0001628280-26-029382 | 10-Q | XBRL Viewer | TPG Mortgage Investment Trust INC

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Related party transactions - Transactions with Red Creek Asset Management LLC (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Affiliated Entity
Related Party Transaction [Line Items]
Management fee payable	$ 2,300		$ 2,300
Transactions with Red Creek Asset Management LLC \| Related Party
Related Party Transaction [Line Items]
Fees paid to Asset Manager	550	$ 640
Transactions with Red Creek Asset Management LLC \| Affiliated Entity
Related Party Transaction [Line Items]
Management fee payable	$ 200		$ 200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Real Estate Securities - Schedule of Weighted Average Life of Real Estate Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value
Less than or equal to one year	$ 4,694	$ 4,921
Greater than one year and less than or equal to five years	193,492	136,914
Greater than five years and less than or equal to ten years	59,509	96,173
Greater than ten years	21,692	22,296
Total	279,387	260,304
Amortized Cost
Less than or equal to one year	8,617	8,589
Greater than one year and less than or equal to five years	192,799	134,228
Greater than five years and less than or equal to ten years	55,785	91,408
Greater than ten years	20,930	21,574
Total	278,131	255,799
Non-Agency RMBS
Fair Value
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	155,310	98,432
Greater than five years and less than or equal to ten years	44,475	80,653
Greater than ten years	21,692	22,296
Total	221,477	201,381
Amortized Cost
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	153,971	96,270
Greater than five years and less than or equal to ten years	40,340	75,378
Greater than ten years	20,930	21,574
Total	215,241	193,222
Legacy WMC CMBS
Fair Value
Less than or equal to one year	4,694	4,921
Greater than one year and less than or equal to five years	37,556	37,644
Greater than five years and less than or equal to ten years	0	0
Greater than ten years	0	0
Total	42,250	42,565
Amortized Cost
Less than or equal to one year	8,617	8,589
Greater than one year and less than or equal to five years	38,249	37,358
Greater than five years and less than or equal to ten years	0	0
Greater than ten years	0	0
Total	46,866	45,947
Agency RMBS
Fair Value
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	626	838
Greater than five years and less than or equal to ten years	15,034	15,520
Greater than ten years	0	0
Total	15,660	16,358
Amortized Cost
Less than or equal to one year	0	0
Greater than one year and less than or equal to five years	579	600
Greater than five years and less than or equal to ten years	15,445	16,030
Greater than ten years	0	0
Total	$ 16,024	$ 16,630

Organization

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

TPG Mortgage Investment Trust, Inc. (the "Company" or "MITT") is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. The Company’s investment activities primarily include acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. The Company obtains its residential mortgage loans through Arc Home, LLC ("Arc Home"), a residential mortgage loan originator in which the Company owned an approximate 66.0% interest as of March 31, 2026, and through other third-party origination partners.

The Company’s assets, excluding its ownership in Arc Home, include Residential Investments, Agency RMBS and Legacy WMC Commercial Investments. Currently, its Residential Investments primarily consist of Non-Agency Loans, Agency-Eligible Loans, Home Equity Loans, and Non-Agency RMBS collateralized by these loan types. The Company may invest in other types of residential mortgage loans and other mortgage related assets. The Company's asset classes are primarily comprised of the following:


Asset Class						Description
Residential Investments
Non-Agency Loans(1)						•Non-Agency Loans are loans that do not conform to the underwriting guidelines of a government-sponsored enterprise ("GSE"). Non-Agency Loans consist of Qualified mortgage loans ("QM Loans") and Non-Qualified mortgage loans ("Non-QM Loans") which are collateralized by a first lien mortgaged property. QM Loans are residential mortgage loans that comply with the Ability-To-Repay rules and related guidelines of the Consumer Financial Protection Bureau.
Agency-Eligible Loans(1)						•Agency-Eligible Loans are loans that are collateralized by a first lien mortgaged property and are primarily secured by investment properties. These loans are underwritten in accordance with GSE guidelines, but are not guaranteed by a GSE. Although these loans are underwritten in accordance with GSE guidelines and can be delivered to Fannie Mae and Freddie Mac, the Company includes these loans within its Non-Agency securitizations.
Home Equity Loans(1)						•Home Equity Loans consist of revolving lines of credit and closed-end loans secured primarily by second liens on residential mortgaged properties. These products provide borrowers with access to home equity without requiring the payoff of an existing mortgage. Revolving lines of credit generally feature an initial draw period of 3 to 5 years, after which the balances convert to 15- or 25-year amortizing loans. Closed-end home equity loans are primarily fixed-rate obligations where the full principal amount is funded at origination and repaid through a fully amortizing schedule with original terms to maturity ranging from 10 to 30 years.
Re- and Non-Performing Loans(1)						•Performing, re-performing, and non-performing loans are residential mortgage loans collateralized by a first lien mortgaged property.
Non-Agency RMBS(2)						•Non-Agency Residential Mortgage-Backed Securities ("RMBS") represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. Non-Agency RMBS are primarily secured by Non-QM, Agency-Eligible, Home Equity, and Prime Jumbo Loans.
Agency RMBS(2)						•Agency RMBS represent interests in pools of residential mortgage loans guaranteed by a GSE such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government such as Ginnie Mae.

Legacy WMC Commercial Investments(3)
Commercial Loans						•Commercial loans represent first lien commercial mortgage loan participations.
CMBS(2)						•Commercial Mortgage-Backed Securities ("CMBS") represent fixed-rate and floating-rate CMBS, secured by, or evidencing an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans.

(1)These investments are included in the "Securitized residential mortgage loans, at fair value" or "Residential mortgage loans, at fair value" line items on the consolidated balance sheets.

(2)These investments are included in the "Real estate securities, at fair value" line item on the consolidated balance sheets.

(3)These investments include commercial loans and CMBS (collectively, the "Legacy WMC Commercial Investments") that were acquired in connection with the acquisition of Western Asset Mortgage Capital Corporation (“WMC”) on December 6, 2023. The Company expects to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments.

The Company conducts its business through two reportable segments: (i) Loans and Securities and (ii) Arc Home. This reflects how the Company manages its business and analyzes and reports its results of operations. Refer to Note 13 for additional details on segment reporting.

The Company was incorporated in the state of Maryland on March 1, 2011 and commenced operations in July 2011. The Company conducts its operations to qualify and be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by AG REIT Management, LLC, a Delaware limited liability company (the "Manager"), a wholly-owned subsidiary of TPG Inc. ("TPG"). The Manager has delegated to Angelo, Gordon & Co., L.P. ("TPG Angelo Gordon"), an affiliate of TPG, the overall responsibility of its day-to-day duties and obligations arising under the management agreement.

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and certain variable interest entities. All intercompany balances and transactions have been eliminated in consolidation.

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 49,307	$ 115,549
Restricted cash	18,415	13,668
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 67,722	$ 129,217

Subsequent Events (Details) - Subsequent Event	Apr. 27, 2026 $ / shares
8.25% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.51563
8.00% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	0.50
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.665952

Earnings per share - Schedule of Common Stock Dividends (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Dividends declared per share (in dollars per share)	$ 0.24	$ 0.20

Related party transactions - Expense Reimbursement (Details) - Expense reimbursements to Manager or its affiliates - Related Party - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates	$ 1,663	$ 2,299
Non-investment related expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates	1,446	1,839
Investment related expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates	142	200
Transaction related expenses
Related Party Transaction [Line Items]
Expense reimbursements to Manager or its affiliates	$ 75	$ 260

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related party transactions - Schedule of Affiliated Transactions (Details) - Affiliated Entity - USD ($) $ in Millions	Aug. 31, 2025	Jun. 30, 2025
Purchase of Re/Non-Performing Securities \| June 2025 Acquiring Affiliate
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates		$ 0.1
Purchase of AG Arc \| August 2025 Acquiring Affiliate
Related Party Transaction [Line Items]
Investments in debt and equity of affiliates	$ 15.7

- Definition

Fair value of investment in security owned.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Real Estate Securities - Sale of Real Estate Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 0	$ 2,672
Real Estate Securities
Debt Securities, Available-for-sale [Line Items]
Number of Securities \| security		2
Proceeds		$ 2,672
Realized Gains		278
Realized Losses		$ 0
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Number of Securities \| security		1
Proceeds		$ 1,894
Realized Gains		241
Realized Losses		$ 0
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Number of Securities \| security		1
Proceeds		$ 778
Realized Gains		37
Realized Losses		$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Financing

3 Months Ended

Mar. 31, 2026

Disclosure of Repurchase Agreements [Abstract]

Financing

The following table presents a summary of the Company's financing as of March 31, 2026 and December 31, 2025 ($ in thousands).


	March 31, 2026										December 31, 2025
	Financing					Weighted Average			Collateral Fair Value (1)(2)		Financing
	Current Face		Carrying Value		Stated Maturity	Funding Cost		Life (Years)			Carrying Value
Financing Arrangements by Asset Type (3)
Securitized Residential Mortgage Loans (4)
Non-Agency Loans	$	415,277	$	415,277	Apr 2026 - Jun 2026	5.17	%	0.20	$	623,149	$	428,657
Home Equity Loans	64,826		64,826		Jun 2026	4.62	%	0.20	80,041		67,752
Re- and Non-Performing Loans	27,191		27,191		May 2026 - Jun 2026	5.72	%	0.14	41,703		27,264

Residential Mortgage Loans (5)
Agency-Eligible Loans	19,672		19,672		Sep 2026 - Mar 2027	5.38	%	0.63	21,487		19,490
Home Equity Loans (6)	87,343		87,343		Jun 2026 - Jul 2026	6.08	%	0.25	173,207		58,951

Non-Agency Loans	27,227		27,227		Jun 2026	5.47	%	0.19	32,893		29,817
Legacy WMC Commercial Loans	25,392		25,392		Sep 2026	6.43	%	0.47	51,504		27,436
Non-Agency RMBS	154,366		154,366		Apr 2026 - Jun 2026	4.54	%	0.15	192,214		137,386
Legacy WMC CMBS	18,540		18,540		May 2026 - Jun 2026	5.20	%	0.16	42,226		18,540
Agency RMBS	10,397		10,397		Apr 2026 - Jun 2026	4.29	%	0.21	14,990		10,857
Other Assets	—		—		N/A	—	%	0.00	—		244
Total Financing Arrangements	$	850,231	$	850,231		5.17	%	0.21	$	1,273,414	$	826,394

Securitized debt, at fair value (7)(8)
Non-Agency Loans (9)	$	6,144,984	$	5,922,951	N/A	5.37	%	5.74	N/A		$	6,265,540
Home Equity Loans (9)	712,612		735,458		N/A	5.67	%	2.28	N/A		817,889
Re- and Non-Performing Loans	96,400		91,299		N/A	3.47	%	2.81	N/A		94,494
Total Securitized Debt	$	6,953,996	$	6,749,708		5.37	%	5.39	N/A		$	7,177,923



Senior Unsecured Notes (10)
February 2029 Senior Unsecured Notes	$	34,500	$	33,407	Feb 2029	10.79	%	2.92	N/A		$	33,327
May 2029 Senior Unsecured Notes	65,000		63,248		May 2029	10.52	%	3.17	N/A		63,131
Total Senior Unsecured Notes	$	99,500	$	96,655		10.61	%	3.08	N/A		$	96,458

Total Financing	$	7,903,727	$	7,696,594		5.41	%	4.99	$	1,273,414	$	8,100,775

(1)The Company also had $8.0 million and $7.8 million of cash pledged under repurchase agreements as of March 31, 2026 and December 31, 2025, respectively.

(2)Under the terms of the Company’s financing agreements, the Company's financing counterparties may, in certain cases, sell or re-hypothecate the pledged collateral.

(3)Financing arrangements are recorded at amortized cost on the Company's consolidated balance sheets. The fair value of the Company's financing arrangements approximates the carrying value due to their floating interest rates and short-term maturities of generally one year or less. Financing arrangements are classified as Level 2 of the fair value hierarchy.

(4)Amounts pledged as collateral under Securitized residential mortgage loans include certain of the Company's retained interests in securitizations. Refer to Note 3 for more information on the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs.

(5)The Company's Residential mortgage loan financing arrangements include a maximum borrowing capacity of $1.6 billion on facilities used to finance Agency-Eligible, Home Equity and Non-Agency Loans of which $50 million is contractually committed.

(6)The collateral fair value pledged includes $66.2 million of Home Equity Loans, with an unpaid principal balance of $63.7 million, in which the Company has no outstanding financing but has the ability to borrow at an advance rate of 87.5% of unpaid principal balance pledged as collateral. Of this available financing, $50 million is contractually committed

(7)The holders of the securitized debt have no recourse to the general credit of the Company. The Company generally has no obligation to provide any other explicit or implicit support to the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs. Refer to Note 12 for commitments related to the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund.

(8)The weighted average funding costs are calculated based on the amortized cost of the underlying securities.

(9)The current face on the Company's Securitized debt in the Company's Non-Agency VIEs and Home Equity VIEs excludes Interest Only classes which have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of March 31, 2026, the notional value of interest only classes of Securitized debt in the Non-Agency VIEs and Home Equity VIEs was $3.5 billion and $265.1 million, respectively.

(10)The Senior Unsecured Notes are recorded at amortized cost in the Company's consolidated balance sheets. As of March 31, 2026, the fair value of the Senior Unsecured Notes was $99.6 million. The fair value of the Senior Unsecured Notes is based upon prices obtained from third-party pricing services or broker quotations and are classified as Level 2 of the fair value hierarchy.

Senior Unsecured Notes

The Company’s Senior Unsecured Notes consist of $34.5 million principal amount 9.500% Senior Notes due February 2029 ("February 2029 Senior Unsecured Notes") and $65.0 million principal amount 9.500% Senior Notes due May 2029 ("May 2029 Senior Unsecured Notes" and together with the February 2029 Senior Unsecured Notes, the "Senior Unsecured Notes"). The February 2029 Senior Unsecured Notes were issued on January 26, 2024 in a public offering for net proceeds of approximately $32.8 million and the May 2029 Senior Unsecured Notes were issued on May 15, 2024 in a public offering for net proceeds of approximately $62.4 million. The below table provides a summary of the Senior Unsecured Notes as of March 31, 2026 ($ in thousands).


	Principal Amount (1)		Carrying Value		Maturity Date (2)	Redemption Date (3)	Rate (4)
February 2029 Senior Unsecured Notes	$	34,500	$	33,407	February 15, 2029	February 15, 2026	9.500	%
May 2029 Senior Unsecured Notes	65,000		63,248		May 15, 2029	May 15, 2026	9.500	%

(1)The Senior Unsecured Notes were issued at 100% of the principal amount.

(2)The Company has the option to redeem the Senior Unsecured Notes earlier than the maturity date.

(3)The Company may redeem the Senior Unsecured Notes in whole or in part at any time or from time to time at the Company’s option on or after the redemption date, upon not less than 30 days written notice to holders prior to the redemption date, at a redemption price equal to 100% of the outstanding principal amount of the Senior Unsecured Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.

(4)The Senior Unsecured Notes bear interest at a rate equal to 9.500% per year, payable in cash quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on the applicable first pay date.

The below table details the total interest expense incurred on the Senior Unsecured Notes during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Coupon interest expense	$	2,363	$	2,363
Amortization expense	197		177
Total interest expense	$	2,560	$	2,540

Contractual maturities

The following table allocates the current face of the Company's borrowings under financing arrangements and the Senior Unsecured Notes as of March 31, 2026 by contractual maturity (in thousands). Securitized debt is excluded from the below table as it does not have a contractual maturity.


	Within 30 Days		Over 30 Days to 3 Months		Over 3 Months to 12 Months		Over 12 Months		Total
Financing Arrangements by Asset Type
Securitized Residential Mortgage Loans
Non-Agency Loans	$	41,366	$	373,911	$	—	$	—	$	415,277
Home Equity Loans	—		64,826		—		—		64,826
Re- and Non-Performing Loans	—		27,191		—		—		27,191

Residential Mortgage Loans
Agency-Eligible Loans	—		—		19,672		—		19,672
Home Equity Loans	—		291		87,052		—		87,343
Non-Agency Loans	—		27,227		—		—		27,227

Legacy WMC Commercial Loans (1)	—		—		25,392		—		25,392
Non-Agency RMBS	42,622		111,744		—		—		154,366
Legacy WMC CMBS	—		18,540		—		—		18,540
Agency RMBS	800		9,597		—		—		10,397
Total Financing Arrangements	$	84,788	$	633,327	$	132,116	$	—	$	850,231



Senior Unsecured Notes
February 2029 Senior Unsecured Notes	$	—	$	—	$	—	$	34,500	$	34,500
May 2029 Senior Unsecured Notes	—		—		—		65,000		65,000
Total Senior Unsecured Notes	$	—	$	—	$	—	$	99,500	$	99,500

(1)The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of March 31, 2026. In March 2026, the Company extended the maturity of its financing arrangement collateralized by Legacy WMC Commercial Loans to September 19, 2026. All proceeds from asset paydowns or sales will be applied to reduce the outstanding balance.

Counterparties

The Company had outstanding financing arrangements with six counterparties as of March 31, 2026 and December 31, 2025.

The following table presents information as of March 31, 2026 and December 31, 2025 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities ($ in thousands).


	March 31, 2026					December 31, 2025
Counterparty	Stockholders' Equity at Risk		Weighted Average Maturity (days)	Percentage of Stockholders' Equity		Stockholders' Equity at Risk		Weighted Average Maturity (days)	Percentage of Stockholders' Equity
BofA Securities, Inc.	$	146,752	77	27.0	%	$	150,267	68	26.8	%
Goldman Sachs Bank USA	139,661		71	25.7	%	153,393		103	27.4	%
Barclays Capital Inc.	96,445		76	17.7	%	80,721		73	14.4	%
JP Morgan Securities, LLC	29,202		29	5.4	%	29,992		31	5.3	%

Financial Covenants

The Company’s financing arrangements generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions. Although specific to each financing arrangement, typical supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers. In addition, some of the financing arrangements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with

the covenants contained in these financing arrangements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the associated agreement. Financings pursuant to financing arrangements are generally recourse to the Company. As of March 31, 2026, the Company is in compliance with all of its financial covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Organization (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Investment Groups

The Company's asset classes are primarily comprised of the following:


Asset Class						Description
Residential Investments
Non-Agency Loans(1)						•Non-Agency Loans are loans that do not conform to the underwriting guidelines of a government-sponsored enterprise ("GSE"). Non-Agency Loans consist of Qualified mortgage loans ("QM Loans") and Non-Qualified mortgage loans ("Non-QM Loans") which are collateralized by a first lien mortgaged property. QM Loans are residential mortgage loans that comply with the Ability-To-Repay rules and related guidelines of the Consumer Financial Protection Bureau.
Agency-Eligible Loans(1)						•Agency-Eligible Loans are loans that are collateralized by a first lien mortgaged property and are primarily secured by investment properties. These loans are underwritten in accordance with GSE guidelines, but are not guaranteed by a GSE. Although these loans are underwritten in accordance with GSE guidelines and can be delivered to Fannie Mae and Freddie Mac, the Company includes these loans within its Non-Agency securitizations.
Home Equity Loans(1)						•Home Equity Loans consist of revolving lines of credit and closed-end loans secured primarily by second liens on residential mortgaged properties. These products provide borrowers with access to home equity without requiring the payoff of an existing mortgage. Revolving lines of credit generally feature an initial draw period of 3 to 5 years, after which the balances convert to 15- or 25-year amortizing loans. Closed-end home equity loans are primarily fixed-rate obligations where the full principal amount is funded at origination and repaid through a fully amortizing schedule with original terms to maturity ranging from 10 to 30 years.
Re- and Non-Performing Loans(1)						•Performing, re-performing, and non-performing loans are residential mortgage loans collateralized by a first lien mortgaged property.
Non-Agency RMBS(2)						•Non-Agency Residential Mortgage-Backed Securities ("RMBS") represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. Non-Agency RMBS are primarily secured by Non-QM, Agency-Eligible, Home Equity, and Prime Jumbo Loans.
Agency RMBS(2)						•Agency RMBS represent interests in pools of residential mortgage loans guaranteed by a GSE such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government such as Ginnie Mae.

Legacy WMC Commercial Investments(3)
Commercial Loans						•Commercial loans represent first lien commercial mortgage loan participations.
CMBS(2)						•Commercial Mortgage-Backed Securities ("CMBS") represent fixed-rate and floating-rate CMBS, secured by, or evidencing an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans.

(1)These investments are included in the "Securitized residential mortgage loans, at fair value" or "Residential mortgage loans, at fair value" line items on the consolidated balance sheets.

(2)These investments are included in the "Real estate securities, at fair value" line item on the consolidated balance sheets.

Other assets and liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Other Assets and Other Liabilities

The following table details certain information related to the Company's "Other assets" and "Other liabilities" line items on its consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands).


	March 31, 2026		December 31, 2025
Other assets

Interest receivable	$	44,673	$	47,868
Real estate owned	10,494		7,398
Derivative assets, at fair value	56		149

Other assets	3,521		2,253
Due from broker	1,912		1,232
Total Other assets	$	60,656	$	58,900

Other liabilities
Due to affiliates (1)	$	3,842	$	4,580
Interest payable	32,594		34,385



Accrued expenses	2,317		1,836
Due to broker	604		1,655
Payable on unsettled trades	133		—
Taxes payable	218		264
Total Other liabilities	$	39,708	$	42,720

(1)Refer to Note 10 for more information.

Schedule of Company's Derivative and Other Instruments and their Balance Sheet Location

The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of March 31, 2026 and December 31, 2025 (in thousands).


	Balance Sheet Location	March 31, 2026				December 31, 2025
Derivatives and Other Instruments (1)		Notional		Fair Value		Notional		Fair Value
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3)	Other assets	$	291,560	$	56	$	283,500	$	149
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3)	Other liabilities	113,000		—		89,060		—




Forward Purchase Commitments	Other assets	—		—		475		—

(1)As of March 31, 2026 and December 31, 2025, no derivatives held by the Company were designated as hedges for accounting purposes.

(2)As of March 31, 2026, the Company applied a reduction in fair value of $6.2 million and $0.8 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2025, the Company applied a reduction in fair value of $5.3 million and $1.2 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.

(3)As of March 31, 2026, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.35%, a weighted average receive-variable rate of 3.68%, and a weighted average years to maturity of 4.16 years. As of December 31, 2025, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.30%, a weighted average receive-variable rate of 3.87%, and a weighted average years to maturity of 4.29 years.

Schedule of Gains/(Losses) Related to Derivatives and Other Instruments

The following table summarizes total income related to derivatives and other instruments for the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Included within Net interest component of interest rate swaps
Interest Rate Swaps	$	402	$	737

Included within Net unrealized gain/(loss)
Interest Rate Swaps	1,858		(6,536)





Forward Purchase Commitments	—		132


	1,858		(6,404)

Included within Net realized gain/(loss)
Interest Rate Swaps	54		782




Forward Purchase Commitments	2		(40)



	56		742
Total income/(loss)	$	2,316	$	(4,925)

Schedule of Derivative Activity

The following table presents information about the Company’s derivatives for the three months ended March 31, 2026 and 2025 (in thousands).



	Beginning Notional Amount		Buys or Covers		Sales or Shorts		Ending Notional Amount		Derivative Asset		Derivative Liability


Three Months Ended March 31, 2026
Interest Rate Swaps	$	372,560	$	65,000	$	(33,000)	$	404,560	$	56	$	—

Three Months Ended March 31, 2025
Interest Rate Swaps	$	342,550	$	103,000	$	(113,050)	$	332,500	$	—	$	(256)

Loans - Schedule of Concentrations of Credit Risk (Details) - Residential Portfolio Segment - Geographic Concentration Risk - Accounts Receivable	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	30.00%	30.00%
Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	10.00%	10.00%
New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	8.00%	8.00%
Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	6.00%	6.00%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	46.00%	46.00%

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Outstanding Commitments

The below table details the Company's outstanding commitments as of March 31, 2026 (in thousands).


Commitment type	Date of Commitment	Total Commitment		Funded Commitment		Remaining Commitment

Home Equity Loans (1)	Various	$	184,598	$	166,703	$	17,895

(1)Represents the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund including $12.5 million, $4.1 million, and $1.3 million related to "Residential mortgage loans, at fair value," "Real estate securities, at fair value," and "Securitized residential mortgage loans, at fair value," respectively.

Loans - Narrative (Details)	Mar. 31, 2026	Dec. 31, 2025
Residential Portfolio Segment
Gain (Loss) on Securities [Line Items]
Percentage of unpaid principal balance with adjustable rate mortgages	6.20%	6.40%

Organization - Narrative (Details)	3 Months Ended
Organization - Narrative (Details)	Mar. 31, 2026 segment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating segments	2
Number of reportable segments	2
Arc Home
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loan securitization, ownership interest	66.00%

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present the reportable operating segments related to the Company’s results of operations for the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended March 31, 2026
	Loans and Securities		Arc Home (1) (2)		Other		Total

Interest income	$	129,413	$	—	$	395	$	129,808
Interest expense	106,605		—		2,560		109,165
Total Net Interest Income	22,808		—		(2,165)		20,643





Total Other Income/(Loss)	(16,176)		—		—		(16,176)


Management fee to affiliate	—		—		2,319		2,319
Non-investment related expenses	—		—		2,656		2,656
Investment related expenses	4,298		—		—		4,298
Transaction related expenses	374		—		200		574
Total Expenses	4,672		—		5,175		9,847

Income/(loss) before equity in earnings/(loss) from affiliates	1,960		—		(7,340)		(5,380)

Equity in earnings/(loss) from affiliates	(312)		2,312		—		2,000
Income/(loss) before income taxes	1,648		2,312		(7,340)		(3,380)

Income tax expense	182		—		—		182
Net Income/(Loss)	1,466		2,312		(7,340)		(3,562)

Dividends on preferred stock	—		—		5,153		5,153

Net Income/(Loss) Available to Common Stockholders	$	1,466	$	2,312	$	(12,493)	$	(8,715)


	Three Months Ended March 31, 2025
	Loans and Securities		Arc Home (1) (2)		Other		Total

Interest income	$	108,052	$	—	$	1,078	$	109,130
Interest expense	87,741		—		2,540		90,281
Total Net Interest Income	20,311		—		(1,462)		18,849





Total Other Income/(Loss)	1,549		—		—		1,549


Management fee to affiliate	—		—		2,327		2,327
Non-investment related expenses	—		—		3,280		3,280
Investment related expenses	3,410		—		—		3,410
Transaction related expenses	1,061		—		—		1,061
Total Expenses	4,471		—		5,607		10,078

Income/(loss) before equity in earnings/(loss) from affiliates	17,389		—		(7,069)		10,320

Equity in earnings/(loss) from affiliates	(191)		1,376		—		1,185
Income/(loss) before income taxes	17,198		1,376		(7,069)		11,505

Income tax expense	28		—		—		28
Net Income/(Loss)	17,170		1,376		(7,069)		11,477

Dividends on preferred stock	—		—		5,304		5,304

Net Income/(Loss) Available to Common Stockholders	$	17,170	$	1,376	$	(12,373)	$	6,173

(1)Net Income/(loss) recognized by AG Arc does not include the Company's portion of gains or losses recorded by Arc Home in connection with the sale of residential mortgage loans to the Company. Refer to Note 10 for more information on this accounting policy.

