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Residential Whole Loans (Tables) | 6 Months Ended
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Jun. 30, 2026
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 June 30, 2026 and December 31, 2025:
|  | Held at Carrying Value |  | Held at Fair Value |  | Total
(Dollars in Thousands) |  | June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025
Non-QM loans |  | $ | 530,198 |  |  | $ | 593,213 |  |  | $ | 5,141,822 |  |  | $ | 4,753,480 |  |  | $ | 5,672,020 |  |  | $ | 5,346,693 |
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental loans |  | $ | 78,747 |  |  | $ | 88,112 |  |  | $ | 1,075,637 |  |  | $ | 1,147,234 |  |  | $ | 1,154,384 |  |  | $ | 1,235,346 |
Single-family transitional loans (1) (2) |  | 7,044 |  |  | 7,051 |  |  | 648,719 |  |  | 711,294 |  |  | 655,763 |  |  | 718,345 |
Multifamily transitional loans |  | — |  |  | — |  |  | 320,882 |  |  | 489,637 |  |  | 320,882 |  |  | 489,637 |
Total Business purpose loans |  | $ | 85,791 |  |  | $ | 95,163 |  |  | $ | 2,045,238 |  |  | $ | 2,348,165 |  |  | $ | 2,131,029 |  |  | $ | 2,443,328 |
Seasoned RPL/NPL loans |  | 396,206 |  |  | 414,676 |  |  | 528,951 |  |  | 564,340 |  |  | 925,157 |  |  | 979,016 |
Other loans |  | — |  |  | — |  |  | 49,054 |  |  | 51,022 |  |  | 49,054 |  |  | 51,022 |
Allowance for Credit Losses |  | (9,393) |  |  | (9,705) |  |  | — |  |  | — |  |  | (9,393) |  |  | (9,705) |
Total Residential whole loans |  | $ | 1,002,802 |  |  | $ | 1,093,347 |  |  | $ | 7,765,065 |  |  | $ | 7,717,007 |  |  | $ | 8,767,867 |  |  | $ | 8,810,354 |
Number of loans |  | 4,661 |  |  | 4,941 |  |  | 18,772 |  |  | 18,824 |  |  | 23,433 |  |  | 23,765 |
(1)Includes $311.7 million and $300.2 million of loans collateralized by new construction projects at origination as of June 30, 2026 and December 31, 2025, respectively. (2)No loans were held-for-sale as of June 30, 2026 and December 31, 2025. There were no gains/(losses) on held-for-sale loans for the six months ended June 30, 2026. As of June 30, 2025, no loans were held-for-sale. 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 or market. For the three months ended June 30, 2025, the Company recorded a $0.3 million loss on these loans resulting from their sale.
Schedule of Financing Receivable Credit Quality Indicators | The following tables present additional information regarding the Company’s Residential whole loans: June 30, 2026
|  | 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 |  | $ | 5,670,728 |  |  | $ | 5,655,660 |  |  | $ | 5,684,786 |  |  | 6.70 | % |  | 336 |  | 64 | % |  | 740 |  | $ | 5,290,874 |  |  | $ | 153,057 |  |  | $ | 53,291 |  |  | $ | 187,564 |  |  | 4.2 | %
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental |  | $ | 1,153,464 |  |  | $ | 1,155,689 |  |  | $ | 1,166,676 |  |  | 6.35 | % |  | 306 |  | 66 | % |  | 741 |  | $ | 1,113,690 |  |  | $ | 23,882 |  |  | $ | 1,644 |  |  | $ | 27,460 |  |  | 2.5 | %
Single-family transitional (5) | 654,221 |  |  | 654,585 |  |  | 671,699 |  |  | 10.09 | % |  | 6 |  | 68 | % |  | 754 |  | 559,111 |  |  | 20,782 |  |  | 13,167 |  |  | 78,639 |  |  | 13.7 | %
Multifamily transitional (5) |  | 320,882 |  |  | 320,882 |  |  | 360,373 |  |  | 10.09 | % |  | 2 |  | 90 | % |  | 750 |  | 269,854 |  |  | 2,439 |  |  | — |  |  | 88,080 |  |  | 24.4 | %
