LOANS (Tables)

3 Months Ended

Mar. 31, 2025

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, for the three months ended March 31, 2025:

	Residential Loans
	(dollars in thousands)
Beginning balance January 1, 2025	$	3,546,902
Purchases / originations	3,919,866
Sales and transfers (1)	(3,595,522)
Principal payments	(48,269)
Gains / (losses)	42,180
(Amortization) / accretion	(4,602)
Ending balance March 31, 2025	$	3,860,555
(1) Includes transfer of residential loans to securitization vehicles with a carrying value of $3.2 billion during the three months ended March 31, 2025.

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 March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	(dollars in thousands)
Fair value	$	28,324,836	$	25,520,090
Unpaid principal balance	$	28,798,298	$	26,297,725

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 the three months ended March 31, 2025 and 2024 for these investments:

	For the Three Months Ended
	March 31, 2025		March 31, 2024
	(dollars in thousands)
Interest income	$	426,055	$	252,016
Net gains (losses) on disposal of investments (1)	(9,993)		(2,117)
Net unrealized gains (losses) on instruments measured at fair value through earnings (1)	240,830		(84,786)
Total included in net income (loss)	$	656,892	$	165,113
(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 March 31, 2025 and December 31, 2024 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:

Geographic Concentrations of Residential Mortgage Loans
March 31, 2025		December 31, 2024
Property location	% of Balance	Property location	% of Balance
California	39.9%	California	39.5%
New York	11.2%	New York	10.9%
Florida	9.8%	Florida	10.1%
Texas	5.4%	Texas	5.4%
All other (none individually greater than 5%)	33.7%	All other (none individually greater than 5%)	34.1%
Total	100.0%		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 March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	Portfolio Range	Portfolio Weighted Average	Portfolio Range	Portfolio Weighted Average
	(dollars in thousands)
Unpaid principal balance	$1 - $4,396	$465	$1 - $4,396	$471
Interest rate	2.00% - 18.00%	6.54%	2.00% - 18.00%	6.43%
Maturity	7/1/2029 - 4/1/2065	4/24/2053	7/1/2029 - 12/1/2064	2/3/2053
FICO score at loan origination	549 - 850	758	549 - 850	758
Loan-to-value ratio at loan origination	1% - 100%	68%	2% - 100%	68%