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Related party transactions (Tables) | 12 Months Ended
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Dec. 31, 2025
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | The below table details the management fees incurred during the years ended December 31, 2025 and 2024 (in thousands).
|  | Years Ended
Consolidated statements of operations line item: |  | December 31, 2025 |  | December 31, 2024
Management fee to affiliate (1) |  | $ | 9,266 |  |  | $ | 7,533 |
(1)For the year ended December 31, 2024, the Manager agreed to waive its right to receive management fees of $1.8 million pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition. The below table details the expense reimbursement incurred during the years ended December 31, 2025 and 2024 (in thousands).
|  | Years Ended
Consolidated statements of operations line item: |  | December 31, 2025 |  | December 31, 2024
Non-investment related expenses (1) |  | $ | 6,325 |  |  | $ | 5,715 |
Investment related expenses |  | 670 |  |  | 477 |
Transaction related expenses |  | 589 |  |  | 608 |
Expense reimbursements to Manager or its affiliates |  | $ | 7,584 |  |  | $ | 6,800 |
(1)For the year ended December 31, 2024, the Manager agreed to waive its right to receive expense reimbursements of $1.1 million, pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition. years ended December 31, 2025 and 2024 (in thousands).
|  | Years Ended
|  | December 31, 2025 |  | December 31, 2024
Fees paid to Asset Manager |  | $ | 2,466 |  |  | $ | 2,744 |
The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the years ended December 31, 2025 and 2024 (in thousands).
|  | Years Ended
|  | December 31, 2025 |  | December 31, 2024
Residential mortgage loans sold by Arc Home to the Company |  | $ | 137,661 |  |  | $ | 432,543 |
Date |  | Transaction |  | Fair Value (1) |  | Pricing Methodology
June 2025 |  | Purchase of Re/Non-Performing Securities (2) |  | $ | 0.1 |  |  | Third party pricing vendors (3)
August 2025 |  | Purchase of AG Arc (4) (5) |  | 15.7 |  |  | Third party pricing vendors (3)
(1)As of the transaction date. (2)The Company purchased an additional interest in certain re/non-performing securities which are recorded within the “Investments in debt and equity of affiliates” line item on the consolidated balance sheets. (3)Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy. (4)The Company’s Board of Directors, including its independent directors, approved the transaction and obtained a fairness opinion from a third party financial advisor. (5)Refer to “Investments in debt and equity of affiliates - Arc Home” above for additional information on this transaction.
Schedule of Investments in Debt and Equity of Affiliates | The below table summarizes the components of the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of December 31, 2025 and 2024 and the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the years ended December 31, 2025 and 2024 (in thousands).
|  | December 31, 2025 |  | December 31, 2024
|  | Assets |  | Liabilities |  | Equity |  | Net Income/(Loss) |  | Assets |  | Liabilities |  | Equity |  | Net Income/(Loss)
Non-QM Securities (1) |  | $ | 9,439 |  |  | $ | — |  |  | $ | 9,439 |  |  | $ | (1,167) |  |  | $ | 13,304 |  |  | $ | — |  |  | $ | 13,304 |  |  | $ | 1,289 |
Re/Non-Performing Securities |  | 599 |  |  | — |  |  | 599 |  |  | (137) |  |  | 2,462 |  |  | (588) |  |  | 1,874 |  |  | 711 |
Residential investments - Fair value / Net income /(loss) |  | 10,038 |  |  | — |  |  | 10,038 |  |  | (1,304) |  |  | 15,766 |  |  | (588) |  |  | 15,178 |  |  | 2,000 |
AG Arc - Fair value / Net income/(loss) (2) (3) |  | 50,016 |  |  | — |  |  | 50,016 |  |  | 4,125 |  |  | 30,778 |  |  | — |  |  | 30,778 |  |  | 1,141 |
Cash and Other assets/(liabilities) |  | 1,291 |  |  | (12) |  |  | 1,279 |  |  | — |  |  | 910 |  |  | (25) |  |  | 885 |  |  | — |
Investments in debt and equity of affiliates / Equity in earnings/(loss) from affiliates |  | $ | 61,345 |  |  | $ | (12) |  |  | $ | 61,333 |  |  | $ | 2,821 |  |  | $ | 47,454 |  |  | $ | (613) |  |  | $ | 46,841 |  |  | $ | 3,141 |
(1)As of December 31, 2025 and 2024, MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments. (2)Earnings/(loss) recognized by AG Arc do not include the Company's portion of gains or losses recorded by Arc Home in connection with the sale of residential mortgage loans to the Company. Refer to "Transactions with Arc Home" below for more information on this accounting policy. (3)As of December 31, 2025 and 2024, the Company had an approximate 66.0% and 44.6% interest in AG Arc, respectively. The table below summarizes intra-entity profits eliminated during the years ended December 31, 2025 and 2024 (in thousands).
|  | Years Ended
|  | December 31, 2025 |  | December 31, 2024
Intra-Entity Profits Eliminated |  | $ | 411 |  |  | $ | 1,107 |

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- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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