Total business purpose loans |  | $ | 2,128,567 |  |  | $ | 2,131,156 |  |  | $ | 2,198,748 |  |  | 8.11 | % |  |  |  | 70 | % |  |  |  | $ | 1,942,655 |  |  | $ | 47,103 |  |  | $ | 14,811 |  |  | $ | 194,179 |  |  | 9.5 | %
Seasoned RPL/NPL loans |  | 919,518 |  |  | 934,422 |  |  | 1,042,205 |  |  | 5.07 | % |  | 241 |  | 53 | % |  | 646 |  | 756,263 |  |  | 105,823 |  |  | 35,606 |  |  | 144,513 |  |  | 17.3 | %
Other loans |  | 49,054 |  |  | 49,054 |  |  | 57,968 |  |  | 3.43 | % |  | 302 |  | 62 | % |  | 757 |  | 57,464 |  |  | 504 |  |  | — |  |  | — |  |  | — | %
Residential whole loans, total or weighted average |  | $ | 8,767,867 |  |  | $ | 8,770,292 |  |  | $ | 8,983,707 |  |  | 6.85 | % |  |  |  | 64 | % |  |  |  | $ | 8,047,256 |  |  | $ | 306,487 |  |  | $ | 103,708 |  |  | $ | 526,256 |  |  | 7.0 | %
December 31, 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 |  | $ | 5,344,968 |  |  | $ | 5,332,533 |  |  | $ | 5,322,321 |  |  | 6.74 | % |  | 337 |  | 64 | % |  | 738 |  | $ | 4,929,485 |  |  | $ | 170,509 |  |  | $ | 47,154 |  |  | $ | 175,173 |  |  | 4.2 | %
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental | $ | 1,234,428 |  |  | $ | 1,237,464 |  |  | $ | 1,246,745 |  |  | 6.34 | % |  | 311 |  | 66 | % |  | 740 |  | $ | 1,193,041 |  |  | $ | 22,309 |  |  | $ | 4,165 |  |  | $ | 27,230 |  |  | 2.5 | %
Single-family transitional (5) | 717,303 |  |  | 717,702 |  |  | 732,059 |  |  | 10.31 | % |  | 6 |  | 69 | % |  | 750 |  | 599,798 |  |  | 48,180 |  |  | 2,535 |  |  | 81,546 |  |  | 11.5 | %
Multifamily transitional (5) | 489,637 |  |  | 489,637 |  |  | 531,804 |  |  | 10.17 | % |  | 1 |  | 64 | % |  | 749 |  | 399,686 |  |  | 44,523 |  |  | 32,905 |  |  | 54,690 |  |  | 16.5 | %
Total Business purpose loans | $ | 2,441,368 |  |  | $ | 2,444,803 |  |  | $ | 2,510,608 |  |  | 8.31 | % |  |  |  | 66 | % |  |  |  | $ | 2,192,525 |  |  | $ | 115,012 |  |  | $ | 39,605 |  |  | $ | 163,466 |  |  | 8.1 | %
Seasoned RPL/NPL loans |  | 972,996 |  |  | 992,120 |  |  | 1,097,698 |  |  | 5.09 | % |  | 245 |  | 54 | % |  | 646 |  | 757,826 |  |  | 125,621 |  |  | 47,620 |  |  | 166,631 |  |  | 19.5 | %
Other loans |  | 51,022 |  |  | 51,022 |  |  | 59,283 |  |  | 3.43 | % |  | 308 |  | 63 | % |  | 757 |  | 59,283 |  |  | — |  |  | — |  |  | — |  |  | — | %
Residential whole loans, total or weighted average |  | $ | 8,810,354 |  |  | $ | 8,820,478 |  |  | $ | 8,989,910 |  |  | 6.98 | % |  |  |  | 64 | % |  |  |  | $ | 7,939,119 |  |  | $ | 411,142 |  |  | $ | 134,379 |  |  | $ | 505,270 |  |  | 7.1 | %
(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. Certain Transitional Loans contain contractual features which increase the loan’s interest rate following an event of default. The weighted average coupon presented is calculated based on each loan’s coupon rate without regard to post-default rate adjustments. (2)For the quarter ended June 30, 2026, the gross coupon was 6.82% for Non-QM loans, 6.37% for Single-family rental loans, 10.10% for Single-family transitional loans, 10.10% for Multifamily transitional loans, and 5.08% for Seasoned RPL/NPL loans. For the quarter ended December 31, 2025, the gross coupon was 6.88% for Non-QM loans, 6.37% for Single-family rental loans, 10.32% for Single-family transitional loans, 10.18% for Multifamily transitional loans, and 5.10% for Seasoned 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 that are less than 90 days delinquent, the LTV presented is generally 