XML 101 R86.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt Obligations - Schedule of Credit and Repurchase Facilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
UPB $ 3,568,361 $ 3,242,939
Debt Carrying Value 3,559,490 3,237,827
Collateral Carrying Value $ 5,087,957 $ 4,606,657
Debt, Wtd. Avg. Rate 6.86% 7.67%
Outstanding principal balance repaid $ 26,600 $ 43,100
Mortgage notes payable - real estate owned 74,897 44,339
Mortgages    
Debt Instrument [Line Items]    
Mortgage notes payable - real estate owned 74,900 44,300
Structured Business    
Debt Instrument [Line Items]    
UPB 3,145,485 2,829,341
Debt Carrying Value 3,136,829 2,824,501
Collateral Carrying Value $ 4,652,502 $ 4,062,162
Debt, Wtd. Avg. Rate 7.00% 7.80%
Deferred financing fees $ 8,600 $ 4,800
Agency Business    
Debt Instrument [Line Items]    
UPB 422,876 413,598
Debt Carrying Value 422,661 413,326
Collateral Carrying Value $ 435,455 $ 544,495
Debt, Wtd. Avg. Rate 5.84% 6.76%
Deferred financing fees $ 200 $ 300
$1.9B joint repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity 1,900,000  
UPB 661,159 870,073
Debt Carrying Value 657,690 868,077
Collateral Carrying Value $ 1,104,791 $ 1,371,436
Debt, Wtd. Avg. Rate 6.76% 7.81%
$1B repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 1,000,000  
UPB 215,832 $ 386,576
Debt Carrying Value 215,459 385,779
Collateral Carrying Value $ 336,193 $ 589,533
Debt, Wtd. Avg. Rate 6.97% 7.68%
$1B repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 1,000,000  
UPB 782,956 $ 448,411
Debt Carrying Value 781,812 447,490
Collateral Carrying Value $ 1,055,321 $ 597,205
Debt, Wtd. Avg. Rate 7.20% 8.38%
$750M credit facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 750,000  
UPB 203,348 $ 0
Debt Carrying Value 202,798 0
Collateral Carrying Value $ 362,695 $ 0
Debt, Wtd. Avg. Rate 7.28% 0.00%
$649 repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 649,000  
UPB 499,039 $ 355,328
Debt Carrying Value 499,017 355,328
Collateral Carrying Value $ 678,017 $ 506,753
Debt, Wtd. Avg. Rate 6.98% 7.83%
$400M credit facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 400,000  
UPB 140,412 $ 0
Debt Carrying Value 138,695 0
Collateral Carrying Value $ 237,123 $ 0
Debt, Wtd. Avg. Rate 7.69% 0.00%
$350M repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 350,000  
UPB 134,368 $ 263,061
Debt Carrying Value 134,189 262,820
Collateral Carrying Value $ 203,135 $ 362,465
Debt, Wtd. Avg. Rate 6.53% 7.55%
$250M repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 250,000  
UPB 0 $ 0
Debt Carrying Value 0 0
Collateral Carrying Value $ 0 $ 0
Debt, Wtd. Avg. Rate 0.00% 0.00%
$250M repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 250,000  
UPB 0 $ 0
Debt Carrying Value 0 0
Collateral Carrying Value $ 0 $ 0
Debt, Wtd. Avg. Rate 0.00% 0.00%
250M repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 250,000  
UPB 0 $ 17,997
Debt Carrying Value 0 17,964
Collateral Carrying Value $ 0 $ 23,088
Debt, Wtd. Avg. Rate 0.00% 7.32%
$200M repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 200,000  
UPB 74,925 $ 107,355
Debt Carrying Value 74,896 107,324
Collateral Carrying Value $ 109,920 $ 141,130
Debt, Wtd. Avg. Rate 6.59% 7.44%
$200M repurchase facility    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 200,000  
$200M repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity 200,000  
UPB 156,329 $ 46,403
Debt Carrying Value 155,676 45,969
Collateral Carrying Value $ 214,441 $ 68,762
Debt, Wtd. Avg. Rate 6.98% 8.04%
$150M credit facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 150,000  
UPB 108,861 $ 120,645
Debt Carrying Value 108,696 120,610
Collateral Carrying Value $ 145,148 $ 162,068
Debt, Wtd. Avg. Rate 7.43% 8.05%
$134M loan specific credit facilities | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 134,000  
UPB 134,131 $ 120,660
Debt Carrying Value 133,965 120,328
Collateral Carrying Value $ 181,108 $ 161,700
Debt, Wtd. Avg. Rate 6.59% 6.91%
$100M repurchase facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 100,000  
UPB 0 $ 32,599
Debt Carrying Value 0 32,579
Collateral Carrying Value $ 0 $ 41,522
Debt, Wtd. Avg. Rate 0.00% 7.03%
$50M credit facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 50,000  
UPB 0 $ 29,200
Debt Carrying Value 0 29,200
Collateral Carrying Value $ 0 $ 36,500
Debt, Wtd. Avg. Rate 0.00% 7.58%
$40M credit facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 40,000  
UPB 15,576 $ 0
Debt Carrying Value 15,387 0
Collateral Carrying Value $ 24,610 $ 0
Debt, Wtd. Avg. Rate 6.77% 0.00%
$35M working capital facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 35,000  
UPB 0 $ 0
Debt Carrying Value 0 0
Collateral Carrying Value $ 0 $ 0
Debt, Wtd. Avg. Rate 0.00% 0.00%
Repurchase facility - securities | Structured Business    
Debt Instrument [Line Items]    
UPB $ 18,549 $ 31,033
Debt Carrying Value 18,549 31,033
Collateral Carrying Value $ 0 $ 0
Debt, Wtd. Avg. Rate 6.12% 7.15%
$750M ASAP agreement | Agency Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 750,000  
UPB 62,196 $ 73,011
Debt Carrying Value 62,196 73,011
Collateral Carrying Value $ 62,372 $ 73,781
Debt, Wtd. Avg. Rate 5.48% 6.49%
$500M repurchase facility | Agency Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 500,000  
UPB 40,878 $ 115,841
Debt Carrying Value 40,872 115,730
Collateral Carrying Value $ 41,165 $ 241,895
Debt, Wtd. Avg. Rate 5.81% 6.83%
$200M credit facility | Structured Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 200,000  
$200M credit facility | Agency Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity 200,000  
UPB 141,217 $ 187,185
Debt Carrying Value 141,169 187,138
Collateral Carrying Value $ 141,971 $ 187,185
Debt, Wtd. Avg. Rate 5.89% 6.78%
$200M credit facility | Agency Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 200,000  
UPB 137,878 $ 0
Debt Carrying Value 137,762 0
Collateral Carrying Value $ 138,793 $ 0
Debt, Wtd. Avg. Rate 5.84% 0.00%
$100M joint repurchase facility | Agency Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 100,000  
UPB 28,656 $ 7,945
Debt Carrying Value 28,611 7,833
Collateral Carrying Value $ 38,962 $ 11,350
Debt, Wtd. Avg. Rate 6.34% 7.77%
$50M credit facility | Agency Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 50,000  
UPB 11,723 $ 29,085
Debt Carrying Value 11,723 29,083
Collateral Carrying Value $ 11,723 $ 29,418
Debt, Wtd. Avg. Rate 5.84% 6.73%
$1M repurchase facility | Agency Business    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 1,000  
UPB 328 $ 531
Debt Carrying Value 328 531
Collateral Carrying Value $ 469 $ 866
Debt, Wtd. Avg. Rate 6.83% 7.86%