v3.25.2
Loans Held for Investment at Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
Mortgage Loans At Fair Value [Abstract]  
Summary of Distribution of Company's Held for Investment

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.