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v3.25.2

Residential Investor Loans (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Schedule of Classifications and Carrying Value of Residential Consumer Loans | The following table summarizes the classifications and carrying values of the securitized and unsecuritized residential consumer loans owned at June 30, 2025 and December 31, 2024. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans
June 30, 2025 |  | Unsecuritized Jumbo Loans |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans |  |
(In Thousands) |  |  |  |  | Total
Held-for-sale at fair value |  | $ | 1,350,782 |  |  | $ | — |  |  | $ | 1,264,049 |  |  | $ | 2,614,831 |
Held-for-investment at fair value |  | — |  |  | 11,587,062 |  |  | — |  |  | 11,587,062 |
Total Residential Consumer Loans |  | $ | 1,350,782 |  |  | $ | 11,587,062 |  |  | $ | 1,264,049 |  |  | $ | 14,201,893 |
December 31, 2024 |  | Unsecuritized Jumbo Loans |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans |  |
(In Thousands) |  |  |  |  | Total
Held-for-sale at fair value |  | $ | 1,013,547 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,013,547 |
Held-for-investment at fair value |  | — |  |  | 8,819,554 |  |  | 1,244,722 |  |  | 10,064,276 |
Total Residential Consumer Loans |  | $ | 1,013,547 |  |  | $ | 8,819,554 |  |  | $ | 1,244,722 |  |  | $ | 11,077,823 |
The following table summarizes the classifications and carrying values of the securitized and unsecuritized residential investor loans at June 30, 2025 and December 31, 2024. Table 8.1 – Classifications and Carrying Values of Residential Investor Loans
June 30, 2025 |  | Residential Investor Term |  | Residential Investor Bridge |  |
(In Thousands) |  | Unsecuritized |  | Securitized |  | Unsecuritized |  | Securitized |  | Total
Held-for-sale at fair value (1)(2) |  | $ | 174,808 |  |  | $ | — |  |  | $ | 949,264 |  |  | $ | — |  |  | $ | 1,124,072 |
Held-for-investment at fair value |  | — |  |  | 2,270,879 |  |  | — |  |  | 944,217 |  |  | 3,215,096 |
Total Residential Investor Loans |  | $ | 174,808 |  |  | $ | 2,270,879 |  |  | $ | 949,264 |  |  | $ | 944,217 |  |  | $ | 4,339,168 |
December 31, 2024 |  | Residential Investor Term |  | Residential Investor Bridge |  |
(In Thousands) |  | Unsecuritized |  | Securitized |  | Unsecuritized |  | Securitized |  | Total
Held-for-sale at fair value |  | $ | 158,637 |  |  | $ | — |  |  | $ | 78,587 |  |  | $ | — |  |  | $ | 237,224 |
Held-for-investment at fair value |  | — |  |  | 2,485,069 |  |  | 1,041,694 |  |  | 823,103 |  |  | 4,349,866 |
Total Residential Investor Loans |  | $ | 158,637 |  |  | $ | 2,485,069 |  |  | $ | 1,120,281 |  |  | $ | 823,103 |  |  | $ | 4,587,090 |
(1)At June 30, 2025, Residential investor bridge loans held-for-sale include $25 million of loans recorded at the lower of cost or market value for which the carrying value approximates the fair value. (2)At June 30, 2025, held-for-sale loans include $886 million of unsecuritized bridge loans and $50 million of unsecuritized term loans that were reported in the Legacy Investments segment The following table provides the activity of unsecuritized residential investor loans during the three and six months ended June 30, 2025 and 2024. Table 8.2 – Activity of Unsecuritized Residential Investor Loans
|  | Three Months Ended June 30,
|  | 2025 |  | 2024
(In Thousands) |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans
Principal balance of loans originated |  | $ | 228,545 |  |  | $ | 141,756 |  |  | $ | 217,538 |  |  | $ | 234,115 |
