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Debt Obligations (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Borrowings | Borrowings under our credit and repurchase facilities are as follows ($ in thousands):
|  |  |  |  |  |  | March 31, 2026 |  | December 31, 2025 |
| Current Maturity |  | Extended Maturity |  |  |  | Debt Carrying Value (1) |  | Collateral Carrying Value |  | Wtd. Avg. Note Rate (2) |  | Debt Carrying Value (1) |  | Collateral Carrying Value |
Structured Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1.4B joint repurchase facility (3) | Jul. 2027 |  | Jul. 2028 |  |  |  | $ | 1,031,189 |  |  | $ | 1,569,762 |  |  | 6.36 | % |  | $ | 882,635 |  |  | $ | 1,468,161 |  |
$1.22B repurchase facility | (6) |  | N/A |  |  |  | 1,175,995 |  |  | 1,633,307 |  |  | 5.66 | % |  | 1,149,944 |  |  | 1,555,403 |  |
$1B repurchase facility (3) | (5) |  | N/A |  |  |  | 774,998 |  |  | 1,082,767 |  |  | 6.47 | % |  | 879,499 |  |  | 1,207,513 |  |
$850M repurchase facility (3) | Dec. 2026 |  | Dec. 2027 |  |  |  | 356,589 |  |  | 624,309 |  |  | 6.50 | % |  | 443,880 |  |  | 725,309 |  |
$650M repurchase facility (3) | Oct. 2026 |  | N/A |  |  |  | 381,913 |  |  | 456,439 |  |  | 6.19 | % |  | 462,694 |  |  | 549,069 |  |
$400M credit facility | Mar. 2027 |  | N/A |  |  |  | 59,399 |  |  | 117,164 |  |  | 7.01 | % |  | 66,479 |  |  | 125,099 |  |
$400M repurchase facility | Jan. 2027 |  | Jan. 2028 |  |  |  | 279,679 |  |  | 379,619 |  |  | 5.98 | % |  | 291,342 |  |  | 383,195 |  |
$350M repurchase facility | Mar. 2027 |  | N/A |  |  |  | 124,215 |  |  | 217,645 |  |  | 5.73 | % |  | 127,199 |  |  | 238,422 |  |
$300M credit facility | Mar. 2029 |  | Mar. 2030 |  |  |  | 7,551 |  |  | 9,476 |  |  | 6.76 | % |  | — |  |  | — |  |
$250M repurchase facility | Sept. 2027 |  | Sept. 2028 |  |  |  | 85,803 |  |  | 132,070 |  |  | 6.79 | % |  | 73,052 |  |  | 113,121 |  |
$250M repurchase facility | Oct. 2026 |  | N/A |  |  |  | — |  |  | — |  |  | — |  |  | 98,186 |  |  | 126,340 |  |
$250M repurchase facility | Oct. 2027 |  | N/A |  |  |  | 95,417 |  |  | 124,588 |  |  | 6.25 | % |  | 78,963 |  |  | 102,758 |  |
$200M credit facility | Mar. 2027 |  | Mar. 2028 |  |  |  | 48,665 |  |  | 65,277 |  |  | 6.30 | % |  | 41,114 |  |  | 59,147 |  |
$22M loan specific credit facility | Jul. 2026 |  | N/A |  |  |  | 20,792 |  |  | 26,000 |  |  | 5.84 | % |  | 63,456 |  |  | 87,000 |  |
$40M credit facility (7) | Jul. 2026 |  | N/A |  |  |  | 15,570 |  |  | 24,610 |  |  | 6.10 | % |  | 15,532 |  |  | 24,610 |  |
$35M working capital facility (7) | Jul. 2026 |  | N/A |  |  |  | 35,000 |  |  | — |  |  | 6.66 | % |  | 35,000 |  |  | — |  |
Repurchase facility - securities (3)(4) | N/A |  | N/A |  |  |  | 50,312 |  |  | — |  |  | 5.09 | % |  | 50,280 |  |  | — |  |
Structured Business total (8) |  |  |  |  |  |  | $ | 4,543,087 |  |  | $ | 6,463,033 |  |  | 6.15 | % |  | $ | 4,759,255 |  |  | $ | 6,765,147 |  |
Agency Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$750M ASAP agreement | N/A |  | N/A |  |  |  | $ | 253,768 |  |  | $ | 257,537 |  |  | 4.88 | % |  | $ | 91,965 |  |  | $ | 92,733 |  |
$500M repurchase facility | Nov. 2026 |  | N/A |  |  |  | 23,169 |  |  | 23,573 |  |  | 5.16 | % |  | 89,427 |  |  | 89,573 |  |
$200M credit facility (7) | Mar. 2027 |  | N/A |  |  |  | 62,162 |  |  | 62,568 |  |  | 5.37 | % |  | 101,802 |  |  | 102,409 |  |
$200M credit facility | Jun. 2026 |  | N/A |  |  |  | 20,549 |  |  | 20,738 |  |  | 6.07 | % |  | 42,887 |  |  | 43,096 |  |
$100M joint repurchase facility (3) | Jul. 2027 |  | Jul. 2028 |  |  |  | 65,217 |  |  | 77,762 |  |  | 6.27 | % |  | 64,315 |  |  | 77,798 |  |
Agency Business total |  |  |  |  |  |  | $ | 424,865 |  |  | $ | 442,178 |  |  | 5.24 | % |  | $ | 390,396 |  |  | $ | 405,609 |  |
Consolidated total |  |  |  |  |  |  | $ | 4,967,952 |  |  | $ | 6,905,211 |  |  | 6.07 | % |  | $ | 5,149,651 |  |  | $ | 7,170,756 |  |
