Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

(dollar amounts in thousands)

December 31, 2024


Asset Type	Number of Loans	Interest Rate	Maturity Date	Carrying Value (1)		Principal Amount of Loans Subject to Delinquent Principal or Interest (2)
Residential loans
First lien loans
Original loan amount $0 - $99,999	188	0.00% - 14.99%	09/03/2022 - 10/01/2064	$	4,018	$	734
Original loan amount $100,000 - $199,999	84	2.00% - 11.38%	02/03/2029 - 03/01/2064	9,144		1,313
Original loan amount $200,000 - $299,999	68	2.50% - 8.13%	08/01/2027 - 11/01/2063	13,960		1,722
Original loan amount over $299,999	94	2.75% - 8.63%	11/01/2035 - 10/01/2064	44,515		2,140

Second lien loans
Original loan amount $0 - $99,999	27	0.00% - 8.63%	06/01/2024 - 08/01/2062	916		456
Original loan amount $100,000 - $199,999	1	7.25% - 7.25%	04/01/2047 - 04/01/2047	36		—
Original loan amount $200,000 - $299,999	1	7.75% - 7.75%	11/01/2049 - 11/01/2049	223		—

Business purpose loans
Original loan amount $0 - $99,999	369	5.63% - 13.25%	01/12/2021 - 01/01/2055	33,791		3,772
Original loan amount $100,000 - $199,999	533	4.25% - 13.25%	08/05/2020 - 01/01/2055	81,157		9,804
Original loan amount $200,000 - $299,999	221	6.32% - 15.19%	12/10/2021 - 01/01/2055	55,701		9,751
Original loan amount over $299,999	468	6.06% - 14.99%	09/01/2021 - 01/01/2055	388,805		90,805

Residential loans held in securitization trusts
First lien loans
Original loan amount $0 - $99,999	1,244	0.00% - 14.29%	06/01/2025 - 04/01/2064	59,984		4,347
Original loan amount $100,000 - $199,999	1,880	0.00% - 14.75%	02/10/2025 - 06/01/2064	191,063		10,586
Original loan amount $200,000 - $299,999	1,040	0.00% - 13.00%	08/01/2025 - 09/01/2063	183,310		7,748
Original loan amount over $299,999	1,355	1.88% - 9.40%	03/01/2027 - 11/01/2063	448,697		20,186

Second lien loans
Original loan amount $0 - $99,999	121	5.75% - 8.75%	10/01/2032 - 06/01/2062	3,727		—
Original loan amount $100,000 - $199,999	8	6.25% - 8.63%	11/01/2032 - 03/01/2050	879		—
Original loan amount $200,000 - $299,999	3	6.75% - 7.75%	03/01/2046 - 01/01/2050	469		—


Business purpose loans
Original loan amount $0 - $99,999	928	4.00% - 14.19%	10/01/2023 - 08/01/2054	100,115		2,260
Original loan amount $100,000 - $199,999	1,396	3.75% - 13.65%	11/01/2023 - 08/01/2054	213,140		2,432
Original loan amount $200,000 - $299,999	677	3.50% - 13.63%	03/01/2024 - 05/01/2064	172,912		2,913
Original loan amount over $299,999	1,147	3.49% - 13.99%	04/01/2023 - 05/01/2064	869,504		12,098

Consolidated SLST
First lien loans	7,246	1.38% - 10.50%	03/01/2021 - 10/01/2064	965,672		117,071
				$	3,841,738	$	300,138

(1)The aggregate cost for U.S. federal income tax purposes of consolidated mortgage loans in the table above, excluding Consolidated SLST, is approximately $1.9 billion as of December 31, 2024. The Company invests in first loss subordinated securities and certain IOs issued by Consolidated SLST. Consolidated SLST carrying value in the table above represents the carrying value of the residential loans in the securitization that have been consolidated in accordance with GAAP.

(2)Of this amount, approximately $6.2 million was acquired from controlled and other affiliates.

Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate


	For the year ended December 31,
(in thousands)	2024		2023		2022
Beginning balance	$	3,084,303	$	3,525,080	$	3,575,601
Additions during period:
Purchases (1)	2,177,949		620,277		1,733,265
Accretion of purchase discount	5,539		6,689		5,292
Change in realized and unrealized gains	10,378		65,485		(404,524)
Deductions during period:
Repayments of principal	(1,179,999)		(1,062,930)		(1,362,294)

Transfer to REO	(85,342)		(42,485)		(18,858)
Transfer to SFR	(3,120)		—		—
Cost of loans sold	(162,883)		(25,144)		—


Amortization of premium	(5,087)		(2,669)		(3,402)
Balance at end of period	$	3,841,738	$	3,084,303	$	3,525,080

(1)The Company exercised its option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans during the year ended December 31, 2023. The Company purchased $307.8 million, $80.8 million and $260.6 million of residential loans from the entity during the years ended December 31, 2024, 2023 and 2022, respectively.