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Debt Obligations, Net - Schedule of Debt Obligations, Net (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |  |
--- | --- | --- | --- | ---
Sep. 30, 2025 USD ($) facility | Dec. 31, 2024 USD ($) facility | Aug. 31, 2025 USD ($) | Jan. 31, 2025 USD ($)
Debt Instrument [Line Items] |  |  |  |
Principal Amount | $ 4,373,768 | $ 3,482,175 |  |
Carrying value of collateral | 4,447,941 | 3,701,592 |  |
Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | 4,356,661 | 3,462,880 |  |
Debt issuance costs | $ 17,000 | $ 20,000 |  |
Short-Term Facilities: | Residential consumer loan warehouse facilities | Facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 8 | 7 |  |
Principal Amount | $ 2,264,410 | $ 956,010 |  |
Facility Capacity | $ 3,369,258 | $ 2,175,000 |  |
Weighted Average Interest Rate | 5.94% | 6.24% |  |
Carrying value of collateral | $ 2,437,510 | $ 1,005,926 |  |
Short-Term Facilities: | Residential consumer loan warehouse facilities | Facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 2,264,409 | $ 956,010 |  |
Short-Term Facilities: | Residential investor loan warehouse facilities | Facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 4 | 2 |  |
Principal Amount | $ 206,304 | $ 223,975 |  |
Facility Capacity | $ 1,150,000 | $ 800,000 |  |
Weighted Average Interest Rate | 6.69% | 7.31% |  |
Carrying value of collateral | $ 281,491 | $ 300,843 |  |
Short-Term Facilities: | Residential investor loan warehouse facilities | Facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 206,207 | $ 223,876 |  |
Short-Term Facilities: | Real estate securities repurchase facilities | Facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 5 | 6 |  |
Principal Amount | $ 27,585 | $ 210,352 |  |
Facility Capacity | $ 0 | $ 0 |  |
Weighted Average Interest Rate | 5.75% | 5.81% |  |
Carrying value of collateral | $ 35,481 | $ 281,997 |  |
Short-Term Facilities: | Real estate securities repurchase facilities | Facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 27,585 | $ 210,352 |  |
Short-Term Facilities: | Real estate securities repurchase facilities IO | Facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 |  |  |
Principal Amount | $ 0 |  |  |
Facility Capacity | $ 75,000 |  |  |
Weighted Average Interest Rate | 7.45% |  |  |
Carrying value of collateral | $ 0 |  |  |
Short-Term Facilities: | Real estate securities repurchase facilities IO | Facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 0 |  |  |
Short-Term Facilities: | Residential MSR warehouse facility | Facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 89,403 | $ 58,164 |  |
Facility Capacity | $ 125,000 | $ 75,000 |  |
Weighted Average Interest Rate | 7.38% | 7.65% |  |
Carrying value of collateral | $ 183,907 | $ 91,506 |  |
Short-Term Facilities: | Residential MSR warehouse facility | Facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 89,403 | $ 58,164 |  |
Short-Term Facilities: | HEI warehouse facility | Facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 27,848 | $ 97,497 |  |
Facility Capacity | $ 150,000 | $ 150,000 |  |
Weighted Average Interest Rate | 8.67% | 9.00% |  |
Carrying value of collateral | $ 55,486 | $ 207,097 |  |
Short-Term Facilities: | HEI warehouse facility | Facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 27,848 | $ 97,497 |  |
Recourse Subordinate Securities Financing: | CAFL securities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 263,664 | $ 268,240 |  |
Weighted Average Interest Rate | 7.11% | 7.54% |  |
Carrying value of collateral | $ 333,457 | $ 318,106 |  |
Recourse Subordinate Securities Financing: | CAFL securities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 262,873 | $ 267,140 |  |
Recourse Subordinate Securities Financing: | Sequoia and other third-party securities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 |  |  |
Principal Amount | $ 90,141 |  |  |
Weighted Average Interest Rate | 7.27% |  |  |
Carrying value of collateral | $ 114,768 |  |  |
Recourse Subordinate Securities Financing: | Sequoia and other third-party securities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 90,141 |  |  |
Long-Term Facilities: | Residential investor loan warehouse facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 3 | 5 |  |
Principal Amount | $ 199,404 | $ 615,036 |  |
Facility Capacity | $ 1,030,000 | $ 1,530,000 |  |
Weighted Average Interest Rate | 7.52% | 7.83% |  |
Carrying value of collateral | $ 290,414 | $ 889,901 |  |
Long-Term Facilities: | Residential investor loan warehouse facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 198,173 | $ 613,129 |  |
Long-Term Facilities: | Servicer advance financing |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 151,491 | $ 159,798 |  |
Facility Capacity | $ 200,000 | $ 200,000 |  |
Weighted Average Interest Rate | 6.09% | 6.32% |  |
Carrying value of collateral | $ 214,641 | $ 233,820 |  |
Long-Term Facilities: | Servicer advance financing | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 151,024 | $ 159,031 |  |
Corporate Debt: | Secured revolving financing facility | Facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 250,000 | $ 225,000 |  |
Facility Capacity | $ 250,000 | $ 250,000 |  |
Weighted Average Interest Rate | 7.27% | 9.50% |  |
Carrying value of collateral | $ 500,786 | $ 372,396 |  |
Debt Instrument, Extension Option | 1 year |  |  |
Corporate Debt: | Secured revolving financing facility | Facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 248,094 | $ 220,234 |  |
Corporate Debt: | Promissory notes | Facilities |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 3 | 3 |  |
Principal Amount | $ 10,900 | $ 12,859 |  |
Weighted Average Interest Rate | 7.05% | 7.06% |  |
Corporate Debt: | Promissory notes | Facilities | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 10,900 | $ 12,859 |  |
Corporate Debt: | 5.75% exchangeable senior notes | Exchangeable Senior Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 123,574 | $ 123,574 |  |
Weighted Average Interest Rate | 5.75% | 5.75% |  |
Corporate Debt: | 5.75% exchangeable senior notes | Exchangeable Senior Notes | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 123,574 | $ 123,087 |  |
Corporate Debt: | 7.75% convertible senior notes | Convertible Debt |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 297,170 | $ 247,170 | $ 50,000 |
Weighted Average Interest Rate | 7.75% | 7.75% |  |
Corporate Debt: | 7.75% convertible senior notes | Convertible Debt | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 292,425 | $ 242,652 |  |
Corporate Debt: | Trust preferred securities and subordinated notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 2 | 2 |  |
Principal Amount | $ 139,500 | $ 139,500 |  |
Weighted Average Interest Rate | 6.82% | 7.10% |  |
Corporate Debt: | Trust preferred securities and subordinated notes | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 138,894 | $ 138,860 |  |
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 59,127 | $ 60,000 |  | $ 90,000
Weighted Average Interest Rate | 9.125% | 9.125% |  | 9.125%
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 57,350 | $ 57,877 |  |
Corporate Debt: | 9.0% Senior Notes | Unsecured Debt |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 | 1 |  |
Principal Amount | $ 84,015 | $ 85,000 |  |
Weighted Average Interest Rate | 9.00% | 9.00% |  |
Corporate Debt: | 9.0% Senior Notes | Unsecured Debt | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 81,536 | $ 82,112 |  |
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Number of Facilities or Issuances | facility | 1 |  |  |
Principal Amount | $ 89,232 |  |  |
Weighted Average Interest Rate | 9.125% |  |  |
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt | Carrying Value |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Carrying Value | $ 86,225 |  |  |

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