v3.25.2
Residential Whole Loans - Narrative (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
loan
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total Residential whole loans [1],[2] $ 8,819,525       $ 8,819,525 $ 8,811,224
Interest income $ 4,500       $ 7,300  
Number of loan modifications during the past 12 months | loan 4       4  
Interest rate reduction         1.25%  
Carrying value of loans past 12 months $ 260       $ 260  
Term Extension and Interest Rate Reduction            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Number of loan modifications during the past 12 months | loan 1       1  
Term Extension            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Average increase in weighted average life         132 months  
Nonperforming            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Interest income $ 2,000       $ 3,800  
Without associated credit losses            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Financing receivable, nonaccrual 29,000       29,000 38,700
Residential whole loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total Residential whole loans 8,819,525       8,819,525 8,811,224
Financing receivable, sale     $ 12,400      
Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses     400      
Reversal of previously recognized unrealized gains or losses     (200)      
Gain (loss) from sale of loans     $ 200      
Financing receivable, nonaccrual 593,500       593,500 638,300
Residential whole loans | Business purpose loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total Residential whole loans 2,897,110       2,897,110 3,394,426
Residential whole loans | Business purpose loans | Single-family rental loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total Residential whole loans 1,291,647       1,291,647 1,356,034
Financing receivable, sale 37,400 $ 67,600        
Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses 1,100 1,900        
Reversal of previously recognized unrealized gains or losses (1,200) (1,200)        
Gain (loss) from sale of loans (100) $ 700        
Residential whole loans | Business purpose loans | Single-family transitional loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total Residential whole loans 874,689       $ 874,689 $ 1,099,466
Financing receivable, sale 31,300          
Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses (8,500)          
Reversal of previously recognized unrealized gains or losses 8,000          
Gain (loss) from sale of loans $ (500)          
Residential whole loans | Non-QM and single-family rental loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Financing receivable, sale       $ 171,000    
Previously recognized unrealized gains (losses) before impact of economic hedging gains/losses       (21,700)    
Reversal of previously recognized unrealized gains or losses       23,700    
Gain (loss) from sale of loans       $ 2,000    
[1] Includes approximately $7.1 billion and $6.9 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at June 30, 2025 and December 31, 2024, respectively. Such assets can be used only to settle the obligations of each respective VIE.
[2] See Note 6 for information regarding the Company’s pledged assets.