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Residential Whole Loans (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023:
Held at Carrying ValueHeld at Fair ValueTotal
(Dollars in Thousands)June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Business purpose loans:
Single-family transitional loans (1)
$27,857 $35,467 $1,190,699 $1,157,732 $1,218,556 $1,193,199 
Multifamily transitional loans— — 1,155,198 1,168,297 1,155,198 1,168,297 
Single-family rental loans (2)
129,471 172,213 1,514,219 1,462,583 1,643,690 1,634,796 
Total Business purpose loans$157,328 $207,680 $3,860,116 $3,788,612 $4,017,444 $3,996,292 
Non-QM loans791,746 843,884 3,203,845 2,961,693 3,995,591 3,805,577 
Legacy RPL/NPL loans477,826 498,671 655,230 705,424 1,133,056 1,204,095 
Other loans— — 53,416 55,779 53,416 55,779 
Allowance for Credit Losses(13,271)(20,451)— — (13,271)(20,451)
Total Residential whole loans$1,413,629 $1,529,784 $7,772,607 $7,511,508 $9,186,236 $9,041,292 
Number of loans5,973 6,326 19,848 19,075 25,821 25,401 
(1)Includes $476.9 million and $471.1 million of loans collateralized by new construction projects at origination as of June 30, 2024 and December 31, 2023, respectively.
(2) As of June 30, 2024, no loans were held-for-sale and as of December 31, 2023, $13.6 million of held-for sale loans were included in the carrying value. For the three months ended March 31, 2024, the Company recorded a $0.5 million gain on these loans resulting from their sale. There were no gains on held-for-sale loans for the three months ended June 30, 2024.
Schedule of Financing Receivable Credit Quality Indicators
The following tables presents additional information regarding the Company’s Residential whole loans:

June 30, 2024
Asset Amount
Fair 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
60+ Days Past Due %
(Dollars In Thousands)Past Due Days
Current30-5960-8990+
Business purpose loans:
Single-family transitional (4)
$1,217,255 $1,217,599 $1,226,736 10.39 %667 %748$1,100,554 $20,416 $8,837 $96,929 8.6 %
Multifamily transitional (4)
1,155,198 1,155,198 1,184,613 8.87 %1166 %7481,097,323 33,188 15,544 38,558 4.6 %
Single-family rental
1,643,081 1,642,760 1,712,879 6.62 %33069 %7391,637,918 12,197 4,627 58,137 3.7 %
Total business purpose loans
$4,015,534 $4,015,557 $4,124,228 8.39 %68 %$3,835,795 $65,801 $29,008 $193,624 5.4 %
Non-QM loans3,994,236 3,949,676 4,183,917 6.16 %34164 %7353,975,323 82,676 34,121 91,797 3.0 %
Legacy RPL/NPL loans1,123,050 1,140,736 1,284,232 5.12 %25756 %647874,319 134,000 43,974 231,939 21.5 %
Other loans53,416 53,416 65,671 3.44 %32666 %75865,671 — — — — %
Residential whole loans, total or weighted average$9,186,236 $9,159,385 $9,658,048 6.98 %64 %$8,751,108 $282,477 $107,103 $517,360 6.5 %

