of hedging activities |  | $ | 1,287 |  |  | $ | 384 |
(1) Includes net gains (losses) on residential mortgage loans held for sale through the date of transfer to a securitization trust, if applicable. See “Securitized Residential Mortgage Loans Held for Investment” below for information on subsequent gains (losses) for those securitized loans. (2) Includes net gains (losses) on mortgage loan commitments accounted for as derivatives prior to settlement. Net investment income earned on our residential mortgage loans held for sale and interest expense incurred on our mortgage loan financing facilities consists of the following.
Net interest on residential mortgage loans held for sale |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Interest income |  | $ | 6,273 |  |  | $ | 1,793 |
Interest expense |  |  | (6,010 | ) |  |  | (1,438 | )
Net interest on residential mortgage loans held for sale |  | $ | 263 |  |  | $ | 355 |
Schedule of Components of Consolidated VIE Assets and Liability by Securitization | The following table details the components of our consolidated VIE assets and liabilities by securitization as of the dates indicated.
Consolidated VIE assets and liabilities |
(In thousands) |  | March 31, 2025 |  |  | December 31, 2024 |
VIE |  | Closing Date |  | Consolidated VIE Assets |  |  | Consolidated VIE Liabilities |  |  | Net Retained Interest |  |  | Consolidated VIE Assets |  |  | Consolidated VIE Liabilities |  |  | Net Retained Interest |
RMCT 2024-J1 |  | July 2024 |  | $ | 312,014 |  |  | $ | 305,534 |  |  | $ | 6,480 |  |  | $ | 317,782 |  |  | $ | 311,751 |  |  | $ | 6,031 |
RMCT 2024-J2 |  | October 2024 |  |  | 380,429 |  |  |  | 374,146 |  |  |  | 6,283 |  |  |  | 403,525 |  |  |  | 397,844 |  |  |  | 5,681 |
RMCT 2025-J1 |  | February 2025 |  |  | 372,098 |  |  |  | 360,035 |  |  |  | 12,063 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 1,064,541 |  |  | $ | 1,039,715 |  |  | $ | 24,826 |  |  | $ | 721,307 |  |  | $ | 709,595 |  |  | $ | 11,712 |
Schedule of Components of Income (Loss) on Consolidated VIEs | The following table details the components of income (loss) on consolidated VIEs for the three months ended March 31, 2025. There was no activity for the three months ended March 31, 2024.
Income (loss) on consolidated VIEs |
|  | Three Months Ended March 31, |
(In thousands) |  | 2025 |
Net change in fair value of VIE assets and liabilities reported under the fair value option |  | $ | (313 | )
Interest income |  |  | 14,859 |
Interest expense |  |  | (13,569 | )
Other expenses |  |  | (549 | )
Total income (loss) on consolidated VIEs |  | $ | 428 |

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