v3.26.1
Real Estate Securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Real Estate Securities Real Estate Securities
 
The following tables detail the Company’s real estate securities portfolio by collateral type as of June 30, 2026 and December 31, 2025 ($ in thousands). The Company’s real estate securities include its interest in VIEs in which the Company has concluded that it is not the primary beneficiary and, as a result, did not consolidate the VIEs. The gross unrealized gains/(losses) in the tables below represent inception to date unrealized gains/(losses) since acquisition. 
 Current Face (1)
 Premium/
(Discount) (1)
Amortized CostGross UnrealizedFair Value (2)Weighted Average
June 30, 2026GainsLossesCoupon (3)Yield (4)Life (Years) (5)
Non-Agency RMBS
Non-QM Loans (6) (7)$86,345 $(3,392)$85,670 $2,219 $(1,998)$85,891 3.03 %6.97 %2.40
Agency-Eligible Loans (7)41,335 (2,480)39,415 1,694 (157)40,952 3.64 %7.36 %6.73
Home Equity Loans (7)100,695 (3,767)116,632 5,454 (433)121,653 5.48 %9.48 %5.66
Prime Jumbo Loans 4,281 (1,590)2,691 658 — 3,349 4.43 %8.97 %17.75
Total Non-Agency RMBS232,656 (11,229)244,408 10,025 (2,588)251,845 3.92 %8.25 %4.80
Legacy WMC CMBS (8)82,073 (34,206)47,867 5,218 (10,391)42,694 5.88 %16.22 %1.56
Agency RMBS Interest OnlyN/AN/A14,839 327 (451)14,715 4.89 %7.71 %5.56
Total as of June 30, 2026
$314,729 $(45,435)$307,114 $15,570 $(13,430)$309,254 4.38 %9.47 %4.54
Current Face (1)
 Premium /
(Discount) (1)
Amortized CostGross UnrealizedFair Value (2)Weighted Average
December 31, 2025GainsLossesCoupon (3)Yield (4)Life (Years) (5)
Non-Agency RMBS
Non-QM Loans (6)$48,814 $(2,160)$48,526 $816 $(2,379)$46,963 3.11 %6.66 %3.57
Agency-Eligible Loans (7)44,491 (2,656)42,439 1,841 (117)44,163 3.57 %7.41 %6.74
Home Equity Loans (7)84,647 (2,018)99,617 7,514 (189)106,942 5.55 %10.47 %5.51
Prime Jumbo Loans4,256 (1,616)2,640 673 — 3,313 4.49 %8.82 %18.36
Total Non-Agency RMBS182,208 (8,450)193,222 10,844 (2,685)201,381 4.09 %8.82 %5.39
Legacy WMC CMBS (8)82,962 (37,015)45,947 5,814 (9,196)42,565 5.95 %15.30 %1.73
Agency RMBS Interest OnlyN/AN/A16,630 249 (521)16,358 4.57 %7.30 %5.17
Total as of December 31, 2025
$265,170 $(45,465)$255,799 $16,907 $(12,402)$260,304 4.55 %9.89 %4.93
(1)Current Face and Premium/(Discount) exclude Interest Only securities, which have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of June 30, 2026, the notional balance of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $134.7 million, $35.7 million, $273.8 million, and $70.4 million, respectively. As of December 31, 2025, the notional value of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $66.3 million, $40.4 million, $249.1 million, and $85.0 million, respectively.
(2)The fair value of the securities held in unconsolidated VIEs represents the Company’s maximum loss exposure in unconsolidated VIEs. The Company generally has no obligation to provide any other explicit or implicit support to unconsolidated VIEs. Refer to Note 12 for commitments related to the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund.
(3)Equity residual investments with a zero coupon rate are excluded from this calculation.
(4)The weighted average yields are calculated based on the amortized cost of the underlying securities.
(5)Actual maturities may be shorter or longer than stated contractual maturities. Maturities are affected by prepayments of principal.
(6)Certain Non-Agency RMBS include securities issued under Gold Creek Asset Trust ("GCAT"), which is the TPG securitization shelf under which the Company or private funds under the management of TPG securitize loans. These securities were retained from rated Non-QM Loan securitizations the Company participated in alongside private funds managed by TPG. The Company’s interest in the retained tranches represents its continuing involvement in these securitization trusts. As of June 30, 2026 and December 31, 2025, the Company’s Non-QM Loans includes $42.6 million and $42.4 million of retained securities from these transactions, respectively.
(7)For certain Non-Agency RMBS, the Company acted as a co-sponsor of rated securitizations alongside private funds managed by TPG or an unrelated third party of rated securitizations. As the co-sponsor, the Company retained an "eligible vertical interest" to comply with risk retention rules which consists of at least 5% of each class of securities issued in the securitizations and represents the Company’s continuing involvement in these securitization trusts. The remaining tranches were sold to third parties and certain private funds managed by TPG or its affiliates, or were retained by the Company. As of June 30, 2026, the Company’s Non-QM Loans includes $38.6 million of retained securities from these transactions. As of June 30, 2026 and December 31, 2025, the Company’s Agency-Eligible Loans includes $39.0 million and $42.2 million of retained securities from these transactions, respectively. As of June 30, 2026 and December 31, 2025, the Company’s Home Equity Loans includes $96.6 million and $78.7 million of retained securities from these transactions, respectively.
(8)As of June 30, 2026 and December 31, 2025, there are Legacy WMC CMBS with an unpaid principal balance of $23.5 million and $23.5 million, respectively, and a fair value of $4.9 million and $6.3 million, respectively, which are on non-accrual or cost recovery status.
The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of June 30, 2026 and December 31, 2025 (in thousands).
June 30, 2026Non-Agency RMBSLegacy WMC CMBSAgency RMBSReal Estate Securities Total

