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Loans, Net (Tables)
12 Months Ended
Dec. 31, 2025
Loans, Net [Abstract]  
Major Classifications Of Loans

December 31,

December 31,

2025

2024

Loans recorded at amortized cost:

SBL non-real estate

$

235,282

$

190,322

SBL commercial mortgage

749,234

662,091

SBL construction

22,382

34,685

SBLs

1,006,898

887,098

Direct lease financing

685,422

700,553

SBLOC / IBLOC(1)

1,669,985

1,564,018

Advisor financing

294,236

273,896

Real estate bridge lending

2,188,952

2,109,041

Fintech

1,097,998

454,357

Other loans(2)

157,416

111,328

7,100,907

6,100,291

Unamortized loan fees and costs

15,769

13,337

Total loans, net of deferred loan fees and costs

$

7,116,676

$

6,113,628

(1)SBLOC are collateralized by marketable securities, while IBLOC are collateralized by the cash surrender value of insurance policies. At December 31, 2025 and December 31, 2024, IBLOC loans amounted to $467.5 million and $548.1 million, respectively.

(2)Includes warehouse financing related to loan sales to third-party purchasers of real estate bridge loans of $110.7 million and $65.5 million at December 31, 2025 and December 31, 2024, respectively. In addition, for December 31, 2025 includes CRA loans of $3.0 million and $3.7 million that were presented in SBL non-real estate and SBL commercial mortgage, respectively, at December 31, 2024.

