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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Schedule of Information on Assets and Liabilities Measured and Recorded at Fair Value | The following tables present information on assets and liabilities measured and recorded at fair value as of March 31, 2026 and December 31, 2025, by level, in the fair value hierarchy:
|  | Fair Value Measurements Using |  |  | Total at |
March 31, 2026 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Nonrecurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated loans requiring specific allowance, net |  | $ | — |  |  | $ | — |  |  | $ | 10,505 |  |  | $ | 10,505 |
Real estate owned, net |  |  | — |  |  |  | — |  |  |  | 131,849 |  |  |  | 131,849 |
Total nonrecurring fair value measurements |  |  | — |  |  |  | — |  |  |  | 142,354 |  |  |  | 142,354 |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |
Loans held for investment, at fair value |  |  | — |  |  |  | — |  |  |  | 5,154,508 |  |  |  | 5,154,508 |
Mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 12,645 |  |  |  | 12,645 |
Derivative assets |  |  | — |  |  |  | 464 |  |  |  | — |  |  |  | 464 |
Total recurring fair value measurements |  |  | — |  |  |  | 464 |  |  |  | 5,167,153 |  |  |  | 5,167,617 |
Total assets |  | $ | — |  |  | $ | 464 |  |  | $ | 5,309,507 |  |  | $ | 5,309,971 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |
Securitized debt, at fair value |  | $ | — |  |  | $ | 4,426,240 |  |  | $ | — |  |  | $ | 4,426,240 |
Total recurring fair value measurements |  |  | — |  |  |  | 4,426,240 |  |  |  | — |  |  |  | 4,426,240 |
Total liabilities |  | $ | — |  |  | $ | 4,426,240 |  |  | $ | — |  |  | $ | 4,426,240 |
|  | Fair Value Measurements Using |  |  | Total at |
December 31, 2025 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Nonrecurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated loans requiring specific allowance, net |  | $ | — |  |  | $ | — |  |  | $ | 10,830 |  |  | $ | 10,830 |
Real estate owned, net |  |  | — |  |  |  | — |  |  |  | 118,289 |  |  |  | 118,289 |
Total nonrecurring fair value measurements |  |  | — |  |  |  | — |  |  |  | 129,119 |  |  |  | 129,119 |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |
Loans held for investment, at fair value |  |  | — |  |  |  | — |  |  |  | 4,729,869 |  |  |  | 4,729,869 |
Mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 12,963 |  |  |  | 12,963 |
Derivative assets |  |  | — |  |  |  | 66 |  |  |  | — |  |  |  | 66 |
Total recurring fair value measurements |  |  | — |  |  |  | 66 |  |  |  | 4,742,832 |  |  |  | 4,742,898 |
Total assets |  | $ | — |  |  | $ | 66 |  |  | $ | 4,871,951 |  |  | $ | 4,872,017 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |
Securitized debt, at fair value |  | $ | — |  |  | $ | 4,236,737 |  |  | $ | — |  |  | $ | 4,236,737 |
Total recurring fair value measurements |  |  | — |  |  |  | 4,236,737 |  |  |  | — |  |  |  | 4,236,737 |
Total liabilities |  | $ | — |  |  | $ | 4,236,737 |  |  | $ | — |  |  | $ | 4,236,737 |
Schedule of Gains and Losses Recognized on Assets Measured on Nonrecurring Basis | The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three months ended March 31, 2026 and 2025:
|  | Three Months Ended March 31, |
Gain (Loss) on Assets Measured on a Nonrecurring Basis |  | 2026 |  |  | 2025 |
|  | (In thousands) |
Real estate owned, net |  | $ | (3,217 | ) |  | $ | (2,073 | )
Individually evaluated loans requiring specific allowance, net |  |  | (88 | ) |  |  | (400 | )
Total net loss |  | $ | (3,305 | ) |  | $ | (2,473 | )
Valuation Techniques and Unobservable Inputs Related to Level 3 Assets | The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets that are recorded on a recurring and nonrecurring basis as of March 31, 2026 and December 31, 2025:
|  | March 31, 2026
Asset Category |  | Fair Value |  |  | Primary Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average (1)
|  | ($ in thousands)
Nonrecurring: |  |  |  |  |  |  |  |  |  |  |
Individually evaluated loans requiring specific allowance, net |  | $ | 10,505 |  |  | Market comparables |  | Selling costs |  | 8.0% |  | 8.0%
Real estate owned, net |  |  | 131,849 |  |  | Market comparables |  | Selling costs |  | 8.0% |  | 8.0%
Recurring: |  |  |  |  |  |  |  |  |  |  |
Loans held for investment, at fair value |  | $ | 5,154,508 |  |  | Discounted cash flow |  | Discount rate |  | 7.6% |  | 7.6%
|  |  |  |  |  |  | Prepayment rate |  | 0.0% to 65.0% |  | 12.8%
|  |  |  |  |  |  | Default rate |  | 0.5% to 6.0% |  | 1.4%
|  |  |  |  |  |  | Loss severity rate |  | 0.0% to 20.6% |  | 9.1%
Mortgage servicing rights - GNMA loans |  |  | 12,485 |  |  | Discounted cash flow |  | Discount rate |  | 8.0% to 12.0% |  | 8.0%
|  |  |  |  |  |  | Prepayment rate |  | 2.2% to 12.1% |  | 5.6%
Mortgage servicing rights - BPC MC Trust loans |  |  | 160 |  |  | Discounted cash flow |  | Discount rate |  | 15.0% |  | 15.0%
|  |  |  |  |  |  | Prepayment rate |  | 3.9% to 63.9% |  | 38.1%
(1) Individually evaluated loans requiring specific allowance, net is weighted by collateral value; real estate owned, net is weighted by selling price; loans held for investment at fair value and mortgage servicing rights are weighted by UPB.