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, as of the most recent date available, which may be the origination date. For Single-family and Multifamily transitional loans that are 90 or more days delinquent, as well as certain performing loans for which an after repaired valuation was not available, the LTV presented is the ratio of the current unpaid principal balance of the loan to the estimated as-is value of the collateral securing the related loan as of the most recent date available, which may be the origination date. The following table presents certain additional credit-related information regarding the Company’s Residential whole loans, at carrying value:
|  | Amortized Cost Basis by Origination Year and LTV Bands
(In Thousands) |  | 2026 - 2022 |  |  |  |  |  |  |  |  |  | Prior |  | Total
Non-QM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 527,764 |  |  | $ | 527,764 |
LTV > 80% (1) |  | — |  |  |  |  |  |  |  |  |  |  | 2,434 |  |  | 2,434 |
Total Non-QM loans |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 530,198 |  |  | $ | 530,198 |
Six Months Ended June 30, 2026 Gross write-offs |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
Business purpose loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 83,643 |  |  | $ | 83,643 |
LTV > 80% (1) |  | — |  |  |  |  |  |  |  |  |  |  | 2,148 |  |  | 2,148 |
Total Business purpose loans |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 85,791 |  |  | $ | 85,791 |
Six Months Ended June 30, 2026 Gross write-offs |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
Seasoned RPL/NPL loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 355,766 |  |  | $ | 355,766 |
LTV > 80% (1) |  | — |  |  |  |  |  |  |  |  |  |  | 40,440 |  |  | 40,440 |
Total Seasoned RPL/NPL loans |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 396,206 |  |  | $ | 396,206 |
Six Months Ended June 30, 2026 Gross write-offs |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 8 |  |  | $ | 8 |
Total LTV <= 80% (1) |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 967,173 |  |  | $ | 967,173 |
Total LTV > 80% (1) |  | — |  |  |  |  |  |  |  |  |  |  | 45,022 |  |  | 45,022 |
Total Residential whole loans, at carrying value |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 1,012,195 |  |  | $ | 1,012,195 |
Six Months Ended June 30, 2026 Total Gross write-offs |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 8 |  |  | $ | 8 |
(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 that are less than 90 days delinquent, the LTV presented is generally 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, as of the most recent date available, which may be the origination date. For certain Single-family and Multifamily transitional loans that are 90 or more days delinquent, as well as certain performing loans for which an after repaired valuation was not available, the LTV presented is the ratio of the current unpaid principal balance of the loan to the estimated “as is” 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 LTV are certain low value loans secured by vacant lots, for which the LTV is not meaningful. The following table presents vintage information regarding the Company’s Residential whole loans, at fair value:
|  | Fair Value by Origination Year
(In Thousands) |  | 2026 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | Prior |  | Total
