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Loans Held for Investment at Amortized Cost and Loans Held for Investment at Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Summary of Loans Held for Investment | The following tables summarize loans held for investment as of September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |
|  | Loans Held for Investment, at Amortized Cost |  |  | Loans Held for Investment, at Fair Value |  |  | Total Loans Held for Investment |
|  | (In thousands) |
Unpaid principal balance |  | $ | 2,111,569 |  |  | $ | 4,161,729 |  |  | $ | 6,273,298 |
Valuation adjustments on FVO loans |  |  | — |  |  |  | 209,588 |  |  |  | 209,588 |
Deferred loan origination costs |  |  | 20,187 |  |  |  | — |  |  |  | 20,187 |
|  |  | 2,131,756 |  |  |  | 4,371,317 |  |  |  | 6,503,073 |
Allowance for credit losses |  |  | (4,586 | ) |  |  | — |  |  |  | (4,586 | )
Total loans held for investment |  | $ | 2,127,170 |  |  | $ | 4,371,317 |  |  | $ | 6,498,487 |
|  | December 31, 2024 |
|  | Loans Held for Investment, at Amortized Cost |  |  | Loans Held for Investment, at Fair Value |  |  | Total Loans Held for Investment |
|  | (In thousands) |
Unpaid principal balance |  | $ | 2,400,720 |  |  | $ | 2,655,217 |  |  | $ | 5,055,937 |
Valuation adjustments on FVO loans |  |  | — |  |  |  | 111,734 |  |  |  | 111,734 |
Deferred loan origination costs |  |  | 23,570 |  |  |  | — |  |  |  | 23,570 |
|  |  | 2,424,290 |  |  |  | 2,766,951 |  |  |  | 5,191,241 |
Allowance for credit losses |  |  | (4,174 | ) |  |  | — |  |  |  | (4,174 | )
Total loans held for investment |  | $ | 2,420,116 |  |  | $ | 2,766,951 |  |  | $ | 5,187,067 |
Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program | The following tables summarize the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three and nine months ended September 30, 2025 and the year ended December 31, 2024:
|  | Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
|  | UPB |  |  | % |  | Amortized Cost |  |  | % |  | UPB |  |  | % |  | Amortized Cost |  |  | %
|  | ($ in thousands)
Beginning balance |  | $ | 130,539 |  |  |  |  | $ | 131,790 |  |  |  |  | $ | 142,827 |  |  |  |  | $ | 144,247 |  |  |
Foreclosures |  |  | (120 | ) |  |  |  |  | (120 | ) |  |  |  |  | (1,980 | ) |  |  |  |  | (1,996 | ) |  |
Repayments |  |  | (1,076 | ) |  |  |  |  | (1,111 | ) |  |  |  |  | (11,504 | ) |  |  |  |  | (11,692 | ) |  |
Ending balance |  | $ | 129,343 |  |  |  |  | $ | 130,559 |  |  |  |  | $ | 129,343 |  |  |  |  | $ | 130,559 |  |  |
Performing/Accruing |  | $ | 97,771 |  |  | 75.6% |  | $ | 98,691 |  |  | 75.6% |  | $ | 97,771 |  |  | 75.6% |  | $ | 98,691 |  |  | 75.6%
Nonperforming/Nonaccrual |  | $ | 31,572 |  |  | 24.4% |  | $ | 31,868 |  |  | 24.4% |  | $ | 31,572 |  |  | 24.4% |  | $ | 31,868 |  |  | 24.4%
|  | Year Ended December 31, 2024
|  | UPB |  |  | % |  | Amortized Cost |  |  | %
|  | ($ in thousands)
Beginning balance |  | $ | 174,571 |  |  |  |  | $ | 176,515 |  |  |
Foreclosures |  |  | (5,292 | ) |  |  |  |  | (5,416 | ) |  |
Repayments |  |  | (26,452 | ) |  |  |  |  | (26,852 | ) |  |
Ending balance |  | $ | 142,827 |  |  |  |  | $ | 144,247 |  |  |
Performing/Accruing |  | $ | 102,769 |  |  | 72.0% |  | $ | 103,790 |  |  | 72.0%
Nonperforming/Nonaccrual |  | $ | 40,058 |  |  | 28.0% |  | $ | 40,457 |  |  | 28.0%
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitized Debt Issued | As of September 30, 2025 and December 31, 2024, the gross unpaid principal balances of loans held for investment pledged as collateral for the Company’s warehouse facilities and securitized debt issued were as follows:
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | (In thousands) |
The 2013 repurchase agreement |  | $ | 158,669 |  |  | $ | 133,577 |
The 2021/2024 repurchase agreements |  |  | 139,782 |  |  |  | 148,676 |
The 2021 term repurchase agreement |  |  | 39,352 |  |  |  | 74,324 |
The 2023 repurchase agreement |  |  | 61,995 |  |  |  | 42,613 |
The 2024 bank credit agreement |  |  | 33,436 |  |  |  | 23,330 |
Total pledged loans |  | $ | 433,234 |  |  | $ | 422,520 |
2017-2 Trust |  | $ | 31,456 |  |  | $ | 39,231 |
2018-1 Trust |  |  | 24,509 |  |  |  | 28,564 |
2018-2 Trust |  |  | 53,125 |  |  |  | 62,845 |
2019-1 Trust |  |  | 61,184 |  |  |  | 71,521 |
2019-2 Trust |  |  | 44,888 |  |  |  | 52,417 |
2019-3 Trust |  |  | 43,353 |  |  |  | 52,177 |
2020-1 Trust |  |  | 85,580 |  |  |  | 98,858 |
2021-1 Trust |  |  | 143,331 |  |  |  | 162,750 |
2021-2 Trust |  |  | 116,833 |  |  |  | 130,363 |
2021-3 Trust |  |  | 122,492 |  |  |  | 136,891 |
2021-4 Trust |  |  | 201,422 |  |  |  | 219,907 |
2022-1 Trust |  |  | 204,536 |  |  |  | 222,909 |
2022-2 Trust |  |  | 182,871 |  |  |  | 201,363 |
2022-MC1 Trust |  |  | — |  |  |  | 58,133 |
2022-3 Trust |  |  | 228,666 |  |  |  | 253,621 |
2022-4 Trust |  |  | 225,441 |  |  |  | 254,668 |
2022-5 Trust |  |  | 153,400 |  |  |  | 187,078 |
2023-1 Trust |  |  | 154,982 |  |  |  | 180,941 |
2023-2 Trust |  |  | 124,396 |  |  |  | 165,155 |
2023-3 Trust |  |  | 158,810 |  |  |  | 200,943 |
2023-RTL1 Trust |  |  | — |  |  |  | 85,530 |
2023-4 Trust |  |  | 147,461 |  |  |  | 185,013 |
2024-1 Trust |  |  | 146,038 |  |  |  | 188,638 |
2024-2 Trust |  |  | 218,822 |  |  |  | 271,542 |
2024-3 Trust |  |  | 172,420 |  |  |  | 198,640 |
2024-4 Trust |  |  | 206,506 |  |  |  | 248,788 |
2024-5 Trust |  |  | 262,032 |  |  |  | 293,881 |
2024-6 Trust |  |  | 275,686 |  |  |  | 299,216 |
2025-1 Trust |  |  | 336,439 |  |  |  | — |
2025-RTL1 Trust |  |  | 118,498 |  |  |  | — |
2025-2 Trust |  |  | 374,790 |  |  |  | — |
2025-MC1 Trust |  |  | 96,786 |  |  |  | — |
2025-3 Trust |  |  | 386,034 |  |  |  | — |
2025-P1 Trust |  |  | 192,424 |  |  |  | — |
2025-4 Trust |  |  | 467,759 |  |  |  | — |
Total |  | $ | 5,762,970 |  |  | $ | 4,551,583 |
Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment | The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment, excluding loans carried at fair value, that were nonperforming and on nonaccrual status as of September 30, 2025 and December 31, 2024.
|  | September 30, 2025 |
|  | Total Nonaccrual |  |  | Nonaccrual with No Allowance for Credit Losses |  |  | Nonaccrual with Allowance for Credit Losses |  |  | Allowance for Loans Individually Evaluated |
|  | (In thousands) |
Commercial - Purchase |  | $ | 29,995 |  |  | $ | 29,239 |  |  | $ | 756 |  |  | $ | 79 |
Commercial - Refinance |  |  | 86,132 |  |  |  | 80,186 |  |  |  | 5,946 |  |  |  | 1,578 |
Residential 1-4 Unit - Purchase |  |  | 31,094 |  |  |  | 30,779 |  |  |  | 315 |  |  |  | 6 |
Residential 1-4 Unit - Refinance |  |  | 99,419 |  |  |  | 93,782 |  |  |  | 5,637 |  |  |  | 327 |
Short Term 1-4 Unit - Purchase |  |  | 1,562 |  |  |  | 1,562 |  |  |  | — |  |  |  | — |
Short Term 1-4 Unit - Refinance |  |  | 14,373 |  |  |  | 14,235 |  |  |  | 138 |  |  |  | 46 |
Total |  | $ | 262,575 |  |  | $ | 249,783 |  |  | $ | 12,792 |  |  | $ | 2,036 |
|  | December 31, 2024 |
|  | Total Nonaccrual |  |  | Nonaccrual with No Allowance for Credit Losses |  |  | Nonaccrual with Allowance for Credit Losses |  |  | Allowance for Loans Individually Evaluated |
|  | (In thousands) |
Commercial - Purchase |  | $ | 33,290 |  |  | $ | 32,294 |  |  | $ | 996 |  |  | $ | 85 |
Commercial - Refinance |  |  | 99,683 |  |  |  | 96,155 |  |  |  | 3,528 |  |  |  | 421 |
Residential 1-4 Unit - Purchase |  |  | 29,573 |  |  |  | 29,573 |  |  |  | — |  |  |  | — |
Residential 1-4 Unit - Refinance |  |  | 122,439 |  |  |  | 114,265 |  |  |  | 8,174 |  |  |  | 450 |
Short Term 1-4 Unit - Purchase |  |  | 4,754 |  |  |  | 4,754 |  |  |  | — |  |  |  | — |
Short Term 1-4 Unit - Refinance |  |  | 23,556 |  |  |  | 23,341 |  |  |  | 215 |  |  |  | 73 |
Total |  | $ | 313,295 |  |  | $ | 300,382 |  |  | $ | 12,913 |  |  | $ | 1,029 |
Schedule of Accrued Interest Receivable Written Off by Reversing Interest Income | The following tables present the amortized cost basis in loans held for investment, excluding loans held for investment at fair value, as of September 30, 2025 and 2024, and the amount of accrued interest receivable written off by reversing interest income by portfolio segment of loans that have been placed on nonaccrual for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Amortized Cost |  |  | Interest Reversal |  |  | Amortized Cost |  |  | Interest Reversal |
|  | (In thousands) |
Commercial - Purchase |  | $ | 509,401 |  |  | $ | 179 |  |  | $ | 581,860 |  |  | $ | 160 |
Commercial - Refinance |  |  | 634,415 |  |  |  | 195 |  |  |  | 739,887 |  |  |  | 377 |
Residential 1-4 Unit - Purchase |  |  | 369,413 |  |  |  | 150 |  |  |  | 445,893 |  |  |  | 156 |
Residential 1-4 Unit - Refinance |  |  | 569,629 |  |  |  | 241 |  |  |  | 703,653 |  |  |  | 446 |
Short Term 1-4 Unit - Purchase |  |  | 29,976 |  |  |  | — |  |  |  | 30,776 |  |  |  | 11 |
Short Term 1-4 Unit - Refinance |  |  | 18,922 |  |  |  | 116 |  |  |  | 29,102 |  |  |  | 36 |
Total |  | $ | 2,131,756 |  |  | $ | 881 |  |  | $ | 2,531,171 |  |  | $ | 1,186 |
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Amortized Cost |  |  | Interest Reversal |  |  | Amortized Cost |  |  | Interest Reversal |
|  | (In thousands) |
Commercial - Purchase |  | $ | 509,401 |  |  | $ | 628 |  |  | $ | 581,860 |  |  | $ | 539 |
Commercial - Refinance |  |  | 634,415 |  |  |  | 792 |  |  |  | 739,887 |  |  |  | 1,314 |
Residential 1-4 Unit - Purchase |  |  | 369,413 |  |  |  | 348 |  |  |  | 445,893 |  |  |  | 638 |
Residential 1-4 Unit - Refinance |  |  | 569,629 |  |  |  | 829 |  |  |  | 703,653 |  |  |  | 1,379 |
Short Term 1-4 Unit - Purchase |  |  | 29,976 |  |  |  | 80 |  |  |  | 30,776 |  |  |  | 85 |
Short Term 1-4 Unit - Refinance |  |  | 18,922 |  |  |  | 116 |  |  |  | 29,102 |  |  |  | 87 |
Total |  | $ | 2,131,756 |  |  | $ | 2,793 |  |  | $ | 2,531,171 |  |  | $ | 4,042 |
Schedule of Activity in Allowance for Credit Losses | The following tables present the activity in the allowance for credit losses for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, 2025 |
|  | Commercial Purchase |  |  | Commercial Refinance |  |  | Residential 1-4 Unit Purchase |  |  | Residential 1-4 Unit Refinance |  |  | Short Term 1-4 Unit Purchase |  |  | Short Term 1-4 Unit Refinance |  |  | Total |
|  | (In thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - July 1, 2025 |  | $ | 679 |  |  | $ | 2,085 |  |  | $ | 787 |  |  | $ | 1,258 |  |  | $ | 27 |  |  | $ | 46 |  |  | $ | 4,882 |
Provision for (reversal of) credit losses |  |  | (129 | ) |  |  | 3 |  |  |  | (86 | ) |  |  | 544 |  |  |  | (18 | ) |  |  | 67 |  |  |  | 381 |
Charge-offs |  |  | — |  |  |  | (49 | ) |  |  | (57 | ) |  |  | (520 | ) |  |  | — |  |  |  | (51 | ) |  |  | (677 | )
Ending balance |  | $ | 550 |  |  | $ | 2,039 |  |  | $ | 644 |  |  | $ | 1,282 |  |  | $ | 9 |  |  | $ | 62 |  |  | $ | 4,586 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 79 |  |  | $ | 1,578 |  |  | $ | 6 |  |  | $ | 327 |  |  | $ | — |  |  | $ | 46 |  |  | $ | 2,036 |
Loans collectively evaluated |  | $ | 471 |  |  | $ | 460 |  |  | $ | 638 |  |  | $ | 955 |  |  | $ | 10 |  |  | $ | 16 |  |  | $ | 2,550 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 29,995 |  |  | $ | 86,132 |  |  | $ | 31,094 |  |  | $ | 99,419 |  |  | $ | 1,562 |  |  | $ | 14,373 |  |  | $ | 262,575 |
Loans collectively evaluated |  | $ | 479,406 |  |  | $ | 548,283 |  |  | $ | 338,319 |  |  | $ | 470,210 |  |  | $ | 28,414 |  |  | $ | 4,549 |  |  | $ | 1,869,181 |
|  | Three Months Ended September 30, 2024 |
|  | Commercial Purchase |  |  | Commercial Refinance |  |  | Residential 1-4 Unit Purchase |  |  | Residential 1-4 Unit Refinance |  |  | Short Term 1-4 Unit Purchase |  |  | Short Term 1-4 Unit Refinance |  |  | Total |
|  | (In thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - July 1, 2024 |  | $ | 810 |  |  | $ | 1,752 |  |  | $ | 934 |  |  | $ | 1,208 |  |  | $ | 29 |  |  | $ | 507 |  |  | $ | 5,240 |
Provision for (reversal of) credit losses |  |  | (158 | ) |  |  | (181 | ) |  |  | 15 |  |  |  | 251 |  |  |  | 47 |  |  |  | (43 | ) |  |  | (69 | )
Charge-offs |  |  | — |  |  |  | (32 | ) |  |  | (225 | ) |  |  | (10 | ) |  |  | (53 | ) |  |  | — |  |  |  | (320 | )
Ending balance |  | $ | 652 |  |  | $ | 1,539 |  |  | $ | 724 |  |  | $ | 1,449 |  |  | $ | 23 |  |  | $ | 464 |  |  | $ | 4,851 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 100 |  |  | $ | 547 |  |  | $ | 4 |  |  | $ | 679 |  |  | $ | — |  |  | $ | 460 |  |  | $ | 1,790 |
Loans collectively evaluated |  | $ | 552 |  |  | $ | 992 |  |  | $ | 720 |  |  | $ | 770 |  |  | $ | 23 |  |  | $ | 4 |  |  | $ | 3,061 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 30,872 |  |  | $ | 101,933 |  |  | $ | 30,576 |  |  | $ | 126,114 |  |  | $ | 4,038 |  |  | $ | 24,115 |  |  | $ | 317,648 |
Loans collectively evaluated |  | $ | 550,988 |  |  | $ | 637,954 |  |  | $ | 415,317 |  |  | $ | 577,539 |  |  | $ | 26,738 |  |  | $ | 4,987 |  |  | $ | 2,213,523 |
|  | Nine Months Ended September 30, 2025 |
|  | Commercial Purchase |  |  | Commercial Refinance |  |  | Residential 1-4 Unit Purchase |  |  | Residential 1-4 Unit Refinance |  |  | Short Term 1-4 Unit Purchase |  |  | Short Term 1-4 Unit Refinance |  |  | Total |
|  | (In thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2025 |  | $ | 662 |  |  | $ | 1,399 |  |  | $ | 746 |  |  | $ | 1,281 |  |  | $ | 12 |  |  | $ | 74 |  |  | $ | 4,174 |
Provision for (reversal of) credit losses |  |  | (9 | ) |  |  | 880 |  |  |  | 131 |  |  |  | 1,208 |  |  |  | 4 |  |  |  | 1,637 |  |  |  | 3,851 |
Charge-offs |  |  | (103 | ) |  |  | (240 | ) |  |  | (233 | ) |  |  | (1,207 | ) |  |  | (7 | ) |  |  | (1,649 | ) |  |  | (3,439 | )
Ending balance |  | $ | 550 |  |  | $ | 2,039 |  |  | $ | 644 |  |  | $ | 1,282 |  |  | $ | 9 |  |  | $ | 62 |  |  | $ | 4,586 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 79 |  |  | $ | 1,578 |  |  | $ | 6 |  |  | $ | 327 |  |  | $ | — |  |  | $ | 46 |  |  | $ | 2,036 |
Loans collectively evaluated |  | $ | 471 |  |  | $ | 460 |  |  | $ | 638 |  |  | $ | 955 |  |  | $ | 10 |  |  | $ | 16 |  |  | $ | 2,550 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 29,995 |  |  | $ | 86,132 |  |  | $ | 31,094 |  |  | $ | 99,419 |  |  | $ | 1,562 |  |  | $ | 14,373 |  |  | $ | 262,575 |
Loans collectively evaluated |  | $ | 479,406 |  |  | $ | 548,283 |  |  | $ | 338,319 |  |  | $ | 470,210 |  |  | $ | 28,414 |  |  | $ | 4,549 |  |  | $ | 1,869,181 |
|  | Nine Months Ended September 30, 2024 |
|  | Commercial Purchase |  |  | Commercial Refinance |  |  | Residential 1-4 Unit Purchase |  |  | Residential 1-4 Unit Refinance |  |  | Short Term 1-4 Unit Purchase |  |  | Short Term 1-4 Unit Refinance |  |  | Total |
|  | (In thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2024 |  | $ | 935 |  |  | $ | 1,805 |  |  | $ | 585 |  |  | $ | 1,256 |  |  | $ | 23 |  |  | $ | 165 |  |  | $ | 4,769 |
