v3.25.4
Residential Mortgage Loans (Tables)
 12 Months Ended
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,
20252024
($ in thousands)Residential mortgage loans held-for-investment, netResidential mortgage loans held-for-sale, netResidential mortgage loans held-for-investment, netResidential mortgage loans held-for-sale, net
Beginning carrying value$396,052 $27,788 $864,551 $55,718 
Accretion recognized18,241 — 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, net2025202420232022202120202019-20102009-20072006 and priorTotal
($ 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 $29,419 
December 31, 2024
Residential mortgage loans, net2024202320222021202020192018-20092008-20062005 and priorTotal
($ 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,
20252024
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, netCurrent306090ForeclosureTotal
2019-D$77,410 $3,666 $— $2,518 $1,511 $85,105 
2019-F65,283 9,049 — 5,593 1,100 81,025 
2020-B66,186 8,995 57 5,723 5,135 86,096 
2021-A96,885 5,955 389 3,883 2,270 109,382 
18-1 LLC1,187 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, netCurrent306090ForeclosureTotal
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, netCurrent306090ForeclosureTotal
2019-D$80,761 $5,649 $216 $3,151 $1,341 $91,118 
2019-F72,175 9,739 — 4,381 2,884 89,179 
2020-B68,917 14,851 93 8,053 3,176 95,090 
2021-A101,878 8,149 517 5,978 2,658 119,180 
18-1 LLC1,253 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, netCurrent306090ForeclosureTotal
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 ConcentrationUPB% UPB
California$117,380 28.2 %
Florida51,038 12.3 %
New York38,119 9.2 %
New Jersey25,109 6.0 %
Maryland22,476 5.4 %
Virginia15,520 3.7 %
Illinois15,344 3.7 %
Georgia14,098 3.4 %
Texas11,986 2.9 %
North Carolina10,745 2.6 %
Other93,740 22.6 %
Total Residential Mortgage Loans$415,555 100.0 %

($ in thousands)December 31, 2024
State ConcentrationUPB% UPB
California$127,133 27.9 %
Florida55,550 12.2 %
New York41,757 9.2 %
New Jersey27,374 6.0 %
Maryland25,083 5.5 %
Virginia17,108 3.8 %
Illinois16,741 3.7 %
Georgia15,227 3.3 %
Texas13,487 3.0 %
Massachusetts12,756 2.8 %
Other102,677 22.6 %
Total Residential Mortgage Loans$454,893 100.0 %