v3.25.2
Loans Held for Investment at Fair Value - Summary of Distribution of Company's Held for Investment (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable Recorded Investment [Line Items]    
Loans held for investment at fair value $ 4,566,532 $ 2,193,575
Asset-backed financings at fair value (1) [1] 4,564,678 2,191,709
Loans held for investment at fair value, pledged to creditors 4,564,678 2,191,869
Loans in Variable Interest Entities [Member]    
Financing Receivable Recorded Investment [Line Items]    
Loans held for investment at fair value 4,564,678 2,191,709
Distressed [Member]    
Financing Receivable Recorded Investment [Line Items]    
Loans held for investment at fair value 1,854 1,866
Loans Held for Investment Pledged to Secure [Member]    
Financing Receivable Recorded Investment [Line Items]    
Assets sold under agreements to repurchase 0 160
Agency-conforming loans secured by non-owner occupied properties [Member]    
Financing Receivable Recorded Investment [Line Items]    
Loans held for investment at fair value 4,173,204 2,146,328
Fixed interest rate jumbo loans held in a VIE [Member]    
Financing Receivable Recorded Investment [Line Items]    
Loans held for investment at fair value $ 391,474 $ 45,381
[1] As discussed in Note 6Variable Interest EntitiesSubordinate and Senior Non-Agency Mortgage-Backed Securities, the Company holds a portion of the securities issued by the VIEs. At June 30, 2025 and December 31, 2024, $340.3 million and $130.8 million, respectively, of such retained securities were pledged to secure Assets sold under agreements to repurchase.