Homodyne Unravelling and Parameter Estimation in Squeezed Thermal Baths

We derive an alternative formulation of the stochastic master equation describing the evolution of quantum systems continuously measured via homodyne detection in a squeezed-thermal environment. This formulation allows us to identify two distinct collapse operators, corresponding respectively to the monitored and unmonitored channels, and to express the quantum state evolution directly in terms of Kraus-like operators. As a consequence, it facilitates the application of advanced numerical methods that account for higher-order corrections and discrete-time monitoring, and it also enables the efficient numerical evaluation of Cramér-Rao bounds in parameter estimation problems. To demonstrate the latter, we evaluate the Fisher information of the continuous homodyne monitoring for qubit frequency estimation in the presence of a squeezed-thermal bath. Our results show that exponential scaling of the steady-state Fisher information rate with squeezing is retained even at non-zero temperature.