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Residential Loans and Residential Loans Held for Sale, at Fair Value (Tables) | 9 Months Ended
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Sep. 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 tables present t he Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts and residential loans held for sale, as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
| September 30, 2025
| Residential loans (1) |  | Consolidated SLST (2) |  | Residential loans held in securitization trusts (3) |  | Total Residential loans |  | Residential loans held for sale (4) |  | Total
Principal | $ | 315,228 |  |  | $ | 1,329,199 |  |  | $ | 2,707,733 |  |  | $ | 4,352,160 |  |  | $ | 102,439 |  |  | $ | 4,454,599 |
Premium / (Discount) | 270 |  |  | (62,042) |  |  | (28,215) |  |  | (89,987) |  |  | — |  |  | (89,987) |
Change in fair value | (7,076) |  |  | (84,558) |  |  | (18,892) |  |  | (110,526) |  |  | 2,597 |  |  | (107,929) |
Carrying value | $ | 308,422 |  |  | $ | 1,182,599 |  |  | $ | 2,660,626 |  |  | $ | 4,151,647 |  |  | $ | 105,036 |  |  | $ | 4,256,683 |
| December 31, 2024
| Residential loans (1) |  | Consolidated SLST (2) |  | Residential loans held in securitization trusts (3) |  | Total Residential loans
Principal | $ | 652,642 |  |  | $ | 1,111,633 |  |  | $ | 2,365,060 |  |  | $ | 4,129,335 |
Discount | (1,750) |  |  | (24,303) |  |  | (48,702) |  |  | (74,755) |
Change in fair value | (18,626) |  |  | (121,658) |  |  | (72,558) |  |  | (212,842) |
Carrying value | $ | 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 September 30, 2025 and December 31, 2024 (see Note 13). (2)The Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in Consolidated SLST and the CDOs issued to permanently finance these residential loans. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets (see Note 14). During the nine months ended September 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). (4)Certain of the Company's residential loans held for sale, at fair value are pledged as collateral for repurchase agreements and warehouse facilities as of September 30, 2025 (see Note 13).
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 nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):
| For the Three Months Ended
| September 30, 2025 |  | September 30, 2024
| Residential loans |  | Consolidated SLST (1) |  | Residential loans held in securitization trusts |  | Residential loans |  | Consolidated SLST (1) |  | Residential loans held in securitization trusts
Unrealized gains (losses), net | $ | 6,575 |  |  | $ | 7,395 |  |  | $ | 12,958 |  |  | $ | 9,882 |  |  | $ | 28,655 |  |  | $ | 42,283 |
| For the Nine Months Ended
| September 30, 2025 |  | September 30, 2024
| Residential loans |  | Consolidated SLST (1) |  | Residential loans held in securitization trusts |  | Residential loans |  | Consolidated SLST (1) |  | Residential loans held in securitization trusts
Unrealized gains (losses), net | $ | 14,552 |  |  | $ | 37,100 |  |  | $ | 45,711 |  |  | $ | 13,934 |  |  | $ | 27,855 |  |  | $ | 32,995 |
(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 September 30, 2025 and December 31, 2024, respectively, are as follows:
| September 30, 2025 |  | December 31, 2024
| Residential loans |  | Consolidated SLST |  | Residential loans held in securitization trusts |  | Residential loans |  | Consolidated SLST |  | Residential loans held in securitization trusts
California | 14.2 | % |  | 11.2 | % |  | 16.6 | % |  | 23.0 | % |  | 11.7 | % |  | 20.2 | %
Florida | 10.2 | % |  | 8.7 | % |  | 10.5 | % |  | 10.4 | % |  | 9.1 | % |  | 12.2 | %
New York | 7.2 | % |  | 10.7 | % |  | 6.7 | % |  | 6.6 | % |  | 10.8 | % |  | 6.6 | %
New Jersey | 7.1 | % |  | 6.2 | % |  | 6.1 | % |  | 8.0 | % |  | 6.8 | % |  | 5.2 | %
Pennsylvania | 6.1 | % |  | 3.8 | % |  | 5.5 | % |  | 5.1 | % |  | 3.9 | % |  | 3.8 | %
Ohio | 5.9 | % |  | 3.4 | % |  | 4.0 | % |  | 3.6 | % |  | 1.6 | % |  | 2.0 | %
Texas | 4.8 | % |  | 4.4 | % |  | 7.0 | % |  | 6.2 | % |  | 4.4 | % |  | 7.9 | %
Illinois | 4.1 | % |  | 7.4 | % |  | 3.3 | % |  | 2.2 | % |  | 6.3 | % |  | 3.1 | %
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans held for sale, at fair value as of September 30, 2025 are as follows:
| September 30, 2025 |
Ohio | 12.5 | % |
Pennsylvania | 12.0 | % |
New Jersey | 10.8 | % |
Illinois | 9.3 | % |
Tennessee | 8.4 | % |
The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of September 30, 2025 and December 31, 2024, respectively, are as follows:
| September 30, 2025 |  | December 31, 2024
Texas | 46.8 | % |  | 36.1 | %
Florida | 15.1 | % |  | 11.6 | %
Louisiana | 11.2 | % |  | 8.8 | %
North Carolina | 7.7 | % |  | 6.2 | %
Arkansas | 7.6 | % |  | 10.3 | %
Indiana | 7.0 | % |  | 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 September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
| Greater than 90 days past due |  | Less than 90 days past due |  |
| Fair Value |  | Unpaid Principal Balance |  | Fair Value |  | Unpaid Principal Balance |  |
September 30, 2025 | $ | 99,764 |  |  | $ | 116,087 |  |  | $ | 938 |  |  | $ | 993 |  |  |
December 31, 2024 | 159,558 |  |  | 183,067 |  |  | 8,098 |  |  | 8,749 |  |  |
Schedule of Activity of Residential Loans Held for Sale | The following table details activity of residential loans held for sale between July 15, 2025 and September 30, 2025 (dollar amounts in thousands):
Principal balance of loans acquired through business combination | $ | 142,324 |
Principal balance of loans originated | 382,443 |
Principal balance of loans sold to third parties | (213,333) |
Proceeds from repayments | (137) |
Principal balance of loans transferred from residential loans held for sale to residential loans | (208,858) |
Principal balance as of September 30, 2025 | $ | 102,439 |
Schedule of Components of Mortgage Banking Activities, Net | The following table summarizes the components of mortgage banking activities, net for the three and nine months ended September 30, 2025 (dollar amounts in thousands):
Residential loan origination and other fees |  |  | $ | 5,511 |
Gains on residential loans held for sale, net (1) |  |  | 8,592 |
Mortgage banking activities, net |  |  | $ | 14,103 |
(1)Includes gains on sale and unrealized gains, net of provision for loan repurchases, and gains on interest rate lock commitments. Interest rate lock commitments are accounted for by the Company as derivative instruments (see Note 10).

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