v3.26.1
Agreements and Transactions with Related Parties - Narrative (Details)
2 Months Ended 3 Months Ended
Jul. 15, 2022
USD ($)
Mar. 31, 2026
USD ($)
loan
Mar. 31, 2026
USD ($)
loan
Mar. 31, 2025
USD ($)
loan
Dec. 31, 2025
USD ($)
Related-party transactions          
UPB   $ 4,473,984,000 $ 4,473,984,000   $ 5,491,880,000
Loans refinanced     $ 232,200,000 $ 166,000,000.0  
Number of loans refinanced | loan     50 23  
Management agreement          
Related-party transactions          
Minimum vote for termination of agreement     66.70%    
Minimum notice period for termination (in days)     180 days    
Termination fee multiplier     3    
Period immediately preceding the termination used as basis for determination of the termination fee due (in months)     24 months    
Automatically renewal period (in years)     1 year    
Loan Referrals | Clients Of Manager          
Related-party transactions          
Number of loan opportunities sourced | loan   3      
UPB   $ 171,700,000 $ 171,700,000    
Loans refinanced   $ 23,500,000      
Number of loans refinanced | loan   1      
Loan Referrals | Clients Of Manager | Financing Receivable          
Related-party transactions          
Percentage of UPB   0.60%      
Waterfall Asset Management, LLC | Management fee | Related Party          
Related-party transactions          
Fee for results up to threshold (as a percent)     1.50%    
Fee threshold     $ 500,000,000    
Fee for results in excess of threshold (as a percent)     1.00%    
Waterfall Asset Management, LLC | Inventive fee distribution | Related Party          
Related-party transactions          
Incentive multiplier (as a percent)     15.00%    
Percentage of Incentive fee multiplied by the weighted average of issue price (as a percent)     8.00%    
Minimum core earnings threshold     $ 0    
Waterfall Atlas Fund, LP | Related Party          
Related-party transactions          
Commitment to invest into a parallel vehicle $ 125,000,000.0        
Distributions due as a percentage of carried interest distributions received by the General Partner (as a percent) 15.00%        
Incremental percentage by which the entity's internal rate of return is to exceed the investment internal rate of return (as a percent) 1.50%        
Cash contributions     95,800,000    
Amount of investment contributions committed but not yet funded     $ 29,200,000