v3.25.4
Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Residential mortgage loans held-for-sale, net $ 29,419 $ 27,788
Liabilities:    
Repurchase financing agreements 407,072 356,565
Level 1    
Assets:    
Residential mortgage loans held-for-investment, net 0 0
Residential mortgage loans held-for-sale, net 0 0
Investment in debt securities held-to-maturity 0 0
Liabilities:    
Secured bonds payable, net 0 0
Repurchase financing agreements 0 0
Unsecured notes, net 0 0
Level 1 | Investment in beneficial interests    
Assets:    
Investment in beneficial interests 0 0
Level 2    
Assets:    
Residential mortgage loans held-for-investment, net 0 0
Residential mortgage loans held-for-sale, net 0 0
Investment in debt securities held-to-maturity 40,318 43,947
Liabilities:    
Secured bonds payable, net 212,811 234,181
Repurchase financing agreements 407,072 356,565
Unsecured notes, net 107,668 104,574
Level 2 | Investment in beneficial interests    
Assets:    
Investment in beneficial interests 0 0
Level 3    
Assets:    
Residential mortgage loans held-for-investment, net 325,220 357,119
Residential mortgage loans held-for-sale, net 29,419 27,788
Investment in debt securities held-to-maturity 0 0
Liabilities:    
Secured bonds payable, net 0 0
Repurchase financing agreements 0 0
Unsecured notes, net 0 0
Level 3 | Investment in beneficial interests    
Assets:    
Investment in beneficial interests 66,249 67,044
Carrying value    
Assets:    
Residential mortgage loans held-for-investment, net 362,829 396,052
Residential mortgage loans held-for-sale, net 29,419 27,788
Investment in debt securities held-to-maturity 41,528 46,043
Liabilities:    
Secured bonds payable, net 226,243 258,353
Repurchase financing agreements 407,072 356,565
Unsecured notes, net 108,507 107,647
Carrying value | Investment in beneficial interests    
Assets:    
Investment in beneficial interests $ 99,179 $ 89,704