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Residential Whole Loans (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 and December 31, 2023:
|  | Held at Carrying Value |  | Held at Fair Value |  | Total
(Dollars in Thousands) |  | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |
Single-family transitional loans (1) |  | $ | 25,382 |  |  | $ | 35,467 |  |  | $ | 1,127,519 |  |  | $ | 1,157,732 |  |  | $ | 1,152,901 |  |  | $ | 1,193,199 |
Multifamily transitional loans |  | — |  |  | — |  |  | 1,058,079 |  |  | 1,168,297 |  |  | 1,058,079 |  |  | 1,168,297 |
Single-family rental loans (2) |  | 119,153 |  |  | 172,213 |  |  | 1,353,909 |  |  | 1,462,583 |  |  | 1,473,062 |  |  | 1,634,796 |
Total Business purpose loans |  | $ | 144,535 |  |  | $ | 207,680 |  |  | $ | 3,539,507 |  |  | $ | 3,788,612 |  |  | $ | 3,684,042 |  |  | $ | 3,996,292 |
Non-QM loans |  | 751,550 |  |  | 843,884 |  |  | 3,421,247 |  |  | 2,961,693 |  |  | 4,172,797 |  |  | 3,805,577 |
Legacy RPL/NPL loans |  | 467,202 |  |  | 498,671 |  |  | 658,078 |  |  | 705,424 |  |  | 1,125,280 |  |  | 1,204,095 |
Other loans |  | — |  |  | — |  |  | 55,909 |  |  | 55,779 |  |  | 55,909 |  |  | 55,779 |
Allowance for Credit Losses |  | (10,657) |  |  | (20,451) |  |  | — |  |  | — |  |  | (10,657) |  |  | (20,451) |
Total Residential whole loans |  | $ | 1,352,630 |  |  | $ | 1,529,784 |  |  | $ | 7,674,741 |  |  | $ | 7,511,508 |  |  | $ | 9,027,371 |  |  | $ | 9,041,292 |
Number of loans |  | 5,757 |  |  | 6,326 |  |  | 18,837 |  |  | 19,075 |  |  | 24,594 |  |  | 25,401 |
(1)Includes $446.5 million and $471.1 million of loans collateralized by new construction projects at origination as of September 30, 2024 and December 31, 2023, respectively. (2) As of September 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 other gains or losses on held-for-sale loans for the three months ended June 30, 2024 and September 30, 2024.
Schedule of Financing Receivable Credit Quality Indicators | The following tables presents additional information regarding the Company’s Residential whole loans: September 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 |
|  |  |  |  |  |  |  | Current |  | 30-59 |  | 60-89 |  | 90+ |
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family transitional (4) | $ | 1,151,733 |  |  | $ | 1,152,489 |  |  | $ | 1,158,413 |  |  | 10.46 | % |  | 6 |  | 67 | % |  | 748 |  | $ | 1,021,676 |  |  | $ | 41,089 |  |  | $ | 6,034 |  |  | $ | 89,614 |  |  | 8.3 | %
Multifamily transitional (4) | 1,058,079 |  |  | 1,058,079 |  |  | 1,102,732 |  |  | 9.06 | % |  | 9 |  | 67 | % |  | 748 |  | 994,102 |  |  | 47,898 |  |  | 10,800 |  |  | 49,932 |  |  | 5.5 | %
Single-family rental | 1,472,687 |  |  | 1,474,723 |  |  | 1,505,242 |  |  | 6.43 | % |  | 325 |  | 68 | % |  | 738 |  | 1,436,384 |  |  | 16,896 |  |  | 5,180 |  |  | 46,782 |  |  | 3.5 | %
Total business purpose loans | $ | 3,682,499 |  |  | $ | 3,685,291 |  |  | $ | 3,766,387 |  |  | 8.44 | % |  |  |  | 68 | % |  |  |  | $ | 3,452,162 |  |  | $ | 105,883 |  |  | $ | 22,014 |  |  | $ | 186,328 |  |  | 5.5 | %