|  | December 31, 2025
Asset Category |  | Fair Value |  |  | Primary Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average (1)
|  | ($ in thousands)
Nonrecurring: |  |  |  |  |  |  |  |  |  |  |
Individually evaluated loans requiring specific allowance, net |  | $ | 10,830 |  |  | Market comparables |  | Selling costs |  | 8.0% |  | 8.0%
Real estate owned, net |  |  | 118,289 |  |  | Market comparables |  | Selling costs |  | 8.0% |  | 8.0%
Recurring: |  |  |  |  |  |  |  |  |  |  |
Loans held for investment, at fair value |  | $ | 4,729,869 |  |  | Discounted cash flow |  | Discount rate |  | 7.6% |  | 7.6%
|  |  |  |  |  |  | Prepayment rate |  | 0.0% to 65.0% |  | 12.0%
|  |  |  |  |  |  | Default rate |  | 0.4% to 6.0% |  | 1.0%
|  |  |  |  |  |  | Loss severity rate |  | 0.0% to 8.7% |  | 1.0%
Mortgage servicing rights - GNMA loans |  |  | 12,748 |  |  | Discounted cash flow |  | Discount rate |  | 8.0% |  | 8.0%
|  |  |  |  |  |  | Prepayment rate |  | 2.2% to 12.0% |  | 5.6%
Mortgage servicing rights - BPC MC Trust loans |  |  | 215 |  |  | Discounted cash flow |  | Discount rate |  | 15.0% |  | 15.0%
|  |  |  |  |  |  | Prepayment rate |  | 4.9% to 54.1% |  | 36.5%
(1) Individually evaluated loans requiring specific allowance, net is weighted by collateral value; real estate owned, net is weighted by selling price; loans held for investment at fair value and mortgage servicing rights are weighted by UPB.
Roll-forward of Loans held for investment and held for sale and Securitized Debt Measured at Estimated Fair Value on Recurring Basis | The following is a roll-forward of loans held for investment that are measured and recorded at estimated fair value on a recurring basis for the periods indicated:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Beginning balance |  | $ | 4,729,869 |  |  | $ | 2,766,951 |
Originations |  |  | 637,146 |  |  |  | 635,537 |
Loans liquidated |  |  | (174,751 | ) |  |  | (132,710 | )
Loans repurchased |  |  | 70 |  |  |  | — |
REO transfer |  |  | (26,042 | ) |  |  | (6,529 | )
Principal paydowns |  |  | (12,823 | ) |  |  | (10,775 | )
Unrealized gain included in net income |  |  | 1,039 |  |  |  | 34,714 |
Ending balance |  | $ | 5,154,508 |  |  | $ | 3,287,188 |
The following is a roll-forward of loans held for sale that are measured and recorded at estimated fair value on a recurring basis for the periods indicated:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Originations |  | $ | 2,226 |  |  | $ | 4,886 |
Loans sold |  |  | (2,226 | ) |  |  | — |
Unrealized gain included in net income |  |  | — |  |  |  | 122 |
Ending balance |  | $ | — |  |  | $ | 5,008 |
The following is a roll-forward of securitized debt measured and recorded at estimated fair value on a recurring basis for the periods indicated:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Beginning balance |  | $ | 4,236,737 |  |  | $ | 2,207,408 |
Additions |  |  | 513,725 |  |  |  | 374,360 |
Paydowns and payoffs |  |  | (297,968 | ) |  |  | (135,683 | )
Total unrealized (gain) loss included in net income |  |  | (26,254 | ) |  |  | 13,682 |
Ending balance |  | $ | 4,426,240 |  |  | $ | 2,459,767 |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:
|  | March 31, 2026 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  | Estimated |
