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Fair Value of Financial Instruments - Fair Value Methodology (Details) - Residential whole loans $ in Thousands | Jun. 30, 2026 USD ($) | Dec. 31, 2025 USD ($)
--- | --- | ---
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Residential whole loans, fair value | $ 7,765,065 | $ 7,717,007
UPB | 8,983,707 | 8,989,910
Marked to Market Approach |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Residential whole loans, fair value | 21,000 | 138,700
UPB | 29,900 | 170,800
Level 3 |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Residential whole loans, fair value | 7,716,011 | 7,665,985
Level 3 | Discounted Cash Flow and Liquidation Model |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Residential whole loans, fair value | 7,694,964 | 7,527,250
Level 3 | Discounted cash flow |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Residential whole loans, fair value | $ 7,344,950 | $ 7,196,955
Level 3 | Discounted cash flow | Discount rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.066 | 0.065
Level 3 | Discounted cash flow | Discount rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.056 | 0.055
Level 3 | Discounted cash flow | Discount rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.115 | 0.200
Level 3 | Discounted cash flow | Prepayment rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.175 | 0.171
Level 3 | Discounted cash flow | Prepayment rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0 | 0
Level 3 | Discounted cash flow | Prepayment rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.503 | 0.505
Level 3 | Discounted cash flow | Default rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.016 | 0.016
Level 3 | Discounted cash flow | Default rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0 | 0
Level 3 | Discounted cash flow | Default rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.645 | 0.682
Level 3 | Discounted cash flow | Loss severity | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.112 | 0.114
Level 3 | Discounted cash flow | Loss severity | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0 | 0
Level 3 | Discounted cash flow | Loss severity | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 1.000 | 1.000
Level 3 | Liquidation model |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Residential whole loans, fair value | $ 350,014 | $ 330,295
Level 3 | Liquidation model | Discount rate | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.086 | 0.091
Level 3 | Liquidation model | Discount rate | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.080 | 0.080
Level 3 | Liquidation model | Discount rate | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.150 | 0.200
Level 3 | Liquidation model | Annual change in home prices | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.015 | 0.019
Level 3 | Liquidation model | Annual change in home prices | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | (0.010) | (0.009)
Level 3 | Liquidation model | Annual change in home prices | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.066 | 0.087
Level 3 | Liquidation model | Liquidation timeline (in years) | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 1.8 | 1.7
Level 3 | Liquidation model | Liquidation timeline (in years) | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 0.7 | 0.1
Level 3 | Liquidation model | Liquidation timeline (in years) | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 4.5 | 4.5
Level 3 | Liquidation model | Current value of underlying properties | Weighted Average |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 747 | 748
Level 3 | Liquidation model | Current value of underlying properties | Minimum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 30 | 19
Level 3 | Liquidation model | Current value of underlying properties | Maximum |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Measurement input | 8,500 | 11,400

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