Non-QM loans |  | 4,171,055 |  |  | 4,145,143 |  |  | 4,264,091 |  |  | 6.26 | % |  | 339 |  | 64 | % |  | 735 |  | 4,013,257 |  |  | 100,943 |  |  | 37,025 |  |  | 112,866 |  |  | 3.5 | %
Legacy RPL/NPL loans |  | 1,117,908 |  |  | 1,147,684 |  |  | 1,250,859 |  |  | 5.15 | % |  | 255 |  | 55 | % |  | 647 |  | 854,721 |  |  | 128,022 |  |  | 48,794 |  |  | 219,322 |  |  | 21.4 | %
Other loans |  | 55,909 |  |  | 55,909 |  |  | 64,875 |  |  | 3.44 | % |  | 323 |  | 65 | % |  | 757 |  | 64,875 |  |  | — |  |  | — |  |  | — |  |  | — | %
Residential whole loans, total or weighted average |  | $ | 9,027,371 |  |  | $ | 9,034,027 |  |  | $ | 9,346,212 |  |  | 6.99 | % |  |  |  | 64 | % |  |  |  | $ | 8,385,015 |  |  | $ | 334,848 |  |  | $ | 107,833 |  |  | $ | 518,516 |  |  | 6.7 | %
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 |
|  |  |  |  |  |  |  | Current |  | 30-59 |  | 60-89 |  | 90+ |
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family transitional (4) | $ | 1,190,612 |  |  | $ | 1,191,715 |  |  | $ | 1,197,346 |  |  | 10.01 | % |  | 7 |  | 66 | % |  | 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 | % |  | 14 |  | 63 | % |  | 747 |  | 1,116,402 |  |  | 33,778 |  |  | 9,614 |  |  | 10,981 |  |  | 1.8 | %
Single-family rental | 1,630,442 |  |  | 1,628,734 |  |  | 1,729,923 |  |  | 6.30 | % |  | 320 |  | 70 | % |  | 738 |  | 1,636,810 |  |  | 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 | % |  | 344 |  | 65 | % |  | 735 |  | 3,732,327 |  |  | 98,017 |  |  | 29,587 |  |  | 74,867 |  |  | 2.7 | %
Legacy RPL/NPL loans |  | 1,192,457 |  |  | 1,213,199 |  |  | 1,355,280 |  |  | 5.03 | % |  | 262 |  | 59 | % |  | 648 |  | 896,587 |  |  | 142,240 |  |  | 44,609 |  |  | 271,844 |  |  | 23.3 | %
Other loans |  | 55,779 |  |  | 55,779 |  |  | 66,830 |  |  | 3.44 | % |  | 332 |  | 66 | % |  | 758 |  | 65,094 |  |  | 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 $459.2 million and $332.5 million at September 30, 2024 and December 31, 2023, respectively, and certain Multifamily transitional loans, totaling $568.3 million and $218.8 million at September 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 - 2022 |  |  |  |  |  | 2021 |  | 2020 |  | Prior |  | Total
Business purpose loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  | $ | 7,139 |  |  | $ | 17,139 |  |  | $ | 113,636 |  |  | $ | 137,914 |
LTV > 80% (1) |  | — |  |  |  |  |  |  | — |  |  | 1,970 |  |  | 4,651 |  |  | 6,621 |
Total Business purpose loans |  | $ | — |  |  |  |  |  |  | $ | 7,139 |  |  | $ | 19,109 |  |  | $ | 118,287 |  |  | $ | 144,535 |
Nine Months Ended September 30, 2024 Gross write-offs |  | $ | — |  |  |  |  |  |  | $ | 12 |  |  | $ | 367 |  |  | $ | 5,690 |  |  | $ | 6,069 |
Non-QM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  | $ | 39,485 |  |  | $ | 157,870 |  |  | $ | 540,769 |  |  | $ | 738,124 |
LTV > 80% (1) |  | — |  |  |  |  |  |  | 1,924 |  |  | 7,045 |  |  | 4,457 |  |  | 13,426 |
Total Non-QM loans |  | $ | — |  |  |  |  |  |  | $ | 41,409 |  |  | $ | 164,915 |  |  | $ | 545,226 |  |  | $ | 751,550 |
