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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2026 | Dec. 31, 2025
--- | --- | ---
Class Of Stock [Line Items] |  |
Allowance for credit losses | $ 4,860 | $ 4,521
Common stock, par or stated value per share | $ 0.01 | $ 0.01
Common stock, shares authorized | 100,000,000 | 100,000,000
Common stock, shares issued | 40,071,992 | 39,573,657
Common stock, shares, outstanding | 39,235,281 | 38,965,317
Treasury stock, common shares | 836,711 | 608,340
ASSETS |  |
Restricted cash | $ 24,996 | $ 157,134
Loans held for investment, at amortized cost | 1,951,030 | 2,028,262
Loans held for investment, at fair value | 5,154,508 | 4,729,869
Real estate owned, net | 131,849 | 118,289
Deferred tax asset, net | 18,462 | 22,709
Other assets | 6,033 | 9,451
Total assets | 7,591,443 | 7,381,513
LIABILITIES |  |
Accounts payable and accrued expenses | 173,076 | 168,314
Total liabilities | 6,895,039 | 6,705,825
Variable Interest Entity Primary Beneficiary |  |
ASSETS |  |
Restricted cash | 15,489 | 151,827
Loans held for investment, at amortized cost | 1,947,390 | 2,023,030
Loans held for investment, at fair value | 4,652,149 | 4,273,757
Accrued interest and other receivables | 185,712 | 191,313
Real estate owned, net | 115,316 | 114,485
Deferred tax asset, net | 1,066 | 1,085
Other assets | 3 | 5
Total assets | 6,917,125 | 6,755,502
LIABILITIES |  |
Accounts payable and accrued expenses | 125,482 | 120,691
Securitized debt | 6,065,235 | 5,942,326
Total liabilities | $ 6,190,717 | $ 6,063,017

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