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Residential Investor Loans - Schedule of Characteristics of Residential Investor Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 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 | $ 101,000 |
Unsecuritized Term | Residential Investor Term, Unsecuritized |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |
UPB | 163,683 | $ 177,618
Average UPB of loans | 1,129 | 1,759
Fair value of loans | $ 157,339 | $ 158,637
Weighted average coupon | 6.94% | 6.84%
Weighted average remaining loan term (years) | 13 years | 9 years
Market value of loans pledged as collateral under debt facilities | $ 86,413 | $ 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 | 44,491 | 12,366
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 53,756 | 33,065
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 5,973 | 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] |  |
UPB | 2,251,096 | 2,639,485
Average UPB of loans | 3,063 | 3,084
Fair value of loans | $ 2,143,226 | $ 2,485,069
Weighted average coupon | 5.28% | 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 | $ 37,206 | $ 24,648
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 5,315 | 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 | 171,284 | 194,143
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 4,078 | 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] |  |
UPB | 665,040 | 1,166,213
Average UPB of loans | 1,945 | 5,350
Fair value of loans | $ 625,932 | $ 1,120,281
Weighted average coupon | 8.93% | 9.11%
Weighted average remaining loan term (years) | 1 year | 1 year
Market value of loans pledged as collateral under debt facilities | $ 400,527 | $ 1,070,327
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 22,838 | 86,260
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 22,838 | 6,635
Fair value of loans in foreclosure | 17,128 | 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] |  |
UPB | 917,991 | 810,285
Average UPB of loans | 1,237 | 1,605
Fair value of loans | $ 931,100 | $ 823,103
Weighted average coupon | 9.41% | 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 | $ 19,803 | $ 3,663
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 1,238 | 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 | 159,437 | 102,321
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure | 198,858 | 129,229
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | 11,048 | 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 | 26,938 | 20,964
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure | $ 1,418 | $ 1,233

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