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Real Estate Securities (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Real Estate Securities Portfolio | The following tables detail the Company’s real estate securities portfolio by collateral type as of December 31, 2025 and 2024 ($ in thousands). The Company’s real estate securities include its interest in VIEs in which the Company has concluded that it is not the primary beneficiary and, as a result, did not consolidate the VIEs. The gross unrealized gains/(losses) in the tables below represent inception to date unrealized gains/(losses) since acquisition.
|  | Current Face (1) |  | Premium / (Discount) (1) |  | Amortized Cost |  | Gross Unrealized |  | Fair Value (2) |  | Weighted Average
December 31, 2025 |  |  |  |  | Gains |  | Losses |  |  | Coupon (3) |  | Yield (4) |  | Life (Years) (5) |  |
Non-Agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-QM Loans (6) |  | $ | 48,814 |  |  | $ | (2,160) |  |  | $ | 48,526 |  |  | $ | 816 |  |  | $ | (2,379) |  |  | $ | 46,963 |  |  | 3.11 | % |  | 6.66 | % |  | 3.57 |  |
Agency-Eligible Loans (7) |  | 44,491 |  |  | (2,656) |  |  | 42,439 |  |  | 1,841 |  |  | (117) |  |  | 44,163 |  |  | 3.57 | % |  | 7.41 | % |  | 6.74 |  |
Home Equity Loans (7) |  | 84,647 |  |  | (2,018) |  |  | 99,617 |  |  | 7,514 |  |  | (189) |  |  | 106,942 |  |  | 5.55 | % |  | 10.47 | % |  | 5.51 |  |
Prime Jumbo Loans |  | 4,256 |  |  | (1,616) |  |  | 2,640 |  |  | 673 |  |  | — |  |  | 3,313 |  |  | 4.49 | % |  | 8.82 | % |  | 18.36 |  |
Total Non-Agency RMBS |  | 182,208 |  |  | (8,450) |  |  | 193,222 |  |  | 10,844 |  |  | (2,685) |  |  | 201,381 |  |  | 4.09 | % |  | 8.82 | % |  | 5.39 |  |
Legacy WMC CMBS (8) |  | 82,962 |  |  | (37,015) |  |  | 45,947 |  |  | 5,814 |  |  | (9,196) |  |  | 42,565 |  |  | 5.95 | % |  | 15.30 | % |  | 1.73 |  |
Agency RMBS Interest Only |  | N/A |  | N/A |  | 16,630 |  |  | 249 |  |  | (521) |  |  | 16,358 |  |  | 4.57 | % |  | 7.30 | % |  | 5.17 |  |
Total as of December 31, 2025 |  | $ | 265,170 |  |  | $ | (45,465) |  |  | $ | 255,799 |  |  | $ | 16,907 |  |  | $ | (12,402) |  |  | $ | 260,304 |  |  | 4.55 | % |  | 9.89 | % |  | 4.93 |  |
|  | Current Face (1) |  | Premium/ (Discount) (1) |  | Amortized Cost |  | Gross Unrealized |  | Fair Value (2) |  | Weighted Average
December 31, 2024 |  |  |  |  | Gains |  | Losses |  |  | Coupon (3) |  | Yield (4) |  | Life (Years) (5) |  |
Non-Agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-QM Loans (6) |  | $ | 49,516 |  |  | $ | (2,772) |  |  | $ | 49,015 |  |  | $ | 1,678 |  |  | $ | (5,544) |  |  | $ | 45,149 |  |  | 2.83 | % |  | 7.65 | % |  | 4.62 |  |
Agency-Eligible Loans (7) |  | 51,861 |  |  | (3,062) |  |  | 49,488 |  |  | 1,555 |  |  | (148) |  |  | 50,895 |  |  | 3.45 | % |  | 7.47 | % |  | 6.91 |  |
Home Equity Loans |  | 15,526 |  |  | 640 |  |  | 26,076 |  |  | 1,445 |  |  | (491) |  |  | 27,030 |  |  | 3.40 | % |  | 16.36 | % |  | 5.26 |  |
Prime Jumbo Loans |  | 6,415 |  |  | (2,701) |  |  | 3,879 |  |  | 632 |  |  | (6) |  |  | 4,505 |  |  | 0.97 | % |  | 9.41 | % |  | 7.95 |  |
Total Non-Agency RMBS |  | 123,318 |  |  | (7,895) |  |  | 128,458 |  |  | 5,310 |  |  | (6,189) |  |  | 127,579 |  |  | 3.08 | % |  | 9.40 | % |  | 5.65 |  |
Legacy WMC CMBS (8) |  | 100,896 |  |  | (41,879) |  |  | 59,017 |  |  | 2,577 |  |  | (8,809) |  |  | 52,785 |  |  | 5.13 | % |  | 16.74 | % |  | 1.77 |  |
Agency RMBS Interest Only |  | N/A |  | N/A |  | 20,517 |  |  | 908 |  |  | (429) |  |  | 20,996 |  |  | 4.32 | % |  | 10.35 | % |  | 6.55 |  |
Total as of December 31, 2024 |  | $ | 224,214 |  |  | $ | (49,774) |  |  | $ | 207,992 |  |  | $ | 8,795 |  |  | $ | (15,427) |  |  | $ | 201,360 |  |  | 3.62 | % |  | 11.58 | % |  | 5.20 |  |
(1)Current Face and Premium/(Discount) exclude Interest Only securities, which have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of December 31, 2025, the notional balance of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $66.3 million, $40.4 million, $249.1 million, and $85.0 million, respectively. As of December 31, 2024, the notional value of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, Prime Jumbo Loans and Agency RMBS Interest Only line items were $85.6 million, $50.4 million, $163.3 million, $28.3 million, and $107.2 million, respectively. (2)The fair value of the securities held in unconsolidated VIEs represents the Company’s maximum loss exposure in unconsolidated VIEs. The Company generally has no obligation to provide any other explicit or implicit support to unconsolidated VIEs. Refer to Note 12 for commitments related to the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund. (3)Equity residual investments with a zero coupon rate are excluded