Non-QM loans |  | $ | 727,564 |  |  | $ | 1,647,412 |  |  | $ | 779,170 |  |  | $ | 455,301 |  |  | $ | 470,105 |  |  | $ | 1,062,270 |  |  | $ | 5,141,822 |
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental loans |  | $ | 64,589 |  |  | $ | 1,622 |  |  | $ | 37,118 |  |  | $ | 197,935 |  |  | $ | 456,264 |  |  | $ | 318,109 |  |  | $ | 1,075,637 |
Single-family transitional loans |  | 162,463 |  |  | 302,550 |  |  | 97,744 |  |  | 70,458 |  |  | 12,550 |  |  | 2,954 |  |  | 648,719 |
Multifamily transitional loans |  | — |  |  | — |  |  | 29,333 |  |  | 129,758 |  |  | 109,177 |  |  | 52,614 |  |  | 320,882 |
Total Business purpose loans |  | $ | 227,052 |  |  | $ | 304,172 |  |  | $ | 164,195 |  |  | $ | 398,151 |  |  | $ | 577,991 |  |  | $ | 373,677 |  |  | $ | 2,045,238 |
Seasoned RPL/NPL loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 528,951 |  |  | 528,951 |
Other loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,054 |  |  | 49,054 |
Total Residential whole loans, at fair value |  | $ | 954,616 |  |  | $ | 1,951,584 |  |  | $ | 943,365 |  |  | $ | 853,452 |  |  | $ | 1,048,096 |  |  | $ | 2,013,952 |  |  | $ | 7,765,065 |
The following table presents certain additional information about the Company’s commercial mortgage loans as of June 30, 2026 and December 31, 2025:
(Dollars In Thousands) |  | Fair Value / Carrying Value |  | UPB |  | Weighted Average Coupon (1) |  | Weighted Average Term to Maturity (Months) |  | UPB 60+ Days Delinquent | Weighted Average LTV Ratio
Commercial Loans - June 30, 2026 |  | $ | 4,510 |  |  | $ | 4,510 |  |  | 10.58 | % |  | 0 |  | $ | 4,510 |  | 80 | %
Commercial Loans - December 31, 2025 |  | $ | 6,079 |  |  | $ | 9,385 |  |  | 10.60 | % |  | 0 |  | $ | 9,385 |  | 189 | %
(1)Commercial Loans contain contractual features which increase the loan’s interest rate following an event of default. The weighted average coupon presented is calculated based on each loan’s coupon rate without regard to post-default rate adjustments.
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 June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Fair value realized and unrealized gain/(loss) |  | $ | (21,016) |  |  | $ | 33,611 |  |  | $ | (55,777) |  |  | $ | 87,991 |
Realized credit losses, net of recoveries |  | (24,464) |  |  | (9,812) |  |  | (28,836) |  |  | (13,542) |
Total Residential whole loans |  | $ | (45,480) |  |  | $ | 23,799 |  |  | $ | (84,613) |  |  | $ | 74,449 |
The following table presents the fair value realized and unrealized gain/(loss) components of Net gain/(loss) on residential whole loans measured at fair value through earnings:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Non-QM loans |  | $ | (22,900) |  |  | $ | 28,122 |  |  | $ | (42,284) |  |  | $ | 73,318 |
Business purpose loans: |  |  |  |  |  |  |  |
Single-family rental loans |  | $ | (2,202) |  |  | $ | 11,178 |  |  | $ | (751) |  |  | $ | 29,010 |
Single-family transitional loans |  | (1,562) |  |  | (5,568) |  |  | (3,669) |  |  | (14,717) |
Multifamily transitional loans |  | 8,098 |  |  | 460 |  |  | (1,838) |  |  | (1,475) |
Total Business purpose loans |  | $ | 4,334 |  |  | $ | 6,070 |  |  | $ | (6,258) |  |  | $ | 12,818 |
Seasoned RPL/NPL loans |  | (2,067) |  |  | (834) |  |  | (6,640) |  |  | 114 |
Other loans |  | (383) |  |  | 253 |  |  | (595) |  |  | 1,741 |
Total Residential whole loans |  | $ | (21,016) |  |  | $ | 33,611 |  |  | $ | (55,777) |  |  | $ | 87,991 |
