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Residential Whole Loans (Tables) | 9 Months Ended
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Sep. 30, 2022
Receivables [Abstract] |
Schedule of residential whole loans, at carrying and fair value | The following table presents the components of the Company’s Residential whole loans, and the accounting model designated at September 30, 2022 and December 31, 2021:
|  | Held at Carrying Value |  | Held at Fair Value |  | Total
(Dollars in Thousands) |  | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Purchased Performing Loans: |  |  |  |  |  |  |  |  |  |  |  |
Non-QM loans |  | $ | 1,030,504 |  |  | $ | 1,448,162 |  |  | $ | 2,362,221 |  |  | $ | 2,013,369 |  |  | $ | 3,392,725 |  |  | $ | 3,461,531 |
Residential transition loans (1) |  | 92,762 |  |  | 217,315 |  |  | 1,156,406 |  |  | 517,530 |  |  | 1,249,168 |  |  | 734,845 |
Single-family rental loans |  | 224,302 |  |  | 331,808 |  |  | 1,096,780 |  |  | 619,415 |  |  | 1,321,082 |  |  | 951,223 |
Seasoned performing loans |  | 87,028 |  |  | 102,041 |  |  | — |  |  | — |  |  | 87,028 |  |  | 102,041 |
Agency eligible investor loans |  | — |  |  | — |  |  | 852,996 |  |  | 1,082,765 |  |  | 852,996 |  |  | 1,082,765 |
Total Purchased Performing Loans |  | $ | 1,434,596 |  |  | $ | 2,099,326 |  |  | $ | 5,468,403 |  |  | $ | 4,233,079 |  |  | $ | 6,902,999 |  |  | $ | 6,332,405 |
Purchased Credit Deteriorated Loans |  | $ | 480,679 |  |  | $ | 547,772 |  |  | $ | — |  |  | $ | — |  |  | $ | 480,679 |  |  | $ | 547,772 |
Allowance for Credit Losses |  | $ | (37,192) |  |  | $ | (39,447) |  |  | $ | — |  |  | $ | — |  |  | $ | (37,192) |  |  | $ | (39,447) |
Purchased Non-Performing Loans |  | $ | — |  |  | $ | — |  |  | $ | 847,563 |  |  | $ | 1,072,270 |  |  | $ | 847,563 |  |  | $ | 1,072,270 |
Total Residential Whole Loans |  | $ | 1,878,083 |  |  | $ | 2,607,651 |  |  | $ | 6,315,966 |  |  | $ | 5,305,349 |  |  | $ | 8,194,049 |  |  | $ | 7,913,000 |
Number of loans |  | 7,388 |  |  | 9,361 |  |  | 18,805 |  |  | 14,734 |  |  | 26,193 |  |  | 24,095 |
(1)Includes $523.3 million and $213.9 million of Residential transition loans collateralized by multi-family properties as of September 30, 2022 and December 31, 2021, respectively.
Schedule of financing receivable credit quality indicators | The following table presents additional information regarding the Company’s Residential whole loans at September 30, 2022 and December 31, 2021: September 30, 2022
|  | Fair Value / Carrying Value |  | Unpaid Principal Balance (“UPB”) |  | Weighted Average Coupon (1) |  | Weighted Average Term to Maturity (Months) |  | Weighted Average LTV Ratio (2) |  | Weighted Average Original FICO (3) |  | Aging by UPB
|  |  |  |  |  |  |  |  |  | Past Due Days
(Dollars In Thousands) |  |  |  |  |  |  |  | Current |  | 30-59 |  | 60-89 |  | 90+
Purchased Performing Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-QM loans |  | $ | 3,385,837 |  |  | $ | 3,669,113 |  |  | 5.06 | % |  | 353 |  | 65 | % |  | 733 |  | $ | 3,534,877 |  |  | $ | 50,120 |  |  | $ | 20,285 |  |  | $ | 63,831 |
Residential transition loans |  | 1,243,638 |  |  | 1,261,611 |  |  | 7.41 |  |  | 13 |  | 66 |  |  | 745 |  | 1,174,054 |  |  | 8,047 |  |  | 2,000 |  |  | 77,510 |