Provision for (reversal of) credit losses |  |  | (283 | ) |  |  | (233 | ) |  |  | 662 |  |  |  | 310 |  |  |  | 151 |  |  |  | 544 |  |  |  | 1,151 |
Charge-offs |  |  | — |  |  |  | (33 | ) |  |  | (523 | ) |  |  | (117 | ) |  |  | (151 | ) |  |  | (245 | ) |  |  | (1,069 | )
Ending balance |  | $ | 652 |  |  | $ | 1,539 |  |  | $ | 724 |  |  | $ | 1,449 |  |  | $ | 23 |  |  | $ | 464 |  |  | $ | 4,851 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 100 |  |  | $ | 547 |  |  | $ | 4 |  |  | $ | 679 |  |  | $ | — |  |  | $ | 460 |  |  | $ | 1,790 |
Loans collectively evaluated |  | $ | 552 |  |  | $ | 992 |  |  | $ | 720 |  |  | $ | 770 |  |  | $ | 23 |  |  | $ | 4 |  |  | $ | 3,061 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 30,872 |  |  | $ | 101,933 |  |  | $ | 30,576 |  |  | $ | 126,114 |  |  | $ | 4,038 |  |  | $ | 24,115 |  |  | $ | 317,648 |
Loans collectively evaluated |  | $ | 550,988 |  |  | $ | 637,954 |  |  | $ | 415,317 |  |  | $ | 577,539 |  |  | $ | 26,738 |  |  | $ | 4,987 |  |  | $ | 2,213,523 |
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio | The following tables present the aging status of the amortized cost basis in the loans held for investment portfolio, which include $130.6 million and $144.2 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of September 30, 2025 and December 31, 2024, respectively:
September 30, 2025 |  | 30–59 Days Past Due |  |  | 60–89 Days Past Due |  |  | 90+ Days Past Due(1) |  |  | Total Past Due |  |  | Current |  |  | Total Loans |
|  | (In thousands) |
Loans individually evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 197 |  |  | $ | 642 |  |  | $ | 29,156 |  |  | $ | 29,995 |  |  | $ | — |  |  | $ | 29,995 |
Commercial - Refinance |  |  | 2,864 |  |  |  | 1,788 |  |  |  | 81,357 |  |  |  | 86,009 |  |  |  | 123 |  |  |  | 86,132 |
Residential 1-4 Unit - Purchase |  |  | 1,700 |  |  |  | 853 |  |  |  | 28,541 |  |  |  | 31,094 |  |  |  | — |  |  |  | 31,094 |
Residential 1-4 Unit - Refinance |  |  | 1,990 |  |  |  | 2,428 |  |  |  | 95,001 |  |  |  | 99,419 |  |  |  | — |  |  |  | 99,419 |
Short Term 1-4 Unit - Purchase |  |  | — |  |  |  | — |  |  |  | 1,562 |  |  |  | 1,562 |  |  |  | — |  |  |  | 1,562 |
Short Term 1-4 Unit - Refinance |  |  | — |  |  |  | — |  |  |  | 14,373 |  |  |  | 14,373 |  |  |  | — |  |  |  | 14,373 |
Total loans individually evaluated |  | $ | 6,751 |  |  | $ | 5,711 |  |  | $ | 249,990 |  |  | $ | 262,452 |  |  | $ | 123 |  |  | $ | 262,575 |
Loans collectively evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 16,021 |  |  | $ | 10,035 |  |  | $ | — |  |  | $ | 26,056 |  |  | $ | 453,350 |  |  | $ | 479,406 |
Commercial - Refinance |  |  | 30,842 |  |  |  | 10,622 |  |  |  | — |  |  |  | 41,464 |  |  |  | 506,819 |  |  |  | 548,283 |
Residential 1-4 Unit - Purchase |  |  | 14,218 |  |  |  | 3,091 |  |  |  | — |  |  |  | 17,309 |  |  |  | 321,010 |  |  |  | 338,319 |
Residential 1-4 Unit - Refinance |  |  | 25,588 |  |  |  | 13,240 |  |  |  | — |  |  |  | 38,828 |  |  |  | 431,382 |  |  |  | 470,210 |
Short Term 1-4 Unit - Purchase |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,414 |  |  |  | 28,414 |
Short Term 1-4 Unit - Refinance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,549 |  |  |  | 4,549 |
Total loans collectively evaluated |  | $ | 86,669 |  |  | $ | 36,988 |  |  | $ | — |  |  | $ | 123,657 |  |  | $ | 1,745,524 |  |  | $ | 1,869,181 |
Ending balance |  | $ | 93,420 |  |  | $ | 42,699 |  |  | $ | 249,990 |  |  | $ | 386,109 |  |  | $ | 1,745,647 |  |  | $ | 2,131,756 |
(1) Includes loans in bankruptcy and foreclosure less than 90 days past due.