 
Delinquent Loans By Loan Category

December 31, 2025

30-59 days

60-89 days

90+ days

Total past due

Total

past due

past due

still accruing

Non-accrual

and non-accrual

Current

loans

SBL non-real estate

$

1,515 

$

344 

$

$

8,639 

$

10,498 

$

224,784 

$

235,282 

SBL commercial mortgage

224 

21,977 

22,201 

727,033 

749,234 

SBL construction

2,660 

2,660 

19,722 

22,382 

Direct lease financing

2,461 

894 

1,457 

12,066 

16,878 

668,544 

685,422 

SBLOC / IBLOC

5,328 

65 

251 

446 

6,090 

1,663,895 

1,669,985 

Advisor financing

294,236 

294,236 

Real estate bridge lending

14,459 

9,755 

24,214 

2,164,738 

2,188,952 

Fintech

24,701 

3,791 

2,030 

30,522 

1,067,476 

1,097,998 

Other loans

209 

111 

2 

142 

464 

156,952 

157,416 

Unamortized loan fees and costs

15,769 

15,769 

$

34,438 

$

5,205 

$

18,199 

$

55,685 

$

113,527 

$

7,003,149 

$

7,116,676 

December 31, 2024

30-59 days

60-89 days

90+ days

Total past due

Total

past due

past due

still accruing

Non-accrual

and non-accrual

Current

loans

SBL non-real estate

$

229 

$

$

871 

$

2,635 

$

3,735 

$

186,587 

$

190,322 

SBL commercial mortgage

336 

4,885 

5,221 

656,870 

662,091 

SBL construction

1,585 

1,585 

33,100 

34,685 

Direct lease financing

7,069 

1,923 

1,088 

6,026 

16,106 

684,447 

700,553 

SBLOC / IBLOC

20,991 

1,808 

3,322 

503 

26,624 

1,537,394 

1,564,018 

Advisor financing

273,896 

273,896 

Real estate bridge lending

12,300 

12,300 

2,096,741 

2,109,041 

Fintech

13,419 

681 

213 

14,313 

440,044 

454,357 

Other loans

49 

49 

111,279 

111,328 

Unamortized loan fees and costs

13,337 

13,337 

$

41,757 

$

4,412 

$

5,830 

$

27,934 

$

79,933 

$

6,033,695 

$

6,113,628 

Summary Of Non-Accrual Loans With And Without Allowance For Credit Losses

December 31, 2025

December 31, 2024

Non-accrual loans with a related ACL

Related ACL

Non-accrual loans without a related ACL

Total non-accrual loans

Non-accrual loans with a related ACL

Related ACL

Non-accrual loans without a related ACL

Total non-accrual loans

SBL non-real estate

$

5,361

$

963

$

3,278

$

8,639

$

1,308

$

351

$

1,327

$

2,635

SBL commercial mortgage

3,009

801

18,968

21,977

1,922

1,039

2,963

4,885

SBL construction

710

35

1,950

2,660

1,585

118

1,585

Direct leasing

11,881

4,211

185

12,066

5,561

2,377

465

6,026

IBLOC

446

207

446

503

413

503

Real estate bridge lending

9,755

9,755

12,300

12,300

Other loans

142

142

$

21,407

$

6,217

$

34,278

$

55,685

$

10,879

$

4,298

$

17,055

$

27,934

Summary Of Loans Modified And Related Information

Year ended December 31, 2025

Year ended December 31, 2024

Payment delay as a result of a payment deferral

Interest rate reduction and payment deferral

Term extension and interest rate reduction

Total

Percent of total loan category

Payment delay as a result of a payment deferral

Interest rate reduction and payment deferral

Term extension

Total

Percent of total loan category

SBL non-real estate

$

4,480 

$

1,288 

$

$

5,768 

2.45%

$

2,421 

$

$

$

2,421 

1.27%

SBL commercial mortgage

3,330 

3,330 

0.44%

3,255 

3,255 

0.49%

Direct lease financing

2,477 

2,477 

0.35%

Real estate bridge lending

9,576 

9,576 

0.44%

67,575 

67,575 

3.20%

Total

$

7,810 

$

1,288 

$

9,576 

$

18,674 

0.26%

$

5,676 

$

67,575 

$

2,477 

$

75,728 

1.24%

Summary Of Restructured Loans During Twelve Months

Year ended December 31, 2025

Payment Status (Amortized Cost Basis)

30-59 days

60-89 days

90+ days

Total

past due

past due

still accruing

Non-accrual

delinquent

Current

Total

SBL non-real estate

$

$

$

$

1,288 

$

1,288 

$

4,480 

$

5,768 

SBL commercial mortgage

3,330 

3,330 

3,330 

Direct lease financing

Real estate bridge lending

9,576 

9,576 

$

$

$

$

4,618 

$

4,618 

$

14,056 

$

18,674 

Year ended December 31, 2024

Payment Status (Amortized Cost Basis)

30-59 days

60-89 days

90+ days

Total

past due

past due

still accruing

Non-accrual

delinquent

Current

Total

SBL non-real estate

$

$

$

$

1,022 

$

1,022 

$

1,399 

$

2,421 

SBL commercial mortgage

3,255 

3,255 

Direct lease financing

2,477 

2,477 

2,477 

Real estate bridge lending

67,575 

67,575 

$

$

2,477 

$

$

1,022 

$

3,499 

$

72,229 

$

75,728 

Summary of Financial Effect of Modifications to Troubled Borrowers

Year ended December 31, 2025

Year ended December 31, 2024

Combined Rate and Maturity

Combined Rate and Maturity

Weighted average interest rate reduction

Weighted average term extension (in months)

More-than-insignificant-payment delay(1)

Weighted average interest rate reduction

Weighted average term extension (in months)

More-than-insignificant-payment delay(1)

SBL non-real estate

1.00%

2.45%

1.27%

SBL commercial mortgage

0.44%

0.49%

Direct lease financing

12.0 

Real estate bridge lending

0.25%

12.0 

1.08%

1.28%

(1)Percentage represents the principal of loans deferred divided by the principal of the total loan portfolio.

