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v3.25.1

Use of Special Purpose Entities and Variable Interest Entities - Schedule of Loan Securitization Transaction (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Mar. 31, 2024 | Dec. 31, 2024
Variable Interest Entity [Line Items] |  |  |
Weighted average fixed rate for Senior Bonds issued | 4.68% |  | 4.47%
Asset-backed Securities, Securitized Loans and Receivables |  |  |
Variable Interest Entity [Line Items] |  |  |
Aggregate unpaid principal balance of residential whole loans sold | $ 10,229,681 |  | $ 9,924,643
Outstanding amount of Senior Bonds, at carrying value | 556,688 |  | 583,597
Outstanding amount of Senior Bonds, at fair value | 5,317,030 |  | 5,211,380
Outstanding amount of Senior Bonds, total | $ 5,873,718 |  | $ 5,794,977
Weighted average fixed rate for Senior Bonds issued | 5.07% |  | 5.02%
Weighted average contractual maturity of Senior Bonds | 36 years |  | 36 years
Cash received | $ 8,857,447 |  | $ 8,574,069
Debt issuance cost | 1,100 |  | 1,100
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes |  |  |
Variable Interest Entity [Line Items] |  |  |
Debt instrument, face amount | 8,938,397 |  | 8,655,017
Cash received | 283,400 | $ 160,000 |
Proceeds from Senior bond sold with Step up feature | $ 4,300,000 |  | 4,200,000
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Variable Rate, Option 1 |  |  |
Variable Interest Entity [Line Items] |  |  |
Debt instrument, basis spread on variable rate (in percent) | 1.00% |  |
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Variable Rate, Option 2 |  |  |
Variable Interest Entity [Line Items] |  |  |
Debt instrument, basis spread on variable rate (in percent) | 1.50% |  |
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Variable Rate, Option 3 |  |  |
Variable Interest Entity [Line Items] |  |  |
Debt instrument, basis spread on variable rate (in percent) | 3.00% |  |
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Minimum |  |  |
Variable Interest Entity [Line Items] |  |  |
Debt instrument, coupon step-up period | 30 months |  |
Asset-backed Securities, Securitized Loans and Receivables | Senior Notes | Maximum |  |  |
Variable Interest Entity [Line Items] |  |  |
Debt instrument, coupon step-up period | 48 months |  |
Asset-backed Securities, Securitized Loans and Receivables | Senior Support Certificates |  |  |
Variable Interest Entity [Line Items] |  |  |
Debt instrument, face amount | $ 1,243,687 |  | $ 1,222,029

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