Nine Months Ended September 30, 2024 Gross write-offs |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Legacy RPL/NPL loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 413,265 |  |  | $ | 413,265 |
LTV > 80% (1) |  | — |  |  |  |  |  |  | — |  |  | — |  |  | 53,937 |  |  | 53,937 |
Total Legacy RPL/NPL loans |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 467,202 |  |  | $ | 467,202 |
Nine Months Ended September 30, 2024 Gross write-offs |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 245 |  |  | $ | 245 |
Total LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  | $ | 46,624 |  |  | $ | 175,009 |  |  | $ | 1,067,670 |  |  | $ | 1,289,303 |
Total LTV > 80% (1) |  | — |  |  |  |  |  |  | 1,924 |  |  | 9,015 |  |  | 63,045 |  |  | 73,984 |
Total Residential whole loans, at carrying value |  | $ | — |  |  |  |  |  |  | $ | 48,548 |  |  | $ | 184,024 |  |  | $ | 1,130,715 |  |  | $ | 1,363,287 |
Nine Months Ended September 30, 2024 Total Gross write-offs |  | $ | — |  |  |  |  |  |  | $ | 12 |  |  | $ | 367 |  |  | $ | 5,935 |  |  | $ | 6,314 |
(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 is not meaningful. The following table presents vintage information regarding our Residential whole loans, at fair value:
|  | Fair Value by Origination Year
(In Thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Single-family transitional loans |  | $ | 455,519 |  |  | $ | 497,487 |  |  | $ | 149,391 |  |  | $ | 24,669 |  |  | $ | 407 |  |  | $ | 46 |  |  | $ | 1,127,519 |
Multifamily transitional loans |  | 86,877 |  |  | 518,096 |  |  | 322,220 |  |  | 130,886 |  |  | — |  |  | — |  |  | 1,058,079 |
Single-family rental loans |  | 138,611 |  |  | 247,698 |  |  | 573,362 |  |  | 385,558 |  |  | 8,399 |  |  | 281 |  |  | 1,353,909 |
Non-QM loans |  | 636,933 |  |  | 734,840 |  |  | 625,961 |  |  | 1,388,659 |  |  | 238 |  |  | 34,616 |  |  | 3,421,247 |
Legacy RPL/NPL loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 658,078 |  |  | 658,078 |
Other loans |  | — |  |  | — |  |  | — |  |  | 55,909 |  |  | — |  |  | — |  |  | 55,909 |
Total Residential whole loans, at fair value |  | $ | 1,317,940 |  |  | $ | 1,998,121 |  |  | $ | 1,670,934 |  |  | $ | 1,985,681 |  |  | $ | 9,044 |  |  | $ | 693,021 |  |  | $ | 7,674,741 |
The following table presents certain additional information about the Company’s commercial mortgage loans as of September 30, 2024 and December 31, 2023:
(Dollars In Thousands) |  | Fair Value / Carrying Value |  | UPB |  | Weighted Average Coupon |  | Weighted Average Term to Maturity (Months) |  | UPB 60+ Days Delinquent | Weighted Average LTV Ratio
Commercial Loans - September 30, 2024 |  | $ | 15,328 |  |  | $ | 16,791 |  |  | 12.04 | % |  | 1 |  | $ | 4,875 |  | 61 | %
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:
| Nine Months Ended September 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 |
Current provision/(reversal) |  | 48 |  |  | 205 |  |  | 387 |  |  | (2,582) |  |  | (1,942) |
Write-offs |  | (181) |  |  | (439) |  |  | — |  |  | (52) |  |  | (672) |
Allowance for credit losses at September 30, 2024 |  | $ | 1,168 |  |  | $ | 375 |  |  | $ | 1,742 |  |  | $ | 7,372 |  |  | $ | 10,657 |
