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Residential Consumer Loans (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Classifications and Fair Value of Residential Consumer Loans
The following table summarizes the classifications and fair values of the securitized and unsecuritized residential consumer loans owned at March 31, 2026 and December 31, 2025.
Table 7.1 – Classifications and Fair Values of Residential Consumer Loans
March 31, 2026Unsecuritized LoansSecuritized Loans
(In Thousands)Total
Held-for-sale at fair value$3,063,421 $— $3,063,421 
Held-for-investment at fair value— 18,236,463 18,236,463 
Total Residential Consumer Loans$3,063,421 $18,236,463 $21,299,884 
December 31, 2025Unsecuritized LoansSecuritized Loans
(In Thousands)Total
Held-for-sale at fair value$3,092,014 $— $3,092,014 
Held-for-investment at fair value— 14,843,747 14,843,747 
Total Residential Consumer Loans$3,092,014 $14,843,747 $17,935,761 
The following table summarizes the classifications and fair values of the securitized and unsecuritized residential investor loans at March 31, 2026 and December 31, 2025.
Table 8.1 – Classifications and Fair Values of Residential Investor Loans
March 31, 2026Residential Investor TermResidential Investor Bridge
(In Thousands)UnsecuritizedSecuritizedUnsecuritizedSecuritizedTotal
Held-for-sale at fair value (1)
$72,541 $— $324,025 $— $396,566 
Held-for-investment at fair value— 1,833,827 — 1,080,152 2,913,979 
Total Residential Investor Loans$72,541 $1,833,827 $324,025 $1,080,152 $3,310,545 
December 31, 2025Residential Investor TermResidential Investor Bridge
(In Thousands)UnsecuritizedSecuritizedUnsecuritizedSecuritizedTotal
Held-for-sale at fair value (1)
$202,422 $— $310,931 $— $513,353 
Held-for-investment at fair value— 1,985,910 — 1,117,401 3,103,311 
Total Residential Investor Loans$202,422 $1,985,910 $310,931 $1,117,401 $3,616,664 
(1)At March 31, 2026 and December 31, 2025, Residential investor bridge loans held-for-sale include $15 million and $14 million, respectively, of loans recorded at the lower of cost or market value for which the carrying value approximates the fair value.
The following table provides the activity of unsecuritized residential investor loans during the three months ended March 31, 2026 and 2025.
Table 8.2 – Activity of Residential Investor Loans
Three Months Ended March 31,
20262025
(In Thousands)Unsecuritized Term LoansUnsecuritized Bridge LoansUnsecuritized Term LoansUnsecuritized Bridge Loans
Principal balance of loans originated$167,590 $264,832 $188,218 $266,144 
Principal balance of loans acquired (1)
5,578 — 6,800 — 
Principal balance of loans sold to third parties (2)
296,798 397,293 182,415 156,493 
Transfer of loans between portfolios (3)
— 74,747 — 50,619 
(1)Represents loans repurchased pursuant to contractual obligations
(2)For the three months ended March 31, 2026 and 2025 the principal balance of loans sold to third parties is net of $28 million and $16 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 months ended March 31, 2026 and 2025.
Table 8.3 – Activity of Securitized Residential Investor Loans Held-for-Investment
Three Months Ended March 31,
20262025
(In Thousands)Securitized TermSecuritized BridgeSecuritized TermSecuritized Bridge
Net market valuation (losses) gains recorded $(14,540)$5,183 $(69)$(3,694)
Fair value of loans transferred to HFI— 74,747 — 50,619 
The following tables summarize the characteristics of securitized and unsecuritized residential investor loans at March 31, 2026 and December 31, 2025.
Table 8.4 – Characteristics of Residential Investor Loans
March 31, 2026Unsecuritized Term
Securitized Term(1)
Unsecuritized Bridge
Securitized Bridge(1)
(Dollars in Thousands)
Unpaid principal balance$81,851 $1,957,775 $353,915 $1,059,625 
Average UPB of loans780 3,040 2,283 1,417 
Fair value of loans72,541 1,833,827 324,025 1,080,152 
Weighted average coupon6.96 %5.26 %8.95 %8.90 %
Weighted average remaining loan term (years)15411
Market value of loans pledged as collateral under debt facilities$4,569 N/A$268,143 $1,080,152 
Delinquency information
Unpaid principal balance of loans with 90+ day delinquencies (2)
$43,907 $200,008 $82,116 $83,390 
Average UPB of 90+ days delinquent loans (2)
10,977 3,922 9,124 1,604 
Fair value of 90+ day delinquencies (2)
34,096 N/A54,587 84,366 
Unpaid principal balance of loans in foreclosure (3)
— 17,066 1,055 30,810 
Average UPB in foreclosure (3)
— 2,133 1,055 856 
Fair value in foreclosure (3)
— N/A648 31,496 
December 31, 2025Unsecuritized Term
Securitized Term(1)
Unsecuritized Bridge
Securitized Bridge(1)
(Dollars in Thousands)
Unpaid principal balance$205,584 $2,083,080 $339,394 $1,099,350 
Average UPB of loans1,326 3,041 3,058 1,323 
Fair value of loans202,422 1,985,910 296,518 1,117,401 
Loans held at lower of cost or market— — 14,414 — 
Weighted average coupon6.72 %5.26 %8.96 %8.95 %
Weighted average remaining loan term (years)13411
Market value of loans pledged as collateral under debt facilities$109,652 N/A$255,255 $1,117,401 
Delinquency information
Unpaid principal balance of loans with 90+ day delinquencies (2)
$52,380 $209,560 $89,504 $48,438 
Average UPB of 90+ days delinquent loans (2)
6,547 4,459 5,967 1,425 
Fair value of 90+ day delinquencies (2)
44,680 N/A64,998 47,439 
Unpaid principal balance of loans in foreclosure (3)
— 28,089 22,838 18,882 
Average UPB in foreclosure (3)
— 2,554 22,838 1,259 
Fair value in foreclosure (3)
— N/A16,672 18,538 
(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 UPB of residential investor loans recorded on our consolidated balance sheets at March 31, 2026 and December 31, 2025 by collateral / product type.
