Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

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.