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v3.26.1

Residential Whole Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
--- | --- | --- | ---
Jun. 30, 2026 USD ($) loan | Mar. 31, 2026 USD ($) | Jun. 30, 2025 USD ($) loan | Mar. 31, 2025 USD ($) | Jun. 30, 2026 USD ($) loan | Jun. 30, 2025 loan | Dec. 31, 2025 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Total Residential whole loans | [1],[2] | $ 8,767,868 |  |  |  | $ 8,767,868 |  | $ 8,810,354
Residential whole loans |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Total Residential whole loans |  | 8,767,867 |  |  |  | 8,767,867 |  | 8,810,354
Interest income |  | 2,400 |  |  |  | 5,100 |  |
Carrying value of loans past 12 months |  | $ 840 |  |  |  | $ 840 |  |
Average increase in weighted average life |  |  |  |  |  |  | 1 month |
Interest rate reduction (as a percent) |  |  |  |  |  |  | 1.75% |
Residential whole loans | Term Extension |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Number of loan modifications during the past 12 months | loan |  | 2 |  | 8 |  | 2 | 8 |
Carrying value of loans past 12 months |  | $ 1,330 |  |  |  | $ 1,330 |  |
Residential whole loans | Term Extension | 120+ days deliquent |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Number of loan modifications during the past 12 months | loan |  | 1 |  |  |  | 1 |  |
Residential whole loans | Interest Rate Reduction |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Number of loan modifications during the past 12 months | loan |  | 1 |  | 2 |  | 1 | 2 |
Residential whole loans | Term Extension and Interest Rate Reduction |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Number of loan modifications during the past 12 months | loan |  | 3 |  |  |  | 3 |  |
Residential whole loans | Nonperforming |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Interest income |  | $ 1,600 |  |  |  | $ 3,400 |  |
Residential whole loans | Business purpose loans |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Total Residential whole loans |  | 2,128,567 |  |  |  | 2,128,567 |  | 2,441,368
Residential whole loans | Purchased Performing Loans |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Financing receivable, nonaccrual |  | 571,200 |  |  |  | 571,200 |  | 579,900
Residential whole loans | Without associated credit losses |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Financing receivable, nonaccrual |  | 23,000 |  |  |  | 23,000 |  | 25,700
Residential whole loans | Single-family rental loans | Business purpose loans |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Total Residential whole loans |  | 1,153,464 |  |  |  | $ 1,153,464 |  | $ 1,234,428
Financing receivable, sale |  | 92,200 | $ 78,900 | $ 37,400 | $ 67,600 |  |  |
Gain (loss) realized from sale |  | 2,300 | 2,700 | 1,100 | 1,900 |  |  |
Reversal of previously recognized unrealized gains or losses |  | (600) | (1,200) | (1,200) | (1,200) |  |  |
Gain (loss) from sale of loans |  | 1,700 | $ 1,500 | (100) | $ 700 |  |  |
Residential whole loans | Transitional loans |  |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |  |
Financing receivable, sale |  | 10,800 |  | 31,300 |  |  |  |
Gain (loss) realized from sale |  | (7,100) |  | (8,500) |  |  |  |
Reversal of previously recognized unrealized gains or losses |  | 8,000 |  | 8,000 |  |  |  |
Gain (loss) from sale of loans |  | $ 900 |  | $ (500) |  |  |  |
[1] | Includes approximately $7.2 billion and $7.6 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 2026 and December 31, 2025, 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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