Summary Of Gross Loans Held For Investment By Year Of Origination And Internally Assigned Credit Grade

As of December 31, 2025

2025

2024

2023

2022

2021

Prior

Revolving loans at amortized cost

Total

SBL non real estate

Pass

$

70,191 

$

50,083 

$

60,331 

$

17,797 

$

12,295 

$

6,765 

$

$

217,462 

Special mention

262 

992 

1,480 

71 

2,805 

Substandard

1,171 

6,635 

4,276 

1,360 

1,573 

15,015 

Total SBL non-real estate

70,191 

51,516 

67,958 

23,553 

13,655 

8,409 

235,282 

SBL commercial mortgage

Pass

107,357 

156,610 

83,047 

105,359 

69,554 

166,921 

688,848 

Special mention

2,749 

2,708 

4,406 

4,275 

7,459 

21,597 

Substandard

706 

9,622 

14,656 

8,579 

5,226 

38,789 

Total SBL commercial mortgage

107,357 

160,065 

95,377 

124,421 

82,408 

179,606 

749,234 

SBL construction

Pass

4,769 

10,449 

4,504 

19,722 

Substandard

1,950 

710 

2,660 

Total SBL construction

4,769 

10,449 

4,504 

1,950 

710 

22,382 

Direct lease financing

Non-rated

1,777 

1,777 

Pass

253,367 

177,838 

121,969 

87,456 

20,241 

4,269 

665,140 

Special mention

719 

410 

759 

295 

3 

2,186 

Substandard

16 

2,741 

7,321 

4,335 

1,839 

67 

16,319 

Total direct lease financing

255,879 

180,989 

130,049 

92,086 

22,083 

4,336 

685,422 

SBLOC/IBLOC

Non-rated

6,882 

6,882 

Pass

1,662,616 

1,662,616 

Substandard

487 

487 

Total SBLOC/IBLOC

1,669,985 

1,669,985 

Advisor financing

Pass

68,249 

69,705 

70,411 

48,197 

16,471 

12,253 

285,286 

Special mention

979 

7,971 

8,950 

Total advisor financing

68,249 

69,705 

70,411 

49,176 

24,442 

12,253 

294,236 

Real estate bridge lending

Pass

689,651 

453,603 

271,554 

569,730 

120,938 

2,105,476 

Special mention

9,576 

9,576 

Substandard

42,735 

21,411 

9,754 

73,900 

Total real estate bridge lending

689,651 

496,338 

271,554 

591,141 

140,268 

2,188,952 

Fintech

Non-rated

141,605 

954,364 

1,095,969 

Substandard

2,029 

2,029 

Total fintech

143,634 

954,364 

1,097,998 

Other loans

Non-rated

494 

8,852

9,346

Pass

56,998 

54,458 

160 

252 

343 

34,621

1,096 

147,928

Special mention

Substandard

142

142

Total other loans

57,492 

54,458 

160 

252 

343 

43,615 

1,096 

157,416 

$

1,397,222 

$

1,023,520 

$

640,013 

$

880,629 

$

285,149 

$

248,929 

$

2,625,445 

$

7,100,907 

Unamortized loan fees and costs

15,769 

Total

$

7,116,676 

As of December 31, 2024

2024

2023

2022

2021

2020

Prior

Revolving loans at amortized cost

Total

SBL non real estate

Pass

$

46,766 

$

74,772 

$

27,794 

$

18,103 

$

5,321 

$

5,353

$

$

178,109

Special mention

130 

130 

Substandard

2,437 

2,480 

1,234 

573 

1,097 

7,821 

Total SBL non-real estate

46,766 

77,209 

30,274 

19,337 

5,894 

6,580

186,060

SBL commercial mortgage

Pass

140,314 

84,538 

130,233 

84,026 

58,524 

140,165

637,800

Special mention

528 

1,104 

7,690 

9,322 

Substandard

1,380 

4,942 

163 

4,104 

10,589 

Total SBL commercial mortgage

140,314 

84,538 

132,141 

90,072 

58,687 

151,959

657,711

SBL construction

Pass

12,392 

13,846 

2,899 

3,609 

32,746 

Substandard

1,229 

710 

1,939 

Total SBL construction

12,392 

13,846 

2,899 

4,838 

710 

34,685 

.

