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Residential Investor Loans (Tables) | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Schedule of Classifications and Fair Value of Residential Consumer Loans | The following table summarizes the classifications and fair values of the securitized and unsecuritized residential consumer loans owned at September 30, 2025 and December 31, 2024. Table 7.1 – Classifications and Fair Values of Residential Consumer Loans
September 30, 2025 |  | Unsecuritized Jumbo Loans |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans |  |
(In Thousands) |  |  |  |  | Total
Held-for-sale at fair value |  | $ | 2,455,559 |  |  | $ | — |  |  | $ | 1,248,236 |  |  | $ | 3,703,795 |
Held-for-investment at fair value |  | — |  |  | 13,079,486 |  |  | — |  |  | 13,079,486 |
Total Residential Consumer Loans |  | $ | 2,455,559 |  |  | $ | 13,079,486 |  |  | $ | 1,248,236 |  |  | $ | 16,783,281 |
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 fair values of the securitized and unsecuritized residential investor loans at September 30, 2025 and December 31, 2024. Table 8.1 – Classifications and Fair Values of Residential Investor Loans
September 30, 2025 |  | Residential Investor Term |  | Residential Investor Bridge |  |
(In Thousands) |  | Unsecuritized |  | Securitized |  | Unsecuritized |  | Securitized |  | Total
Held-for-sale at fair value (1) |  | $ | 157,339 |  |  | $ | — |  |  | $ | 625,932 |  |  | $ | — |  |  | $ | 783,271 |
Held-for-investment at fair value |  | — |  |  | 2,143,226 |  |  | — |  |  | 931,100 |  |  | 3,074,326 |
Total Residential Investor Loans |  | $ | 157,339 |  |  | $ | 2,143,226 |  |  | $ | 625,932 |  |  | $ | 931,100 |  |  | $ | 3,857,597 |
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 September 30, 2025, Residential investor bridge loans held-for-sale include $101 million of loans recorded at the lower of cost or market value for which the carrying value approximates the fair value. The following table provides the activity of unsecuritized residential investor loans during the three and nine months ended September 30, 2025 and 2024. Table 8.2 – Activity of Unsecuritized Residential Investor Loans
|  | Three Months Ended September 30,
|  | 2025 |  | 2024
(In Thousands) |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans
Principal balance of loans originated |  | $ | 228,298 |  |  | $ | 258,594 |  |  | $ | 158,584 |  |  | $ | 286,833 |
Principal balance of loans acquired (1) |  | 530 |  |  | 80,223 |  |  | 3,145 |  |  | — |
Principal balance of loans sold to third parties (2) |  | 228,741 |  |  | 625,196 |  |  | 206,380 |  |  | 67,655 |
Transfer of loans between portfolios (3) |  | — |  |  | 38,179 |  |  | — |  |  | (62,386) |
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
(In Thousands) |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans
Principal balance of loans originated |  | $ | 645,061 |  |  | $ | 666,494 |  |  | $ | 493,212 |  |  | $ | 714,977 |
Principal balance of loans acquired (1) |  | 43,567 |  |  | 105,456 |  |  | 3,793 |  |  | 15,677 |
Principal balance of loans sold to third parties (2) |  | 661,951 |  |  | 1,007,770 |  |  | 464,836 |  |  | 277,170 |
Transfer of loans between portfolios (3) |  | — |  |  | 63,554 |  |  | — |  |  | (250,319) |
(1)For the three and nine months ended September 30, 2025 and 2024, balance reflects loans acquired from a loan origination partner, with whom we have a strategic investment, and loan repurchases. See Note 12 for further information. (2)For the three and nine months ended September 30, 2025 and 2024 the principal balance of loans sold to third parties is net of $6 million and $13 million, and $38 million and $34 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 nine months ended September 30, 2025 and 2024. Table 8.3 – Activity of Securitized Residential Investor Loans Held-for-Investment
|  | Three Months Ended September 30,
|  | 2025 |  | 2024
(In Thousands) |  | Securitized Term |  | Securitized Bridge |  | Securitized Term |  | Securitized Bridge
Net market valuation gains (losses) recorded |  | $ | 20,614 |  |  | $ | 6,384 |  |  | $ | 78,275 |  |  | $ | 1,623 |
Fair value of loans transferred to HFI |  | — |  |  | 38,179 |  |  | — |  |  | 62,386 |
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
(In Thousands) |  | Securitized Term |  | Securitized Bridge |  | Securitized Term |  | Securitized Bridge
Net market valuation gains (losses) recorded |  | $ | 34,667 |  |  | $ | (1,901) |  |  | $ | 89,388 |  |  | $ | 443 |
Fair value of loans transferred to HFI |  | — |  |  | 164,792 |  |  | — |  |  | 250,319 |
The following tables summarize the characteristics of securitized and unsecuritized residential investor loans at September 30, 2025 and December 31, 2024. Table 8.4 – Characteristics of Residential Investor Loans
