v3.26.1
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of Changes in Level 3 Fair Value Assets and Liabilities (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Total    
Beginning balance, total $ 178,755 $ 384,573
Purchase of Borrower Loans/Issuance of Notes 2,488,435 2,056,519
Principal repayments on Borrower Loans 100,009 177,125
Borrower Loans sold to third parties (2,490,334) (2,059,792)
Other changes (1,103) (1,429)
Change in fair value (9,907) (23,991)
Transfer of Loans Held for Sale to Borrower Loans upon PMIT 2024-1 Transaction, at Fair Value   0
Ending balance, total 65,837 178,755
Notes    
Liabilities    
Beginning balance, Liabilities (283,030) (321,966)
Purchase of Borrower Loans/Issuance of Notes (163,892) (184,200)
Principal repayments on Borrower Loans 183,753 195,169
Borrower Loans sold to third parties 0 0
Other changes 474 424
Change in fair value 18,795 27,543
Transfer of Loans Held for Sale to Borrower Loans upon PMIT 2024-1 Transaction, at Fair Value   0
Ending balance, Liabilities (243,900) (283,030)
Borrower Loans    
Assets    
Beginning balance, Assets 461,785 545,038
Purchase of Borrower Loans/Issuance of Notes 164,625 186,073
Principal repayments on Borrower Loans (283,762) (349,740)
Borrower Loans sold to third parties (2,632) (4,454)
Other changes (1,577) (1,550)
Change in fair value (28,702) (49,271)
Transfer of Loans Held for Sale to Borrower Loans upon PMIT 2024-1 Transaction, at Fair Value   135,689
Ending balance, Assets 309,737 461,785
Loans Held for Sale    
Assets    
Beginning balance, Assets 0 161,501
Purchase of Borrower Loans/Issuance of Notes 2,487,702 2,054,646
Principal repayments on Borrower Loans 0 (22,554)
Borrower Loans sold to third parties (2,487,702) (2,055,338)
Other changes 0 (303)
Change in fair value 0 (2,263)
Transfer of Loans Held for Sale to Borrower Loans upon PMIT 2024-1 Transaction, at Fair Value   (135,689)
Ending balance, Assets $ 0 $ 0