Direct lease financing

Non-rated

5,184 

5,184 

Pass

271,791 

193,663 

136,601 

45,594 

15,846 

4,269 

667,764 

Special mention

1,866 

2,294 

2,618 

1,783 

73 

83 

8,717 

Substandard

3,892 

6,657 

6,462 

1,733 

92 

52 

18,888 

Total direct lease financing

282,733 

202,614 

145,681 

49,110 

16,011 

4,404 

700,553 

SBLOC/IBLOC

Non-rated

3,466 

3,466 

Pass

1,559,614 

1,559,614 

Substandard

938 

938 

Total SBLOC/IBLOC

1,564,018 

1,564,018 

Advisor financing

Pass

84,414 

84,908 

54,064 

22,560 

18,588 

264,534 

Special mention

1,021 

8,341 

9,362 

Total advisor financing

84,414 

84,908 

55,085 

30,901 

18,588 

273,896 

Real estate bridge lending

Pass

432,609 

418,326 

761,331 

278,031 

1,890,297 

Special mention

16,913 

36,318 

31,153 

84,384 

Substandard

54,485 

55,947 

23,928 

134,360 

Total real estate bridge lending

504,007 

418,326 

853,596 

333,112 

2,109,041 

Fintech

Non-rated

18,119 

436,025 

454,144 

Substandard

213 

213 

Total fintech

18,119 

436,238 

454,357 

Other loans

Non-rated

1,187 

10,394 

11,581 

Pass

66,267 

163 

256 

351 

2,606 

37,133

1,381 

108,157

Special mention

232 

232 

Total other loans(1)

67,454 

163 

256 

351 

2,606 

47,759

1,381 

119,970

Total

$

1,156,199 

$

881,604 

$

1,219,932 

$

527,721 

$

101,786 

$

211,412 

$

2,001,637 

$

6,100,291 

Unamortized loan fees and costs

13,337 

Total

$

6,113,628 

(1)Included in Other loans are $8.6 million of SBA loans purchased for CRA purposes as of December 31, 2024. These loans are classified as SBL in the Company’s loan table, which classifies loans by type, as opposed to risk characteristics.

Changes In Allowance For Loan And Lease Losses By Loan Category

December 31, 2025

SBL non-real estate

SBL commercial mortgage

SBL construction

Direct lease financing

SBLOC / IBLOC

Advisor financing

Real estate bridge lending

Fintech

Other loans

Deferred fees and costs

Total

Beginning 1/1/2025

$

4,972 

$

3,203 

$

342 

$

13,125 

$

1,195 

$

2,054 

$

6,603 

$

12,909 

$

450 

$

$

44,853 

Charge-offs(1)

(785)

(221)

(4,750)

(195,644)

(1,008)

(202,408)

Recoveries

85 

4 

793 

44,578 

20 

45,480 

Provision (credit)(1)

2,065 

(85)

110 

6,507 

(154)

153 

(654)

169,294 

1,039 

178,275 

Ending balance

$

6,337 

$

3,118 

$

235 

$

15,675 

$

1,041 

$

2,207 

$

5,949 

$

31,137 

$

501 

$

$

66,200 

Allowance:

Individually evaluated

$

963 

$

801 

$

35 

$

4,211 

$

207 

$

$

$

$

$

$

6,217 

Collectively evaluated

5,374 

2,317 

200 

11,464 

834 

2,207 

5,949 

31,137 

501 

59,983 

Total allowance

$

6,337 

$

3,118 

$

235 

$

15,675 

$

1,041 

$

2,207 

$

5,949 

$

31,137 

$

501 

$

$

66,200 

Loans:

Individually evaluated

$

8,639 

$

21,977 

$

2,660 

$

12,066 

$

446 

$

$

9,755 

$

$

142 

$

$

55,685 

Collectively evaluated

226,643 

727,257 

19,722 

673,356 

1,669,539 

294,236 

2,179,197 

1,097,998 

157,274 

15,769 

7,060,991 

Total loans, net of deferred loan fees and costs

$

235,282 

$

749,234 

$

22,382 

$

685,422 

$

1,669,985 

$

294,236 

$

2,188,952 

$

1,097,998 

$

157,416 

$

15,769 

$

7,116,676 

(1)Lending agreements related to fintech loans resulted in the Company recording a $169.3 million provision for credit losses and a correlated amount of increases to the credit enhancement asset in non-interest income, resulting in no impact to net income.