December 31, 2023
Asset Amount
Fair 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
60+ Days Past Due %
(Dollars In Thousands)Past Due Days
Current30-5960-8990+
Business purpose loans:
Single-family transitional (4)
$1,190,612 $1,191,715 $1,197,346 10.01 %766 %747$1,070,759 $27,246 $17,004 $82,337 8.3 %
Multifamily transitional (4)
1,168,297 1,168,297 1,170,775 8.41 %1463 %7471,116,402 33,778 9,614 10,981 1.8 %
Single-family rental
1,630,442 1,628,734 1,729,923 6.30 %32070 %7381,636,810 12,543 12,314 68,256 4.7 %
Total business purpose loans
$3,989,351 $3,988,746 $4,098,044 7.99 %67 %$3,823,971 $73,567 $38,932 $161,574 4.9 %
Non-QM loans (5)
3,700,052 3,644,261 3,934,798 5.78 %34465 %7353,732,327 98,017 29,587 74,867 2.7 %
Legacy RPL/NPL loans1,192,457 1,213,199 1,355,280 5.03 %26259 %648896,587 142,240 44,609 271,844 23.3 %
Other loans55,779 55,779 66,830 3.44 %33266 %75865,094 1,508 — 228 0.3 %
Residential whole loans, total or weighted average$8,937,639 $8,901,985 $9,454,952 6.04 %65 %$8,517,979 $315,332 $113,128 $508,513 6.6 %
(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. 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. 60+ LTV has been calculated on a consistent basis.
(3)Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available.
(4)For Single-family and Multifamily transitional 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 Single-family transitional loans, totaling $467.2 million and $332.5 million at June 30, 2024 and December 31, 2023, respectively, and certain Multifamily transitional loans, totaling $498.7 million and $218.8 million at June 30, 2024 and December 31, 2023, respectively, an after repaired valuation was not available. For these loans, the weighted average LTV is calculated based on the current unpaid principal balance and the as-is value of the collateral securing the related loan.
(5)Excluded from the table above are approximately $103.7 million of Residential whole loans, at fair value for which the closing of the purchase transaction had not occurred as of December 31, 2023.
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
(In Thousands)
2024 - 202220212020PriorTotal
Business purpose loans
LTV <= 80% (1)
$— $7,866 $18,446 $123,464 $149,776 
LTV > 80% (1)
— — 3,076 4,476 7,552 
Total Business purpose loans$— $7,866 $21,522 $127,940 $157,328 
Six Months Ended June 30, 2024 Gross write-offs$— $13 $(4)$5,440 $5,449 
Non-QM loans
LTV <= 80% (1)
$— $41,697 $161,594 $575,433 $778,724 
LTV > 80% (1)
— 1,381 7,902 3,739 13,022 
Total Non-QM loans$— $43,078 $169,496 $579,172 $791,746 
Six Months Ended June 30, 2024 Gross write-offs$— $— $— $— $— 
Legacy RPL/NPL loans
LTV <= 80% (1)
$— $— $— $421,253 $421,253 
LTV > 80% (1)
— — — 56,573 56,573 
Total Legacy RPL/NPL loans$— $— $— $477,826 $477,826 
Six Months Ended June 30, 2024 Gross write-offs$— $— $— $192 $192 
Total LTV <= 80% (1)
$— $49,563 $180,040 $1,120,150 $1,349,753 
Total LTV > 80% (1)
— 1,381 10,978 64,788 77,147 
Total Residential whole loans, at carrying value
$— $50,944 $191,018 $1,184,938 $1,426,900 
Six Months Ended June 30, 2024 Total Gross write-offs$— $13 $(4)$5,632 $5,641 
(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 Single-family and Multifamily transitional 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 Single-family transitional loans, totaling $467.2 million at June 30, 2024, 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 74% at June 30, 2024. Certain low value loans secured by vacant lots are categorized as LTV > 80%.
The following table presents vintage information regarding our Residential whole loans, at fair value:

Fair Value by Origination Year
(In Thousands)
20242023202220212020PriorTotal
Single-family transitional loans$317,005 $618,208 $224,974 $29,773 $398 $341 $1,190,699 
Multifamily transitional loans94,417 548,950 365,969 145,862 — — 1,155,198 
Single-family rental loans185,993 360,847 573,014 385,268 8,820 277 1,514,219 
Non-QM loans403,689 763,521 633,928 1,366,728 228 35,751 3,203,845 
Legacy RPL/NPL loans— — — — — 655,230 655,230 
Other loans— — — 53,416 — — 53,416 
Total Residential whole loans, at fair value$1,001,104 $2,291,526 $1,797,885 $1,981,047 $9,446 $691,599 $7,772,607 
The following table presents certain additional information about the Company’s commercial mortgage loans as of June 30, 2024 and December 31, 2023:
(Dollars In Thousands)
Fair Value / Carrying ValueUPBWeighted Average CouponWeighted Average Term to Maturity (Months)UPB 60+ Days Delinquent
Weighted Average LTV Ratio
Commercial Loans - June 30, 2024$44,954 $46,633 13.29 %1$39,227 65 %
Commercial Loans - December 31, 2023$51,426 $51,602 13.18 %2$3,521 66 %
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:
Six Months Ended June 30, 2024
(In Thousands)
Single-family transitional loans (1)(2)
Single-family rental loans
Non-QM loans
Legacy RPL/NPL loans (3)
Totals
Allowance for credit losses at December 31, 2023$2,588 $4,355 $1,870 $11,638 $20,451 
Current provision/(reversal)(473)228 (189)(26)(460)
Write-offs(416)59 — (22)(379)
Allowance for credit losses March 31, 2024
$1,699 $4,642 $1,681 $11,590 $19,612 
Current provision/(reversal)(317)978 (326)(1,414)(1,079)
Write-offs(81)(5,011)— (170)(5,262)
Allowance for credit losses at June 30, 2024
$1,301 $609 $1,355 $10,006 $13,271 