| Nine Months Ended September 30, 2023
(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, 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 |
Current provision/(reversal) |  | 559 |  |  | 329 |  |  | (2,627) |  |  | 487 |  |  | (1,252) |
Write-offs |  | (881) |  |  | (235) |  |  | — |  |  | (110) |  |  | (1,226) |
Allowance for credit losses at September 30, 2023 |  | $ | 2,518 |  |  | $ | 1,331 |  |  | $ | 4,079 |  |  | $ | 20,629 |  |  | $ | 28,557 |
(1)In connection with Single-family transitional loans at carrying value, the Company had unfunded commitments of $1.6 million and $5.4 million as of September 30, 2024 and 2023, respectively, with an allowance for credit losses of $0 and $38,000 at September 30, 2024 and 2023, respectively. Such allowance is included in “Other liabilities” in the Company’s consolidated balance sheets (see Note 7). (2)Includes $18.9 million and $28.7 million of loans that were assessed for credit losses based on a collateral dependent methodology as of September 30, 2024 and 2023, respectively. (3)Includes $39.3 million and $52.6 million of loans that were assessed for credit losses based on a collateral dependent methodology as of September 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 September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Single-family transitional loans |  | $ | (2,393) |  |  | $ | 362 |  |  | $ | (2,012) |  |  | $ | 1,461 |
Multifamily transitional loans |  | (3,802) |  |  | — |  |  | (3,910) |  |  | — |
Single-family rental loans |  | (669) |  |  | (212) |  |  | (2,123) |  |  | 246 |
Non-QM loans |  | — |  |  | 11 |  |  | 88 |  |  | 872 |
Legacy RPL/NPL loans |  | (220) |  |  | (630) |  |  | (1,120) |  |  | (2,365) |
Other loans |  | — |  |  | — |  |  | — |  |  | — |
Total Residential whole loans |  | $ | (7,084) |  |  | $ | (469) |  |  | $ | (9,077) |  |  | $ | 214 |
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:
|  | September 30, 2024
(Dollars In Thousands) |  | Carrying Value / Fair Value |  | UPB |  | LTV (1)
Business purpose loans: |  |  |  |  |  |
Single-family transitional loans |  | $ | 89,616 |  |  | $ | 95,648 |  |  | 84 | %
Multifamily transitional loans |  | 36,664 |  |  | 60,732 |  |  | 79 | %
Single-family rental loans |  | 40,334 |  |  | 51,962 |  |  | 103 | %
Total Business purpose loans |  | $ | 166,614 |  |  | $ | 208,342 |  |  |
Non-QM loans |  | 145,875 |  |  | 149,891 |  |  | 65 | %
Legacy RPL/NPL loans |  | 248,712 |  |  | 268,116 |  |  | 63 | %
Other loans |  | — |  |  | — |  |  | — | %
Total Residential whole loans |  | $ | 561,201 |  |  | $ | 626,349 |  |  |
|  | December 31, 2023
(Dollars In Thousands) |  | Carrying Value / Fair Value |  | UPB |  | 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 loans |  | 65,659 |  |  | 80,570 |  |  | 109 | %
Total Business purpose loans |  | $ | 179,431 |  |  | $ | 200,506 |  |  |
Non-QM loans |  | 102,252 |  |  | 104,454 |  |  | 64 | %
Legacy RPL/NPL loans |  | 290,928 |  |  | 316,453 |  |  | 69 | %
Other loans |  | 188 |  |  | 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 Value |  | Held at Fair Value |  | Total