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 Net gain/(loss) on residential whole loans measured at fair value through earnings:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Non-QM loans |  | $ | (396) |  |  | $ | (649) |  |  | $ | (547) |  |  | $ | (785) |
Business purpose loans: |  |  |  |  |  |  |  |
Single-family rental loans |  | (574) |  |  | (3,148) |  |  | (600) |  |  | (4,344) |
Single-family transitional loans |  | (1,110) |  |  | (1,351) |  |  | (4,435) |  |  | (3,524) |
Multifamily transitional loans |  | (21,658) |  |  | (4,080) |  |  | (22,005) |  |  | (4,249) |
Total Business purpose loans |  | (23,342) |  |  | (8,579) |  |  | (27,040) |  |  | (12,117) |
Seasoned RPL/NPL loans |  | (726) |  |  | (584) |  |  | (1,249) |  |  | (640) |
Other loans |  | — |  |  | — |  |  | — |  |  | — |
Total Residential whole loans |  | $ | (24,464) |  |  | $ | (9,812) |  |  | $ | (28,836) |  |  | $ | (13,542) |
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:
| Six Months Ended June 30, 2026
(In Thousands) |  | Non-QM loans |  | Single-family rental loans |  | Single-family transitional loans (1) |  | Seasoned RPL/NPL loans (2) |  | Totals
Allowance for credit losses at December 31, 2025 |  | $ | 1,725 |  |  | $ | 918 |  |  | $ | 1,042 |  |  | $ | 6,020 |  |  | $ | 9,705 |
Current provision/(reversal) |  | (317) |  |  | (156) |  |  | 114 |  |  | 117 |  |  | (242) |
Write-offs |  | — |  |  | — |  |  | — |  |  | (26) |  |  | (26) |
Allowance for credit losses at March 31, 2026 |  | $ | 1,408 |  |  | $ | 762 |  |  | $ | 1,156 |  |  | $ | 6,111 |  |  | $ | 9,437 |
Current provision/(reversal) |  | (116) |  |  | 158 |  |  | 386 |  |  | (490) |  |  | (62) |
Write-offs |  | — |  |  | — |  |  | — |  |  | 18 |  |  | 18 |
Allowance for credit losses at June 30, 2026 |  | $ | 1,292 |  |  | $ | 920 |  |  | $ | 1,542 |  |  | $ | 5,639 |  |  | $ | 9,393 |
| Six Months Ended June 30, 2025
(In Thousands) |  | Non-QM loans |  | Single-family rental loans |  | Single-family transitional loans (1) |  | Seasoned 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 |
(1)Includes $3.8 million and $5.2 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2026 and 2025, respectively. (2)Includes $25.0 million and $31.8 million of loans that were assessed for credit losses based on a collateral dependent methodology as of June 30, 2026 and 2025, respectively.
Schedule of 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:
|  | June 30, 2026
(Dollars In Thousands) |  | Carrying Value / Fair Value |  | UPB |  | LTV (1)
Non-QM loans |  | $ | 232,699 |  |  | $ | 240,855 |  |  | 66 | %
Business purpose loans: |  |  |  |  |  |
Single-family rental loans |  | $ | 28,055 |  |  | $ | 29,104 |  |  | 65 | %
Single-family transitional loans |  | 77,713 |  |  | 91,806 |  |  | 85 | %
Multifamily transitional loans |  | 50,176 |  |  | 88,080 |  |  | 160 | %
Total Business purpose loans |  | $ | 155,944 |  |  | $ | 208,990 |  |  |
Seasoned RPL/NPL loans |  | 164,439 |  |  | 180,119 |  |  | 60 | %
Other loans |  | — |  |  | — |  |  | — | %
Total Residential whole loans |  | $ | 553,082 |  |  | $ | 629,964 |  |  |
|  | December 31, 2025
(Dollars In Thousands) |  | Carrying Value / Fair Value |  | UPB |  | LTV (1)
Non-QM loans |  | $ | 218,793 |  |  | $ | 222,327 |  |  | 64 | %
Business purpose loans: |  |  |  |  |  |
Single-family rental loans |  | $ | 29,967 |  |  | $ | 31,395 |  |  | 68 | %
Single-family transitional loans |  | 70,821 |  |  | 84,081 |  |  | 83 | %