Single-family rental loans |  | 1,319,768 |  |  | 1,436,439 |  |  | 5.61 |  |  | 326 |  | 69 |  |  | 737 |  | 1,406,215 |  |  | 3,704 |  |  | 767 |  |  | 25,753 |
Seasoned performing loans |  | 86,979 |  |  | 95,443 |  |  | 3.09 |  |  | 155 |  | 30 |  |  | 713 |  | 87,887 |  |  | 911 |  |  | 300 |  |  | 6,345 |
Agency eligible investor loans |  | 852,996 |  |  | 1,008,857 |  |  | 3.40 |  |  | 345 |  | 61 |  |  | 767 |  | 1,005,580 |  |  | 1,301 |  |  | 758 |  |  | 1,218 |
Total Purchased Performing Loans |  | 6,889,218 |  |  | $ | 7,471,463 |  |  | 5.31 | % |  | 287 |  |  |  |  |  |  |  |  |  |  |  |
Purchased Credit Deteriorated Loans |  | $ | 457,268 |  |  | $ | 567,166 |  |  | 4.62 | % |  | 279 |  | 64 | % |  | N/A |  | $ | 415,369 |  |  | $ | 37,675 |  |  | $ | 17,814 |  |  | $ | 96,308 |
Purchased Non-Performing Loans |  | $ | 847,563 |  |  | $ | 926,661 |  |  | 4.97 | % |  | 279 |  | 69 | % |  | N/A |  | $ | 454,086 |  |  | $ | 83,492 |  |  | $ | 45,854 |  |  | $ | 343,229 |
Residential whole loans, total or weighted average |  | $ | 8,194,049 |  |  | $ | 8,965,290 |  |  | 5.24 | % |  | 286 |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2021
|  | Fair Value / Carrying Value |  | Unpaid Principal Balance (“UPB”) |  | Weighted Average Coupon (1) |  | Weighted Average Term to Maturity (Months) |  | Weighted Average LTV Ratio (2) |  | Weighted Average Original FICO (3) |  | Aging by UPB
|  |  |  |  |  |  |  |  |  | Past Due Days
(Dollars In Thousands) |  |  |  |  |  |  |  | Current |  | 30-59 |  | 60-89 |  | 90+
Purchased Performing Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-QM loans |  | $ | 3,453,242 |  |  | $ | 3,361,164 |  |  | 5.07 | % |  | 355 |  | 66 | % |  | 731 |  | $ | 3,165,964 |  |  | $ | 77,581 |  |  | $ | 22,864 |  |  | $ | 94,755 |
Residential transition loans |  | 727,964 |  |  | 731,154 |  |  | 7.18 |  |  | 11 |  | 67 |  |  | 735 |  | 616,733 |  |  | 5,834 |  |  | 5,553 |  |  | 103,034 |
Single-family rental loans |  | 949,772 |  |  | 924,498 |  |  | 5.46 |  |  | 329 |  | 70 |  |  | 732 |  | 898,166 |  |  | 2,150 |  |  | 695 |  |  | 23,487 |
Seasoned performing loans |  | 101,995 |  |  | 111,710 |  |  | 2.76 |  |  | 162 |  | 37 |  |  | 722 |  | 102,047 |  |  | 938 |  |  | 481 |  |  | 8,244 |
Agency eligible investor loans |  | 1,082,765 |  |  | 1,060,486 |  |  | 3.40 |  |  | 354 |  | 62 |  |  | 767 |  | 1,039,257 |  |  | 21,229 |  |  | — |  |  | — |
Total Purchased Performing Loans |  | 6,315,738 |  |  | $ | 6,189,012 |  |  | 5.05 | % |  | 307 |  |  |  |  |  |  |  |  |  |  |  |
Purchased Credit Deteriorated Loans |  | $ | 524,992 |  |  | $ | 643,187 |  |  | 4.55 | % |  | 283 |  | 69 | % |  | N/A |  | $ | 456,924 |  |  | $ | 50,048 |  |  | $ | 18,736 |  |  | $ | 117,479 |
Purchased Non-Performing Loans |  | $ | 1,072,270 |  |  | $ | 1,073,544 |  |  | 4.87 | % |  | 283 |  | 73 | % |  | N/A |  | $ | 492,481 |  |  | $ | 87,041 |  |  | $ | 40,876 |  |  | $ | 453,146 |
Residential whole loans, total or weighted average |  | $ | 7,913,000 |  |  | $ | 7,905,743 |  |  | 4.99 | % |  | 301 |  |  |  |  |  |  |  |  |  |  |  |
