v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments Securities at Cost
The following table sets forth a summary of RMBS at cost as of March 31, 2026 and December 31, 2025:

March 31, 2026December 31, 2025
(in thousands)
AOMT RMBS$82,214 $82,705 
Whole Pool Agency RMBS$129,359 $198,191 
Schedule of Investments in RMBS and CMBS
The following table sets forth certain information about the Company’s investments in RMBS at fair value as of March 31, 2026:

March 31, 2026Real Estate Securities at Fair ValueSecurities Sold Under Agreements to RepurchaseAllocated Capital
(in thousands)
AOMT RMBS (1)
Mezzanine$14,265 $8,297 $5,968 
Subordinate62,229 12,625 49,604 
Interest Only/Excess9,221 — 9,221 
Retained RMBS in VIEs (2)— 36,078 (36,078)
Total AOMT RMBS$85,715 $57,000 $28,715 
Whole Pool Agency RMBS (3)
Fannie Mae$96,019 $— 96,019 
Freddie Mac30,862 — 30,862 
Total Whole Pool Agency RMBS$126,881 $— $126,881 
Total RMBS$212,596 $57,000 $155,596 

(1)     AOMT RMBS held as of March 31, 2026 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.

(2)    A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $220.9 million, are included in residential mortgage loans in securitization trusts - at fair value, within the condensed consolidated balance sheets.

(3)     The whole pool RMBS presented as of March 31, 2026 were purchased from a broker to whom the Company owes approximately $129 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker.
The following table sets forth certain information about the Company’s investments in RMBS at fair value as of December 31, 2025:

December 31, 2025Real Estate Securities at Fair ValueSecurities Sold Under Agreements to RepurchaseAllocated Capital
(in thousands)
AOMT RMBS (1)
Mezzanine$13,252 $(6,993)$6,259 
Subordinate59,587 (12,354)47,233 
Interest Only/Excess9,301 — 9,301 
Retained RMBS in VIEs (2)— (34,694)(34,694)
Total AOMT RMBS$82,140 $(54,041)$28,099 
Whole Pool Agency RMBS (3)
Fannie Mae$56,412 $— $56,412 
Freddie Mac141,453 — 141,453 
 Total Whole Pool Agency RMBS$197,865 $— $197,865 
Total RMBS$280,005 $(54,041)$225,964 

(1)     AOMT RMBS held as of December 31, 2025 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.

(2)     A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $198.9 million, are included in residential mortgage loans in securitization trusts - at fair value, within the condensed consolidated balance sheets.

(3)     The whole pool RMBS presented as of December 31, 2025 were purchased from a broker to whom the Company owes approximately $198.2 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker.