Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Apr. 30, 2025 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 450,628
|
|
$ 450,628
|
|
$ 474,855
|
|
| Unamortized deferred financing costs |
|
(2,840)
|
|
(2,840)
|
|
(1,679)
|
$ (600)
|
| Total Debt Carried at Cost, Net |
|
447,788
|
|
447,788
|
|
473,176
|
|
| Total Debt Carried at Fair Value |
|
18,962
|
|
18,962
|
|
0
|
|
| Total Debt Carried at Cost, Net |
|
$ 466,750
|
|
$ 466,750
|
|
473,176
|
289,191
|
| Debt repurchase exit fee, percentage |
|
0.50%
|
|
0.50%
|
|
|
|
| Amortization of deferred financing costs |
|
$ 300
|
$ 100
|
$ 732
|
$ 712
|
1,035
|
330
|
| Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
211,499
|
|
211,499
|
|
305,850
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
305,294
|
264,143
|
| MSR Financing |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
39,781
|
0
|
| Financed Retained Interests |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
128,101
|
25,048
|
| Warehouse Facility 1 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 0
|
|
$ 0
|
|
28,286
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 28,286
|
12,400
|
| Weighted Average Funding Cost |
|
0.00%
|
|
0.00%
|
|
9.30%
|
|
| Collateral Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 33,214
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
|
|
4.90%
|
|
| Warehouse Facility 2 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 21,270
|
|
$ 21,270
|
|
$ 61,007
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 61,007
|
147,629
|
| Weighted Average Funding Cost |
|
6.40%
|
|
6.40%
|
|
8.40%
|
|
| Collateral Carrying Value |
|
$ 24,584
|
|
$ 24,584
|
|
$ 62,756
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
2.25%
|
|
4.00%
|
|
| Debt repurchase exit fee, percentage |
|
|
|
|
|
0.50%
|
|
| Warehouse Facility 3 |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt repurchase exit fee, percentage |
|
|
|
|
|
0.50%
|
|
| Warehouse Facility 3 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 26,227
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 26,227
|
21,300
|
| Weighted Average Funding Cost |
|
0.00%
|
|
0.00%
|
|
9.90%
|
|
| Collateral Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 24,827
|
|
| Quarterly variable exit fee based on first principal balance repurchased amount |
|
50,000
|
|
50,000
|
|
50,000
|
|
| Quarterly variable exit fee based on principal balance repurchased in excess of amount |
|
$ 50,000
|
|
$ 50,000
|
|
$ 50,000
|
|
| Warehouse Facility 3 | Funding Debt | Minimum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt repurchase exit fee, percentage |
|
0.125%
|
|
0.125%
|
|
0.125%
|
|
| Warehouse Facility 3 | Funding Debt | Maximum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt repurchase exit fee, percentage |
|
1.50%
|
|
1.50%
|
|
1.50%
|
|
| Warehouse Facility 4 |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Line of credit facility, unused capacity, commitment fee percentage |
|
|
|
0.50%
|
|
0.50%
|
|
| Warehouse Facility 4 | Minimum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
2.15%
|
|
3.50%
|
|
| Warehouse Facility 4 | Maximum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
5.50%
|
|
7.50%
|
|
| Warehouse Facility 4 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 59,647
|
|
$ 59,647
|
|
$ 68,568
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 68,426
|
5,944
|
| Weighted Average Funding Cost |
|
6.70%
|
|
6.70%
|
|
8.80%
|
|
| Collateral Carrying Value |
|
$ 60,367
|
|
$ 60,367
|
|
$ 72,367
|
|
| Warehouse Facility 5 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 0
|
|
$ 0
|
|
21,697
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 21,697
|
22,600
|
| Weighted Average Funding Cost |
|
0.00%
|
|
0.00%
|
|
10.20%
|
|
| Collateral Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 21,216
|
|
| REIT Warehouse |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt repurchase exit fee, percentage |
|
0.15%
|
|
0.15%
|
|
|
|
| Debt instrument exit fee, repurchased, non-securitized loan amount, maximum |
|
$ 500
|
|
$ 500
|
|
|
|
| REIT Warehouse | Minimum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt Instrument, interest rate basis, average purchased mortgage loans during pricing period, amount |
|
|
|
$ 100,000
|
|
|
|
| Debt instrument, interest rate during period |
|
|
|
3.00%
|
|
|
|
| REIT Warehouse | Maximum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, interest rate during period |
|
|
|
3.50%
|
|
|
|
