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Loans Held for Investment at Amortized Cost and Loans Held for Investment at Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Summary of Loans Held for Investment

The following tables summarize loans held for investment as of March 31, 2026 and December 31, 2025:

		March 31, 2026
		Loans Held for Investment, at Amortized Cost				Loans Held for Investment, at Fair Value				Total Loans Held for Investment
		(In thousands)
Unpaid principal balance		$	1,937,474			$	4,899,070			$	6,836,544
Valuation adjustments on performing FVO loans			—				307,626				307,626
Valuation adjustments on nonperforming FVO loans			—				(52,188	)			(52,188	)
Deferred loan origination costs, net			18,416				—				18,416
			1,955,890				5,154,508				7,110,398
Allowance for credit losses			(4,860	)			—				(4,860	)
Total loans held for investment		$	1,951,030			$	5,154,508			$	7,105,538

		December 31, 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		$	2,013,514			$	4,477,824			$	6,491,338
Valuation adjustments on performing FVO loans			—				300,344				300,344
Valuation adjustments on nonperforming FVO loans			—				(48,299	)			(48,299	)
Deferred loan origination costs, net			19,269				—				19,269
			2,032,783				4,729,869				6,762,652
Allowance for credit losses			(4,521	)			—				(4,521	)
Total loans held for investment		$	2,028,262			$	4,729,869			$	6,758,131

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 months ended March 31, 2026 and the year ended December 31, 2025:

		Three Months Ended March 31, 2026
		UPB				%		Amortized Cost				%
		($ in thousands)
Beginning balance		$	126,142					$	127,328
Repayments			(5,218	)					(5,294	)
Ending balance		$	120,924					$	122,034
Performing/Accruing		$	93,631			77.4%		$	94,464			77.4%
Nonperforming/Nonaccrual		$	27,293			22.6%		$	27,570			22.6%

		Year Ended December 31, 2025
		UPB				%		Amortized Cost				%
		($ in thousands)
Beginning balance		$	142,827					$	144,247
Foreclosures			(1,980	)					(1,996	)
Repayments			(14,705	)					(14,923	)
Ending balance		$	126,142					$	127,328
Performing/Accruing		$	96,577			76.6%		$	97,461			76.5%
Nonperforming/Nonaccrual		$	29,565			23.4%		$	29,867			23.5%

Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitized Debt Issued

As of March 31, 2026 and December 31, 2025, 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:

		March 31, 2026				December 31, 2025
		(In thousands)
The 2013 repurchase agreement		$	—			$	165,484
The 2021/2024 repurchase agreements			—				134,901
The 2021 term repurchase agreement			—				23,478
The 2023 repurchase agreement			91,052				50,611
The 2024 bank credit agreement			59,821				36,479
Total pledged loans		$	150,873			$	410,953
2017-2 Trust		$	27,219			$	29,111
2018-1 Trust			20,216				21,618
2018-2 Trust			48,405				49,759
2019-1 Trust			52,186				58,324
2019-2 Trust			40,727				42,618
2019-3 Trust			39,719				41,166
2020-1 Trust			80,691				83,154
2021-1 Trust			131,618				135,627
2021-2 Trust			106,452				112,332
2021-3 Trust			113,650				119,070
2021-4 Trust			185,812				190,186
2022-1 Trust			193,620				198,203
2022-2 Trust			174,205				178,346
2022-3 Trust			202,845				206,020
2022-4 Trust			213,868				221,652
2022-5 Trust			136,472				146,126
2023-1 Trust			132,456				141,805
2023-2 Trust			90,800				94,269
2023-3 Trust			114,094				124,129
2023-4 Trust			103,392				118,953
2024-1 Trust			132,804				140,464
2024-2 Trust			172,930				183,376
2024-3 Trust			138,287				145,659
2024-4 Trust			168,827				175,820
2024-5 Trust			226,145				246,456
2024-6 Trust			253,670				268,354
2025-1 Trust			306,618				321,431
2025-RTL1 Trust			121,225				117,733
2025-2 Trust			361,470				369,814
2025-MC1 Trust			79,760				86,083
2025-3 Trust			365,048				377,229
2025-P1 Trust			182,698				190,012
2025-4 Trust			452,161				459,557
2025-P2 Trust			203,302				210,368
2025-5 Trust			439,029				445,822
2026-1 Trust			353,065				—
2026-P1 Trust			189,769				—
Total		$	6,355,255			$	6,050,646

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 March 31, 2026 and December 31, 2025.

