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Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2026 | Mar. 31, 2026 | Dec. 31, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024
--- | --- | --- | --- | --- | --- | ---
Assets: |  |  |  |  |  |
Restricted cash | $ 169,088 |  | $ 157,134 | $ 17,630 |  |
Loans held for investment, at amortized cost | 1,823,039 |  | 2,028,262 |  |  |
Loans held for investment, at fair value | 5,460,522 |  | 4,729,869 |  |  |
Retained securities, at fair value | 29,924 |  | 0 |  |  |
Mortgage servicing rights | 14,307 | $ 12,645 | 12,963 | $ 12,940 | $ 12,631 | $ 13,712
Derivative assets | 118 |  | 66 |  |  |
Liabilities: |  |  |  |  |  |
Secured financing, net | 73,427 |  | 286,679 |  |  |
Securitized debt, at amortized cost | 1,570,782 |  | 1,705,589 |  |  |
Securitized debt, at fair value | 4,609,891 |  | 4,236,737 |  |  |
Carrying Value |  |  |  |  |  |
Assets: |  |  |  |  |  |
Cash | 76,115 |  | 92,103 |  |  |
Restricted cash | 169,088 |  | 157,134 |  |  |
Loans held for investment, at amortized cost | 1,823,039 |  | 2,028,262 |  |  |
Loans held for investment, at fair value | 5,460,522 |  | 4,729,869 |  |  |
Retained securities, at fair value | 29,924 |  |  |  |  |
Accrued interest receivables | 53,107 |  | 49,678 |  |  |
Mortgage servicing rights | 14,307 |  | 12,963 |  |  |
Derivative assets | 118 |  | 66 |  |  |
Liabilities: |  |  |  |  |  |
Secured financing, net | 73,427 |  | 286,679 |  |  |
Unsecured senior notes, net | 486,170 |  |  |  |  |
Warehouse and repurchase facilities, net | 311,676 |  | 308,506 |  |  |
Securitized debt, at amortized cost | 1,570,782 |  | 1,705,589 |  |  |
Securitized debt, at fair value | 4,609,891 |  | 4,236,737 |  |  |
Accrued interest payable | 52,961 |  | 37,111 |  |  |
Estimate of Fair Value Measurement |  |  |  |  |  |
Assets: |  |  |  |  |  |
Cash | 76,115 |  | 92,103 |  |  |
Restricted cash | 169,088 |  | 157,134 |  |  |
Loans held for investment, at amortized cost | 1,780,007 |  | 1,976,279 |  |  |
Loans held for investment, at fair value | 5,460,522 |  | 4,729,869 |  |  |
Retained securities, at fair value | 29,924 |  |  |  |  |
Accrued interest receivables | 53,107 |  | 49,678 |  |  |
Mortgage servicing rights | 14,307 |  | 12,963 |  |  |
Derivative assets | 118 |  | 66 |  |  |
Liabilities: |  |  |  |  |  |
Secured financing, net | 74,972 |  | 289,660 |  |  |
Unsecured senior notes, net | 497,453 |  |  |  |  |
Warehouse and repurchase facilities, net | 311,676 |  | 308,506 |  |  |
Securitized debt, at amortized cost | 1,442,690 |  | 1,588,620 |  |  |
Securitized debt, at fair value | 4,609,891 |  | 4,236,737 |  |  |
Accrued interest payable | 52,961 |  | 37,111 |  |  |
Level 1 | Estimate of Fair Value Measurement |  |  |  |  |  |
Assets: |  |  |  |  |  |
Cash | 76,115 |  | 92,103 |  |  |
Restricted cash | 169,088 |  | 157,134 |  |  |
Accrued interest receivables | 53,107 |  | 49,678 |  |  |
Liabilities: |  |  |  |  |  |
Accrued interest payable | 52,961 |  | 37,111 |  |  |
Level 2 | Estimate of Fair Value Measurement |  |  |  |  |  |
Assets: |  |  |  |  |  |
Derivative assets | 118 |  | 66 |  |  |
Liabilities: |  |  |  |  |  |
Warehouse and repurchase facilities, net | 311,676 |  | 308,506 |  |  |
Securitized debt, at amortized cost | 1,442,690 |  | 1,588,620 |  |  |
Securitized debt, at fair value | 4,609,891 |  | 4,236,737 |  |  |
Level 3 | Estimate of Fair Value Measurement |  |  |  |  |  |
Assets: |  |  |  |  |  |
Loans held for investment, at amortized cost | 1,780,007 |  | 1,976,279 |  |  |
Loans held for investment, at fair value | 5,460,522 |  | 4,729,869 |  |  |
Retained securities, at fair value | 29,924 |  |  |  |  |
Mortgage servicing rights | 14,307 |  | 12,963 |  |  |
Liabilities: |  |  |  |  |  |
Secured financing, net | 74,972 |  | $ 289,660 |  |  |
Unsecured senior notes, net | $ 497,453 |  |  |  |  |

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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + 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 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10 + Details
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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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