v3.26.1
Securitization Transactions (Tables)
3 Months Ended
Mar. 31, 2026
Securitization Transactions [Abstract]  
Schedule of Assets and Liabilities of Consolidated Securitization Trusts
The following table details the assets and liabilities of the Consolidated Issuing Entities included in the Company's Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025:
(In thousands)March 31, 2026December 31, 2025
Assets:
Loans, at fair value$1,310,565 $1,354,189 
Investment related receivables8,545 4,886 
Liabilities:
Other secured borrowings, at fair value1,199,060 1,236,077 
The following table details the assets and liabilities of the RTL Issuing Entity included in the Company's Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025:
(In thousands)March 31, 2026December 31, 2025
Assets:
Restricted cash$511 $107,660 
Loans, at fair value283,092 192,975 
Investment related receivables18,949 3,127 
Liabilities:
Other secured borrowings, at fair value284,099 285,294 
Investment related payables— 644 
The following table details the assets and liabilities of the European RMBS Issuer included in the Company's Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025:
(In thousands)March 31, 2026December 31, 2025
Assets:
Cash and cash equivalents$1,945 $586 
Restricted cash— 1,012 
Loans, at fair value25,707 27,536 
Investment related receivables2,242 2,170 
Liabilities:
Other secured borrowings, at fair value25,769 27,600 
Investment related payables4,061 3,639 
The following table details the assets and liabilities of the RM Issuing Entities included in the Company's Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Assets:(In thousands)
Restricted cash$26,166 $26,013 
Loans, at fair value1,629,629 1,397,835 
Investment related receivables13,884 19,893 
Liabilities:
Other secured borrowings, at fair value1,616,404 1,396,607 
Schedule of Residential Loan Securitizations - Non Consolidated
The following table provides details on outstanding non-consolidated residential mortgage loan securitizations in which the Company has participated during the three-month periods ended March 31, 2026 and 2025:
Issuing Entity
Risk Retention(1)
Closing DatePrincipal Balance of Loans Sold By the Company
Principal Balance of Loans Sold By the Securitization Co-Participants
Total Face Amount of Certificates Issued
(In thousands)
EFMT 2025-NQM1Vertical1/25$193,569 $76,063 $269,632 
EFMT 2025-CES1Exempt2/25185,273 83,629 268,902 
EFMT 2025-INV1Vertical2/25148,189 111,518 259,707 
EFMT 2025-CES2Vertical3/25166,527 123,589 290,116 
EFMT 2026-CES1Exempt1/2685,274 136,540 221,814 
EFMT 2026-AE1(2)
Vertical2/26231,322 94,418 325,740 
EFMT 2026-NQM1Vertical2/26478,683 88,006 566,689 
EFMT 2026-INV2Vertical2/26295,007 114,135 409,142 
EFMT 2026-NQM3Vertical3/26301,760 206,741 508,501 
(1)"Exempt" indicates the securitization was exempt from the Risk Retention Rules as all contributed loans were "qualified" mortgage loans. For the securitizations for which the Sponsor is required to comply with the Risk Retention Rules, the Participated Risk Retention Vehicle purchased either the requisite amount of the most subordinated classes of Certificates ("Horizontal" risk retention), or a percentage of each of the classes of Certificates issued by the respective Issuing Entities ("Vertical" risk retention).
(2)In addition to its contribution of Agency-eligible loans, the Company also paid $20.9 million in cash to the Sponsor.
Schedule of Reverse Mortgage Loan Securitizations
The following table provides additional details for the Company's consolidated Reverse Mortgage Securitizations closed during the three-month period ended March 31, 2026; no such securitizations were closed during the three-month period ended March 31, 2025:
RM Issuing EntityClosing DatePrincipal Balance of Loans Transferred to the Depositor
Total Face
Amount of RM Notes Issued(1)
(In thousands)
EFMT 2026-RM12/26$223,023 $260,440 
(1)The RM Sponsor purchased various classes of RM Notes issued by each RM Issuing Entity in order to comply with the Risk Retention Rules.
Schedule of Residential Loan Securitizations - Co-Sponsor
The following table summarizes the Co-Sponsored Securitizations in which the Company has participated during the three-month period ended March 31, 2025; the Company did not participate in such securitizations during the three-month period ended March 31, 2026:
Issuing EntityClosing DateTotal Face Amount of Certificates Issued
(In thousands)
RCKT MORTGAGE TRUST 2025-CES11/25535,777