		March 31, 2026
		Total Nonaccrual				Nonaccrual with No Allowance for Credit Losses				Nonaccrual with Allowance for Credit Losses				Allowance for Loans Individually Evaluated
		(In thousands)
Commercial - Purchase		$	35,132			$	34,476			$	656			$	76
Commercial - Refinance			72,179				68,280				3,899				475
Residential 1-4 Unit - Purchase			25,036				24,469				567				14
Residential 1-4 Unit - Refinance			90,871				84,381				6,490				542
Short Term 1-4 Unit - Purchase			1,180				1,180				—				—
Short Term 1-4 Unit - Refinance			16,815				16,815				—				—
Total		$	241,213			$	229,601			$	11,612			$	1,107

		December 31, 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		$	30,429			$	29,773			$	656			$	76
Commercial - Refinance			74,398				71,043				3,355				402
Residential 1-4 Unit - Purchase			27,383				27,068				315				6
Residential 1-4 Unit - Refinance			90,666				83,143				7,523				535
Short Term 1-4 Unit - Purchase			1,180				1,180				—				—
Short Term 1-4 Unit - Refinance			13,336				13,336				—				—
Total		$	237,392			$	225,543			$	11,849			$	1,019

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 March 31, 2026 and 2025, 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 months ended March 31, 2026 and 2025:

		Three Months Ended March 31,
		2026								2025
		Amortized Cost				Interest Reversal				Amortized Cost				Interest Reversal
		(In thousands)
Commercial - Purchase		$	474,257			$	249			$	548,796			$	264
Commercial - Refinance			584,152				304				687,917				278
Residential 1-4 Unit - Purchase			339,677				60				400,778				141
Residential 1-4 Unit - Refinance			509,086				330				636,983				275
Short Term 1-4 Unit - Purchase			31,903				—				30,602				80
Short Term 1-4 Unit - Refinance			16,815				112				21,950				—
Total		$	1,955,890			$	1,055			$	2,327,026			$	1,038

Schedule of Activity in Allowance for Credit Losses

The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2026 and 2025:

		Three Months Ended March 31, 2026
		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, 2026		$	345			$	1,858			$	771			$	1,540			$	7			$	—			$	4,521
Provision for (reversal of) credit losses			(45	)			1,373				90				160				5				78				1,661
Charge-offs			—				(928	)			(113	)			(203	)			—				(78	)			(1,322	)
Ending balance		$	300			$	2,303			$	748			$	1,497			$	12			$	—			$	4,860
Allowance related to:
Loans individually evaluated		$	76			$	475			$	14			$	542			$	—			$	—			$	1,107
Loans collectively evaluated		$	224			$	1,828			$	734			$	955			$	12			$	—			$	3,753
Amortized cost related to:
Loans individually evaluated		$	35,132			$	72,179			$	25,036			$	90,871			$	1,180			$	16,815			$	241,213
Loans collectively evaluated		$	439,125			$	511,973			$	314,641			$	418,215			$	30,723			$	—			$	1,714,677

		Three Months Ended March 31, 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			(7	)			848				271				640				33				87				1,872
Charge-offs			—				(118	)			(177	)			(624	)			(7	)			(103	)			(1,029	)
Ending balance		$	655			$	2,129			$	840			$	1,297			$	38			$	58			$	5,017
Allowance related to:
Loans individually evaluated		$	85			$	1,105			$	—			$	193			$	—			$	46			$	1,429
Loans collectively evaluated		$	570			$	1,024			$	840			$	1,104			$	38			$	13			$	3,589
Amortized cost related to:
Loans individually evaluated		$	33,954			$	96,686			$	29,358			$	115,903			$	2,595			$	17,465			$	295,961
Loans collectively evaluated		$	514,842			$	591,231			$	371,420			$	521,080			$	28,007			$	4,485			$	2,031,065

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 $122.0 million and $127.3 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of March 31, 2026 and December 31, 2025, respectively:

March 31, 2026		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		$	434			$	1,770			$	32,928			$	35,132			$	—			$	35,132
Commercial - Refinance			4,023				1,530				66,511				72,064				115				72,179
Residential 1-4 Unit - Purchase			2,833				678				21,525				25,036				—				25,036
Residential 1-4 Unit - Refinance			1,776				4,978				84,117				90,871				—				90,871
Short Term 1-4 Unit - Purchase			—				—				1,180				1,180				—				1,180
Short Term 1-4 Unit - Refinance			—				—				16,815				16,815				—				16,815
Total loans individually evaluated		$	9,066			$	8,956			$	223,076			$	241,098			$	115			$	241,213
Loans collectively evaluated
Commercial - Purchase		$	19,955			$	5,714			$	—			$	25,669			$	413,456			$	439,125
Commercial - Refinance			28,064				10,343				—				38,407				473,566				511,973
Residential 1-4 Unit - Purchase			10,175				3,025				—				13,200				301,441				314,641
Residential 1-4 Unit - Refinance			19,751				12,663				—				32,414				385,801				418,215
Short Term 1-4 Unit - Purchase			—				—				—				—				30,723				30,723
Short Term 1-4 Unit - Refinance			—				—				—				—				—				—
Total loans collectively evaluated		$	77,945			$	31,745			$	—			$	109,690			$	1,604,987			$	1,714,677
Ending balance		$	87,011			$	40,701			$	223,076			$	350,788			$	1,605,102			$	1,955,890

(1)Includes loans in bankruptcy and foreclosure less than 90 days past due.