________________________ (1)At March 31, 2026 and December 31, 2025, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $9.6 million and $11.7 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.3 million at both March 31, 2026 and December 31, 2025. (2)At March 31, 2026 and December 31, 2025, all credit and repurchase facilities are variable rate loans. (3)These facilities are subject to margin call provisions associated with changes in interest spreads. (4)At March 31, 2026 and December 31, 2025, this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $6.0 million and cash and $26.5 million, respectively, and investment grade notes we retained from our BTR CLO 1 securitization with a principal balance of $41.0 million at both March 31, 2026 and December 31, 2025. (5)The commitment amount under this facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. (6)This facility matures at the latest maturity date of all purchased assets, which is currently March 2029. (7)These facilities were extended in 2026. (8)These amounts exclude outstanding notes payable on our REO assets with a debt carrying value of $253.2 million and $223.0 million at March 31, 2026 and December 31, 2025, respectively. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands):
|  | Debt |  | Collateral (3)
|  |  |  |  |  |  |  | Loans |  | Cash
March 31, 2026 |  | Face Value |  | Carrying Value (1) |  | Wtd. Avg. Rate (2) |  | UPB |  | Carrying Value |  | Restricted Cash (4)
CLO 21 |  | $ | 673,990 |  |  | $ | 667,860 |  |  | 5.47 | % |  | $ | 655,335 |  |  | $ | 652,162 |  |  | $ | 100,000 |
CLO 20 |  | 933,187 |  |  | 925,169 |  |  | 5.48 | % |  | 971,081 |  |  | 966,871 |  |  | 75,192 |
BTR CLO 1 |  | 567,121 |  |  | 559,749 |  |  | 6.22 | % |  | 688,888 |  |  | 687,341 |  |  | 266 |
CLO 18 (5) |  | 878,266 |  |  | 878,030 |  |  | 5.88 | % |  | 1,240,919 |  |  | 1,240,675 |  |  | 30,000 |
CLO 17 (5) |  | 900,659 |  |  | 900,660 |  |  | 5.73 | % |  | 1,173,927 |  |  | 1,173,866 |  |  | 104,235 |
Total CLOs |  | $ | 3,953,223 |  |  | $ | 3,931,468 |  |  | 5.73 | % |  | $ | 4,730,150 |  |  | $ | 4,720,915 |  |  | $ | 309,693 |
Q Series securitization (6) |  | — |  |  | — |  |  | — |  |  | 24,950 |  |  | 24,950 |  |  | — |
Total securitized debt |  | $ | 3,953,223 |  |  | $ | 3,931,468 |  |  | 5.73 | % |  | $ | 4,755,100 |  |  | $ | 4,745,865 |  |  | $ | 309,693 |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
CLO 20 |  | $ | 933,187 |  |  | $ | 924,504 |  |  | 5.50 | % |  | $ | 1,045,664 |  |  | $ | 1,040,984 |  |  | $ | — |
BTR CLO 1 |  | 525,304 |  |  | 517,395 |  |  | 6.29 | % |  | 685,746 |  |  | 683,807 |  |  | — |
CLO 18 (5) |  | 971,595 |  |  | 970,979 |  |  | 6.01 | % |  | 1,339,523 |  |  | 1,338,395 |  |  | 21,469 |
CLO 17 (5) |  | 1,055,700 |  |  | 1,055,380 |  |  | 5.66 | % |  | 1,443,820 |  |  | 1,443,845 |  |  | — |
Total CLOs |  | 3,485,786 |  |  | 3,468,258 |  |  | 5.81 | % |  | 4,514,753 |  |  | 4,507,031 |  |  | 21,469 |
Q Series securitization (6) |  | — |  |  | — |  |  | — |  |  | 50,600 |  |  | 50,600 |  |  | — |
Total securitized debt |  | $ | 3,485,786 |  |  | $ | 3,468,258 |  |  | 5.81 | % |  | $ | 4,565,353 |  |  | $ | 4,557,631 |  |  | $ | 21,469 |
________________________ (1)Debt carrying value is net of $21.8 million and $17.5 million of deferred financing fees at March 31, 2026 and December 31, 2025, respectively. (2)At March 31, 2026 and December 31, 2025, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 5.96% and 6.07%, respectively. (3)At March 31, 2026 and December 31, 2025, 32 and 39 loans, respectively, with a total UPB of $1.39 billion and $1.69 billion, 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 $10.9 million and $10.1 million at March 31, 2026 and December 31, 2025, respectively. (5)The replenishment period for CLO 17 and CLO 18 ended in June 2024 and August 2024, respectively. (6)All third party amounts have been paid down and only our tranches remain.
