Residential Mortgage Loans

9 Months Ended

Sep. 30, 2025

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

Residential mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining contractual maturity of the Company’s residential mortgage loan portfolio as of September 30, 2025 and December 31, 2024:


	September 30, 2025			December 31, 2024
	($ in thousands)
Cost	$	420,851		$	183,149

Unpaid principal balance	$	407,614		$	178,373
Net premium on mortgage loans purchased	13,237			4,776
Change in fair value	4,924			(85)
Fair value	$	425,775		$	183,064

Weighted average interest rate	7.98		%	7.39		%

Weighted average remaining contractual maturity (years)	29.5			30.0

At times, various forms of margin maintenance may be required by certain financing facility counterparties. See Note 5 — Financing.

The following table sets forth data regarding the number of residential mortgage loans secured by residential real property ninety (90) or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of September 30, 2025 and December 31, 2024:


As of:	September 30, 2025		December 31, 2024
	($ in thousands)
Number of mortgage loans 90 or more days past due	1		—
Recorded investment in mortgage loans 90 or more days past due	$	497	$	—
Unpaid principal balance of loans 90 or more days past due	$	473	$	—

Number of mortgage loans in foreclosure	1		—
Recorded investment in mortgage loans in foreclosure	$	640	$	—
Unpaid principal balance of loans in foreclosure	$	623	$	—