December 31, 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			$	2,499			$	27,733			$	30,429			$	—			$	30,429
Commercial - Refinance			4,403				3,817				66,178				74,398				—				74,398
Residential 1-4 Unit - Purchase			2,621				688				24,074				27,383				—				27,383
Residential 1-4 Unit - Refinance			4,169				2,376				84,121				90,666				—				90,666
Short Term 1-4 Unit - Purchase			—				—				1,180				1,180				—				1,180
Short Term 1-4 Unit - Refinance			—				—				13,336				13,336				—				13,336
Total loans individually evaluated		$	11,390			$	9,380			$	216,622			$	237,392			$	—			$	237,392
Loans collectively evaluated
Commercial - Purchase		$	17,461			$	10,059			$	—			$	27,520			$	431,786			$	459,306
Commercial - Refinance			29,871				12,111				—				41,982				492,895				534,877
Residential 1-4 Unit - Purchase			8,996				4,474				—				13,470				311,365				324,835
Residential 1-4 Unit - Refinance			26,912				17,494				—				44,406				397,821				442,227
Short Term 1-4 Unit - Purchase			—				—				—				—				29,598				29,598
Short Term 1-4 Unit - Refinance			—				4,548				—				4,548				—				4,548
Total loans collectively evaluated		$	83,240			$	48,686			$	—			$	131,926			$	1,663,465			$	1,795,391
Ending balance		$	94,630			$	58,066			$	216,622			$	369,318			$	1,663,465			$	2,032,783

(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 March 31, 2026 and December 31, 2025.

		Term Loans Amortized Cost Basis by Origination Year
March 31, 2026:		2022				2021				2020				2019				Prior				Total
		(In thousands)
Commercial - Purchase
Payment performance
Performing		$	185,110			$	178,266			$	22,237			$	25,896			$	27,616			$	439,125
Nonperforming			14,085				12,238				2,474				4,167				2,168				35,132
Total Commercial - Purchase		$	199,195			$	190,504			$	24,711			$	30,063			$	29,784			$	474,257
Commercial - Refinance
Payment performance
Performing			176,934			$	148,603			$	29,969			$	62,006			$	94,461			$	511,973
Nonperforming			18,928				13,588				4,740				14,258				20,665				72,179
Total Commercial - Refinance		$	195,862			$	162,191			$	34,709			$	76,264			$	115,126			$	584,152
Residential 1-4 Unit - Purchase
Payment performance
Performing		$	140,452			$	137,354			$	4,809			$	13,770			$	18,256			$	314,641
Nonperforming			8,270				11,262				391				788				4,325				25,036
Total Residential 1-4    Unit - Purchase		$	148,722			$	148,616			$	5,200			$	14,558			$	22,581			$	339,677
Residential 1-4 Unit - Refinance
Payment performance
Performing		$	169,546			$	158,776			$	12,838			$	36,399			$	40,656			$	418,215
Nonperforming			31,199				33,160				1,627				11,412				13,473				90,871
Total Residential 1-4    Unit - Refinance		$	200,745			$	191,936			$	14,465			$	47,811			$	54,129			$	509,086
Short Term 1-4 Unit - Purchase
Payment performance
Performing		$	—			$	—			$	22,672			$	8,051			$	—			$	30,723
Nonperforming			597				—				583				—				—				1,180
Total Short Term 1-4    Unit - Purchase		$	597			$	—			$	23,255			$	8,051			$	—			$	31,903
Short Term 1-4 Unit - Refinance
Payment performance
Performing		$	—			$	—			$	—			$	—			$	—			$	—
Nonperforming			5,456				—				1,522				8,251				1,586				16,815
Total Short Term 1-4    Unit - Refinance		$	5,456			$	—			$	1,522			$	8,251			$	1,586			$	16,815
Total Portfolio		$	750,577			$	693,247			$	103,862			$	184,998			$	223,206			$	1,955,890
Gross charge-offs - quarter-ended March 31, 2026		$	554			$	364			$	—			$	110			$	294			$	1,322
Gross charge-offs - year-to-date March 31, 2026		$	554			$	364			$	—			$	110			$	294			$	1,322

