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CURRENT EXPECTED CREDIT LOSSES (Tables) | 3 Months Ended
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Mar. 31, 2025
Credit Loss [Abstract] |
Schedule of Financing Receivable, Allowance for Credit Loss | Activity related to the CECL Reserve for outstanding balances on the Company’s loans held for investment as of and for the three months ended March 31, 2025 was as follows ($ in thousands):
Balance at December 31, 2024 (1) |  | $ | 136,224 |
Provision for (reversal of) current expected credit losses, net |  | (4,791) |
Balance at March 31, 2025 (1) |  | $ | 131,433 |
__________________________ (1) The CECL Reserve related to outstanding balances on loans held for investment is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets. Current Expected Credit Loss Reserve for Unfunded Loan Commitments Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held for investment as of and for the three months ended March 31, 2025 was as follows ($ in thousands):
Balance at December 31, 2024 (1) |  | $ | 8,757 |
Provision for (reversal of) current expected credit losses, net |  | (549) |
Balance at March 31, 2025 (1) |  | $ | 8,208 |
__________________________ (1) The CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in the Company’s consolidated balance sheets.
Schedule of Company Loan Risk Definitions | Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:
Ratings |  | Definition
1 |  | Very Low Risk
2 |  | Low Risk
3 |  | Medium Risk
4 |  | High Risk/Potential for Loss: Asset performance is trailing underwritten expectations. Loan at risk of impairment without material improvement to performance
5 |  | Impaired/Loss Likely: A loan that has a significantly increased probability of default and principal loss
Schedule of Financing Receivable Credit Quality Indicators | As of March 31, 2025, the carrying value, excluding the CECL Reserve, of the Company’s loans held for investment within each risk rating by year of origination is as follows ($ in thousands):
|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | — |  | $ | — |  | $ | — |  | $ | 7,668 |  | $ | — |  | $ | — |  | $ | 7,668
2 |  | — |  | — |  | 104,269 |  | — |  | 27,805 |  | 20,067 |  | 152,141
3 |  | — |  | — |  | 11,394 |  | 320,558 |  | 430,033 |  | 112,024 |  | 874,009
4 |  | — |  | — |  | — |  | 154,786 |  | 7,586 |  | 10,880 |  | 173,252
5 |  | — |  | — |  | — |  | — |  | — |  | 148,194 |  | 148,194
Total |  | $ | — |  | $ | — |  | $ | 115,663 |  | $ | 483,012 |  | $ | 465,424 |  | $ | 291,165 |  | $ | 1,355,264

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B Reference 2: 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://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: 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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