v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Residential mortgage loans HFS, net $ 16,072 $ 29,419
Liabilities    
Repurchase financing agreements [1] 311,341 407,072
Level 1    
Assets:    
Residential mortgage loans HFI, net 0 0
Residential mortgage loans HFS, net 0 0
Investment in debt securities HTM 0 0
Liabilities    
Secured bonds payable, net 0 0
Repurchase financing agreements 0 0
Unsecured notes, net 0 0
Level 1 | Investment in beneficial interests    
Assets:    
Investment in beneficial interests 0 0
Level 2    
Assets:    
Residential mortgage loans HFI, net 0 0
Residential mortgage loans HFS, net 0 0
Investment in debt securities HTM 38,041 40,318
Liabilities    
Secured bonds payable, net 197,953 212,811
Repurchase financing agreements 311,341 407,072
Unsecured notes, net 109,934 107,668
Level 2 | Investment in beneficial interests    
Assets:    
Investment in beneficial interests 0 0
Level 3    
Assets:    
Residential mortgage loans HFI, net 303,958 325,220
Residential mortgage loans HFS, net 16,072 29,419
Investment in debt securities HTM 0 0
Liabilities    
Secured bonds payable, net 0 0
Repurchase financing agreements 0 0
Unsecured notes, net 0 0
Level 3 | Investment in beneficial interests    
Assets:    
Investment in beneficial interests 76,640 66,249
Carrying Value    
Assets:    
Residential mortgage loans HFI, net 348,147 362,829
Residential mortgage loans HFS, net 16,072 29,419
Investment in debt securities HTM 39,623 41,528
Liabilities    
Secured bonds payable, net 212,249 226,243
Repurchase financing agreements 311,341 407,072
Unsecured notes, net 108,938 108,507
Carrying Value | Investment in beneficial interests    
Assets:    
Investment in beneficial interests $ 102,224 $ 99,179
[1] Includes $0.2 million and $0.0 million of unamortized financing costs as of June 30, 2026 and December 31, 2025, respectively.