Included on the Company’s consolidated balance sheets at March 31, 2025 and December 31, 2024 are approximately $8.8 billion and $8.8 billion, respectively, of residential whole loans generally arising from the Company’s interests in certain trusts established to acquire the loans and certain entities established in connection with its loan securitization transactions. The Company has assessed that these entities are required to be consolidated for financial reporting purposes. Starting in the second quarter of 2021, the Company elected the fair value option for all loan acquisitions, including loans originated by Lima One subsequent to its acquisition by the Company. Prior to the second quarter of 2021, the fair value option was typically elected only for loans that were 60 or more days delinquent at purchase.


	Held at Carrying Value				Held at Fair Value				Total
(Dollars in Thousands)	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Business purpose loans:
Single-family transitional loans (1) (2)	$	15,593	$	22,430	$	975,425	$	1,078,425	$	991,018	$	1,100,855
Multifamily transitional loans	—		—		835,049		938,926		835,049		938,926
Single-family rental loans (3)	104,123		108,203		1,208,870		1,248,197		1,312,993		1,356,400
Total Business purpose loans	$	119,716	$	130,633	$	3,019,344	$	3,265,548	$	3,139,060	$	3,396,181
Non-QM loans	695,523		722,392		3,845,030		3,568,694		4,540,553		4,291,086
Legacy RPL/NPL loans	447,246		457,654		614,556		624,895		1,061,802		1,082,549
Other loans	—		—		53,137		52,073		53,137		52,073
Allowance for Credit Losses	(10,194)		(10,665)		—		—		(10,194)		(10,665)
Total Residential whole loans	$	1,252,291	$	1,300,014	$	7,532,067	$	7,511,210	$	8,784,358	$	8,811,224
Number of loans	5,430		5,582		18,586		18,588		24,016		24,170

(2)Includes $2.1 million and $0.0 million held-for-sale loans as of March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025, the Company recorded a $0.5 million loss on these loans resulting from adjusting their carrying value to the lower of cost or fair value.

(3)No loans were held-for-sale as of March 31, 2025 and December 31, 2024. For the three months ended March 31, 2024, the Company recorded a $0.5 million gain on loans resulting from their sale, which were held-for-sale as of 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)	$	990,153	$	990,158	$	1,006,280	10.43	%	5	69	%	749	$	871,466	$	17,161	$	11,546	$	106,107	11.7	%
Multifamily transitional (4)	835,049		835,049		875,125		9.53	%	5	65	%	750	775,895		21,128		10,448		67,654		8.9	%
Single-family rental	1,312,013		1,313,854		1,355,621		6.35	%	318	68	%	739	1,281,803		19,248		5,376		49,194		4.0	%
Total business purpose loans	$	3,137,215	$	3,139,061	$	3,237,026	8.48	%		67	%		$	2,929,164	$	57,537	$	27,370	$	222,955	7.7	%
Non-QM loans	4,538,626		4,513,712		4,607,963		6.59	%	338	64	%	736	4,296,899		133,178		54,605		123,281		3.9	%
Legacy RPL/NPL loans	1,055,380		1,072,144		1,196,206		5.14	%	250	55	%	647	802,461		136,363		41,766		215,616		21.5	%
Other loans	53,137		53,137		63,214		3.44	%	317	64	%	758	63,214		—		—		—		—	%
Residential whole loans, total or weighted average	$	8,784,358	$	8,778,054	$	9,104,409	7.07	%		64	%		$	8,091,738	$	327,078	$	123,741	$	561,852	7.5	%


	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)	$	1,099,466	$	1,099,700	$	1,106,631	10.44	%	5	67	%	750	$	957,266	$	33,393	$	15,964	$	100,008	10.5	%
Multifamily transitional (4)	938,926		938,926		976,964		9.17	%	6	64	%	751	870,525		20,815		—		85,624		8.8	%
Single-family rental	1,356,034		1,355,965		1,416,705		6.36	%	321	68	%	739	1,346,312		15,661		5,445		49,287		3.9	%
Total Business purpose loans	$	3,394,426	$	3,394,591	$	3,500,300	8.43	%		67	%		$	3,174,103	$	69,869	$	21,409	$	234,919	7.3	%
Non-QM loans	4,288,961		4,258,298		4,408,660		6.50	%	339	64	%	735	4,114,436		124,765		50,619		118,840		3.8	%
Legacy RPL/NPL loans	1,075,764		1,090,991		1,222,258		5.15	%	253	55	%	647	831,844		129,081		45,074		216,259		21.4	%
Other loans	52,073		52,073		63,614		3.44	%	320	65	%	758	62,998		616		—		—		—	%
Residential whole loans, total or weighted average	$	8,811,224	$	8,795,953	$	9,194,832	7.06	%		64	%		$	8,183,381	$	324,331	$	117,102	$	570,018	7.5	%

(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 are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.

