v3.26.1
Loans - Schedule of Company's Residential Mortgage Loan Portfolio and Commercial Loan Portfolio (Details) - Residential Portfolio Segment - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 7,526,027 $ 8,251,113
Premium (Discount) 115,088 117,484
Amortized Cost 7,641,115 8,368,597
Gross Unrealized Gains 62,653 111,061
Gross Unrealized Losses (322,308) (280,362)
Legacy WMC Commercial Loans $ 7,381,460 $ 8,199,296
Weighted Average Coupon 6.24% 6.32%
Weighted Average Yield 5.89% 6.00%
Weighted Average Life (Years) 6 years 11 months 12 days 7 years 3 days
Residential mortgage loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 253,882 $ 194,046
Premium (Discount) 8,229 6,181
Amortized Cost 262,111 200,227
Gross Unrealized Gains 938 1,617
Gross Unrealized Losses (764) (2,167)
Legacy WMC Commercial Loans $ 262,285 $ 199,677
Weighted Average Coupon 8.65% 8.27%
Weighted Average Yield 7.78% 7.22%
Weighted Average Life (Years) 4 years 8 months 23 days 4 years 8 months 4 days
Residential mortgage loans | Securitized residential mortgage loans, at fair value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 7,272,145 $ 8,057,067
Premium (Discount) 106,859 111,303
Amortized Cost 7,379,004 8,168,370
Gross Unrealized Gains 61,715 109,444
Gross Unrealized Losses (321,544) (278,195)
Legacy WMC Commercial Loans $ 7,119,175 $ 7,999,619
Weighted Average Coupon 6.16% 6.27%
Weighted Average Yield 5.82% 5.97%
Weighted Average Life (Years) 7 years 10 days 7 years 25 days
Non-Agency Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 7,179 $ 36,578
Premium (Discount) 114 638
Amortized Cost 7,293 37,216
Gross Unrealized Gains 0 18
Gross Unrealized Losses (279) (2,126)
Legacy WMC Commercial Loans $ 7,014 $ 35,108
Weighted Average Coupon 6.42% 6.14%
Weighted Average Yield 4.40% 3.62%
Weighted Average Life (Years) 4 years 10 months 9 days 4 years 2 months 1 day
Non-Agency Loans | Securitized residential mortgage loans, at fair value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 6,397,864 $ 7,026,365
Premium (Discount) 60,687 59,755
Amortized Cost 6,458,551 7,086,120
Gross Unrealized Gains 53,198 84,870
Gross Unrealized Losses (299,731) (266,118)
Legacy WMC Commercial Loans $ 6,212,018 $ 6,904,872
Weighted Average Coupon 5.79% 5.87%
Weighted Average Yield 5.65% 5.74%
Weighted Average Life (Years) 7 years 4 months 9 days 7 years 3 months 18 days
Home Equity Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 225,684 $ 135,804
Premium (Discount) 8,376 5,913
Amortized Cost 234,060 141,717
Gross Unrealized Gains 222 663
Gross Unrealized Losses (472) (41)
Legacy WMC Commercial Loans $ 233,810 $ 142,339
Weighted Average Coupon 8.88% 9.07%
Weighted Average Yield 7.73% 7.77%
Weighted Average Life (Years) 4 years 9 months 14 days 4 years 9 months 29 days
Home Equity Loans | Securitized residential mortgage loans, at fair value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 726,148 $ 874,718
Premium (Discount) 54,897 61,241
Amortized Cost 781,045 935,959
Gross Unrealized Gains 8,517 24,574
Gross Unrealized Losses (8,642) 0
Legacy WMC Commercial Loans $ 780,920 $ 960,533
Weighted Average Coupon 9.80% 9.81%
Weighted Average Yield 7.23% 7.70%
Weighted Average Life (Years) 4 years 5 months 23 days 5 years 5 months 4 days
Re- and Non-Performing Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 850 $ 1,140
Premium (Discount) (547) (696)
Amortized Cost 303 444
Gross Unrealized Gains 507 637
Gross Unrealized Losses 0 0
Legacy WMC Commercial Loans $ 810 $ 1,081
Weighted Average Life (Years) 1 year 10 days 1 year 1 month 13 days
Re- and Non-Performing Loans | Securitized residential mortgage loans, at fair value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 148,133 $ 155,984
Premium (Discount) (8,725) (9,693)
Amortized Cost 139,408 146,291
Gross Unrealized Gains 0 0
Gross Unrealized Losses (13,171) (12,077)
Legacy WMC Commercial Loans $ 126,237 $ 134,214
Weighted Average Coupon 4.04% 4.22%
Weighted Average Yield 5.91% 5.93%
Weighted Average Life (Years) 5 years 2 months 4 days 5 years 6 months 14 days
Agency-Eligible Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unpaid Principal Balance $ 20,169 $ 20,524
Premium (Discount) 286 326
Amortized Cost 20,455 20,850
Gross Unrealized Gains 209 299
Gross Unrealized Losses (13) 0
Legacy WMC Commercial Loans $ 20,651 $ 21,149
Weighted Average Coupon 6.86% 6.83%
Weighted Average Yield 6.21% 6.34%
Weighted Average Life (Years) 4 years 2 months 12 days 4 years 9 months 29 days