Real Estate Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Real Estate Securities Portfolio

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 Cost		Gross Unrealized				Fair Value (2)		Weighted Average
June 30, 2026							Gains		Losses				Coupon (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 RMBS	232,656		(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 Only	N/A		N/A		14,839		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 Cost		Gross Unrealized				Fair Value (2)		Weighted Average
December 31, 2025							Gains		Losses				Coupon (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 Loans	4,256		(1,616)		2,640		673		—		3,313		4.49	%	8.82	%	18.36
Total Non-Agency RMBS	182,208		(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 Only	N/A		N/A		16,630		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 Company sold real estate securities during the three and six months ended June 30, 2026 and 2025, as detailed below ($ in thousands).


	Three Months Ended							Six Months Ended
	Number of Securities	Proceeds		Realized Gains		Realized Losses		Number of Securities	Proceeds		Realized Gains		Realized Losses
June 30, 2026
Agency RMBS	6	$	522	$	4	$	(120)	6	$	522	$	4	$	(120)




June 30, 2025
Agency RMBS	—	$	—	$	—	$	—	1	$	1,894	$	241	$	—
Non-Agency RMBS	1	558		35		—		2	1,336		72		—
Legacy WMC CMBS	1	1,959		—		(144)		1	1,959		—		(144)
Total	2	$	2,517	$	35	$	(144)	4	$	5,189	$	313	$	(144)

Schedule of Weighted Average Life of Real Estate Securities

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, 2026	Non-Agency RMBS				Legacy WMC CMBS				Agency RMBS			Real Estate Securities Total
Weighted Average Life (1)	Fair Value		Amortized Cost		Fair Value		Amortized Cost			Fair Value		Amortized Cost		Fair Value		Amortized 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 years	163,735		162,367		38,094		39,123			—		—		201,829		201,490
Greater than five years and less than or equal to ten years	63,249		57,823		—		—			14,715		14,839		77,964		72,662
Greater than ten years	24,861		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, 2025	Non-Agency RMBS				Legacy WMC CMBS				Agency RMBS				Real Estate Securities Total
Weighted Average Life (1)	Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized 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 years	98,432		96,270		37,644		37,358		838		600		136,914		134,228
Greater than five years and less than or equal to ten years	80,653		75,378		—		—		15,520		16,030		96,173		91,408
Greater than ten years	22,296		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.