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Residential Consumer Loans (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Classifications and Carrying Value of Residential Consumer Loans
The following table summarizes the classifications and carrying values of the securitized and unsecuritized residential consumer loans owned at June 30, 2025 and December 31, 2024.
Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans
June 30, 2025Unsecuritized Jumbo LoansSecuritized Jumbo LoansSecuritized Re-Performing Loans
(In Thousands)Total
Held-for-sale at fair value$1,350,782 $— $1,264,049 $2,614,831 
Held-for-investment at fair value— 11,587,062 — 11,587,062 
Total Residential Consumer Loans$1,350,782 $11,587,062 $1,264,049 $14,201,893 
December 31, 2024Unsecuritized Jumbo LoansSecuritized Jumbo LoansSecuritized Re-Performing Loans
(In Thousands)Total
Held-for-sale at fair value$1,013,547 $— $— $1,013,547 
Held-for-investment at fair value— 8,819,554 1,244,722 10,064,276 
Total Residential Consumer Loans$1,013,547 $8,819,554 $1,244,722 $11,077,823 
The following table summarizes the classifications and carrying values of the securitized and unsecuritized residential investor loans at June 30, 2025 and December 31, 2024.
Table 8.1 – Classifications and Carrying Values of Residential Investor Loans
June 30, 2025Residential Investor TermResidential Investor Bridge
(In Thousands)UnsecuritizedSecuritizedUnsecuritizedSecuritizedTotal
Held-for-sale at fair value (1)(2)
$174,808 $— $949,264 $— $1,124,072 
Held-for-investment at fair value— 2,270,879 — 944,217 3,215,096 
Total Residential Investor Loans$174,808 $2,270,879 $949,264 $944,217 $4,339,168 
December 31, 2024Residential Investor TermResidential Investor Bridge
(In Thousands)UnsecuritizedSecuritizedUnsecuritizedSecuritizedTotal
Held-for-sale at fair value$158,637 $— $78,587 $— $237,224 
Held-for-investment at fair value— 2,485,069 1,041,694 823,103 4,349,866 
Total Residential Investor Loans$158,637 $2,485,069 $1,120,281 $823,103 $4,587,090 
(1)At June 30, 2025, Residential investor bridge loans held-for-sale include $25 million of loans recorded at the lower of cost or market value for which the carrying value approximates the fair value.
(2)At June 30, 2025, held-for-sale loans include $886 million of unsecuritized bridge loans and $50 million of unsecuritized term loans that were reported in the Legacy Investments segment
The following table provides the activity of unsecuritized residential investor loans during the three and six months ended June 30, 2025 and 2024.
Table 8.2 – Activity of Unsecuritized Residential Investor Loans
Three Months Ended June 30,
20252024
(In Thousands)Unsecuritized Term LoansUnsecuritized Bridge LoansUnsecuritized Term LoansUnsecuritized Bridge Loans
Principal balance of loans originated$228,545 $141,756 $217,538 $234,115 
Principal balance of loans acquired (1)
36,237 25,233 648 — 
Principal balance of loans sold to third parties (2)
250,795 226,081 252,424 156,294 
Transfer of loans between portfolios (3)
— 75,994 — (89,202)
Six Months Ended June 30,
20252024
(In Thousands)Unsecuritized Term LoansUnsecuritized Bridge LoansUnsecuritized Term LoansUnsecuritized Bridge Loans
Principal balance of loans originated$416,763 $407,900 $334,628 $428,144 
Principal balance of loans acquired (1)
43,037 25,233 648 15,677 
Principal balance of loans sold to third parties (2)
433,210 382,574 258,456 209,515 
Transfer of loans between portfolios (3)
— 25,375 — (187,933)
(1)For the three and six months ended June 30, 2025 and 2024, balance reflects loans acquired from a loan origination partner and loan repurchases.
(2)For the three and six months ended June 30, 2025 and 2024 the principal balance of loans sold to third parties is net of $16 million and $6 million, and $32 million and $21 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 12 for additional information on these joint ventures.
(3)Transfers of unsecuritized residential investor term loans between portfolios represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated term securitizations. Transfers of unsecuritized bridge loans, represents the transfer of residential investor bridge loans from "Unsecuritized Bridge" to "Securitized Bridge" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing.
