XML 103 R96.htm IDEA: XBRL DOCUMENT v3.26.1
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