(2)During the three months ended March 31, 2026 and 2025, the Company recorded an unrealized gain/(loss) on its investment in AG Arc of $1.1 million and $1.4 million, respectively.

The following table presents the Company's assets, liabilities, and stockholders' equity by reportable segment as of March 31, 2026 and December 31, 2025, which reconciles to the total assets, liabilities, and stockholders' equity of the Company on a consolidated basis (in thousands).


	Loans and Securities		Arc Home		Other		Total
March 31, 2026
Total Assets	$	8,184,568	$	52,334	$	51,413	$	8,288,315
Total Liabilities	7,633,542		—		110,377		7,743,919
Total Stockholders' Equity	551,026		52,334		(58,964)		544,396

December 31, 2025
Total Assets	$	8,600,220	$	50,016	$	61,294	$	8,711,530
Total Liabilities	8,039,534		—		111,262		8,150,796
Total Stockholders' Equity	560,686		50,016		(49,968)		560,734

Equity - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		60 Months Ended
	Feb. 22, 2021	Mar. 31, 2026	Mar. 31, 2025	Sep. 17, 2024	Dec. 31, 2025
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		9,120
Carrying Value		$ 220,472			$ 220,472
Aggregate Liquidation Preference		$ 227,991			$ 227,991
8.25% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		1,663			1,700
Carrying Value		$ 40,110
Aggregate Liquidation Preference		$ 41,580
Preferred stock dividend percentage	8.25%	8.25%	8.25%
8.00% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		3,728			3,700
Carrying Value		$ 90,187
Aggregate Liquidation Preference		$ 93,191
Preferred stock dividend percentage	8.00%	8.00%	8.00%
Redemption price (in dollars per share)		$ 25.00
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		3,729			3,700
Carrying Value		$ 90,175
Aggregate Liquidation Preference		$ 93,220
Preferred stock dividend percentage	8.00%	8.00%	8.00%	8.00%
Liquidation preference (in dollars per share)		$ 25.00		$ 25.00
Preferred units, liquidation spread, percent				0.26161%
Basis spread percentage				6.476%

Summary of significant accounting policies	3 Months Ended
Summary of significant accounting policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Consolidation and basis of presentation The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows have been included for the interim period and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Significant accounting policies There have been no significant changes to the Company's accounting policies included in Note 2 to the consolidated financial statements of the Company’s Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2025. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2025 included in the Form 10-K. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Investment consolidation When the Company has a variable interest in an entity, it is required to determine whether the entity is a variable interest entity ("VIE") or a voting interest entity ("VOE"), the classification of which will determine the consolidation model that the Company is required to follow when determining whether it should consolidate the entity. When an entity does not possess the characteristics of a VIE, the Company will determine whether it has a controlling financial interest and meets the criteria for consolidation under the voting interest entity model. An entity is a VIE if the equity investors (i) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, (ii) are unable to direct the entity’s activities or (iii) are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of Accounting Standards Codification ("ASC") 810-10, "Consolidation" are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify as a sale, should be accounted for as secured financings under GAAP, or should be accounted for as an equity method investment, depending on the circumstances. A Special Purpose Entity ("SPE") is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company enters into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans, Home Equity Loans, and re- and non-performing loans (the trusts in which these loans are deposited are referred to as "Non-Agency VIEs", "Home Equity VIEs", and "RPL/NPL VIEs", respectively), which may result in the Company consolidating the respective VIEs that are created to facilitate these securitizations. Based on the evaluations of each VIE, the Company may conclude that the VIEs should be consolidated and, as a result, transferred assets of these VIEs would be determined to be secured borrowings. Upon consolidation, the Company elected the fair value option pursuant to ASC 825 for the assets and liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all activities will be recorded in a similar manner. The Company applied the guidance under ASC 810-10 (Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity) whereby the Company determines whether the fair value of the assets or liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs are more observable as a basis for measuring the less observable financial instruments. The Company has determined that the fair value of the liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs are more observable since the prices for these liabilities are more easily determined as similar instruments trade more frequently on a relative basis than the individual assets of the VIEs. See Note 3 for more detail regarding the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs. Transfers of financial assets The Company may periodically enter into transactions in which it transfers assets to a third-party. Upon a transfer of financial assets, the Company will sometimes retain or acquire senior or subordinated interests in the related assets. Pursuant to ASC 860-10, "Transfers and Servicing", a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term "participating interest" to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale. Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control—an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair value. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. From time to time, the Company may securitize mortgage loans it holds if such financing is available. These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a "sale" and the loans will be removed from the consolidated balance sheets or as a "financing" and will be classified as "Securitized residential mortgage loans, at fair value" on the consolidated balance sheets, depending upon the structure of the securitization transaction. ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing." Recent accounting pronouncements Expense disaggregation In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220- 40)", and in January 2025, the FASB issued ASU 2025-01, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date". This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact upon adoption, but does not expect the adoption of the new standard to have a material effect on its consolidated financial statements. Interim Reporting In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements," which amends the guidance in ASC 270, Interim Reporting. This standard enhances interim disclosure requirements by clarifying the information that must be presented in quarterly periods, including improved transparency regarding significant events, accounting policy updates, and material developments that occur between annual reporting dates. This ASU also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 15, 2027, with early adoption permitted.

Income taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Excise Tax Expense

The expense is calculated in accordance with applicable tax regulations. The below table details excise tax expense for the three months ended March 31, 2026 and 2025, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Excise tax expense	$	—	$	89

Schedule of Components of Income Tax Expense

The below table details the tax expense attributable to its TRSs for the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Federal	$	82	$	—
State and Local	100		28
Income Tax Expense	$	182	$	28

Loans - Schedule of Loans Purchased (Details) - Residential Portfolio Segment - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 83,966	$ 484,814
Fair Value	86,869	495,008
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	475	361,538
Fair Value	486	366,768
Home Equity Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	83,491	123,276
Fair Value	$ 86,383	$ 128,240

Real Estate Securities - Schedule of Real Estate Securities Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 284,623	$ 265,170
Premium/(Discount)	(45,763)	(45,465)
Amortized Cost	278,131	255,799
Gross Unrealized Gains	14,693	16,907
Gross Unrealized Losses	(13,437)	(12,402)
Fair value	$ 279,387	$ 260,304
Weighted Average Coupon	4.62%	4.55%
Weighted Average Yield	9.72%	9.89%
Weighted average useful life	4 years 8 months 26 days	4 years 11 months 4 days
Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Unpaid Principal Balance	$ 7,901,605	$ 8,251,113
Legacy WMC Commercial Loans	7,767,272	8,199,296
Total Non-Agency RMBS \| Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	202,050	182,208
Premium/(Discount)	(10,056)	(8,450)
Amortized Cost	215,241	193,222
Gross Unrealized Gains	9,041	10,844
Gross Unrealized Losses	(2,805)	(2,685)
Fair value	$ 221,477	$ 201,381
Weighted Average Coupon	4.25%	4.09%
Weighted Average Yield	8.33%	8.82%
Weighted average useful life	5 years 21 days	5 years 4 months 20 days
Non-QM Loans \| Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 48,814	$ 48,814
Premium/(Discount)	(2,043)	(2,160)
Amortized Cost	48,501	48,526
Gross Unrealized Gains	767	816
Gross Unrealized Losses	(2,258)	(2,379)
Fair value	$ 47,010	$ 46,963
Weighted Average Coupon	3.30%	3.11%
Weighted Average Yield	6.40%	6.66%
Weighted average useful life	2 years 11 months 1 day	3 years 6 months 25 days
Real estate securities notional amount	$ 63,200	$ 66,300
Retained securities amount	42,400	42,400
Unpaid Principal Balance	33,660	36,578
Legacy WMC Commercial Loans	32,893	35,108
Agency-Eligible Loans \| Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	42,760	44,491
Premium/(Discount)	(2,558)	(2,656)
Amortized Cost	40,784	42,439
Gross Unrealized Gains	1,701	1,841
Gross Unrealized Losses	(176)	(117)
Fair value	$ 42,309	$ 44,163
Weighted Average Coupon	3.61%	3.57%
Weighted Average Yield	7.39%	7.41%
Weighted average useful life	6 years 4 months 20 days	6 years 8 months 26 days
Real estate securities notional amount	$ 37,800	$ 40,400
Retained securities amount	40,300	42,200
Unpaid Principal Balance	20,951	20,524
Legacy WMC Commercial Loans	21,487	21,149
Home Equity Loans \| Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	106,195	84,647
Premium/(Discount)	(3,851)	(2,018)
Amortized Cost	123,278	99,617
Gross Unrealized Gains	5,942	7,514
Gross Unrealized Losses	(371)	(189)
Fair value	$ 128,849	$ 106,942
Weighted Average Coupon	5.47%	5.55%
Weighted Average Yield	9.40%	10.47%
Weighted average useful life	5 years 3 months	5 years 6 months 3 days
Real estate securities notional amount	$ 290,800	$ 249,100
Retained securities amount	102,700	78,700
Unpaid Principal Balance	166,703	135,804
Legacy WMC Commercial Loans	173,207	142,339
Prime Jumbo Loans \| Residential Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Current Face	4,281	4,256
Premium/(Discount)	(1,604)	(1,616)
Amortized Cost	2,678	2,640
Gross Unrealized Gains	631	673
Gross Unrealized Losses	0	0
Fair value	$ 3,309	$ 3,313
Weighted Average Coupon	4.44%	4.49%
Weighted Average Yield	8.83%	8.82%
Weighted average useful life	17 years 11 months 8 days	18 years 4 months 9 days
Legacy WMC CMBS
Debt Securities, Available-for-sale [Line Items]
Current Face	$ 82,573	$ 82,962
Premium/(Discount)	(35,707)	(37,015)
Amortized Cost	46,866	45,947
Gross Unrealized Gains	5,305	5,814
Gross Unrealized Losses	(9,921)	(9,196)
Fair value	$ 42,250	$ 42,565
Weighted Average Coupon	5.92%	5.95%
Weighted Average Yield	16.66%	15.30%
Weighted average useful life	1 year 8 months 26 days	1 year 8 months 23 days
Unpaid Principal Balance	$ 23,500	$ 23,500
Legacy WMC Commercial Loans	5,100	6,300
Agency RMBS Interest Only
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,024	16,630
Gross Unrealized Gains	347	249
Gross Unrealized Losses	(711)	(521)
Fair value	$ 15,660	$ 16,358
Weighted Average Coupon	4.54%	4.57%
Weighted Average Yield	8.06%	7.30%
Weighted average useful life	5 years 5 months 8 days	5 years 2 months 1 day
Real estate securities notional amount	$ 82,700	$ 85,000

Financing (Tables)

3 Months Ended

Mar. 31, 2026

Disclosure of Repurchase Agreements [Abstract]

Schedule of Financing Arrangements

The following table presents a summary of the Company's financing as of March 31, 2026 and December 31, 2025 ($ in thousands).


	March 31, 2026										December 31, 2025
	Financing					Weighted Average			Collateral Fair Value (1)(2)		Financing
	Current Face		Carrying Value		Stated Maturity	Funding Cost		Life (Years)			Carrying Value
Financing Arrangements by Asset Type (3)
Securitized Residential Mortgage Loans (4)
Non-Agency Loans	$	415,277	$	415,277	Apr 2026 - Jun 2026	5.17	%	0.20	$	623,149	$	428,657
Home Equity Loans	64,826		64,826		Jun 2026	4.62	%	0.20	80,041		67,752
Re- and Non-Performing Loans	27,191		27,191		May 2026 - Jun 2026	5.72	%	0.14	41,703		27,264

Residential Mortgage Loans (5)
Agency-Eligible Loans	19,672		19,672		Sep 2026 - Mar 2027	5.38	%	0.63	21,487		19,490
Home Equity Loans (6)	87,343		87,343		Jun 2026 - Jul 2026	6.08	%	0.25	173,207		58,951

Non-Agency Loans	27,227		27,227		Jun 2026	5.47	%	0.19	32,893		29,817
Legacy WMC Commercial Loans	25,392		25,392		Sep 2026	6.43	%	0.47	51,504		27,436
Non-Agency RMBS	154,366		154,366		Apr 2026 - Jun 2026	4.54	%	0.15	192,214		137,386
Legacy WMC CMBS	18,540		18,540		May 2026 - Jun 2026	5.20	%	0.16	42,226		18,540
Agency RMBS	10,397		10,397		Apr 2026 - Jun 2026	4.29	%	0.21	14,990		10,857
Other Assets	—		—		N/A	—	%	0.00	—		244
Total Financing Arrangements	$	850,231	$	850,231		5.17	%	0.21	$	1,273,414	$	826,394

Securitized debt, at fair value (7)(8)
Non-Agency Loans (9)	$	6,144,984	$	5,922,951	N/A	5.37	%	5.74	N/A		$	6,265,540
Home Equity Loans (9)	712,612		735,458		N/A	5.67	%	2.28	N/A		817,889
Re- and Non-Performing Loans	96,400		91,299		N/A	3.47	%	2.81	N/A		94,494
Total Securitized Debt	$	6,953,996	$	6,749,708		5.37	%	5.39	N/A		$	7,177,923



Senior Unsecured Notes (10)
February 2029 Senior Unsecured Notes	$	34,500	$	33,407	Feb 2029	10.79	%	2.92	N/A		$	33,327
May 2029 Senior Unsecured Notes	65,000		63,248		May 2029	10.52	%	3.17	N/A		63,131
Total Senior Unsecured Notes	$	99,500	$	96,655		10.61	%	3.08	N/A		$	96,458

Total Financing	$	7,903,727	$	7,696,594		5.41	%	4.99	$	1,273,414	$	8,100,775

(1)The Company also had $8.0 million and $7.8 million of cash pledged under repurchase agreements as of March 31, 2026 and December 31, 2025, respectively.

(2)Under the terms of the Company’s financing agreements, the Company's financing counterparties may, in certain cases, sell or re-hypothecate the pledged collateral.

(8)The weighted average funding costs are calculated based on the amortized cost of the underlying securities.

Schedule of Senior Unsecured Notes

The below table provides a summary of the Senior Unsecured Notes as of March 31, 2026 ($ in thousands).


	Principal Amount (1)		Carrying Value		Maturity Date (2)	Redemption Date (3)	Rate (4)
February 2029 Senior Unsecured Notes	$	34,500	$	33,407	February 15, 2029	February 15, 2026	9.500	%
May 2029 Senior Unsecured Notes	65,000		63,248		May 15, 2029	May 15, 2026	9.500	%

(1)The Senior Unsecured Notes were issued at 100% of the principal amount.

(2)The Company has the option to redeem the Senior Unsecured Notes earlier than the maturity date.

The below table details the total interest expense incurred on the Senior Unsecured Notes during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Coupon interest expense	$	2,363	$	2,363
Amortization expense	197		177
Total interest expense	$	2,560	$	2,540

Schedule of Total Borrowings Under Repurchase Agreements


	Within 30 Days		Over 30 Days to 3 Months		Over 3 Months to 12 Months		Over 12 Months		Total
Financing Arrangements by Asset Type
Securitized Residential Mortgage Loans
Non-Agency Loans	$	41,366	$	373,911	$	—	$	—	$	415,277
Home Equity Loans	—		64,826		—		—		64,826
Re- and Non-Performing Loans	—		27,191		—		—		27,191

Residential Mortgage Loans
Agency-Eligible Loans	—		—		19,672		—		19,672
Home Equity Loans	—		291		87,052		—		87,343
Non-Agency Loans	—		27,227		—		—		27,227

Legacy WMC Commercial Loans (1)	—		—		25,392		—		25,392
Non-Agency RMBS	42,622		111,744		—		—		154,366
Legacy WMC CMBS	—		18,540		—		—		18,540
Agency RMBS	800		9,597		—		—		10,397
Total Financing Arrangements	$	84,788	$	633,327	$	132,116	$	—	$	850,231



Senior Unsecured Notes
February 2029 Senior Unsecured Notes	$	—	$	—	$	—	$	34,500	$	34,500
May 2029 Senior Unsecured Notes	—		—		—		65,000		65,000
Total Senior Unsecured Notes	$	—	$	—	$	—	$	99,500	$	99,500

Schedule of Repurchase Agreement Counterparty


	March 31, 2026					December 31, 2025
Counterparty	Stockholders' Equity at Risk		Weighted Average Maturity (days)	Percentage of Stockholders' Equity		Stockholders' Equity at Risk		Weighted Average Maturity (days)	Percentage of Stockholders' Equity
BofA Securities, Inc.	$	146,752	77	27.0	%	$	150,267	68	26.8	%
Goldman Sachs Bank USA	139,661		71	25.7	%	153,393		103	27.4	%
Barclays Capital Inc.	96,445		76	17.7	%	80,721		73	14.4	%
JP Morgan Securities, LLC	29,202		29	5.4	%	29,992		31	5.3	%

Earnings per share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net Income/(Loss)	$ (3,562)	$ 11,477
Dividends on preferred stock	5,153	5,304
Net Income/(Loss) Available to Common Stockholders	$ (8,715)	$ 6,173
Denominator:
Basic weighted average common shares outstanding (in shares)	31,738	29,659
Dilutive effect of restricted stock units (in shares)	0	29
Diluted weighted average common shares outstanding (in shares)	31,738	29,688
Earnings/(Loss) Per Share
Basic (in dollars per share)	$ (0.27)	$ 0.21
Diluted (in dollars per share)	$ (0.27)	$ 0.21
Restricted stock units excluded from computation (in shares)	16

Income taxes - Narrative (Details) - USD ($)	3 Months Ended
Income taxes - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 06, 2023
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 28,300,000		$ 28,500,000
Uncertain tax position, interest and penalties expense	0	$ 0
Subsidiaries
Operating Loss Carryforwards [Line Items]
Deferred tax assets	28,300,000		28,500,000
Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	63,900,000		63,900,000
Capital Loss Carryforward \| Tax Year 2020
Operating Loss Carryforwards [Line Items]
Tax credit carryforward			225,700,000
WMC
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	317,300,000		317,300,000	$ 321,600,000
Operating loss carryforwards, not subject to expiration				$ 223,800,000
WMC \| Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 153,900,000		$ 153,900,000

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Consolidation and basis of presentation	Consolidation and basis of presentation The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows have been included for the interim period and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Investment consolidation and Transfers of financial assets	Investment consolidation When the Company has a variable interest in an entity, it is required to determine whether the entity is a variable interest entity ("VIE") or a voting interest entity ("VOE"), the classification of which will determine the consolidation model that the Company is required to follow when determining whether it should consolidate the entity. When an entity does not possess the characteristics of a VIE, the Company will determine whether it has a controlling financial interest and meets the criteria for consolidation under the voting interest entity model. An entity is a VIE if the equity investors (i) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, (ii) are unable to direct the entity’s activities or (iii) are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of Accounting Standards Codification ("ASC") 810-10, "Consolidation" are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify as a sale, should be accounted for as secured financings under GAAP, or should be accounted for as an equity method investment, depending on the circumstances. A Special Purpose Entity ("SPE") is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company enters into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans, Home Equity Loans, and re- and non-performing loans (the trusts in which these loans are deposited are referred to as "Non-Agency VIEs", "Home Equity VIEs", and "RPL/NPL VIEs", respectively), which may result in the Company consolidating the respective VIEs that are created to facilitate these securitizations. Based on the evaluations of each VIE, the Company may conclude that the VIEs should be consolidated and, as a result, transferred assets of these VIEs would be determined to be secured borrowings. Upon consolidation, the Company elected the fair value option pursuant to ASC 825 for the assets and liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all activities will be recorded in a similar manner. The Company applied the guidance under ASC 810-10 (Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity) whereby the Company determines whether the fair value of the assets or liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs are more observable as a basis for measuring the less observable financial instruments. The Company has determined that the fair value of the liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs are more observable since the prices for these liabilities are more easily determined as similar instruments trade more frequently on a relative basis than the individual assets of the VIEs. See Note 3 for more detail regarding the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs. Transfers of financial assets The Company may periodically enter into transactions in which it transfers assets to a third-party. Upon a transfer of financial assets, the Company will sometimes retain or acquire senior or subordinated interests in the related assets. Pursuant to ASC 860-10, "Transfers and Servicing", a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term "participating interest" to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale. Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control—an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair value. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. From time to time, the Company may securitize mortgage loans it holds if such financing is available. These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a "sale" and the loans will be removed from the consolidated balance sheets or as a "financing" and will be classified as "Securitized residential mortgage loans, at fair value" on the consolidated balance sheets, depending upon the structure of the securitization transaction. ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing."
Recent accounting pronouncements	Recent accounting pronouncements Expense disaggregation In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220- 40)", and in January 2025, the FASB issued ASU 2025-01, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date". This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact upon adoption, but does not expect the adoption of the new standard to have a material effect on its consolidated financial statements. Interim Reporting In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements," which amends the guidance in ASC 270, Interim Reporting. This standard enhances interim disclosure requirements by clarifying the information that must be presented in quarterly periods, including improved transparency regarding significant events, accounting policy updates, and material developments that occur between annual reporting dates. This ASU also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 15, 2027, with early adoption permitted.
Fair value measurements	The fair value of the Company's financial instruments is determined in accordance with the provisions of ASC 820, "Fair Value Measurements and Disclosures." When possible, the Company determines fair value using third-party data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices and may include quoted prices for similar assets and liabilities in active markets. Level 3 inputs are significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used and reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Earnings per share - Schedule of Preferred Stock Dividends (Details) - $ / shares		3 Months Ended		60 Months Ended
	Feb. 22, 2021	Mar. 31, 2026	Mar. 31, 2025	Sep. 17, 2024
8.25% Series A Cumulative Redeemable Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8.25%	8.25%	8.25%
Dividends declared (in dollars per share)		$ 0.51563	$ 0.51563
8.00% Series B Cumulative Redeemable Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8.00%	8.00%	8.00%
Dividends declared (in dollars per share)		$ 0.50	$ 0.50
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividend percentage	8.00%	8.00%	8.00%	8.00%
Dividends declared (in dollars per share)		$ 0.652391	$ 0.693062

Fair value measurements - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Securitized Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (7,177,923)	$ (5,491,967)
Purchases	0	0
Issuances of Securitized Debt		(408,670)
Proceeds from sales or settlements	0	0
Principal repayments	363,141	170,775
Principal funding	0	0
Included in net income:
Other	0	0
Ending Balance	(6,749,708)	(5,836,691)
Securitized Debt \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(3,122)	(6,807)
Securitized Debt \| Net realized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Securitized Debt \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	68,196	(100,022)
Securitized Debt \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Other liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		(336)
Purchases		0
Issuances of Securitized Debt		0
Proceeds from sales or settlements		298
Principal repayments		0
Principal funding		0
Included in net income:
Other		0
Ending Balance		0
Other liabilities \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		0
Other liabilities \| Net realized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		(298)
Other liabilities \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		336
Other liabilities \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		0
Level 3 \| Securitized Debt \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(3,122)	(6,807)
Level 3 \| Securitized Debt \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	68,196	(100,022)
Level 3 \| Securitized Debt \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Level 3 \| Other liabilities \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		0
Level 3 \| Other liabilities \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		0
Level 3 \| Other liabilities \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held		0
Residential Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,198,215	6,416,066
Purchases	86,737	494,769
Issuances of Securitized Debt		0
Proceeds from sales or settlements	(49,375)	(20,428)
Principal repayments	(386,824)	(187,597)
Principal funding	4,063	2,381
Included in net income:
Other	(4,344)	(4,062)
Ending Balance	7,766,335	6,809,796
Residential Mortgage Loans \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(2,396)	1,891
Residential Mortgage Loans \| Net realized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(60)	(1,067)
Residential Mortgage Loans \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(79,681)	107,843
Residential Mortgage Loans \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Residential Mortgage Loans \| Level 3 \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(2,303)	1,830
Residential Mortgage Loans \| Level 3 \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(79,712)	106,986
Residential Mortgage Loans \| Level 3 \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Legacy WMC Commercial Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	55,376	67,005
Purchases	0	0
Issuances of Securitized Debt		0
Proceeds from sales or settlements	0	0
Principal repayments	0	0
Principal funding	0	0
Included in net income:
Other	0	0
Ending Balance	51,504	65,504
Legacy WMC Commercial Loans \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(393)	270
Legacy WMC Commercial Loans \| Net realized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Legacy WMC Commercial Loans \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(3,479)	(1,771)
Legacy WMC Commercial Loans \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Legacy WMC Commercial Loans \| Level 3 \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(393)	270
Legacy WMC Commercial Loans \| Level 3 \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(3,479)	(1,771)
Legacy WMC Commercial Loans \| Level 3 \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	191,546	115,533
Purchases	28,651	25,963
Issuances of Securitized Debt		0
Proceeds from sales or settlements	0	0
Principal repayments	(5,905)	(1,094)
Principal funding	0	0
Included in net income:
Other	0	0
Ending Balance	211,564	141,118
Non-Agency RMBS \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(779)	(692)
Non-Agency RMBS \| Net realized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Non-Agency RMBS \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(1,949)	1,408
Non-Agency RMBS \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Non-Agency RMBS \| Level 3 \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(779)	(692)
Non-Agency RMBS \| Level 3 \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	(1,949)	1,408
Non-Agency RMBS \| Level 3 \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Other assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	204
Purchases	0	0
Issuances of Securitized Debt		0
Proceeds from sales or settlements	(2)	(258)
Principal repayments	0	0
Principal funding	0	0
Included in net income:
Other	0	0
Ending Balance	0	0
Other assets \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Other assets \| Net realized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	2	258
Other assets \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	(204)
Other assets \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Other assets \| Level 3 \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Other assets \| Level 3 \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
Other assets \| Level 3 \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	50,016	30,778
Purchases	0	0
Issuances of Securitized Debt		0
Proceeds from sales or settlements	0	0
Principal repayments	0	0
Principal funding	0	0
Included in net income:
Other	0	0
Ending Balance	52,334	32,242
AG Arc \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc \| Net realized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	2,318	1,464
AG Arc \| Level 3 \| Net premium and discount amortization
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc \| Level 3 \| Net unrealized gain/(loss)
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	0	0
AG Arc \| Level 3 \| Equity in earnings/(loss) from affiliates
Included in net income:
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held	$ 2,318	$ 1,464

Income taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income taxes

The Company conducts its operations to qualify and be taxed as a REIT. As a REIT, the Company is not subject to federal income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution, and stock ownership tests. The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise, or business taxes.

