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Real Estate Owned, Net
9 Months Ended
Sep. 30, 2025
Real Estate Owned, Disclosure of Detailed Components [Abstract]  
Real Estate Owned, Net

Note 8 — Real Estate Owned, Net

As of September 30, 2025, the carrying value of real estate owned was $113.7 million, of which all were pledged as collateral for the Company's securitized debt. As of December 31, 2024, the carrying value of real estate owned was $68.0 million, of which

$10.2 million were pledged as collateral under a warehouse repurchase agreement and $57.8 million were pledged as collateral for the Company's securitized debt.