v3.26.1
VARIABLE INTEREST ENTITIES (Tables)
6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Fair Value of OBX Trusts
Residential securitizations are issued by entities generally referred to collectively as the “OBX Trusts.” These securitizations represent financing transactions that provide non-recourse financing to the Company and are collateralized by residential mortgage loans purchased by the Company. Residential securitizations closed during the six months ended June 30, 2026 are included in the following table:
SecuritizationDate of ClosingFace Value at Closing
(dollars in thousands)
OBX 2026-NQM1January 2026$847,216 
OBX 2026-NQM2January 2026$809,100 
OBX 2026-J1February 2026$362,128 
OBX 2026-INV1February 2026$346,305 
OBX 2026-NQM3February 2026$840,767 
OBX 2026-HE1February 2026$247,572 
OBX 2026-R1March 2026$491,816 
OBX 2026-NQM4March 2026$789,600 
OBX 2026-NQM5April 2026$876,528 
OBX 2026-AHC1April 2026$349,308 
OBX 2026-INV2April 2026$383,750 
OBX 2026-CES1April 2026$210,909 
OBX 2026-NQM6April 2026$849,538 
OBX 2026-INV3May 2026$384,053 
OBX 2026-NQM7May 2026$932,378 
OBX 2026-HYB1May 2026$309,084 
OBX 2026-INV4May 2026$517,726 
OBX 2026-R2June 2026$407,349 
OBX 2026-NQM8June 2026$1,022,359 
OBX 2026-HE2June 2026$210,530 
OBX 2026-AHC2June 2026$339,988