from this calculation. (4)The weighted average yields are calculated based on the amortized cost of the underlying securities. (5)Actual maturities may be shorter or longer than stated contractual maturities. Maturities are affected by prepayments of principal. (6)Certain Non-Agency RMBS include securities issued under Gold Creek Asset Trust ("GCAT"), which is the TPG securitization shelf under which the Company or private funds under the management of TPG securitize loans. These securities were retained from rated Non-QM Loan securitizations the Company participated in alongside private funds managed by TPG. The Company’s interest in the retained tranches represents its continuing involvement in these securitization trusts. As of December 31, 2025 and 2024, the Company’s Non-QM Loans includes $42.4 million and $40.3 million of retained securities from these transactions, respectively. (7)For certain Non-Agency RMBS, the Company acted as a co-sponsor alongside an unrelated third party of rated securitizations. As the co-sponsor, the Company retained an "eligible vertical interest" to comply with risk retention rules which consists of at least 5% of each class of securities issued in the securitizations and represents the Company’s continuing involvement in these securitization trusts. The remaining tranches were sold to third parties and certain private funds managed by TPG or its affiliates, or were retained by the Company. As of December 31, 2025 and 2024, the Company’s Agency-Eligible Loans includes $42.2 million and $48.2 million of retained securities from these transactions, respectively. As of December 31, 2025, the Company’s Home Equity Loans includes $78.7 million of retained securities from these transactions. (8)As of December 31, 2025 and 2024, there are Legacy WMC CMBS with an unpaid principal balance of $23.5 million and $23.5 million, respectively, and a fair value of $6.3 million and $6.0 million, respectively, which are on non-accrual or cost recovery status. The Company sold real estate securities during the years ended December 31, 2025 and 2024, as detailed below ($ in thousands).
| Year Ended December 31, 2025 |  | Year Ended December 31, 2024
| Number of Securities |  | Proceeds |  | Realized Gains |  | Realized Losses |  | Number of Securities |  | Proceeds |  | Realized Gains |  | Realized Losses
Agency RMBS | 1 |  | $ | 1,894 |  |  | $ | 241 |  |  | $ | — |  |  | 6 |  | $ | 543,172 |  |  | $ | 10,172 |  |  | $ | — |
Non-Agency RMBS | 4 |  | 2,987 |  |  | 452 |  |  | — |  |  | 16 |  | 61,679 |  |  | 3,352 |  |  | (569) |
CMBS | 1 |  | 1,959 |  |  | — |  |  | (144) |  |  | 1 |  | 1,531 |  |  | — |  |  | (62) |
Other Securities | — |  | — |  | — |  | — |  | 1 |  | 763 |  |  | — |  |  | (227) |
Total | 6 |  | $ | 6,840 |  |  | $ | 693 |  |  | $ | (144) |  |  | 24 |  | $ | 607,145 |  |  | $ | 13,524 |  |  | $ | (858) |
Schedule of Weighted Average Life of Real Estate Securities | The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of December 31, 2025 and 2024 (in thousands).
December 31, 2025 |  | Non-Agency RMBS |  | Legacy WMC CMBS |  | Agency RMBS
Weighted Average Life (1) |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost
Less than or equal to one year |  | $ | — |  |  | $ | — |  |  | $ | 4,921 |  |  | $ | 8,589 |  |  | $ | — |  |  | $ | — |
Greater than one year and less than or equal to five years |  | 98,432 |  |  | 96,270 |  |  | 37,644 |  |  | 37,358 |  |  | 838 |  |  | 600 |
Greater than five years and less than or equal to ten years |  | 80,653 |  |  | 75,378 |  |  | — |  |  | — |  |  | 15,520 |  |  | 16,030 |
Greater than ten years |  | 22,296 |  |  | 21,574 |  |  | — |  |  | — |  |  | — |  |  | — |
Total as of December 31, 2025 |  | $ | 201,381 |  |  | $ | 193,222 |  |  | $ | 42,565 |  |  | $ | 45,947 |  |  | $ | 16,358 |  |  | $ | 16,630 |
December 31, 2024 |  | Non-Agency RMBS |  | Legacy WMC CMBS |  | Agency RMBS
Weighted Average Life (1) |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost
Less than or equal to one year |  | $ | 2,983 |  |  | $ | 2,901 |  |  | $ | 14,731 |  |  | $ | 14,945 |  |  | $ | — |  |  | $ | — |
Greater than one year and less than or equal to five years |  | 16,277 |  |  | 13,197 |  |  | 38,054 |  |  | 44,071 |  |  | 676 |  |  | 667 |
Greater than five years and less than or equal to ten years |  | 71,588 |  |  | 75,990 |  |  | — |  |  | — |  |  | 20,320 |  |  | 19,850 |
Greater than ten years |  | 36,731 |  |  | 36,370 |  |  | — |  |  | — |  |  | — |  |  | — |
Total as of December 31, 2024 |  | $ | 127,579 |  |  | $ | 128,458 |  |  | $ | 52,785 |  |  | $ | 59,016 |  |  | $ | 20,996 |  |  | $ | 20,517 |
(1)This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.

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