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Residential Whole Loans (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024:

						Held at Carrying Value												Held at Fair Value												Total
(Dollars in Thousands)						September 30, 2025						December 31, 2024						September 30, 2025						December 31, 2024						September 30, 2025						December 31, 2024
Non-QM loans						$	615,461					$	722,392					$	4,507,465					$	3,568,694					$	5,122,926					$	4,291,086
Business purpose loans:
Single-family rental loans (1)						$	92,023					$	108,203					$	1,154,572					$	1,248,197					$	1,246,595					$	1,356,400
Single-family transitional loans (2) (3)						7,051						22,430						785,028						1,078,425						792,079						1,100,855
Multifamily transitional loans						—						—						604,144						938,926						604,144						938,926
Total Business purpose loans						$	99,074					$	130,633					$	2,543,744					$	3,265,548					$	2,642,818					$	3,396,181
Legacy RPL/NPL loans						424,517						457,654						581,719						624,895						1,006,236						1,082,549
Other loans						—						—						51,937						52,073						51,937						52,073
Allowance for Credit Losses						(10,083)						(10,665)						—						—						(10,083)						(10,665)
Total Residential whole loans						$	1,128,969					$	1,300,014					$	7,684,865					$	7,511,210					$	8,813,834					$	8,811,224
Number of loans						5,069						5,582						18,647						18,588						23,716						24,170

(1)No loans were held-for-sale as of September 30, 2025 and December 31, 2024. There were no gains/(losses) on held-for-sale loans for the nine months ended September 30, 2025. 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. There were no gains/(losses) on held-for-sale loans for the three months ended June 30, 2024 and September 30, 2024.

(2)Includes $323.0 million and $442.4 million of loans collateralized by new construction projects at origination as of September 30, 2025 and December 31, 2024, respectively.

(3)No loans were held-for-sale as of September 30, 2025 and December 31, 2024. For the three months ended March 31, 2025, the Company recorded a $0.5 million loss on these loans resulting from the adjustment of their carrying value to the lower of cost of market. For the three months ended June 30, 2025, the Company recorded a $0.3 million loss on these loans resulting from their sale. There were no gains/(losses) on held-for-sale loans for the three months ended September 30, 2025. There were no gains/(losses) on held-for-sale loans for the nine months ended September 30, 2024.

Schedule of Financing Receivable Credit Quality Indicators

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

September 30, 2025

						Asset Amount						Fair Value						Unpaid Principal Balance (“UPB”)						Weighted Average Coupon (1) (2)						Weighted Average Term to Maturity (Months)						Weighted Average LTV Ratio (3)						Weighted Average Original FICO (4)						Aging by UPB																								60+ Days Past Due %
(Dollars In Thousands)																																																						Past Due Days
																																																Current						30-59						60-89						90+
Non-QM loans						$	5,120,744					$	5,105,895					$	5,120,904					6.72		%				338						64		%				738						$	4,780,553					$	130,895					$	47,995					$	161,461					4.1		%
Business purpose loans:
Single-family rental						$	1,245,766					$	1,248,466					$	1,267,818					6.33		%				313						67		%				740						$	1,208,637					$	18,900					$	4,056					$	36,225					3.2		%
Single-family transitional (5)						791,019						791,443						804,252						10.39		%				6						69		%				749						667,779						33,374						18,293						84,806						12.8		%
Multifamily transitional (5)						604,144						604,144						635,928						9.94		%				3						64		%				752						533,567						55,599						6,210						40,552						7.4		%
Total business purpose loans						$	2,640,929					$	2,644,053					$	2,707,998					8.38		%										67		%										$	2,409,983					$	107,873					$	28,559					$	161,583					7.0		%
Legacy RPL/NPL loans						1,000,224						1,020,640						1,128,259						5.10		%				246						54		%				647						794,824						116,852						41,589						174,994						19.2		%
Other loans						51,937						51,937						60,963						3.43		%				311						63		%				757						60,586						377						—						—						—		%
Residential whole loans, total or weighted average						$	8,813,834					$	8,822,525					$	9,018,124					7.02		%										64		%										$	8,045,946					$	355,997					$	118,143					$	498,038					6.8		%

December 31, 2024

						Asset Amount						Fair Value						Unpaid Principal Balance (“UPB”)						Weighted Average Coupon (1) (2)						Weighted Average Term to Maturity (Months)						Weighted Average LTV Ratio (3)						Weighted Average Original FICO (4)						Aging by UPB																								60+ Days Past Due %
(Dollars In Thousands)																																																						Past Due Days
																																																Current						30-59						60-89						90+
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		%
Business purpose loans:
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		%
Single-family transitional (5)						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 (5)						938,926						938,926						976,964						9.17		%				6						64		%				751						870,525						20,815						—						85,624						8.8		%
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		%
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)For the quarter ended September 30, 2025, the gross coupon was 6.86% for Non-QM loans, 6.36% for Single-family rental loans, 10.40% for Single-family transitional loans, 9.95% for Multifamily transitional loans, and 5.11% for Legacy RPL/NPL loans. For the quarter ended December 31, 2024, the gross coupon was 6.65% for Non-QM loans, 6.39% for Single-family rental loans, 10.45% for Single-family transitional loans, 9.18% for Multifamily transitional loans, and 5.16% for Legacy RPL/NPL loans.

