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Residential Loans, at Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Residential Mortgage Loans Held in Securitization Trusts, Net
The following table presents the Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
June 30, 2025December 31, 2024
Residential loans (1)
Consolidated SLST (2)
Residential loans held in securitization trusts (3)
Total
Residential loans (1)
Consolidated SLST (2)
Residential loans held in securitization trusts (3)
Total
Principal$381,366 $1,353,853 $2,537,538 $4,272,757 $652,642 $1,111,633 $2,365,060 $4,129,335 
Discount
(1,780)(62,517)(40,027)(104,324)(1,750)(24,303)(48,702)(74,755)
Unrealized losses, net
(12,497)(91,953)(37,956)(142,406)(18,626)(121,658)(72,558)(212,842)
Carrying value$367,089 $1,199,383 $2,459,555 $4,026,027 $632,266 $965,672 $2,243,800 $3,841,738 

(1)Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of June 30, 2025 and December 31, 2024 (see Note 13).
(2)The Company invests in first loss subordinated securities and certain IOs issued by Freddie Mac-sponsored residential loan securitizations. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitizations and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets (see Note 14). During the three months ended June 30, 2025, the Company purchased an additional first loss subordinated security issued from a securitization that it determined to consolidate as Consolidated SLST. As a result, the Company consolidated assets and liabilities of the securitization (see Note 7).
(3)The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets (see Note 14).
Schedule of Components of Net Gain (Loss) on Residential Mortgage Loans at Fair Value
The following tables present the unrealized gains (losses), net attributable to residential loans, at fair value for the three and six months ended June 30, 2025 and 2024, respectively (dollar amounts in thousands):

For the Three Months Ended
June 30, 2025June 30, 2024
Residential loans
Consolidated SLST (1)
Residential loans held in securitization trustsResidential loans
Consolidated SLST (1)
Residential loans held in securitization trusts
Unrealized gains (losses), net
$1,809 $16,810 $8,565 $3,769 $(1,306)$(6,037)

For the Six Months Ended
June 30, 2025June 30, 2024
Residential loans
Consolidated SLST (1)
Residential loans held in securitization trustsResidential loans
Consolidated SLST (1)
Residential loans held in securitization trusts
Unrealized gains (losses), net
$7,977 $29,705 $32,753 $4,052 $(800)$(9,288)
(1)In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable (see Note 17). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST.
Schedule of Geographic Concentration of Credit Risk
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2025 and December 31, 2024, respectively, are as follows:

June 30, 2025December 31, 2024
Residential loansConsolidated SLSTResidential loans held in securitization trustsResidential loansConsolidated SLSTResidential loans held in securitization trusts
California17.0 %11.1 %17.4 %23.0 %11.7 %20.2 %
Florida12.1 %8.8 %12.0 %10.4 %9.1 %12.2 %
New York10.7 %10.6 %6.6 %6.6 %10.8 %6.6 %
Texas
6.7 %4.4 %7.1 %6.2 %4.4 %7.9 %
New Jersey
6.2 %6.3 %5.7 %8.0 %6.8 %5.2 %
Pennsylvania
5.6 %3.8 %4.8 %5.1 %3.9 %3.8 %
Ohio
5.1 %3.4 %2.7 %3.6 %1.6 %2.0 %
Illinois
2.5 %7.4 %3.2 %2.2 %6.3 %3.1 %
The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of June 30, 2025 and December 31, 2024, respectively, are as follows:
June 30, 2025December 31, 2024
Texas42.4 %36.1 %
Florida13.7 %11.6 %
Arkansas12.1 %10.3 %
Louisiana10.3 %8.8 %
North Carolina7.1 %6.2 %
Indiana6.4 %5.6 %
Schedule of Residential Mortgage Loans, Fair Value Compared to Unpaid Principal
The following table presents the fair value and aggregate unpaid principal balance of the Company's residential loans and residential loans held in securitization trusts in non-accrual status as of June 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

Greater than 90 days past dueLess than 90 days past due
Fair ValueUnpaid Principal BalanceFair ValueUnpaid Principal Balance
June 30, 2025$150,481 $172,026 $7,158 $7,512 
December 31, 2024159,558 183,067 8,098 8,749