v3.25.4

Residential Mortgage Loans | 12 Months Ended
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Dec. 31, 2025
Residential Mortgage Loans [Abstract] |
Residential Mortgage Loans | Residential Mortgage Loans The activity in and the balances of the Company’s residential mortgage loan portfolio are presented in the tables below:
| For years ended December 31,
| 2025 |  | 2024
($ in thousands) | Residential mortgage loans held-for-investment, net |  | Residential mortgage loans held-for-sale, net |  | Residential mortgage loans held-for-investment, net |  | Residential mortgage loans held-for-sale, net
Beginning carrying value | $ | 396,052 |  |  | $ | 27,788 |  |  | $ | 864,551 |  |  | $ | 55,718 |
Accretion recognized | 18,241 |  |  | — |  |  | 31,802 |  |  | — |
Payments received on loans, net | (51,172) |  |  | (2,411) |  |  | (67,128) |  |  | (9,996) |
Net reclassifications (to) from residential mortgage loans held-for-sale, net | — |  |  | — |  |  | (428,029) |  |  | 428,029 |
Change in unrealized gain (loss) on residential mortgage loans held-for-sale, net | — |  |  | 5,892 |  |  | — |  |  | (54,537) |
Reclassifications to REO | (92) |  |  | (196) |  |  | (1,696) |  |  | (345) |
Sale of mortgage loans | — |  |  | (1,659) |  |  | — |  |  | (388,590) |
Net change in the allowance for credit losses | — |  |  | — |  |  | (1,112) |  |  | — |
Other | (200) |  |  | 5 |  |  | (2,336) |  |  | (2,491) |
Ending Carrying Value | $ | 362,829 |  |  | $ | 29,419 |  |  | $ | 396,052 |  |  | $ | 27,788 |
Effective June 30, 2024, all residential mortgage loans held at the Operating Partnership are designated as held-for-sale and accordingly no longer subject to ASC 326, Financial Instruments - Credit Losses (known as “CECL”). These residential mortgage loans are measured at the lower of amortized cost or fair value on an aggregated basis for assets with similar risk characteristics. Conversely, all loans held at Rithm Property Trust II REIT continue to be classified as held-for-investment and remain subject to CECL. Beginning with the quarter ended September 30, 2024, and in connection with the change in the Company’s strategy, the Company determined a legal entity approach was appropriate with the remaining loans held-for-investment based on the relatively homogeneous characteristics of the loans in each entity. Accordingly, the Company uses the following five pools: 1.Ajax Mortgage Trust 2019-D (“2019-D”); 2.Ajax Mortgage Trust 2019-F (“2019-F”); 3.Ajax Mortgage Trust 2020-B (“2020-B”); 4.Ajax Mortgage Trust 2021-A (“2021-A”); and 5.18-1 LLC. The following table presents information regarding the year of origination of the Company’s residential mortgage loan portfolio by basis:
| December 31, 2025
Residential mortgage loans, net | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019-2010 |  | 2009-2007 |  | 2006 and prior |  | Total
| ($ in thousands)
2019-D | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,237 |  |  | $ | 48,286 |  |  | $ | 34,582 |  |  | $ | 85,105 |
2019-F | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,733 |  |  | 43,191 |  |  | 31,101 |  |  | 81,025 |
2020-B | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,921 |  |  | 37,594 |  |  | 41,581 |  |  | 86,096 |
2021-A | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 685 |  |  | 3,722 |  |  | 55,234 |  |  | 49,741 |  |  | 109,382 |
18-1 LLC | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,190 |  |  | 27 |  |  | 4 |  |  | 1,221 |
Held-for-investment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 685 |  |  | $ | 20,803 |  |  | $ | 184,332 |  |  | $ | 157,009 |  |  | $ | 362,829 |
Held-for-sale | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 600 |  |  | $ | 370 |  |  | $ | — |  |  | $ | 3,394 |  |  | $ | 12,647 |  |  | $ | 12,408 |  |  | $ | 29,419 |
| December 31, 2024
Residential mortgage loans, net | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018-2009 |  | 2008-2006 |  | 2005 and prior |  | Total
