Loans held for investment at fair value are comprised primarily of loans held in VIEs securing asset-backed financings as described in Note 6 –Variable Interest Entities – Subordinate and Senior Non-Agency Mortgage-Backed Securities.

Following is a summary of the distribution of the Company’s loans held for investment:


Loan type	June 30, 2025		December 31, 2024
	(in thousands)
Loans in variable interest entities:
Agency-conforming loans secured by non-owner occupied properties	$	4,173,204	$	2,146,328
Fixed interest rate jumbo loans		391,474		45,381
		4,564,678		2,191,709
Distressed loans		1,854		1,866
	$	4,566,532	$	2,193,575
Loans held for investment pledged to secure:
Asset-backed financings at fair value (1)	$	4,564,678	$	2,191,709
Assets sold under agreements to repurchase		—		160
	$	4,564,678	$	2,191,869

(1)

As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate and Senior Non-Agency Mortgage-Backed Securities, the Company holds a portion of the securities issued by the VIEs. At June 30, 2025 and December 31, 2024, $340.3 million and $130.8 million, respectively, of such retained securities were pledged to secure Assets sold under agreements to repurchase.