
Asset Type	Number of Loans	Interest Rate	Maturity Date	Carrying Value (1)		Principal Amount of Loans Subject to Delinquent Principal or Interest (2)
Residential loans
First lien loans
Original loan amount $0 - $99,999	155	0% - 12.50%	06/01/2024 - 09/01/2061	$	3,106	$	1,109
Original loan amount $100,000 - $199,999	40	3.57% - 10.25%	02/03/2029 - 09/06/2063	3,747		1,454

Original loan amount over $299,999	11	2.00% - 6.63%	06/01/2035 - 12/01/2065	2,708		728

Second lien loans
Original loan amount $0 - $99,999	7	5.00% - 8.25%	04/01/2035 - 04/01/2065	176		178
Original loan amount $100,000 - $199,999	1	7.75% - 7.75%	11/01/2049 - 11/01/2049	220		252



Business purpose loans
Original loan amount $0 - $99,999	749	5.63% - 11.99%	04/12/2020 - 04/01/2056	62,299		1,850
Original loan amount $100,000 - $199,999	1,517	5.08% - 11.99%	05/29/2020 - 02/01/2056	266,851		6,290

Original loan amount over $299,999	432	5.60% - 13.00%	09/01/2021 - 02/01/2056	244,856		33,197

Residential loans held in securitization trusts
First lien loans
Original loan amount $0 - $99,999	1,079	1.63% - 14.29%	06/01/2025 - 10/01/2064	67,356		1,846
Original loan amount $100,000 - $199,999	2,370	0% - 12.63%	03/01/2027 - 06/01/2064	306,296		2,829

Original loan amount over $299,999	1,200	1.88% - 9.40%	08/01/2027 - 10/01/2065	406,863		4,503

Second lien loans
Original loan amount $0 - $99,999	115	5.75% - 8.75%	10/01/2032 - 08/01/2062	3,436		—
Original loan amount $100,000 - $199,999	10	6.75% - 8.63%	11/01/2032 - 03/01/2050	1,227		—

Business purpose loans
Original loan amount $0 - $99,999	1,865	4.00% - 13.65%	05/01/2024 - 09/01/2055	176,744		9,756
Original loan amount $100,000 - $199,999	3,505	3.50% - 13.63%	02/01/2023 - 05/01/2064	631,684		10,350

Original loan amount over $299,999	1,436	3.49% - 12.99%	02/01/2023 - 09/01/2055	1,014,929		44,615

Consolidated SLST


First lien loans	8,641	1.38% - 10.50%	03/01/2021 - 10/01/2065	1,165,677		134,691
Residential loans held for sale
Original loan amount $0 - $99,999	81	6.25% - 8.88%	11/01/2055 - 01/01/2056	6,580		—
Original loan amount $100,000 - $199,999	206	5.75% - 8.70%	07/01/2055 - 02/01/2056	34,994		—

Original loan amount over $299,999	69	5.75% - 9.00%	05/01/2055 - 02/01/2056	39,133		—
				$	4,438,882	$	253,648

(1)The aggregate cost for U.S. federal income tax purposes of consolidated mortgage loans in the table above, excluding Consolidated SLST, is approximately $1.2 billion as of December 31, 2025. The Company invests in first loss subordinated securities and certain IOs issued by Consolidated SLST. Consolidated SLST carrying value in the table above represents the carrying value of the residential loans in the securitization that have been consolidated in accordance with GAAP.


	For the year ended December 31,
(in thousands)	2025		2024		2023
Beginning balance	$	3,841,738	$	3,084,303	$	3,525,080
Additions during period:
Purchases (1)	1,568,569		2,177,949		620,277
Repurchases	4,738		—		—
Accretion of purchase discount	3,980		5,539		6,689

Transfers in (2)	146,328		—		—
Gains/losses on mortgage banking activities, net	17,641		—		—
Originations of residential loans held for sale	840,069		—		—
Change in realized and unrealized gains	103,042		10,378		65,485
Deductions during period:
Repayments of principal	(1,416,754)		(1,179,999)		(1,062,930)

Transfer to REO	(49,032)		(85,342)		(42,485)
Transfer to SFR	—		(3,120)		—

Cost of loans sold	(620,167)		(162,883)		(25,144)


Amortization of premium	(1,270)		(5,087)		(2,669)
Balance at end of period	$	4,438,882	$	3,841,738	$	3,084,303

(1)On July 15, 2025, the Company acquired the outstanding membership interests in Constructive that were not previously owned by the Company (see Note 24). Prior to July 15, 2025, the Company purchased approximately $299.6 million of residential loans from the entity during the year ended December 31, 2025, and $307.8 million and $80.8 million of residential loans from the entity during the years ended December 31, 2024 and 2023, respectively.