Six Months Ended June 30, 2023
(In Thousands)
Single-family transitional loans (1)(2)
Single-family rental loansNon-QM loansLegacy RPL/NPL loans (3)Totals
Allowance for credit losses at December 31, 2022$5,223 $1,277 $7,359 $21,455 $35,314 
Current provision/(reversal)406 514 (214)(391)315 
Write-offs(2,003)(451)— (113)(2,567)
Allowance for credit losses at March 31, 2023$3,626 $1,340 $7,145 $20,951 $33,062 
Current provision/(reversal)999 (103)(233)(398)265 
Write-offs(1,785)— (206)(301)(2,292)
Allowance for credit losses at June 30, 2023
$2,840 $1,237 $6,706 $20,252 $31,035 
(1)In connection with Single-family transitional loans at carrying value, the Company had unfunded commitments of $1.7 million and $6.0 million as of June 30, 2024 and 2023, respectively, with an allowance for credit losses of $0 and $44,000 at June 30, 2024 and 2023, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7).
(2)Includes $20.4 million and $35.2 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2024 and 2023, respectively.
(3)Includes $44.4 million and $55.5 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2024 and 2023, respectively.
The following table presents realized credit losses, net of recoveries, on liquidated residential whole loans or residential whole loans that were transferred to REO, recognized in Other, net:
Three Months Ended
June 30,		Six Months Ended
June 30,
 (In Thousands)2024202320242023
Single-family transitional loans$(271)$971 $381 $1,099 
Multifamily transitional loans(80)— (107)— 
Single-family rental loans(567)117 (1,454)459 
Non-QM loans87 869 88 861 
Legacy RPL/NPL loans(518)(1,184)(899)(1,735)
Other loans— — — — 
Total Residential whole loans
$(1,349)$773 $(1,991)$684 
Financing Receivable, Past Due
The following tables present certain information regarding the LTVs of the Company’s Residential whole loans that are 60 days or more delinquent:

June 30, 2024
(Dollars In Thousands)Carrying Value / Fair ValueUPB
LTV (1)
Business purpose loans:
Single-family transitional loans
$97,537 $105,766 87 %
Multifamily transitional loans
46,377 54,102 69 %
Single-family rental loans48,617 62,764 112 %
Total Business purpose loans
$192,531 $222,632 
Non-QM loans122,663 125,918 62 %
Legacy RPL/NPL loans250,125 275,913 64 %
Other loans — — — %
Total Residential whole loans
$565,319 $624,463 
December 31, 2023
(Dollars In Thousands)Carrying Value / Fair ValueUPB
LTV (1)
Business purpose loans:
Single-family transitional loans
$93,960 $99,341 66 %
Multifamily transitional loans
19,812 20,595 63 %
Single-family rental loans65,659 80,570 109 %
Total Business purpose loans
$179,431 $200,506 
Non-QM loans102,252 104,454 64 %
Legacy RPL/NPL loans290,928 316,453 69 %
Other loans188 228 73 %
Total Residential whole loans
$572,799 $621,641 
(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 Single-family and Multifamily transitional 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 Single-family transitional 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 Interest Income Components
The following tables present the components of interest income on the Company’s Residential whole loans:
Held at Carrying ValueHeld at Fair ValueTotal
Three Months Ended
June 30,		Three Months Ended
June 30,		Three Months Ended
June 30,
 (In Thousands)202420232024202320242023
Business purpose loans:
Single-family transitional loans
$152 $518 $30,090 $18,231 $30,242 $18,749 
Multifamily transitional loans
— — 25,291 13,872 25,291 13,872 
Single-family rental loans
2,277 2,880 25,287 20,261 27,564 23,141 
Total Business purpose loans
$2,429 $3,398 $80,668 $52,364 $83,097 $55,762 
Non-QM loans11,530 11,646 47,219 33,872 58,749 45,518 
Legacy RPL/NPL loans8,453 9,214 14,893 17,036 23,346 26,250 
Other loans— — 525 518 525 518 
Total Residential whole loans
$22,412 $24,258 $143,305 $103,790 $165,717 $128,048 
Held at Carrying ValueHeld at Fair ValueTotal
Six Months Ended
June 30,		Six Months Ended
June 30,		Six Months Ended
June 30,
 (In Thousands)202420232024202320242023
Business purpose loans:
Single-family transitional loans
$393 $1,138 $57,867 $33,923 $58,260 $35,061 
Multifamily transitional loans
— — 50,489 25,787 50,489 25,787 
Single-family rental loans
4,838 5,859 49,828 38,596 54,666 44,455 
Total Business purpose loans
$5,231 $6,997 $158,184 $98,306 $163,415 $105,303 
Non-QM loans22,949 24,320 91,660 65,287 114,609 89,607 
Legacy RPL/NPL loans15,933 17,441 28,383 31,832 44,316 49,273 
Other loans— — 1,042 3,375 1,042 3,375 
Total Residential whole loans$44,113 $48,758 $279,269 $198,800 $323,382 $247,558 
Schedule of Net Gain/(Loss) on Residential Whole Loans Measured at Fair Value
The following table presents the components of Net gain/(loss) on residential whole loans measured at fair value through earnings:
Three Months Ended
June 30,		Six Months Ended
June 30,
 (In Thousands)2024202320242023
Business purpose loans:
Single-family transitional loans$(5,413)$304 $(4,121)$398 
Multifamily transitional loans(24,503)146 (27,073)2,073 
Single-family rental loans
18,442 (36,381)17,607 (1,891)
Total Business purpose loans$(11,474)$(35,931)$(13,587)$580 
Non-QM loans32,107 (87,136)29,569 1,728 
Legacy RPL/NPL loans(3,621)(6,733)(9,921)(4,502)
Other loans(582)(903)(1,144)665 
Total Residential whole loans
$16,430 $(130,703)$4,917 $(1,529)