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Other Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
The following table presents the components of the Company’s Other assets at March 31, 2025 and December 31, 2024:

(In Thousands)March 31, 2025December 31, 2024
REO$130,634 $130,854 
Commercial REO21,158 18,373 
Goodwill61,076 61,076 
Intangibles, net (1)
4,000 4,800 
Capital contributions made to loan origination partners17,546 16,793 
Commercial loans7,435 7,435 
Interest receivable104,521 104,395 
Other loan related receivables22,447 21,643 
Lease right-of-use asset (2)
35,709 35,461 
Other67,043 58,725 
Total Other Assets$471,569 $459,555 
(1) Net of aggregate accumulated amortization of $24.0 million and $23.2 million as of March 31, 2025 and December 31, 2024, respectively.
(2) An estimated incremental borrowing rate of 7.5% was used in connection with the Company’s primary operating lease (see Notes 2 and 9).
Schedule of Aggregate Carrying Value of REO Properties
The following table summarizes the aggregate carrying value of REO properties by loan source prior to foreclosure proceeding or from completion of a deed-in-lieu of foreclosure or similar legal agreement.

(Dollars In Thousands)
March 31, 2025December 31, 2024
Business purpose loans$73,150 $71,090 
Non-QM loans2,756 1,278 
Legacy RPL/NPL loans54,728 58,486 
Total$130,634 $130,854 
Number of properties402 416 
Schedule of Activity for Real Estate Owned
The following table presents the activity in the Company’s REO for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
(Dollars In Thousands)20252024
Balance at beginning of period$130,854 $110,174 
Adjustments to record at lower of cost or fair value(3,213)(1,267)
Transfer from residential whole loans (1)
25,448 19,342 
Purchases and capital improvements, net136 151 
Disposals and other (2)
(22,591)(22,215)
Balance at end of period$130,634 $106,185 
Number of properties402 288 
(1)During the three months ended March 31, 2025 and 2024, the Company recognized $0.0 million and $(1.1) million of gains / (losses), respectively, on Residential whole loans in Other Income/(Loss), net associated with the transfer of loans to REO.
(2)During the three months ended March 31, 2025 and 2024, the Company sold 94 and 73 REO properties for consideration of $24.2 million and $24.2 million, realizing net gains of approximately $1.7 million and $2.0 million, respectively. These amounts are included in Other Income/(Loss), net on the Company’s consolidated statements of operations.
Schedule of Finite-Lived Intangible Assets Amortization Expense
The amortization period for each of the finite lived intangible assets and the activity for the three months ended March 31, 2025 is summarized in the table below:
(Dollars in Thousands)Carrying Value at December 31, 2024Amortization Three months ended March 31, 2025Carrying Value at March 31, 2025
Amortization Period (Years) (1)
Trademarks / Trade Names$2,600 $(100)$2,500 10
Customer Relationships1,000 (500)500 4
Internally Developed Software1,200 (200)1,000 5
Total Identified Intangibles$4,800 $(800)$4,000 
(1) Amortization is calculated on a straight-line basis over the amortization period, except for Customer Relationships, where amortization is calculated based on expected levels of customer attrition.
Schedule of Financing Receivable Credit Quality Indicators
The following tables present additional information regarding the Company’s Residential whole loans:

March 31, 2025
Asset AmountFair ValueUnpaid 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)
$990,153 $990,158 $1,006,280 10.43 %569 %749$871,466 $17,161 $11,546 $106,107 11.7 %
Multifamily transitional (4)
835,049 835,049 875,125 9.53 %565 %750775,895 21,128 10,448 67,654 8.9 %
Single-family rental1,312,013 1,313,854 1,355,621 6.35 %31868 %7391,281,803 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 loans4,538,626 4,513,712 4,607,963 6.59 %33864 %7364,296,899 133,178 54,605 123,281 3.9 %
Legacy RPL/NPL loans1,055,380 1,072,144 1,196,206 5.14 %25055 %647802,461 136,363 41,766 215,616 21.5 %
Other loans53,137 53,137 63,214 3.44 %31764 %75863,214 — — — — %
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 AmountFair ValueUnpaid 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)
$1,099,466 $1,099,700 $1,106,631 10.44 %567 %750$957,266 $33,393 $15,964 $100,008 10.5 %
Multifamily transitional (4)
938,926 938,926 976,964 9.17 %664 %751870,525 20,815 — 85,624 8.8 %
Single-family rental1,356,034 1,355,965 1,416,705 6.36 %32168 %7391,346,312 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 loans4,288,961 4,258,298 4,408,660 6.50 %33964 %7354,114,436 124,765 50,619 118,840 3.8 %
Legacy RPL/NPL loans1,075,764 1,090,991 1,222,258 5.15 %25355 %647831,844 129,081 45,074 216,259 21.4 %
Other loans52,073 52,073 63,614 3.44 %32065 %75862,998 616 — — — %
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 - 20222021PriorTotal
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)
20252024202320222021PriorTotal
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 loans37,848 43,127 234,439 525,711 359,963 7,782 1,208,870 
Non-QM loans305,028 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 ValueUPBWeighted Average CouponWeighted Average Term to Maturity (Months)UPB 60+ Days DelinquentWeighted 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 Assets Pledged as Collateral Against Derivative Contracts
The following table presents the assets pledged as collateral against the Company’s Swaps:
(In Thousands)March 31,
2025		December 31,
2024
Agency MBS, at fair value
$43,622 $44,411 
Restricted Cash28,539 16,567 
Schedule of Information About Swaps The following table presents information about the Company’s Swaps at March 31, 2025 and December 31, 2024:
 March 31, 2025December 31, 2024
Maturity (1)
 Notional AmountWeighted Average Fixed-Pay Interest Rate
Weighted Average Variable Interest Rate (2)
Notional Amount Weighted Average Fixed-Pay Interest Rate
 Weighted Average Variable Interest Rate (2)
(Dollars in Thousands)      
Within 30 days$— — %— %$450,000 1.16 %4.49 %
Over 30 days to 3 months125,000 2.69 4.41 100,000 1.65 4.49 
Over 3 months to 6 months— — — 125,000 2.69 4.49 
Over 6 months to 12 months— — — — — — 
Over 12 months to 24 months1,329,500 1.48 4.41 450,000 1.12 4.49 
Over 24 months to 36 months420,500 3.44 4.41 1,045,000 1.84 4.49 
Over 36 months to 48 months24,600 4.28 4.41 24,600 4.28 4.49 
Over 48 months to 60 months770,000 3.41 4.41 574,000 3.28 4.49 
Over 60 months to 72 months— — — — — — 
Over 72 months696,250 3.55 4.41 545,150 3.42 4.49 
Total Swaps$3,365,850 2.66 %4.41 %$3,313,750 2.20 %4.49 %
(1)Each maturity category reflects contractual amortization and/or maturity of notional amounts.
(2)Reflects the benchmark variable rate due from the counterparty at the date presented. This rate adjusts daily based on SOFR.
Schedule of Derivative Earnings
The following table present the components of Net gain/(loss) on derivatives used for risk management purposes, which is presented in Other Income/(Loss), net in the consolidated statements of operations:
Three Months Ended March 31,
 (In Thousands)20252024
Income on swap variable receive leg$34,078 $44,177 
Expense on swap fixed pay leg(18,824)(15,086)
Unrealized mark-to-market gain/(loss)(44,842)23,182 
Net price alignment expense on margin collateral received(1,467)(2,332)
Realized gain/(loss) on terminated swaps— — 
Total Net gain/(loss) on derivatives used for risk management purposes$(31,055)$49,941