FAIR VALUE MEASUREMENTS (Tables)

5 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis as of December 31, 2025. It excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.

	Carrying Value / Fair Value		Level 1		Level 2		Level 3
Assets:
RTLs	$	176,584	$	—	$	—	$	176,584
NQMs	87,630		—		—		87,630
Total Assets	$	264,214	$	—	$	—	$	264,214
Liabilities:
Secured financings	$	(207,084)	$	—	$	(207,084)	$	—
Total Liabilities	$	(207,084)	$	—	$	(207,084)	$	—

The following table summarizes the changes in the Company’s Level 3 financial assets measured at fair value on a recurring basis for the periods presented:

	RTLs		NQMs		Total
Balance as of July 31, 2025	$	—	$	—	$	—
Acquisition and funding activities	182,216		89,877		272,093
Paydowns	(5,841)		(2,247)		(8,088)
Fair Value Adjustments due to:
Realization of cash flows	7		(62)		(55)
Other factors(1)	202		62		264
Balance as of December 31, 2025	$	176,584	$	87,630	$	264,214

(1)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 assets still held at the reporting date recorded during the period.

Schedule of Weighted Averages Of Inputs

The following table summarizes certain information regarding the weighted averages of significant inputs (weighted by fair value) used in valuing performing RTLs, at fair value classified as Level 3 as of December 31, 2025:

	Fair Value		Discount Rate		Prepayment Rate		Default Rate		Loss Severity
RTLs	$	176,584	8.0	%	50.0	%	1.3	%	25.0	%

The following tables summarize certain information regarding the ranges and weighted averages of significant inputs (weighted by fair value) used in valuing residential mortgage loans, at fair value classified as Level 3 as of December 31, 2025:

Performing Loans	Fair Value		Discount Rate		Prepayment Rate		Default Rate		Loss Severity
NQMs	$	87,630	5.99	%	16.79	%	0.39	%	0.14	%