v3.25.4

Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Financial Information | The following tables summarize segment financial information and financial information for the Corporate category, as applicable:
| Year ended December 31, 2025 |  |
($ in thousands) | Residential |  | Commercial |  | Corporate Category |  | Total |  |
Interest income | $ | 31,676 |  |  | $ | 17,803 |  |  | $ | 3,321 |  |  | $ | 52,800 |  |  |
Interest expense | (14,262) |  |  | (10,537) |  |  | (12,588) |  |  | (37,387) |  |  |
Net interest income (expense) | 17,414 |  |  | 7,266 |  |  | (9,267) |  |  | 15,413 |  |  |
Related party loan servicing fee | 1,964 |  |  | — |  |  | — |  |  | 1,964 |  |  |
Related party management fee | — |  |  | — |  |  | 6,253 |  |  | 6,253 |  |  |
Professional fees | — |  |  | 38 |  |  | 3,574 |  |  | 3,612 |  |  |
General and administrative | 198 |  |  | 134 |  |  | 3,828 |  |  | 4,160 |  |  |
Total expense | 2,162 |  |  | 172 |  |  | 13,655 |  |  | 15,989 |  |  |
Net change in the allowance for credit losses | 7,003 |  |  | — |  |  | — |  |  | 7,003 |  |  |
Unrealized gain on residential mortgage loans held-for-sale, net | 5,892 |  |  | — |  |  | — |  |  | 5,892 |  |  |
Other loss | (2,451) |  |  | (7,937) |  |  | (397) |  |  | (10,785) |  |  |
Total other gain (loss) | 10,444 |  |  | (7,937) |  |  | (397) |  |  | 2,110 |  |  |
Income (loss) before income taxes | 25,696 |  |  | (843) |  |  | (23,319) |  |  | 1,534 |  |  |
Income tax expense (benefit) | (35) |  |  | — |  |  | 95 |  |  | 60 |  |  |
Net Income (Loss) | $ | 25,731 |  |  | $ | (843) |  |  | $ | (23,414) |  |  | $ | 1,474 |  |  |
| Year ended December 31, 2024 |  |
($ in thousands) | Residential |  | Commercial |  | Corporate Category |  | Total |  |
Interest income | $ | 44,036 |  |  | $ | 4,704 |  |  | $ | 4,134 |  |  | $ | 52,874 |  |  |
Interest expense | (30,101) |  |  | — |  |  | (13,471) |  |  | (43,572) |  |  |
Net interest income (expense) | 13,935 |  |  | 4,704 |  |  | (9,337) |  |  | 9,302 |  |  |
Related party loan servicing fee | 4,175 |  |  | — |  |  | — |  |  | 4,175 |  |  |
Related party management fee | — |  |  | — |  |  | 23,276 |  |  | 23,276 |  |  |
Professional fees | — |  |  | — |  |  | 3,413 |  |  | 3,413 |  |  |
General and administrative | — |  |  | — |  |  | 9,026 |  |  | 9,026 |  |  |
Total expense | 4,175 |  |  | — |  |  | 35,715 |  |  | 39,890 |  |  |
Net change in the allowance for credit losses | (5,087) |  |  | — |  |  | — |  |  | (5,087) |  |  |
Unrealized loss on residential mortgage loans held-for-sale, net | (54,537) |  |  | — |  |  | — |  |  | (54,537) |  |  |
Fair value adjustment on mark-to-market liabilities | — |  |  | — |  |  | 3,078 |  |  | 3,078 |  |  |
Other (loss) gain | (9,112) |  |  | 1,205 |  |  | 2,136 |  |  | (5,771) |  |  |
Total other (loss) gain | (68,736) |  |  | 1,205 |  |  | 5,214 |  |  | (62,317) |  |  |
(Loss) income before taxes | (58,976) |  |  | 5,909 |  |  | (39,838) |  |  | (92,905) |  |  |
Income tax expense | — |  |  | — |  |  | 145 |  |  | 145 |  |  |
Net (Loss) income | $ | (58,976) |  |  | $ | 5,909 |  |  | $ | (39,983) |  |  | $ | (93,050) |  |  |
($ in thousands) | Residential |  | Commercial |  | Corporate Category |  | Total |  |
As of December 31, 2025 |  |  |  |  |  |  |  |  |
Total assets | $ | 588,704 |  |  | $ | 370,949 |  |  | $ | 81,874 |  |  | $ | 1,041,527 |  |  |
Equity method investments | — |  |  | 79,168 |  |  | — |  |  | 79,168 |  |  |
As of December 31, 2024 |  |  |  |  |  |  |  |  |
Total assets | $ | 631,324 |  |  | $ | 276,530 |  |  | $ | 69,485 |  |  | $ | 977,339 |  |  |
Equity method investments | — |  |  | — |  |  | 538 |  |  | 538 |  |  |

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