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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Summary of Borrowings | Borrowings under our credit and repurchase facilities are as follows ($ in thousands):
|  | December 31, 2024 |  | December 31, 2023
|  | UPB |  | Debt Carrying Value (1) |  | Collateral Carrying Value |  | Wtd. Avg. Note Rate |  | UPB |  | Debt Carrying Value (1) |  | Collateral Carrying Value |  | Wtd. Avg. Note Rate
Structured Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1.9B joint repurchase facility (2) |  | $ | 661,159 |  |  | $ | 657,690 |  |  | $ | 1,104,791 |  |  | 6.76 | % |  | $ | 870,073 |  |  | $ | 868,077 |  |  | $ | 1,371,436 |  |  | 7.81 | %
$1B repurchase facility (2) |  | 215,832 |  |  | 215,459 |  |  | 336,193 |  |  | 6.97 | % |  | 386,576 |  |  | 385,779 |  |  | 589,533 |  |  | 7.68 | %
$1B repurchase facility |  | 782,956 |  |  | 781,812 |  |  | 1,055,321 |  |  | 7.20 | % |  | 448,411 |  |  | 447,490 |  |  | 597,205 |  |  | 8.38 | %
$750M repurchase facility (2) |  | 203,348 |  |  | 202,798 |  |  | 362,695 |  |  | 7.28 | % |  | — |  |  | — |  |  | — |  |  | — |
$649M repurchase facility (2)(3) |  | 499,039 |  |  | 499,017 |  |  | 678,017 |  |  | 6.98 | % |  | 355,328 |  |  | 355,328 |  |  | 506,753 |  |  | 7.83 | %
$400M credit facility |  | 140,412 |  |  | 138,695 |  |  | 237,123 |  |  | 7.69 | % |  | — |  |  | — |  |  | — |  |  | — |
$350M repurchase facility |  | 134,368 |  |  | 134,189 |  |  | 203,135 |  |  | 6.53 | % |  | 263,061 |  |  | 262,820 |  |  | 362,465 |  |  | 7.55 | %
$250M repurchase facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$250M repurchase facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$250M repurchase facility (4) |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,997 |  |  | 17,964 |  |  | 23,088 |  |  | 7.32 | %
$200M repurchase facility |  | 74,925 |  |  | 74,896 |  |  | 109,920 |  |  | 6.59 | % |  | 107,355 |  |  | 107,324 |  |  | 141,130 |  |  | 7.44 | %
$200M repurchase facility |  | 156,329 |  |  | 155,676 |  |  | 214,441 |  |  | 6.98 | % |  | 46,403 |  |  | 45,969 |  |  | 68,762 |  |  | 8.04 | %
$150M credit facility |  | 108,861 |  |  | 108,696 |  |  | 145,148 |  |  | 7.43 | % |  | 120,645 |  |  | 120,610 |  |  | 162,068 |  |  | 8.05 | %
$134M loan specific credit facilities |  | 134,131 |  |  | 133,965 |  |  | 181,108 |  |  | 6.59 | % |  | 120,660 |  |  | 120,328 |  |  | 161,700 |  |  | 6.91 | %
$100M repurchase facility (5) |  | — |  |  | — |  |  | — |  |  | — |  |  | 32,599 |  |  | 32,579 |  |  | 41,522 |  |  | 7.03 | %
$50M credit facility (6) |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,200 |  |  | 29,200 |  |  | 36,500 |  |  | 7.58 | %
$40M credit facility |  | 15,576 |  |  | 15,387 |  |  | 24,610 |  |  | 6.77 | % |  | — |  |  | — |  |  | — |  |  | — |
$35M working capital facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Repurchase facility - securities (2)(7) |  | 18,549 |  |  | 18,549 |  |  | — |  |  | 6.12 | % |  | 31,033 |  |  | 31,033 |  |  | — |  |  | 7.15 | %
Structured Business total (8) |  | $ | 3,145,485 |  |  | $ | 3,136,829 |  |  | $ | 4,652,502 |  |  | 7.00 | % |  | $ | 2,829,341 |  |  | $ | 2,824,501 |  |  | $ | 4,062,162 |  |  | 7.80 | %