Multifamily transitional loans |  | 54,884 |  |  | 87,595 |  |  | 68 | %
Total Business purpose loans |  | $ | 155,672 |  |  | $ | 203,071 |  |  |
Seasoned RPL/NPL loans |  | 197,511 |  |  | 214,251 |  |  | 60 | %
Other loans |  | — |  |  | — |  |  | — | %
Total Residential whole loans |  | $ | 571,976 |  |  | $ | 639,649 |  |  |
(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 that are less than 90 days delinquent, the LTV presented is generally 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, as of the most recent date available, which may be the origination date. For certain Single-family and Multifamily transitional loans that are 90 or more days delinquent, as well as certain performing loans for which an after repaired valuation was not available, the LTV presented is the ratio of the current unpaid principal balance of the loan to the estimated “as is” 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 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 June 30, |  | Three Months Ended June 30, |  | Three Months Ended June 30,
(In Thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025 |  | 2026 |  | 2025
Non-QM loans |  | $ | 7,536 |  |  | $ | 9,334 |  |  | $ | 75,483 |  |  | $ | 60,933 |  |  | $ | 83,019 |  |  | $ | 70,267 |
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental loans |  | $ | 1,063 |  |  | $ | 1,794 |  |  | $ | 17,088 |  |  | $ | 19,953 |  |  | $ | 18,151 |  |  | $ | 21,747 |
Single-family transitional loans |  | 241 |  |  | 2,114 |  |  | 15,576 |  |  | 21,612 |  |  | 15,817 |  |  | 23,726 |
Multifamily transitional loans |  | — |  |  | — |  |  | 6,773 |  |  | 17,308 |  |  | 6,773 |  |  | 17,308 |
Total Business purpose loans |  | $ | 1,304 |  |  | $ | 3,908 |  |  | $ | 39,437 |  |  | $ | 58,873 |  |  | $ | 40,741 |  |  | $ | 62,781 |
Seasoned RPL/NPL loans |  | 6,447 |  |  | 7,256 |  |  | 10,301 |  |  | 13,820 |  |  | 16,748 |  |  | 21,076 |
Other loans |  | — |  |  | — |  |  | 443 |  |  | 444 |  |  | 443 |  |  | 444 |
Total Residential whole loans |  | $ | 15,287 |  |  | $ | 20,498 |  |  | $ | 125,664 |  |  | $ | 134,070 |  |  | $ | 140,951 |  |  | $ | 154,568 |
|  | Held at Carrying Value |  | Held at Fair Value |  | Total
|  | Six Months Ended June 30, |  | Six Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025 |  | 2026 |  | 2025
Non-QM loans |  | $ | 15,721 |  |  | $ | 19,420 |  |  | $ | 148,837 |  |  | $ | 116,111 |  |  | $ | 164,558 |  |  | $ | 135,531 |
Business purpose loans: |  |  |  |  |  |  |  |  |  |  |  |
Single-family rental loans |  | $ | 2,698 |  |  | $ | 3,693 |  |  | $ | 34,967 |  |  | $ | 40,451 |  |  | $ | 37,665 |  |  | $ | 44,144 |
Single-family transitional loans |  | 181 |  |  | 3,828 |  |  | 31,190 |  |  | 45,716 |  |  | 31,371 |  |  | 49,544 |
Multifamily transitional loans |  | — |  |  | — |  |  | 15,223 |  |  | 37,262 |  |  | 15,223 |  |  | 37,262 |
Total Business purpose loans |  | $ | 2,879 |  |  | $ | 7,521 |  |  | $ | 81,380 |  |  | $ | 123,429 |  |  | $ | 84,259 |  |  | $ | 130,950 |
Seasoned RPL/NPL loans |  | 12,856 |  |  | 14,297 |  |  | 21,463 |  |  | 24,158 |  |  | 34,319 |  |  | 38,455 |
Other loans |  | — |  |  | — |  |  | 906 |  |  | 942 |  |  | 906 |  |  | 942 |
Total Residential whole loans |  | $ | 31,456 |  |  | $ | 41,238 |  |  | $ | 252,586 |  |  | $ | 264,640 |  |  | $ | 284,042 |  |  | $ | 305,878 |

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