Residential Whole Loans - Residential Whole Loans, Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
Dec. 31, 2025 |
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
[1],[2] |
$ 8,783,700
|
$ 8,810,354
|
$ 8,810,354
|
| LTV ratio (as a percent) |
|
80.00%
|
|
|
| Residential whole loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
|
$ 8,783,700
|
8,810,354
|
8,810,354
|
| Fair Value |
|
8,791,337
|
8,820,478
|
8,820,478
|
| Unpaid Principal Balance (“UPB”) |
|
$ 8,989,250
|
$ 8,989,910
|
$ 8,989,910
|
| Weighted Average Coupon ( as a percent) |
|
6.92%
|
6.98%
|
6.98%
|
| LTV ratio (as a percent) |
|
64.00%
|
|
64.00%
|
| 60+ Days Past Due % |
|
7.80%
|
7.10%
|
7.10%
|
| Residential whole loans | Current |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 7,973,850
|
$ 7,939,119
|
$ 7,939,119
|
| Residential whole loans | 30-59 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
312,489
|
411,142
|
411,142
|
| Residential whole loans | 60-89 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
177,952
|
134,379
|
134,379
|
| Residential whole loans | 90 or more |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
524,959
|
505,270
|
505,270
|
| Residential whole loans | Non-QM loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
|
5,529,980
|
5,344,968
|
5,344,968
|
| Fair Value |
|
5,516,866
|
5,332,533
|
5,332,533
|
| Unpaid Principal Balance (“UPB”) |
|
$ 5,523,570
|
$ 5,322,321
|
$ 5,322,321
|
| Weighted Average Coupon ( as a percent) |
|
6.73%
|
6.74%
|
6.74%
|
| Weighted Average Term to Maturity (Months) |
|
337 months
|
|
337 months
|
| LTV ratio (as a percent) |
|
64.00%
|
|
64.00%
|
| Weighted Average Original FICO |
|
739
|
|
738
|
| 60+ Days Past Due % |
|
4.10%
|
4.20%
|
4.20%
|
| Gross coupon rate (as a percent) |
|
6.86%
|
6.88%
|
|
| Residential whole loans | Non-QM loans | Current |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 5,155,462
|
$ 4,929,485
|
$ 4,929,485
|
| Residential whole loans | Non-QM loans | 30-59 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
144,082
|
170,509
|
170,509
|
| Residential whole loans | Non-QM loans | 60-89 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
56,001
|
47,154
|
47,154
|
| Residential whole loans | Non-QM loans | 90 or more |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
168,025
|
175,173
|
175,173
|
| Residential whole loans | Business purpose loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
|
2,260,014
|
2,441,368
|
2,441,368
|
| Fair Value |
|
2,263,206
|
2,444,803
|
2,444,803
|
| Unpaid Principal Balance (“UPB”) |
|
$ 2,339,084
|
$ 2,510,608
|
$ 2,510,608
|
| Weighted Average Coupon ( as a percent) |
|
8.22%
|
8.31%
|
8.31%
|
| Weighted Average Term to Maturity (Months) |
|
|
|
|
| LTV ratio (as a percent) |
|
70.00%
|
|
66.00%
|
| Weighted Average Original FICO |
|
|
|
|
| 60+ Days Past Due % |
|
11.80%
|
8.10%
|
8.10%
|
| Residential whole loans | Business purpose loans | Current |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 2,000,102
|
$ 2,192,525
|
$ 2,192,525
|
| Residential whole loans | Business purpose loans | 30-59 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
63,358
|
115,012
|
115,012
|
| Residential whole loans | Business purpose loans | 60-89 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
77,355
|
39,605
|
39,605
|
| Residential whole loans | Business purpose loans | 90 or more |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
198,269
|
163,466
|
163,466
|
| Residential whole loans | Business purpose loans | Single-family rental loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
|
1,195,847
|
1,234,428
|
1,234,428
|
| Fair Value |
|
1,198,564
|
1,237,464
|
1,237,464
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,207,006
|
$ 1,246,745
|
$ 1,246,745
|
| Weighted Average Coupon ( as a percent) |
|
6.32%
|
6.34%
|
6.34%
|
| Weighted Average Term to Maturity (Months) |
|
308 months
|
|
311 months
|
| LTV ratio (as a percent) |
|
66.00%
|
|
66.00%
|
| Weighted Average Original FICO |
|
740
|
|
740
|
| 60+ Days Past Due % |
|
2.60%
|
2.50%
|
2.50%
|
| Gross coupon rate (as a percent) |
|
6.35%
|
6.37%
|
|
| Residential whole loans | Business purpose loans | Single-family rental loans | Current |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,151,373
|
$ 1,193,041
|
$ 1,193,041
|
| Residential whole loans | Business purpose loans | Single-family rental loans | 30-59 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
23,905
|
22,309
|
22,309
|
| Residential whole loans | Business purpose loans | Single-family rental loans | 60-89 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
4,376
|
4,165
|
4,165
|
| Residential whole loans | Business purpose loans | Single-family rental loans | 90 or more |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