(1)Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees. (2)LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Residential transition loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Residential transition loans, totaling $194.1 million and $137.3 million at September 30, 2022 and December 31, 2021, respectively, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The weighted average LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 71% and 71% at September 30, 2022 and December 31, 2021, respectively. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. (3)Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available. The following table presents certain additional credit-related information regarding our Residential whole loans, at Carrying Value:
|  | Amortized Cost Basis by Origination Year and LTV Bands
(Dollars In Thousands) |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
Non-QM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  | $ | 47,909 |  |  | $ | 199,510 |  |  | $ | 476,591 |  |  | $ | 245,908 |  |  | $ | 29,082 |  |  | $ | 999,000 |
LTV > 80% (1) |  | — |  |  | 2,135 |  |  | 14,379 |  |  | 7,142 |  |  | 6,790 |  |  | 1,060 |  |  | 31,506 |
Total Non-QM loans |  | $ | — |  |  | $ | 50,044 |  |  | $ | 213,889 |  |  | $ | 483,733 |  |  | $ | 252,698 |  |  | $ | 30,142 |  |  | $ | 1,030,506 |
Nine Months Ended September 30, 2022 Gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | — |  |  | $ | 51 |
Residential transition loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  | $ | 2,037 |  |  | $ | 7,698 |  |  | $ | 57,070 |  |  | $ | 13,065 |  |  | $ | 3,047 |  |  | $ | 82,917 |
LTV > 80% (1) |  | — |  |  | — |  |  | — |  |  | 4,594 |  |  | 3,552 |  |  | 1,699 |  |  | 9,845 |
Total Residential transition loans |  | $ | — |  |  | $ | 2,037 |  |  | $ | 7,698 |  |  | $ | 61,664 |  |  | $ | 16,617 |  |  | $ | 4,746 |  |  | $ | 92,762 |
Nine Months Ended September 30, 2022 Gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | 92 |  |  | $ | 317 |  |  | $ | 41 |  |  | $ | — |  |  | $ | 450 |
Single-family rental loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  | $ | 13,822 |  |  | $ | 26,569 |  |  | $ | 127,766 |  |  | $ | 49,619 |  |  | $ | 3,213 |  |  | $ | 220,989 |
LTV > 80% (1) |  | — |  |  | — |  |  | 406 |  |  | 2,821 |  |  | 86 |  |  | — |  |  | 3,313 |
Total Single family rental loans |  | $ | — |  |  | $ | 13,822 |  |  | $ | 26,975 |  |  | $ | 130,587 |  |  | $ | 49,705 |  |  | $ | 3,213 |  |  | $ | 224,302 |
Nine Months Ended September 30, 2022 Gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 205 |  |  | $ | 68 |  |  | $ | — |  |  | $ | 273 |
Seasoned performing loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 84,120 |  |  | $ | 84,120 |
LTV > 80% (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,908 |  |  | 2,908 |
Total Seasoned performing loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 87,028 |  |  | $ | 87,028 |
Nine Months Ended September 30, 2022 Gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchased credit deteriorated loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 383,865 |  |  | $ | 383,865 |
LTV > 80% (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96,814 |  |  | 96,814 |
Total Purchased credit deteriorated loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 480,679 |  |  | $ | 480,679 |
