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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the Company's derivative instruments as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

												Fair Value
Type of Derivative Instrument						Consolidated Balance Sheet Location						September 30, 2025						December 31, 2024
Interest rate caps						Other assets						$	150					$	56
Options						Other assets						79						—
IRLCs						Other assets						2,383						—
Interest rate swaps						Other assets						—						—
Futures						Other assets						—						—
Total derivative assets (1)												$	2,612					$	56
Futures						Other liabilities						$	—					$	—
TBAs						Other liabilities						(121)						—
Credit default swaps						Other liabilities						—						—
Interest rate swaps						Other liabilities						—						—
Total derivative liabilities												$	(121)					$	—

(1)Excludes interest rate cap contracts held by certain Consolidated Real Estate VIEs included in other assets in disposal group held for sale as of December 31, 2024 (see Note 9).

The following table presents information about the Company's TBA purchase and sale contracts as of September 30, 2025 (dollar amounts in thousands). The Company did not own TBAs as of December 31, 2024.

						Notional Amount (1)						Cost Basis (2)						Fair Value (3)						Net Carrying Value (4)
Purchase contracts						$	40,000					$	40,845					$	40,724					$	(121)
Sale contracts						(10,000)						(10,081)						(10,081)						—
Total TBAs						$	30,000					$	30,764					$	30,643					$	(121)

(1)Notional amount represents the par value (or principal balance) of the underlying Agency RMBS.

(2)Cost basis represents the forward price to be paid for the underlying Agency RMBS.

(3)Fair value represents the current fair value of the TBA (or of the underlying Agency RMBS) as of period end.

(4)Net carrying value represents the difference between the fair value and the cost basis as of period end.

Schedule of Reconciliation of Gross Derivative Assets and Liabilities

The following tables present a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

			September 30, 2025
			Gross Amount of Recognized Assets (Liabilities)						Gross Amounts Offset in Balance Sheets						Variation Margin						Net Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets
Interest rate caps			$	150					$	—					$	—					$	150
Options			79						—						—						79
IRLCs			2,383						—						—						2,383
Interest rate swaps			3,402						(3,402)						—						—
Futures			3,494						(139)						(3,355)						—
Total derivative assets			$	9,508					$	(3,541)					$	(3,355)					$	2,612
Derivative liabilities
Credit default swaps			$	(10,268)					$	—					$	10,268					$	—
TBAs			(121)						—						—						(121)
Interest rate swaps			(56,064)						3,402						52,662						—
Futures			(4,704)						139						4,565						—
Total derivative liabilities			$	(71,157)					$	3,541					$	67,495					$	(121)

			December 31, 2024
			Gross Amount of Recognized Assets (Liabilities)						Gross Amounts Offset in Balance Sheets						Variation Margin						Net Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets
Interest rate caps			$	56					$	—					$	—					$	56
Interest rate swaps			63,942						(10,134)						(53,808)						—
Futures			952						(658)						(294)						—
Total derivative assets			$	64,950					$	(10,792)					$	(54,102)					$	56
Derivative liabilities
Credit default swaps			$	(9,120)					$	—					$	9,120					$	—
Interest rate swaps			(10,134)						10,134						—						—
Futures			(658)						658						—						—
Total derivative liabilities			$	(19,912)					$	10,792					$	9,120					$	—

Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral

The following table summarizes assets pledged as initial margin as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

Initial Margin Collateral						Consolidated Balance Sheet Location						September 30, 2025						December 31, 2024
Agency RMBS						Investment securities available for sale, at fair value						$	68,231					$	33,399
Restricted cash						Other assets						69,016						68,253
Total initial margin collateral												$	137,247					$	101,652

The following table presents detailed information about the Company’s financings under these repurchase agreements or warehouse facilities and associated assets pledged as collateral at September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

			Maximum Aggregate Uncommitted Principal or Line Amount						Outstanding Repurchase Agreements and Warehouse Facilities						Net Deferred Finance Costs (1)						Carrying Value of Repurchase Agreements and Warehouse Facilities						Carrying Value of Assets Pledged (2)						Weighted Average Rate						Weighted Average Months to Maturity (3)
September 30, 2025			$	3,225,000					$	380,692					$	(311)					$	380,381					$	474,220					6.37		%				5.56
December 31, 2024			$	2,775,000					$	496,410					$	(796)					$	495,614					$	659,183					6.70		%				9.64

(1)Costs related to repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense over the term of the agreement using the effective interest method, or straight line-method, if the result is not materially different.

(2)Includes residential loans and real estate owned with an aggregate carrying value of $252.9 million, residential loans held for sale with an aggregate carrying value of $102.8 million and single-family rental properties with a net carrying value of $118.5 million as of September 30, 2025. Includes residential loans and real estate owned with an aggregate carrying value of $524.6 million and single-family rental properties with a net carrying value of $134.6 million as of December 31, 2024.

(3)The Company expects to either roll outstanding amounts under these repurchase agreements and warehouse facilities into new financing arrangements or repay outstanding amounts in full prior to or at maturity.

