| Schedule of Residential Transition Loans and Activity of RTLs, At Fair Value |
The following table summarizes the characteristics of the Company’s RTLs, at fair value by loan type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Carrying Value | | % of Carrying Value | | Loan Count | | % of Loan Count | | Weighted Average Asset Yield | | Weighted Average Original Life (Months) | | Weighted Average Committed Loan Balance to Value(1) | | Construction | $ | 68,564 | | | 58.2 | % | | 8 | | 72.7 | % | | 10.4 | % | | 25 | | 76.8% / 62.8% | | Bridge | 19,612 | | | 16.7 | % | | 1 | | 9.1 | % | | 9.6 | % | | 24 | | 76.3% | | Renovation | 29,554 | | | 25.1 | % | | 2 | | 18.2 | % | | 10.1 | % | | 31 | | 65.0% / 51.2% | | $ | 117,730 | | | 100.0 | % | | 11 | | 100.0 | % | | 10.2 | % | | 26 | | N/A |
(1)Weighted by commitment loan-to-value for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. The following table summarizes the activity of RTLs, at fair value on the consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Beginning carrying value | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Purchases | | 102,988 | | | — | | | 102,988 | | | — | | | | | | | | | | | | Construction holdbacks and draws | | 14,600 | | | — | | | 14,600 | | | — | | | | | | | | | | | | Fair Value Adjustments due to: | | | | | | | | | | Changes in instrument-specific credit risk | | 16 | | | — | | | 16 | | | — | | | Other factors | | 126 | | | — | | | 126 | | | — | | | Ending Carrying Value | | $ | 117,730 | | | $ | — | | | $ | 117,730 | | | $ | — | |
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| Schedule of Financing Receivable, Past Due |
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 | | Current | | 30 | | 60 | | 90 | | Foreclosure | | Total | | 2019-D | $ | 75,030 | | | $ | 3,831 | | | $ | 476 | | | $ | 1,639 | | | $ | 1,678 | | | $ | 82,654 | | | 2019-F | 62,764 | | | 7,332 | | | 5,068 | | | 668 | | | 1,306 | | | 77,138 | | | 2020-B | 63,901 | | | 8,581 | | | 3,193 | | | 2,757 | | | 4,081 | | | 82,513 | | | 2021-A | 90,744 | | | 7,607 | | | 2,562 | | | 1,435 | | | 2,288 | | | 104,636 | | | 18-1 LLC | 1,173 | | | 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 | | Current | | 30 | | 60 | | 90 | | Foreclosure | | Total | | 2019-D | $ | 77,410 | | | $ | 3,666 | | | $ | — | | | $ | 2,518 | | | $ | 1,511 | | | $ | 85,105 | | | 2019-F | 65,283 | | | 9,049 | | | — | | | 5,593 | | | 1,100 | | | 81,025 | | | 2020-B | 66,186 | | | 8,995 | | | 57 | | | 5,723 | | | 5,135 | | | 86,096 | | | 2021-A | 96,885 | | | 5,955 | | | 389 | | | 3,883 | | | 2,270 | | | 109,382 | | | 18-1 LLC | 1,187 | | | 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 Due | | UPB | | Carrying Value | | Carrying Value Over (Under) UPB | | | | | | | | Current | | $ | 116,724 | | | $ | 117,730 | | | $ | 1,006 | | | | | | | | | 90+ | | — | | | — | | | — | | | | | | | | | Total | | $ | 116,724 | | | $ | 117,730 | | | $ | 1,006 | | | | | | | |
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