Loans Acquired for Sale at Fair Value

9 Months Ended

Sep. 30, 2024

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Loans Acquired for Sale at Fair Value

Note 9—Loans Acquired for Sale at Fair Value

Following is a summary of the distribution of the Company’s loans acquired for sale at fair value:

Loan type	September 30, 2024		December 31, 2023
	(in thousands)
Held for sale to nonaffiliates—GSE eligible (1)	$	1,486,193	$	491,108
Held for sale to PLS
GSE eligible		1,434		62,234
Government insured or guaranteed		113,289		106,069
		114,723		168,303
Jumbo		58,811		3,289
Home equity lines of credit		1,445		1,803
Repurchased pursuant to representations and warranties		4,624		4,515
	$	1,665,796	$	669,018
Loans pledged to secure:
Assets sold under agreements to repurchase	$	1,619,233	$	659,751
Mortgage loan participation purchase and sale agreements		30,178		—
	$	1,649,411	$	659,751

(1)GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of
its GSE eligible loan production to other investors, including PLS.