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Debt Obligations, Net - Narrative (Details)
$ / shares in Units, $ in Thousands
1 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
Aug. 31, 2025
USD ($)
Jun. 30, 2025
Jan. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]          
Face amount $ 4,373,768       $ 3,482,175
Corporate Debt: | 7.75% convertible senior notes | Convertible Debt          
Debt Instrument [Line Items]          
Face amount $ 297,170 $ 50,000     $ 247,170
Weighted average interest rate (as percent) 7.75%       7.75%
Debt instrument, interest rate (as a percent)   7.75%      
Net proceeds from issuance of convertible debt   $ 48,000      
Debt instrument, convertible, conversion price | $ / shares $ 10.45        
Convertible debt, conversion ratio 0.0956823        
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt          
Debt Instrument [Line Items]          
Face amount $ 59,127     $ 90,000 $ 60,000
Weighted average interest rate (as percent) 9.125%     9.125% 9.125%
Redemption price       100.00%  
Recourse Subordinate Securities Financing Receivable | Sequoia and other third-party securities | Affiliated Entity | Unsecuritized Jumbo Loans          
Debt Instrument [Line Items]          
Long-term debt, weighted average interest rate, over time     7.27%    
Recourse Subordinate Securities Financing Receivable | Sequoia and other third-party securities | Affiliated Entity | Unsecuritized Jumbo Loans | June 2027 Through July 2028          
Debt Instrument [Line Items]          
Long-term debt, weighted average interest rate, over time     10.27%