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v3.25.3

Residential Whole Loans - Residential Whole Loans, at Carrying and Fair Value (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2025 USD ($) loan | Jun. 30, 2025 USD ($) | Mar. 31, 2025 USD ($) | Sep. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Sep. 30, 2025 USD ($) loan | Sep. 30, 2024 USD ($) | Dec. 31, 2024 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Residential whole loans | [1],[2] | $ 8,813,834 |  |  |  |  |  | $ 8,813,834 |  | $ 8,811,224
Residential whole loans |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Allowance for Credit Losses |  | (10,083) |  |  |  |  |  | (10,083) |  | (10,665)
Total Residential whole loans |  | $ 8,813,834 |  |  |  |  |  | $ 8,813,834 |  | $ 8,811,224
Number of loans | loan |  | 23,716 |  |  |  |  |  | 23,716 |  | 24,170
Gain (loss) from sale of loans |  |  |  |  | $ 100 | $ 200 |  |  |  |
Residential whole loans | Held at Carrying Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | $ 1,139,052 |  |  |  |  |  | $ 1,139,052 |  |
Allowance for Credit Losses |  | (10,083) |  |  |  |  |  | (10,083) |  | $ (10,665)
Total Residential whole loans |  | $ 1,128,969 |  |  |  |  |  | $ 1,128,969 |  | $ 1,300,014
Number of loans | loan |  | 5,069 |  |  |  |  |  | 5,069 |  | 5,582
Residential whole loans | Held at Fair Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | $ 7,684,865 |  |  |  |  |  | $ 7,684,865 |  |
Allowance for Credit Losses |  | 0 |  |  |  |  |  | 0 |  | $ 0
Total Residential whole loans |  | $ 7,684,865 |  |  |  |  |  | $ 7,684,865 |  | $ 7,511,210
Number of loans | loan |  | 18,647 |  |  |  |  |  | 18,647 |  | 18,588
Residential whole loans | Non-QM loans |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | $ 5,122,926 |  |  |  |  |  | $ 5,122,926 |  | $ 4,291,086
Total Residential whole loans |  | 5,120,744 |  |  |  |  |  | 5,120,744 |  | 4,288,961
Residential whole loans | Non-QM loans | Held at Carrying Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 615,461 |  |  |  |  |  | 615,461 |  | 722,392
Residential whole loans | Non-QM loans | Held at Fair Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 4,507,465 |  |  |  |  |  | 4,507,465 |  | 3,568,694
Residential whole loans | Business purpose loans |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 2,642,818 |  |  |  |  |  | 2,642,818 |  | 3,396,181
Total Residential whole loans |  | 2,640,929 |  |  |  |  |  | 2,640,929 |  | 3,394,426
Residential whole loans | Business purpose loans | Held at Carrying Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 99,074 |  |  |  |  |  | 99,074 |  | 130,633
Residential whole loans | Business purpose loans | Held at Fair Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 2,543,744 |  |  |  |  |  | 2,543,744 |  | 3,265,548
Residential whole loans | Business purpose loans | Single-family rental loans |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 1,246,595 |  |  |  |  |  | 1,246,595 |  | 1,356,400
Total Residential whole loans |  | 1,245,766 |  |  |  |  |  | 1,245,766 |  | 1,356,034
Loans held for sale |  | 0 |  |  |  |  |  | 0 |  | 0
Gain (loss) from sale of loans |  | (200) | $ (100) | $ 700 |  |  |  |  |  |
Residential whole loans | Business purpose loans | Single-family rental loans | Held for sale |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Gain (loss) from sale of loans |  |  |  |  | $ 0 | $ 0 | $ 500 | 0 |  |
Residential whole loans | Business purpose loans | Single-family rental loans | Held at Carrying Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 92,023 |  |  |  |  |  | 92,023 |  | 108,203
Residential whole loans | Business purpose loans | Single-family rental loans | Held at Fair Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 1,154,572 |  |  |  |  |  | 1,154,572 |  | 1,248,197
Residential whole loans | Business purpose loans | Single-family transitional loans |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 792,079 |  |  |  |  |  | 792,079 |  | 1,100,855
Total Residential whole loans |  | 791,019 |  |  |  |  |  | 791,019 |  | 1,099,466
Loans held for sale |  | 0 |  |  |  |  |  | 0 |  | 0
Residential whole loans | Business purpose loans | Single-family transitional loans | Held for sale |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Gain (loss) from sale of loans |  | 0 | $ (300) |  |  |  |  |  | $ 0 |
Loss from changes in fair value |  |  |  | $ 500 |  |  |  |  |  |
Residential whole loans | Business purpose loans | Single-family transitional loans | New Construction Projects |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 323,000 |  |  |  |  |  | 323,000 |  | 442,400
Residential whole loans | Business purpose loans | Single-family transitional loans | Held at Carrying Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 7,051 |  |  |  |  |  | 7,051 |  | 22,430
Residential whole loans | Business purpose loans | Single-family transitional loans | Held at Fair Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 785,028 |  |  |  |  |  | 785,028 |  | 1,078,425
Residential whole loans | Business purpose loans | Multifamily transitional loans |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 604,144 |  |  |  |  |  | 604,144 |  | 938,926
Total Residential whole loans |  | 604,144 |  |  |  |  |  | 604,144 |  | 938,926
Residential whole loans | Business purpose loans | Multifamily transitional loans | Held at Carrying Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 0 |  |  |  |  |  | 0 |  | 0
Residential whole loans | Business purpose loans | Multifamily transitional loans | Held at Fair Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 604,144 |  |  |  |  |  | 604,144 |  | 938,926
Residential whole loans | Legacy RPL/NPL loans |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 1,006,236 |  |  |  |  |  | 1,006,236 |  | 1,082,549
Total Residential whole loans |  | 1,000,224 |  |  |  |  |  | 1,000,224 |  | 1,075,764
Residential whole loans | Legacy RPL/NPL loans | Held at Carrying Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 424,517 |  |  |  |  |  | 424,517 |  | 457,654
Residential whole loans | Legacy RPL/NPL loans | Held at Fair Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 581,719 |  |  |  |  |  | 581,719 |  | 624,895
Residential whole loans | Other loans |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 51,937 |  |  |  |  |  | 51,937 |  | 52,073
Total Residential whole loans |  | 51,937 |  |  |  |  |  | 51,937 |  | 52,073
Residential whole loans | Other loans | Held at Carrying Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | 0 |  |  |  |  |  | 0 |  | 0
Residential whole loans | Other loans | Held at Fair Value |  |  |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |  |  |
Total Loans before allowance for credit losses |  | $ 51,937 |  |  |  |  |  | $ 51,937 |  | $ 52,073
[1] | Includes approximately $7.6 billion and $6.9 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2025 and December 31, 2024, respectively. Such assets can be used only to settle the obligations of each respective VIE.
[2] | See Note 6 for information regarding the Company’s pledged assets.

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