(3)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)Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available.

(5)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 $324.0 million and $445.6 million at September 30, 2025 and December 31, 2024, respectively, and certain Multifamily transitional loans, totaling $143.5 million and $252.1 million at September 30, 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
Non-QM loans
LTV <= 80% (1)						$	—																							$	35,374					$	571,818					$	607,192
LTV > 80% (1)						—																								1,354						6,915						8,269
Total Non-QM loans						$	—																							$	36,728					$	578,733					$	615,461
Nine Months Ended September 30, 2025 Gross write-offs						$	—																							$	—					$	37					$	37
Business purpose loans
LTV <= 80% (1)						$	—																							$	5,719					$	91,206					$	96,925
LTV > 80% (1)						—																								—						2,149						2,149
Total Business purpose loans						$	—																							$	5,719					$	93,355					$	99,074
Nine Months Ended September 30, 2025 Gross write-offs						$	—																							$	31					$	1,459					$	1,490
Legacy RPL/NPL loans
LTV <= 80% (1)						$	—																							$	—					$	377,755					$	377,755
LTV > 80% (1)						—																								—						46,762						46,762
Total Legacy RPL/NPL loans						$	—																							$	—					$	424,517					$	424,517
Nine Months Ended September 30, 2025 Gross write-offs						$	—																							$	—					$	268					$	268
Total LTV <= 80% (1)						$	—																							$	41,093					$	1,040,779					$	1,081,872
Total LTV > 80% (1)						—																								1,354						55,826						57,180
Total Residential whole loans, at carrying value						$	—																							$	42,447					$	1,096,605					$	1,139,052
Nine Months Ended September 30, 2025 Total Gross write-offs						$	—																							$	31					$	1,764					$	1,795

(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
Non-QM loans						$	1,233,263					$	1,006,871					$	565,190					$	540,026					$	1,132,462					$	29,653					$	4,507,465
Single-family rental loans						43,816						41,040						219,207						501,361						342,007						7,141						1,154,572
Single-family transitional loans						294,134						308,854						148,401						29,446						4,156						37						785,028
Multifamily transitional loans						—						69,382						267,405						189,128						78,229						—						604,144
Legacy RPL/NPL loans						—						—						—						—						—						581,719						581,719
Other loans						—						—						—						—						51,937						—						51,937
Total Residential whole loans, at fair value						$	1,571,213					$	1,426,147					$	1,200,203					$	1,259,961					$	1,608,791					$	618,550					$	7,684,865

The following table presents certain additional information about the Company’s commercial mortgage loans as of September 30, 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 - September 30, 2025						$	6,947					$	9,385					11.26		%				0						$	9,385		142		%
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:

			Nine Months Ended September 30, 2025
(In Thousands)						Non-QM loans						Single-family rental loans						Single-family transitional loans (1)						Legacy RPL/NPL loans (2)						Totals
Allowance for credit losses at December 31, 2024						$	2,125					$	366					$	1,389					$	6,785					$	10,665
Current provision/(reversal)						(197)						614						(88)						(184)						145
Write-offs						—						—						(436)						(180)						(616)
Allowance for credit losses at March 31, 2025						$	1,928					$	980					$	865					$	6,421					$	10,194
Current provision/(reversal)						87						(43)						669						78						791
Write-offs						—						—						(1,022)						(14)						(1,036)
Allowance for credit losses at June 30, 2025						$	2,015					$	937					$	512					$	6,485					$	9,949
Current provision/(reversal)						205						(78)						548						(399)						276
Write-offs						(38)						(30)						—						(74)						(142)
Allowance for credit losses at September 30, 2025						$	2,182					$	829					$	1,060					$	6,012					$	10,083

			Nine Months Ended September 30, 2024
(In Thousands)						Non-QM loans						Single-family rental loans						Single-family transitional loans (1)						Legacy RPL/NPL loans (2)						Totals
Allowance for credit losses at December 31, 2023						$	1,871					$	4,355					$	2,587					$	11,638					$	20,451
Current provision/(reversal)						(190)						228						(472)						(26)						(460)
Write-offs						—						59						(416)						(22)						(379)
Allowance for credit losses at March 31, 2024						$	1,681					$	4,642					$	1,699					$	11,590					$	19,612
Current provision/(reversal)						(326)						978						(317)						(1,414)						(1,079)
Write-offs						—						(5,011)						(81)						(170)						(5,262)
Allowance for credit losses at June 30, 2024						$	1,355					$	609					$	1,301					$	10,006					$	13,271
Current provision/(reversal)						387						205						48						(2,582)						(1,942)
Write-offs						—						(439)						(181)						(52)						(672)
Allowance for credit losses at September 30, 2024						$	1,742					$	375					$	1,168					$	7,372					$	10,657

(1)Includes $3.8 million and $18.9 million of loans that were assessed for credit losses based on a collateral dependent methodology as of September 30, 2025 and 2024, respectively.