Schedule of Senior Unsecured Notes | A summary of our senior unsecured notes is as follows ($ in thousands):
|  |  |  |  |  | March 31, 2026 |  | December 31, 2025
Senior Unsecured Notes |  | Issuance Date |  | Maturity |  | UPB |  | Carrying Value (1) |  | Wtd. Avg. Rate (2) |  | UPB |  | Carrying Value (1) |  | Wtd. Avg. Rate (2)
8.50% Notes (3) |  | Dec. 2025 |  | Dec. 2028 |  | $ | 400,000 |  |  | $ | 394,762 |  |  | 8.50 | % |  | $ | 400,000 |  |  | $ | 394,340 |  |  | 8.50 | %
7.875% Notes (4) |  | Jul. 2025 |  | Jul. 2030 |  | 500,000 |  |  | 489,975 |  |  | 7.88 | % |  | 500,000 |  |  | 489,397 |  |  | 7.88 | %
9.00% Notes (3) |  | Oct. 2024 |  | Oct. 2027 |  | 100,000 |  |  | 99,078 |  |  | 9.00 | % |  | 100,000 |  |  | 98,934 |  |  | 9.00 | %
8.50% Notes (3) |  | Oct. 2022 |  | Oct. 2027 |  | 150,000 |  |  | 149,172 |  |  | 8.50 | % |  | 150,000 |  |  | 149,041 |  |  | 8.50 | %
5.00% Notes (3) |  | Dec. 2021 |  | Dec. 2028 |  | 180,000 |  |  | 178,831 |  |  | 5.00 | % |  | 180,000 |  |  | 178,725 |  |  | 5.00 | %
4.50% Notes (3) |  | Aug. 2021 |  | Sept. 2026 |  | 270,000 |  |  | 269,650 |  |  | 4.50 | % |  | 270,000 |  |  | 269,439 |  |  | 4.50 | %
5.00% Notes (3) |  | Apr. 2021 |  | Apr. 2026 |  | 175,000 |  |  | 174,948 |  |  | 5.00 | % |  | 175,000 |  |  | 174,790 |  |  | 5.00 | %
4.50% Notes (3) |  | Mar. 2020 |  | Mar. 2027 |  | 275,000 |  |  | 274,531 |  |  | 4.50 | % |  | 275,000 |  |  | 274,412 |  |  | 4.50 | %
|  |  |  |  |  | $ | 2,050,000 |  |  | $ | 2,030,947 |  |  | 6.70 | % |  | $ | 2,050,000 |  |  | $ | 2,029,078 |  |  | 6.70 | %
________________________ (1)At March 31, 2026 and December 31, 2025, the carrying value is net of deferred financing fees of $19.1 million and $20.9 million, respectively. (2)At both March 31, 2026 and December 31, 2025, the aggregate weighted average note rate, including certain fees and costs, was 7.06%. (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. (4)These notes can be redeemed by us prior to six 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 six months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
Schedule of CLO Compliance Tests | Our CLO compliance tests as of the most recent determination dates in April 2026 are as follows:
Cash Flow Triggers |  | CLO 17 |  | CLO 18 |  | BTR CLO 1 |  | CLO 20 |  | CLO 21
Overcollateralization (1) |  |  |  |  |  |  |  |  |  |
Current |  | 136.30 | % |  | 139.84 | % |  | 117.47 | % |  | 112.52 | % |  | 113.15 | %
Limit |  | 121.51 | % |  | 123.03 | % |  | 115.47 | % |  | 110.52 | % |  | 111.15 | %
Pass / Fail |  | Pass |  | Pass |  | Pass |  | Pass |  | Pass
Interest Coverage (2) |  |  |  |  |  |  |  |  |  |
Current |  | 155.42 | % |  | 134.63 | % |  | 151.92 | % |  | 135.00 | % |  | 130.39 | %
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.
Schedule of CLO Overcollateralization Ratios | Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:
Determination (1) |  | CLO 17 |  | CLO 18 |  | BTR CLO 1 |  | CLO 20 |  | CLO 21
April 2026 |  | 136.30 | % |  | 139.84 | % |  | 117.47 | % |  | 112.52 | % |  | 113.15 | %
January 2026 |  | 127.77 | % |  | 136.54 | % |  | 117.47 | % |  | 112.52 | % |  | N/A
October 2025 |  | 127.02 | % |  | 131.38 | % |  | 117.47 | % |  | 112.52 | % |  | N/A
July 2025 |  | 124.46 | % |  | 130.03 | % |  | 117.47 | % |  | N/A |  | N/A
April 2025 |  | 122.65 | % |  | 127.91 | % |  | N/A |  | N/A |  | N/A
________________________ (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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