Excise Tax

Excise tax represents a non-deductible 4% tax on the required amount of the Company’s ordinary income and net capital gains not distributed during the year. The expense is calculated in accordance with applicable tax regulations. The below table details excise tax expense for the three months ended March 31, 2026 and 2025, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Excise tax expense	$	—	$	89

REIT Net Operating Loss and Net Capital Loss Carryforwards

In connection with the WMC acquisition, the Company obtained federal net operating loss ("NOL") carryforwards of $321.6 million, of which $223.8 million do not have an expiration date and can be carried forward indefinitely. However, the Company’s use of the NOLs obtained in the WMC acquisition is limited under Section 382 of the Internal Revenue Code. As of March 31, 2026 and December 31, 2025, the remaining NOL carryforwards obtained in the WMC acquisition was $317.3 million.

As of March 31, 2026 and December 31, 2025, the Company had estimated net capital loss ("NCL") carryforwards of $63.9 million. These NCL carryforwards (which exclude NCLs acquired from WMC) can be utilized to offset future net gains from the sale of capital assets. NCL carryforwards of $225.7 million were generated during the year ended December 31, 2020 and any unutilized NCL carryforwards expired on December 31, 2025.

In connection with the WMC acquisition, the Company obtained NCL carryforwards. As of March 31, 2026 and December 31, 2025, these estimated NCL carryforwards were $153.9 million. These NCL carryforwards will expire between 2026 and 2030. However, the Company’s use of these NCLs is limited under Sections 382 and 383 of the Internal Revenue Code.

Taxable REIT Subsidiaries

The Company elected to treat certain domestic subsidiaries as taxable REIT subsidiaries ("TRSs"). The Company’s financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. Currently, the Company has wholly owned domestic TRSs that are taxable as corporations and subject to U.S. federal, state, and local income tax on net income at the applicable corporate rates. The federal statutory rate for the three months ended March 31, 2026 and 2025 was 21%. The Company’s effective tax rate differs from its combined U.S. federal, state, and local corporate statutory tax rate primarily due to income earned at the REIT, which is not subject to tax due to the deduction for qualifying distributions made by the Company, and any change in the valuation allowance as disclosed in further detail below. The tax expense attributable to its TRSs is recorded in the "Income tax expense" line item on the consolidated statement of operations. The below table details the tax expense attributable to its TRSs for the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Federal	$	82	$	—
State and Local	100		28
Income Tax Expense	$	182	$	28

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax reporting purposes at the TRS level. As of March 31, 2026 and December 31, 2025, the Company recorded a deferred tax asset of approximately $28.3 million and $28.5 million, respectively. The NOL carryforwards as of December 31, 2025 can be carried forward indefinitely. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which temporary differences become deductible. The Company concluded it is more likely than not the deferred tax asset will not be realized and established a valuation allowance of $28.3 million and $28.5 million as of March 31, 2026 and December 31, 2025.

Uncertain Income Tax Positions

Based on its analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of March 31, 2026 and December 31, 2025. The Company’s and WMC's federal income tax returns for the last three tax years are open to examination by the Internal Revenue Service. There are no ongoing U.S. federal, state or local tax examinations related to the Company. In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes. The Company did not incur any interest or penalties during the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Loans - Schedule of Assets and Liabilities Related to VIEs (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Assets

Restricted Cash

$ 18,415

$ 18,489

Other assets

60,656

58,900

Total Assets

8,288,315

8,711,530

Liabilities

Securitized debt, at fair value

^[1]

6,749,708

7,177,923

Other liabilities

^[2]

39,708

42,720

Total Liabilities

7,743,919

8,150,796

Total Equity

544,396

560,734

$ 543,870

$ 543,423

Securitized Residential Mortgage Loans | Residential Portfolio Segment

Assets

Securitized residential mortgage loans, at fair value

7,538,748

7,999,619

Restricted Cash

1,077

1,067

Other assets

48,210

51,356

Total Assets

7,588,035

8,052,042

Liabilities

Securitized debt, at fair value

6,749,708

7,177,923

Other liabilities

29,623

30,900

Total Liabilities

6,779,331

7,208,823

Total Equity

808,704

843,219

Securitized Residential Mortgage Loans | Non-Agency Loans | Residential Portfolio Segment

Assets

Securitized residential mortgage loans, at fair value

6,543,261

6,904,872

Restricted Cash

Other assets

35,521

37,711

Total Assets

6,578,794

6,942,583

Liabilities

Securitized debt, at fair value

5,922,951

6,265,540

Other liabilities

25,250

26,129

Total Liabilities

5,948,201

6,291,669

Total Equity

630,593

650,914

Securitized Residential Mortgage Loans | Home Equity Loans | Residential Portfolio Segment

Assets

Securitized residential mortgage loans, at fair value

864,198

960,533

Restricted Cash

1,055

Other assets

7,362

8,128

Total Assets

872,615

969,716

Liabilities

Securitized debt, at fair value

735,458

817,889

Other liabilities

4,107

4,497

Total Liabilities

739,565

822,386

Total Equity

133,050

147,330

Securitized Residential Mortgage Loans | Re- and Non-Performing Loans | Residential Portfolio Segment

Assets

Securitized residential mortgage loans, at fair value

131,289

134,214

Restricted Cash

Other assets

5,327

5,517

Total Assets

136,626

139,743

Liabilities

Securitized debt, at fair value

91,299

94,494

Other liabilities

266

274

Total Liabilities

91,565

94,768

Total Equity

$ 45,061

$ 44,975

[1]

These balances relate to certain residential mortgage loans which were securitized resulting in the Company consolidating the variable interest entities that were created to facilitate these securitizations as the Company was determined to be the primary beneficiary. The "Securitized debt, at fair value" is collateralized by the "Securitized residential mortgage loans, at fair value" held within the securitization trusts. See Note 3 and Note 6 for additional details.

[2]

Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

Other assets and liabilities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash as collateral for certain derivatives	$ 9.4	$ 9.6
Cash collateral posted by company	4.0	5.5
Cash pledged as collateral against derivatives related to variation margin	$ 5.4	$ 4.1

Financing - Summary of Senior Unsecured Notes (Details) - Senior Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	May 15, 2024	Jan. 26, 2024
February 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount	$ 34,500		$ 34,500
Carrying Value	$ 33,407
Rate	9.50%		9.50%
Percentage of principal amount	100.00%
Redemption price, percentage	100.00%
May 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount	$ 65,000	$ 65,000
Carrying Value	$ 63,248
Rate	9.50%	9.50%
Percentage of principal amount	100.00%
Redemption price, percentage	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Other assets and liabilities - Schedule of Other Assets and Other Liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Other assets

Interest receivable

$ 44,673

$ 47,868

Real estate owned

10,494

7,398

Derivative assets, at fair value

149

Other assets

3,521

2,253

Due from broker

1,912

1,232

Total Other assets

60,656

58,900

Other liabilities

Interest payable

32,594

34,385

Accrued expenses

2,317

1,836

Due to broker

604

1,655

Payable on unsettled trades

133

Taxes payable

218

264

Total Other liabilities

^[1]

39,708

42,720

Related Party

Other liabilities

Due to affiliates

$ 3,842

$ 4,580

[1]	Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

Financing - Schedule of Financing Arrangements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Repurchase Agreements [Abstract]
Current Face	$ 7,903,727,000
Outstanding financing arrangements	$ 7,696,594,000	$ 8,100,775,000
Weighted Average Funding Cost	5.41%
Weighted Average Life (Years)	4 years 11 months 26 days
Cash pledged under repurchase agreement	$ 8,000,000.0	7,800,000
Asset Pledged as Collateral
Repurchase Agreements [Abstract]
Collateral Fair Value	1,273,414,000
Securitized Residential Mortgage Loans \| Securitized Debt
Repurchase Agreements [Abstract]
Current Face	6,953,996,000
Outstanding financing arrangements	$ 6,749,708,000	7,177,923,000
Weighted Average Funding Cost	5.37%
Weighted Average Life (Years)	5 years 4 months 20 days
Total Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	$ 850,231,000
Total Financing Arrangements \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	850,231,000
Outstanding financing arrangements	$ 850,231,000	826,394,000
Weighted Average Funding Cost	5.17%
Weighted Average Life (Years)	2 months 15 days
Total Financing Arrangements \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 1,273,414,000
Non-Agency Loans
Repurchase Agreements [Abstract]
Current Face	27,227,000
Non-Agency Loans \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	27,227,000
Outstanding financing arrangements	$ 27,227,000	29,817,000
Weighted Average Funding Cost	5.47%
Weighted Average Life (Years)	2 months 8 days
Non-Agency Loans \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 32,893,000
Non-Agency Loans \| Securitized Residential Mortgage Loans
Repurchase Agreements [Abstract]
Current Face	415,277,000
Notional balance	3,500,000,000
Non-Agency Loans \| Securitized Residential Mortgage Loans \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	415,277,000
Outstanding financing arrangements	$ 415,277,000	428,657,000
Weighted Average Funding Cost	5.17%
Weighted Average Life (Years)	2 months 12 days
Non-Agency Loans \| Securitized Residential Mortgage Loans \| Securitized Debt
Repurchase Agreements [Abstract]
Current Face	$ 6,144,984,000
Outstanding financing arrangements	$ 5,922,951,000	6,265,540,000
Weighted Average Funding Cost	5.37%
Weighted Average Life (Years)	5 years 8 months 26 days
Non-Agency Loans \| Securitized Residential Mortgage Loans \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 623,149,000
Non-Agency Loans \| Counterparty One and Two
Repurchase Agreements [Abstract]
Maximum borrowing capacity	1,600,000,000
Maximum borrowing capacity committed by lender	50,000,000
Home Equity Loans
Repurchase Agreements [Abstract]
Current Face	87,343,000
Home Equity Loans \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	87,343,000
Outstanding financing arrangements	$ 87,343,000	58,951,000
Weighted Average Funding Cost	6.08%
Weighted Average Life (Years)	3 months
Maximum borrowing capacity	$ 50,000,000
Fair value of collateral pledged	66,200,000
Unpaid Principal Balance	63,700,000
Outstanding financing	$ 0
Advance rate, percentage of unpaid principal balance	87.50%
Home Equity Loans \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 173,207,000
Home Equity Loans \| Securitized Residential Mortgage Loans
Repurchase Agreements [Abstract]
Current Face	64,826,000
Notional balance	265,100,000
Home Equity Loans \| Securitized Residential Mortgage Loans \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	64,826,000
Outstanding financing arrangements	$ 64,826,000	67,752,000
Weighted Average Funding Cost	4.62%
Weighted Average Life (Years)	2 months 12 days
Home Equity Loans \| Securitized Residential Mortgage Loans \| Securitized Debt
Repurchase Agreements [Abstract]
Current Face	$ 712,612,000
Outstanding financing arrangements	$ 735,458,000	817,889,000
Weighted Average Funding Cost	5.67%
Weighted Average Life (Years)	2 years 3 months 10 days
Home Equity Loans \| Securitized Residential Mortgage Loans \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 80,041,000
Re- and Non-Performing Loans \| Securitized Residential Mortgage Loans
Repurchase Agreements [Abstract]
Current Face	27,191,000
Re- and Non-Performing Loans \| Securitized Residential Mortgage Loans \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	27,191,000
Outstanding financing arrangements	$ 27,191,000	27,264,000
Weighted Average Funding Cost	5.72%
Weighted Average Life (Years)	1 month 20 days
Re- and Non-Performing Loans \| Securitized Residential Mortgage Loans \| Securitized Debt
Repurchase Agreements [Abstract]
Current Face	$ 96,400,000
Outstanding financing arrangements	$ 91,299,000	94,494,000
Weighted Average Funding Cost	3.47%
Weighted Average Life (Years)	2 years 9 months 21 days
Re- and Non-Performing Loans \| Securitized Residential Mortgage Loans \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 41,703,000
Agency-Eligible Loans
Repurchase Agreements [Abstract]
Current Face	19,672,000
Agency-Eligible Loans \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	19,672,000
Outstanding financing arrangements	$ 19,672,000	19,490,000
Weighted Average Funding Cost	5.38%
Weighted Average Life (Years)	7 months 17 days
Agency-Eligible Loans \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 21,487,000
Legacy WMC Commercial Loans \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	25,392,000
Outstanding financing arrangements	$ 25,392,000	27,436,000
Weighted Average Funding Cost	6.43%
Weighted Average Life (Years)	5 months 19 days
Legacy WMC Commercial Loans \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 51,504,000
Non-Agency RMBS
Repurchase Agreements [Abstract]
Current Face	154,366,000
Non-Agency RMBS \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	154,366,000
Outstanding financing arrangements	$ 154,366,000	137,386,000
Weighted Average Funding Cost	4.54%
Weighted Average Life (Years)	1 month 24 days
Non-Agency RMBS \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 192,214,000
Legacy WMC CMBS
Repurchase Agreements [Abstract]
Current Face	18,540,000
Unpaid Principal Balance	23,500,000	23,500,000
Legacy WMC CMBS \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	18,540,000
Outstanding financing arrangements	$ 18,540,000	18,540,000
Weighted Average Funding Cost	5.20%
Weighted Average Life (Years)	1 month 28 days
Legacy WMC CMBS \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 42,226,000
Agency RMBS
Repurchase Agreements [Abstract]
Current Face	10,397,000
Agency RMBS \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	10,397,000
Outstanding financing arrangements	$ 10,397,000	10,857,000
Weighted Average Funding Cost	4.29%
Weighted Average Life (Years)	2 months 15 days
Agency RMBS \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 14,990,000
Senior Notes
Repurchase Agreements [Abstract]
Current Face	99,500,000
Outstanding financing arrangements	$ 96,655,000	96,458,000
Weighted Average Funding Cost	10.61%
Weighted Average Life (Years)	3 years 29 days
Long-term debt, fair value	$ 99,600,000
February 2029 Senior Unsecured Notes
Repurchase Agreements [Abstract]
Current Face	34,500,000
Outstanding financing arrangements	$ 33,407,000	33,327,000
Weighted Average Funding Cost	10.79%
Weighted Average Life (Years)	2 years 11 months 1 day
May 2029 Senior Unsecured Notes
Repurchase Agreements [Abstract]
Current Face	$ 65,000,000
Outstanding financing arrangements	$ 63,248,000	63,131,000
Weighted Average Funding Cost	10.52%
Weighted Average Life (Years)	3 years 2 months 1 day
Other assets \| Financing Arrangements
Repurchase Agreements [Abstract]
Current Face	$ 0
Outstanding financing arrangements	$ 0	$ 244,000
Weighted Average Funding Cost	0.00%
Weighted Average Life (Years)	0 years
Other assets \| Asset Pledged as Collateral \| Financing Arrangements
Repurchase Agreements [Abstract]
Collateral Fair Value	$ 0

Earnings per share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per share

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 (in thousands, except per share data).


	Three Months Ended
	March 31, 2026		March 31, 2025
Numerator:
Net Income/(Loss)	$	(3,562)	$	11,477
Dividends on preferred stock	5,153		5,304
Net Income/(Loss) Available to Common Stockholders	$	(8,715)	$	6,173

Denominator:
Basic weighted average common shares outstanding	31,738		29,659
Dilutive effect of restricted stock units (1)	—		29
Diluted weighted average common shares outstanding	31,738		29,688

Earnings/(Loss) Per Share
Basic	$	(0.27)	$	0.21
Diluted	$	(0.27)	$	0.21

(1)Restricted stock units issued to certain directors of 16 thousand were excluded from the computation of diluted earnings per share because its effect would be anti-dilutive for the three months ended March 31, 2026.

Dividends

The following tables detail the Company's common stock dividends declared during the three months ended March 31, 2026 and 2025.

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

Declaration Date

Record Date

Payment Date

Cash Dividend Per Share

Declaration Date

Record Date

Payment Date

Cash Dividend Per Share

3/16/2026

3/31/2026

4/30/2026

0.24

3/17/2025

3/31/2025

4/30/2025

0.20

The following tables detail the Company's preferred stock dividends declared and paid during the three months ended March 31, 2026 and 2025.


2026			Cash Dividend Per Share
Declaration Date	Record Date	Payment Date	8.25% Series A		8.00% Series B		8.000% Series C
2/13/2026	2/27/2026	3/17/2026	$	0.51563	$	0.50	$	0.652391




2025			Cash Dividend Per Share
Declaration Date	Record Date	Payment Date	8.25% Series A		8.00% Series B		8.000% Series C
2/14/2025	2/28/2025	3/17/2025	$	0.51563	$	0.50	$	0.693062

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 29, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-35151
Entity Registrant Name	TPG MORTGAGE INVESTMENT TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-5254382
Entity Address, Address Line One	245 Park Avenue
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10167
City Area Code	212
Local Phone Number	692-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,803,475
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001514281
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	MITT
Security Exchange Name	NYSE
8.25% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.25% Series A Cumulative Redeemable Preferred Stock
Trading Symbol	MITT PrA
Security Exchange Name	NYSE
8.00% Series B Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.00% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	MITT PrB
Security Exchange Name	NYSE
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol	MITT PrC
Security Exchange Name	NYSE
February 2029 Senior Unsecured Notes
Document Information [Line Items]
Title of 12(b) Security	9.500% Senior Notes due 2029
Trading Symbol	MITN
Security Exchange Name	NYSE
May 2029 Senior Unsecured Notes
Document Information [Line Items]
Title of 12(b) Security	9.500% Senior Notes due 2029
Trading Symbol	MITP
Security Exchange Name	NYSE

Fair value measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Assets:

Derivative assets

$ 6,289

$ 5,395

Cash equivalents

47,232

55,979

Other assets

1,392

Total Assets Measured at Fair Value

8,205,410

8,626,366

Liabilities:

Securitized debt

(6,749,708)

(7,177,923)

Derivative liabilities

(814)

(1,169)

Total Liabilities Measured at Fair Value

(6,750,522)

(7,179,092)

AG Arc

Assets:

AG Arc

52,334

50,016

Interest Rate Swaps

Assets:

Derivative assets

$ 0

Liabilities:

Derivative asset, reduction in fair value related to variation margin

6,200

5,300

Derivative liabilities, reduction related to variation margin

800

1,200

Residential mortgage loans | Securitized residential mortgage loans

Assets:

Mortgage loans

^[1]

7,538,748

7,999,619

Residential mortgage loans | VIE, Not Primary Beneficiary

Assets:

Mortgage loans

228,524

199,677

Legacy WMC Commercial Loans

Assets:

Legacy WMC Commercial Loans

51,504

55,376

Non-Agency RMBS

Assets:

Debt securities, available for sale

221,477

201,381

Legacy WMC CMBS

Assets:

Legacy WMC Commercial Loans

5,100

6,300

Debt securities, available for sale

42,250

42,565

Agency RMBS

Assets:

Debt securities, available for sale

15,660

16,358

Level 1

Assets:

Derivative assets

Cash equivalents

47,232

55,979

Other assets

1,392

Total Assets Measured at Fair Value

48,624

55,979

Liabilities:

Securitized debt

Derivative liabilities

Total Liabilities Measured at Fair Value

Level 1 | AG Arc

Assets:

AG Arc

Level 1 | Residential mortgage loans | Securitized residential mortgage loans

Assets:

Mortgage loans

Level 1 | Residential mortgage loans | VIE, Not Primary Beneficiary

Assets:

Mortgage loans

Level 1 | Legacy WMC Commercial Loans

Assets:

Legacy WMC Commercial Loans

Level 1 | Non-Agency RMBS

Assets:

Debt securities, available for sale

Level 1 | Legacy WMC CMBS

Assets:

Debt securities, available for sale

Level 1 | Agency RMBS

Assets:

Debt securities, available for sale

Level 2

Assets:

Derivative assets

6,289

5,395

Cash equivalents

Other assets

Total Assets Measured at Fair Value

75,049

75,234

Liabilities:

Securitized debt

Derivative liabilities

(814)

(1,169)

Total Liabilities Measured at Fair Value

(814)

(1,169)

Level 2 | AG Arc

Assets:

AG Arc

Level 2 | Residential mortgage loans | Securitized residential mortgage loans

Assets:

Mortgage loans

Level 2 | Residential mortgage loans | VIE, Not Primary Beneficiary

Assets:

Mortgage loans

937

1,081

Level 2 | Legacy WMC Commercial Loans

Assets:

Legacy WMC Commercial Loans

Level 2 | Non-Agency RMBS

Assets:

Debt securities, available for sale

9,913

9,835

Level 2 | Legacy WMC CMBS

Assets:

Debt securities, available for sale

42,250

42,565

Level 2 | Agency RMBS

Assets:

Debt securities, available for sale

15,660

16,358

Assets:

Total Assets Measured at Fair Value

8,081,737

8,495,153

Liabilities:

Securitized debt

(6,749,708)

(7,177,923)

Derivative liabilities

Total Liabilities Measured at Fair Value

(6,749,708)

(7,177,923)

Level 3 | AG Arc

Assets:

AG Arc

52,334

50,016

Level 3 | Residential mortgage loans | Securitized residential mortgage loans

Assets:

Mortgage loans

7,538,748

7,999,619

Level 3 | Residential mortgage loans | VIE, Not Primary Beneficiary

Assets:

Mortgage loans

227,587

198,596

Level 3 | Legacy WMC Commercial Loans

Assets:

Legacy WMC Commercial Loans

51,504

55,376

Level 3 | Non-Agency RMBS

Assets:

Debt securities, available for sale

211,564

191,546

Level 3 | Legacy WMC CMBS

Assets:

Debt securities, available for sale

Level 3 | Agency RMBS

Assets:

Debt securities, available for sale

$ 0

[1]

Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

Stock repurchase programs

On August 3, 2022, the Company's Board of Directors authorized a stock repurchase program (the "2022 Repurchase Program") to repurchase up to $15.0 million of the Company’s outstanding common stock. The 2022 Repurchase Program does not have an expiration date and permits the Company to repurchase its shares through various methods, including open market repurchases, privately negotiated block transactions and Rule 10b5-1 plans. The Company may repurchase shares of its common stock from time to time in compliance with SEC regulations and other legal requirements. The extent to which the Company repurchases its shares, and the timing, manner, price, and amount of any such repurchases, will depend upon a variety of factors including market conditions and other corporate considerations as determined by the Company’s management, as well as the limits of the 2022 Repurchase Program and the Company's liquidity and business strategy. The 2022 Repurchase Program does not obligate the Company to acquire any particular amount of shares and may be modified or discontinued at any time. As of March 31, 2026, approximately $1.5 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program. The Company did not repurchase common stock during the three months ended March 31, 2026 and 2025.

On May 4, 2023, the Company's Board of Directors authorized a stock repurchase program (the "2023 Repurchase Program") to repurchase up to $15.0 million of the Company’s outstanding common stock on substantially the same terms as the 2022 Repurchase Program. As of March 31, 2026, the full $15.0 million authorized amount remains available for repurchase under the 2023 Repurchase Program. This authorization is in addition to the amount remaining under the 2022 Repurchase Program.

On February 22, 2021, the Company's Board of Directors authorized a stock repurchase program (the "Preferred Repurchase Program") pursuant to which the Company's Board of Directors granted a repurchase authorization to acquire shares of the Company's 8.25% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"), 8.00% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock"), and 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") having an aggregate value of up to $20.0 million. No share repurchases under the Preferred Repurchase Program have been made since its authorization.

Shares of stock repurchased by the Company under any repurchase program, if any, will be cancelled and, until reissued by the Company, will be deemed to be authorized but unissued shares of its stock as required by Maryland law. The cost of the acquisition by the Company of shares of its own stock in excess of the aggregate par value of the shares first reduces additional paid-in capital, to the extent available, with any residual cost applied against retained earnings.

Restricted stock grants

Equity Incentive Plans

On May 5, 2025, following approval by stockholders at the Company’s annual stockholders meeting, the Company’s 2025 Equity Incentive Plan (the “2025 Equity Incentive Plan”) became effective. The maximum number of shares of the Company’s common stock that could be issued under the 2025 Equity Incentive Plan was 800,000 shares of common stock, plus 220,781 shares of common stock (which reflects the number of shares that remained available for issuance under the equity incentive plan approved in 2020 (the “2020 Equity Incentive Plan”) as of May 4, 2025), plus 86,666 shares of common stock that remained subject to outstanding awards under the 2020 Equity Incentive Plan but only to the extent that such shares become forfeited or otherwise lapse. As a result of the adoption of the 2025 Equity Incentive Plan, no additional awards will be granted under the 2020 Equity Incentive Plan (although awards previously made under the 2020 Equity Incentive Plan will remain in effect subject to the terms of the 2020 Equity Incentive Plan and the applicable award agreement).

Since inception of the 2025 Equity Incentive Plan and through March 31, 2026, the Company has granted an aggregate 35,586 shares of restricted common stock and 1,278 dividend equivalent units to its independent directors, all of which have vested. As of March 31, 2026, there were 983,917 remaining shares available to be issued under the 2025 Equity Incentive Plan.

As of March 31, 2026, the Company has 12,981 restricted stock units and 3,327 associated dividend equivalent units outstanding, all of which are fully vested and held by one of the Company’s independent directors. These units will be settled on a one-for-one basis in shares of the Company's common stock upon the director's separation from service with the Company.

Manager Equity Incentive Plans

Following approval of the Company's stockholders at its 2021 annual meeting of stockholders, the AG Mortgage Investment Trust, Inc. 2021 Manager Equity Incentive Plan (the "2021 Manager Plan") became effective on April 7, 2021 and provides for a maximum of 573,425 shares of common stock that may be subject to awards thereunder to the Manager. As of March 31, 2026, there were no shares or awards issued under the 2021 Manager Plan. Following the execution of the Third Amendment to the management agreement in November 2021 related to the incentive fee, the Company's compensation committee no longer expects to continue its historical practice of making periodic equity grants to the Manager pursuant to the 2021 Manager Plan.

