v3.25.4

Residential Mortgage Loans (Tables) | 12 Months Ended
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Dec. 31, 2025
Residential Mortgage Loans [Abstract] |
Schedule of Residential Mortgage Loan Portfolio | 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 |
Schedule of Loan Basis By Year of Origination | 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 |
Schedule of Allowance For Credit Losses On Residential Mortgage Loans | 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 |  |  |  |  | $ | — |  |  | $ | — |
Schedule of Carrying Value of Residential Mortgage Loans And Related UPB By Delinquency Status | 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 |
Schedule of Geographic Distribution of Residential Mortgage Loans | 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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