December 31, 2024

SBL non-real estate

SBL commercial mortgage

SBL construction

Direct lease financing

SBLOC / IBLOC

Advisor financing

Real estate bridge lending

Fintech

Other loans

Deferred fees and costs

Total

Beginning 1/1/2024

$

6,059 

$

2,820 

$

285 

$

10,454 

$

813 

$

1,662 

$

4,740 

$

$

545 

$

$

27,378 

Charge-offs(1)

(708)

(4,575)

(19,619)

(18)

(24,920)

Recoveries

229 

318 

1,877 

1 

2,425 

Provision (credit)(1)

(608)

383 

57 

6,928 

382 

392 

1,863 

30,651 

(78)

39,970 

Ending balance

$

4,972 

$

3,203 

$

342 

$

13,125 

$

1,195 

$

2,054 

$

6,603 

$

12,909 

$

450 

$

$

44,853 

Allowance:

Individually evaluated

$

403 

$

1,039 

$

118 

$

2,377 

$

413 

$

$

$

$

$

$

4,350 

Collectively evaluated

4,569 

2,164 

224 

10,748 

782 

2,054 

6,603 

12,909 

450 

40,503 

Total allowance

$

4,972 

$

3,203 

$

342 

$

13,125 

$

1,195 

$

2,054 

$

6,603 

$

12,909 

$

450 

$

$

44,853 

Loans:

Individually evaluated

$

2,693 

$

4,885 

$

1,585 

$

6,026 

$

503 

$

$

12,300 

$

$

219 

$

$

28,211 

Collectively evaluated

187,629 

657,206 

33,100 

694,527 

1,563,515 

273,896 

2,096,741 

454,357 

111,109 

13,337 

6,085,417 

Total loans, net of deferred loan fees and costs

$

190,322 

$

662,091 

$

34,685 

$

700,553 

$

1,564,018 

$

273,896 

$

2,109,041 

$

454,357 

$

111,328 

$

13,337 

$

6,113,628 

(1)Lending agreements related to fintech loans resulted in the Company recording a $30.7 million provision for credit losses and a correlated amount of increases to the credit enhancement asset in non-interest income, resulting in no impact to net income.

December 31, 2023

SBL non-real estate

SBL commercial mortgage

SBL construction

Direct lease financing

SBLOC / IBLOC

Advisor financing

Real estate bridge lending

Fintech

Other loans

Deferred fees and costs

Total

Beginning 1/1/2023

$

5,028 

$

2,585 

$

565 

$

7,972 

$

1,167 

$

1,293 

$

3,121 

$

$

643 

$

$

22,374 

Charge-offs

(871)

(76)

(3,666)

(24)

(3)

(4,640)

Recoveries

475 

75 

330 

299 

1,179 

Provision (credit)

1,427 

236 

(280)

5,818 

(330)

369 

1,619 

(394)

8,465 

Ending balance

$

6,059 

$

2,820 

$

285 

$

10,454 

$

813 

$

1,662 

$

4,740 

$

$

545 

$

$

27,378 

Allowance:

Individually evaluated

$

670 

$

343 

$

44 

$

1,827 

$

$

$

$

$

4 

$

$

2,888 

Collectively evaluated

5,389 

2,477 

241 

8,627 

813 

1,662 

4,740 

541 

24,490 

Total allowance

$

6,059 

$

2,820 

$

285 

$

10,454 

$

813 

$

1,662 

$

4,740 

$

$

545 

$

$

27,378 

Loans:

