Investment Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Securities at Cost

The following table sets forth a summary of RMBS at cost as of December 31, 2025 and December 31, 2024:

	December 31, 2025		December 31, 2024
	(in thousands)
AOMT RMBS	$	82,705	$	101,801
Whole Pool Agency RMBS	$	198,191	$	201,994

Schedule of Investments in RMBS and CMBS

The following table sets forth certain information about the Company’s investment in RMBS as of December 31, 2025:

December 31, 2025	Real Estate Securities at Fair Value		Securities Sold Under Agreements to Repurchase		Allocated Capital
	(in thousands)
AOMT RMBS (1)
Mezzanine	13,252		(6,993)		6,259
Subordinate	59,587		(12,354)		47,233
Interest Only/Excess	9,301		—		9,301
Retained RMBS in VIEs (2)	—		(34,694)		(34,694)
Total AOMT RMBS	$	82,140	$	(54,041)	$	28,099
Whole Pool Agency RMBS (3)
Fannie Mae	$	56,412	$	—	56,412
Freddie Mac	141,453		—		141,453
Total Whole Pool Agency RMBS	$	197,865	$	—	$	197,865
Total RMBS	$	280,005	$	(54,041)	$	225,964

(1)     AOMT RMBS held as of December 31, 2025 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.

(2)     A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $198.9 million, are not reflected in the consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets.

(3)     The whole pool RMBS presented as of December 31, 2025 were purchased from a broker to whom the Company owes approximately $198.2 million, payable upon the settlement date of the trade. See Note 7 - Due to Broker.

The following table sets forth certain information about the Company’s investment in RMBS as of December 31, 2024:

December 31, 2024	Real Estate Securities at Fair Value		Securities Sold Under Agreements to Repurchase		Allocated Capital
	(in thousands)
AOMT RMBS (1)
Mezzanine	$	12,735	$	(5,440)	$	7,295
Subordinate	73,548		(19,829)		53,719
Interest Only/Excess	12,508		—		12,508
Retained RMBS in VIEs (2)	—		(25,286)		(25,286)
Total AOMT RMBS	$	98,791	$	(50,555)	$	48,236
Other Non-Agency RMBS
Subordinate	$	—	$	—	$	—
Interest Only/Excess	—		—		—
Total Other Non-Agency RMBS	$	—	$	—	$	—
Whole Pool Agency RMBS (3)
Fannie Mae	$	161,878	$	—	$	161,878
Freddie Mac	39,574		—		39,574
Whole Pool Total Agency RMBS	$	201,452	$	—	$	201,452
Total RMBS	$	300,243	$	(50,555)	$	249,688

(1)     AOMT RMBS held as of December 31, 2024 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.

(2)     A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $163.9 million, are not reflected in the consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets.

(3)     The whole pool RMBS presented as of December 31, 2024 were purchased from a broker to whom the Company owes approximately $202.0 million, payable upon the settlement date of the trade. See Note 7 - Due to Broker.