Table 8.5 – Residential Investor Loans Collateral / Product Type
March 31, 2026Unsecuritized TermSecuritized TermUnsecuritized BridgeSecuritized Bridge
(Dollars in Thousands)
Term
Single-family rental$6,217 $1,512,087 $— $— 
Multifamily (1)
38,616 445,345 — — 
Debt Service Coverage Ratio ("DSCR")
37,018 343 — — 
Bridge
Build for Rent ("BFR") (2) (3)
— — 101,105 502,676 
Residential Transition Loans (“RTL”) (4)
— — 76,274 442,920 
Multifamily (5)
— — 169,235 114,029 
Other— — 7,301 — 
Total Residential Investor Loans$81,851 $1,957,775 $353,915 $1,059,625 
December 31, 2025Unsecuritized TermSecuritized TermUnsecuritized BridgeSecuritized Bridge
(Dollars in Thousands)
Term
Single-family rental$93,605 $1,620,277 $— $— 
Multifamily (1)
55,299 462,803 — — 
Debt Service Coverage Ratio ("DSCR")
56,680 — — — 
Bridge
Build for Rent ("BFR") (2) (3)
— — 109,064 500,497 
Residential Transition Loans (“RTL”) (4)
— — 42,107 486,352 
Multifamily (5)
— — 181,977 111,446 
Other— — 6,246 1,055 
Total Residential Investor Loans$205,584 $2,083,080 $339,394 $1,099,350 
(1)Includes loans underwritten primarily based on the property’s cash flows rather than the borrower’s personal income.
(2)Includes loans to finance acquisition and/or stabilization of existing housing stock for light to moderate renovation or to finance new construction of residential properties for rent.
(3)At March 31, 2026 and December 31, 2025, includes $154 thousand and $2 million of Single Asset Bridge ("SAB") loans in Unsecuritized Bridge and $45 million and $48 million of SAB loans in Securitized Bridge.
(4)Includes short‑term loans secured primarily by 1–4 unit properties used to acquire, renovate, or reposition properties prior to stabilization or exit.
(5)Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.
Schedule of Characteristics of Unsecuritized Residential Consumer Loans Held-for-Sale
The following table summarizes the characteristics of unsecuritized residential consumer loans held-for-sale at March 31, 2026 and December 31, 2025.
Table 7.2 – Characteristics of Unsecuritized Residential Consumer Loans Held-for-Sale
(Dollars in Thousands)March 31, 2026December 31, 2025
UPB$3,004,597 $3,022,360 
Fair value of loans3,063,421 3,092,014 
Market value of loans pledged as collateral under short-term borrowing agreements3,050,559 3,066,067 
Weighted average coupon6.47 %6.59 %
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 months ended March 31, 2026 and 2025.
Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale
Three Months Ended March 31,
(In Thousands)20262025
Principal balance of loans acquired$6,581,837 $2,337,185 
Principal balance of loans sold1,570,549 420,513 
Principal balance of loans sold to unconsolidated securitization391,277 — 
Principal balance of loans transferred from HFS to HFI4,589,492 1,623,900 
Schedule of Characteristics of Residential Consumer Loans Held-for-Investment The following tables summarize the characteristics of the securitized residential consumer loans held-for-investment at March 31, 2026 and December 31, 2025.
Table 7.4 – Characteristics of Securitized Residential Consumer Loans Held-for-Investment
(Dollars in Thousands)March 31, 2026December 31, 2025
UPB$18,439,925 $15,048,820 
Average loan balance (UPB)$885 $915 
Fair value of loans (1)
$18,236,463 $14,843,747 
Weighted average coupon5.77 %5.68 %
Delinquency information
UPB of loans with 90+ day delinquencies (2)
$40,864 $42,872 
Average 90+ days delinquent balance (UPB)801 766 
UPB of loans in foreclosure12,849 16,709 
Average foreclosure balance (UPB)714 726 
(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 (loss) income.
(2)For loans held at consolidated entities, the number and UPB 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 months ended March 31, 2026 and 2025.
Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment
Three Months Ended March 31,
(In Thousands)20262025
Principal value of loans transferred from HFS to HFI (1)
$4,589,492 $1,623,900 
Net market valuation (losses) gains recorded(132,163)140,278 
(1)Represents the transfer of loans from held-for-sale to held-for-investment associated with jumbo securitization