(2)Includes $32.1 million and $39.3 million of loans that were assessed for credit losses based on a collateral dependent methodology as of September 30, 2025 and 2024, 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)						2025						2024						2025						2024
Non-QM loans						$	(80)					$	—					$	(866)					$	88
Single-family rental loans						(7,489)						(669)						(11,833)						(2,123)
Single-family transitional loans						(946)						(2,393)						(4,469)						(2,012)
Multifamily transitional loans						(1,353)						(3,802)						(5,602)						(3,910)
Legacy RPL/NPL loans						(184)						(220)						(824)						(1,120)
Other loans						—						—						—						—
Total Residential whole loans						$	(10,052)					$	(7,084)					$	(23,594)					$	(9,077)

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, 2025
(Dollars In Thousands)						Carrying Value / Fair Value						UPB						LTV (1)
Non-QM loans						$	205,052					$	209,456					64		%
Business purpose loans:
Single-family rental loans						$	32,964					$	40,281					94		%
Single-family transitional loans						91,025						103,099						78		%
Multifamily transitional loans						23,947						46,762						67		%
Total Business purpose loans						$	147,936					$	190,142
Legacy RPL/NPL loans						199,196						216,583						62		%
Other loans						—						—						—		%
Total Residential whole loans						$	552,184					$	616,181

						December 31, 2024
(Dollars In Thousands)						Carrying Value / Fair Value						UPB						LTV (1)
Non-QM loans						$	166,299					$	169,459					66		%
Business purpose loans:
Single-family rental loans						$	42,995					$	54,732					99		%
Single-family transitional loans						109,221						115,972						79		%
Multifamily transitional loans						56,970						85,624						79		%
Total Business purpose loans						$	209,186					$	256,328
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 September 30,												Three Months Ended September 30,												Three Months Ended September 30,
(In Thousands)						2025						2024						2025						2024						2025						2024
Non-QM loans						$	8,649					$	10,357					$	68,093					$	48,110					$	76,742					$	58,467
Business purpose loans:
Single-family rental loans						$	1,740					$	2,285					$	19,896					$	24,048					$	21,636					$	26,333
Single-family transitional loans						210						249						18,781						28,237						18,991						28,486
Multifamily transitional loans						—						—						15,356						23,479						15,356						23,479
Total Business purpose loans						$	1,950					$	2,534					$	54,033					$	75,764					$	55,983					$	78,298
Legacy RPL/NPL loans						7,377						7,763						12,709						12,376						20,086						20,139
Other loans						—						—						479						502						479						502
Total Residential whole loans						$	17,976					$	20,654					$	135,314					$	136,752					$	153,290					$	157,406

						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)						2025						2024						2025						2024						2025						2024
Non-QM loans						$	28,069					$	33,306					$	184,204					$	139,771					$	212,273					$	173,077
Business purpose loans:
Single-family rental loans						$	5,433					$	7,123					$	60,347					$	73,876					$	65,780					$	80,999
Single-family transitional loans						4,038						642						64,497						86,104						68,535						86,746
Multifamily transitional loans						—						—						52,618						73,969						52,618						73,969
Total Business purpose loans						$	9,471					$	7,765					$	177,462					$	233,949					$	186,933					$	241,714
Legacy RPL/NPL loans						21,676						23,696						36,865						40,757						58,541						64,453
Other loans						—						—						1,421						1,544						1,421						1,544
Total Residential whole loans						$	59,216					$	64,767					$	399,952					$	416,021					$	459,168					$	480,788

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)						2025						2024						2025						2024
Non-QM loans						$	31,465					$	94,489					$	104,783					$	124,058
Business purpose loans:
Single-family rental loans						$	16,878					$	39,662					$	45,888					$	57,269
Single-family transitional loans						(1,770)						2,401						(16,488)						(1,720)
Multifamily transitional loans						(7,939)						(15,384)						(9,415)						(42,457)
Total Business purpose loans						$	7,169					$	26,679					$	19,985					$	13,092
Legacy RPL/NPL loans						1,769						18,923						1,885						9,002
Other loans						890						3,325						2,631						2,181
Total Residential whole loans						$	41,293					$	143,416					$	129,284					$	148,333

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Schedule Of Gain (Loss) On Mortgage Loans Measured At Fair Value Through Earnings

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Tabular disclosure of allowance for credit loss on financing receivable.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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-Name Accounting Standards Codification
-Section 50
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No definition available.

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