Agency Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$750M ASAP agreement |  | $ | 62,196 |  |  | $ | 62,196 |  |  | $ | 62,372 |  |  | 5.48 | % |  | $ | 73,011 |  |  | $ | 73,011 |  |  | $ | 73,781 |  |  | 6.49 | %
$500M repurchase facility |  | 40,878 |  |  | 40,872 |  |  | 41,165 |  |  | 5.81 | % |  | 115,841 |  |  | 115,730 |  |  | 241,895 |  |  | 6.83 | %
$200M credit facility |  | 141,217 |  |  | 141,169 |  |  | 141,971 |  |  | 5.89 | % |  | 187,185 |  |  | 187,138 |  |  | 187,185 |  |  | 6.78 | %
$200M credit facility |  | 137,878 |  |  | 137,762 |  |  | 138,793 |  |  | 5.84 | % |  | — |  |  | — |  |  | — |  |  | — |
$100M joint repurchase facility (2) |  | 28,656 |  |  | 28,611 |  |  | 38,962 |  |  | 6.34 | % |  | 7,945 |  |  | 7,833 |  |  | 11,350 |  |  | 7.77 | %
$50M credit facility |  | 11,723 |  |  | 11,723 |  |  | 11,723 |  |  | 5.84 | % |  | 29,085 |  |  | 29,083 |  |  | 29,418 |  |  | 6.73 | %
$1M repurchase facility (2)(3) |  | 328 |  |  | 328 |  |  | 469 |  |  | 6.83 | % |  | 531 |  |  | 531 |  |  | 866 |  |  | 7.86 | %
Agency Business total |  | $ | 422,876 |  |  | $ | 422,661 |  |  | $ | 435,455 |  |  | 5.84 | % |  | $ | 413,598 |  |  | $ | 413,326 |  |  | $ | 544,495 |  |  | 6.76 | %
Consolidated total |  | $ | 3,568,361 |  |  | $ | 3,559,490 |  |  | $ | 5,087,957 |  |  | 6.86 | % |  | $ | 3,242,939 |  |  | $ | 3,237,827 |  |  | $ | 4,606,657 |  |  | 7.67 | %
________________________________________ (1)At December 31, 2024 and 2023, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $8.6 million and $4.8 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.2 million and $0.3 million, respectively. (2)These facilities are subject to margin call provisions associated with changes in interest spreads. (3)A portion of this facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (4)In December 2024, we terminated this facility. (5)This facility matured in October 2024 and was not renewed. (6)In June 2024, we terminated this facility. (7)At December 31, 2024 and 2023, this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $26.6 million and $43.1 million, respectively. (8)These amounts exclude outstanding mortgage notes payable on our REO assets with a debt carrying value of $74.9 million and $44.3 million as of December 31, 2024 and 2023, respectively. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands):
|  | Debt |  | Collateral (3)
|  |  |  |  |  |  |  | Loans |  | Cash
December 31, 2024 |  | Face Value |  | Carrying Value (1) |  | Wtd. Avg. Rate (2) |  | UPB |  | Carrying Value |  | Restricted Cash (4)
CLO 19 |  | $ | 753,987 |  |  | $ | 751,364 |  |  | 7.02 | % |  | $ | 912,935 |  |  | $ | 912,392 |  |  | $ | — |
CLO 18 |  | 1,335,647 |  |  | 1,332,950 |  |  | 6.47 | % |  | 1,684,765 |  |  | 1,684,285 |  |  | 37,090 |
CLO 17 |  | 1,482,657 |  |  | 1,480,495 |  |  | 6.15 | % |  | 1,811,391 |  |  | 1,810,463 |  |  | 50,910 |
CLO 16 |  | 682,845 |  |  | 681,008 |  |  | 5.93 | % |  | 944,660 |  |  | 943,542 |  |  | — |
CLO 14 |  | 326,238 |  |  | 326,238 |  |  | 6.11 | % |  | 452,751 |  |  | 452,526 |  |  | — |
Total CLOs (5) |  | 4,581,374 |  |  | 4,572,055 |  |  | 6.35 | % |  | 5,806,502 |  |  | 5,803,208 |  |  | 88,000 |
Q Series securitization |  | 50,641 |  |  | 50,434 |  |  | 6.49 | % |  | 94,940 |  |  | 94,895 |  |  | — |
