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Residential Investor Loans - Schedule of Characteristics of Residential Investor Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Residential Investor Bridge, Unsecuritized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Fair value of loans | $ 25,000 |
Unsecuritized Term | Residential Investor Term, Unsecuritized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Unpaid principal balance ("UPB") | 200,916 | $ 177,618
Average UPB of loans | 2,208 | 1,759
Fair value of loans | $ 174,808 | $ 158,637
Weighted average coupon | 6.95% | 6.84%
Weighted average remaining loan term (years) | 9 years | 9 years
Market value of loans pledged as collateral under debt facilities | $ 115,742 | $ 120,417
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 0 | 27,529
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 0 | 27,529
Fair value of loans in foreclosure | 0 | 8,500
Unsecuritized Term | Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Investor Term, Unsecuritized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Fair value of loans | 46,477 | 12,366
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 77,396 | 33,065
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 9,674 | 8,266
Term at CAFL | Residential Investor Term, Securitized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Unpaid principal balance ("UPB") | 2,399,197 | 2,639,485
Average UPB of loans | 2,809 | 3,084
Fair value of loans | $ 2,270,878 | $ 2,485,069
Weighted average coupon | 5.31% | 5.35%
Weighted average remaining loan term (years) | 4 years | 4 years
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | $ 17,111 | $ 24,648
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 3,422 | 2,465
Term at CAFL | Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Investor Term, Securitized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 169,697 | 194,143
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 3,857 | 3,734
Business Purpose Bridge Loans | Residential Investor Bridge, Unsecuritized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Unpaid principal balance ("UPB") | 1,056,296 | 1,166,213
Average UPB of loans | 4,959 | 5,350
Fair value of loans | $ 949,264 | $ 1,120,281
Weighted average coupon | 9.22% | 9.11%
Weighted average remaining loan term (years) | 1 year | 1 year
Market value of loans pledged as collateral under debt facilities | $ 897,085 | $ 1,070,327
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 77,221 | 86,260
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 12,870 | 6,635
Fair value of loans in foreclosure | 58,005 | 67,858
Business Purpose Bridge Loans | Residential Investor Bridge, Securitized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Unpaid principal balance ("UPB") | 928,171 | 810,285
Average UPB of loans | 1,351 | 1,605
Fair value of loans | $ 944,217 | $ 823,103
Weighted average coupon | 9.49% | 9.76%
Weighted average remaining loan term (years) | 1 year | 1 year
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | $ 24,769 | $ 3,663
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 1,078 | 916
Business Purpose Bridge Loans | Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Investor Bridge, Unsecuritized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Fair value of loans | 139,780 | 102,321
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 196,370 | 129,229
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 12,273 | 8,077
Business Purpose Bridge Loans | Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Investor Bridge, Securitized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 38,203 | 20,964
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | $ 1,819 | $ 1,233

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