Principal balance of loans acquired (1) |  | 36,237 |  |  | 25,233 |  |  | 648 |  |  | — |
Principal balance of loans sold to third parties (2) |  | 250,795 |  |  | 226,081 |  |  | 252,424 |  |  | 156,294 |
Transfer of loans between portfolios (3) |  | — |  |  | 75,994 |  |  | — |  |  | (89,202) |
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
(In Thousands) |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans
Principal balance of loans originated |  | $ | 416,763 |  |  | $ | 407,900 |  |  | $ | 334,628 |  |  | $ | 428,144 |
Principal balance of loans acquired (1) |  | 43,037 |  |  | 25,233 |  |  | 648 |  |  | 15,677 |
Principal balance of loans sold to third parties (2) |  | 433,210 |  |  | 382,574 |  |  | 258,456 |  |  | 209,515 |
Transfer of loans between portfolios (3) |  | — |  |  | 25,375 |  |  | — |  |  | (187,933) |
(1)For the three and six months ended June 30, 2025 and 2024, balance reflects loans acquired from a loan origination partner and loan repurchases. (2)For the three and six months ended June 30, 2025 and 2024 the principal balance of loans sold to third parties is net of $16 million and $6 million, and $32 million and $21 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 12 for additional information on these joint ventures. (3)Transfers of unsecuritized residential investor term loans between portfolios represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated term securitizations. Transfers of unsecuritized bridge loans, represents the transfer of residential investor bridge loans from "Unsecuritized Bridge" to "Securitized Bridge" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing. The following table provides the activity of securitized residential investor loans held-for-investment during the three and six months ended June 30, 2025 and 2024. Table 8.3 – Activity of Securitized Residential Investor Loans Held-for-Investment
|  | Three Months Ended June 30,
|  | 2025 |  | 2024
(In Thousands) |  | Securitized Term |  | Securitized Bridge |  | Securitized Term |  | Securitized Bridge
Net market valuation gains (losses) recorded |  | $ | 14,122 |  |  | $ | (4,591) |  |  | $ | 3,530 |  |  | $ | (4,870) |
Fair value of loans transferred to HFI |  | — |  |  | 75,994 |  |  | — |  |  | 89,202 |
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
(In Thousands) |  | Securitized Term |  | Securitized Bridge |  | Securitized Term |  | Securitized Bridge
Net market valuation gains (losses) recorded |  | $ | 14,053 |  |  | $ | (8,285) |  |  | $ | 11,113 |  |  | $ | (1,180) |
Fair value of loans transferred to HFI |  | — |  |  | 126,613 |  |  | — |  |  | 187,933 |
The following tables summarize the characteristics of securitized and unsecuritized residential investor loans at June 30, 2025 and December 31, 2024. Table 8.4 – Characteristics of Residential Investor Loans
June 30, 2025 |  | Unsecuritized Term |  | Securitized Term(1) |  | Unsecuritized Bridge |  | Securitized Bridge(1)
(Dollars in Thousands) |  |  |  |
Unpaid principal balance |  | $ | 200,916 |  |  | $ | 2,399,197 |  |  | $ | 1,056,296 |  |  | $ | 928,171 |
Average UPB of loans |  | 2,208 |  |  | 2,809 |  |  | 4,959 |  |  | 1,351 |
Fair value of loans |  | 174,808 |  |  | 2,270,878 |  |  | 949,264 |  |  | 944,217 |
Weighted average coupon |  | 6.95 | % |  | 5.31 | % |  | 9.22 | % |  | 9.49 | %
Weighted average remaining loan term (years) |  | 9 |  | 4 |  | 1 |  | 1
Market value of loans pledged as collateral under debt facilities |  | $ | 115,742 |  |  | N/A |  | $ | 897,085 |  |  | N/A