Equity distribution agreements

The Company has entered into separate equity distribution agreements (the "2024 Equity Distribution Agreements") with each of BTIG, LLC, JonesTrading Institutional Services LLC, Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. (collectively, the "2024 Sales Agents"), pursuant to which the Company may sell up to $75.0 million aggregate offering price of shares of its common stock from time to time through an "at-the-market" equity offering program under which the 2024 Sales Agents will act as sales agent. The Company did not issue any shares of common stock under its 2024 Equity Distribution Agreements during the three months ended March 31, 2026 and 2025.

Shelf registration statement

On March 26, 2024, the Company filed a new shelf registration statement, registering up to $1.0 billion of its securities, including capital stock (the "2024 Registration Statement"). The 2024 Registration Statement was declared effective on April 9, 2024 and will generally remain effective for three years. Upon effectiveness of the 2024 Registration Statement, the Company's previous S-3 registration statement filed in 2021 was terminated.

Acquisition of additional interest in AG Arc

On August 1, 2025, in connection with the acquisition of an additional 21.4% interest in AG Arc, the Company issued 2,027,676 restricted shares of the Company’s common stock (the “Holder Shares”) to certain funds managed by an affiliate of TPG (the “Holders”) as consideration. Refer to Note 10 for additional information. Pursuant to the registration rights agreement the Company entered into with the Holders, in August 2025, the Company filed a resale shelf registration statement on Form S-3 registering the resale of all the Holder Shares, which was declared effective by the Securities and Exchange Commission in August 2025. As March 31, 2026, the Holders no longer hold any shares of the Company’s common stock.

Preferred stock

The Company is authorized to designate and issue up to 50.0 million shares of preferred stock, par value $0.01 per share, in one or more classes or series. As of March 31, 2026 and December 31, 2025, there were 1.7 million, 3.7 million, and 3.7 million of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, respectively, issued and outstanding.

The following table includes a summary of preferred stock issued and outstanding as of March 31, 2026 ($ and shares in thousands).


Preferred Stock Series	Issuance Date	Shares Outstanding	Carrying Value		Aggregate Liquidation Preference (1)		Optional Redemption Date (2)	Rate (3)
Series A Preferred Stock	August 3, 2012	1,663	$	40,110	$	41,580	August 3, 2017	8.25%
Series B Preferred Stock	September 27, 2012	3,728	90,187		93,191		September 17, 2017	8.00%
Series C Preferred Stock	September 17, 2019	3,729	90,175		93,220		September 17, 2024	(4)
Total		9,120	$	220,472	$	227,991

(1)The Company's Preferred Stock has a liquidation preference of $25.00 per share.

(2)Shares have no stated maturity and are not subject to any sinking fund or mandatory redemption. Shares of the Company’s Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at the Company’s option.

(3)Dividends are payable quarterly in arrears on the 17th day of each March, June, September, and December and holders are entitled to receive cumulative cash dividends at the respective stated rate per annum before holders of common stock are entitled to receive any cash dividends.

(4)The initial dividend rate for the Series C Preferred Stock, from and including the date of original issue to, but not including, September 17, 2024, was 8.000% per annum of the $25.00 per share liquidation preference. On and after September 17, 2024, dividends on the Series C Preferred Stock accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the three-month CME Term SOFR (plus a tenor spread adjustment of 0.26161%) plus a spread of 6.476%. Pursuant to the terms of the Series C Preferred Stock, the Company has appointed a calculation agent to determine the floating rate. The calculation agent may also implement changes to the business day convention, the definition of business day, the dividend determination date, and any method for obtaining the substitute or successor base rate if such rate is unavailable on the relevant business day, in a manner that is consistent with industry accepted practices.

The Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock voting together as a single class with the holders of all other classes or series of its preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of any series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock whose terms are being changed.

- Definition

The entire disclosure for equity.

+ References

+ Details

Segment Reporting - Schedule of Reportable Operating Segments (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting, Asset Reconciling Item [Line Items]

Interest income

$ 129,808

$ 109,130

Interest expense

109,165

90,281

Total Net Interest Income

20,643

18,849

Total Other Income/(Loss)

(16,176)

1,549

Management fee to affiliate

2,319

2,327

Non-investment related expenses

^[1]

2,656

3,280

Investment related expenses

^[1]

4,298

3,410

Transaction related expenses

^[1]

574

1,061

Total Expenses

9,847

10,078

Income/(loss) before equity in earnings/(loss) from affiliates

(5,380)

10,320

Equity in earnings/(loss) from affiliates

2,000

1,185

Income/(Loss) before Income Taxes

(3,380)

11,505

Income tax expense

182

Net Income/(Loss)

(3,562)

11,477

Dividends on preferred stock

5,153

5,304

Net Income/(Loss) Available to Common Stockholders

(8,715)

6,173

Unrealized gain (loss) on investments

1,858

(6,404)

Other

Segment Reporting, Asset Reconciling Item [Line Items]

Interest income

395

1,078

Interest expense

2,560

2,540

Total Net Interest Income

(2,165)

(1,462)

Total Other Income/(Loss)

Management fee to affiliate

2,319

2,327

Non-investment related expenses

2,656

3,280

Investment related expenses

Transaction related expenses

200

Total Expenses

5,175

5,607

Income/(loss) before equity in earnings/(loss) from affiliates

(7,340)

(7,069)

Equity in earnings/(loss) from affiliates

Income/(Loss) before Income Taxes

(7,340)

(7,069)

Income tax expense

Net Income/(Loss)

(7,340)

(7,069)

Dividends on preferred stock

5,153

5,304

Net Income/(Loss) Available to Common Stockholders

(12,493)

(12,373)

Loans and Securities | Operating Segments

Segment Reporting, Asset Reconciling Item [Line Items]

Interest income

129,413

108,052

Interest expense

106,605

87,741

Total Net Interest Income

22,808

20,311

Total Other Income/(Loss)

(16,176)

1,549

Management fee to affiliate

Non-investment related expenses

Investment related expenses

4,298

3,410

Transaction related expenses

374

1,061

Total Expenses

4,672

4,471

Income/(loss) before equity in earnings/(loss) from affiliates

1,960

17,389

Equity in earnings/(loss) from affiliates

(312)

(191)

Income/(Loss) before Income Taxes

1,648

17,198

Income tax expense

182

Net Income/(Loss)

1,466

17,170

Dividends on preferred stock

Net Income/(Loss) Available to Common Stockholders

1,466

17,170

Arc Home

Segment Reporting, Asset Reconciling Item [Line Items]

Unrealized gain (loss) on investments

1,100

1,400

Arc Home | Operating Segments

Segment Reporting, Asset Reconciling Item [Line Items]

Interest income

Interest expense

Total Net Interest Income

Total Other Income/(Loss)

Management fee to affiliate

Non-investment related expenses

Investment related expenses

Transaction related expenses

Total Expenses

Income/(loss) before equity in earnings/(loss) from affiliates

Equity in earnings/(loss) from affiliates

2,312

1,376

Income/(Loss) before Income Taxes

2,312

1,376

Income tax expense

Net Income/(Loss)

2,312

1,376

Dividends on preferred stock

Net Income/(Loss) Available to Common Stockholders

$ 2,312

$ 1,376

[1]	Refer to Note 10 for additional details on related party transactions.

Fair value measurements - Schedule of Valuation Techniques (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 279,387	$ 260,304
Level 3 \| Residential mortgage loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	227,587	198,596
Level 3 \| Residential mortgage loans \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 7,538,748	$ 7,999,619
Level 3 \| Residential mortgage loans \| Yield \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0250	0.0539
Level 3 \| Residential mortgage loans \| Yield \| Minimum \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0536	0.0513
Level 3 \| Residential mortgage loans \| Yield \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1103	0.1161
Level 3 \| Residential mortgage loans \| Yield \| Maximum \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1827	0.1810
Level 3 \| Residential mortgage loans \| Yield \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0696	0.0708
Level 3 \| Residential mortgage loans \| Yield \| Weighted Average \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0597	0.0578
Level 3 \| Residential mortgage loans \| Projected Collateral Prepayments \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0099	0.0198
Level 3 \| Residential mortgage loans \| Projected Collateral Prepayments \| Minimum \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0468	0.0492
Level 3 \| Residential mortgage loans \| Projected Collateral Prepayments \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.3613	0.3346
Level 3 \| Residential mortgage loans \| Projected Collateral Prepayments \| Maximum \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.2200	0.2200
Level 3 \| Residential mortgage loans \| Projected Collateral Prepayments \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1612	0.1606
Level 3 \| Residential mortgage loans \| Projected Collateral Prepayments \| Weighted Average \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1012	0.1009
Level 3 \| Residential mortgage loans \| Projected Collateral Losses \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0000	0.0000
Level 3 \| Residential mortgage loans \| Projected Collateral Losses \| Minimum \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0000	0.0000
Level 3 \| Residential mortgage loans \| Projected Collateral Losses \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.3431	0.1829
Level 3 \| Residential mortgage loans \| Projected Collateral Losses \| Maximum \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0176	0.0177
Level 3 \| Residential mortgage loans \| Projected Collateral Losses \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0176	0.0147
Level 3 \| Residential mortgage loans \| Projected Collateral Losses \| Weighted Average \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0008	0.0009
Level 3 \| Residential mortgage loans \| Projected Collateral Severities \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0109	0.0443
Level 3 \| Residential mortgage loans \| Projected Collateral Severities \| Minimum \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1000	0.1000
Level 3 \| Residential mortgage loans \| Projected Collateral Severities \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.2000	1.0000
Level 3 \| Residential mortgage loans \| Projected Collateral Severities \| Maximum \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	1.0000	1.0000
Level 3 \| Residential mortgage loans \| Projected Collateral Severities \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.1761	0.1779
Level 3 \| Residential mortgage loans \| Projected Collateral Severities \| Weighted Average \| Securitized Residential Mortgage Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.2788	0.2823
Level 3 \| Legacy WMC Commercial Loans \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 51,504	$ 55,376
Level 3 \| Legacy WMC Commercial Loans \| Yield \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0642	0.0595
Level 3 \| Legacy WMC Commercial Loans \| Yield \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0731	0.0695
Level 3 \| Legacy WMC Commercial Loans \| Yield \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0667	0.0668
Level 3 \| Legacy WMC Commercial Loans \| Credit Spread \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0260	0.0231
Level 3 \| Legacy WMC Commercial Loans \| Credit Spread \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0356	0.0325
Level 3 \| Legacy WMC Commercial Loans \| Credit Spread \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.0288	0.0300
Level 3 \| Legacy WMC Commercial Loans \| Recovery Percentage \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.6833	0.6833
Level 3 \| Legacy WMC Commercial Loans \| Recovery Percentage \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.8555	0.9329
Level 3 \| Legacy WMC Commercial Loans \| Recovery Percentage \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	0.8060	0.8662
Level 3 \| Non-Agency RMBS \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 211,564	$ 191,546
Level 3 \| Non-Agency RMBS \| Yield \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0514	0.0483
Level 3 \| Non-Agency RMBS \| Yield \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1600	0.2000
Level 3 \| Non-Agency RMBS \| Yield \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0739	0.0756
Level 3 \| Non-Agency RMBS \| Projected Collateral Prepayments \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0781	0.0755
Level 3 \| Non-Agency RMBS \| Projected Collateral Prepayments \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1324	0.1523
Level 3 \| Non-Agency RMBS \| Projected Collateral Prepayments \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1102	0.1123
Level 3 \| Non-Agency RMBS \| Projected Collateral Losses \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0000	0.0000
Level 3 \| Non-Agency RMBS \| Projected Collateral Losses \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0050	0.0038
Level 3 \| Non-Agency RMBS \| Projected Collateral Losses \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.0011	0.0006
Level 3 \| Non-Agency RMBS \| Projected Collateral Severities \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.1000	0.1000
Level 3 \| Non-Agency RMBS \| Projected Collateral Severities \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	1.0000	1.0000
Level 3 \| Non-Agency RMBS \| Projected Collateral Severities \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, measurement input	0.6204	0.5687
Level 3 \| AG Arc \| Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 52,334	$ 50,016
Level 3 \| AG Arc \| Book Value Multiple \| Minimum \| Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	1.05	1.025
Level 3 \| AG Arc \| Book Value Multiple \| Maximum \| Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	1.05	1.025
Level 3 \| AG Arc \| Book Value Multiple \| Weighted Average \| Comparable Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, measurement input	1.05	1.025
Level 3 \| Securitized Debt \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ (6,749,708)	$ (7,177,923)
Level 3 \| Securitized Debt \| Yield \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0476	0.0437
Level 3 \| Securitized Debt \| Yield \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.3000	0.3000
Level 3 \| Securitized Debt \| Yield \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0565	0.0542
Level 3 \| Securitized Debt \| Projected Collateral Prepayments \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0468	0.0492
Level 3 \| Securitized Debt \| Projected Collateral Prepayments \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.2200	0.2200
Level 3 \| Securitized Debt \| Projected Collateral Prepayments \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.1009	0.1009
Level 3 \| Securitized Debt \| Projected Collateral Losses \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0000	0.0000
Level 3 \| Securitized Debt \| Projected Collateral Losses \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0050	0.0050
Level 3 \| Securitized Debt \| Projected Collateral Losses \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.0008	0.0008
Level 3 \| Securitized Debt \| Projected Collateral Severities \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.1000	0.1000
Level 3 \| Securitized Debt \| Projected Collateral Severities \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	1.0000	1.0000
Level 3 \| Securitized Debt \| Projected Collateral Severities \| Weighted Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, measurement input	0.2746	0.2779

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Loans - Schedule of Sold Residential Mortgage Loans (Details) - Residential Portfolio Segment $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) loan	Mar. 31, 2025 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| loan		109
Proceeds		$ 20,428
Realized Gains		1,173
Realized Losses		$ (2,301)
Home Equity Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| loan	601
Proceeds	$ 49,375
Realized Gains	26
Realized Losses	$ (25)
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| loan		21
Proceeds		$ 11,336
Realized Gains		341
Realized Losses		$ (1,152)
Re- and Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans \| loan		88
Proceeds		$ 9,092
Realized Gains		832
Realized Losses		$ (1,149)

Loans - Schedule of Commercial Loans Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current Face	$ 7,903,727
Legacy WMC Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Legacy WMC Commercial Loans	51,504	$ 55,376
Commercial Portfolio Segment \| Legacy WMC Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	67,204	67,204
Premium / (Discount)	(1,185)	(791)
Amortized Cost	66,019	66,413
Gross Unrealized Losses	(14,515)	(11,037)
Legacy WMC Commercial Loans	$ 51,504	$ 55,376
Weighted Average Coupon	7.60%	7.71%
Weighted Average Yield	0.00%	0.00%
LTV	65.06%	65.69%
Current Face	$ 25,400
Commercial Portfolio Segment \| Loan A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	7,259	$ 7,259
Premium / (Discount)	(29)	(29)
Amortized Cost	7,230	7,230
Gross Unrealized Losses	(1,308)	(684)
Legacy WMC Commercial Loans	$ 5,922	$ 6,546
Weighted Average Coupon	7.87%	7.98%
Weighted Average Yield	0.00%	0.00%
LTV	61.63%	61.63%
Floating coupon rate	4.20%	4.20%
Commercial Portfolio Segment \| Loan B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 13,206	$ 13,206
Premium / (Discount)	(52)	(52)
Amortized Cost	13,154	13,154
Gross Unrealized Losses	(2,381)	(1,244)
Legacy WMC Commercial Loans	$ 10,773	$ 11,910
Weighted Average Coupon	7.87%	7.98%
Weighted Average Yield	0.00%	0.00%
LTV	75.33%	75.33%
Floating coupon rate	4.20%	4.20%
Commercial Portfolio Segment \| Loan C
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 24,535	$ 24,535
Premium / (Discount)	(99)	(99)
Amortized Cost	24,436	24,436
Gross Unrealized Losses	(4,422)	(2,310)
Legacy WMC Commercial Loans	$ 20,014	$ 22,126
Weighted Average Coupon	7.87%	7.98%
Weighted Average Yield	0.00%	0.00%
LTV	77.22%	77.22%
Floating coupon rate	4.20%	4.20%
Commercial Portfolio Segment \| Loan D
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 22,204	$ 22,204
Premium / (Discount)	(1,005)	(611)
Amortized Cost	21,199	21,593
Gross Unrealized Losses	(6,404)	(6,799)
Legacy WMC Commercial Loans	$ 14,795	$ 14,794
Weighted Average Coupon	7.05%	7.16%
Weighted Average Yield	0.00%	0.00%
LTV	42.50%	42.50%
Floating coupon rate	3.38%	3.38%

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2026, the Company was not involved in any material legal proceedings.

The below table details the Company's outstanding commitments as of March 31, 2026 (in thousands).


Commitment type	Date of Commitment	Total Commitment		Funded Commitment		Remaining Commitment

Home Equity Loans (1)	Various	$	184,598	$	166,703	$	17,895

Earnings per share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	Three Months Ended
	March 31, 2026		March 31, 2025
Numerator:
Net Income/(Loss)	$	(3,562)	$	11,477
Dividends on preferred stock	5,153		5,304
Net Income/(Loss) Available to Common Stockholders	$	(8,715)	$	6,173

Denominator:
Basic weighted average common shares outstanding	31,738		29,659
Dilutive effect of restricted stock units (1)	—		29
Diluted weighted average common shares outstanding	31,738		29,688

Earnings/(Loss) Per Share
Basic	$	(0.27)	$	0.21
Diluted	$	(0.27)	$	0.21

Schedule of Dividends Declared and Paid

The following tables detail the Company's common stock dividends declared during the three months ended March 31, 2026 and 2025.

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

Declaration Date

Record Date

Payment Date

Cash Dividend Per Share

Declaration Date

Record Date

Payment Date

Cash Dividend Per Share

3/16/2026

3/31/2026

4/30/2026

0.24

3/17/2025

3/31/2025

4/30/2025

0.20

The following tables detail the Company's preferred stock dividends declared and paid during the three months ended March 31, 2026 and 2025.


2026			Cash Dividend Per Share
Declaration Date	Record Date	Payment Date	8.25% Series A		8.00% Series B		8.000% Series C
2/13/2026	2/27/2026	3/17/2026	$	0.51563	$	0.50	$	0.652391




2025			Cash Dividend Per Share
Declaration Date	Record Date	Payment Date	8.25% Series A		8.00% Series B		8.000% Series C
2/14/2025	2/28/2025	3/17/2025	$	0.51563	$	0.50	$	0.693062

Real Estate Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Real Estate Securities

The following tables detail the Company’s real estate securities portfolio by collateral type as of March 31, 2026 and December 31, 2025 ($ in thousands). The Company’s real estate securities include its interest in VIEs in which the Company has concluded that it is not the primary beneficiary and, as a result, did not consolidate the VIEs. The gross unrealized gains/(losses) in the tables below represent inception to date unrealized gains/(losses) since acquisition.


	Current Face (1)		Premium/ (Discount) (1)		Amortized Cost		Gross Unrealized				Fair Value (2)		Weighted Average
March 31, 2026							Gains		Losses				Coupon (3)		Yield (4)		Life (Years) (5)
Non-Agency RMBS
Non-QM Loans (6)	$	48,814	$	(2,043)	$	48,501	$	767	$	(2,258)	$	47,010	3.30	%	6.40	%	2.92
Agency-Eligible Loans (7)	42,760		(2,558)		40,784		1,701		(176)		42,309		3.61	%	7.39	%	6.39
Home Equity Loans (7)	106,195		(3,851)		123,278		5,942		(371)		128,849		5.47	%	9.40	%	5.25
Prime Jumbo Loans	4,281		(1,604)		2,678		631		—		3,309		4.44	%	8.83	%	17.94
Total Non-Agency RMBS	202,050		(10,056)		215,241		9,041		(2,805)		221,477		4.25	%	8.33	%	5.06

Legacy WMC CMBS (8)	82,573		(35,707)		46,866		5,305		(9,921)		42,250		5.92	%	16.66	%	1.74







Agency RMBS Interest Only	N/A		N/A		16,024		347		(711)		15,660		4.54	%	8.06	%	5.44


Total as of March 31, 2026	$	284,623	$	(45,763)	$	278,131	$	14,693	$	(13,437)	$	279,387	4.62	%	9.72	%	4.74


	Current Face (1)		Premium / (Discount) (1)		Amortized Cost		Gross Unrealized				Fair Value (2)		Weighted Average
December 31, 2025							Gains		Losses				Coupon (3)		Yield (4)		Life (Years) (5)
Non-Agency RMBS
Non-QM Loans (6)	$	48,814	$	(2,160)	$	48,526	$	816	$	(2,379)	$	46,963	3.11	%	6.66	%	3.57
Agency-Eligible Loans (7)	44,491		(2,656)		42,439		1,841		(117)		44,163		3.57	%	7.41	%	6.74
Home Equity Loans (7)	84,647		(2,018)		99,617		7,514		(189)		106,942		5.55	%	10.47	%	5.51
Prime Jumbo Loans	4,256		(1,616)		2,640		673		—		3,313		4.49	%	8.82	%	18.36
Total Non-Agency RMBS	182,208		(8,450)		193,222		10,844		(2,685)		201,381		4.09	%	8.82	%	5.39

Legacy WMC CMBS (8)	82,962		(37,015)		45,947		5,814		(9,196)		42,565		5.95	%	15.30	%	1.73




Agency RMBS Interest Only	N/A		N/A		16,630		249		(521)		16,358		4.57	%	7.30	%	5.17

Total as of December 31, 2025	$	265,170	$	(45,465)	$	255,799	$	16,907	$	(12,402)	$	260,304	4.55	%	9.89	%	4.93

(1)Current Face and Premium/(Discount) exclude Interest Only securities, which have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of March 31, 2026, the notional balance of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $63.2 million, $37.8 million, $290.8 million, and $82.7 million, respectively. As of December 31, 2025, the notional value of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $66.3 million, $40.4 million, $249.1 million, and $85.0 million, respectively.

(2)The fair value of the securities held in unconsolidated VIEs represents the Company’s maximum loss exposure in unconsolidated VIEs. The Company generally has no obligation to provide any other explicit or implicit support to unconsolidated VIEs. Refer to Note 12 for commitments related to the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund.

(3)Equity residual investments with a zero coupon rate are excluded from this calculation.

(4)The weighted average yields are calculated based on the amortized cost of the underlying securities.

(5)Actual maturities may be shorter or longer than stated contractual maturities. Maturities are affected by prepayments of principal.

(6)Certain Non-Agency RMBS include securities issued under Gold Creek Asset Trust ("GCAT"), which is the TPG securitization shelf under which the Company or private funds under the management of TPG securitize loans. These securities were retained from rated Non-QM Loan securitizations the Company participated in alongside private funds managed by TPG. The Company’s interest in the retained tranches represents its continuing involvement in these securitization trusts. As of March 31, 2026 and December 31, 2025, the Company’s Non-QM Loans includes $42.4 million and $42.4 million of retained securities from these transactions, respectively.

(7)For certain Non-Agency RMBS, the Company acted as a co-sponsor alongside an unrelated third party of rated securitizations. As the co-sponsor, the Company retained an "eligible vertical interest" to comply with risk retention rules which consists of at least 5% of each class of securities issued in the securitizations and represents the Company’s continuing involvement in these securitization trusts. The remaining tranches were sold to third parties and certain private funds managed by TPG or its affiliates, or were retained by the Company. As of March 31, 2026 and December 31, 2025, the Company’s Agency-Eligible Loans includes $40.3 million and $42.2 million of retained securities from these transactions, respectively. As of March 31, 2026 and December 31, 2025, the Company’s Home Equity Loans includes $102.7 million and $78.7 million of retained securities from these transactions, respectively.

(8)As of March 31, 2026 and December 31, 2025, there are Legacy WMC CMBS with an unpaid principal balance of $23.5 million and $23.5 million, respectively, and a fair value of $5.1 million and $6.3 million, respectively, which are on non-accrual or cost recovery status.

The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of March 31, 2026 and December 31, 2025 (in thousands).


March 31, 2026	Non-Agency RMBS				Legacy WMC CMBS				Agency RMBS			Real Estate Securities Total
Weighted Average Life (1)	Fair Value		Amortized Cost		Fair Value		Amortized Cost			Fair Value		Amortized Cost		Fair Value		Amortized Cost
Less than or equal to one year	$	—	$	—	$	4,694	$	8,617		$	—	$	—	$	4,694	$	8,617
Greater than one year and less than or equal to five years	155,310		153,971		37,556		38,249			626		579		193,492		192,799
Greater than five years and less than or equal to ten years	44,475		40,340		—		—			15,034		15,445		59,509		55,785
Greater than ten years	21,692		20,930		—		—			—		—		21,692		20,930
Total as of March 31, 2026	$	221,477	$	215,241	$	42,250	$	46,866		$	15,660	$	16,024	$	279,387	$	278,131


December 31, 2025	Non-Agency RMBS				Legacy WMC CMBS				Agency RMBS				Real Estate Securities Total
Weighted Average Life (1)	Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost
Less than or equal to one year	$	—	$	—	$	4,921	$	8,589	$	—	$	—	$	4,921	$	8,589
Greater than one year and less than or equal to five years	98,432		96,270		37,644		37,358		838		600		136,914		134,228
Greater than five years and less than or equal to ten years	80,653		75,378		—		—		15,520		16,030		96,173		91,408
Greater than ten years	22,296		21,574		—		—		—		—		22,296		21,574
Total as of December 31, 2025	$	201,381	$	193,222	$	42,565	$	45,947	$	16,358	$	16,630	$	260,304	$	255,799

(1)This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.

The Company did not sell any real estate securities during the three months ended March 31, 2026. The Company sold real estate securities during the three months ended March 31, 2025 as detailed below ($ in thousands).


