Receivables and Other Assets (Tables)

6 Months Ended

Jun. 30, 2025

Receivables and Other Assets [Abstract]

The assets comprising “Receivables and other assets” as of June 30, 2025 and December 31, 2024 are summarized in the following table (dollars in thousands):

Receivables and Other Assets

	June 30, 2025		December 31, 2024
Servicing advances ^(A)	$	9,486	$	13,797
Interest receivable		6,135		5,785
Deferred tax asset		9,626		10,921
Other receivables ^(B)		8,268		3,787
Total other assets	$	33,515	$	34,290

(A)	The Company only records as an asset those servicing advances that the Company deems recoverable.

(B)

Includes a promissory note receivable with a principal amount of $3.2 million. The note bears interest at a fixed rate of 8.0% per annum, as well as an additional percentage of distributable cash, with interest payments due quarterly and the principal due at maturity on May 22, 2030. The note is classified as held-for-investment and measured at amortized cost. The Company evaluates credit quality of the note on a regular basis and has determined that no allowance for credit losses is necessary as of the reporting date. The note receivable is classified as a “Level 3” fair value item due to the Company’s reliance on unobservable inputs to estimate its fair value. The Company has concluded that the fair value of the note approximates its carrying value because the note is newly issued, and there have been no significant changes in credit or market conditions since issuance.