XML 103 R96.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Assets:            
Restricted cash $ 18,846   $ 20,929 $ 23,167    
Loans held for sale, at fair value 2,590          
Loans held for investment, at amortized cost 2,127,170   2,420,116      
Loans held for investment, at fair value 4,371,317   2,766,951      
Mortgage servicing rights 12,597 $ 12,940 13,712 $ 12,416 $ 12,229 $ 8,578
Derivative assets 18          
Liabilities:            
Secured financing, net 286,218   284,833      
Securitized debt, at amortized cost 1,783,150   2,019,056      
Carrying Value            
Assets:            
Cash 98,964   49,901      
Restricted cash 18,846   20,929      
Loans held for sale, at fair value 2,590          
Loans held for investment, at amortized cost 2,127,170   2,420,116      
Loans held for investment, at fair value 4,371,317   2,766,951      
Accrued interest receivables 46,553   35,235      
Mortgage servicing rights 12,597   13,712      
Derivative assets 18          
Liabilities:            
Secured financing, net 286,218   284,833      
Warehouse repurchase facilities, net 332,386   348,082      
Securitized debt, at amortized cost 1,783,150   2,019,056      
Securitized debt, at fair value 3,748,889   2,207,408      
Accrued interest payable 32,914   28,028      
Estimate of Fair Value Measurement            
Assets:            
Cash 98,964   49,901      
Restricted cash 18,846   20,929      
Loans held for sale, at fair value 2,590          
Loans held for investment, at amortized cost 2,061,812   2,321,141      
Loans held for investment, at fair value 4,371,317   2,766,951      
Accrued interest receivables 46,553   35,235      
Mortgage servicing rights 12,597   13,712      
Derivative assets 18          
Liabilities:            
Secured financing, net 289,650   287,970      
Warehouse repurchase facilities, net 332,386   348,082      
Securitized debt, at amortized cost 1,653,645   1,820,945      
Securitized debt, at fair value 3,748,889   2,207,408      
Accrued interest payable 32,914   28,028      
Level 1 | Estimate of Fair Value Measurement            
Assets:            
Cash 98,964   49,901      
Restricted cash 18,846   20,929      
Accrued interest receivables 46,553   35,235      
Liabilities:            
Accrued interest payable 32,914   28,028      
Level 2 | Estimate of Fair Value Measurement            
Assets:            
Loans held for sale, at fair value 2,590          
Derivative assets 18          
Liabilities:            
Warehouse repurchase facilities, net 332,386   348,082      
Securitized debt, at amortized cost 1,653,645   1,820,945      
Securitized debt, at fair value 3,748,889   2,207,408      
Level 3 | Estimate of Fair Value Measurement            
Assets:            
Loans held for investment, at amortized cost 2,061,812   2,321,141      
Loans held for investment, at fair value 4,371,317   2,766,951      
Mortgage servicing rights 12,597   13,712      
Liabilities:            
Secured financing, net $ 289,650   $ 287,970