v3.26.1
Real Estate Securities - Schedule of Real Estate Securities Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
May 31, 2026
Apr. 30, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]        
Current Face $ 314,729     $ 265,170
Premium/(Discount) (45,435)     (45,465)
Amortized Cost 307,114     255,799
Gross Unrealized Gains 15,570     16,907
Gross Unrealized Losses (13,430)     (12,402)
Fair value $ 309,254     $ 260,304
Weighted Average Coupon 4.38%     4.55%
Weighted Average Yield 9.47%     9.89%
Weighted average useful life 4 years 6 months 14 days     4 years 11 months 4 days
Residential Portfolio Segment        
Debt Securities, Available-for-sale [Line Items]        
Unpaid Principal Balance $ 7,526,027     $ 8,251,113
Legacy WMC Commercial Loans 7,381,460     8,199,296
Total Non-Agency RMBS | Residential Portfolio Segment        
Debt Securities, Available-for-sale [Line Items]        
Current Face 232,656     182,208
Premium/(Discount) (11,229)     (8,450)
Amortized Cost 244,408     193,222
Gross Unrealized Gains 10,025     10,844
Gross Unrealized Losses (2,588)     (2,685)
Fair value $ 251,845     $ 201,381
Weighted Average Coupon 3.92%     4.09%
Weighted Average Yield 8.25%     8.82%
Weighted average useful life 4 years 9 months 18 days     5 years 4 months 20 days
Non-QM Loans | Residential Portfolio Segment        
Debt Securities, Available-for-sale [Line Items]        
Current Face $ 86,345     $ 48,814
Premium/(Discount) (3,392)     (2,160)
Amortized Cost 85,670     48,526
Gross Unrealized Gains 2,219     816
Gross Unrealized Losses (1,998)     (2,379)
Fair value $ 85,891     $ 46,963
Weighted Average Coupon 3.03%     3.11%
Weighted Average Yield 6.97%     6.66%
Weighted average useful life 2 years 4 months 24 days     3 years 6 months 25 days
Real estate securities notional amount $ 134,700     $ 66,300
Retained securities amount 42,600     42,400
Unpaid Principal Balance 7,179     36,578
Legacy WMC Commercial Loans 7,014     35,108
Non-QM Loans | Residential Portfolio Segment | Affiliated Entity        
Debt Securities, Available-for-sale [Line Items]        
Retained securities amount 38,600 $ 16,500 $ 21,200  
Unpaid Principal Balance   $ 333,400 $ 429,600  
Agency-Eligible Loans | Residential Portfolio Segment        
Debt Securities, Available-for-sale [Line Items]        
Current Face 41,335     44,491
Premium/(Discount) (2,480)     (2,656)
Amortized Cost 39,415     42,439
Gross Unrealized Gains 1,694     1,841
Gross Unrealized Losses (157)     (117)
Fair value $ 40,952     $ 44,163
Weighted Average Coupon 3.64%     3.57%
Weighted Average Yield 7.36%     7.41%
Weighted average useful life 6 years 8 months 23 days     6 years 8 months 26 days
Real estate securities notional amount $ 35,700     $ 40,400
Retained securities amount 39,000     42,200
Unpaid Principal Balance 20,169     20,524
Legacy WMC Commercial Loans 20,651     21,149
Home Equity Loans | Residential Portfolio Segment        
Debt Securities, Available-for-sale [Line Items]        
Current Face 100,695     84,647
Premium/(Discount) (3,767)     (2,018)
Amortized Cost 116,632     99,617
Gross Unrealized Gains 5,454     7,514
Gross Unrealized Losses (433)     (189)
Fair value $ 121,653     $ 106,942
Weighted Average Coupon 5.48%     5.55%
Weighted Average Yield 9.48%     10.47%
Weighted average useful life 5 years 7 months 28 days     5 years 6 months 3 days
Real estate securities notional amount $ 273,800     $ 249,100
Retained securities amount 96,600     78,700
Unpaid Principal Balance 225,684     135,804
Legacy WMC Commercial Loans 233,810     142,339
Prime Jumbo Loans | Residential Portfolio Segment        
Debt Securities, Available-for-sale [Line Items]        
Current Face 4,281     4,256
Premium/(Discount) (1,590)     (1,616)
Amortized Cost 2,691     2,640
Gross Unrealized Gains 658     673
Gross Unrealized Losses 0     0
Fair value $ 3,349     $ 3,313
Weighted Average Coupon 4.43%     4.49%
Weighted Average Yield 8.97%     8.82%
Weighted average useful life 17 years 9 months     18 years 4 months 9 days
Legacy WMC CMBS        
Debt Securities, Available-for-sale [Line Items]        
Current Face $ 82,073     $ 82,962
Premium/(Discount) (34,206)     (37,015)
Amortized Cost 47,867     45,947
Gross Unrealized Gains 5,218     5,814
Gross Unrealized Losses (10,391)     (9,196)
Fair value $ 42,694     $ 42,565
Weighted Average Coupon 5.88%     5.95%
Weighted Average Yield 16.22%     15.30%
Weighted average useful life 1 year 6 months 21 days     1 year 8 months 23 days
Unpaid Principal Balance $ 23,500     $ 23,500
Legacy WMC Commercial Loans 4,900     6,300
Agency RMBS Interest Only        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 14,839     16,630
Gross Unrealized Gains 327     249
Gross Unrealized Losses (451)     (521)
Fair value $ 14,715     $ 16,358
Weighted Average Coupon 4.89%     4.57%
Weighted Average Yield 7.71%     7.30%
Weighted average useful life 5 years 6 months 21 days     5 years 2 months 1 day
Real estate securities notional amount $ 70,400     $ 85,000