	Three Months Ended
	Number of Securities	Proceeds		Realized Gains		Realized Losses






March 31, 2025
Agency RMBS	1	$	1,894	$	241	$	—
Non-Agency RMBS	1	778		37		—

Total	2	$	2,672	$	278	$	—

Income Taxes - Schedule of Excise tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Excise tax expense	$ 0	$ 89

Segment Reporting - Assets by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 8,288,315	$ 8,711,530
Liabilities	7,743,919	8,150,796
Total Equity	544,396	560,734	$ 543,870	$ 543,423
Operating Segments \| Loans and Securities
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	8,184,568	8,600,220
Liabilities	7,633,542	8,039,534
Total Equity	551,026	560,686
Operating Segments \| Purchase of AG Arc
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	52,334	50,016
Liabilities	0	0
Total Equity	52,334	50,016
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	51,413	61,294
Liabilities	110,377	111,262
Total Equity	$ (58,964)	$ (49,968)

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Financing - Narrative (Details) $ in Thousands	May 15, 2024 USD ($)	Jan. 26, 2024 USD ($)	Mar. 31, 2026 USD ($) counterparty	Dec. 31, 2025 counterparty
Debt Instrument [Line Items]
Number of counterparties with outstanding debt \| counterparty			6	6
February 2029 Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt face amount		$ 34,500	$ 34,500
Interest rate		9.50%	9.50%
Proceeds from issuance of senior unsecured notes		$ 32,800
May 2029 Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt face amount	$ 65,000		$ 65,000
Interest rate	9.50%		9.50%
Proceeds from issuance of senior unsecured notes	$ 62,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Federal	$ 82	$ 0
State and Local	100	28
Income Tax Expense	$ 182	$ 28

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Financing - Schedule of Interest Expense Incurred Convertible Notes and Senior Unsecured Notes (Details) - Senior Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Repurchase Agreement [Line Items]
Coupon interest expense	$ 2,363	$ 2,363
Amortization expense	197	177
Total interest expense	$ 2,560	$ 2,540

Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Assets

Real estate securities, at fair value - $249,430 and $231,894 pledged as collateral, respectively

$ 279,387

$ 260,304

Cash and cash equivalents

49,307

57,832

Restricted cash

18,415

18,489

Other assets - $0 and $319 pledged as collateral, respectively

60,656

58,900

Total Assets

8,288,315

8,711,530

Liabilities

Securitized debt, at fair value

^[1]

6,749,708

7,177,923

Financing arrangements

850,231

826,394

Senior unsecured notes

96,655

96,458

Dividend payable

7,617

7,301

Other liabilities

^[2]

39,708

42,720

Total Liabilities

7,743,919

8,150,796

Commitments and Contingencies (Note 12)

Stockholders’ Equity

Preferred stock - $227,991 aggregate liquidation preference

220,472

Common stock, par value $0.01 per share; 450,000 shares of common stock authorized and 31,735 and 31,744 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

317

Additional paid-in capital

840,396

840,401

Retained earnings/(deficit)

(516,789)

(500,456)

Total Stockholders' Equity

544,396

560,734

Total Liabilities and Stockholders’ Equity

8,288,315

8,711,530

Investment, Affiliated Issuer

Assets

Investments in debt and equity of affiliates

61,774

61,333

Legacy WMC Commercial Loans

Assets

Commercial loans, at fair value - $51,504 and $55,376 pledged as collateral, respectively

51,504

55,376

Real Estate Securities

Assets

Real estate securities, at fair value - $249,430 and $231,894 pledged as collateral, respectively

279,387

260,304

Securitized Residential Mortgage Loans | Residential mortgage loans

Assets

Mortgage loans

^[1]

7,538,748

7,999,619

VIE, Not Primary Beneficiary | Residential mortgage loans

Assets

Mortgage loans

$ 228,524

$ 199,677

[1]

[2]

Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

Other assets and liabilities - Schedule of Company's Derivative and Other Instruments and their Balance Sheet Location (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Derivative pay interest rate	3.35%	3.30%
Derivative receivable interest rate	3.68%	3.87%
Derivative, remaining maturity	4 years 1 month 28 days	4 years 3 months 14 days
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative asset, reduction in fair value related to variation margin	$ 6,200	$ 5,300
Derivative liabilities, reduction related to variation margin	800	1,200
Interest Rate Swaps \| Other assets
Derivatives, Fair Value [Line Items]
Notional amount	291,560	283,500
Derivative assets, at fair value	56	149
Interest Rate Swaps \| Other liabilities
Derivatives, Fair Value [Line Items]
Notional amount	113,000	89,060
Derivative liabilities, at fair value	0	0
Forward Purchase Commitment \| Other assets
Derivatives, Fair Value [Line Items]
Notional amount	0	475
Derivative assets, at fair value	$ 0	$ 0

Related party transactions - Management Fee to Affiliate (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Management fee to affiliate

$ 2,319

$ 2,327

Affiliated Entity

Management fee to affiliate

^[1]

$ 2,319

$ 2,327

[1]	Refer to Note 10 for additional details on related party transactions.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Net Interest Income

Interest income

$ 129,808

$ 109,130

Interest expense

109,165

90,281

Total Net Interest Income

20,643

18,849

Other Income/(Loss)

Net interest component of interest rate swaps

402

737

Net realized gain/(loss)

(118)

Net unrealized gain/(loss)

(16,460)

802

Total Other Income/(Loss)

(16,176)

1,549

Expenses

Management fee to affiliate

2,319

2,327

Non-investment related expenses

^[1]

2,656

3,280

Investment related expenses

^[1]

4,298

3,410

Transaction related expenses

^[1]

574

1,061

Total Expenses

9,847

10,078

Income/(loss) before equity in earnings/(loss) from affiliates

(5,380)

10,320

Equity in earnings/(loss) from affiliates

2,000

1,185

Income/(Loss) before Income Taxes

(3,380)

11,505

Income tax expense

182

Net Income/(Loss)

(3,562)

11,477

Dividends on preferred stock

5,153

5,304

Net Income/(Loss) Available to Common Stockholders

$ (8,715)

$ 6,173

Earnings/(Loss) Per Share of Common Stock

Basic (in dollars per share)

$ (0.27)

$ 0.21

Diluted (in dollars per share)

$ (0.27)

$ 0.21

Weighted Average Number of Shares of Common Stock Outstanding

Basic (in shares)

31,738

29,659

Diluted (in shares)

31,738

29,688

Affiliated Entity

Expenses

Management fee to affiliate

^[1]

$ 2,319

$ 2,327

[1]	Refer to Note 10 for additional details on related party transactions.

Other assets and liabilities

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Other assets and liabilities


	March 31, 2026		December 31, 2025
Other assets

Interest receivable	$	44,673	$	47,868
Real estate owned	10,494		7,398
Derivative assets, at fair value	56		149

Other assets	3,521		2,253
Due from broker	1,912		1,232
Total Other assets	$	60,656	$	58,900

Other liabilities
Due to affiliates (1)	$	3,842	$	4,580
Interest payable	32,594		34,385



Accrued expenses	2,317		1,836
Due to broker	604		1,655
Payable on unsettled trades	133		—
Taxes payable	218		264
Total Other liabilities	$	39,708	$	42,720

(1)Refer to Note 10 for more information.

Derivatives

The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of March 31, 2026 and December 31, 2025 (in thousands).


	Balance Sheet Location	March 31, 2026				December 31, 2025
Derivatives and Other Instruments (1)		Notional		Fair Value		Notional		Fair Value
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3)	Other assets	$	291,560	$	56	$	283,500	$	149
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3)	Other liabilities	113,000		—		89,060		—




Forward Purchase Commitments	Other assets	—		—		475		—

(1)As of March 31, 2026 and December 31, 2025, no derivatives held by the Company were designated as hedges for accounting purposes.

Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, if applicable. The Company has not offset or netted any derivatives or other instruments with any financial instruments or cash collateral posted or received.

The Company must post cash or securities as collateral on its derivative instruments when their fair value declines. This typically occurs when prevailing market rates change adversely, with the severity of the change also dependent on the term of the derivatives involved. The posting of collateral is generally bilateral, meaning that if the fair value of the Company’s derivatives increases, its counterparty must post collateral. As of March 31, 2026, the Company's restricted cash balance included $9.4 million of collateral related to certain derivatives, of which $4.0 million represents cash collateral posted by the Company and $5.4 million represents amounts related to variation margin. As of December 31, 2025, the Company's restricted cash balance included $9.6 million of collateral related to certain derivatives, of which $5.5 million represents cash collateral posted by the Company and $4.1 million represents amounts related to variation margin.

The following table summarizes total income related to derivatives and other instruments for the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Included within Net interest component of interest rate swaps
Interest Rate Swaps	$	402	$	737

Included within Net unrealized gain/(loss)
Interest Rate Swaps	1,858		(6,536)





Forward Purchase Commitments	—		132


	1,858		(6,404)

Included within Net realized gain/(loss)
Interest Rate Swaps	54		782




Forward Purchase Commitments	2		(40)



	56		742
Total income/(loss)	$	2,316	$	(4,925)

Derivative Activity

The following table presents information about the Company’s derivatives for the three months ended March 31, 2026 and 2025 (in thousands).



	Beginning Notional Amount		Buys or Covers		Sales or Shorts		Ending Notional Amount		Derivative Asset		Derivative Liability


Three Months Ended March 31, 2026
Interest Rate Swaps	$	372,560	$	65,000	$	(33,000)	$	404,560	$	56	$	—

Three Months Ended March 31, 2025
Interest Rate Swaps	$	342,550	$	103,000	$	(113,050)	$	332,500	$	—	$	(256)

Related party transactions - Transactions with Arc Home (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Residential mortgage loans sold by Arc Home to the Company \| Residential mortgage loans \| Arc Home \| Related Party
Related Party Transaction [Line Items]
Residential mortgage loans sold by Arc Home to the Company	$ 475	$ 60,957

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies (Details) - Home Equity Loans $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Long-term Purchase Commitment [Line Items]
Total Commitment	$ 184,598
Funded Commitment	166,703
Remaining Commitment	17,895
Real Estate Securities
Long-term Purchase Commitment [Line Items]
Remaining Commitment	4,100
VIE, Not Primary Beneficiary \| Residential mortgage loans
Long-term Purchase Commitment [Line Items]
Remaining Commitment	12,500
Securitized Residential Mortgage Loans \| Residential mortgage loans
Long-term Purchase Commitment [Line Items]
Remaining Commitment	$ 1,300

Fair value measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair value measurements

The fair value of the Company's financial instruments is determined in accordance with the provisions of ASC 820, "Fair Value Measurements and Disclosures." When possible, the Company determines fair value using third-party data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices and may include quoted prices for similar assets and liabilities in active markets. Level 3 inputs are significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used and reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands).


	Fair Value at March 31, 2026								Fair Value at December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Securitized residential mortgage loans	$	—	$	—	$	7,538,748	$	7,538,748	$	—	$	—	$	7,999,619	$	7,999,619
Residential mortgage loans	—		937		227,587		228,524		—		1,081		198,596		199,677


Legacy WMC Commercial Loans	—		—		51,504		51,504		—		—		55,376		55,376
Non-Agency RMBS	—		9,913		211,564		221,477		—		9,835		191,546		201,381


Legacy WMC CMBS	—		42,250		—		42,250		—		42,565		—		42,565

Agency RMBS	—		15,660		—		15,660		—		16,358		—		16,358

Derivative assets (1)	—		6,289		—		6,289		—		5,395		—		5,395
Cash equivalents (2)	47,232		—		—		47,232		55,979		—		—		55,979
Other assets	1,392		—		—		1,392		—		—		—		—
AG Arc (3)	—		—		52,334		52,334		—		—		50,016		50,016
Total Assets Measured at Fair Value	$	48,624	$	75,049	$	8,081,737	$	8,205,410	$	55,979	$	75,234	$	8,495,153	$	8,626,366

Liabilities:
Securitized debt	$	—	$	—	$	(6,749,708)	$	(6,749,708)	$	—	$	—	$	(7,177,923)	$	(7,177,923)


Derivative liabilities (1)	—		(814)		—		(814)		—		(1,169)		—		(1,169)
Total Liabilities Measured at Fair Value	$	—	$	(814)	$	(6,749,708)	$	(6,750,522)	$	—	$	(1,169)	$	(7,177,923)	$	(7,179,092)

(1)As of March 31, 2026, the Company applied a reduction in fair value of $6.2 million and $0.8 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2025, the Company applied a reduction in fair value of $5.3 million and $1.2 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. Derivative assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively.

(2)The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents. Cash equivalents may include cash invested in money market funds and are carried at cost, which approximates fair value.

(3)The table above includes the Company's investment in AG Arc, which is included in its "Investments in debt and equity of affiliates" line item on the consolidated balance sheets, as the Company has elected the fair value option with respect to its investment pursuant to ASC 825.

The valuation of certain of the Company’s assets and liabilities, including residential mortgage loans, securitized debt, commercial loans, certain securities, loan purchase commitments and forward purchase commitments, is determined by the Manager using third-party pricing services where available, valuation analyses from third-party pricing service providers, or model-based pricing. Third-party pricing service providers conduct independent valuation analyses based on a review of source documents, available market data, and comparable investments. The analyses provided by valuation service providers are reviewed and considered by the Manager. The evaluation considers the underlying characteristics of each loan, which are observable inputs, including: coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and historical prepayment speeds. The Company also considers loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts, and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of these assets and liabilities include market-implied discount rates, projections of default rates, delinquency rates, prepayment rates, loss severity, recovery rates, reperformance rates, timeline to liquidation, and, for forward purchase commitments, pull-through rates. The Company and third-party pricing service providers use loan level data and macro-economic inputs to generate loss adjusted cash flows and other information in determining the fair value. Because of the inherent uncertainty of such valuation, the fair value established for these assets and liabilities held by the Company may differ from the fair value that would have been established if a ready market existed for these mortgage loans.

Fair values for the Company’s securities and derivatives may be based upon prices obtained from third-party pricing services or broker quotations. The valuation methodology of the Company’s third-party pricing services incorporates commonly used market pricing methods, including a spread measurement to various indices, which are observable inputs. The evaluation also considers the underlying characteristics of each investment, which are also observable inputs, including: coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and prepayment speeds. The Company collects and considers current market intelligence on all major markets, including benchmark security evaluations and bid-lists from various sources, when available. As part of the Company’s risk management process, the Company reviews and analyzes all prices obtained by comparing prices to recently completed transactions involving the same or similar investments on or near the reporting date. If, in the opinion of the Manager, one or more prices reported to the Company are not reliable or unavailable, the Manager reviews the fair value based on characteristics of the investment it receives from the issuer and available market information.

The Company's investment in Arc Home is evaluated on a periodic basis using a market approach. In applying the market approach, fair value is determined by multiplying Arc Home's book value by a relevant valuation multiple observed based on a range of comparable public entities or transactions, adjusted by management as appropriate for differences between the investment and the referenced comparables. The evaluation also considers the underlying financial performance of Arc Home, general economic conditions, and relevant trends within the mortgage banking industry.

Changes in the market environment and other events that may occur over the life of these investments may cause the gains or losses ultimately realized to be different than the valuations currently estimated. The significant unobservable inputs used in the fair value measurement of the Company’s loans and securities are yields, prepayment rates, probability of default, and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The significant unobservable input used in the fair value measurement of the Company’s investment in Arc Home is the book value multiple. Significant increases (decreases) in the multiple applied would result in a significantly higher (lower) fair value measurement.

The Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the three months ended March 31, 2026 and 2025.

The Company did not have any transfers of assets or liabilities between Levels 1 or 2 and Level 3 of the fair value hierarchy during the three months ended March 31, 2026 and 2025. Transfers into the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of reduced levels of market transparency. Transfers out of the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of increased levels of market transparency. Indications of increases or decreases in levels of market transparency include a change in observable transactions or executable quotes involving these instruments or similar instruments. Changes in these indications could impact price transparency, and thereby cause a change in level designations in future periods.

The following tables present additional information about the Company’s assets and liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value (in thousands).


Three Months Ended March 31, 2026
	Residential Mortgage Loans (1)		Legacy WMC Commercial Loans		Non-Agency RMBS		Other Assets (2)		AG Arc		Securitized Debt
Beginning balance	$	8,198,215	$	55,376	$	191,546	$	—	$	50,016	$	(7,177,923)



Purchases	86,737		—		28,651		—		—		—


Proceeds from sales or settlements	(49,375)		—		—		(2)		—		—
Principal repayments	(386,824)		—		(5,905)		—		—		363,141
Principal funding	4,063		—		—		—		—		—
Included in net income:
Net premium and discount amortization (3)	(2,396)		(393)		(779)		—		—		(3,122)
Net realized gain/(loss)	(60)		—		—		2		—		—
Net unrealized gain/(loss)	(79,681)		(3,479)		(1,949)		—		—		68,196
Equity in earnings/(loss) from affiliates	—		—		—		—		2,318		—
Other (4)	(4,344)		—		—		—		—		—
Ending Balance	$	7,766,335	$	51,504	$	211,564	$	—	$	52,334	$	(6,749,708)

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2026
Net premium and discount amortization (3)	$	(2,303)	$	(393)	$	(779)	$	—	$	—	$	(3,122)
Net unrealized gain/(loss)	(79,712)		(3,479)		(1,949)		—		—		68,196
Equity in earnings/(loss) from affiliates	—		—		—		—		2,318		—


Three Months Ended March 31, 2025
	Residential Mortgage Loans (1)		Legacy WMC Commercial Loans		Non-Agency RMBS		Other Assets (2)		AG Arc		Securitized Debt		Other Liabilities (2)
Beginning balance	$	6,416,066	$	67,005	$	115,533	$	204	$	30,778	$	(5,491,967)	$	(336)



Purchases	494,769		—		25,963		—		—		—		—
Issuances of Securitized Debt	—		—		—		—		—		(408,670)		—

Proceeds from sales or settlements	(20,428)		—		—		(258)		—		—		298
Principal repayments	(187,597)		—		(1,094)		—		—		170,775		—
Principal funding	2,381		—		—		—		—		—		—
Included in net income:
Net premium and discount amortization (3)	1,891		270		(692)		—		—		(6,807)		—
Net realized gain/(loss)	(1,067)		—		—		258		—		—		(298)
Net unrealized gain/(loss)	107,843		(1,771)		1,408		(204)		—		(100,022)		336
Equity in earnings/(loss) from affiliates	—		—		—		—		1,464		—		—
Other (4)	(4,062)		—		—		—		—		—		—
Ending Balance	$	6,809,796	$	65,504	$	141,118	$	—	$	32,242	$	(5,836,691)	$	—

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2025
Net premium and discount amortization (3)	1,830		270		(692)		—		—		(6,807)		—
Net unrealized gain/(loss)	106,986		(1,771)		1,408		—		—		(100,022)		—
Equity in earnings/(loss) from affiliates	—		—		—		—		1,464		—		—

(1)Includes Securitized residential mortgage loans.

(2)Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable.

(3)Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively.

(4)Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances.

The following table presents a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value as of March 31, 2026 and December 31, 2025 ($ in thousands).


			March 31, 2026				December 31, 2025
Valuation Technique		Unobservable Input	Fair Value			Range (Weighted Average) (1)	Fair Value			Range (Weighted Average) (1)
Securitized Residential Mortgage Loans
		Yield				5.36% - 18.27% (5.97%)				5.13% - 18.10% (5.78%)
Discounted Cash Flow		Projected Collateral Prepayments	$	7,538,748		4.68% - 22.00% (10.12%)	$	7,999,619		4.92% - 22.00% (10.09%)
	Projected Collateral Losses				0.00% - 1.76% (0.08%)				0.00% - 1.77% (0.09%)
	Projected Collateral Severities (2)				10.00% - 100.00% (27.88%)				10.00% - 100.00% (28.23%)
Residential Mortgage Loans
		Yield				2.50% - 11.03% (6.96%)				5.39% - 11.61% (7.08%)
Discounted Cash Flow		Projected Collateral Prepayments	$	227,587		0.99% - 36.13% (16.12%)	$	198,596		1.98% - 33.46% (16.06%)
	Projected Collateral Losses				0.00% - 34.31% (1.76%)				0.00% - 18.29% (1.47%)
		Projected Collateral Severities (2)				1.09% - 20.00% (17.61%)				4.43% - 100.00% (17.79%)


Legacy WMC Commercial Loans
		Yield				6.42% - 7.31% (6.67%)				5.95% - 6.95% (6.68%)
Discounted Cash Flow		Credit Spread	$	51,504		260 bps - 356 bps (288 bps)	$	55,376		231 bps - 325 bps (300 bps)
		Recovery Percentage (3)				68.33% - 85.55% (80.60%)				68.33% - 93.29% (86.62%)

Non-Agency RMBS
		Yield				5.14% - 16.00% (7.39%)				4.83% - 20.00% (7.56%)
Discounted Cash Flow		Projected Collateral Prepayments	$	211,564		7.81% - 13.24% (11.02%)	$	191,546		7.55% - 15.23% (11.23%)
	Projected Collateral Losses				0.00% - 0.50% (0.11%)				0.00% - 0.38% (0.06%)
		Projected Collateral Severities				10.00% - 100.00% (62.04%)				10.00% - 100.00% (56.87%)















AG Arc
Comparable Multiple		Book Value Multiple	$	52,334		1.05x - 1.05x (1.05x)	$	50,016		1.025x - 1.025x (1.025x)



Securitized Debt
		Yield				4.76% - 30.00% (5.65%)				4.37% - 30.00% (5.42%)
Discounted Cash Flow		Projected Collateral Prepayments	$	(6,749,708)		4.68% - 22.00% (10.09%)	$	(7,177,923)		4.92% - 22.00% (10.09%)
		Projected Collateral Losses				0.00% - 0.50% (0.08%)				0.00% - 0.50% (0.08%)
		Projected Collateral Severities				10.00% - 100.00% (27.46%)				10.00% - 100.00% (27.79%)

(1)Amounts are weighted based on fair value.

(2)Projected collateral severities excludes assumed recoveries on certain residential mortgage loans.

(3)Represents the proportion of the principal expected to be collected relative to the loan balances as of March 31, 2026 and December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company announced that on April 27, 2026, its Board of Directors declared second quarter 2026 preferred stock dividends on its Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock in the amount of $0.51563, $0.50 and $0.665952 per share, respectively. The dividends will be paid on June 17, 2026 to holders of record on May 29, 2026.

Other assets and liabilities - Schedule of Derivative Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
To Be Announced Securities, Assets [Roll Forward]
Loan purchase commitment, at fair value	$ 6,289		$ 5,395
Interest Rate Swaps
To Be Announced Securities, Assets [Roll Forward]
Beginning Notional Amount	372,560	$ 342,550
Buys or Covers	65,000	103,000
Sales or Shorts	(33,000)	(113,050)
Ending Notional Amount	404,560	332,500
Loan purchase commitment, at fair value	56	0
Derivative Liability	$ 0	$ (256)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

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+ Details

Loans - Schedule of Company's Residential Mortgage Loan Portfolio and Commercial Loan Portfolio (Details) - Residential Portfolio Segment - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 7,901,605	$ 8,251,113
Premium (Discount)	114,688	117,484
Amortized Cost	8,016,293	8,368,597
Gross Unrealized Gains	70,909	111,061
Gross Unrealized Losses	(319,930)	(280,362)
Legacy WMC Commercial Loans	$ 7,767,272	$ 8,199,296
Weighted Average Coupon	6.27%	6.32%
Weighted Average Yield	5.94%	6.00%
Weighted Average Life (Years)	6 years 10 months 20 days	7 years 3 days
Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 222,294	$ 194,046
Premium (Discount)	6,127	6,181
Amortized Cost	228,421	200,227
Gross Unrealized Gains	1,469	1,617
Gross Unrealized Losses	(1,366)	(2,167)
Legacy WMC Commercial Loans	$ 228,524	$ 199,677
Weighted Average Coupon	8.20%	8.27%
Weighted Average Yield	7.48%	7.22%
Weighted Average Life (Years)	4 years 8 months 26 days	4 years 8 months 4 days
Residential mortgage loans \| Securitized residential mortgage loans, at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 7,679,311	$ 8,057,067
Premium (Discount)	108,561	111,303
Amortized Cost	7,787,872	8,168,370
Gross Unrealized Gains	69,440	109,444
Gross Unrealized Losses	(318,564)	(278,195)
Legacy WMC Commercial Loans	$ 7,538,748	$ 7,999,619
Weighted Average Coupon	6.22%	6.27%
Weighted Average Yield	5.90%	5.97%
Weighted Average Life (Years)	6 years 11 months 12 days	7 years 25 days
Non-Agency Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 33,660	$ 36,578
Premium (Discount)	587	638
Amortized Cost	34,247	37,216
Gross Unrealized Gains	11	18
Gross Unrealized Losses	(1,365)	(2,126)
Legacy WMC Commercial Loans	$ 32,893	$ 35,108
Weighted Average Coupon	6.12%	6.14%
Weighted Average Yield	4.81%	3.62%
Weighted Average Life (Years)	4 years 2 months 12 days	4 years 2 months 1 day
Non-Agency Loans \| Securitized residential mortgage loans, at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 6,728,033	$ 7,026,365
Premium (Discount)	59,696	59,755
Amortized Cost	6,787,729	7,086,120
Gross Unrealized Gains	58,492	84,870
Gross Unrealized Losses	(302,960)	(266,118)
Legacy WMC Commercial Loans	$ 6,543,261	$ 6,904,872
Weighted Average Coupon	5.84%	5.87%
Weighted Average Yield	5.71%	5.74%
Weighted Average Life (Years)	7 years 3 months 18 days	7 years 3 months 18 days
Home Equity Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 166,703	$ 135,804
Premium (Discount)	5,891	5,913
Amortized Cost	172,594	141,717
Gross Unrealized Gains	613	663
Gross Unrealized Losses	0	(41)
Legacy WMC Commercial Loans	$ 173,207	$ 142,339
Weighted Average Coupon	8.79%	9.07%
Weighted Average Yield	7.71%	7.77%
Weighted Average Life (Years)	4 years 10 months 28 days	4 years 9 months 29 days
Home Equity Loans \| Securitized residential mortgage loans, at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 798,646	$ 874,718
Premium (Discount)	58,151	61,241
Amortized Cost	856,797	935,959
Gross Unrealized Gains	10,948	24,574
Gross Unrealized Losses	(3,547)	0
Legacy WMC Commercial Loans	$ 864,198	$ 960,533
Weighted Average Coupon	9.80%	9.81%
Weighted Average Yield	7.40%	7.70%
Weighted Average Life (Years)	4 years 5 months 1 day	5 years 5 months 4 days
Re- and Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 980	$ 1,140
Premium (Discount)	(638)	(696)
Amortized Cost	342	444
Gross Unrealized Gains	595	637
Gross Unrealized Losses	0	0
Legacy WMC Commercial Loans	$ 937	$ 1,081
Weighted Average Life (Years)	1 year 1 month 2 days	1 year 1 month 13 days
Re- and Non-Performing Loans \| Securitized residential mortgage loans, at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 152,632	$ 155,984
Premium (Discount)	(9,286)	(9,693)
Amortized Cost	143,346	146,291
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(12,057)	(12,077)
Legacy WMC Commercial Loans	$ 131,289	$ 134,214
Weighted Average Coupon	4.21%	4.22%
Weighted Average Yield	6.04%	5.93%
Weighted Average Life (Years)	5 years 2 months 8 days	5 years 6 months 14 days
Agency-Eligible Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 20,951	$ 20,524
Premium (Discount)	287	326
Amortized Cost	21,238	20,850
Gross Unrealized Gains	250	299
Gross Unrealized Losses	(1)	0
Legacy WMC Commercial Loans	$ 21,487	$ 21,149
Weighted Average Coupon	6.84%	6.83%
Weighted Average Yield	6.41%	6.34%
Weighted Average Life (Years)	4 years 5 months 1 day	4 years 9 months 29 days

Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Preferred Stock

The following table includes a summary of preferred stock issued and outstanding as of March 31, 2026 ($ and shares in thousands).


