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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025, by level, in the fair value hierarchy:

		Fair Value Measurements Using												Total at
June 30, 2026		Level 1				Level 2				Level 3				Fair Value
		(In thousands)
Assets:
Nonrecurring fair value measurements:
Individually evaluated loans requiring specific allowance, net		$	—			$	—			$	8,627			$	8,627
Real estate owned, net			—				—				142,085				142,085
Total nonrecurring fair value measurements			—				—				150,712				150,712
Recurring fair value measurements:
Loans held for investment, at fair value			—				—				5,460,522				5,460,522
Retained securities, at fair value			—				—				29,924				29,924
Mortgage servicing rights			—				—				14,307				14,307
Derivative assets			—				118				—				118
Total recurring fair value measurements			—				118				5,504,753				5,504,871
Total assets		$	—			$	118			$	5,655,465			$	5,655,583
Liabilities:
Recurring fair value measurements:
Securitized debt, at fair value		$	—			$	4,609,891			$	—			$	4,609,891
Total recurring fair value measurements			—				4,609,891				—				4,609,891
Total liabilities		$	—			$	4,609,891			$	—			$	4,609,891

		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 and six months ended June 30, 2026 and 2025:

		Three Months Ended June 30,								Six Months Ended June 30,
Gain (Loss) on Assets Measured on a Nonrecurring Basis		2026				2025				2026				2025
		(In thousands)
Real estate owned, net		$	(3,636	)		$	(2,150	)		$	(6,852	)		$	(4,223	)
Individually evaluated loans requiring specific allowance, net			19				(40	)			(70	)			(441	)
Total net loss		$	(3,617	)		$	(2,190	)		$	(6,922	)		$	(4,664	)

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 June 30, 2026 and December 31, 2025:

June 30, 2026

Asset Category

Fair Value

Primary Valuation Technique

Unobservable Input

Range

Weighted Average (1)

($ in thousands)

Nonrecurring:

Individually evaluated loans requiring specific allowance, net

$

8,627

Market comparables

Selling costs

8.0%

8.0%

Real estate owned, net

142,085

Market comparables

Selling costs

8.0%

8.0%

Recurring:

Loans held for investment, at fair value

$

5,460,522

Discounted cash flow

Discount rate

7.8%

7.8%

Prepayment rate

0.0% to 65.0%

11.0%

Default rate

0.6% to 6.3%

1.4%

Loss severity rate

0.0% to 22.8%

9.3%

Retained securities, at fair value

29,924

Discounted cash flow

Discount rate

12.0%

12.0%

Monthly liquidation rate

0.5% to 2.6%

1.2%

Mortgage servicing rights — GNMA loans

14,160

Discounted cash flow

Discount rate

8.0% to 12.0%

8.0%

Prepayment rate

2.2% to 12.1%

5.9%

Mortgage servicing rights — BPC MC Trust loans

147

Discounted cash flow

Discount rate

15.0%

15.0%

Prepayment rate

3.0% to 75.6%

39.0%

(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, Held for Sale, Securitized Debt Measured and Retained Securities 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 June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(In thousands)
Beginning balance		$	5,154,508			$	3,287,188			$	4,729,869			$	2,766,951
Originations			586,319				684,465				1,223,465				1,320,002
Loans liquidated			(187,067	)			(148,951	)			(361,818	)			(281,661	)
REO transfer			(20,913	)			(12,811	)			(46,955	)			(19,340	)
Principal paydowns			(14,495	)			(13,414	)			(27,318	)			(24,189	)
Unrealized gain included in net income			24,483				30,028				25,522				64,742
Loans transferred to held for sale			(82,313	)			—				(82,313	)			—
Loans repurchased			—				—				70				—
Ending balance		$	5,460,522			$	3,826,505			$	5,460,522			$	3,826,505

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 June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(In thousands)
Beginning balance		$	—			$	5,008			$	—			$	—
Originations			86,258				40,922				88,484				45,809
Loans sold			(168,571	)			(46,953	)			(170,797	)			(46,954	)
Unrealized gain included in net income			—				1,023				—				1,145
Loans transferred from held for investment			82,313				—				82,313				—
Ending balance		$	—			$	—			$	—			$	—

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 June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(In thousands)
Beginning balance		$	4,426,240			$	2,459,767			$	4,236,737			$	2,207,408
Additions			398,441				982,140				912,166				1,356,500
Paydowns and payoffs			(212,493	)			(216,722	)			(510,461	)			(352,405	)
Total unrealized (gain) loss included in net income			(2,297	)			7,584				(28,551	)			21,266
Ending balance		$	4,609,891			$	3,232,769			$	4,609,891			$	3,232,769

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:

		June 30, 2026
		Carrying																Estimated
Asset Category		Value				Level 1				Level 2				Level 3				Fair Value
		(In thousands)
Assets:
Cash		$	76,115			$	76,115			$	—			$	—			$	76,115
Restricted cash			169,088				169,088				—				—				169,088
Loans held for investment, at amortized cost			1,823,039				—				—				1,780,007				1,780,007
Loans held for investment, at fair value			5,460,522				—				—				5,460,522				5,460,522
Retained securities, at fair value			29,924				—				—				29,924				29,924
Accrued interest receivables			53,107				53,107				—				—				53,107
Mortgage servicing rights			14,307				—				—				14,307				14,307
Derivative assets			118				—				118				—				118
Liabilities:
Secured financing, net		$	73,427			$	—			$	—			$	74,972			$	74,972
Unsecured senior notes, net			486,170				—				—				497,453				497,453
Warehouse and repurchase facilities, net			311,676				—				311,676				—				311,676
Securitized debt, at amortized cost			1,570,782				—				1,442,690				—				1,442,690
Securitized debt, at fair value			4,609,891				—				4,609,891				—				4,609,891
Accrued interest payable			52,961				52,961				—				—				52,961

		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

X

- 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.

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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).

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Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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.

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