		Term Loans Amortized Cost Basis by Origination Year
December 31, 2025		2022				2021				2020				2019				Prior				Total
		(In thousands)
Commercial - Purchase
Payment performance
Performing		$	195,654			$	183,471			$	22,409			$	26,427			$	31,345			$	459,306
Nonperforming			9,992				12,081				2,981				3,819				1,556				30,429
Total Commercial - Purchase		$	205,646			$	195,552			$	25,390			$	30,246			$	32,901			$	489,735
Commercial - Refinance
Payment performance
Performing		$	184,326			$	152,510			$	32,023			$	64,788			$	101,230			$	534,877
Nonperforming			18,536				14,907				4,308				14,815				21,832				74,398
Total Commercial - Refinance		$	202,862			$	167,417			$	36,331			$	79,603			$	123,062			$	609,275
Residential 1-4 Unit - Purchase
Payment performance
Performing		$	144,277			$	142,870			$	4,718			$	13,852			$	19,118			$	324,835
Nonperforming			10,318				10,958				1,390				788				3,929				27,383
Total Residential 1-4    Unit - Purchase		$	154,595			$	153,828			$	6,108			$	14,640			$	23,047			$	352,218
Residential 1-4 Unit - Refinance
Payment performance
Performing		$	182,214			$	165,344			$	13,247			$	38,741			$	42,681			$	442,227
Nonperforming			27,281				34,311				3,178				11,342				14,554				90,666
Total Residential 1-4    Unit - Refinance		$	209,495			$	199,655			$	16,425			$	50,083			$	57,235			$	532,893
Short Term 1-4 Unit - Purchase
Payment performance
Performing		$	—			$	—			$	21,904			$	7,694			$	—			$	29,598
Nonperforming			597				—				583				—				—				1,180
Total Short Term 1-4    Unit - Purchase		$	597			$	—			$	22,487			$	7,694			$	—			$	30,778
Short Term 1-4 Unit - Refinance
Payment performance
Performing		$	4,548			$	—			$	—			$	—			$	—			$	4,548
Nonperforming			916				—				1,844				8,230				2,346				13,336
Total Short Term 1-4    Unit - Refinance		$	5,464			$	—			$	1,844			$	8,230			$	2,346			$	17,884
Total Portfolio		$	778,659			$	716,452			$	108,585			$	190,496			$	238,591			$	2,032,783
Gross charge-offs - quarter-ended December 31, 2025		$	1,321			$	422			$	—			$	—			$	276			$	2,019
Gross charge-offs - year-ended December 31, 2025		$	4,120			$	751			$	45			$	75			$	467			$	5,458

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 March 31, 2026 and December 31, 2025 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
March 31, 2026		Past Due				or Nonaccrual				Total				Past Due				or Nonaccrual				Total				or Nonaccrual
		(In thousands)
Commercial - Purchase		$	1,015,768			$	26,626			$	1,042,394			$	937,206			$	31,932			$	969,138			$	(5,306	)
Commercial - Refinance			1,636,186				99,747				1,735,933				1,503,225				111,951				1,615,176				(12,204	)
Residential 1-4 Unit - Purchase			505,396				39,792				545,188				484,156				44,940				529,096				(5,148	)
Residential 1-4 Unit - Refinance			1,468,002				198,982				1,666,984				1,395,278				223,739				1,619,017				(24,757	)
Short Term 1-4 Unit - Purchase			50,033				14,921				64,954				49,474				16,956				66,430				(2,035	)
Short Term 1-4 Unit - Refinance			77,520				21,535				99,055				75,941				24,272				100,213				(2,737	)
Ending balance		$	4,752,905			$	401,603			$	5,154,508			$	4,445,280			$	453,790			$	4,899,070			$	(52,187	)

		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, 2025		Past Due				or Nonaccrual				Total				Past Due				or Nonaccrual				Total				or Nonaccrual
		(In thousands)
Commercial - Purchase		$	917,607			$	34,903			$	952,510			$	841,434			$	41,485			$	882,919			$	(6,582	)
Commercial - Refinance			1,449,157				60,074				1,509,231				1,325,078				70,790				1,395,868				(10,716	)
Residential 1-4 Unit - Purchase			509,464				31,108				540,572				486,499				36,781				523,280				(5,673	)
Residential 1-4 Unit - Refinance			1,431,311				121,826				1,553,137				1,356,593				143,147				1,499,740				(21,321	)
Short Term 1-4 Unit - Purchase			64,004				11,206				75,210				63,552				13,009				76,561				(1,803	)
Short Term 1-4 Unit - Refinance			86,446				12,763				99,209				84,488				14,968				99,456				(2,205	)
Ending balance		$	4,457,989			$	271,880			$	4,729,869			$	4,157,644			$	320,180			$	4,477,824			$	(48,300	)

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