Preferred Stock Series	Issuance Date	Shares Outstanding	Carrying Value		Aggregate Liquidation Preference (1)		Optional Redemption Date (2)	Rate (3)
Series A Preferred Stock	August 3, 2012	1,663	$	40,110	$	41,580	August 3, 2017	8.25%
Series B Preferred Stock	September 27, 2012	3,728	90,187		93,191		September 17, 2017	8.00%
Series C Preferred Stock	September 17, 2019	3,729	90,175		93,220		September 17, 2024	(4)
Total		9,120	$	220,472	$	227,991

(1)The Company's Preferred Stock has a liquidation preference of $25.00 per share.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Related party transactions - Schedule of Intra-Entity Profits Eliminated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Eliminations \| Arc Home \| Related Party
Related Party Transaction [Line Items]
Intra-Entity Profits Eliminated	$ 6	$ 88

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other assets and liabilities - Schedule of Gains/(Losses) Related to Derivatives and Other Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net interest component of interest rate swaps	$ (402)	$ (737)
Included within Net unrealized gain/(loss)	1,858	(6,404)
Included within Net realized gain/(loss)	56	742
Total income/(loss)	2,316	(4,925)
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net interest component of interest rate swaps	402	737
Included within Net unrealized gain/(loss)	1,858	(6,536)
Included within Net realized gain/(loss)	54	782
Forward Purchase Commitment
Derivative Instruments, Gain (Loss) [Line Items]
Included within Net unrealized gain/(loss)	0	132
Included within Net realized gain/(loss)	$ 2	$ (40)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Segment Reporting - Narrative (Details) - Arc Home	Mar. 31, 2026	Dec. 31, 2025	Aug. 01, 2025	Jul. 31, 2025	Mar. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]
Loan securitization, ownership interest	66.00%
Related Party
Segment Reporting, Asset Reconciling Item [Line Items]
Loan securitization, ownership interest	66.00%	66.00%	66.00%	44.60%	44.60%

Loans

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Loans

Residential mortgage loans

The tables below detail information regarding the Company’s residential mortgage loan portfolio by collateral type as of March 31, 2026 and December 31, 2025 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition.


	Unpaid Principal Balance						Gross Unrealized						Weighted Average
March 31, 2026			Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield (1)		Life (Years) (2)
Securitized residential mortgage loans, at fair value (3)
Non-Agency Loans (4)	$	6,728,033	$	59,696	$	6,787,729	$	58,492	$	(302,960)	$	6,543,261	5.84	%	5.71	%	7.30
Home Equity Loans	798,646		58,151		856,797		10,948		(3,547)		864,198		9.80	%	7.40	%	4.42

Re- and Non-Performing Loans	152,632		(9,286)		143,346		—		(12,057)		131,289		4.21	%	6.04	%	5.19
Total Securitized residential mortgage loans, at fair value	$	7,679,311	$	108,561	$	7,787,872	$	69,440	$	(318,564)	$	7,538,748	6.22	%	5.90	%	6.95

Residential mortgage loans, at fair value
Agency-Eligible Loans	$	20,951	$	287	$	21,238	$	250	$	(1)	$	21,487	6.84	%	6.41	%	4.42
Home Equity Loans	166,703		5,891		172,594		613		—		173,207		8.79	%	7.71	%	4.91
Non-Agency Loans	33,660		587		34,247		11		(1,365)		32,893		6.12	%	4.81	%	4.20
Re- and Non-Performing Loans	980		(638)		342		595		—		937		N/A		NM		1.09
Total Residential mortgage loans, at fair value	$	222,294	$	6,127	$	228,421	$	1,469	$	(1,366)	$	228,524	8.20	%	7.48	%	4.74

Total as of March 31, 2026	$	7,901,605	$	114,688	$	8,016,293	$	70,909	$	(319,930)	$	7,767,272	6.27	%	5.94	%	6.89

	Unpaid Principal Balance						Gross Unrealized						Weighted Average
December 31, 2025			Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield (1)		Life (Years) (2)
Securitized residential mortgage loans, at fair value (3)
Non-Agency Loans (4)	$	7,026,365	$	59,755	$	7,086,120	$	84,870	$	(266,118)	$	6,904,872	5.87	%	5.74	%	7.30
Home Equity Loans	874,718		61,241		935,959		24,574		—		960,533		9.81	%	7.70	%	5.43
Re- and Non-Performing Loans	155,984		(9,693)		146,291		—		(12,077)		134,214		4.22	%	5.93	%	5.54
Total Securitized residential mortgage loans, at fair value	$	8,057,067	$	111,303	$	8,168,370	$	109,444	$	(278,195)	$	7,999,619	6.27	%	5.97	%	7.07

Residential mortgage loans, at fair value
Agency-Eligible Loans	$	20,524	$	326	$	20,850	$	299	$	—	$	21,149	6.83	%	6.34	%	4.83
Home Equity Loans	135,804		5,913		141,717		663		(41)		142,339		9.07	%	7.77	%	4.83
Non-Agency Loans	36,578		638		37,216		18		(2,126)		35,108		6.14	%	3.62	%	4.17
Re- and Non-Performing Loans	1,140		(696)		444		637		—		1,081		N/A		NM		1.12
Total Residential mortgage loans, at fair value	$	194,046	$	6,181	$	200,227	$	1,617	$	(2,167)	$	199,677	8.27	%	7.22	%	4.68

Total as of December 31, 2025	$	8,251,113	$	117,484	$	8,368,597	$	111,061	$	(280,362)	$	8,199,296	6.32	%	6.00	%	7.01

NM - Not Meaningful

(1)The weighted average yields are calculated based on the amortized cost of the underlying loans.

(2)This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgage loans, periodic payments of principal, and prepayments of principal.

(3)Refer to the "Variable interest entities" section below for additional details related to the assets and liabilities of VIEs consolidated on the Company's consolidated balance sheets.

(4)Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization.

The following tables present information regarding the delinquency status of the Company's residential mortgage loans ($ in thousands).


	Unpaid Principal Balance		Loan Count (1)	Aging by Unpaid Principal Balance (1)
March 31, 2026					Current			30-59 Days			60-89 Days			90+ Days (2)
Securitized residential mortgage loans
Non-Agency Loans	$	6,728,033	17,787		$	6,527,852		$	87,383		$	38,094		$	74,704
Home Equity Loans	798,646		9,849		790,746			2,957			1,011			3,932
Re- and Non-Performing Loans	152,632		1,050		124,533			11,410			3,443			13,246
Total Securitized residential mortgage loans	$	7,679,311	28,686		$	7,443,131		$	101,750		$	42,548		$	91,882
Residential mortgage loans
Agency-Eligible Loans	$	20,951	39		$	20,497		$	—		$	454		$	—
Home Equity Loans	166,703		1,677		166,334			249			89			31
Non-Agency Loans	33,660		49		17,538			2,088			1,057			12,977
Re- and Non-Performing Loans (1)	980		N/A		N/A			N/A			N/A			N/A
Total Residential mortgage loans	$	222,294	1,765		$	204,369		$	2,337		$	1,600		$	13,008
Total as of March 31, 2026	$	7,901,605	30,451		$	7,647,500		$	104,087		$	44,148		$	104,890
Percent of Unpaid Principal Balance (1)					96.8		%	1.3		%	0.6		%	1.3		%

	Unpaid Principal Balance		Loan Count (1)	Aging by Unpaid Principal Balance (1)
December 31, 2025					Current			30-59 Days			60-89 Days			90+ Days (2)
Securitized residential mortgage loans
Non-Agency Loans	$	7,026,365	18,430		$	6,833,324		$	76,326		$	32,323		$	84,392
Home Equity Loans	874,718		10,599		869,432			2,963			489			1,834
Re- and Non-Performing Loans	155,984		1,073		123,901			14,730			5,247			12,106
Total Securitized residential mortgage loans	$	8,057,067	30,102		$	7,826,657		$	94,019		$	38,059		$	98,332
Residential mortgage loans
Agency-Eligible Loans	$	20,524	38		$	19,825		$	699		$	—		$	—
Home Equity Loans	135,804		1,368		135,773			—			—			31
Non-Agency Loans	36,578		53		16,468			1,444			1,112			17,554
Re- and Non-Performing Loans (1)	1,140		N/A		N/A			N/A			N/A			N/A
Total Residential mortgage loans	$	194,046	1,459		$	172,066		$	2,143		$	1,112		$	17,585
Total as of December 31, 2025	$	8,251,113	31,561		$	7,998,723		$	96,162		$	39,171		$	115,917
Percent of Unpaid Principal Balance (1)					96.9		%	1.2		%	0.5		%	1.4		%

(1)Loan count and aging data exclude the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions.

(2)Represents loans that either have a delinquency status greater than 90 days or are in the process of foreclosure. As of March 31, 2026, the $104.9 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $41.9 million and loans in the process of foreclosure with a fair value of $58.3 million. As of December 31, 2025, the $115.9 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $54.0 million and loans in the process of foreclosure with a fair value of $57.1 million.

As of March 31, 2026 and December 31, 2025, 6.2% and 6.4%, respectively, of the unpaid principal balance of the Company's securitized residential mortgage loans and residential mortgage loans were adjustable rate mortgages.

During the three months ended March 31, 2026 and 2025, the Company purchased residential mortgage loans, as detailed below (in thousands).


	Three Months Ended
	March 31, 2026				March 31, 2025
	Unpaid Principal Balance		Fair Value (1)		Unpaid Principal Balance		Fair Value (1)
Agency-Eligible Loans	$	475	$	486	$	361,538	$	366,768
Home Equity Loans	83,491		86,383		123,276		128,240

Total	$	83,966	$	86,869	$	484,814	$	495,008

(1)Fair value represents purchase price at acquisition.

During the three months ended March 31, 2026 and 2025, the Company sold residential mortgage loans as detailed below ($ in thousands).


	Three Months Ended
	Number of Loans	Proceeds		Realized Gains		Realized Losses
March 31, 2026

Home Equity Loans	601	$	49,375	$	26	$	(25)


March 31, 2025
Non-Agency Loans	21	$	11,336	$	341	$	(1,152)
Re- and Non-Performing Loans	88	9,092		832		(1,149)
Total	109	$	20,428	$	1,173	$	(2,301)

The Company’s residential mortgage loan portfolio consists of mortgage loans on residential real estate located throughout the United States. The following is a summary of the geographic concentration of credit risk as of March 31, 2026 and December 31, 2025 and includes states where the exposure is greater than 5% of the fair value of the Company's residential mortgage loan portfolio.


Geographic Concentration of Credit Risk (1)	March 31, 2026		December 31, 2025
California	30	%	30	%
Florida	10	%	10	%
New York	8	%	8	%
Texas	6	%	6	%

Other	46	%	46	%

(1)Excludes the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions.

Variable interest entities

The Company entered into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans, Home Equity Loans, and re- and non-performing loans, of which the securitization trusts are considered VIEs. The Company was determined to be the primary beneficiary of the VIEs and, as a result, consolidated the assets and liabilities of the VIEs on its consolidated balance sheets. In a securitization transaction, a pool of loans is transferred to a wholly-owned subsidiary of the Company and the loans are deposited into a newly created securitization trust. The securitization trust issues various classes of mortgage pass-through certificates backed by the cash flows from the underlying residential mortgage loans (the "Certificates"). As the sponsor of the securitization, the Company retains certain Certificates issued by the securitization trusts in order to satisfy risk retention rules, which generally require the sponsor to retain at least 5% of the fair value of the Certificates issued in the securitization. The Company's continuing involvement in these securitization trusts represents its retained Certificates and the ability to purchase all of the outstanding Certificates upon the occurrence of certain events through an optional redemption right held by the Company. The Company has also engaged a related party of the Manager and subsidiary of TPG to act as the servicing administrator of certain securitization trusts.

The following table details the carrying value related to the assets and liabilities of the Company’s consolidated VIEs as of March 31, 2026 and December 31, 2025 (in thousands).


	Non-Agency VIEs				Home Equity VIEs				RPL/NPL VIEs				Total VIEs
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Assets
Securitized residential mortgage loans, at fair value (1)	$	6,543,261	$	6,904,872	$	864,198	$	960,533	$	131,289	$	134,214	$	7,538,748	$	7,999,619
Restricted Cash	12		—		1,055		1,055		10		12		1,077		1,067
Other assets	35,521		37,711		7,362		8,128		5,327		5,517		48,210		51,356
Total Assets	$	6,578,794	$	6,942,583	$	872,615	$	969,716	$	136,626	$	139,743	$	7,588,035	$	8,052,042

Liabilities
Securitized debt, at fair value (1) (2)	$	5,922,951	$	6,265,540	$	735,458	$	817,889	$	91,299	$	94,494	$	6,749,708	$	7,177,923
Other liabilities	25,250		26,129		4,107		4,497		266		274		29,623		30,900
Total Liabilities	$	5,948,201	$	6,291,669	$	739,565	$	822,386	$	91,565	$	94,768	$	6,779,331	$	7,208,823

Total Equity (3)	$	630,593	$	650,914	$	133,050	$	147,330	$	45,061	$	44,975	$	808,704	$	843,219

(1)Securitized residential mortgage loans in Non-Agency VIEs include loans that were considered to be Agency-Eligible prior to the Company's securitization.

(2)The holders of the securitized debt have no recourse to the general credit of the Company. The Company generally has no obligation to provide any other explicit or implicit support to the VIEs. Refer to Note 12 for commitments related to the undrawn portion of a borrowers’ home equity line of credit for which the Company may be required to fund.

(3)The Company had outstanding financing arrangements collateralized by the Company's retained interests in its VIEs. Refer to Note 6 for additional information.

Legacy WMC Commercial loans

The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of March 31, 2026 and December 31, 2025 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition.


March 31, 2026			Premium / (Discount)		Amortized Cost		Gross Unrealized Losses		Fair Value		Weighted Average					Maturity Date (3)	LTV (4)		Location
Loan (1)(2)	Unpaid Principal Balance										Coupon		Yield (3)		Life (Years) (3)
Loan A (5)	$	7,259	$	(29)	$	7,230	$	(1,308)	$	5,922	7.87	%	—	%	N/A	N/A	61.63	%	IL, FL
Loan B (5)	13,206		(52)		13,154		(2,381)		10,773		7.87	%	—	%	N/A	N/A	75.33	%	CA
Loan C (5)	24,535		(99)		24,436		(4,422)		20,014		7.87	%	—	%	N/A	N/A	77.22	%	NY
Loan D (6)	22,204		(1,005)		21,199		(6,404)		14,795		7.05	%	—	%	N/A	N/A	42.50	%	CT
Total	$	67,204	$	(1,185)	$	66,019	$	(14,515)	$	51,504	7.60	%	—	%	N/A		65.06	%


December 31, 2025			Premium / (Discount)		Amortized Cost		Gross Unrealized Losses		Fair Value		Weighted Average					Maturity Date (3)	LTV (4)		Location
Loan (1)(2)	Unpaid Principal Balance										Coupon		Yield (3)		Life (Years) (3)
Loan A (5)	$	7,259	$	(29)	$	7,230	$	(684)	$	6,546	7.98	%	—	%	N/A	N/A	61.63	%	IL, FL
Loan B (5)	13,206		(52)		13,154		(1,244)		11,910		7.98	%	—	%	N/A	N/A	75.33	%	CA
Loan C (5)	24,535		(99)		24,436		(2,310)		22,126		7.98	%	—	%	N/A	N/A	77.22	%	NY
Loan D (6)	22,204		(611)		21,593		(6,799)		14,794		7.16	%	—	%	N/A	N/A	42.50	%	CT
Total	$	67,204	$	(791)	$	66,413	$	(11,037)	$	55,376	7.71	%	—	%	N/A		65.69	%

(1)The Company has the contractual right to receive a balloon payment for each loan.

(2)Each commercial loan investment is a first mortgage loan.

(3)The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of March 31, 2026 and December 31, 2025. See footnotes 5 and 6 for further details related to each loan. In March 2026, the Company extended the maturity of its financing arrangement collateralized by Legacy WMC Commercial Loans to September 19, 2026. All proceeds from asset paydowns or sales will be applied to reduce the outstanding balance, which was $25.4 million as of March 31, 2026.

(4)Represents the LTV at acquisition of WMC. The total LTV on commercial loans is presented based on fair value.

(5)Loans A, B, and C have a floating rate coupon equal to 4.20% plus one-month SOFR and are collateralized by hotels. During the second quarter 2025, these loans entered maturity default and were placed on non-accrual. Following a period of forbearance, the lender parties and the borrower are pursuing consensual sales of the hotels, which may include transferring title of all or certain of the properties to the lender parties via a deed-in-lieu of foreclosure to facilitate the sales. The Company expects the sales of the underlying hotels which collateralize Loan A to be completed in the second half of 2026. There are no assurances that sales can be completed in the manner or within the time anticipated or at all.

(6)Loan D has a floating rate coupon equal to 3.38% plus one-month SOFR and is collateralized by a retail property. During the third quarter 2025, the loan entered maturity default. The property is generating positive cash flow and, as of the date of this report, the Company has continued to receive interest payments from the property’s cash flows. The lender parties are actively engaged with a third party commercial sales advisor to sell the property, however there are no assurances that a sale can be completed.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities
Net income/(loss)	$ (3,562)	$ 11,477
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium/(discount)	8,413	3,605
Net realized (gain)/loss	118	(10)
Net unrealized (gain)/loss	16,460	(802)
Grant of restricted stock and amortization of equity based compensation	165	208
Equity in (earnings)/loss from affiliates	(2,000)	(1,185)
Change in operating assets/liabilities:
Other assets	3,811	1,112
Other liabilities	(3,064)	(2,408)
Net cash provided by (used in) operating activities	20,341	11,997
Cash Flows from Investing Activities
Purchases of residential mortgage loans	(87,017)	(497,417)
Purchases of real estate securities	(28,963)	(26,064)
Proceeds from sales of residential mortgage loans	49,375	20,428
Proceeds from sales of real estate securities	0	2,672
Principal repayments on residential mortgage loans	386,964	187,762
Principal repayments on real estate securities	7,852	2,404
Principal funding on residential mortgage loans	(4,063)	(2,381)
Distributions received in excess of income from investments in debt and equity of affiliates	1,564	2,097
Net settlement of interest rate swaps and other instruments	1,395	(6,436)
Cash flows provided by other investing activities	1,138	2,210
Cash flows used in other investing activities	(1,348)	0
Net cash provided by (used in) investing activities	326,897	(314,725)
Cash Flows from Financing Activities
Net borrowings under (repayments of) financing arrangements	23,837	67,868
Principal repayments on fixed-rate long-term financing arrangements	0	(3,113)
Deferred financing costs paid	(58)	(9)
Proceeds from issuance of securitized debt	0	410,678
Principal repayments on securitized debt	(366,991)	(171,109)
Withholding taxes paid on the net settlement of equity based compensation	(170)	0
Dividends paid on common stock	(7,301)	(5,632)
Dividends paid on preferred stock	(5,154)	(5,306)
Net cash provided by (used in) financing activities	(355,837)	293,377
Net change in cash and cash equivalents and restricted cash	(8,599)	(9,351)
Cash and cash equivalents and restricted cash, Beginning of Period	76,321	138,568
Cash and cash equivalents and restricted cash, End of Period	67,722	129,217
Supplemental disclosure of cash flow information:
Cash paid for interest	107,676	84,764
Cash paid for taxes	328	71
Supplemental disclosure of non-cash financing and investing activities:
Transfer from residential mortgage loans to securitized residential mortgage loans	0	430,970
Common stock dividends declared but not paid	7,617	5,932
Transfer from residential mortgage loans to other assets	$ 3,896	$ 3,743

Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Common dividends declared (in dollars per share)	$ 0.24
Retired withholding taxes settlement of equity based compensation (in shares) \| shares	19
Retired withholding taxes settlement of equity based compensation \| $	$ 0.2
8.25% Series A Cumulative Redeemable Preferred Stock
Dividends declared (in dollars per share)	$ 0.51563
8.00% Series B Cumulative Redeemable Preferred Stock
Dividends declared (in dollars per share)	0.50
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Dividends declared (in dollars per share)	$ 0.652391

Related party transactions - Schedule of Investments in Debt and Equity of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Aug. 01, 2025	Jul. 31, 2025
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	$ 2,000	$ 1,185
Arc Home
Related Party Transaction [Line Items]
Loan securitization, ownership interest	66.00%
AG Arc
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	$ 2,312	1,376
Non-QM Loans
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	(274)	(71)
Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Equity in earnings/(loss) from affiliates	$ (38)	$ (120)
Related Party \| Arc Home
Related Party Transaction [Line Items]
Loan securitization, ownership interest	66.00%	44.60%	66.00%	66.00%	44.60%
Related Party \| Assets
Related Party Transaction [Line Items]
Investments, assets	$ 61,789		$ 61,345
Cash and Other assets/(liabilities)	228		1,291
Related Party \| Assets \| AG Arc
Related Party Transaction [Line Items]
Investments, assets	52,334		50,016
Related Party \| Assets \| Real Estate Securities
Related Party Transaction [Line Items]
Investments, market value	9,227		10,038
Related Party \| Assets \| Non-QM Loans
Related Party Transaction [Line Items]
Investments, market value	8,680		9,439
Related Party \| Assets \| Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Investments, market value	547		599
Related Party \| Liabilities
Related Party Transaction [Line Items]
Investments, liabilities	(15)		(12)
Cash and Other assets/(liabilities)	(15)		(12)
Related Party \| Liabilities \| AG Arc
Related Party Transaction [Line Items]
Investments, liabilities	0		0
Related Party \| Liabilities \| Real Estate Securities
Related Party Transaction [Line Items]
Investments, market value	0		0
Related Party \| Liabilities \| Non-QM Loans
Related Party Transaction [Line Items]
Investments, market value	0		0
Related Party \| Liabilities \| Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Investments, market value	0		0
Related Party \| Equity
Related Party Transaction [Line Items]
Investments, equity	61,774		61,333
Cash and Other assets/(liabilities)	213		1,279
Related Party \| Equity \| AG Arc
Related Party Transaction [Line Items]
Investments, equity	52,334		50,016
Related Party \| Equity \| Real Estate Securities
Related Party Transaction [Line Items]
Investments, market value	9,227		10,038
Related Party \| Equity \| Non-QM Loans
Related Party Transaction [Line Items]
Investments, market value	8,680		9,439
Related Party \| Equity \| Re- and Non-Performing Loans
Related Party Transaction [Line Items]
Investments, market value	$ 547		$ 599

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Other assets

$ 60,656

$ 58,900

Preferred stock aggregate liquidation preference

$ 227,991

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

450,000,000

Common stock, shares issued (in shares)

31,735,000

31,744,000

Common stock, shares outstanding (in shares)

31,735,000

31,744,000

Residential Portfolio Segment

Commercial loans, at fair value

$ 7,767,272

$ 8,199,296

Asset Pledged as Collateral

Mortgage loans

1,273,414

Other assets

319

Securitized Residential Mortgage Loans | Residential Portfolio Segment

Mortgage loans

7,538,748

7,999,619

Other assets

48,210

51,356

Residential mortgage loans | Residential Portfolio Segment

Commercial loans, at fair value

228,524

199,677

Residential mortgage loans | Securitized Residential Mortgage Loans

Mortgage loans

^[1]

7,538,748

7,999,619

Residential mortgage loans | Securitized Residential Mortgage Loans | Residential Portfolio Segment

Commercial loans, at fair value

7,538,748

7,999,619

Residential mortgage loans | Securitized Residential Mortgage Loans | Asset Pledged as Collateral | Residential Portfolio Segment

Mortgage loans

744,893

766,901

Residential mortgage loans | VIE, Not Primary Beneficiary

Mortgage loans

228,524

199,677

Residential mortgage loans | VIE, Not Primary Beneficiary | Asset Pledged as Collateral | Residential Portfolio Segment

Mortgage loans

227,587

198,596

Legacy WMC Commercial Loans

Commercial loans, at fair value

51,504

55,376

Legacy WMC Commercial Loans | Commercial Portfolio Segment

Commercial loans, at fair value

51,504

55,376

Legacy WMC Commercial Loans | Asset Pledged as Collateral | Commercial Portfolio Segment

Commercial loans, at fair value

51,504

55,376

Real Estate Securities

Real estate securities, at fair value, pledged as collateral

$ 249,430

$ 231,894

[1]

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands).