| Debt instrument, interest rate basis, average purchased mortgage loans during pricing period, maximum amount |
|
|
|
$ 100,000
|
|
|
|
| REIT Warehouse | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 42,106
|
|
$ 42,106
|
|
99,204
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 99,182
|
0
|
| Weighted Average Funding Cost |
|
7.70%
|
|
7.70%
|
|
9.90%
|
|
| Collateral Carrying Value |
|
$ 38,510
|
|
$ 38,510
|
|
$ 99,016
|
|
| Warehouse Facility 6 |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
3.50%
|
|
3.50%
|
|
| Debt repurchase exit fee, percentage |
|
0.50%
|
|
0.50%
|
|
0.50%
|
|
| Warehouse Facility 6 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 0
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
|
0
|
| Weighted Average Funding Cost |
|
0.00%
|
|
0.00%
|
|
|
|
| Collateral Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 0
|
|
| Warehouse Facility 7 |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
|
|
3.50%
|
|
| Warehouse Facility 7 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 0
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 0
|
0
|
| Weighted Average Funding Cost |
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
| Collateral Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 0
|
|
| Warehouse Facility 8 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 0
|
|
$ 0
|
|
0
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 0
|
54,270
|
| Weighted Average Funding Cost |
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
| Collateral Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 0
|
|
| Warehouse Facility 9 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 0
|
|
$ 0
|
|
861
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 861
|
0
|
| Weighted Average Funding Cost |
|
0.00%
|
|
0.00%
|
|
11.30%
|
|
| Collateral Carrying Value |
|
$ 0
|
|
$ 0
|
|
$ 0
|
|
| Warehouse Facility 10 |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
2.35%
|
|
|
|
| Warehouse Facility 10 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 17,637
|
|
$ 17,637
|
|
0
|
|
| Weighted Average Funding Cost |
|
6.50%
|
|
6.50%
|
|
|
|
| Collateral Carrying Value |
|
$ 17,929
|
|
$ 17,929
|
|
|
|
| Warehouse Facility 11 | Minimum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
1.75%
|
|
|
|
| Warehouse Facility 11 | Maximum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
2.00%
|
|
|
|
| Warehouse Facility 11 | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 60,946
|
|
$ 60,946
|
|
0
|
|
| Weighted Average Funding Cost |
|
6.50%
|
|
6.50%
|
|
|
|
| Collateral Carrying Value |
|
$ 62,029
|
|
$ 62,029
|
|
|
|
| Digital Asset Loan Facility |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
13.50%
|
|
|
|
|
|
|
| Debt instrument, interest rate, stated percentage |
|
13.50%
|
|
13.50%
|
|
|
|
| Digital Asset Loan Facility | Funding Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 9,893
|
|
$ 9,893
|
|
0
|
|
| Weighted Average Funding Cost |
|
13.90%
|
|
13.90%
|
|
|
|
| Collateral Carrying Value |
|
$ 10,032
|
|
$ 10,032
|
|
|
|
| Lender 1 | MSR Financing |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 40,000
|
|
$ 40,000
|
|
40,000
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 39,781
|
0
|
| Weighted Average Funding Cost |
|
16.80%
|
|
16.80%
|
|
16.90%
|
|
| Collateral Carrying Value |
|
$ 65,907
|
|
$ 65,907
|
|
$ 69,542
|
|
| Debt instrument, interest rate, stated percentage |
|
16.50%
|
|
16.50%
|
|
16.50%
|
|
| Retained Interest Facility | Financed Retained Interests |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Carrying Value |
|
$ 199,129
|
|
$ 199,129
|
|
$ 129,005
|
|
| Total Debt Carried at Cost, Net |
|
|
|
|
|
$ 128,101
|
$ 25,048
|
| Weighted Average Funding Cost |
|
6.60%
|
|
6.60%
|
|
6.60%
|
|
| Collateral Carrying Value |
|
$ 199,178
|
|
$ 199,178
|
|
$ 128,982
|
|
| Retained Interest Facility | Financed Retained Interests | Minimum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
0.50%
|
|
0.50%
|
|
| Retained Interest Facility | Financed Retained Interests | Maximum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
0.55%
|
|
0.55%
|
|
| FCC Certificates |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total Debt Carried at Fair Value |
|
1,156
|
|
$ 1,156
|
|
$ 0
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
0.50%
|
|
|
|
| Debt maturity period |
|
|
|
20 years
|
|
|
|
| Democratized Price YLDS |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Total Debt Carried at Fair Value |
|
$ 17,806
|
|
$ 17,806
|
|
$ 0
|
|
| Debt average interest rate |
|
9.00%
|
|
9.00%
|
|
|
|