Delinquency information |  |  |  |  |  |  |  |
Unpaid principal balance of loans with 90+ day delinquencies (2) |  | $ | 77,396 |  |  | $ | 169,697 |  |  | $ | 196,370 |  |  | $ | 38,203 |
Average UPB of 90+ days delinquent loans (2) |  | 9,674 |  |  | 3,857 |  |  | 12,273 |  |  | 1,819 |
Fair value of loans with 90+ day delinquencies (2) |  | 46,477 |  |  | N/A |  | 139,780 |  |  | N/A
Unpaid principal balance of loans in foreclosure (3) |  | — |  |  | 17,111 |  |  | 77,221 |  |  | 24,769 |
Average UPB of loans in foreclosure (3) |  | — |  |  | 3,422 |  |  | 12,870 |  |  | 1,078 |
Fair value of loans in foreclosure (3) |  | — |  |  | N/A |  | 58,005 |  |  | N/A
December 31, 2024 |  | Unsecuritized Term |  | Securitized Term(1) |  | Unsecuritized Bridge |  | Securitized Bridge(1)
(Dollars in Thousands) |  |  |  |
Unpaid principal balance |  | $ | 177,618 |  |  | $ | 2,639,485 |  |  | $ | 1,166,213 |  |  | $ | 810,285 |
Average UPB of loans |  | 1,759 |  |  | 3,084 |  |  | 5,350 |  |  | 1,605 |
Fair value of loans |  | 158,637 |  |  | 2,485,069 |  |  | 1,120,281 |  |  | 823,103 |
Weighted average coupon |  | 6.84 | % |  | 5.35 | % |  | 9.11 | % |  | 9.76 | %
Weighted average remaining loan term (years) |  | 9 |  | 4 |  | 1 |  | 1
Market value of loans pledged as collateral under debt facilities |  | $ | 120,417 |  |  | N/A |  | $ | 1,070,327 |  |  | N/A
Delinquency information |  |  |  |  |  |  |  |
Unpaid principal balance of loans with 90+ day delinquencies (2) |  | $ | 33,065 |  |  | $ | 194,143 |  |  | $ | 129,229 |  |  | $ | 20,964 |
Average UPB of 90+ days delinquent loans (2) |  | 8,266 |  |  | 3,734 |  |  | 8,077 |  |  | 1,233 |
Fair value of loans with 90+ day delinquencies (2) |  | 12,366 |  |  | N/A |  | 102,321 |  |  | N/A
Unpaid principal balance of loans in foreclosure (3) |  | 27,529 |  |  | 24,648 |  |  | 86,260 |  |  | 3,663 |
Average UPB of loans in foreclosure (3) |  | 27,529 |  |  | 2,465 |  |  | 6,635 |  |  | 916 |
Fair value of loans in foreclosure (3) |  | 8,500 |  |  | N/A |  | 67,858 |  |  | N/A
(1)The fair value of the Term and Bridge loans held by consolidated entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs. (2)The number of loans 90+ days delinquent includes loans in foreclosure. (3)May include loans that are less than 90 days delinquent and loans where foreclosure is being pursued as a disposition strategy. The following table presents the unpaid principal balance of residential investor loans recorded on our consolidated balance sheets at June 30, 2025 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type
June 30, 2025 |  | Unsecuritized Term |  | Securitized Term |  | Unsecuritized Bridge |  | Securitized Bridge
(Dollars in Thousands) |  |  |  |
Term |  |  |  |  |  |  |  |
Single-family rental |  | $ | 104,258 |  |  | $ | 1,856,025 |  |  | $ | — |  |  | $ | — |
Multifamily |  | 96,658 |  |  | 543,172 |  |  | — |  |  | — |
Bridge |  |  |  |  |  |  |  |
Renovate / Build for Rent ("BFR") (1) |  | — |  |  | — |  |  | 442,211 |  |  | 368,583 |
Single Asset Bridge ("SAB") (2) |  | — |  |  | — |  |  | 38,001 |  |  | 411,342 |
Multifamily (3) |  | — |  |  | — |  |  | 544,605 |  |  | 147,191 |
Third-Party Originated |  | — |  |  | — |  |  | 31,480 |  |  | 1,055 |
Total Residential Investor Loans |  | $ | 200,916 |  |  | $ | 2,399,197 |  |  | $ | 1,056,297 |  |  | $ | 928,171 |
(1)Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (2)Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units). (3)Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.

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