27,352
|
27,230
|
27,230
|
| Residential whole loans | Business purpose loans | Single-family transitional loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
|
657,557
|
717,303
|
717,303
|
| Fair Value |
|
658,032
|
717,702
|
717,702
|
| Unpaid Principal Balance (“UPB”) |
|
$ 673,850
|
$ 732,059
|
$ 732,059
|
| Weighted Average Coupon ( as a percent) |
|
10.24%
|
10.31%
|
10.31%
|
| Weighted Average Term to Maturity (Months) |
|
6 months
|
|
6 months
|
| LTV ratio (as a percent) |
|
68.00%
|
|
69.00%
|
| Weighted Average Original FICO |
|
751
|
|
750
|
| 60+ Days Past Due % |
|
15.80%
|
11.50%
|
11.50%
|
| Gross coupon rate (as a percent) |
|
10.25%
|
10.32%
|
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | Current |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 547,992
|
$ 599,798
|
$ 599,798
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | 30-59 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
19,455
|
48,180
|
48,180
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | 60-89 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
16,980
|
2,535
|
2,535
|
| Residential whole loans | Business purpose loans | Single-family transitional loans | 90 or more |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
89,423
|
81,546
|
81,546
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
|
406,610
|
489,637
|
489,637
|
| Fair Value |
|
406,610
|
489,637
|
489,637
|
| Unpaid Principal Balance (“UPB”) |
|
$ 458,228
|
$ 531,804
|
$ 531,804
|
| Weighted Average Coupon ( as a percent) |
|
10.22%
|
10.17%
|
10.17%
|
| Weighted Average Term to Maturity (Months) |
|
1 month
|
|
1 month
|
| LTV ratio (as a percent) |
|
83.00%
|
|
64.00%
|
| Weighted Average Original FICO |
|
748
|
|
749
|
| 60+ Days Past Due % |
|
30.00%
|
16.50%
|
16.50%
|
| Gross coupon rate (as a percent) |
|
10.23%
|
10.18%
|
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | Current |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 300,737
|
$ 399,686
|
$ 399,686
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 30-59 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
19,998
|
44,523
|
44,523
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 60-89 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
55,999
|
32,905
|
32,905
|
| Residential whole loans | Business purpose loans | Multifamily transitional loans | 90 or more |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
81,494
|
54,690
|
54,690
|
| Residential whole loans | Legacy RPL/NPL loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
|
943,323
|
972,996
|
972,996
|
| Fair Value |
|
960,882
|
992,120
|
992,120
|
| Unpaid Principal Balance (“UPB”) |
|
$ 1,067,717
|
$ 1,097,698
|
$ 1,097,698
|
| Weighted Average Coupon ( as a percent) |
|
5.08%
|
5.09%
|
5.09%
|
| Weighted Average Term to Maturity (Months) |
|
243 months
|
|
245 months
|
| LTV ratio (as a percent) |
|
53.00%
|
|
54.00%
|
| Weighted Average Original FICO |
|
646
|
|
646
|
| 60+ Days Past Due % |
|
19.00%
|
19.50%
|
19.50%
|
| Gross coupon rate (as a percent) |
|
5.09%
|
5.10%
|
|
| Residential whole loans | Legacy RPL/NPL loans | Current |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 760,712
|
$ 757,826
|
$ 757,826
|
| Residential whole loans | Legacy RPL/NPL loans | 30-59 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
103,744
|
125,621
|
125,621
|
| Residential whole loans | Legacy RPL/NPL loans | 60-89 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
44,596
|
47,620
|
47,620
|
| Residential whole loans | Legacy RPL/NPL loans | 90 or more |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
158,665
|
166,631
|
166,631
|
| Residential whole loans | Other loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Asset Amount |
|
50,383
|
51,022
|
51,022
|
| Fair Value |
|
50,383
|
51,022
|
51,022
|
| Unpaid Principal Balance (“UPB”) |
|
$ 58,879
|
$ 59,283
|
$ 59,283
|
| Weighted Average Coupon ( as a percent) |
|
3.43%
|
3.43%
|
3.43%
|
| Weighted Average Term to Maturity (Months) |
|
305 months
|
|
308 months
|
| LTV ratio (as a percent) |
|
63.00%
|
|
63.00%
|
| Weighted Average Original FICO |
|
757
|
|
757
|
| 60+ Days Past Due % |
|
0.00%
|
0.00%
|
0.00%
|
| Residential whole loans | Other loans | Current |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 57,574
|
$ 59,283
|
$ 59,283
|
| Residential whole loans | Other loans | 30-59 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
1,305
|
0
|
0
|
| Residential whole loans | Other loans | 60-89 |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
0
|
0
|
0
|
| Residential whole loans | Other loans | 90 or more |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Unpaid Principal Balance (“UPB”) |
|
$ 0
|
$ 0
|
$ 0
|
|
|