Nine Months Ended September 30, 2022 Gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 391 |  |  | $ | 391 |
Total LTV <= 80% (1) |  | $ | — |  |  | $ | 63,768 |  |  | $ | 233,777 |  |  | $ | 661,427 |  |  | $ | 308,592 |  |  | $ | 503,327 |  |  | $ | 1,770,891 |
Total LTV > 80% (1) |  | — |  |  | 2,135 |  |  | 14,785 |  |  | 14,557 |  |  | 10,428 |  |  | 102,481 |  |  | 144,386 |
Total residential whole loans, at carrying value |  | $ | — |  |  | $ | 65,903 |  |  | $ | 248,562 |  |  | $ | 675,984 |  |  | $ | 319,020 |  |  | $ | 605,808 |  |  | $ | 1,915,277 |
Nine Months Ended September 30, 2022 Total Gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | 92 |  |  | $ | 522 |  |  | $ | 160 |  |  | $ | 391 |  |  | $ | 1,165 |
(1)LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Residential transition loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Residential transition loans, totaling $194.1 million at September 30, 2022, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The weighted average LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting is 71% at September 30, 2022. Certain low value loans secured by vacant lots are categorized as LTV > 80%. The following tables present certain information regarding the LTVs of the Company’s Residential whole loans that are 90 days or more delinquent:
|  | September 30, 2022
(Dollars In Thousands) |  | Carrying Value / Fair Value |  | UPB |  | LTV (1)
Purchased Performing Loans |  |  |  |  |  |
Non-QM loans |  | $ | 64,036 |  |  | $ | 63,831 |  |  | 67.7 | %
Residential transition loans |  | $ | 76,514 |  |  | $ | 77,510 |  |  | 69.9 | %
Single-family rental loans |  | $ | 25,901 |  |  | $ | 25,753 |  |  | 74.9 | %
Seasoned performing loans |  | $ | 5,850 |  |  | $ | 6,345 |  |  | 45.4 | %
Agency eligible investor loans |  | $ | 1,049 |  |  | $ | 1,218 |  |  | 61.7 | %
Total Purchased Performing Loans |  | $ | 173,350 |  |  | $ | 174,657 |  |  |
Purchased Credit Deteriorated Loans |  | $ | 76,762 |  |  | $ | 96,308 |  |  | 75.8 | %
Purchased Non-Performing Loans |  | $ | 331,847 |  |  | $ | 343,229 |  |  | 78.5 | %
Total Residential Whole Loans |  | $ | 581,959 |  |  | $ | 614,194 |  |  |
|  | December 31, 2021
(Dollars In Thousands) |  | Carrying Value / Fair Value |  | UPB |  | LTV (1)
Purchased Performing Loans |  |  |  |  |  |
Non-QM loans |  | $ | 96,473 |  |  | $ | 94,755 |  |  | 64.6 | %
Residential transition loans |  | $ | 103,166 |  |  | $ | 103,034 |  |  | 67.6 | %
Single-family rental loans |  | $ | 23,524 |  |  | $ | 23,487 |  |  | 73.4 | %
Seasoned performing loans |  | $ | 7,740 |  |  | $ | 8,244 |  |  | 45.6 | %
Agency eligible investor loans |  | $ | — |  |  | $ | — |  |  | — | %
Total Purchased Performing Loans |  | $ | 230,903 |  |  | $ | 229,520 |  |  |
Purchased Credit Deteriorated Loans |  | $ | 95,899 |  |  | $ | 117,479 |  |  | 79.1 | %
Purchased Non-Performing Loans |  | $ | 454,443 |  |  | $ | 453,146 |  |  | 80.2 | %
Total Residential Whole Loans |  | $ | 781,245 |  |  | $ | 800,145 |  |  |
(1)LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Residential transition loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Residential transition loans, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.