Schedule of Activity of Derivative Instruments

The tables below summarize the notional activity of derivative instruments for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):

						Notional Amount For the Three Months Ended September 30, 2025
Type of Derivative Instrument						June 30, 2025						Additions						Terminations/Pair-Offs						September 30, 2025
Interest rate caps						$	45,142					$	—					$	—					$	45,142
Options						—						349						(185)						164
TBAs						10,000						130,000						(110,000)						30,000
Interest rate swaps						4,867,217						1,117,681						(1,205,090)						4,779,808
Credit default swaps						475,000						—						—						475,000
Futures						247,500						1,051,727						(673,500)						625,727

						Notional Amount For the Three Months Ended September 30, 2024
Type of Derivative Instrument						June 30, 2024						Additions						Terminations						September 30, 2024
Interest rate caps						$	263,142					$	—					$	—					$	263,142
Options						80						—						(80)						—
Interest rate swaps						2,972,030						881,235						(550,952)						3,302,313
Credit default swaps						400,000						—						—						400,000
Futures						67,000						—						(67,000)						—

						Notional Amount For the Nine Months Ended September 30, 2025
Type of Derivative Instrument						December 31, 2024						Additions						Terminations/Pair-Offs						September 30, 2025
Interest rate caps						$	45,142					$	45,142					$	(45,142)					$	45,142
Options						—						601						(437)						164
TBAs						—						150,000						(120,000)						30,000
Interest rate swaps						4,134,267						3,373,016						(2,727,475)						4,779,808
Credit default swaps						400,000						75,000						—						475,000
Futures						406,100						1,521,127						(1,301,500)						625,727

						Notional Amount For the Nine Months Ended September 30, 2024
Type of Derivative Instrument						December 31, 2023						Additions/Transfers In (1)						Terminations/Transfers Out (1)						September 30, 2024
Interest rate caps						$	550,025					$	177,044					$	(463,927)					$	263,142
Options						—						382						(382)						—
Interest rate swaps						2,778,015						1,974,659						(1,450,361)						3,302,313
Credit default swaps						—						400,000						—						400,000
Futures						—						498,950						(498,950)						—

(1)Includes transfers from or transfers to disposal group held for sale with respect to interest rate caps held in certain Consolidated Real Estate VIEs (see Note 9).

Schedule of Components of Realized and Unrealized Gains and Losses

The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to derivative instruments, which are included in (losses) gains on derivative instruments, net in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):

						For the Three Months Ended September 30,																								For the Nine Months Ended September 30,
						2025												2024												2025												2024
Type of Derivative Instrument						Realized Gains (Losses)						Unrealized Gains (Losses)						Realized Gains (Losses)						Unrealized Gains (Losses)						Realized Gains (Losses)						Unrealized Gains (Losses)						Realized Gains (Losses)						Unrealized Gains (Losses)
Interest rate caps (1)						$	—					$	9					$	—					$	(209)					$	—					$	54					$	—					$	3,044
Options						(517)						(408)						(772)						(7)						2,125						(408)						(2,261)						—
IRLCs						—						(1,940)						—						—						—						(1,940)						—						—
TBAs						484						(226)						—						—						480						(121)						—						—
Interest rate swaps						1,804						(5,868)						(835)						(55,611)						33,219						(106,470)						16,591						(7,760)
Credit default swaps						(1,240)						210						(1,022)						(720)						(3,454)						(542)						(3,056)						(1,023)
Futures						(10,145)						4,831						(1,729)						265						(8,213)						(1,504)						(1,493)						—
Total						$	(9,614)					$	(3,392)					$	(4,358)					$	(56,282)					$	24,157					$	(110,931)					$	9,781					$	(5,739)

(1)Includes interest rate caps held by certain Consolidated Real Estate VIEs included in other assets in disposal group held for sale (see Note 9).

Schedule of Interest Rate Cap Contracts Strike Price and Notional Amounts

The following tables present information about an interest rate cap contract related to a variable-rate mortgage payable on real estate that is not included in disposal group held for sale as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

September 30, 2025

Financing Type

SOFR Strike Price

Notional Amount

Expiration Date

Mortgage payable on real estate

3.22%

45,142

January 1, 2026

December 31, 2024

Financing Type

SOFR Strike Price

Notional Amount

Expiration Date

Mortgage payable on real estate

3.22%

45,142

January 1, 2025

Schedule of Interest Rate Derivatives

The following tables present information about the Company's interest rate swaps whereby it receives floating rate payments in exchange for fixed rate payments as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

						September 30, 2025
Swap Maturities						Notional Amount						Weighted Average Fixed Interest Rate						Weighted Average Variable Interest Rate
2025						$	71,885					4.97		%				4.51		%
2026						30,660						4.37		%				4.44		%
2027						688,633						3.94		%				4.42		%
2028						1,697,021						3.75		%				4.35		%
2029						270,275						3.91		%				4.39		%
2030						1,155,582						3.75		%				4.36		%
2033						199,590						3.73		%				4.34		%
2034						178,224						3.86		%				4.39		%
2035						300,878						4.00		%				4.38		%
2045						134,010						4.01		%				4.36		%
Total						$	4,726,758					3.84		%				4.37		%

						December 31, 2024
Swap Maturities						Notional Amount						Weighted Average Fixed Interest Rate						Weighted Average Variable Interest Rate
2025						$	1,377,250					4.53		%				4.89		%
2026						159,120						4.10		%				4.53		%
2027						622,123						3.98		%				4.75		%
2028						510,325						3.90		%				4.93		%
2029						614,585						3.86		%				4.71		%
2033						319,590						4.00		%				4.83		%
2034						178,224						3.86		%				4.83		%
2044						300,000						3.34		%				4.80		%
Total						$	4,081,217					4.09		%				4.82		%

The following tables present information about the Company's interest rate swaps whereby it receives fixed rate payments in exchange for floating rate payments as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

						September 30, 2025
Swap Maturities						Notional Amount						Weighted Average Fixed Interest Rate						Weighted Average Variable Interest Rate
2028						$	9,550					3.48		%				4.37		%
2033						43,500						3.64		%				4.34		%
Total						$	53,050					3.61		%				4.35		%

						December 31, 2024
Swap Maturities						Notional Amount						Weighted Average Fixed Interest Rate						Weighted Average Variable Interest Rate
2028						$	9,550					3.48		%				5.15		%
2033						43,500						3.64		%				5.01		%
Total						$	53,050					3.61		%				5.04		%

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