December 31, 2024 |  | 30–59 Days Past Due |  |  | 60–89 Days Past Due |  |  | 90+ Days Past Due(1) |  |  | Total Past Due |  |  | Current |  |  | Total Loans |
|  | (In thousands) |
Loans individually evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 387 |  |  | $ | 555 |  |  | $ | 32,348 |  |  | $ | 33,290 |  |  | $ | — |  |  | $ | 33,290 |
Commercial - Refinance |  |  | 3,903 |  |  |  | 3,326 |  |  |  | 92,454 |  |  |  | 99,683 |  |  |  | — |  |  |  | 99,683 |
Residential 1-4 Unit - Purchase |  |  | 606 |  |  |  | 957 |  |  |  | 28,010 |  |  |  | 29,573 |  |  |  | — |  |  |  | 29,573 |
Residential 1-4 Unit - Refinance |  |  | 4,784 |  |  |  | 708 |  |  |  | 116,947 |  |  |  | 122,439 |  |  |  | — |  |  |  | 122,439 |
Short Term 1-4 Unit - Purchase |  |  | — |  |  |  | — |  |  |  | 4,754 |  |  |  | 4,754 |  |  |  | — |  |  |  | 4,754 |
Short Term 1-4 Unit - Refinance |  |  | — |  |  |  | 203 |  |  |  | 23,353 |  |  |  | 23,556 |  |  |  | — |  |  |  | 23,556 |
Total loans individually evaluated |  | $ | 9,680 |  |  | $ | 5,749 |  |  | $ | 297,866 |  |  | $ | 313,295 |  |  | $ | — |  |  | $ | 313,295 |
Loans collectively evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 19,633 |  |  | $ | 12,027 |  |  | $ | — |  |  | $ | 31,660 |  |  | $ | 500,865 |  |  | $ | 532,525 |
Commercial - Refinance |  |  | 37,480 |  |  |  | 12,132 |  |  |  | — |  |  |  | 49,612 |  |  |  | 565,675 |  |  |  | 615,287 |
Residential 1-4 Unit - Purchase |  |  | 16,040 |  |  |  | 7,479 |  |  |  | — |  |  |  | 23,519 |  |  |  | 367,015 |  |  |  | 390,534 |
Residential 1-4 Unit - Refinance |  |  | 32,398 |  |  |  | 14,302 |  |  |  | — |  |  |  | 46,700 |  |  |  | 499,730 |  |  |  | 546,430 |
Short Term 1-4 Unit - Purchase |  |  | 10,073 |  |  |  | — |  |  |  | — |  |  |  | 10,073 |  |  |  | 15,989 |  |  |  | 26,062 |
Short Term 1-4 Unit - Refinance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 157 |  |  |  | 157 |
Total loans collectively evaluated |  | $ | 115,624 |  |  | $ | 45,940 |  |  | $ | — |  |  | $ | 161,564 |  |  | $ | 1,949,431 |  |  | $ | 2,110,995 |
Ending balance |  | $ | 125,304 |  |  | $ | 51,689 |  |  | $ | 297,866 |  |  | $ | 474,859 |  |  | $ | 1,949,431 |  |  | $ | 2,424,290 |
(1) Includes loans in bankruptcy and foreclosure less than 90 days past due.
Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year | The following tables present the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year as of September 30, 2025 and December 31, 2024.
|  | Term Loans Amortized Cost Basis by Origination Year |
September 30, 2025: |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Total |
|  | (In thousands) |
Commercial - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 202,085 |  |  | $ | 190,177 |  |  | $ | 22,250 |  |  | $ | 29,670 |  |  | $ | 35,224 |  |  | $ | 479,406 |
Nonperforming |  |  | 10,520 |  |  |  | 11,195 |  |  |  | 3,435 |  |  |  | 3,477 |  |  |  | 1,368 |  |  |  | 29,995 |
Total Commercial - Purchase |  | $ | 212,605 |  |  | $ | 201,372 |  |  | $ | 25,685 |  |  | $ | 33,147 |  |  | $ | 36,592 |  |  | $ | 509,401 |
Commercial - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 189,091 |  |  | $ | 154,822 |  |  | $ | 34,322 |  |  | $ | 66,485 |  |  | $ | 103,563 |  |  | $ | 548,283 |
Nonperforming |  |  | 25,144 |  |  |  | 16,673 |  |  |  | 3,600 |  |  |  | 15,311 |  |  |  | 25,404 |  |  |  | 86,132 |
Total Commercial - Refinance |  | $ | 214,235 |  |  | $ | 171,495 |  |  | $ | 37,922 |  |  | $ | 81,796 |  |  | $ | 128,967 |  |  | $ | 634,415 |
Residential 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 150,726 |  |  | $ | 147,630 |  |  | $ | 4,789 |  |  | $ | 14,901 |  |  | $ | 20,273 |  |  | $ | 338,319 |
Nonperforming |  |  | 12,374 |  |  |  | 10,569 |  |  |  | 1,394 |  |  |  | 1,052 |  |  |  | 5,705 |  |  |  | 31,094 |
Total Residential 1-4 Unit - Purchase |  | $ | 163,100 |  |  | $ | 158,199 |  |  | $ | 6,183 |  |  | $ | 15,953 |  |  | $ | 25,978 |  |  | $ | 369,413 |
Residential 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 193,038 |  |  | $ | 177,253 |  |  | $ | 14,534 |  |  | $ | 40,118 |  |  | $ | 45,267 |  |  | $ | 470,210 |