Schedule of financing receivable, allowance for credit loss | The following table presents a roll-forward of the allowance for credit losses on the Company’s Residential Whole Loans, at Carrying Value:
|  | Nine Months Ended September 30, 2022
(Dollars In Thousands) |  | Non-QM Loans |  | Residential Transition Loans (1)(2) |  | Single-family Rental Loans |  | Seasoned Performing Loans |  | Purchased Credit Deteriorated Loans (3) |  | Totals
Allowance for credit losses at December 31, 2021 |  | $ | 8,289 |  |  | $ | 6,881 |  |  | $ | 1,451 |  |  | $ | 46 |  |  | $ | 22,780 |  |  | $ | 39,447 |
Current provision/(reversal) |  | (909) |  |  | (1,460) |  |  | (122) |  |  | (1) |  |  | (975) |  |  | (3,467) |
Write-offs |  | (51) |  |  | (219) |  |  | (27) |  |  | — |  |  | (226) |  |  | (523) |
Allowance for credit losses at March 31, 2022 |  | $ | 7,329 |  |  | $ | 5,202 |  |  | $ | 1,302 |  |  | $ | 45 |  |  | $ | 21,579 |  |  | $ | 35,457 |
Current provision/(reversal) |  | (199) |  |  | (23) |  |  | 174 |  |  | 1 |  |  | 1,877 |  |  | 1,830 |
Write-offs |  | — |  |  | (118) |  |  | (184) |  |  | — |  |  | (58) |  |  | (360) |
Allowance for credit losses at June 30, 2022 |  | $ | 7,130 |  |  | $ | 5,061 |  |  | $ | 1,292 |  |  | $ | 46 |  |  | $ | 23,398 |  |  | $ | 36,927 |
Current provision/(reversal) |  | (242) |  |  | 583 |  |  | 83 |  |  | 3 |  |  | 120 |  |  | 547 |
Write-offs |  | — |  |  | (114) |  |  | (61) |  |  | — |  |  | (107) |  |  | (282) |
Allowance for credit losses at September 30, 2022 |  | $ | 6,888 |  |  | $ | 5,530 |  |  | $ | 1,314 |  |  | $ | 49 |  |  | $ | 23,411 |  |  | $ | 37,192 |
|  | Nine Months Ended September 30, 2021
(Dollars In Thousands) |  | Non-QM Loans |  | Residential Transition Loans (1)(2) |  | Single-family Rental Loans |  | Seasoned Performing Loans |  | Purchased Credit Deteriorated Loans (3) |  | Totals
Allowance for credit losses at December 31, 2020 |  | $ | 21,068 |  |  | $ | 18,371 |  |  | $ | 3,918 |  |  | $ | 107 |  |  | $ | 43,369 |  |  | $ | 86,833 |
Current provision/(reversal) |  | (6,523) |  |  | (3,700) |  |  | (1,172) |  |  | (41) |  |  | (10,936) |  |  | (22,372) |
Write-offs |  | — |  |  | (1,003) |  |  | — |  |  | — |  |  | (214) |  |  | (1,217) |
Allowance for credit losses at March 31, 2021 |  | $ | 14,545 |  |  | $ | 13,668 |  |  | $ | 2,746 |  |  | $ | 66 |  |  | $ | 32,219 |  |  | $ | 63,244 |
Current provision/(reversal) |  | (2,416) |  |  | (1,809) |  |  | (386) |  |  | (9) |  |  | (3,963) |  |  | (8,583) |
Write-offs |  | (37) |  |  | (255) |  |  | — |  |  | — |  |  | (108) |  |  | (400) |
Allowance for credit losses at June 30, 2021 |  | $ | 12,092 |  |  | $ | 11,604 |  |  | $ | 2,360 |  |  | $ | 57 |  |  | $ | 28,148 |  |  | $ | 54,261 |
Current provision/(reversal) |  | (2,403) |  |  | (2,526) |  |  | (670) |  |  | (7) |  |  | (4,020) |  |  | (9,626) |
Write-offs |  |  |  | (393) |  |  | (56) |  |  | — |  |  | (84) |  |  | (533) |
Allowance for credit losses at September 30, 2021 |  | $ | 9,689 |  |  | $ | 8,685 |  |  | $ | 1,634 |  |  | $ | 50 |  |  | $ | 24,044 |  |  | $ | 44,102 |
(1)In connection with purchased Residential transition loans at carrying value, the Company had unfunded commitments of $8.4 million and $29.2 million as of September 30, 2022 and 2021, respectively, with an allowance for credit losses of $84,000 and $355,000 at September 30, 2022 and 2021, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2)Includes $66.7 million and $94.9 million of loans that were assessed for credit losses based on a collateral dependent methodology as of September 30, 2022 and 2021, respectively. (3)Includes $56.2 million and $57.4 million of loans that were assessed for credit losses based on a collateral dependent methodology as of September 30, 2022 and 2021, respectively.