|  | Three Months Ended September 30, |  | Three Months Ended September 30, |  | Three Months Ended September 30,
(In Thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |
Single-family transitional loans |  | $ | 249 |  |  | $ | 101 |  |  | $ | 28,237 |  |  | $ | 22,158 |  |  | $ | 28,486 |  |  | $ | 22,259 |
Multifamily transitional loans |  | — |  |  | — |  |  | 23,479 |  |  | 17,964 |  |  | 23,479 |  |  | 17,964 |
Single-family rental loans |  | 2,285 |  |  | 2,739 |  |  | 24,048 |  |  | 21,348 |  |  | 26,333 |  |  | 24,087 |
Total Business purpose loans |  | $ | 2,534 |  |  | $ | 2,840 |  |  | $ | 75,764 |  |  | $ | 61,470 |  |  | $ | 78,298 |  |  | $ | 64,310 |
Non-QM loans |  | 10,357 |  |  | 12,276 |  |  | 48,110 |  |  | 39,448 |  |  | 58,467 |  |  | 51,724 |
Legacy RPL/NPL loans |  | 7,763 |  |  | 8,466 |  |  | 12,376 |  |  | 15,552 |  |  | 20,139 |  |  | 24,018 |
Other loans |  | — |  |  | — |  |  | 502 |  |  | 486 |  |  | 502 |  |  | 486 |
Total Residential whole loans |  | $ | 20,654 |  |  | $ | 23,582 |  |  | $ | 136,752 |  |  | $ | 116,956 |  |  | $ | 157,406 |  |  | $ | 140,538 |
|  | 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) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |
Single-family transitional loans |  | $ | 642 |  |  | $ | 1,239 |  |  | $ | 86,104 |  |  | $ | 56,082 |  |  | $ | 86,746 |  |  | $ | 57,321 |
Multifamily transitional loans |  | — |  |  | — |  |  | 73,969 |  |  | 43,750 |  |  | 73,969 |  |  | 43,750 |
Single-family rental loans |  | 7,123 |  |  | 8,598 |  |  | 73,876 |  |  | 59,945 |  |  | 80,999 |  |  | 68,543 |
Total Business purpose loans |  | $ | 7,765 |  |  | $ | 9,837 |  |  | $ | 233,949 |  |  | $ | 159,777 |  |  | $ | 241,714 |  |  | $ | 169,614 |
Non-QM loans |  | 33,306 |  |  | 36,595 |  |  | 139,771 |  |  | 104,735 |  |  | 173,077 |  |  | 141,330 |
Legacy RPL/NPL loans |  | 23,696 |  |  | 25,908 |  |  | 40,757 |  |  | 47,384 |  |  | 64,453 |  |  | 73,292 |
Other loans |  | — |  |  | — |  |  | 1,544 |  |  | 3,860 |  |  | 1,544 |  |  | 3,860 |
Total Residential whole loans |  | $ | 64,767 |  |  | $ | 72,340 |  |  | $ | 416,021 |  |  | $ | 315,756 |  |  | $ | 480,788 |  |  | $ | 388,096 |
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 September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Business purpose loans: |  |  |  |  |  |  |  |
Single-family transitional loans |  | $ | 2,401 |  |  | $ | 688 |  |  | $ | (1,720) |  |  | $ | 1,085 |
Multifamily transitional loans |  | (15,384) |  |  | 2,550 |  |  | (42,457) |  |  | 4,624 |
Single-family rental loans |  | 39,662 |  |  | (38,914) |  |  | 57,269 |  |  | (40,805) |
Total Business purpose loans |  | $ | 26,679 |  |  | $ | (35,676) |  |  | $ | 13,092 |  |  | $ | (35,096) |
Non-QM loans |  | 94,489 |  |  | (78,560) |  |  | 124,058 |  |  | (76,832) |
Legacy RPL/NPL loans |  | 18,923 |  |  | (15,426) |  |  | 9,002 |  |  | (19,928) |
Other loans |  | 3,325 |  |  | (3,232) |  |  | 2,181 |  |  | (2,567) |
Total Residential whole loans |  | $ | 143,416 |  |  | $ | (132,894) |  |  | $ | 148,333 |  |  | $ | (134,423) |

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