v3.26.1
Fair Value - Schedule of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Financial assets:    
Loans and investments, net $ 11,915,216 $ 11,934,248
Loans held-for-sale, net 378,247 408,386
Securities held-to-maturity, net 157,137 156,087
Financial liabilities:    
Credit and repurchase facilities 5,812,258 5,149,651
Securitized debt 2,972,246 3,468,258
Senior unsecured notes 1,857,769 2,029,078
Junior subordinated notes 145,907 145,497
Notes payable - real estate owned 270,410 222,965
Level 1    
Financial assets:    
Loans and investments, net 0  
Loans held-for-sale, net 0  
Capitalized mortgage servicing rights, net 0  
Securities held-to-maturity, net 0  
Financial liabilities:    
Credit and repurchase facilities 0  
Securitized debt 0  
Senior unsecured notes 1,789,738  
Junior subordinated notes 0  
Notes payable - real estate owned 0  
Level 2    
Financial assets:    
Loans and investments, net 0  
Loans held-for-sale, net 381,955  
Capitalized mortgage servicing rights, net 0  
Securities held-to-maturity, net 0  
Financial liabilities:    
Credit and repurchase facilities 359,277  
Securitized debt 0  
Senior unsecured notes 0  
Junior subordinated notes 0  
Notes payable - real estate owned 0  
Level 3    
Financial assets:    
Loans and investments, net 11,916,632  
Loans held-for-sale, net 3,939  
Capitalized mortgage servicing rights, net 462,029  
Securities held-to-maturity, net 150,321  
Financial liabilities:    
Credit and repurchase facilities 5,441,451  
Securitized debt 2,999,104  
Senior unsecured notes 0  
Junior subordinated notes 113,551  
Notes payable - real estate owned 269,131  
Carrying Value    
Financial assets:    
Loans and investments, net 11,915,216 11,934,248
Loans held-for-sale, net 375,797 409,081
Capitalized mortgage servicing rights, net 323,887  
Securities held-to-maturity, net 157,137 156,087
Financial liabilities:    
Credit and repurchase facilities 5,812,258 5,149,651
Securitized debt 2,972,246 3,468,258
Senior unsecured notes 1,857,769 2,029,078
Junior subordinated notes 145,907 145,497
Notes payable - real estate owned 270,410 222,965
Fair Value    
Financial assets:    
Loans and investments, net 11,916,632 11,964,280
Loans held-for-sale, net 385,894 421,398
Capitalized mortgage servicing rights, net 462,029  
Securities held-to-maturity, net 150,321 150,147
Financial liabilities:    
Credit and repurchase facilities 5,800,728 5,143,472
Securitized debt 2,999,104 3,487,773
Senior unsecured notes 1,789,738 2,009,938
Junior subordinated notes 113,551 111,992
Notes payable - real estate owned $ 269,131 $ 221,893