Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2025, the Company was not involved in any material legal proceedings.

The below table details the Company's outstanding commitments as of December 31, 2025 (in thousands).


Commitment Type	Date of Commitment	Total Commitment		Funded Commitment		Remaining Commitment
Agency-Eligible Loans (1)	Various	$	492	$	—	$	492
Home Equity Loans (2)	Various	150,076		135,804		14,272
Total		$	150,568	$	135,804	$	14,764

(1)The Company entered into forward purchase commitments to acquire certain loans from Arc Home which have not yet settled as of December 31, 2025. The total commitment amount represents the agreed upon purchase price of any outstanding unpaid principal balance the Company has committed to purchase. Refer to Note 10 "Transactions with affiliates" for more information.

(2)Represents the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund including $10.7 million, $2.3 million, and $1.3 million related to "Residential mortgage loans, at fair value," "Real estate securities, at fair value," and "Securitized residential mortgage loans, at fair value," respectively.