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Investments in unconsolidated equity method affiliates | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in unconsolidated equity method affiliates | Investments in unconsolidated equity method affiliates The following table details the summarized balance sheets for the Company’s unconsolidated ownership interests in affiliates accounted for using the equity method as of December 31, 2025 and 2024 (in thousands).
| December 31, 2025 |  | December 31, 2024
| AG Arc (1) |  | Non-QM Securities (2) |  |  |  | Re/Non-Performing Securities (3) |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |
Loans and real estate securities, at fair value | $ | 444,633 |  |  | $ | 20,083 |  |  |  |  | $ | 2,292 |  |  | $ | 467,008 |  |  | $ | 466,516 |
Mortgage servicing rights, at fair value | 2,163 |  |  | — |  |  |  |  | — |  |  | 2,163 |  |  | 2,080 |
Cash and cash equivalents | 28,432 |  |  | 2,020 |  |  |  |  | 947 |  |  | 31,399 |  |  | 19,147 |
Restricted cash | 508 |  |  | — |  |  |  |  | — |  |  | 508 |  |  | 597 |
Other assets (4) | 25,526 |  |  | 284 |  |  |  |  | — |  |  | 25,810 |  |  | 26,704 |
Total Assets | $ | 501,262 |  |  | $ | 22,387 |  |  |  |  | $ | 3,239 |  |  | $ | 526,888 |  |  | $ | 515,044 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Financing arrangements | $ | 404,534 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 404,534 |  |  | $ | 387,929 |
Other liabilities (4) | 20,895 |  |  | 15 |  |  |  |  | 21 |  |  | 20,931 |  |  | 19,201 |
Total Liabilities | 425,429 |  |  | 15 |  |  |  |  | 21 |  |  | 425,465 |  |  | 407,130 |
Total Members' Equity |  |  |  |  |  |  |  |  |  |  |
Total Member's equity | 75,833 |  |  | 22,372 |  |  |  |  | 3,218 |  |  | 101,423 |  |  | 107,914 |
Total Liabilities & Members' Equity | $ | 501,262 |  |  | $ | 22,387 |  |  |  |  | $ | 3,239 |  |  | $ | 526,888 |  |  | $ | 515,044 |
The Company's Investments in debt and equity of affiliates | $ | 50,016 |  |  | $ | 10,474 |  |  |  |  | $ | 843 |  |  | $ | 61,333 |  |  | $ | 46,841 |
(1)As of December 31, 2025 and 2024, the Company had an approximate 66.0% and 44.6% interest in AG Arc, respectively. (2)As of December 31, 2025 and 2024, the Company had an approximate 47.0% interest in MATH. (3)As of December 31, 2025 and 2024, the Company had an approximate 26.1% and 22.7% interest in the entity which holds Re/Non-Performing Securities, respectively. (4)Arc Home, as an issuer, has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold or loans in pools it acquired in an MSR purchase (generally loans that are more than 90 days past due). When Arc Home determines there is more than a trivial benefit to repurchase the loans, it records the loans on its consolidated balance sheets as an asset and a corresponding liability. As of December 31, 2025 and 2024, Other assets and Other liabilities included loans eligible to be repurchased in the amount of $2.6 million and $1.7 million, respectively. The following table details the summarized statements of operations for the Company’s unconsolidated ownership interests in affiliates accounted for using the equity method for the years ended December 31, 2025 and 2024 (in thousands).
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  |
| AG Arc (1) |  | Non-QM Securities (2) |  |  |  | Re/Non-Performing Securities (3) |  | Total |  |  |
Net Interest Income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 29,246 |  |  | $ | 4,812 |  |  |  |  | $ | 380 |  |  | $ | 34,438 |  |  | $ | 28,340 |  |  |
Interest expense | 24,252 |  |  | — |  |  |  |  | 6 |  |  | 24,258 |  |  | 19,486 |  |  |
Total Net Interest Income | 4,994 |  |  | 4,812 |  |  |  |  | 374 |  |  | 10,180 |  |  | 8,854 |  |  |
Other Income/(Loss) |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain/(loss) | 43,012 |  |  | — |  |  |  |  | — |  |  | 43,012 |  |  | 22,321 |  |  |
Net unrealized gain/(loss) (4) | 4,008 |  |  | (6,969) |  |  |  |  | (764) |  |  | (3,725) |  |  | 9,656 |  |  |
Other income/(loss), net (5) | 7,777 |  |  | — |  |  |  |  | — |  |  | 7,777 |  |  | 15,874 |  |  |
Total Other Income | 54,797 |  |  | (6,969) |  |  |  |  | (764) |  |  | 47,064 |  |  | 47,851 |  |  |
Expenses | 51,903 |  |  | 335 |  |  |  |  | 200 |  |  | 52,438 |  |  | 45,755 |  |  |
Net Income/(Loss) | $ | 7,888 |  |  | $ | (2,492) |  |  |  |  | $ | (590) |  |  | $ | 4,806 |  |  | $ | 10,950 |  |  |
The Company's Equity in earnings/(loss) from affiliates | $ | 4,125 |  |  | $ | (1,167) |  |  |  |  | $ | (137) |  |  | $ | 2,821 |  |  | $ | 3,141 |  |  |
(1)As of December 31, 2025 and 2024, the Company had an approximate 66.0% and 44.6% interest in AG Arc, respectively. The Company's equity in earnings/(loss) from AG Arc does not include $0.4 million and $1.1 million of gains recorded by Arc Home in connection with the sale of residential mortgage loans to the Company for the years ended December 31, 2025 and 2024, respectively. Refer to Note 2 and Note 10 for more information on this accounting policy. (2)As of December 31, 2025 and 2024, the Company had an approximate 47.0% interest in MATH. (3)As of December 31, 2025 and 2024, the Company had an approximate 26.1% and 22.7% interest in the entity which holds Re/Non-Performing Securities, respectively. (4)"Net unrealized gain/(loss)" at AG Arc includes changes in the fair value of investments held by Arc Home and the change in fair value of the Company's investment in AG Home. As of December 31, 2025, the fair value of the Company's investment in Arc Home was calculated using a valuation multiple of 1.025x book value, which increased from 0.95x book value as of December 31, 2024. As of December 31, 2023, the fair value of the Company's investment in Arc Home was calculated using a valuation multiple of 0.89x book value. (5)"Other income/(loss), net" at AG Arc includes servicing revenue. Refer to Note 2 and Note 10 for more detail on the Company’s investments in unconsolidated equity method affiliates.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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