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v3.26.1

Other Debt - Schedule of Activity and Effective Interest Rate (Details) - Warehouse and Repurchase Facilities - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2026 | Mar. 31, 2025
Debt Instrument [Line Items] |  |  |
Average outstanding balance |  | $ 176,760 | $ 433,790
Highest outstanding balance at any month-end |  | $ 201,390 | $ 571,834
Effective interest rate | [1] | 8.43% | 7.84%
[1] | Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 7.10% and 7.45%, and debt issuance cost amortization of 1.33% and 0.39%, for the three months ended March 31, 2026 and 2025, respectively. The 1.33% debt cost amortization rate for the three months ended March 31, 2026, reflects the lower average outstanding balance during the quarter, which resulted from the paydown of warehouse lines with proceeds from the Company's unsecured debt issuance.

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