Asset Category |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
|  | (In thousands) |
Assets: |  |  |
Cash |  | $ | 87,054 |  |  | $ | 87,054 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,054 |
Restricted cash |  |  | 24,996 |  |  |  | 24,996 |  |  |  | — |  |  |  | — |  |  |  | 24,996 |
Loans held for investment, at amortized cost |  |  | 1,951,030 |  |  |  | — |  |  |  | — |  |  |  | 1,904,870 |  |  |  | 1,904,870 |
Loans held for investment, at fair value |  |  | 5,154,508 |  |  |  | — |  |  |  | — |  |  |  | 5,154,508 |  |  |  | 5,154,508 |
Accrued interest receivables |  |  | 51,259 |  |  |  | 51,259 |  |  |  | — |  |  |  | — |  |  |  | 51,259 |
Mortgage servicing rights |  |  | 12,645 |  |  |  | — |  |  |  | — |  |  |  | 12,645 |  |  |  | 12,645 |
Derivative assets |  |  | 464 |  |  |  | — |  |  |  | 464 |  |  |  | — |  |  |  | 464 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured financing, net |  | $ | 73,274 |  |  | $ | — |  |  | $ | — |  |  | $ | 75,100 |  |  | $ | 75,100 |
Unsecured senior notes, net |  |  | 485,445 |  |  |  | — |  |  |  | — |  |  |  | 499,165 |  |  |  | 499,165 |
Warehouse and repurchase facilities, net |  |  | 98,009 |  |  |  | — |  |  |  | 98,009 |  |  |  | — |  |  |  | 98,009 |
Securitized debt, at amortized cost |  |  | 1,638,995 |  |  |  | — |  |  |  | 1,512,949 |  |  |  | — |  |  |  | 1,512,949 |
Securitized debt, at fair value |  |  | 4,426,240 |  |  |  | — |  |  |  | 4,426,240 |  |  |  | — |  |  |  | 4,426,240 |
Accrued interest payable |  |  | 41,529 |  |  |  | 41,529 |  |  |  | — |  |  |  | — |  |  |  | 41,529 |
|  | December 31, 2025 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  | Estimated |
Asset Category |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
|  | (In thousands) |
Assets: |  |  |
Cash |  | $ | 92,103 |  |  | $ | 92,103 |  |  | $ | — |  |  | $ | — |  |  | $ | 92,103 |
Restricted cash |  |  | 157,134 |  |  |  | 157,134 |  |  |  | — |  |  |  | — |  |  |  | 157,134 |
Loans held for investment, at amortized cost |  |  | 2,028,262 |  |  |  | — |  |  |  | — |  |  |  | 1,976,279 |  |  |  | 1,976,279 |
Loans held for investment, at fair value |  |  | 4,729,869 |  |  |  | — |  |  |  | — |  |  |  | 4,729,869 |  |  |  | 4,729,869 |
Accrued interest receivable |  |  | 49,678 |  |  |  | 49,678 |  |  |  | — |  |  |  | — |  |  |  | 49,678 |
Mortgage servicing rights |  |  | 12,963 |  |  |  | — |  |  |  | — |  |  |  | 12,963 |  |  |  | 12,963 |
Derivative assets |  |  | 66 |  |  |  | — |  |  |  | 66 |  |  |  | — |  |  |  | 66 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured financing, net |  | $ | 286,679 |  |  | $ | — |  |  | $ | — |  |  | $ | 289,660 |  |  | $ | 289,660 |
Warehouse repurchase facilities, net |  |  | 308,506 |  |  |  | — |  |  |  | 308,506 |  |  |  | — |  |  |  | 308,506 |
Securitized debt, at amortized cost |  |  | 1,705,589 |  |  |  | — |  |  |  | 1,588,620 |  |  |  | — |  |  |  | 1,588,620 |
Securitized debt, at fair value |  |  | 4,236,737 |  |  |  | — |  |  |  | 4,236,737 |  |  |  | — |  |  |  | 4,236,737 |
Accrued interest payable |  |  | 37,111 |  |  |  | 37,111 |  |  |  | — |  |  |  | — |  |  |  | 37,111 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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