Total securitized debt |  | $ | 4,632,015 |  |  | $ | 4,622,489 |  |  | 6.35 | % |  | $ | 5,901,442 |  |  | $ | 5,898,103 |  |  | $ | 88,000 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
CLO 19 |  | $ | 872,812 |  |  | $ | 868,359 |  |  | 7.84 | % |  | $ | 1,031,772 |  |  | $ | 1,028,669 |  |  | $ | 4,527 |
CLO 18 |  | 1,652,812 |  |  | 1,647,885 |  |  | 7.29 | % |  | 1,784,921 |  |  | 1,780,930 |  |  | 244,629 |
CLO 17 |  | 1,714,125 |  |  | 1,709,800 |  |  | 7.14 | % |  | 1,870,388 |  |  | 1,865,878 |  |  | 203,938 |
CLO 16 |  | 1,237,500 |  |  | 1,233,769 |  |  | 6.76 | % |  | 1,456,872 |  |  | 1,453,297 |  |  | 847 |
CLO 15 (5) |  | 674,412 |  |  | 673,367 |  |  | 6.82 | % |  | 734,120 |  |  | 732,498 |  |  | 42,600 |
CLO 14 (5) |  | 589,345 |  |  | 588,176 |  |  | 6.82 | % |  | 680,814 |  |  | 679,469 |  |  | 33,271 |
Total CLOs |  | 6,741,006 |  |  | 6,721,356 |  |  | 7.14 | % |  | 7,558,887 |  |  | 7,540,741 |  |  | 529,812 |
Q Series securitization |  | 215,278 |  |  | 213,654 |  |  | 7.38 | % |  | 287,038 |  |  | 286,053 |  |  | — |
Total securitized debt |  | $ | 6,956,284 |  |  | $ | 6,935,010 |  |  | 7.15 | % |  | $ | 7,845,925 |  |  | $ | 7,826,794 |  |  | $ | 529,812 |
________________________________________ (1)Debt carrying value is net of $9.5 million and $21.3 million of deferred financing fees at December 31, 2024 and 2023, respectively. (2)At December 31, 2024 and 2023, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 6.59% and 7.37%, respectively, and the Q Series securitization was 7.46% and 7.99%, respectively. (3)At December 31, 2024 and 2023, 46 and 12 loans, respectively, with a total UPB of $1.60 billion and $308.3 million, respectively, were deemed a "credit risk" as defined by the CLO indentures. A credit risk asset is generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset. (4)Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $43.4 million and $63.9 million at December 31, 2024 and 2023, respectively. (5)The replenishment period for all CLOs has ended: CLO 14 - September 2023, CLO 15 – December 2023, CLO 16 – March 2024, CLO 19 – May 2024, CLO 17 – June 2024, and CLO 18 – August 2024.
Summary of Senior Unsecured Notes | A summary of our senior unsecured notes is as follows ($ in thousands):
|  |  |  |  |  | December 31, 2024 |  | December 31, 2023
Senior Unsecured Notes |  | Issuance Date |  | Maturity |  | UPB |  | Carrying Value (1) |  | Wtd. Avg. Rate (2) |  | UPB |  | Carrying Value (1) |  | Wtd. Avg. Rate (2)
9.00% Notes (3) |  | Oct. 2024 |  | Oct. 2027 |  | $ | 100,000 |  |  | $ | 98,352 |  |  | 9.00 | % |  | $ | — |  |  | $ | — |  |  | — |
7.75% Notes (3) |  | Mar. 2023 |  | Mar. 2026 |  | 95,000 |  |  | 94,275 |  |  | 7.75 | % |  | 95,000 |  |  | 93,697 |  |  | 7.75 | %
8.50% Notes (3) |  | Oct. 2022 |  | Oct. 2027 |  | 150,000 |  |  | 148,531 |  |  | 8.50 | % |  | 150,000 |  |  | 148,023 |  |  | 8.50 | %
5.00% Notes (3) |  | Dec. 2021 |  | Dec. 2028 |  | 180,000 |  |  | 178,300 |  |  | 5.00 | % |  | 180,000 |  |  | 177,875 |  |  | 5.00 | %
4.50% Notes (3) |  | Aug. 2021 |  | Sept. 2026 |  | 270,000 |  |  | 268,601 |  |  | 4.50 | % |  | 270,000 |  |  | 267,763 |  |  | 4.50 | %
5.00% Notes (3) |  | Apr. 2021 |  | Apr. 2026 |  | 175,000 |  |  | 174,161 |  |  | 5.00 | % |  | 175,000 |  |  | 173,542 |  |  | 5.00 | %