(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 $468.4 million and $445.6 million at March 31, 2025 and December 31, 2024, respectively, and certain Multifamily transitional loans, totaling $223.0 million and $252.1 million at March 31, 2025 and December 31, 2024, 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.

During the three months ended March 31, 2025, Single-family rental loans with an unpaid principal balance of $67.6 million were sold, realizing gains, before the impact of economic hedging gains/losses and the reversal of previously recognized unrealized gains, of $1.9 million. Upon sale, the Company reversed $1.2 million of previously recognized unrealized gains, resulting in a net gain of $0.7 million during the first quarter of 2025. During the three months ended March 31, 2024, Non-QM and Single-family rental loans with an unpaid principal balance of $171.0 million were sold, realizing losses, before the impact of economic hedging gains and the reversal of previously recognized unrealized losses, of $21.7 million. Upon sale, the Company reversed $23.7 million of previously recognized unrealized losses, resulting in a net gain of $2.0 million during the quarter.


	Three Months Ended March 31, 2025
(In Thousands)		Single-family transitional loans (1)		Single-family rental loans		Non-QM loans		Legacy RPL/NPL loans (2)		Totals
Allowance for credit losses at December 31, 2024		$	1,389	$	366	$	2,125	$	6,785	$	10,665
Current provision/(reversal)		(88)		614		(197)		(184)		145
Write-offs		(436)		—		—		(180)		(616)
Allowance for credit losses at March 31, 2025		$	865	$	980	$	1,928	$	6,421	$	10,194


	Three Months Ended March 31, 2024
(In Thousands)		Single-family transitional loans (1)		Single-family rental loans (3)		Non-QM loans		Legacy RPL/NPL loans (2)		Totals
Allowance for credit losses at December 31, 2023		$	2,587	$	4,355	$	1,871	$	11,638	$	20,451
Current provision/(reversal)		(472)		228		(190)		(26)		(460)
Write-offs		(416)		59		—		(22)		(379)
Allowance for credit losses at March 31, 2024		$	1,699	$	4,642	$	1,681	$	11,590	$	19,612

The carrying value of Residential whole loans on nonaccrual status as of March 31, 2025 and December 31, 2024 was $627.0 million and $638.3 million, respectively. During the three months ended March 31, 2025, the Company recognized $2.8 million of interest income on loans on nonaccrual status, including $1.8 million on its portfolio of loans which were non-performing at acquisition. At March 31, 2025 and December 31, 2024, there were approximately $32.6 million and $38.7 million, respectively, of loans held at carrying value on nonaccrual status that did not have an associated allowance for credit losses because they were determined to be collateral dependent and the estimated fair value of the related collateral exceeded the carrying value of each loan, respectively.

During the three months ended March 31, 2025, the Company granted two loan modifications in its carrying value loan portfolio, both with term extensions, and one of them including an interest rate reduction. The combined increase in average life for the loans with term extensions was 196 months. The interest rate reduction was 1.25%. As of March 31, 2025, the carrying value of these loans was approximately $0.16 million. As of March 31, 2025, these loans were not greater than 30 days delinquent.

During the past 12 months, the Company has granted four loan modifications in its carrying value loan portfolio which gave borrowers term extensions, with one of them including an interest rate reduction. The average increase in weighted average life was 131 months, and the interest rate reduction was 1.25%. As of March 31, 2025, the carrying value of these loans was approximately $0.26 million. As of March 31, 2025, these loans were not greater than 30 days delinquent.


