v3.25.4

Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Repurchase Agreement | The following tables set forth the details of the Company’s repurchase financing agreements and facilities:
($ in thousands) | December 31, 2025
| Maturity Date |  | Amount Outstanding |  | Amount of Collateral |  | Interest Rate
Goldman Sachs - bonds(1) |  |  | $ | 36,431 |  |  | $ | 42,767 |  |  | 4.58 | %
A Bonds | January 12, 2026 |  | 8,510 |  |  | 10,000 |  |  | 4.41 | %
| February 17, 2026 |  | 27,921 |  |  | 32,767 |  |  | 4.63 | %
Goldman Sachs - loans (3) | December 12, 2027 |  | $ | 11,148 |  |  | $ | 17,150 |  |  | 6.62 | %
Lucid - bonds(1) |  |  | $ | 50,829 |  |  | $ | 60,000 |  |  | 4.42 | %
A bonds | January 12, 2026 |  | 29,543 |  |  | 35,000 |  |  | 4.47 | %
| January 15, 2026 |  | 21,286 |  |  | 25,000 |  |  | 4.36 | %
Barclays - bonds(1) |  |  | $ | 85,885 |  |  | $ | 109,816 |  |  | 4.65 | %
A bonds | January 9, 2026 |  | 14,780 |  |  | 17,439 |  |  | 4.47 | %
| January 12, 2026 |  | 12,963 |  |  | 15,000 |  |  | 4.51 | %
| January 14, 2026 |  | 15,598 |  |  | 18,540 |  |  | 4.71 | %
| January 23, 2026 |  | 18,576 |  |  | 23,014 |  |  | 4.46 | %
| March 19, 2026 |  | 14,629 |  |  | 20,041 |  |  | 4.82 | %
B bonds | January 23, 2026 |  | 4,195 |  |  | 6,531 |  |  | 5.18 | %
| March 19, 2026 |  | 4,573 |  |  | 8,129 |  |  | 5.20 | %
M bonds | January 23, 2026 |  | 90 |  |  | 149 |  |  | 4.78 | %
| March 19, 2026 |  | 481 |  |  | 973 |  |  | 5.00 | %
Nomura - bonds(1) |  |  | $ | 99,005 |  |  | $ | 178,102 |  | (4) | 5.16 | %
A Bonds | March 30, 2026 |  | 9,009 |  |  | 12,885 |  |  | 5.24 | %
B Bonds | March 19, 2026 |  | 1,638 |  |  | 4,101 |  |  | 5.45 | %
B Bonds | March 30, 2026 |  | 38,477 |  |  | 71,204 |  |  | 5.02 | %
M Bonds | March 30, 2026 |  | 17,894 |  |  | 26,019 |  |  | 4.89 | %
Beneficial Interests (5) | March 19, 2026 |  | 31,987 |  |  | 63,893 |  |  | 5.45 | %
Nomura - loans(2) | February 27, 2026 |  | $ | 20,543 |  |  | $ | 25,999 |  |  | 5.91 | %
Santander bonds(1) |  |  | $ | 103,231 |  |  | $ | 120,093 |  |  | 4.54 | %
A Bonds | January 12, 2026 |  | 21,396 |  |  | 25,000 |  |  | 4.41 | %
| January 15, 2026 |  | 81,835 |  |  | 95,093 |  |  | 4.58 | %
Totals/Weighted Averages |  | $ | 407,072 |  |  | $ | 553,927 |  |  | 4.83 | %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2025. (2)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2025 was $400.0 million. (3)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2025 was $200.0 million. (4)Includes bonds that are consolidated on the Company’s balance sheet as of December 31, 2025. (5)Collateral of beneficial interests presented at fair value, as disclosed in Note 6.