| ($ in thousands)
2019-D | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,476 |  |  | $ | 64,495 |  |  | $ | 19,147 |  |  | $ | 91,118 |
2019-F | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,656 |  |  | 59,602 |  |  | 17,921 |  |  | 89,179 |
2020-B | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,739 |  |  | 58,769 |  |  | 25,582 |  |  | 95,090 |
2021-A | — |  |  | — |  |  | — |  |  | — |  |  | 708 |  |  | 164 |  |  | 8,956 |  |  | 82,053 |  |  | 27,299 |  |  | 119,180 |
18-1 LLC | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 398 |  |  | 1,082 |  |  | — |  |  | 5 |  |  | 1,485 |
Held-for-investment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 708 |  |  | $ | 562 |  |  | $ | 39,909 |  |  | $ | 264,919 |  |  | $ | 89,954 |  |  | $ | 396,052 |
Held-for-sale | $ | — |  |  | $ | — |  |  | $ | 702 |  |  | $ | 415 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,280 |  |  | $ | 17,049 |  |  | $ | 5,342 |  |  | $ | 27,788 |
The Company performs an analysis of its expectation of the amount of undiscounted cash flows expected to be collected from its residential mortgage loan pools at the end of each calendar quarter. Loss estimates are determined based on the net present value of the difference between the contractual cash flows and the expected cash flows over the expected life of the loans. Contractual cash flows are calculated based on the stated terms of the loans. Projected cash flows are determined by factoring prepayment and expected losses based on delinquency status, the value of the underlying collateral, borrower age, weighted average coupon and length of a positive pay history. Under CECL, the Company adjusts its allowance for expected credit losses when there are changes in its expectation of future cash flows as compared to the amounts expected to be contractually received. An increase to the allowance for expected credit losses will occur when there is a reduction in the Company’s expected future cash flows as compared to its contractual amounts due. Reduction to the allowance, or recovery, may occur if there is an increase in expected future cash flows that were previously subject to an allowance for expected credit loss. The following table presents activity in the allowance for expected credit losses on residential mortgage loans:
($ in thousands) |  |  | Year ended December 31,
|  |  |  |  | 2025 |  | 2024
Allowance for expected credit losses, beginning of period |  |  |  |  | $ | — |  |  | $ | (3,426) |
Reclassification to (from) non-credit discount from (to) the allowance for changes in payment timing expectations |  |  |  |  | — |  |  | 310 |
Credit loss expense on residential mortgage loans |  |  |  |  | — |  |  | (53) |
Net change in the allowance for credit losses |  |  |  |  | — |  |  | (1,112) |
Reversal of allowance upon reclass of residential mortgage loans held-for-sale, net |  |  |  |  | — |  |  | 4,281 |
Allowance for Expected Credit Losses, End of Period |  |  |  |  | $ | — |  |  | $ | — |
The following tables set forth the carrying value of the Company’s residential mortgage loans by delinquency status as of December 31, 2025 and 2024. Each column indicates the carrying value of loans which are past due on such mortgage payment for the applicable number of days shown or for which the Company has initiated foreclosure proceedings. A status of “Current” indicates the borrower is not delinquent.
($ in thousands) | December 31, 2025
Residential mortgage loans held-for-investment, net | Current |  | 30 |  | 60 |  | 90 |  | Foreclosure |  | Total
2019-D | $ | 77,410 |  |  | $ | 3,666 |  |  | $ | — |  |  | $ | 2,518 |  |  | $ | 1,511 |  |  | $ | 85,105 |
2019-F | 65,283 |  |  | 9,049 |  |  | — |  |  | 5,593 |  |  | 1,100 |  |  | 81,025 |
2020-B | 66,186 |  |  | 8,995 |  |  | 57 |  |  | 5,723 |  |  | 5,135 |  |  | 86,096 |