	Fair Value at March 31, 2026								Fair Value at December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Securitized residential mortgage loans	$	—	$	—	$	7,538,748	$	7,538,748	$	—	$	—	$	7,999,619	$	7,999,619
Residential mortgage loans	—		937		227,587		228,524		—		1,081		198,596		199,677


Legacy WMC Commercial Loans	—		—		51,504		51,504		—		—		55,376		55,376
Non-Agency RMBS	—		9,913		211,564		221,477		—		9,835		191,546		201,381


Legacy WMC CMBS	—		42,250		—		42,250		—		42,565		—		42,565

Agency RMBS	—		15,660		—		15,660		—		16,358		—		16,358

Derivative assets (1)	—		6,289		—		6,289		—		5,395		—		5,395
Cash equivalents (2)	47,232		—		—		47,232		55,979		—		—		55,979
Other assets	1,392		—		—		1,392		—		—		—		—
AG Arc (3)	—		—		52,334		52,334		—		—		50,016		50,016
Total Assets Measured at Fair Value	$	48,624	$	75,049	$	8,081,737	$	8,205,410	$	55,979	$	75,234	$	8,495,153	$	8,626,366

Liabilities:
Securitized debt	$	—	$	—	$	(6,749,708)	$	(6,749,708)	$	—	$	—	$	(7,177,923)	$	(7,177,923)


Derivative liabilities (1)	—		(814)		—		(814)		—		(1,169)		—		(1,169)
Total Liabilities Measured at Fair Value	$	—	$	(814)	$	(6,749,708)	$	(6,750,522)	$	—	$	(1,169)	$	(7,177,923)	$	(7,179,092)

Schedule of Assets and Liabilities Measured on a Recurring Basis


Three Months Ended March 31, 2026
	Residential Mortgage Loans (1)		Legacy WMC Commercial Loans		Non-Agency RMBS		Other Assets (2)		AG Arc		Securitized Debt
Beginning balance	$	8,198,215	$	55,376	$	191,546	$	—	$	50,016	$	(7,177,923)



Purchases	86,737		—		28,651		—		—		—


Proceeds from sales or settlements	(49,375)		—		—		(2)		—		—
Principal repayments	(386,824)		—		(5,905)		—		—		363,141
Principal funding	4,063		—		—		—		—		—
Included in net income:
Net premium and discount amortization (3)	(2,396)		(393)		(779)		—		—		(3,122)
Net realized gain/(loss)	(60)		—		—		2		—		—
Net unrealized gain/(loss)	(79,681)		(3,479)		(1,949)		—		—		68,196
Equity in earnings/(loss) from affiliates	—		—		—		—		2,318		—
Other (4)	(4,344)		—		—		—		—		—
Ending Balance	$	7,766,335	$	51,504	$	211,564	$	—	$	52,334	$	(6,749,708)

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2026
Net premium and discount amortization (3)	$	(2,303)	$	(393)	$	(779)	$	—	$	—	$	(3,122)
Net unrealized gain/(loss)	(79,712)		(3,479)		(1,949)		—		—		68,196
Equity in earnings/(loss) from affiliates	—		—		—		—		2,318		—


Three Months Ended March 31, 2025
	Residential Mortgage Loans (1)		Legacy WMC Commercial Loans		Non-Agency RMBS		Other Assets (2)		AG Arc		Securitized Debt		Other Liabilities (2)
Beginning balance	$	6,416,066	$	67,005	$	115,533	$	204	$	30,778	$	(5,491,967)	$	(336)



Purchases	494,769		—		25,963		—		—		—		—
Issuances of Securitized Debt	—		—		—		—		—		(408,670)		—

Proceeds from sales or settlements	(20,428)		—		—		(258)		—		—		298
Principal repayments	(187,597)		—		(1,094)		—		—		170,775		—
Principal funding	2,381		—		—		—		—		—		—
Included in net income:
Net premium and discount amortization (3)	1,891		270		(692)		—		—		(6,807)		—
Net realized gain/(loss)	(1,067)		—		—		258		—		—		(298)
Net unrealized gain/(loss)	107,843		(1,771)		1,408		(204)		—		(100,022)		336
Equity in earnings/(loss) from affiliates	—		—		—		—		1,464		—		—
Other (4)	(4,062)		—		—		—		—		—		—
Ending Balance	$	6,809,796	$	65,504	$	141,118	$	—	$	32,242	$	(5,836,691)	$	—

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2025
Net premium and discount amortization (3)	1,830		270		(692)		—		—		(6,807)		—
Net unrealized gain/(loss)	106,986		(1,771)		1,408		—		—		(100,022)		—
Equity in earnings/(loss) from affiliates	—		—		—		—		1,464		—		—

(1)Includes Securitized residential mortgage loans.

(2)Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable.

(3)Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively.

(4)Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances.

Schedule of Valuation Techniques


			March 31, 2026				December 31, 2025
Valuation Technique		Unobservable Input	Fair Value			Range (Weighted Average) (1)	Fair Value			Range (Weighted Average) (1)
Securitized Residential Mortgage Loans
		Yield				5.36% - 18.27% (5.97%)				5.13% - 18.10% (5.78%)
Discounted Cash Flow		Projected Collateral Prepayments	$	7,538,748		4.68% - 22.00% (10.12%)	$	7,999,619		4.92% - 22.00% (10.09%)
	Projected Collateral Losses				0.00% - 1.76% (0.08%)				0.00% - 1.77% (0.09%)
	Projected Collateral Severities (2)				10.00% - 100.00% (27.88%)				10.00% - 100.00% (28.23%)
Residential Mortgage Loans
		Yield				2.50% - 11.03% (6.96%)				5.39% - 11.61% (7.08%)
Discounted Cash Flow		Projected Collateral Prepayments	$	227,587		0.99% - 36.13% (16.12%)	$	198,596		1.98% - 33.46% (16.06%)
	Projected Collateral Losses				0.00% - 34.31% (1.76%)				0.00% - 18.29% (1.47%)
		Projected Collateral Severities (2)				1.09% - 20.00% (17.61%)				4.43% - 100.00% (17.79%)


Legacy WMC Commercial Loans
		Yield				6.42% - 7.31% (6.67%)				5.95% - 6.95% (6.68%)
Discounted Cash Flow		Credit Spread	$	51,504		260 bps - 356 bps (288 bps)	$	55,376		231 bps - 325 bps (300 bps)
		Recovery Percentage (3)				68.33% - 85.55% (80.60%)				68.33% - 93.29% (86.62%)

Non-Agency RMBS
		Yield				5.14% - 16.00% (7.39%)				4.83% - 20.00% (7.56%)
Discounted Cash Flow		Projected Collateral Prepayments	$	211,564		7.81% - 13.24% (11.02%)	$	191,546		7.55% - 15.23% (11.23%)
	Projected Collateral Losses				0.00% - 0.50% (0.11%)				0.00% - 0.38% (0.06%)
		Projected Collateral Severities				10.00% - 100.00% (62.04%)				10.00% - 100.00% (56.87%)















AG Arc
Comparable Multiple		Book Value Multiple	$	52,334		1.05x - 1.05x (1.05x)	$	50,016		1.025x - 1.025x (1.025x)



Securitized Debt
		Yield				4.76% - 30.00% (5.65%)				4.37% - 30.00% (5.42%)
Discounted Cash Flow		Projected Collateral Prepayments	$	(6,749,708)		4.68% - 22.00% (10.09%)	$	(7,177,923)		4.92% - 22.00% (10.09%)
		Projected Collateral Losses				0.00% - 0.50% (0.08%)				0.00% - 0.50% (0.08%)
		Projected Collateral Severities				10.00% - 100.00% (27.46%)				10.00% - 100.00% (27.79%)

(1)Amounts are weighted based on fair value.

(2)Projected collateral severities excludes assumed recoveries on certain residential mortgage loans.

(3)Represents the proportion of the principal expected to be collected relative to the loan balances as of March 31, 2026 and December 31, 2025.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Loans (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Company's Residential Mortgage Loan Portfolio and Commercial Loan Portfolio


	Unpaid Principal Balance						Gross Unrealized						Weighted Average
March 31, 2026			Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield (1)		Life (Years) (2)
Securitized residential mortgage loans, at fair value (3)
Non-Agency Loans (4)	$	6,728,033	$	59,696	$	6,787,729	$	58,492	$	(302,960)	$	6,543,261	5.84	%	5.71	%	7.30
Home Equity Loans	798,646		58,151		856,797		10,948		(3,547)		864,198		9.80	%	7.40	%	4.42

Re- and Non-Performing Loans	152,632		(9,286)		143,346		—		(12,057)		131,289		4.21	%	6.04	%	5.19
Total Securitized residential mortgage loans, at fair value	$	7,679,311	$	108,561	$	7,787,872	$	69,440	$	(318,564)	$	7,538,748	6.22	%	5.90	%	6.95

Residential mortgage loans, at fair value
Agency-Eligible Loans	$	20,951	$	287	$	21,238	$	250	$	(1)	$	21,487	6.84	%	6.41	%	4.42
Home Equity Loans	166,703		5,891		172,594		613		—		173,207		8.79	%	7.71	%	4.91
Non-Agency Loans	33,660		587		34,247		11		(1,365)		32,893		6.12	%	4.81	%	4.20
Re- and Non-Performing Loans	980		(638)		342		595		—		937		N/A		NM		1.09
Total Residential mortgage loans, at fair value	$	222,294	$	6,127	$	228,421	$	1,469	$	(1,366)	$	228,524	8.20	%	7.48	%	4.74

Total as of March 31, 2026	$	7,901,605	$	114,688	$	8,016,293	$	70,909	$	(319,930)	$	7,767,272	6.27	%	5.94	%	6.89

	Unpaid Principal Balance						Gross Unrealized						Weighted Average
December 31, 2025			Premium (Discount)		Amortized Cost		Gains		Losses		Fair Value		Coupon		Yield (1)		Life (Years) (2)
Securitized residential mortgage loans, at fair value (3)
Non-Agency Loans (4)	$	7,026,365	$	59,755	$	7,086,120	$	84,870	$	(266,118)	$	6,904,872	5.87	%	5.74	%	7.30
Home Equity Loans	874,718		61,241		935,959		24,574		—		960,533		9.81	%	7.70	%	5.43
Re- and Non-Performing Loans	155,984		(9,693)		146,291		—		(12,077)		134,214		4.22	%	5.93	%	5.54
Total Securitized residential mortgage loans, at fair value	$	8,057,067	$	111,303	$	8,168,370	$	109,444	$	(278,195)	$	7,999,619	6.27	%	5.97	%	7.07

Residential mortgage loans, at fair value
Agency-Eligible Loans	$	20,524	$	326	$	20,850	$	299	$	—	$	21,149	6.83	%	6.34	%	4.83
Home Equity Loans	135,804		5,913		141,717		663		(41)		142,339		9.07	%	7.77	%	4.83
Non-Agency Loans	36,578		638		37,216		18		(2,126)		35,108		6.14	%	3.62	%	4.17
Re- and Non-Performing Loans	1,140		(696)		444		637		—		1,081		N/A		NM		1.12
Total Residential mortgage loans, at fair value	$	194,046	$	6,181	$	200,227	$	1,617	$	(2,167)	$	199,677	8.27	%	7.22	%	4.68

Total as of December 31, 2025	$	8,251,113	$	117,484	$	8,368,597	$	111,061	$	(280,362)	$	8,199,296	6.32	%	6.00	%	7.01

NM - Not Meaningful

(1)The weighted average yields are calculated based on the amortized cost of the underlying loans.

(3)Refer to the "Variable interest entities" section below for additional details related to the assets and liabilities of VIEs consolidated on the Company's consolidated balance sheets.

(4)Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization.

During the three months ended March 31, 2026 and 2025, the Company purchased residential mortgage loans, as detailed below (in thousands).


	Three Months Ended
	March 31, 2026				March 31, 2025
	Unpaid Principal Balance		Fair Value (1)		Unpaid Principal Balance		Fair Value (1)
Agency-Eligible Loans	$	475	$	486	$	361,538	$	366,768
Home Equity Loans	83,491		86,383		123,276		128,240

Total	$	83,966	$	86,869	$	484,814	$	495,008

(1)Fair value represents purchase price at acquisition.

During the three months ended March 31, 2026 and 2025, the Company sold residential mortgage loans as detailed below ($ in thousands).


	Three Months Ended
	Number of Loans	Proceeds		Realized Gains		Realized Losses
March 31, 2026

Home Equity Loans	601	$	49,375	$	26	$	(25)


March 31, 2025
Non-Agency Loans	21	$	11,336	$	341	$	(1,152)
Re- and Non-Performing Loans	88	9,092		832		(1,149)
Total	109	$	20,428	$	1,173	$	(2,301)


March 31, 2026			Premium / (Discount)		Amortized Cost		Gross Unrealized Losses		Fair Value		Weighted Average					Maturity Date (3)	LTV (4)		Location
Loan (1)(2)	Unpaid Principal Balance										Coupon		Yield (3)		Life (Years) (3)
Loan A (5)	$	7,259	$	(29)	$	7,230	$	(1,308)	$	5,922	7.87	%	—	%	N/A	N/A	61.63	%	IL, FL
Loan B (5)	13,206		(52)		13,154		(2,381)		10,773		7.87	%	—	%	N/A	N/A	75.33	%	CA
Loan C (5)	24,535		(99)		24,436		(4,422)		20,014		7.87	%	—	%	N/A	N/A	77.22	%	NY
Loan D (6)	22,204		(1,005)		21,199		(6,404)		14,795		7.05	%	—	%	N/A	N/A	42.50	%	CT
Total	$	67,204	$	(1,185)	$	66,019	$	(14,515)	$	51,504	7.60	%	—	%	N/A		65.06	%


December 31, 2025			Premium / (Discount)		Amortized Cost		Gross Unrealized Losses		Fair Value		Weighted Average					Maturity Date (3)	LTV (4)		Location
Loan (1)(2)	Unpaid Principal Balance										Coupon		Yield (3)		Life (Years) (3)
Loan A (5)	$	7,259	$	(29)	$	7,230	$	(684)	$	6,546	7.98	%	—	%	N/A	N/A	61.63	%	IL, FL
Loan B (5)	13,206		(52)		13,154		(1,244)		11,910		7.98	%	—	%	N/A	N/A	75.33	%	CA
Loan C (5)	24,535		(99)		24,436		(2,310)		22,126		7.98	%	—	%	N/A	N/A	77.22	%	NY
Loan D (6)	22,204		(611)		21,593		(6,799)		14,794		7.16	%	—	%	N/A	N/A	42.50	%	CT
Total	$	67,204	$	(791)	$	66,413	$	(11,037)	$	55,376	7.71	%	—	%	N/A		65.69	%

(1)The Company has the contractual right to receive a balloon payment for each loan.

(2)Each commercial loan investment is a first mortgage loan.

(4)Represents the LTV at acquisition of WMC. The total LTV on commercial loans is presented based on fair value.

Schedule of Credit Quality Information on Residential Mortgage Loans

The following tables present information regarding the delinquency status of the Company's residential mortgage loans ($ in thousands).


	Unpaid Principal Balance		Loan Count (1)	Aging by Unpaid Principal Balance (1)
March 31, 2026					Current			30-59 Days			60-89 Days			90+ Days (2)
Securitized residential mortgage loans
Non-Agency Loans	$	6,728,033	17,787		$	6,527,852		$	87,383		$	38,094		$	74,704
Home Equity Loans	798,646		9,849		790,746			2,957			1,011			3,932
Re- and Non-Performing Loans	152,632		1,050		124,533			11,410			3,443			13,246
Total Securitized residential mortgage loans	$	7,679,311	28,686		$	7,443,131		$	101,750		$	42,548		$	91,882
Residential mortgage loans
Agency-Eligible Loans	$	20,951	39		$	20,497		$	—		$	454		$	—
Home Equity Loans	166,703		1,677		166,334			249			89			31
Non-Agency Loans	33,660		49		17,538			2,088			1,057			12,977
Re- and Non-Performing Loans (1)	980		N/A		N/A			N/A			N/A			N/A
Total Residential mortgage loans	$	222,294	1,765		$	204,369		$	2,337		$	1,600		$	13,008
Total as of March 31, 2026	$	7,901,605	30,451		$	7,647,500		$	104,087		$	44,148		$	104,890
Percent of Unpaid Principal Balance (1)					96.8		%	1.3		%	0.6		%	1.3		%

	Unpaid Principal Balance		Loan Count (1)	Aging by Unpaid Principal Balance (1)
December 31, 2025					Current			30-59 Days			60-89 Days			90+ Days (2)
Securitized residential mortgage loans
Non-Agency Loans	$	7,026,365	18,430		$	6,833,324		$	76,326		$	32,323		$	84,392
Home Equity Loans	874,718		10,599		869,432			2,963			489			1,834
Re- and Non-Performing Loans	155,984		1,073		123,901			14,730			5,247			12,106
Total Securitized residential mortgage loans	$	8,057,067	30,102		$	7,826,657		$	94,019		$	38,059		$	98,332
Residential mortgage loans
Agency-Eligible Loans	$	20,524	38		$	19,825		$	699		$	—		$	—
Home Equity Loans	135,804		1,368		135,773			—			—			31
Non-Agency Loans	36,578		53		16,468			1,444			1,112			17,554
Re- and Non-Performing Loans (1)	1,140		N/A		N/A			N/A			N/A			N/A
Total Residential mortgage loans	$	194,046	1,459		$	172,066		$	2,143		$	1,112		$	17,585
Total as of December 31, 2025	$	8,251,113	31,561		$	7,998,723		$	96,162		$	39,171		$	115,917
Percent of Unpaid Principal Balance (1)					96.9		%	1.2		%	0.5		%	1.4		%

Schedule of Certain Concentrations of Credit Risk Within the Company's Mortgage Loan Portfolio

The following is a summary of the geographic concentration of credit risk as of March 31, 2026 and December 31, 2025 and includes states where the exposure is greater than 5% of the fair value of the Company's residential mortgage loan portfolio.


Geographic Concentration of Credit Risk (1)	March 31, 2026		December 31, 2025
California	30	%	30	%
Florida	10	%	10	%
New York	8	%	8	%
Texas	6	%	6	%

Other	46	%	46	%

(1)Excludes the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions.

Schedule of Variable Interest Entities

The following table details the carrying value related to the assets and liabilities of the Company’s consolidated VIEs as of March 31, 2026 and December 31, 2025 (in thousands).


	Non-Agency VIEs				Home Equity VIEs				RPL/NPL VIEs				Total VIEs
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Assets
Securitized residential mortgage loans, at fair value (1)	$	6,543,261	$	6,904,872	$	864,198	$	960,533	$	131,289	$	134,214	$	7,538,748	$	7,999,619
Restricted Cash	12		—		1,055		1,055		10		12		1,077		1,067
Other assets	35,521		37,711		7,362		8,128		5,327		5,517		48,210		51,356
Total Assets	$	6,578,794	$	6,942,583	$	872,615	$	969,716	$	136,626	$	139,743	$	7,588,035	$	8,052,042

Liabilities
Securitized debt, at fair value (1) (2)	$	5,922,951	$	6,265,540	$	735,458	$	817,889	$	91,299	$	94,494	$	6,749,708	$	7,177,923
Other liabilities	25,250		26,129		4,107		4,497		266		274		29,623		30,900
Total Liabilities	$	5,948,201	$	6,291,669	$	739,565	$	822,386	$	91,565	$	94,768	$	6,779,331	$	7,208,823

Total Equity (3)	$	630,593	$	650,914	$	133,050	$	147,330	$	45,061	$	44,975	$	808,704	$	843,219

(1)Securitized residential mortgage loans in Non-Agency VIEs include loans that were considered to be Agency-Eligible prior to the Company's securitization.

(3)The Company had outstanding financing arrangements collateralized by the Company's retained interests in its VIEs. Refer to Note 6 for additional information.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Related party transactions

3 Months Ended

Mar. 31, 2026

Related party transactions

Manager

The Company has entered into a management agreement with the Manager, which provided for an initial term and will be deemed renewed automatically each year for an additional one-year period, subject to certain termination rights. The Company is externally managed and advised by the Manager. Pursuant to the terms of the management agreement, which became effective July 6, 2011 (upon the consummation of the Company’s initial public offering (the "IPO")), the Manager provides the Company with its management team, including its officers, along with appropriate support personnel. Each of the Company’s officers is an employee of TPG or its affiliates. The Company does not have any employees. The Manager has delegated to TPG Angelo Gordon, an affiliate of TPG, the overall responsibility of its day-to-day duties and obligations arising under the Company’s management agreement. Below is a description of the fees and reimbursements provided in the management agreement.

Management fee

The Manager is entitled to a management fee equal to 1.50% per annum, calculated and paid quarterly, of the Company’s Stockholders’ Equity. For purposes of calculating the management fee, "Stockholders’ Equity" means the sum of the net proceeds from any issuances of equity securities (including preferred securities) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance, and excluding any future equity issuance to the Manager), plus the Company’s retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense or other non-cash items incurred in current or prior periods), less any amount that the Company pays for repurchases of its common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors. Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements.

The below table details the management fees incurred during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
Consolidated statements of operations line item:	March 31, 2026		March 31, 2025
Management fee to affiliate	$	2,319	$	2,327

As of March 31, 2026 and December 31, 2025, the Company recorded management fees payable of $2.3 million and $2.3 million, respectively. The management fee payable is included within the "Due to affiliates" item within the "Other liabilities" line item on the consolidated balance sheets.

Incentive fee

The Manager is entitled to an annual incentive fee with respect to each applicable fiscal year, which will be equal to 15% of the amount by which the Company's cumulative adjusted net income from November 22, 2021 exceeds the cumulative hurdle amount, which represents an 8% return (cumulative, but not compounding) on an equity hurdle base consisting of the sum of (i) $341.5 million and (ii) the gross proceeds of any subsequent public or private common stock offerings by the Company. The annual incentive fee will be payable in cash, or, at the option of the Company's Board of Directors, shares of common stock or a combination of cash and shares.

During the three months ended March 31, 2026 and 2025, the Company did not incur any incentive fee expense.

Termination fee

Upon the occurrence of (i) the Company’s termination of the management agreement without cause or (ii) the Manager’s termination of the management agreement upon a breach by the Company of any material term of the management agreement, the Manager will be entitled to a termination fee equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter. As of March 31, 2026 and December 31, 2025, no event of termination of the management agreement had occurred.

Expense reimbursement

The Company is required to reimburse the Manager or its affiliates for operating expenses which are incurred by the Manager or its affiliates on behalf of the Company, including expenses relating to legal, accounting, due diligence, and other services. The Company’s reimbursement obligation is not subject to any dollar limitation; however, the reimbursement is subject to an annual budget process which combines guidelines from the management agreement with oversight by the Company’s Board of Directors.

The Company reimburses the Manager or its affiliates for the Company’s allocable share of the compensation, including, without limitation, annual base salary, bonus, any related withholding taxes, and employee benefits paid to (i) the Company’s chief financial officer based on the percentage of time spent on Company affairs, (ii) the Company’s general counsel based on the percentage of time spent on the Company’s affairs, and (iii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance, and other non-investment personnel of the Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs based upon the percentage of time devoted by such personnel to the Company’s affairs. In their capacities as officers or personnel of the Manager or its affiliates, they devote such portion of their time to the Company’s affairs as is necessary to enable the Company to operate its business.

The below table details the expense reimbursement incurred during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
Consolidated statements of operations line item:	March 31, 2026		March 31, 2025
Non-investment related expenses	$	1,446	$	1,839
Investment related expenses	142		200
Transaction related expenses	75		260
Expense reimbursements to Manager or its affiliates	$	1,663	$	2,299

As of March 31, 2026 and December 31, 2025, the Company recorded a reimbursement payable to the Manager or its affiliates of $1.3 million and $2.1 million, respectively. The reimbursement payable to the Manager or its affiliates is included within the "Due to affiliates" line item within the "Other liabilities" line item on the consolidated balance sheets.

Investments in debt and equity of affiliates

The Company invests in credit sensitive residential assets through affiliated entities which hold an ownership interest in the assets. The Company is one investor, amongst other investors managed by affiliates of TPG, in such entities and has applied the equity method of accounting for such investments.

Arc Home

On December 9, 2015, the Company, alongside private funds managed by TPG or its affiliates, through AG Arc LLC ("AG Arc") formed Arc Home. As of March 31, 2026 and December 31, 2025, the Company had an approximate 66.0% interest in AG Arc. Arc Home is a multi-channel licensed mortgage originator and servicer primarily engaged in the business of originating and selling residential mortgage loans while retaining the mortgage servicing rights associated with certain loans that it originates. Arc Home is led by an external management team. The Company elected the fair value option with respect to its investment in AG Arc pursuant to ASC 825. The Company elected to treat its investment in AG Arc as a taxable REIT subsidiary.

On August 1, 2025, the Company purchased an additional 21.4% interest in AG Arc from certain private funds managed by an affiliate of TPG. In connection with the acquisition, the Company issued 2,027,676 restricted shares of the Company’s common stock as consideration. The Company continues to account for its investment in AG Arc using the equity method as it maintains significant influence, however does not have control over major decisions affecting AG Arc’s operations and financial policies.

MATH

On August 29, 2017, the Company, alongside private funds managed by TPG or its affiliates, formed Mortgage Acquisition Holding I LLC ("MATH") to conduct a residential mortgage investment strategy. MATH in turn sponsored the formation of Mortgage Acquisition Trust I LLC ("MATT") to purchase predominantly Non-QM Loans. MATT made an election to be treated as a REIT beginning with the 2018 tax year. The Company has an approximate 47.0% interest in MATH. MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments.

Summary of investments in debt and equity of affiliates and related earnings

The below table summarizes the components of the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands).


	March 31, 2026						December 31, 2025
	Assets		Liabilities		Equity		Assets		Liabilities		Equity
Non-QM Securities (1)	$	8,680	$	—	$	8,680	$	9,439	$	—	$	9,439

Re/Non-Performing Securities	547		—		547		599		—		599
Total Residential Investments	9,227		—		9,227		10,038		—		10,038

AG Arc, at fair value	52,334		—		52,334		50,016		—		50,016

Cash and Other assets/(liabilities)	228		(15)		213		1,291		(12)		1,279

Investments in debt and equity of affiliates	$	61,789	$	(15)	$	61,774	$	61,345	$	(12)	$	61,333

(1)As of March 31, 2026 and December 31, 2025, MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments.

The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Non-QM Securities	$	(274)	$	(71)

Re/Non-Performing Securities	(38)		(120)
AG Arc (1)(2)	2,312		1,376
Equity in earnings/(loss) from affiliates	$	2,000	$	1,185

(1)Earnings/(loss) recognized by AG Arc do not include the Company's portion of gains or losses recorded by Arc Home in connection with the sale of residential mortgage loans to the Company. Refer to "Transactions with Arc Home" below for more information on this accounting policy.

(2)As of March 31, 2026 and 2025, the Company had an approximate 66.0% and 44.6% interest in AG Arc, respectively.

Transactions with affiliates

Transactions with Red Creek Asset Management LLC

In connection with the Company’s investments in residential mortgage loans, the Company engages asset managers to provide advisory, consultation, asset management, and other services. The Company engaged Red Creek Asset Management LLC (the "Asset Manager"), a related party of the Manager and subsidiary of TPG, as the asset manager for certain of its residential mortgage loans. The Company pays the Asset Manager asset management fees which are assessed periodically by a third-party valuation firm. The below details the fees paid by the Company to the Asset Manager during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Fees paid to Asset Manager	$	550	$	640

As of March 31, 2026 and December 31, 2025, the Company recorded asset management fees payable of $0.2 million and $0.2 million, respectively. Asset management fees payable are included within the "Due to affiliates" line item within the "Other liabilities" line item on the consolidated balance sheets.

