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Residential Whole Loans (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024:

						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

(1)Includes $397.7 million and $442.4 million of loans collateralized by new construction projects at origination as of March 31, 2025 and December 31, 2024, respectively.

(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.

Schedule of Financing Receivable Credit Quality Indicators

The following tables present additional information regarding the Company’s Residential whole loans:

March 31, 2025

						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		%

December 31, 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)						$	1,099,466					$	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.

(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 $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.

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)						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.

The following table presents vintage information regarding our Residential whole loans, at fair value:

						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

The following table presents certain additional information about the Company’s commercial mortgage loans as of March 31, 2025 and December 31, 2024:

(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 - March 31, 2025						$	7,435					$	9,385					11.26		%				0						$	9,385		82		%
Commercial Loans - December 31, 2024						$	7,435					$	9,385					11.48		%				0						$	4,875		82		%

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:

			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

(1)Includes $11.0 million and $21.9 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2025 and 2024, respectively.

(2)Includes $37.0 million and $50.5 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2025 and 2024, respectively.

(3)Includes $10.6 million of loans that were assessed for credit losses based on a collateral dependent methodology as of March 31, 2024.

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 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)

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:

						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

(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 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

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 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)

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