v3.26.1
Fair Value Measurements - Unpaid Principal, Fair Value and Impact of Changes in Fair Value on Financial Instruments (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Assets:          
Unpaid Principal/ Notional $ 8,840,568   $ 8,840,568   $ 7,693,236
Loans held for investment, Unpaid Principal/Notional 8,141,676   8,141,676   9,988,601
Loans held for investment, at fair value 7,890,790   7,890,790   9,803,615
Loans held for sale, at fair value, Unpaid Principal/Notional 1,103,428   1,103,428   871,787
Loans held for sale, at fair value, Fair Value 1,126,461   1,126,461   896,117
Interests in MSR financing receivables, Unpaid Principal/Notional 34,472   34,472   40,886
Interests in MSR financing receivables, Fair Value 35,471 $ 0 35,471 $ 0 37,294
Liabilities          
Secured Financing Agreements, Unpaid Principal/Notional 7,725,542   7,725,542   6,031,182
Secured financing agreements, at fair value 283,984   283,984   298,663
Securitized debt at fair value, collateralized by loans held for investment, Unpaid Principal/Notional 5,773,024   5,773,024   7,081,957
Securitized debt at fair value, collateralized by Loans held for investment, Fair Value 5,408,277   5,408,277   6,721,302
Unrealized loss (gain) for contingent earnout liability 860 $ 330 (4,000) $ 1,000 2,000
Non-Agency RMBS | Senior          
Assets:          
Unpaid Principal/ Notional 0   0   0
Fair Value 0   0   0
Non-Agency RMBS | Subordinated          
Assets:          
Unpaid Principal/ Notional 313,240   313,240   346,640
Fair Value 148,232   148,232   174,575
Non-Agency RMBS | Interest-only          
Assets:          
Unpaid Principal/ Notional 2,327,935   2,327,935   2,428,976
Fair Value 68,178   68,178   78,961
Agency RMBS | Interest-only          
Assets:          
Unpaid Principal/ Notional 0   0   367,866
Fair Value 0   0   14,867
Agency RMBS | Pass-through          
Assets:          
Unpaid Principal/ Notional 5,041,259   5,041,259   3,096,299
Fair Value 5,014,494   5,014,494   3,081,573
Agency RMBS | CMO          
Assets:          
Unpaid Principal/ Notional 231,192   231,192   330,871
Fair Value 232,653   232,653   331,909
Agency CMBS - ACMBS bond | Bonds          
Assets:          
Unpaid Principal/ Notional 17,905   17,905    
Fair Value 17,414   17,414    
Project loans | Project loans          
Assets:          
Unpaid Principal/ Notional 0   0   39,693
Fair Value 0   0   32,539
Interest-only | Interest-only          
Assets:          
Unpaid Principal/ Notional 0   0   123,375
Fair Value 0   0   2,597
Secured financing agreements, at fair value          
Liabilities          
Secured Financing Agreements, Unpaid Principal/Notional 293,052   293,052   305,817
Secured financing agreements, at fair value $ 283,984   $ 283,984   $ 298,663