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v3.26.1

Residential Whole Loans - Allowance for Credit Losses (Details) - Residential whole loans - USD ($) $ in Thousands | 3 Months Ended |
--- | --- | ---
Jun. 30, 2026 | Mar. 31, 2026 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |
Beginning balance | $ 9,437 | $ 9,705 | $ 10,194 | $ 10,665 |
Current provision/(reversal) | (62) | (242) | 791 | 145 |
Write-offs | 18 | (26) | (1,036) | (616) |
Ending balance | 9,393 | 9,437 | 9,949 | 10,194 |
Non-QM loans |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |
Loans | 5,672,020 |  |  |  | $ 5,346,693
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |
Beginning balance | 1,408 | 1,725 | 1,928 | 2,125 |
Current provision/(reversal) | (116) | (317) | 87 | (197) |
Write-offs | 0 | 0 | 0 | 0 |
Ending balance | 1,292 | 1,408 | 2,015 | 1,928 |
Business purpose loans |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |
Loans | 2,131,029 |  |  |  | 2,443,328
Business purpose loans | Single-family rental loans |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |
Loans | 1,154,384 |  |  |  | 1,235,346
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |
Beginning balance | 762 | 918 | 980 | 366 |
Current provision/(reversal) | 158 | (156) | (43) | 614 |
Write-offs | 0 | 0 | 0 | 0 |
Ending balance | 920 | 762 | 937 | 980 |
Business purpose loans | Single-family transitional loans |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |
Loans | 655,763 |  |  |  | 718,345
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |
Beginning balance | 1,156 | 1,042 | 865 | 1,389 |
Current provision/(reversal) | 386 | 114 | 669 | (88) |
Write-offs | 0 | 0 | (1,022) | (436) |
Ending balance | 1,542 | 1,156 | 512 | 865 |
Business purpose loans | Single-family transitional loans | Collateral Dependent Methodology |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |
Loans | 3,800 |  | 5,200 |  |
Seasoned RPL/NPL loans |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |
Loans | 925,157 |  |  |  | $ 979,016
Financing Receivable, Allowance for Credit Loss [Roll Forward] |  |  |  |  |
Beginning balance | 6,111 | 6,020 | 6,421 | 6,785 |
Current provision/(reversal) | (490) | 117 | 78 | (184) |
Write-offs | 18 | (26) | (14) | (180) |
Ending balance | 5,639 | $ 6,111 | 6,485 | $ 6,421 |
Seasoned RPL/NPL loans | Collateral Dependent Methodology |  |  |  |  |
Financing Receivable, Allowance for Credit Loss [Line Items] |  |  |  |  |
Loans | $ 25,000 |  | $ 31,800 |  |

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