Nonperforming |  |  | 30,319 |  |  |  | 38,334 |  |  |  | 3,409 |  |  |  | 12,570 |  |  |  | 14,787 |  |  |  | 99,419 |
Total Residential 1-4 Unit - Refinance |  | $ | 223,357 |  |  | $ | 215,587 |  |  | $ | 17,943 |  |  | $ | 52,688 |  |  | $ | 60,054 |  |  | $ | 569,629 |
Short Term 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | — |  |  | $ | — |  |  | $ | 21,228 |  |  | $ | 7,186 |  |  | $ | — |  |  | $ | 28,414 |
Nonperforming |  |  | 979 |  |  |  | — |  |  |  | 583 |  |  |  | — |  |  |  | — |  |  |  | 1,562 |
Total Short Term 1-4 Unit - Purchase |  | $ | 979 |  |  | $ | — |  |  | $ | 21,811 |  |  | $ | 7,186 |  |  | $ | — |  |  | $ | 29,976 |
Short Term 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 4,549 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,549 |
Nonperforming |  |  | 1,216 |  |  |  | — |  |  |  | 1,845 |  |  |  | 8,207 |  |  |  | 3,105 |  |  |  | 14,373 |
Total Short Term 1-4 Unit - Refinance |  | $ | 5,765 |  |  | $ | — |  |  | $ | 1,845 |  |  | $ | 8,207 |  |  | $ | 3,105 |  |  | $ | 18,922 |
Total Portfolio |  | $ | 820,041 |  |  | $ | 746,653 |  |  | $ | 111,389 |  |  | $ | 198,977 |  |  | $ | 254,696 |  |  | $ | 2,131,756 |
Gross charge-offs - quarter-ended September 30, 2025 |  | $ | 597 |  |  | $ | 63 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | 677 |
Gross charge-offs - year-to-date September 30, 2025 |  | $ | 2,799 |  |  | $ | 329 |  |  | $ | 45 |  |  | $ | 75 |  |  | $ | 191 |  |  | $ | 3,439 |
|  | Term Loans Amortized Cost Basis by Origination Year |
December 31, 2024 |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Total |
|  | (In thousands) |
Commercial - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 223,564 |  |  | $ | 210,742 |  |  | $ | 24,253 |  |  | $ | 33,505 |  |  | $ | 40,461 |  |  | $ | 532,525 |
Nonperforming |  |  | 13,046 |  |  |  | 6,524 |  |  |  | 4,994 |  |  |  | 5,758 |  |  |  | 2,968 |  |  |  | 33,290 |
Total Commercial - Purchase |  | $ | 236,610 |  |  | $ | 217,266 |  |  | $ | 29,247 |  |  | $ | 39,263 |  |  | $ | 43,429 |  |  | $ | 565,815 |
Commercial - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 207,766 |  |  | $ | 167,568 |  |  | $ | 40,772 |  |  | $ | 76,886 |  |  | $ | 122,295 |  |  | $ | 615,287 |
Nonperforming |  |  | 26,624 |  |  |  | 19,172 |  |  |  | 4,305 |  |  |  | 18,708 |  |  |  | 30,874 |  |  |  | 99,683 |
Total Commercial - Refinance |  | $ | 234,390 |  |  | $ | 186,740 |  |  | $ | 45,077 |  |  | $ | 95,594 |  |  | $ | 153,169 |  |  | $ | 714,970 |
Residential 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 173,252 |  |  | $ | 167,804 |  |  | $ | 8,166 |  |  | $ | 17,740 |  |  | $ | 23,572 |  |  | $ | 390,534 |
Nonperforming |  |  | 9,724 |  |  |  | 12,384 |  |  |  | 1,704 |  |  |  | 657 |  |  |  | 5,104 |  |  |  | 29,573 |
Total Residential 1-4 Unit - Purchase |  | $ | 182,976 |  |  | $ | 180,188 |  |  | $ | 9,870 |  |  | $ | 18,397 |  |  | $ | 28,676 |  |  | $ | 420,107 |
Residential 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 226,187 |  |  | $ | 201,247 |  |  | $ | 16,116 |  |  | $ | 46,487 |  |  | $ | 56,393 |  |  | $ | 546,430 |
Nonperforming |  |  | 46,873 |  |  |  | 34,974 |  |  |  | 7,560 |  |  |  | 15,176 |  |  |  | 17,856 |  |  |  | 122,439 |
Total Residential 1-4 Unit - Refinance |  | $ | 273,060 |  |  | $ | 236,221 |  |  | $ | 23,676 |  |  | $ | 61,663 |  |  | $ | 74,249 |  |  | $ | 668,869 |
Short Term 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 2,044 |  |  | $ | — |  |  | $ | 17,985 |  |  | $ | 6,033 |  |  | $ | — |  |  | $ | 26,062 |
Nonperforming |  |  | 4,170 |  |  |  | — |  |  |  | 584 |  |  |  | — |  |  |  | — |  |  |  | 4,754 |
Total Short Term 1-4 Unit - Purchase |  | $ | 6,214 |  |  | $ | — |  |  | $ | 18,569 |  |  | $ | 6,033 |  |  | $ | — |  |  | $ | 30,816 |
Short Term 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 157 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 157 |
Nonperforming |  |  | 8,293 |  |  |  | — |  |  |  | 2,186 |  |  |  | 9,042 |  |  |  | 4,035 |  |  |  | 23,556 |
