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Investments in unconsolidated equity method affiliates (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
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, 2025December 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 value2,163 — — 2,163 2,080 
Cash and cash equivalents28,432 2,020 947 31,399 19,147 
Restricted cash508 — — 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 Liabilities425,429 15 21 425,465 407,130 
Total Members' Equity
Total Member's equity75,833 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, 2025December 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 expense24,252 — 6 24,258 19,486 
Total Net Interest Income4,994 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 Income54,797 (6,969)(764)47,064 47,851 
Expenses51,903 335 200 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.