v3.26.1
Agreements and Transactions with Related Parties - Narrative (Details)
2 Months Ended 3 Months Ended 6 Months Ended
Jul. 15, 2022
USD ($)
Mar. 31, 2026
USD ($)
loan
Jun. 30, 2026
USD ($)
loan
Jun. 30, 2025
USD ($)
loan
Jun. 30, 2026
USD ($)
loan
Jun. 30, 2025
USD ($)
loan
Dec. 31, 2025
USD ($)
Related-party transactions              
UPB     $ 4,630,957,000   $ 4,630,957,000   $ 5,491,880,000
Loans refinanced     $ 87,700,000 $ 261,800,000 $ 251,800,000 $ 429,800,000  
Number of loans refinanced | loan     27 36 72 61  
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          
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