v3.26.1
Securitized Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Maturities of Long-Term Debt
The following table presents the estimated principal repayment schedule of the securitized debt collateralized by Non-Agency RMBS at June 30, 2026 and December 31, 2025, based on expected cash flows of the RMBS, as adjusted for projected losses on the underlying collateral of the debt. All of the securitized debt recorded in the Company’s Consolidated Statements of Financial Condition is non-recourse to the Company.
June 30, 2026December 31, 2025
(dollars in thousands)
Within One Year$54 $8 
One to Three Years26 145 
Three to Five Years2 4 
Greater Than Five Years23 28 
Total$105 $185 
 
The following table presents the estimated principal repayment schedule of the securitized debt collateralized by Loans held for investment at June 30, 2026 and December 31, 2025, based on expected cash flows of the residential mortgage loans or RMBS, as adjusted for projected losses on the underlying collateral of the debt. All of the securitized debt recorded in the Company’s Consolidated Statements of Financial Condition is non-recourse to the Company.

June 30, 2026December 31, 2025
(dollars in thousands)
Within One Year$1,006,088 $1,194,768 
One to Three Years2,000,798 1,960,648 
Three to Five Years1,177,259 1,802,112 
Greater Than Five Years1,588,323 2,123,842 
Total$5,772,468 $7,081,370 
Schedule of Callable Debt The following table presents the par value of the callable debt by year as of June 30, 2026, excluding any debt issued by the Company where the Company only has a clean-up call.
June 30, 2026
(dollars in thousands)
YearPrincipal
Currently callable$2,587,483 
2026272,688 
20271,149,952 
2028920,528 
Total$4,930,651