2021-A | 96,885 |  |  | 5,955 |  |  | 389 |  |  | 3,883 |  |  | 2,270 |  |  | 109,382 |
18-1 LLC | 1,187 |  |  | 34 |  |  | — |  |  | — |  |  | — |  |  | 1,221 |
Total | $ | 306,951 |  |  | $ | 27,699 |  |  | $ | 446 |  |  | $ | 17,717 |  |  | $ | 10,016 |  |  | $ | 362,829 |
($ in thousands) | December 31, 2025
Residential mortgage loans held-for-sale, net | Current |  | 30 |  | 60 |  | 90 |  | Foreclosure |  | Total
Held-for-sale | $ | 13,805 |  |  | $ | 5,084 |  |  | $ | 10 |  |  | $ | 3,861 |  |  | $ | 6,659 |  |  | $ | 29,419 |
Total | $ | 13,805 |  |  | $ | 5,084 |  |  | $ | 10 |  |  | $ | 3,861 |  |  | $ | 6,659 |  |  | $ | 29,419 |
($ in thousands) | December 31, 2024
Residential mortgage loans held-for-investment, net | Current |  | 30 |  | 60 |  | 90 |  | Foreclosure |  | Total
2019-D | $ | 80,761 |  |  | $ | 5,649 |  |  | $ | 216 |  |  | $ | 3,151 |  |  | $ | 1,341 |  |  | $ | 91,118 |
2019-F | 72,175 |  |  | 9,739 |  |  | — |  |  | 4,381 |  |  | 2,884 |  |  | 89,179 |
2020-B | 68,917 |  |  | 14,851 |  |  | 93 |  |  | 8,053 |  |  | 3,176 |  |  | 95,090 |
2021-A | 101,878 |  |  | 8,149 |  |  | 517 |  |  | 5,978 |  |  | 2,658 |  |  | 119,180 |
18-1 LLC | 1,253 |  |  | 34 |  |  | — |  |  | 103 |  |  | 95 |  |  | 1,485 |
Total | $ | 324,984 |  |  | $ | 38,422 |  |  | $ | 826 |  |  | $ | 21,666 |  |  | $ | 10,154 |  |  | $ | 396,052 |
($ in thousands) | December 31, 2024
Residential mortgage loans held-for-sale, net | Current |  | 30 |  | 60 |  | 90 |  | Foreclosure |  | Total
Held-for-sale | $ | 13,529 |  |  | $ | 4,866 |  |  | $ | 55 |  |  | $ | 5,528 |  |  | $ | 3,810 |  |  | $ | 27,788 |
Total | $ | 13,529 |  |  | $ | 4,866 |  |  | $ | 55 |  |  | $ | 5,528 |  |  | $ | 3,810 |  |  | $ | 27,788 |
The following tables summarizes the geographic distribution of the Company’s residential mortgage loans for the top 10 states as of December 31, 2025 and 2024:
($ in thousands) |  |  | December 31, 2025 |  |  |  |  |  |  |  |  |  |
State Concentration |  |  | UPB |  | % UPB |  |  |  |  |  |  |  |  |  |  |  |
California |  |  | $ | 117,380 |  |  | 28.2 | % |  |  |  |  |  |  |  |  |  |  |  |
Florida |  |  | 51,038 |  |  | 12.3 | % |  |  |  |  |  |  |  |  |  |  |  |
New York |  |  | 38,119 |  |  | 9.2 | % |  |  |  |  |  |  |  |  |  |  |  |
New Jersey |  |  | 25,109 |  |  | 6.0 | % |  |  |  |  |  |  |  |  |  |  |  |
Maryland |  |  | 22,476 |  |  | 5.4 | % |  |  |  |  |  |  |  |  |  |  |  |
Virginia |  |  | 15,520 |  |  | 3.7 | % |  |  |  |  |  |  |  |  |  |  |  |
Illinois |  |  | 15,344 |  |  | 3.7 | % |  |  |  |  |  |  |  |  |  |  |  |
Georgia |  |  | 14,098 |  |  | 3.4 | % |  |  |  |  |  |  |  |  |  |  |  |
Texas |  |  | 11,986 |  |  | 2.9 | % |  |  |  |  |  |  |  |  |  |  |  |
North Carolina |  |  | 10,745 |  |  | 2.6 | % |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 93,740 |  |  | 22.6 | % |  |  |  |  |  |  |  |  |  |  |  |
Total Residential Mortgage Loans |  |  | $ | 415,555 |  |  | 100.0 | % |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  |  |  |  |  |  |  |  | December 31, 2024
State Concentration |  |  |  |  |  |  |  |  |  |  | UPB |  | % UPB
California |  |  |  |  |  |  |  |  |  |  | $ | 127,133 |  |  | 27.9 | %
Florida |  |  |  |  |  |  |  |  |  |  | 55,550 |  |  | 12.2 | %
New York |  |  |  |  |  |  |  |  |  |  | 41,757 |  |  | 9.2 | %
New Jersey |  |  |  |  |  |  |  |  |  |  | 27,374 |  |  | 6.0 | %
Maryland |  |  |  |  |  |  |  |  |  |  | 25,083 |  |  | 5.5 | %
Virginia |  |  |  |  |  |  |  |  |  |  | 17,108 |  |  | 3.8 | %
Illinois |  |  |  |  |  |  |  |  |  |  | 16,741 |  |  | 3.7 | %
Georgia |  |  |  |  |  |  |  |  |  |  | 15,227 |  |  | 3.3 | %
Texas |  |  |  |  |  |  |  |  |  |  | 13,487 |  |  | 3.0 | %
Massachusetts |  |  |  |  |  |  |  |  |  |  | 12,756 |  |  | 2.8 | %
Other |  |  |  |  |  |  |  |  |  |  | 102,677 |  |  | 22.6 | %
Total Residential Mortgage Loans |  |  |  |  |  |  |  |  |  |  | $ | 454,893 |  |  | 100.0 | %

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