September 30, 2025 |  | Unsecuritized Term |  | Securitized Term(1) |  | Unsecuritized Bridge |  | Securitized Bridge(1)
(Dollars in Thousands) |  |  |  |
Unpaid principal balance |  | $ | 163,683 |  |  | $ | 2,251,096 |  |  | $ | 665,040 |  |  | $ | 917,991 |
Average UPB of loans |  | 1,129 |  |  | 3,063 |  |  | 1,945 |  |  | 1,237 |
Fair value of loans |  | 157,339 |  |  | 2,143,226 |  |  | 625,932 |  |  | 931,100 |
Weighted average coupon |  | 6.94 | % |  | 5.28 | % |  | 8.93 | % |  | 9.41 | %
Weighted average remaining loan term (years) |  | 13 |  | 4 |  | 1 |  | 1
Market value of loans pledged as collateral under debt facilities |  | $ | 86,413 |  |  | N/A |  | $ | 400,527 |  |  | N/A
Delinquency information |  |  |  |  |  |  |  |
Unpaid principal balance of loans with 90+ day delinquencies (2) |  | $ | 53,756 |  |  | $ | 171,284 |  |  | $ | 198,858 |  |  | $ | 26,938 |
Average UPB of 90+ days delinquent loans (2) |  | 5,973 |  |  | 4,078 |  |  | 11,048 |  |  | 1,418 |
Fair value of loans with 90+ day delinquencies (2) |  | 44,491 |  |  | N/A |  | 159,437 |  |  | N/A
Unpaid principal balance of loans in foreclosure (3) |  | — |  |  | 37,206 |  |  | 22,838 |  |  | 19,803 |
Average UPB of loans in foreclosure (3) |  | — |  |  | 5,315 |  |  | 22,838 |  |  | 1,238 |
Fair value of loans in foreclosure (3) |  | — |  |  | N/A |  | 17,128 |  |  | 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 UPB of residential investor loans recorded on our consolidated balance sheets at September 30, 2025 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type
September 30, 2025 |  | Unsecuritized Term |  | Securitized Term |  | Unsecuritized Bridge |  | Securitized Bridge
(Dollars in Thousands) |  |  |  |
Term |  |  |  |  |  |  |  |
Single-family rental |  | $ | 106,597 |  |  | $ | 1,751,988 |  |  | $ | — |  |  | $ | — |
Multifamily |  | 57,086 |  |  | 499,108 |  |  | — |  |  | — |
Bridge |  |  |  |  |  |  |  |
Renovate / Build for Rent ("BFR") (1) |  | — |  |  | — |  |  | 196,810 |  |  | 316,490 |
Single Asset Bridge ("SAB") (2) |  | — |  |  | — |  |  | 61,259 |  |  | 488,545 |
Multifamily (3) |  | — |  |  | — |  |  | 300,100 |  |  | 111,901 |
Third-Party Originated |  | — |  |  | — |  |  | 106,871 |  |  | 1,055 |
Total Residential Investor Loans |  | $ | 163,683 |  |  | $ | 2,251,096 |  |  | $ | 665,040 |  |  | $ | 917,991 |
(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.
Schedule of Loan Modifications Characteristics by Strategy Type | The following table presents information regarding loan modifications by strategy type for the three months ended September 30, 2025. Table 8.6 – Loan Modifications Characteristics by Strategy Type
September 30, 2025 |  | Unpaid Principal Balance |  | Weighted Average Contractual Interest Rate |  | Weighted Average Deferred Interest Rate |  | Average Month Length of Maturity Extensions
(Dollars in Thousands) |  |  |  |
Simple Modifications (Extensions) |  | $ | 126,254 |  |  | N/A |  | N/A |  | 5
Complex Modifications |  | 3,895 |  |  | 10.73 | % |  | 4.73 | % |  | 5
Total Loan Modifications (1) |  | $ | 130,149 |  |  |  |  |  |  |
(1)Included in this population are loans that had been previously modified in a prior period with an aggregate unpaid principal balance of $38 million involving previous Simple modifications and $4 million involving previous Complex modifications.
Schedule of Financing Receivable, Nonaccrual Loans Characteristics by Segment/Strategy Type | The following table presents the characteristics of loans on nonaccrual status by segment and strategy type at September 30, 2025, including the fair value of such loans and the related amounts of non-accrual of contractual coupon and deferred interest. Table 8.7 – Nonaccrual Loans Characteristics by Segment/Strategy Type
September 30, 2025 |  | Non-Accrual of Contractual Coupon Interest |  | Non-Accrual of Deferred Interest Only |  | Total Unpaid Principal Balance |  | Fair Value
(Dollars in Thousands) |  |  |  |
Legacy Investments |  |  |  |  |  |  |  |
Multifamily (1) |  | $ | 193,759 |  |  | $ | 104,216 |  |  | $ | 297,975 |  |  | $ | 257,895 |
Renovate / Build for Rent ("BFR") (2) |  | 15,856 |  |  | 24,917 |  |  | 40,773 |  |  | 32,308 |
Single Asset Bridge ("SAB") (3) |  | 670 |  |  | — |  |  | 670 |  |  | 637 |
Other |  | 6,247 |  |  | — |  |  | 6,247 |  |  | 3,679 |
Redwood Investments |  |  |  |  |  |  |  |
Renovate / Build for Rent ("BFR") (2) |  | 4,817 |  |  | — |  |  | 4,817 |  |  | 4,841 |
Single Asset Bridge ("SAB") (3) |  | 7,787 |  |  | — |  |  | 7,787 |  |  | 7,751 |
Total Non-Accrual Loans |  | $ | 229,136 |  |  | $ | 129,133 |  |  | $ | 358,269 |  |  | $ | 307,111 |
(1)Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties. (2)Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (3)Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units)

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