Total Short Term 1-4 Unit - Refinance |  | $ | 8,450 |  |  | $ | — |  |  | $ | 2,186 |  |  | $ | 9,042 |  |  | $ | 4,035 |  |  | $ | 23,713 |
Total Portfolio |  | $ | 941,700 |  |  | $ | 820,415 |  |  | $ | 128,625 |  |  | $ | 229,992 |  |  | $ | 303,558 |  |  | $ | 2,424,290 |
Gross charge-offs - quarter-ended December 31, 2024 |  | $ | 111 |  |  | $ | 184 |  |  | $ | — |  |  | $ | 265 |  |  | $ | 139 |  |  | $ | 699 |
Gross charge-offs - year-ended December 31, 2024 |  | $ | 1,132 |  |  | $ | 219 |  |  | $ | — |  |  | $ | 265 |  |  | $ | 152 |  |  | $ | 1,768 |
Summary of Difference Between Aggregate Fair Value and Aggregate Unpaid Principal Balance by Loan Segments | The following tables present the aggregate fair value of loans held for investment at fair value that are 90 days or more past due and/or in nonaccrual status, and the difference between the aggregate fair value and the aggregate unpaid principal balance as of September 30, 2025 and December 31, 2024 by loan segments:
|  | Fair Value |  |  | Unpaid Principal Balance |  |  | Difference |
|  | Current–89 Days |  |  | 90+ Days Past Due |  |  |  |  |  | Current–89 Days |  |  | 90+ Days Past Due |  |  |  |  |  | 90+ Days Past Due |
September 30, 2025 |  | Past Due |  |  | or Nonaccrual |  |  | Total |  |  | Past Due |  |  | or Nonaccrual |  |  | Total |  |  | or Nonaccrual |
|  | (In thousands) |
Commercial - Purchase |  | $ | 840,108 |  |  | $ | 31,815 |  |  | $ | 871,923 |  |  | $ | 774,279 |  |  | $ | 37,771 |  |  | $ | 812,050 |  |  | $ | (5,956 | )
Commercial - Refinance |  |  | 1,271,431 |  |  |  | 62,131 |  |  |  | 1,333,562 |  |  |  | 1,164,681 |  |  |  | 74,428 |  |  |  | 1,239,109 |  |  |  | (12,297 | )
Residential 1-4 Unit - Purchase |  |  | 477,334 |  |  |  | 33,860 |  |  |  | 511,194 |  |  |  | 456,303 |  |  |  | 40,200 |  |  |  | 496,503 |  |  |  | (6,340 | )
Residential 1-4 Unit - Refinance |  |  | 1,320,197 |  |  |  | 149,338 |  |  |  | 1,469,535 |  |  |  | 1,249,718 |  |  |  | 177,693 |  |  |  | 1,427,411 |  |  |  | (28,355 | )
Short Term 1-4 Unit - Purchase |  |  | 74,743 |  |  |  | 8,106 |  |  |  | 82,849 |  |  |  | 74,076 |  |  |  | 9,767 |  |  |  | 83,843 |  |  |  | (1,661 | )
Short Term 1-4 Unit - Refinance |  |  | 89,932 |  |  |  | 12,322 |  |  |  | 102,254 |  |  |  | 87,996 |  |  |  | 14,817 |  |  |  | 102,813 |  |  |  | (2,495 | )
Ending balance |  | $ | 4,073,745 |  |  | $ | 297,572 |  |  | $ | 4,371,317 |  |  | $ | 3,807,053 |  |  | $ | 354,676 |  |  | $ | 4,161,729 |  |  | $ | (57,104 | )
|  | Fair Value |  |  | Unpaid Principal Balance |  |  | Difference |
|  | Current–89 Days |  |  | 90+ Days Past Due |  |  |  |  |  | Current–89 Days |  |  | 90+ Days Past Due |  |  |  |  |  | 90+ Days Past Due |
December 31, 2024 |  | Past Due |  |  | or Nonaccrual |  |  | Total |  |  | Past Due |  |  | or Nonaccrual |  |  | Total |  |  | or Nonaccrual |
|  | (In thousands) |
Commercial - Purchase |  | $ | 505,244 |  |  | $ | 15,636 |  |  | $ | 520,880 |  |  | $ | 466,526 |  |  | $ | 18,586 |  |  | $ | 485,112 |  |  | $ | (2,950 | )
Commercial - Refinance |  |  | 672,504 |  |  |  | 24,129 |  |  |  | 696,633 |  |  |  | 620,332 |  |  |  | 29,195 |  |  |  | 649,527 |  |  |  | (5,066 | )
Residential 1-4 Unit - Purchase |  |  | 381,660 |  |  |  | 28,352 |  |  |  | 410,012 |  |  |  | 366,431 |  |  |  | 34,457 |  |  |  | 400,888 |  |  |  | (6,105 | )
Residential 1-4 Unit - Refinance |  |  | 862,971 |  |  |  | 103,985 |  |  |  | 966,956 |  |  |  | 819,633 |  |  |  | 126,340 |  |  |  | 945,973 |  |  |  | (22,355 | )
Short Term 1-4 Unit - Purchase |  |  | 78,863 |  |  |  | 3,981 |  |  |  | 82,844 |  |  |  | 78,207 |  |  |  | 4,854 |  |  |  | 83,061 |  |  |  | (873 | )
Short Term 1-4 Unit - Refinance |  |  | 76,277 |  |  |  | 13,349 |  |  |  | 89,626 |  |  |  | 74,620 |  |  |  | 16,036 |  |  |  | 90,656 |  |  |  | (2,687 | )
Ending balance |  | $ | 2,577,519 |  |  | $ | 189,432 |  |  | $ | 2,766,951 |  |  | $ | 2,425,749 |  |  | $ | 229,468 |  |  | $ | 2,655,217 |  |  | $ | (40,036 | )

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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