	Amortized Cost Basis by Origination Year and LTV Bands
(In Thousands)	2025 - 2022		2021		Prior		Total
Business purpose loans
LTV <= 80% (1)	$	—	$	6,572	$	108,303	$	114,875
LTV > 80% (1)	—		98		4,743		4,841
Total Business purpose loans	$	—	$	6,670	$	113,046	$	119,716
Three Months Ended March 31, 2025 Gross write-offs	$	—	$	—	$	436	$	436
Non-QM loans
LTV <= 80% (1)	$	—	$	35,762	$	649,632	$	685,394
LTV > 80% (1)	—		1,911		8,218		10,129
Total Non-QM loans	$	—	$	37,673	$	657,850	$	695,523
Three Months Ended March 31, 2025 Gross write-offs	$	—	$	—	$	—	$	—
Legacy RPL/NPL loans
LTV <= 80% (1)	$	—	$	—	$	397,641	$	397,641
LTV > 80% (1)	—		—		49,605		49,605
Total Legacy RPL/NPL loans	$	—	$	—	$	447,246	$	447,246
Three Months Ended March 31, 2025 Gross write-offs	$	—	$	—	$	179	$	179
Total LTV <= 80% (1)	$	—	$	42,334	$	1,155,575	$	1,197,910
Total LTV > 80% (1)	—		2,009		62,566		64,575
Total Residential whole loans, at carrying value	$	—	$	44,343	$	1,218,142	$	1,262,485
Three Months Ended March 31, 2025 Total Gross write-offs	$	—	$	—	$	615	$	615

(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.


	Fair Value by Origination Year
(In Thousands)	2025		2024		2023		2022		2021		Prior		Total
Single-family transitional loans	$	78,535	$	504,716	$	285,773	$	92,575	$	13,788	$	38	$	975,425
Multifamily transitional loans	—		78,558		401,209		249,335		105,947		—		835,049
Single-family rental loans	37,848		43,127		234,439		525,711		359,963		7,782		1,208,870
Non-QM loans	305,028		1,126,989		636,364		563,034		1,181,994		31,621		3,845,030
Legacy RPL/NPL loans	—		—		—		—		—		614,556		614,556
Other loans	—		—		—		—		53,137		—		53,137
Total Residential whole loans, at fair value	$	421,411	$	1,753,390	$	1,557,785	$	1,430,655	$	1,714,829	$	653,997	$	7,532,067


	Three Months Ended March 31,
(In Thousands)	2025		2024
Single-family transitional loans	$	(2,173)	$	653
Multifamily transitional loans	(169)		(28)
Single-family rental loans	(1,196)		(887)
Non-QM loans	(137)		1
Legacy RPL/NPL loans	(56)		(381)
Other loans	—		—
Total Residential whole loans	$	(3,731)	$	(642)


	March 31, 2025
(Dollars In Thousands)	Carrying Value / Fair Value		UPB		LTV (1)
Business purpose loans:
Single-family transitional loans	$	101,545	$	117,653	91	%
Multifamily transitional loans	44,925		78,102		80	%
Single-family rental loans	43,479		54,570		99	%
Total Business purpose loans	$	189,949	$	250,325
Non-QM loans	174,982		177,886		66	%
Legacy RPL/NPL loans	235,775		257,382		63	%
Other loans	—		—		—	%
Total Residential whole loans	$	600,706	$	685,593


	December 31, 2024
(Dollars In Thousands)	Carrying Value / Fair Value		UPB		LTV (1)
Business purpose loans:
Single-family transitional loans	$	109,221	$	115,972	79	%
Multifamily transitional loans	56,970		85,624		79	%
Single-family rental loans	42,995		54,732		99	%
Total Business purpose loans	$	209,186	$	256,328
Non-QM loans	166,299		169,459		66	%
Legacy RPL/NPL loans	240,356		261,333		63	%
Other loans	—		—		—	%
Total Residential whole loans	$	615,841	$	687,120


	Held at Carrying Value				Held at Fair Value				Total
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
(In Thousands)	2025		2024		2025		2024		2025		2024
Business purpose loans:
Single-family transitional loans	$	1,714	$	241	$	24,104	$	27,777	$	25,818	$	28,018
Multifamily transitional loans	—		—		19,954		25,198		19,954		25,198
Single-family rental loans	1,900		2,561		20,497		24,541		22,397		27,102
Total Business purpose loans	$	3,614	$	2,802	$	64,555	$	77,516	$	68,169	$	80,318
Non-QM loans	10,086		11,420		55,178		44,441		65,264		55,861
Legacy RPL/NPL loans	7,042		7,479		10,337		13,490		17,379		20,969
Other loans	—		—		498		517		498		517
Total Residential whole loans	$	20,742	$	21,701	$	130,568	$	135,964	$	151,310	$	157,665


	Three Months Ended March 31,
(In Thousands)	2025		2024
Business purpose loans:
Single-family transitional loans	$	(9,149)	$	1,292
Multifamily transitional loans	(1,935)		(2,570)
Single-family rental loans	17,831		(834)
Total Business purpose loans	$	6,747	$	(2,112)
Non-QM loans	45,196		(2,538)
Legacy RPL/NPL loans	949		(6,301)
Other loans	1,488		(562)
Total Residential whole loans	$	54,380	$	(11,513)