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Residential Loans and Residential Loans Held for Sale, at Fair Value (Tables)
 9 Months Ended
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 the 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, 2025September 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
$6,575 $7,395 $12,958 $9,882 $28,655 $42,283 

For the Nine Months Ended
September 30, 2025September 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
$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, 2025December 31, 2024
Residential loansConsolidated SLSTResidential loans held in securitization trustsResidential loansConsolidated SLSTResidential loans held in securitization trusts
California14.2 %11.2 %16.6 %23.0 %11.7 %20.2 %
Florida10.2 %8.7 %10.5 %10.4 %9.1 %12.2 %
New York7.2 %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, 2025December 31, 2024
Texas46.8 %36.1 %
Florida15.1 %11.6 %
Louisiana11.2 %8.8 %
North Carolina7.7 %6.2 %
Arkansas7.6 %10.3 %
Indiana7.0 %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 dueLess than 90 days past due
Fair ValueUnpaid Principal BalanceFair ValueUnpaid Principal Balance
September 30, 2025$99,764 $116,087 $938 $993 
December 31, 2024159,558 183,067 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).