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Other Assets (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2025 and December 31, 2024:

(In Thousands)September 30, 2025December 31, 2024
REO$138,121 $130,854 
Commercial REO18,895 18,373 
Goodwill61,076 61,076 
Intangibles, net (1)
2,900 4,800 
Capital contributions made to loan origination partners20,182 16,793 
Commercial loans6,947 7,435 
Interest receivable106,767 104,395 
Other loan related receivables7,776 21,643 
Lease right-of-use asset (2)
44,646 35,461 
Other79,711 58,725 
Total Other Assets$487,021 $459,555 
(1) Net of aggregate accumulated amortization of $25.1 million and $23.2 million as of September 30, 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)September 30, 2025December 31, 2024
Non-QM loans$8,280 $1,278 
Business purpose loans84,585 71,090 
Legacy RPL/NPL loans45,256 58,486 
Total$138,121 $130,854 
Number of properties373 416 
Schedule of Activity for Real Estate Owned
The following table presents the activity in the Company’s REO for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars In Thousands)2025202420252024
Balance at beginning of period$135,824 $108,013 $130,854 $110,174 
Adjustments to record at lower of cost or fair value(2,281)(2,180)(9,059)(6,137)
Transfer from residential whole loans (1)
29,325 37,132 85,059 82,083 
Purchases and capital improvements, net56 78 373 281 
Disposals and other (2)
(24,803)(15,946)(69,106)(59,304)
Balance at end of period$138,121 $127,097 $138,121 $127,097 
Number of properties373 411 373 411 
(1)During the three and nine months ended September 30, 2025, the Company recognized $1.0 million and $(3.4) million of gains/(losses), respectively, on Residential whole loans in Other Income/(Loss), net associated with the transfer of loans to REO. During the three and nine months ended September 30, 2024, the Company recognized $(3.4) million and $(5.8) 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 and nine months ended September 30, 2025, the Company sold 84 and 285 REO properties for consideration of $27.3 million and $73.3 million, realizing net gains of approximately $2.5 million and $4.8 million, respectively. During the three and nine months ended September 30, 2024, the Company sold 58 and 194 REO properties for consideration of $18.3 million and $68.2 million, realizing net gains of approximately $2.4 million and $8.9 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 nine months ended September 30, 2025 is summarized in the table below:
(Dollars in Thousands)Carrying Value at December 31, 2024Amortization
Nine months ended September 30, 2025		Carrying Value at September 30, 2025
Amortization Period (Years) (1)
Trademarks / Trade Names$2,600 $(300)$2,300 10
Customer Relationships1,000 (1,000)— 4
Internally Developed Software1,200 (600)600 5
Total Identified Intangibles$4,800 $(1,900)$2,900 
(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:

September 30, 2025
Asset AmountFair ValueUnpaid 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
Current30-5960-8990+
Non-QM loans$5,120,744 $5,105,895 $5,120,904 6.72 %33864 %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 %31367 %740$1,208,637 $18,900 $4,056 $36,225 3.2 %
Single-family transitional (5)
791,019 791,443 804,252 10.39 %669 %749667,779 33,374 18,293 84,806 12.8 %
Multifamily transitional (5)
604,144 604,144 635,928 9.94 %364 %752533,567 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 loans1,000,224 1,020,640 1,128,259 5.10 %24654 %647794,824 116,852 41,589 174,994 19.2 %
Other loans51,937 51,937 60,963 3.43 %31163 %75760,586 377 — — — %
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 AmountFair ValueUnpaid 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
Current30-5960-8990+
Non-QM loans$4,288,961 $4,258,298 $4,408,660 6.50 %33964 %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 %32168 %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 %567 %750957,266 33,393 15,964 100,008 10.5 %
Multifamily transitional (5)
938,926 938,926 976,964 9.17 %664 %751870,525 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 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)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 - 20222021PriorTotal
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)
20252024202320222021PriorTotal
Non-QM loans$1,233,263 $1,006,871 $565,190 $540,026 $1,132,462 $29,653 $4,507,465 
Single-family rental loans43,816 41,040 219,207 501,361 342,007 7,141 1,154,572 
Single-family transitional loans294,134 308,854 148,401 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 ValueUPBWeighted Average CouponWeighted Average Term to Maturity (Months)UPB 60+ Days DelinquentWeighted 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 Assets Pledged as Collateral Against Derivative Contracts
The following table presents the assets pledged as collateral against the Company’s Swaps:
(In Thousands)September 30,
2025		December 31,
2024
Agency MBS, at fair value
$33,032 $44,411 
Restricted Cash20,478 16,567 
Schedule of Information About Swaps The following table presents information about the Company’s Swaps at September 30, 2025 and December 31, 2024:
 September 30, 2025December 31, 2024
Maturity (1)
 Notional Amount (2)
Weighted Average Fixed-Pay Interest Rate
Weighted Average Variable Interest Rate (3)
Notional Amount (2)
Weighted Average Fixed-Pay Interest Rate
 Weighted Average Variable Interest Rate (3)
(Dollars in Thousands)      
Within 30 days$— — %— %$450,000 1.16 %4.49 %
Over 30 days to 3 months— — — 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 months1,591,500 1.74 4.24 450,000 1.12 4.49 
Over 24 months to 36 months361,500 3.33 4.24 1,045,000 1.84 4.49 
Over 36 months to 48 months332,800 2.96 4.24 24,600 4.28 4.49 
Over 48 months to 60 months793,700 3.37 4.24 574,000 3.28 4.49 
Over 60 months to 72 months— — — — — — 
Over 72 months694,100 3.31 4.24 545,150 3.42 4.49 
Total Swaps$3,773,600 2.63 %4.24 %$3,313,750 2.20 %4.49 %
(1)Each maturity category reflects contractual amortization and/or maturity of notional amounts.
(2)As of September 30, 2025, the aggregate notional amounts of Swaps include $2.1 billion of interest rate swap agreements and $1.7 billion of ERIS swap futures. As of December 31, 2024, all aggregate notional amounts of Swaps were from interest rate swap agreements.
(3)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 September 30,Nine Months Ended
September 30,
 (In Thousands)2025202420252024
Income on Swaps variable receive leg$39,383 $45,773 $110,311 $134,082 
Expense on Swaps fixed pay leg(23,383)(15,903)(63,574)(46,188)
Unrealized mark-to-market gain/(loss)(5,981)(57,099)(66,214)(44,155)
Net price alignment expense on margin collateral received(974)(2,059)(3,609)(6,999)
Realized gain/(loss) on terminated Swaps(8,845)(27,530)(26,020)(27,530)
Total Net gain/(loss) on derivatives used for risk management purposes$200 $(56,818)$(49,106)$9,210