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LOANS (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Loan Investment Activity
The following table presents the activity of the Company’s loan investments, excluding loans transferred or pledged to securitization vehicles and loan warehouse facilities, for the year ended December 31, 2024:
Residential Loans
(dollars in thousands)
Beginning balance January 1, 2024
$2,353,084 
Purchases / originations13,289,226 
Sales and transfers (1)
(11,901,699)
Principal payments(148,631)
Gains / (losses)(28,011)
(Amortization) / accretion(17,067)
Ending balance December 31, 2024
$3,546,902 
(1) Includes transfer of residential loans to securitization vehicles with a carrying value of $11.2 billion during the year ended December 31, 2024.
Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio
The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio, including loans transferred or pledged to securitization vehicles, at December 31, 2024 and 2023:
December 31, 2024December 31, 2023
 (dollars in thousands)
Fair value$25,520,090 $15,660,706 
Unpaid principal balance$26,297,725 $16,611,204 
Summary of Comprehensive Income (Loss)
The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for December 31, 2024 and 2023 for these investments:
For the Years Ended
December 31, 2024December 31, 2023
 (dollars in thousands)
Interest income$1,282,941 $703,838 
Net gains (losses) on disposal of investments (1)
(10,761)(5,049)
Net unrealized gains (losses) on instruments measured at fair value through earnings (1)
(15,333)374,764 
Total included in net income (loss)$1,256,847 $1,073,553 
(1) These amounts are presented in the line item Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (loss).
Geographic Concentrations Based on Unpaid Principal Balances
The following table provides the geographic concentrations based on the unpaid principal balances at December 31, 2024 and 2023 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles: 
Geographic Concentrations of Residential Mortgage Loans
December 31, 2024December 31, 2023
Property location% of BalanceProperty location% of Balance
California39.5%California40.1%
New York10.9%Florida10.6%
Florida10.1%New York10.5%
Texas5.4%Texas5.6%
All other (none individually greater than 5%)34.1%All other (none individually greater than 5%)33.2%
Total100.0%100.0%
Residential Mortgage Loans
The following table provides additional data on the Company’s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at December 31, 2024 and 2023:
 December 31, 2024December 31, 2023
 
Portfolio
Range
Portfolio Weighted
Average
Portfolio
Range
Portfolio Weighted Average
 (dollars in thousands)
Unpaid principal balance
$1 - $4,396
$471
$1 - $4,396
$477
Interest rate
2.00% - 18.00%
6.43%
2.00% - 13.25%
5.63%
Maturity7/1/2029 - 12/1/20642/3/20537/1/2029 - 12/1/20634/22/2052
FICO score at loan origination
549 - 850
758
549 - 850
758
Loan-to-value ratio at loan origination
2% - 100%
68%
3% - 100%
68%