Residential Loans and Residential Loans Held for Sale, at Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule of Residential Mortgage Loans Held in Securitization Trusts, Net

The following tables present the Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts and residential loans held for sale, as of March 31, 2026 and December 31, 2025, respectively (dollar amounts in thousands):


	March 31, 2026
	Residential loans (1)		Consolidated SLST (2)		Residential loans held in securitization trusts (3)		Total Residential loans		Residential loans held for sale (4)		Total
Principal	$	764,263	$	1,286,462	$	2,646,721	$	4,697,446	$	118,868	$	4,816,314
Premium / (Discount)	3,457		(60,995)		(22,764)		(80,302)		—		(80,302)
Change in fair value	(6,469)		(87,400)		(25,248)		(119,117)		2,739		(116,378)
Carrying value	$	761,251	$	1,138,067	$	2,598,709	$	4,498,027	$	121,607	$	4,619,634


	December 31, 2025
	Residential loans (1)		Consolidated SLST (2)		Residential loans held in securitization trusts (3)		Total Residential loans		Residential loans held for sale (4)		Total
Principal	$	575,565	$	1,307,770	$	2,656,765	$	4,540,100	$	78,915	$	4,619,015
Premium / (Discount)	3,389		(61,606)		(27,107)		(85,324)		—		(85,324)
Change in fair value	5,009		(80,487)		(21,123)		(96,601)		1,792		(94,809)
Carrying value	$	583,963	$	1,165,677	$	2,608,535	$	4,358,175	$	80,707	$	4,438,882

(1)Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of March 31, 2026 and December 31, 2025 (see Note 12).

(2)The Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in Consolidated SLST and the CDOs issued to permanently finance these residential loans. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets (see Note 13).

(3)The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets (see Note 13).

(4)Certain of the Company's residential loans held for sale, at fair value are pledged as collateral for repurchase agreements and warehouse facilities as of March 31, 2026 (see Note 12).

Schedule of Components of Net Gain (Loss) on Residential Mortgage Loans at Fair Value

The following tables present the unrealized (losses) gains, net attributable to residential loans, at fair value for the three months ended March 31, 2026 and 2025, respectively (dollar amounts in thousands):


	For the Three Months Ended
	March 31, 2026						March 31, 2025
	Residential loans		Consolidated SLST (1)		Residential loans held in securitization trusts		Residential loans		Consolidated SLST (1)		Residential loans held in securitization trusts
Unrealized (losses) gains, net	$	(3,437)	$	(6,913)	$	(16,624)	$	6,168	$	12,895	$	24,188

(1)In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable (see Note 16). See Note 7 for unrealized (losses) gains, net recognized by the Company on its investment in Consolidated SLST, which include unrealized (losses) gains on the residential loans held in Consolidated SLST presented in the table above and unrealized (losses) gains on the CDOs issued by Consolidated SLST.

Schedule of Geographic Concentration of Credit Risk

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of March 31, 2026 and December 31, 2025, respectively, are as follows:


	March 31, 2026						December 31, 2025
	Residential loans		Consolidated SLST		Residential loans held in securitization trusts		Residential loans		Consolidated SLST		Residential loans held in securitization trusts
Florida	9.1	%	8.6	%	8.5	%	7.0	%	8.6	%	10.1	%
New Jersey	8.9	%	6.2	%	6.9	%	8.9	%	6.3	%	6.4	%
California	7.6	%	11.3	%	13.2	%	3.4	%	11.2	%	16.8	%
Ohio	7.4	%	3.4	%	5.4	%	10.7	%	3.5	%	3.9	%
Pennsylvania	7.2	%	3.8	%	6.7	%	10.1	%	3.8	%	5.5	%
New York	6.1	%	10.8	%	7.1	%	6.7	%	10.7	%	6.6	%
Texas	5.5	%	4.4	%	6.2	%	5.2	%	4.4	%	6.7	%
Illinois	3.8	%	7.4	%	3.5	%	3.6	%	7.4	%	3.3	%

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans held for sale, at fair value as of March 31, 2026 and December 31, 2025, respectively, are as follows:


	March 31, 2026		December 31, 2025
Ohio	13.4	%	13.8	%
New York	12.8	%	11.9	%
Pennsylvania	11.4	%	7.2	%
New Jersey	11.4	%	9.2	%
Texas	7.8	%	8.9	%

The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of March 31, 2026 and December 31, 2025, respectively, are as follows:


	March 31, 2026		December 31, 2025
Texas	57.9	%	57.8	%
Florida	18.7	%	18.6	%
Arkansas	9.2	%	9.3	%
Indiana	8.5	%	8.5	%
Pennsylvania	5.7	%	5.7	%

Schedule of Residential Mortgage Loans, Fair Value Compared to Unpaid Principal

The following table presents the fair value and aggregate unpaid principal balance of the Company's residential loans and residential loans held in securitization trusts in non-accrual status as of March 31, 2026 and December 31, 2025, respectively (dollar amounts in thousands):


	Greater than 90 days past due				Less than 90 days past due
	Fair Value		Unpaid Principal Balance		Fair Value		Unpaid Principal Balance
March 31, 2026	$	108,205	$	135,024	$	2,004	$	2,100
December 31, 2025	101,757		118,957		1,977		2,303

Schedule of Activity of Residential Loans Held for Sale

The following table presents the activity of residential loans held for sale for the three months ended March 31, 2026 (dollar amounts in thousands):


Principal balance as of December 31, 2025	$	78,915
Principal balance of loans originated	400,810
Principal balance of loans sold to third parties	(128,909)
Proceeds from repayments	(882)
Principal balance of loans repurchased	755
Principal balance of loans transferred from residential loans held for sale to residential loans	(231,821)
Principal balance as of March 31, 2026	$	118,868

Schedule of Components of Mortgage Banking Activities, Net

The following table summarizes the components of mortgage banking activities, net for the three months ended March 31, 2026 (dollar amounts in thousands):



Residential loan origination and other fees	$	6,114
Gains on residential loans held for sale, net (1)	9,216
Mortgage banking activities, net	$	15,330

(1)Includes gains on sale and unrealized gains, net of provision for loan repurchases, and gains (losses) on interest rate lock commitments. Interest rate lock commitments are accounted for by the Company as derivative instruments (see Note 9).