Weighted Average Life (1)
Fair ValueAmortized
Cost		Fair ValueAmortized CostFair ValueAmortized
Cost		Fair ValueAmortized
Cost
Less than or equal to one year$— $— $4,600 $8,744 $— $— $4,600 $8,744 
Greater than one year and less than or equal to five years163,735 162,367 38,094 39,123 — — 201,829 201,490 
Greater than five years and less than or equal to ten years63,249 57,823 — — 14,715 14,839 77,964 72,662 
Greater than ten years24,861 24,218 — — — — 24,861 24,218 
Total as of June 30, 2026
$251,845 $244,408 $42,694 $47,867 $14,715 $14,839 $309,254 $307,114 
December 31, 2025Non-Agency RMBSLegacy WMC CMBSAgency RMBSReal Estate Securities Total

Weighted Average Life (1)
Fair ValueAmortized
Cost		Fair ValueAmortized CostFair ValueAmortized
Cost		Fair ValueAmortized
Cost
Less than or equal to one year$— $— $4,921 $8,589 $— $— $4,921 $8,589 
Greater than one year and less than or equal to five years98,432 96,270 37,644 37,358 838 600 136,914 134,228 
Greater than five years and less than or equal to ten years80,653 75,378 — — 15,520 16,030 96,173 91,408 
Greater than ten years22,296 21,574 — — — — 22,296 21,574 
Total as of December 31, 2025
$201,381 $193,222 $42,565 $45,947 $16,358 $16,630 $260,304 $255,799 
(1)This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.

The Company sold real estate securities during the three and six months ended June 30, 2026 and 2025, as detailed below ($ in thousands).
Three Months EndedSix Months Ended
Number of SecuritiesProceedsRealized GainsRealized LossesNumber of SecuritiesProceedsRealized GainsRealized Losses
June 30, 2026
Agency RMBS6 $522 $4 $(120)6$522 $4 $(120)
June 30, 2025
Agency RMBS— $— $— $— 1$1,894 $241 $— 
Non-Agency RMBS1558 35 — 21,336 72 — 
Legacy WMC CMBS11,959 — (144)11,959 — (144)
Total2$2,517 $35 $(144)4$5,189 $313 $(144)