($ in thousands) | December 31, 2024
| Maturity Date |  | Amount Outstanding |  | Amount of Collateral |  | Interest Rate
Goldman Sachs - bonds(1) |  |  | $ | 59,548 |  |  | $ | 70,000 |  |  | 5.18 | %
A Bonds | January 16, 2025 |  | 29,759 |  |  | 35,000 |  |  | 5.08 | %
| February 18, 2025 |  | 29,789 |  |  | 35,000 |  |  | 5.27 | %
Lucid - bonds(1) | January 16, 2025 |  | $ | 34,114 |  |  | $ | 40,000 |  |  | 5.05 | %
A Bonds | January 16, 2025 |  | 34,114 |  |  | 40,000 |  |  | 5.05 | %
Barclays - bonds(1) |  |  | $ | 86,956 |  |  | $ | 115,443 |  |  | 5.41 | %
A Bonds | January 10, 2025 |  | 17,065 |  |  | 20,000 |  |  | 5.20 | %
| January 13, 2025 |  | 16,917 |  |  | 19,952 |  |  | 5.19 | %
| January 31, 2025 |  | 25,123 |  |  | 32,280 |  |  | 5.43 | %
($ in thousands) | December 31, 2024
| Maturity Date |  | Amount Outstanding |  | Amount of Collateral |  | Interest Rate
| March 20, 2025 |  | 17,319 |  |  | 24,857 |  |  | 5.48 | %
B Bonds | January 31, 2025 |  | 4,298 |  |  | 6,232 |  |  | 6.12 | %
| March 20, 2025 |  | 5,003 |  |  | 9,667 |  |  | 5.86 | %
M Bonds | January 31, 2025 |  | 305 |  |  | 512 |  |  | 5.72 | %
| March 20, 2025 |  | 926 |  |  | 1,943 |  |  | 5.65 | %
Nomura - bonds(1) |  |  | $ | 66,445 |  |  | $ | 119,572 |  | (3) |  | 5.67 | %
A Bonds | March 31, 2025 |  | 10,687 |  |  | 15,615 |  |  | 5.87 | %
B Bonds | March 31, 2025 |  | 35,563 |  |  | 70,709 |  |  | 5.66 | %
M Bonds | March 31, 2025 |  | 20,195 |  |  | 33,248 |  |  | 5.56 | %
Nomura - loans(2) | February 28, 2025 |  | $ | 23,331 |  |  | $ | 31,821 |  |  | 6.97 | %
Santander bonds(1) |  |  | $ | 86,171 |  |  | $ | 99,000 |  |  | 5.11 | %
A Bonds | January 6, 2025 |  | 21,685 |  |  | 25,000 |  |  | 5.18 | %
| January 15, 2025 |  | 64,486 |  |  | 74,000 |  |  | 5.08 | %
Totals/Weighted Averages |  |  | $ | 356,565 |  |  | $ | 475,836 |  |  | 5.41 | %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2024. (2)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2024 was $400.0 million. (3)Includes bonds that are consolidated on the Company’s balance sheet as of December 31, 2024.
Schedule of Amount Outstanding on Repurchase Facilities and Carrying Value Collateral | The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts on the Company’s consolidated balance sheets as of December 31, 2025 and 2024, in the table below:
($ in thousands) | Gross amounts not offset on balance sheet
| December 31, 2025 |  | December 31, 2024
Gross amount of recognized liabilities | $ | 407,072 |  |  | $ | 356,565 |
Gross amount of loans and securities pledged as collateral | 553,927 |  |  | 475,836 |
Net Collateral Amount | $ | 146,855 |  |  | $ | 119,271 |
Schedule of Status of Mortgage Loans | The following table sets forth the status of the notes held by others as of December 31, 2025 and 2024, and the original balance at the securitization cutoff date:
($ in thousands) | Balances at December 31, 2025 |  | Balances at December 31, 2024 |  | Original balances at securitization cutoff date
Class of Notes | Carrying value of mortgages |  | Bond principal balance |  | Percentage of collateral coverage |  | Carrying value of mortgages |  | Bond principal balance |  | Percentage of collateral coverage |  | Mortgage UPB |  | Bond principal balance
2019-D | $ | 85,105 |  |  | $ | 52,508 |  |  | 162 | % |  | $ | 91,118 |  |  | $ | 58,942 |  |  | 155 | % |  | $ | 193,301 |  |  | $ | 156,670 |
2019-F | 81,025 |  |  | 41,676 |  |  | 194 | % |  | 89,179 |  |  | 50,028 |  |  | 178 | % |  | 170,876 |  |  | 127,673 |
2020-B | 86,096 |  |  | 48,894 |  |  | 176 | % |  | 95,090 |  |  | 57,277 |  |  | 166 | % |  | 156,468 |  |  | 114,534 |
2021-A | 109,382 |  |  | 83,816 |  |  | 131 | % |  | 119,180 |  |  | 93,412 |  |  | 128 | % |  | 206,506 |  |  | 175,116 |
| $ | 361,608 |  |  | $ | 226,894 |  | (1) | 159 | % |  | $ | 394,567 |  |  | $ | 259,659 |  | (1) | 152 | % |  | $ | 727,151 |  |  | $ | 573,993 |
(1)This represents the gross amount of secured bonds payable and excludes the impact of deferred issuance costs of $0.7 million and $1.3 million as of December 31, 2025 and 2024, respectively.
Schedule of Interest Expense on 2027 Notes | The following table presents interest expense on the 2027 Notes for the years ended December 31, 2025 and 2024:
($ in thousands) |  |  | Year ended December 31, |  |
|  |  |  |  | 2025 |  | 2024 |  |
Interest expense |  |  |  |  | $ | 10,862 |  |  | $ | 10,129 |  |  |
Amortization of discount and deferred expenses |  |  |  |  | 861 |  |  | 860 |  |  |
Total Interest Expense on 2027 Notes |  |  |  |  | $ | 11,723 |  |  | $ | 10,989 |  |  |

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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481444/860-30-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A + Details
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