The following table provides the activity of securitized residential investor loans held-for-investment during the three and six months ended June 30, 2025 and 2024.
Table 8.3 – Activity of Securitized Residential Investor Loans Held-for-Investment
Three Months Ended June 30,
20252024
(In Thousands)Securitized TermSecuritized BridgeSecuritized TermSecuritized Bridge
Net market valuation gains (losses) recorded $14,122 $(4,591)$3,530 $(4,870)
Fair value of loans transferred to HFI— 75,994 — 89,202 
Six Months Ended June 30,
20252024
(In Thousands)Securitized TermSecuritized BridgeSecuritized TermSecuritized Bridge
Net market valuation gains (losses) recorded$14,053 $(8,285)$11,113 $(1,180)
Fair value of loans transferred to HFI— 126,613 — 187,933 
The following tables summarize the characteristics of securitized and unsecuritized residential investor loans at June 30, 2025 and December 31, 2024.
Table 8.4 – Characteristics of Residential Investor Loans
June 30, 2025Unsecuritized Term
Securitized Term(1)
Unsecuritized Bridge
Securitized Bridge(1)
(Dollars in Thousands)
Unpaid principal balance$200,916 $2,399,197 $1,056,296 $928,171 
Average UPB of loans2,208 2,809 4,959 1,351 
Fair value of loans174,808 2,270,878 949,264 944,217 
Weighted average coupon6.95 %5.31 %9.22 %9.49 %
Weighted average remaining loan term (years)9411
Market value of loans pledged as collateral under debt facilities$115,742 N/A$897,085 N/A
Delinquency information
Unpaid principal balance of loans with 90+ day delinquencies (2)
$77,396 $169,697 $196,370 $38,203 
Average UPB of 90+ days delinquent loans (2)
9,674 3,857 12,273 1,819 
Fair value of loans with 90+ day delinquencies (2)
46,477 N/A139,780 N/A
Unpaid principal balance of loans in foreclosure (3)
— 17,111 77,221 24,769 
Average UPB of loans in foreclosure (3)
— 3,422 12,870 1,078 
Fair value of loans in foreclosure (3)
— N/A58,005 N/A
December 31, 2024Unsecuritized Term
Securitized Term(1)
Unsecuritized Bridge
Securitized Bridge(1)
(Dollars in Thousands)
Unpaid principal balance$177,618 $2,639,485 $1,166,213 $810,285 
Average UPB of loans1,759 3,084 5,350 1,605 
Fair value of loans158,637 2,485,069 1,120,281 823,103 
Weighted average coupon6.84 %5.35 %9.11 %9.76 %
Weighted average remaining loan term (years)9411
Market value of loans pledged as collateral under debt facilities$120,417 N/A$1,070,327 N/A
Delinquency information
Unpaid principal balance of loans with 90+ day delinquencies (2)
$33,065 $194,143 $129,229 $20,964 
Average UPB of 90+ days delinquent loans (2)
8,266 3,734 8,077 1,233 
Fair value of loans with 90+ day delinquencies (2)
12,366 N/A102,321 N/A
Unpaid principal balance of loans in foreclosure (3)
27,529 24,648 86,260 3,663 
Average UPB of loans in foreclosure (3)
27,529 2,465 6,635 916 
Fair value of loans in foreclosure (3)
8,500 N/A67,858 N/A
(1)The fair value of the Term and Bridge loans held by consolidated entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs.
(2)The number of loans 90+ days delinquent includes loans in foreclosure.
(3)May include loans that are less than 90 days delinquent and loans where foreclosure is being pursued as a disposition strategy.
The following table presents the unpaid principal balance of residential investor loans recorded on our consolidated balance sheets at June 30, 2025 by collateral/strategy type.
Table 8.5 – Residential Investor Loans Collateral/Strategy Type
June 30, 2025Unsecuritized TermSecuritized TermUnsecuritized BridgeSecuritized Bridge
(Dollars in Thousands)
Term
Single-family rental$104,258 $1,856,025 $— $— 
Multifamily96,658 543,172 — — 
Bridge
Renovate / Build for Rent ("BFR") (1)
— — 442,211 368,583 
Single Asset Bridge ("SAB") (2)
— — 38,001 411,342 
Multifamily (3)
— — 544,605 147,191 
Third-Party Originated— — 31,480 1,055 
Total Residential Investor Loans$200,916 $2,399,197 $1,056,297 $928,171 
(1)Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent.
