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 at fair value:


Loan type	March 31, 2026		December 31, 2025
	(in thousands)
Loans in variable interest entities:
Agency-conforming loans secured by:
Non-owner occupied properties	$	7,232,212	$	6,332,497
Owner occupied properties		1,496,337		588,788
Fixed interest rate jumbo loans		2,137,743		1,609,654
		10,866,292		8,530,939
Distressed loans		1,650		1,705
	$	10,867,942	$	8,532,644
Loans held for investment pledged to secure Asset-backed financings at fair value (1)	$	10,866,292	$	8,530,939

(1)

As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate and Senior Non-Agency Mortgage-Backed Securities, the
Company holds a portion of the interests in VIEs. At March 31, 2026 and December 31, 2025, $937.7 million and $648.2 million, respectively, of such retained interests were pledged to secure Assets sold under agreements to repurchase.