v3.26.3
INVESTMENTS IN LOANS (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The following tables summarize residential transition loans, at fair value by loan type:
September 30, 2026
Carrying Value
% of Carrying ValueLoan Count% of Loan CountWeighted Average Asset YieldWeighted Average Original Life (Months)
Weighted Average Loan Balance to Value/After Repair Value(1)
Construction$206,040 45.8 %73 35.6 %7.7 %1264.0 %
Bridge175,319 39.1 %69 33.7 %8.0 %1062.2 %
Renovation67,572 15.1 %63 30.7 %7.8 %968.1 %
$448,931 100.0 %205 100.0 %7.8 %1163.9 %
(1)Bridge loans use weighted average loan balance to value. Construction and renovation loans use weighted average loan balance to after repair value.
December 31, 2025
Carrying Value
% of Carrying ValueLoan Count% of Loan CountWeighted Average Asset YieldWeighted Average Original Life (Months)
Weighted Average Loan Balance to Value/After Repair Value(1)
Construction$50,879 28.8 %26 22.4 %8.2 %1063.4 %
Bridge94,728 53.7 %51 44.0 %8.0 %1066.1 %
Renovation30,977 17.5 %39 33.6 %7.8 %1068.2 %
$176,584 100.0 %116 100.0 %8.0 %1065.7 %
(1)Bridge loans use weighted average loan balance to value. Construction and renovation loans use weighted average loan balance to after repair value.
The following table summarizes the activity of residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2025$176,584 
Acquisition and funding activities(1)
302,163 
Construction/interest holdbacks and draws(1)
94,520 
Repayments and sales(1)
(125,244)
Fair Value Adjustments due to:
Realization of cash flows
(72)
Other factors980 
Balance at September 30, 2026$448,931 
(1)Activity in these line items may include amounts processed through the Company’s servicer settlement process. Amounts due to or from the servicer represent activity that occurred but had not yet settled in cash as of period-end. During the nine months ended September 30, 2026, the Company settled $7.8 million of prior-period funding activity and has $2.1 million due to the servicer for funding activities.
The following table summarizes residential mortgage loans, at fair value:
Carrying ValueLoan CountWeighted Average Yield
Weighted Average Life (Years)
Weighted Average Loan Balance to Value
September 30, 2026$214,359 484 6.3 %8.672.1 %
December 31, 2025$87,630 172 6.0 %5.373.0 %
The following table summarizes the activity of residential mortgage loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2025$87,630 
Acquisition and funding activities(1)
151,399 
Repayments and sales(1)
(21,468)
Fair Value Adjustments due to:
Realization of cash flows(2)
(492)
Other factors(2,710)
Balance at September 30, 2026$214,359 
(1)Activity in these line items may include amounts processed through the Company’s servicer settlement process. Amounts due to or from the servicer represent activity that occurred but had not yet settled in cash as of period-end. During the nine months ended September 30, 2026, the Company received $0.4 million related to prior-period repayment activity and is owed $3.2 million from the servicer for repayment activity.
(2)Based on the paydown of the underlying NQMs.
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, at fair value on the consolidated balance sheets:
September 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$211,689 $214,359 $2,670 $85,059 $87,630 $2,571 
90+— — — — — — 
Total$211,689 $214,359 $2,670 $85,059 $87,630 $2,571 
Schedule of Financing Receivable, Past Due
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in residential transition loans, at fair value on the consolidated balance sheets:
September 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$444,983 $447,540 $2,557 $175,990 $176,584 $594 
90+1,400 1,391 (9)— — — 
Total$446,383 $448,931 $2,548 $175,990 $176,584 $594