Transactions with Arc Home

Arc Home may sell loans to the Company, third-parties, or affiliates of the Manager. The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Residential mortgage loans sold by Arc Home to the Company	$	475	$	60,957

In connection with the sale of loans from Arc Home to the Company, the Company eliminates any intra-entity profits or losses typically recognized through the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statement of operations and adjusts the cost basis of the underlying loans resulting in unrealized gains or losses on the underlying loans. The table below summarizes intra-entity profits eliminated during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Intra-Entity Profits Eliminated	$	6	$	88

The Company enters into forward purchase commitments with Arc Home whereby the Company commits to purchase residential mortgage loans from Arc Home at a particular price on a best-efforts basis. Actual loan purchases are contingent

upon successful loan closings. These commitments to purchase mortgage loans are classified as derivatives. From time to time, the Company may determine that certain loans it has previously committed to purchase will be sold to third parties and, as a result, the derivative will be settled on a net basis with Arc Home. See Note 7 and Note 12, if applicable, for more detail.

Transactions under the Company's Affiliated Transaction Policy

The below table details transactions where the Company purchased or sold assets from or to an affiliate of the Manager ($ in millions). The transactions were executed in accordance with the Company's Affiliated Transaction Policy. Refer to the "Transactions with Arc Home" section above for additional information related to transactions with Arc Home, which are excluded from the table below.

Date

Transaction

Fair Value (1)

Pricing Methodology

June 2025

Purchase of Re/Non-Performing Securities (2)

0.1

Third party pricing vendors (3)

August 2025

Purchase of AG Arc (4) (5)

15.7

Third party pricing vendors (3)

(1)As of the transaction date.

(2)The Company purchased an additional interest in certain re/non-performing securities which are recorded within the “Investments in debt and equity of affiliates” line item on the consolidated balance sheets.

(3)Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy.

(4)The Company’s Board of Directors, including its independent directors, approved the transaction and obtained a fairness opinion from a third party financial advisor.

(5)Refer to “Investments in debt and equity of affiliates - Arc Home” above for additional information on this transaction.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Real Estate Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Real Estate Securities Portfolio


	Current Face (1)		Premium/ (Discount) (1)		Amortized Cost		Gross Unrealized				Fair Value (2)		Weighted Average
March 31, 2026							Gains		Losses				Coupon (3)		Yield (4)		Life (Years) (5)
Non-Agency RMBS
Non-QM Loans (6)	$	48,814	$	(2,043)	$	48,501	$	767	$	(2,258)	$	47,010	3.30	%	6.40	%	2.92
Agency-Eligible Loans (7)	42,760		(2,558)		40,784		1,701		(176)		42,309		3.61	%	7.39	%	6.39
Home Equity Loans (7)	106,195		(3,851)		123,278		5,942		(371)		128,849		5.47	%	9.40	%	5.25
Prime Jumbo Loans	4,281		(1,604)		2,678		631		—		3,309		4.44	%	8.83	%	17.94
Total Non-Agency RMBS	202,050		(10,056)		215,241		9,041		(2,805)		221,477		4.25	%	8.33	%	5.06

Legacy WMC CMBS (8)	82,573		(35,707)		46,866		5,305		(9,921)		42,250		5.92	%	16.66	%	1.74







Agency RMBS Interest Only	N/A		N/A		16,024		347		(711)		15,660		4.54	%	8.06	%	5.44


Total as of March 31, 2026	$	284,623	$	(45,763)	$	278,131	$	14,693	$	(13,437)	$	279,387	4.62	%	9.72	%	4.74


	Current Face (1)		Premium / (Discount) (1)		Amortized Cost		Gross Unrealized				Fair Value (2)		Weighted Average
December 31, 2025							Gains		Losses				Coupon (3)		Yield (4)		Life (Years) (5)
Non-Agency RMBS
Non-QM Loans (6)	$	48,814	$	(2,160)	$	48,526	$	816	$	(2,379)	$	46,963	3.11	%	6.66	%	3.57
Agency-Eligible Loans (7)	44,491		(2,656)		42,439		1,841		(117)		44,163		3.57	%	7.41	%	6.74
Home Equity Loans (7)	84,647		(2,018)		99,617		7,514		(189)		106,942		5.55	%	10.47	%	5.51
Prime Jumbo Loans	4,256		(1,616)		2,640		673		—		3,313		4.49	%	8.82	%	18.36
Total Non-Agency RMBS	182,208		(8,450)		193,222		10,844		(2,685)		201,381		4.09	%	8.82	%	5.39

Legacy WMC CMBS (8)	82,962		(37,015)		45,947		5,814		(9,196)		42,565		5.95	%	15.30	%	1.73




Agency RMBS Interest Only	N/A		N/A		16,630		249		(521)		16,358		4.57	%	7.30	%	5.17

Total as of December 31, 2025	$	265,170	$	(45,465)	$	255,799	$	16,907	$	(12,402)	$	260,304	4.55	%	9.89	%	4.93

(3)Equity residual investments with a zero coupon rate are excluded from this calculation.

(4)The weighted average yields are calculated based on the amortized cost of the underlying securities.

(5)Actual maturities may be shorter or longer than stated contractual maturities. Maturities are affected by prepayments of principal.


	Three Months Ended
	Number of Securities	Proceeds		Realized Gains		Realized Losses






March 31, 2025
Agency RMBS	1	$	1,894	$	241	$	—
Non-Agency RMBS	1	778		37		—

Total	2	$	2,672	$	278	$	—

Schedule of Weighted Average Life of Real Estate Securities

The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of March 31, 2026 and December 31, 2025 (in thousands).


March 31, 2026	Non-Agency RMBS				Legacy WMC CMBS				Agency RMBS			Real Estate Securities Total
Weighted Average Life (1)	Fair Value		Amortized Cost		Fair Value		Amortized Cost			Fair Value		Amortized Cost		Fair Value		Amortized Cost
Less than or equal to one year	$	—	$	—	$	4,694	$	8,617		$	—	$	—	$	4,694	$	8,617
Greater than one year and less than or equal to five years	155,310		153,971		37,556		38,249			626		579		193,492		192,799
Greater than five years and less than or equal to ten years	44,475		40,340		—		—			15,034		15,445		59,509		55,785
Greater than ten years	21,692		20,930		—		—			—		—		21,692		20,930
Total as of March 31, 2026	$	221,477	$	215,241	$	42,250	$	46,866		$	15,660	$	16,024	$	279,387	$	278,131


December 31, 2025	Non-Agency RMBS				Legacy WMC CMBS				Agency RMBS				Real Estate Securities Total
Weighted Average Life (1)	Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost
Less than or equal to one year	$	—	$	—	$	4,921	$	8,589	$	—	$	—	$	4,921	$	8,589
Greater than one year and less than or equal to five years	98,432		96,270		37,644		37,358		838		600		136,914		134,228
Greater than five years and less than or equal to ten years	80,653		75,378		—		—		15,520		16,030		96,173		91,408
Greater than ten years	22,296		21,574		—		—		—		—		22,296		21,574
Total as of December 31, 2025	$	201,381	$	193,222	$	42,565	$	45,947	$	16,358	$	16,630	$	260,304	$	255,799

Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

Total

Common Stock

Preferred Stock

Additional Paid-in Capital

Retained Earnings/(Deficit)

Beginning balance (in shares) at Dec. 31, 2024

29,640

Beginning balance at Dec. 31, 2024

$ 543,423

$ 296

$ 220,472

$ 824,380

$ (501,725)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Grant of restricted stock and amortization of equity based compensation (in shares)

Grant of restricted stock and amortization of equity based compensation, net

208

$ 1

207

Common dividends declared

(5,932)

Preferred dividends declared

^[1]

(5,306)

Net Income/(Loss)

11,477

Ending balance (in shares) at Mar. 31, 2025

29,659

Ending balance at Mar. 31, 2025

$ 543,870

$ 297

220,472

824,587

(501,486)

Beginning balance (in shares) at Dec. 31, 2025

31,744

Beginning balance at Dec. 31, 2025

$ 560,734

$ 317

220,472

840,401

(500,456)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Grant of restricted stock and amortization of equity based compensation (in shares)

^[2]

(9)

Grant of restricted stock and amortization of equity based compensation, net

^[2]

(5)

Common dividends declared

(7,617)

Preferred dividends declared

^[1]

(5,154)

Net Income/(Loss)

$ (3,562)

(3,562)

Ending balance (in shares) at Mar. 31, 2026

31,735

Ending balance at Mar. 31, 2026

$ 544,396

$ 317

$ 220,472

$ 840,396

$ (516,789)

[1]	For the three months ended March 31, 2026 and 2025, dividends totaling $0.51563 and $0.51563 per share of Series A Preferred Stock, $0.50 and $0.50 per share of Series B Preferred Stock, and $0.652391 and $0.693062 per share of Series C Preferred Stock outstanding were declared, respectively.
[2]	During the three months ended March 31, 2026, the Company retired 19 thousand shares of common stock to pay $0.2 million of withholding taxes on the net settlement of equity based compensation.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Equity - Narrative (Details)			3 Months Ended		11 Months Ended	60 Months Ended		61 Months Ended
Equity - Narrative (Details)	Aug. 01, 2025 shares	Feb. 22, 2021 USD ($)	Mar. 31, 2026 USD ($) period director $ / shares shares	Mar. 31, 2025 shares	Mar. 31, 2026 USD ($) period $ / shares shares	Mar. 31, 2026 USD ($) period $ / shares shares	Sep. 17, 2024	Mar. 31, 2026 USD ($) period $ / shares shares	Dec. 31, 2025 shares	May 05, 2025 shares	May 04, 2025 shares	Nov. 06, 2024 USD ($)	Mar. 26, 2024 USD ($)	May 04, 2023 USD ($)	Aug. 03, 2022 USD ($)	Apr. 07, 2021 shares
Class of Stock [Line Items]
Securities and capital available for issuance \| $													$ 1,000,000,000.0
Capital available for issuance, effective period													3 years
Preferred shares authorized (in shares)			50,000,000.0		50,000,000.0	50,000,000.0		50,000,000.0
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.01		$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)			9,120,000		9,120,000	9,120,000		9,120,000
Quarterly periods required to grant preferred stock voting rights \| period			6		6	6		6
Number of directors \| director			2
Percent of votes needed to pass			66.67%		66.67%	66.67%		66.67%
Arc Home \| Related Party
Class of Stock [Line Items]
Loan securitization, additional interest	21.40%
Share issued in connection with acquisition (in shares)	2,027,676
2024 Sales Agents
Class of Stock [Line Items]
Amount authorized \| $												$ 75,000,000.0
Issuance of common stock (in shares)			0	0
Independent Director
Class of Stock [Line Items]
Dividend equivalent units vested (in shares)			3,327		3,327	3,327		3,327
Independent Director \| Restricted Stock
Class of Stock [Line Items]
Outstanding shares vested (in shares)			12,981		12,981	12,981		12,981
Restricted stock unit conversion ratio			1
2020 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares authorized (in shares)											220,781
Number of shares subject to issuance if forfeited or lapse (in shares)										86,666
2025 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares authorized (in shares)										800,000
Number of dividend equivalent units granted (in shares)					1,278
Shares available to be awarded under equity incentive plans (in shares)			983,917		983,917	983,917		983,917
2025 Equity Incentive Plan \| Restricted Stock
Class of Stock [Line Items]
Shares of restricted common stock under equity incentive plans (in shares)					35,586
2021 Equity Incentive Plan
Class of Stock [Line Items]
Number of shares authorized (in shares)																573,425
Shares of restricted common stock under equity incentive plans (in shares)						0
8.25% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend percentage		8.25%	8.25%	8.25%
Preferred stock, shares issued (in shares)			1,700,000		1,700,000	1,700,000		1,700,000	1,700,000
Preferred stock, shares outstanding (in shares)			1,663,000		1,663,000	1,663,000		1,663,000	1,700,000
Series B Cumulative Reedmable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend percentage		8.00%	8.00%	8.00%
Preferred stock, shares issued (in shares)			3,700,000		3,700,000	3,700,000		3,700,000	3,700,000
Preferred stock, shares outstanding (in shares)			3,728,000		3,728,000	3,728,000		3,728,000	3,700,000
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend percentage		8.00%	8.00%	8.00%			8.00%
Preferred stock, shares issued (in shares)			3,700,000		3,700,000	3,700,000		3,700,000	3,700,000
Preferred stock, shares outstanding (in shares)			3,729,000		3,729,000	3,729,000		3,729,000	3,700,000
2022 Repurchase Program
Class of Stock [Line Items]
Authorized amount for stock repurchase \| $															$ 15,000,000.0
Value of common stock remained authorized for future share repurchases \| $			$ 1,500,000		$ 1,500,000	$ 1,500,000		$ 1,500,000
Shares repurchased (in shares)			0	0
2023 Repurchase Program
Class of Stock [Line Items]
Authorized amount for stock repurchase \| $														$ 15,000,000.0
Value of common stock remained authorized for future share repurchases \| $			$ 15,000,000.0		$ 15,000,000.0	$ 15,000,000.0		$ 15,000,000.0
Preferred Repurchase Program
Class of Stock [Line Items]
Authorized amount for stock repurchase \| $		$ 20,000,000.0
Shares repurchased (in shares)								0

Related party transactions (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

The below table details the management fees incurred during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
Consolidated statements of operations line item:	March 31, 2026		March 31, 2025
Management fee to affiliate	$	2,319	$	2,327

The below table details the expense reimbursement incurred during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
Consolidated statements of operations line item:	March 31, 2026		March 31, 2025
Non-investment related expenses	$	1,446	$	1,839
Investment related expenses	142		200
Transaction related expenses	75		260
Expense reimbursements to Manager or its affiliates	$	1,663	$	2,299

The below details the fees paid by the Company to the Asset Manager during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Fees paid to Asset Manager	$	550	$	640

The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Residential mortgage loans sold by Arc Home to the Company	$	475	$	60,957

Date

Transaction

Fair Value (1)

Pricing Methodology

June 2025

Purchase of Re/Non-Performing Securities (2)

0.1

Third party pricing vendors (3)

August 2025

Purchase of AG Arc (4) (5)

15.7

Third party pricing vendors (3)

(1)As of the transaction date.

(3)Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy.

(4)The Company’s Board of Directors, including its independent directors, approved the transaction and obtained a fairness opinion from a third party financial advisor.

(5)Refer to “Investments in debt and equity of affiliates - Arc Home” above for additional information on this transaction.

Schedule of Investments in Debt and Equity of Affiliates


	March 31, 2026						December 31, 2025
	Assets		Liabilities		Equity		Assets		Liabilities		Equity
Non-QM Securities (1)	$	8,680	$	—	$	8,680	$	9,439	$	—	$	9,439

Re/Non-Performing Securities	547		—		547		599		—		599
Total Residential Investments	9,227		—		9,227		10,038		—		10,038

AG Arc, at fair value	52,334		—		52,334		50,016		—		50,016

Cash and Other assets/(liabilities)	228		(15)		213		1,291		(12)		1,279

Investments in debt and equity of affiliates	$	61,789	$	(15)	$	61,774	$	61,345	$	(12)	$	61,333


	Three Months Ended
	March 31, 2026		March 31, 2025
Non-QM Securities	$	(274)	$	(71)

Re/Non-Performing Securities	(38)		(120)
AG Arc (1)(2)	2,312		1,376
Equity in earnings/(loss) from affiliates	$	2,000	$	1,185

(2)As of March 31, 2026 and 2025, the Company had an approximate 66.0% and 44.6% interest in AG Arc, respectively.

The table below summarizes intra-entity profits eliminated during the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended
	March 31, 2026		March 31, 2025
Intra-Entity Profits Eliminated	$	6	$	88

Related party transactions - Investments in Debt and Equity Affiliates (Details) - shares	Aug. 01, 2025	Mar. 31, 2026	Dec. 31, 2025	Jul. 31, 2025	Mar. 31, 2025
Arc Home
Related Party Transaction [Line Items]
Loan securitization, ownership interest		66.00%
Arc Home \| Related Party
Related Party Transaction [Line Items]
Loan securitization, ownership interest	66.00%	66.00%	66.00%	44.60%	44.60%
Loan securitization, additional interest	21.40%
Share issued in connection with acquisition (in shares)	2,027,676
MATH \| Related Party
Related Party Transaction [Line Items]
Loan securitization, ownership interest		47.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financing - Schedule of Repurchase Agreement Counterparty (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
BofA Securities, Inc.
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 146,752	$ 150,267
Weighted Average Maturity (days)	77 days	68 days
Percentage of Stockholders' Equity	27.00%	26.80%
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 139,661	$ 153,393
Weighted Average Maturity (days)	71 days	103 days
Percentage of Stockholders' Equity	25.70%	27.40%
Barclays Capital Inc.
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 96,445	$ 80,721
Weighted Average Maturity (days)	76 days	73 days
Percentage of Stockholders' Equity	17.70%	14.40%
JP Morgan Securities, LLC
Repurchase Agreement Counterparty [Line Items]
Stockholders' Equity at Risk	$ 29,202	$ 29,992
Weighted Average Maturity (days)	29 days	31 days
Percentage of Stockholders' Equity	5.40%	5.30%

Related party transactions - Manager (Details)		3 Months Ended
Related party transactions - Manager (Details)	Nov. 22, 2021 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Related Party
Related Party Transaction [Line Items]
Renewal term		1 year
Management fee percentage		1.50%
Related Party \| Termination Fee With Manager
Related Party Transaction [Line Items]
Termination fee multiplier		3
Termination fee multiplier, measurement period		24 months
Affiliated Entity
Related Party Transaction [Line Items]
Management fee payable		$ 2,300,000		$ 2,300,000
Affiliated Entity \| Reimbursement To Manager
Related Party Transaction [Line Items]
Due to affiliates		1,300,000		$ 2,100,000
Limited Liability Company \| Incentive Fee To Manager
Related Party Transaction [Line Items]
Annual incentive fee percentage	15.00%
Cumulative hurdle percentage	8.00%
Equity hurdle base amount	$ 341,500,000
Incentive fee expense		$ 0	$ 0

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

As of March 31, 2026, the Company's reportable segments include (i) Loans and Securities and (ii) Arc Home. Segment information for prior periods has been updated to conform to the current year presentation.

The structure of the reportable segments is differentiated by the financial information used by the Chief Operating Decision Maker (“CODM”) and the nature of the Company’s business activities, which is consistent with the reporting structure of the Company’s internal organization. The Company’s CODM is its Chief Executive Officer. The CODM uses net income/(loss) reported on the consolidated statements of operations as the primary measure to make resource allocation decisions and evaluate the segment results. The CODM is regularly provided operating expenses as presented on the consolidated statements of operations when evaluating the Company’s net income/(loss).

The accounting policies applied to the segments are the same as those described in Note 2 to the "Notes to Consolidated Financial Statements (unaudited)". Activities that are not directly attributable or not allocated to either of the reportable segments are reported within "Other" below as a reconciling item to the Company’s consolidated financial statements. Other activities primarily consist of cash and related interest income, the Senior Unsecured Notes and related interest expense, management fees, non-investment related expenses, and preferred stock dividends.

Loans and Securities Segment

The Loans and Securities segment is primarily focused on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. The Company finances its acquired loans through various financing lines on a short-term basis and utilizes TPG’s proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit. The Company's Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments are included in the Loans and Securities segment. This segment generates revenue primarily in the form of net interest income, inclusive of the cost or benefit of hedging, which represents the difference between the interest earned on the investments and the costs of financing and economic hedges in place on these investments. In addition, the Company's investments in loans and securities are recorded at fair value with any periodic change in fair value recorded in the "Net unrealized gain/(loss)" line item on the consolidated statement of operations which is included in the "Other Income/(Loss)" line item below.

Arc Home Segment

The Arc Home segment includes the Company's equity method investment in AG Arc, which owns Arc Home. Effective August 1, 2025, the Company’s ownership interest in AG Arc’s earnings is 66.0%. For all prior periods, the Company’s ownership interest in AG Arc’s earnings was 44.6%. Refer to Note 10 to the to the "Notes to Consolidated Financial Statements (unaudited)" for additional information related to the Company's investment in AG Arc. Arc Home is a multi-channel licensed mortgage originator and servicer led by an external management team. Arc Home generates revenue primarily through originating and selling residential mortgage loans. In addition, Arc Home recognizes net servicing revenue from mortgage servicing rights as well as net interest income and net unrealized gains or losses from originated residential mortgage loans prior to sale. The Company elected the fair value option with respect to its investment in AG Arc. The net income/(loss) recognized within the Arc Home segment is recorded in the "Equity in earnings/(loss) from affiliates" line item on the consolidated statement of operations and includes any periodic changes in the fair value of the investment.

Reportable Segments

The following tables present the reportable operating segments related to the Company’s results of operations for the three months ended March 31, 2026 and 2025 (in thousands).


	Three Months Ended March 31, 2026
	Loans and Securities		Arc Home (1) (2)		Other		Total

Interest income	$	129,413	$	—	$	395	$	129,808
Interest expense	106,605		—		2,560		109,165
Total Net Interest Income	22,808		—		(2,165)		20,643





Total Other Income/(Loss)	(16,176)		—		—		(16,176)


Management fee to affiliate	—		—		2,319		2,319
Non-investment related expenses	—		—		2,656		2,656
Investment related expenses	4,298		—		—		4,298
Transaction related expenses	374		—		200		574
Total Expenses	4,672		—		5,175		9,847

Income/(loss) before equity in earnings/(loss) from affiliates	1,960		—		(7,340)		(5,380)

Equity in earnings/(loss) from affiliates	(312)		2,312		—		2,000
Income/(loss) before income taxes	1,648		2,312		(7,340)		(3,380)

Income tax expense	182		—		—		182
Net Income/(Loss)	1,466		2,312		(7,340)		(3,562)

Dividends on preferred stock	—		—		5,153		5,153

Net Income/(Loss) Available to Common Stockholders	$	1,466	$	2,312	$	(12,493)	$	(8,715)


	Three Months Ended March 31, 2025
	Loans and Securities		Arc Home (1) (2)		Other		Total

Interest income	$	108,052	$	—	$	1,078	$	109,130
Interest expense	87,741		—		2,540		90,281
Total Net Interest Income	20,311		—		(1,462)		18,849





Total Other Income/(Loss)	1,549		—		—		1,549


Management fee to affiliate	—		—		2,327		2,327
Non-investment related expenses	—		—		3,280		3,280
Investment related expenses	3,410		—		—		3,410
Transaction related expenses	1,061		—		—		1,061
Total Expenses	4,471		—		5,607		10,078

Income/(loss) before equity in earnings/(loss) from affiliates	17,389		—		(7,069)		10,320

Equity in earnings/(loss) from affiliates	(191)		1,376		—		1,185
Income/(loss) before income taxes	17,198		1,376		(7,069)		11,505

Income tax expense	28		—		—		28
Net Income/(Loss)	17,170		1,376		(7,069)		11,477

Dividends on preferred stock	—		—		5,304		5,304

Net Income/(Loss) Available to Common Stockholders	$	17,170	$	1,376	$	(12,373)	$	6,173

(2)During the three months ended March 31, 2026 and 2025, the Company recorded an unrealized gain/(loss) on its investment in AG Arc of $1.1 million and $1.4 million, respectively.


	Loans and Securities		Arc Home		Other		Total
March 31, 2026
Total Assets	$	8,184,568	$	52,334	$	51,413	$	8,288,315
Total Liabilities	7,633,542		—		110,377		7,743,919
Total Stockholders' Equity	551,026		52,334		(58,964)		544,396

December 31, 2025
Total Assets	$	8,600,220	$	50,016	$	61,294	$	8,711,530
Total Liabilities	8,039,534		—		111,262		8,150,796
Total Stockholders' Equity	560,686		50,016		(49,968)		560,734

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
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+ Details

Financing - Schedule of Total Borrowings Under Repurchase Agreements (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	$ 7,903,727
Total Financing Arrangements
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	850,231
Total Financing Arrangements \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	84,788
Total Financing Arrangements \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	633,327
Total Financing Arrangements \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	132,116
Total Financing Arrangements \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	27,227
Non-Agency Loans \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	415,277
Non-Agency Loans \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency Loans \| Within 30 Days \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	41,366
Non-Agency Loans \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	27,227
Non-Agency Loans \| Over 30 Days to 3 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	373,911
Non-Agency Loans \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency Loans \| Over 3 Months to 12 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency Loans \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency Loans \| Over 12 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Home Equity Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	87,343
Home Equity Loans \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	64,826
Home Equity Loans \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Home Equity Loans \| Within 30 Days \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Home Equity Loans \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	291
Home Equity Loans \| Over 30 Days to 3 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	64,826
Home Equity Loans \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	87,052
Home Equity Loans \| Over 3 Months to 12 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Home Equity Loans \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Home Equity Loans \| Over 12 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Re- and Non-Performing Loans \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	27,191
Re- and Non-Performing Loans \| Within 30 Days \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Re- and Non-Performing Loans \| Over 30 Days to 3 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	27,191
Re- and Non-Performing Loans \| Over 3 Months to 12 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Re- and Non-Performing Loans \| Over 12 Months \| Securitized Residential Mortgage Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency-Eligible Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	19,672
Agency-Eligible Loans \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency-Eligible Loans \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency-Eligible Loans \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	19,672
Agency-Eligible Loans \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC Commercial Loans
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	25,392
Legacy WMC Commercial Loans \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC Commercial Loans \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC Commercial Loans \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	25,392
Legacy WMC Commercial Loans \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	154,366
Non-Agency RMBS \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	42,622
Non-Agency RMBS \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	111,744
Non-Agency RMBS \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Non-Agency RMBS \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC CMBS
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	18,540
Legacy WMC CMBS \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC CMBS \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	18,540
Legacy WMC CMBS \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Legacy WMC CMBS \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency RMBS
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	10,397
Agency RMBS \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	800
Agency RMBS \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	9,597
Agency RMBS \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Agency RMBS \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Senior Notes
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	99,500
Senior Notes \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Senior Notes \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Senior Notes \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
Senior Notes \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	99,500
February 2029 Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	34,500
February 2029 Senior Unsecured Notes \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
February 2029 Senior Unsecured Notes \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
February 2029 Senior Unsecured Notes \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
February 2029 Senior Unsecured Notes \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	34,500
May 2029 Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	65,000
May 2029 Senior Unsecured Notes \| Within 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
May 2029 Senior Unsecured Notes \| Over 30 Days to 3 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
May 2029 Senior Unsecured Notes \| Over 3 Months to 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	0
May 2029 Senior Unsecured Notes \| Over 12 Months
Assets Sold under Agreements to Repurchase [Line Items]
Current Face	$ 65,000