Schedule of interest income components | The following tables present the components of interest income on the Company’s Residential whole loans for the three and nine months ended September 30, 2022 and 2021:
|  | Held at Carrying Value |  | Held at Fair Value |  | Total
|  | Three Months Ended September 30, |  | Three Months Ended September 30, |  | Three Months Ended September 30,
(In Thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Purchased Performing Loans: |  |  |  |  |  |  |  |  |  |  |  |
Non-QM loans |  | $ | 13,646 |  |  | $ | 17,437 |  |  | $ | 27,012 |  |  | $ | 6,454 |  |  | $ | 40,658 |  |  | $ | 23,891 |
Residential transition loans |  | 784 |  |  | 5,808 |  |  | 18,558 |  |  | 4,110 |  |  | 19,342 |  |  | 9,918 |
Single-family rental loans |  | 3,658 |  |  | 6,074 |  |  | 15,340 |  |  | 3,423 |  |  | 18,998 |  |  | 9,497 |
Seasoned performing loans |  | 1,227 |  |  | 1,728 |  |  | — |  |  | — |  |  | 1,227 |  |  | 1,728 |
Agency eligible investor loans |  | — |  |  | — |  |  | 7,542 |  |  | 3,360 |  |  | 7,542 |  |  | 3,360 |
Total Purchased Performing Loans |  | $ | 19,315 |  |  | $ | 31,047 |  |  | $ | 68,452 |  |  | $ | 17,347 |  |  | $ | 87,767 |  |  | $ | 48,394 |
Purchased Credit Deteriorated Loans |  | $ | 7,916 |  |  | $ | 10,504 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,916 |  |  | $ | 10,504 |
Purchased Non-Performing Loans |  | $ | — |  |  | $ | — |  |  | $ | 18,732 |  |  | $ | 20,704 |  |  | $ | 18,732 |  |  | $ | 20,704 |
Total Residential Whole Loans |  | $ | 27,231 |  |  | $ | 41,551 |  |  | $ | 87,184 |  |  | $ | 38,051 |  |  | $ | 114,415 |  |  | $ | 79,602 |
|  | Held at Carrying Value |  | Held at Fair Value |  | Total
|  | Nine Months Ended September 30, |  | Nine Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Purchased Performing Loans: |  |  |  |  |  |  |  |  |  |  |  |
Non-QM loans |  | $ | 39,041 |  |  | $ | 59,789 |  |  | $ | 69,080 |  |  | $ | 8,258 |  |  | $ | 108,121 |  |  | $ | 68,047 |
Residential transition loans |  | 5,621 |  |  | 19,429 |  |  | 43,768 |  |  | 4,485 |  |  | 49,389 |  |  | 23,914 |
Single-family rental loans |  | 12,134 |  |  | 19,594 |  |  | 36,603 |  |  | 3,890 |  |  | 48,737 |  |  | 23,484 |
Seasoned performing loans |  | 3,392 |  |  | 5,260 |  |  | — |  |  | — |  |  | 3,392 |  |  | 5,260 |
Agency eligible investor loans |  | — |  |  | — |  |  | 22,731 |  |  | 3,622 |  |  | 22,731 |  |  | 3,622 |
Total Purchased Performing Loans |  | $ | 60,188 |  |  | $ | 104,072 |  |  | $ | 172,182 |  |  | $ | 20,255 |  |  | $ | 232,370 |  |  | $ | 124,327 |
Purchased Credit Deteriorated Loans |  | $ | 25,597 |  |  | $ | 30,097 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,597 |  |  | $ | 30,097 |
Purchased Non-Performing Loans |  | $ | — |  |  | $ | — |  |  | $ | 58,268 |  |  | $ | 58,732 |  |  | $ | 58,268 |  |  | $ | 58,732 |
Total Residential Whole Loans |  | $ | 85,785 |  |  | $ | 134,169 |  |  | $ | 230,450 |  |  | $ | 78,987 |  |  | $ | 316,235 |  |  | $ | 213,156 |
Schedule of residential whole loans, fair value, component of net gain on residential whole loans | The following table presents the components of Net gain/(loss) on residential whole loans measured at fair value through earnings for the three and nine months ended September 30, 2022 and 2021:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Net unrealized (losses)/gains |  | $ | (291,818) |  |  | $ | 20,494 |  |  | $ | (797,934) |  |  | $ | 58,807 |
Other Income (1) |  | (57) |  |  | 1,321 |  |  | 1,270 |  |  | 518 |
Total |  | $ | (291,875) |  |  | $ | 21,815 |  |  | $ | (796,664) |  |  | $ | 59,325 |
(1)Primarily includes cash payments received from private mortgage insurance on liquidated loans and losses on liquidations of non-performing loans.

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