v3.25.4

Segment Reporting (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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