4.50% Notes (3) |  | Mar. 2020 |  | Mar. 2027 |  | 275,000 |  |  | 273,927 |  |  | 4.50 | % |  | 275,000 |  |  | 273,444 |  |  | 4.50 | %
4.75% Notes |  | Oct. 2019 |  | Oct. 2024 |  | — |  |  | — |  |  | — |  |  | 110,000 |  |  | 109,721 |  |  | 4.75 | %
5.75% Notes |  | Mar. 2019 |  | Apr. 2024 |  | — |  |  | — |  |  | — |  |  | 90,000 |  |  | 89,903 |  |  | 5.75 | %
|  |  |  |  |  | $ | 1,245,000 |  |  | $ | 1,236,147 |  |  | 5.73 | % |  | $ | 1,345,000 |  |  | $ | 1,333,968 |  |  | 5.41 | %
________________________________________ (1)At December 31, 2024 and 2023, the carrying value is net of deferred financing fees of $8.9 million and $11.0 million, respectively. (2)At December 31, 2024 and 2023, the aggregate weighted average note rate, including certain fees and costs, was 6.02% and 5.70%, respectively. (3)These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
Summary of UPB and Net Carrying Value of Convertible Notes | The UPB and net carrying value of our convertible notes are as follows (in thousands):
Period |  | UPB |  |  |  | Unamortized Deferred Financing Fees |  | Net Carrying Value |  |
December 31, 2024 |  | $ | 287,500 |  |  |  |  | $ | 1,647 |  |  | $ | 285,853 |  |  |
December 31, 2023 |  | $ | 287,500 |  |  |  |  | $ | 4,382 |  |  | $ | 283,118 |  |  |
Summary of CLO Compliance Tests | Our CLO compliance tests as of the most recent determination dates in January 2025 are as follows:
Cash Flow Triggers |  |  |  |  |  | CLO 14 |  |  |  | CLO 16 |  | CLO 17 |  | CLO 18 |  | CLO 19
Overcollateralization (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  | 137.46 | % |  |  |  | 136.19 | % |  | 122.10 | % |  | 123.89 | % |  | 119.56 | %
Limit |  |  |  |  |  | 118.76 | % |  |  |  | 120.21 | % |  | 121.51 | % |  | 123.03 | % |  | 119.30 | %
Pass / Fail |  |  |  |  |  | Pass |  |  |  | Pass |  | Pass |  | Pass |  | Pass
Interest Coverage (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  | 172.64 | % |  |  |  | 176.22 | % |  | 152.15 | % |  | 143.01 | % |  | 133.28 | %
Limit |  |  |  |  |  | 120.00 | % |  |  |  | 120.00 | % |  | 120.00 | % |  | 120.00 | % |  | 120.00 | %
Pass / Fail |  |  |  |  |  | Pass |  |  |  | Pass |  | Pass |  | Pass |  | Pass
________________________________________ (1)The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g., CCC-) as defined in each CLO vehicle. (2)The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Summary of CLO Overcollateralization Ratios | Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:
Determination (1) |  |  |  |  |  | CLO 14 |  |  |  | CLO 16 |  | CLO 17 |  | CLO 18 |  | CLO 19
January 2025 |  |  |  |  |  | 137.46 | % |  |  |  | 136.19 | % |  | 122.10 | % |  | 123.89 | % |  | 119.56 | %
October 2024 |  |  |  |  |  | 133.88 | % |  |  |  | 129.98 | % |  | 123.14 | % |  | 124.20 | % |  | 121.78 | %
July 2024 |  |  |  |  |  | 132.91 | % |  |  |  | 127.64 | % |  | 121.78 | % |  | 123.67 | % |  | 119.98 | %
April 2024 |  |  |  |  |  | 125.22 | % |  |  |  | 120.81 | % |  | 121.71 | % |  | 123.87 | % |  | 119.30 | %
January 2024 |  |  |  |  |  | 120.00 | % |  |  |  | 120.81 | % |  | 121.71 | % |  | 123.87 | % |  | 120.30 | %
________________________________________ (1)This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.

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