(2)Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units).
(3)Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.
Schedule of Characteristics of Residential Consumer Loans Held-For-Sale
The following table summarizes the characteristics of residential consumer loans held-for-sale at June 30, 2025 and December 31, 2024.
Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale
June 30, 2025Unsecuritized Jumbo LoansSecuritized Re-Performing Loans
(Dollars in Thousands)
Unpaid principal balance ("UPB")$1,333,257 $1,471,356 
Fair value of loans$1,350,782 $1,264,049 
Market value of loans pledged as collateral under short-term borrowing agreements$1,349,510 N/A
Weighted average coupon6.39 %4.49 %
Delinquency information
Unpaid principal balance of loans with 90+ day delinquencies (2)
$1,479 $99,420 
Average 90+ days delinquent balance (UPB)740 171 
Unpaid principal balance of loans in foreclosure— 36,626 
Average foreclosure balance (UPB)— 176 
December 31, 2024Unsecuritized Jumbo Loans
(Dollars in Thousands)
Unpaid principal balance ("UPB")$1,000,663 
Fair value of loans$1,013,547 
Market value of loans pledged as collateral under short-term borrowing agreements$1,005,926 
Weighted average coupon6.56 %
Delinquency information
Unpaid principal balance of loans with 90+ day delinquencies$— 
Average UPB of 90+ days delinquent loans— 
Unpaid principal balance of loans in foreclosure— 
Average foreclosure balance (UPB)— 
Schedule of Activity of Residential Consumer Loans Held-for-Sale
The following table provides the activity of residential consumer loans held-for-sale ("HFS") during the three and six months ended June 30, 2025 and 2024.
Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale
Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2025202420252024
Principal balance of loans acquired$2,976,206 $1,874,201 $5,313,391 $2,873,987 
Principal balance of loans sold841,238 5,563 1,261,751 207,144 
Principal balance of loans transferred from HFS to HFI2,049,465 1,424,026 3,673,365 2,611,987 
Schedule of Characteristics of Residential Consumer Loans Held-for-Investment The following tables summarize the characteristics of the securitized jumbo residential consumer loans at June 30, 2025 and December 31, 2024.
Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment
June 30, 2025Securitized Jumbo Loans
(Dollars in Thousands)
UPB$12,013,426 
Average loan balance (UPB)$875 
Fair value of loans (1)
$11,587,062 
Weighted average coupon5.44 %
Delinquency information
Unpaid principal balance of loans with 90+ day delinquencies (2)
$31,322 
Average 90+ days delinquent balance (UPB)712 
Unpaid principal balance of loans in foreclosure15,503 
Average foreclosure balance (UPB)646 
December 31, 2024Securitized Jumbo LoansSecuritized Re-Performing Loans
(Dollars in Thousands)
UPB$9,350,286 $1,514,432 
Average loan balance (UPB)$842 $155 
Fair value of loans (1)
$8,819,554 $1,244,722 
Weighted average coupon5.35 %4.49 %
Delinquency information
Unpaid principal balance of loans with 90+ day delinquencies (2)
$19,480 $106,910 
Average 90+ days delinquent balance (UPB)$573 $172 
Unpaid principal balance of loans in foreclosure$10,493 $41,913 
Average foreclosure balance (UPB)$552 $185 
(1)The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs, and are recorded in Investment fair value changes, net on our consolidated statements of income (loss).
(2)For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure.
Schedule of Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities
The following table provides the activity of securitized jumbo residential consumer loans held-for-investment during the three and six months ended June 30, 2025 and 2024.
Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment
Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2025202420252024
Principal value of loans transferred from HFS to HFI (1)
$2,049,465 $1,424,026 $3,673,365 $2,611,987 
Net market valuation gains (losses) recorded52,453 (48,590)134,137 (103,399)
(1)Represents the transfer of loans from held-for-sale to held-for-investment associated with jumbo securitization