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Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | Dec. 31, 2024
--- | --- | --- | --- | ---
Assets: |  |  |  |
Restricted cash | $ 24,996 | $ 157,134 | $ 22,785 |
Loans held for investment, at amortized cost | 1,951,030 | 2,028,262 |  |
Loans held for investment, at fair value | 5,154,508 | 4,729,869 |  |
Mortgage servicing rights | 12,645 | 12,963 | $ 12,631 | $ 13,712
Derivative assets | 464 | 66 |  |
Liabilities: |  |  |  |
Secured financing, net | 73,274 | 286,679 |  |
Securitized debt, at amortized cost | 1,638,995 | 1,705,589 |  |
Securitized debt, at fair value | 4,426,240 | 4,236,737 |  |
Carrying Value |  |  |  |
Assets: |  |  |  |
Cash | 87,054 | 92,103 |  |
Restricted cash | 24,996 | 157,134 |  |
Loans held for investment, at amortized cost | 1,951,030 | 2,028,262 |  |
Loans held for investment, at fair value | 5,154,508 | 4,729,869 |  |
Accrued interest receivables | 51,259 | 49,678 |  |
Mortgage servicing rights | 12,645 | 12,963 |  |
Derivative assets | 464 | 66 |  |
Liabilities: |  |  |  |
Secured financing, net | 73,274 | 286,679 |  |
Unsecured senior notes, net | 485,445 |  |  |
Warehouse and repurchase facilities, net | 98,009 | 308,506 |  |
Securitized debt, at amortized cost | 1,638,995 | 1,705,589 |  |
Securitized debt, at fair value | 4,426,240 | 4,236,737 |  |
Accrued interest payable | 41,529 | 37,111 |  |
Estimate of Fair Value Measurement |  |  |  |
Assets: |  |  |  |
Cash | 87,054 | 92,103 |  |
Restricted cash | 24,996 | 157,134 |  |
Loans held for investment, at amortized cost | 1,904,870 | 1,976,279 |  |
Loans held for investment, at fair value | 5,154,508 | 4,729,869 |  |
Accrued interest receivables | 51,259 | 49,678 |  |
Mortgage servicing rights | 12,645 | 12,963 |  |
Derivative assets | 464 | 66 |  |
Liabilities: |  |  |  |
Secured financing, net | 75,100 | 289,660 |  |
Unsecured senior notes, net | 499,165 |  |  |
Warehouse and repurchase facilities, net | 98,009 | 308,506 |  |
Securitized debt, at amortized cost | 1,512,949 | 1,588,620 |  |
Securitized debt, at fair value | 4,426,240 | 4,236,737 |  |
Accrued interest payable | 41,529 | 37,111 |  |
Level 1 | Estimate of Fair Value Measurement |  |  |  |
Assets: |  |  |  |
Cash | 87,054 | 92,103 |  |
Restricted cash | 24,996 | 157,134 |  |
Accrued interest receivables | 51,259 | 49,678 |  |
Liabilities: |  |  |  |
Accrued interest payable | 41,529 | 37,111 |  |
Level 2 | Estimate of Fair Value Measurement |  |  |  |
Assets: |  |  |  |
Derivative assets | 464 | 66 |  |
Liabilities: |  |  |  |
Warehouse and repurchase facilities, net | 98,009 | 308,506 |  |
Securitized debt, at amortized cost | 1,512,949 | 1,588,620 |  |
Securitized debt, at fair value | 4,426,240 | 4,236,737 |  |
Level 3 | Estimate of Fair Value Measurement |  |  |  |
Assets: |  |  |  |
Loans held for investment, at amortized cost | 1,904,870 | 1,976,279 |  |
Loans held for investment, at fair value | 5,154,508 | 4,729,869 |  |
Mortgage servicing rights | 12,645 | 12,963 |  |
Liabilities: |  |  |  |
Secured financing, net | 75,100 | $ 289,660 |  |
Unsecured senior notes, net | $ 499,165 |  |  |

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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. 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