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Residential Consumer Loans (Tables)
 9 Months Ended
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, 2025Unsecuritized Jumbo LoansSecuritized Jumbo LoansSecuritized 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, 2024Unsecuritized Jumbo LoansSecuritized Jumbo LoansSecuritized 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, 2025Residential Investor TermResidential Investor Bridge
(In Thousands)UnsecuritizedSecuritizedUnsecuritizedSecuritizedTotal
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, 2024Residential Investor TermResidential Investor Bridge
(In Thousands)UnsecuritizedSecuritizedUnsecuritizedSecuritizedTotal
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,
20252024
(In Thousands)Unsecuritized Term LoansUnsecuritized Bridge LoansUnsecuritized Term LoansUnsecuritized 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,
20252024
(In Thousands)Unsecuritized Term LoansUnsecuritized Bridge LoansUnsecuritized Term LoansUnsecuritized 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,
20252024
(In Thousands)Securitized TermSecuritized BridgeSecuritized TermSecuritized 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,
20252024
(In Thousands)Securitized TermSecuritized BridgeSecuritized TermSecuritized 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, 2025Unsecuritized 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 loans1,129 3,063 1,945 1,237 
Fair value of loans157,339 2,143,226 625,932 931,100 
Weighted average coupon6.94 %5.28 %8.93 %9.41 %
Weighted average remaining loan term (years)13411
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/A159,437 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/A17,128 N/A
December 31, 2024Unsecuritized 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 loans1,759 3,084 5,350 1,605 
Fair value of loans158,637 2,485,069 1,120,281 823,103 
Weighted average coupon6.84 %5.35 %9.11 %9.76 %
Weighted average remaining loan term (years)9411
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/A102,321 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/A67,858 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, 2025Unsecuritized TermSecuritized TermUnsecuritized BridgeSecuritized Bridge
(Dollars in Thousands)
Term
Single-family rental$106,597 $1,751,988 $— $— 
Multifamily57,086 499,108 — — 
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 Characteristics of Residential Consumer Loans Held-For-Sale
The following table summarizes the characteristics of residential consumer loans held-for-sale at September 30, 2025 and December 31, 2024.
Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale
September 30, 2025Unsecuritized Jumbo Loans
Securitized Re-Performing Loans (1)
(Dollars in Thousands)
UPB$2,394,909 $1,447,610 
Fair value of loans$2,455,559 $1,248,236 
Market value of loans pledged as collateral under short-term borrowing agreements$2,437,510 N/A
Weighted average coupon6.84 %4.49 %
Delinquency information
UPB of loans with 90+ day delinquencies$439 $97,615 
Average 90+ days delinquent balance (UPB)439 167 
UPB of loans in foreclosure— 34,709 
Average foreclosure balance (UPB)— 187 
December 31, 2024Unsecuritized Jumbo Loans
(Dollars in Thousands)
UPB$1,000,663 
Fair value of loans$1,013,547 
Market value of loans pledged as collateral under short-term borrowing agreements$1,005,926 
Weighted average coupon6.56 %
Delinquency information
UPB of loans with 90+ day delinquencies$— 
Average UPB of 90+ days delinquent loans— 
UPB of loans in foreclosure— 
Average foreclosure balance (UPB)— 
(1)See Note 24 for further discussion.
Schedule of Activity of Residential Consumer Loans Held-for-Sale
The following table provides the activity of residential consumer loans held-for-sale ("HFS") during the three and nine months ended September 30, 2025 and 2024.
Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale
Three Months Ended September 30,Nine Months Ended September 30,
(In Thousands)2025202420252024
Principal balance of loans acquired$3,845,429 $1,999,621 $9,158,820 $4,873,608 
Principal balance of loans sold861,850 39,497 2,123,601 246,641 
Principal balance of loans transferred from HFS to HFI1,878,024 1,528,163 5,551,389 4,140,150 
Schedule of Characteristics of Residential Consumer Loans Held-for-Investment The following tables summarize the characteristics of the securitized residential consumer loans held-for-investment at September 30, 2025 and December 31, 2024.
Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment
September 30, 2025Securitized Jumbo Loans
(Dollars in Thousands)
UPB$13,351,590 
Average loan balance (UPB)$899 
Fair value of loans (1)
$13,079,486 
Weighted average coupon5.67 %
Delinquency information
UPB of loans with 90+ day delinquencies (2)
$41,396 
Average 90+ days delinquent balance (UPB)753 
UPB of loans in foreclosure12,132 
Average foreclosure balance (UPB)607 
December 31, 2024Securitized Jumbo LoansSecuritized Re-Performing Loans
(Dollars in Thousands)
UPB$9,350,286 $1,514,432 
Average loan balance (UPB)$842 $155 
Fair value of loans (1)
$8,819,554 $1,244,722 
Weighted average coupon5.35 %4.49 %
Delinquency information
UPB of loans with 90+ day delinquencies (2)
$19,480 $106,910 
Average 90+ days delinquent balance (UPB)$573 $172 
UPB of loans in foreclosure$10,493 $41,913 
Average foreclosure balance (UPB)$552 $185 
(1)The fair value of the loans held by consolidated entities was 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, and are recorded in Investment fair value changes, net on our consolidated statements of income (loss).
(2)For loans held at consolidated entities, the number and UPB of loans 90+ days delinquent includes loans in foreclosure.
Schedule of Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities
The following table provides the activity of securitized jumbo residential consumer loans held-for-investment during the three and nine months ended September 30, 2025 and 2024.
Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment
Three Months Ended September 30,Nine Months Ended September 30,
(In Thousands)2025202420252024
Principal value of loans transferred from HFS to HFI (1)
$1,878,024 $1,528,163 $5,551,389 $4,140,150 
Net market valuation gains (losses) recorded102,295 256,034 236,432 152,635 
(1)Represents the transfer of loans from held-for-sale to held-for-investment associated with jumbo securitization