Individually evaluated

$

1,919 

$

2,381 

$

3,385 

$

3,785 

$

$

$

$

$

362 

$

$

11,832 

Collectively evaluated

135,833 

604,605 

19,242 

681,872 

1,627,285 

221,612 

1,999,782 

311 

49,965 

8,800 

5,349,307 

Total loans, net of deferred loan fees and costs

$

137,752 

$

606,986 

$

22,627 

$

685,657 

$

1,627,285 

$

221,612 

$

1,999,782 

$

311 

$

50,327 

$

8,800 

$

5,361,139 

Schedule Of Net Charge-offs, Classified By Year Of The Loan Origination

A summary of the Company’s net charge-offs for the years ended December 31, 2025 and December 31, 2024, classified by portfolio segment and year of origination are as follows (dollars in thousands):

Year ended December 31, 2025

2025

2024

2023

2022

2021

Prior

Revolving loans at amortized cost

Total

SBL non-real estate

Charge-offs

$

$

(137)

$

$

(294)

$

$

(354)

$

$

(785)

Recoveries

14 

1 

13 

7 

50 

85 

Net charge-offs

(123)

1 

(281)

7 

(304)

(700)

SBL construction

Charge-offs

(221)

(221)

Recoveries

4 

4 

Net charge-offs

(217)

(217)

Direct lease financing

Charge-offs

(25)

(279)

(2,352)

(1,626)

(454)

(14)

(4,750)

Recoveries

23 

163 

446 

158 

3 

793 

Net charge-offs

(25)

(256)

(2,189)

(1,180)

(296)

(11)

(3,957)

Fintech

Charge-offs

(9,474)

(2,263)

(183,907)

(195,644)

Recoveries

590 

334 

43,654 

44,578 

Net charge-offs

(8,884)

(1,929)

(140,253)

(151,066)

Other loans

Charge-offs

(1,008)

(1,008)

Recoveries

15 

5 

20 

Net charge-offs

(993)

5 

(988)

Total

Charge-offs

(9,499)

(2,679)

(2,352)

(1,920)

(675)

(1,376)

(183,907)

(202,408)

Recoveries

590 

371 

164 

459 

169 

68 

43,659 

45,480 

Net charge-offs

$

(8,909)

$

(2,308)

$

(2,188)

$

(1,461)

$

(506)

$

(1,308)

$

(140,248)

$

(156,928)

Year ended December 31, 2024

2024

2023

2022

2021

2020

Prior

Revolving loans at amortized cost

Total

SBL non-real estate

Charge-offs

$

(14)

$

(53)

$

(149)

$

(101)

$

(320)

$

(71)

$

$

(708)

Recoveries

7 

7 

63 

152 

229 

Net charge-offs

(14)

(46)

(149)

(94)

(257)

81 

(479)

Direct lease financing

Charge-offs

(3)

(744)

(2,739)

(1,015)

(61)

(13)

(4,575)

Recoveries

39 

177 

85 

8 

9 

318 

Net charge-offs

(3)

(705)

(2,562)

(930)

(53)

(4)

(4,257)

Fintech

Charge-offs

(19,619)

(19,619)

Recoveries

1,877 

1,877 

Net charge-offs

(17,742)

(17,742)

Other loans

Charge-offs

(6)

(12)

(18)

Recoveries

1 

1 

Net charge-offs

(6)

(11)

(17)

Total

Charge-offs

(17)

(803)

(2,888)

(1,116)

(381)

(96)

(19,619)

(24,920)

Recoveries

46 

177 

92 

71 

162 

1,877 

2,425 

Net charge-offs

$

(17)

$

(757)

$

(2,711)

$

(1,024)

$

(310)

$

66 

$

(17,742)

$

(22,495)

Scheduled Undiscounted Cash Flows Of Direct Financing Leases

2026

$

238,574

2027

160,408

2028

87,947

2029

47,154

2030

16,775

2031 and thereafter

3,836

Total undiscounted cash flows

554,694

Residual value(1)

220,231

Difference between undiscounted cash flows and discounted cash flows

(89,503)

Present value of lease payments recorded as lease receivables

$

685,422

(1)Of the total residual value, $45.1 million is not guaranteed by the lessee or other guarantors.