v3.26.1
RESIDENTIAL MORTGAGE LOANS (Tables)
 6 Months Ended
Jun. 30, 2026
Residential Mortgage Loans [Abstract]  
Schedule of Residential Mortgage Loan Portfolio
The activity in and the balances of the Company’s residential mortgage loan portfolio are presented in the table below:
Three Months Ended June 30,
20262025
Residential Mortgage Loans HFI, NetResidential Mortgage Loans Held-for-Sale, NetResidential Mortgage Loans HFI, NetResidential Mortgage Loans Held-for-Sale, Net
Beginning carrying value$356,137 $28,450 $386,997 $27,469 
Accretion recognized4,172 — 4,562 — 
Payments received on loans, net(12,045)(701)(12,618)(745)
Unrealized gain (loss) on residential mortgage loans held-for-sale, net— (230)— 2,519 
Reclassifications to REO(117)(20)(46)— 
Sale of residential mortgage loans— (11,784)— (1,658)
Other— 357 (1)3 
Ending Carrying Value$348,147 $16,072 $378,894 $27,588 
Six Months Ended June 30,
20262025
Residential Mortgage Loans HFI, NetResidential Mortgage Loans Held-for-Sale, NetResidential Mortgage Loans HFI, NetResidential Mortgage Loans Held-for-Sale, Net
Beginning carrying value$362,829 $29,419 $396,052 $27,788 
Accretion recognized8,487 — 9,454 — 
Payments received on loans, net(22,674)(1,422)(26,320)(1,838)
Unrealized gain (loss) on residential mortgage loans held-for-sale, net— (326)— 3,489 
Reclassifications to REO(495)(335)(92)(196)
Sale of residential mortgage loans— (11,783)— (1,658)
Other— 519 (200)3 
Ending Carrying Value$348,147 $16,072 $378,894 $27,588 
Schedule of Loan Basis by Year of Origination
The following table presents information regarding the year of origination of the Company’s residential mortgage loan portfolio by basis:
June 30, 2026
20262025202420232022PriorTotal
2019-D$— $— $— $— $— $82,654 $82,654 
2019-F— — — — — 77,138 77,138 
2020-B— — — — — 82,513 82,513 
2021-A— — — — — 104,636 104,636 
18-1 LLC— — — — — 1,206 1,206 
Residential Mortgage Loans HFI, Net$— $— $— $— $— $348,147 $348,147 
Residential Mortgage Loans HFS, Net$— $— $— $— $250 $15,822 $16,072 

December 31, 2025
20252024202320222021PriorTotal
2019-D$— $— $— $— $— $85,105 $85,105 
2019-F— — — — — 81,025 81,025 
2020-B— — — — — 86,096 86,096 
2021-A— — — — — 109,382 109,382 
18-1 LLC— — — — — 1,221 1,221 
Residential Mortgage Loans HFI, Net$— $— $— $— $— $362,829 $362,829 
Residential Mortgage Loans HFS, Net$— $— $— $600 $370 $28,449 $29,419 
Schedule of Carrying Value of Residential Mortgage Loans and Related UPB by Delinquency Status
The following tables set forth the carrying value of the Company’s residential mortgage loans by delinquency status as of June 30, 2026 and December 31, 2025. Each column indicates the carrying value of loans which are past due on such mortgage payment for the applicable number of days presented or for which the Company has initiated foreclosure proceedings.
June 30, 2026
Current306090ForeclosureTotal
2019-D$75,030 $3,831 $476 $1,639 $1,678 $82,654 
2019-F62,764 7,332 5,068 668 1,306 77,138 
2020-B63,901 8,581 3,193 2,757 4,081 82,513 
2021-A90,744 7,607 2,562 1,435 2,288 104,636 
18-1 LLC1,173 33 — — — 1,206 
Residential Mortgage Loans HFI, Net$293,612 $27,384 $11,299 $6,499 $9,353 $348,147 
Residential Mortgage Loans HFS, Net$6,970 $2,448 $1,222 $1,273 $4,159 $16,072 

December 31, 2025
Current306090ForeclosureTotal
2019-D$77,410 $3,666 $— $2,518 $1,511 $85,105 
2019-F65,283 9,049 — 5,593 1,100 81,025 
2020-B66,186 8,995 57 5,723 5,135 86,096 
2021-A96,885 5,955 389 3,883 2,270 109,382 
18-1 LLC1,187 34 — — — 1,221 
Residential Mortgage Loans HFI, Net$306,951 $27,699 $446 $17,717 $10,016 $362,829 
Residential Mortgage Loans HFS, Net$13,805 $5,084 $10 $3,861 $6,659 $29,419 
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in RTLs, at fair value on the consolidated balance sheets:
June 30, 2026
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPB
Current$116,724 $117,730 $1,006 
90+— — — 
Total$116,724 $117,730 $1,006 
Schedule of Geographic Distribution of Residential Mortgage Loans
The following tables summarizes the geographic distribution of the Company’s residential mortgage loans for the top 10 states as of June 30, 2026 and December 31, 2025:
June 30, 2026
State ConcentrationUnpaid Principal Balance (“UPB”)% UPB
California$112,186 29.1 %
Florida44,487 11.5 %
New York32,561 8.5 %
New Jersey23,454 6.1 %
Maryland20,882 5.4 %
Virginia14,269 3.7 %
Illinois14,180 3.7 %
Georgia13,358 3.5 %
Texas10,984 2.9 %
North Carolina10,357 2.7 %
Other88,538 22.9 %
Total Residential Mortgage Loans$385,256 100.0 %
December 31, 2025
State ConcentrationUPB% UPB
California$117,380 28.2 %
Florida51,038 12.3 %
New York38,119 9.2 %
New Jersey25,109 6.0 %
Maryland22,476 5.4 %
Virginia15,520 3.7 %
Illinois15,344 3.7 %
Georgia14,098 3.4 %
Texas11,986 2.9 %
North Carolina10,745 2.6 %
Other93,740 22.6 %
Total Residential Mortgage Loans$415,555 100.0 %