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Debt Obligations (Tables)

12 Months Ended

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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