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Loans and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Schedule of accounts, notes, loans and financing receivable | The following table presents relevant data relating to the Company's loans held for sale as of September 30, 2025:
| Balance as of December 31, 2024 |  | Transfers in |  | Change in valuation allowance |  | Transfers out, net |  | Balance as of September 30, 2025
| (in thousands)
Loans held for sale, net | $ | 10,970 |  |  | $ | — |  |  | $ | 1,014 |  |  | $ | (3,187) |  |  | $ | 8,797 |
Total loans held for sale, net | $ | 10,970 |  |  | $ | — |  |  | $ | 1,014 |  |  | $ | (3,187) |  |  | $ | 8,797 |
Schedule of the company's loan portfolio by the past due status | The following table summarizes the Company’s loan portfolio by past due status:
|  | Loans held for investment
(in thousands) |  | Current |  | 30-59 days past due |  | 60-89 days past due |  | Greater than 90 days |  | Total
As of September 30, 2025 |  | $ | 261,595 |  |  | $ | 9,559 |  |  | $ | — |  |  | $ | 104,066 |  |  | $ | 375,220 |
As of June 30, 2025 |  | $ | 257,780 |  |  | $ | 6,065 |  |  | $ | 1,295 |  |  | $ | 119,599 |  |  | $ | 384,739 |
As of March 31, 2025 |  | $ | 220,538 |  |  | $ | 37,617 |  |  | $ | 2,114 |  |  | $ | 107,591 |  |  | $ | 367,860 |
As of December 31, 2024 |  | $ | 223,513 |  |  | $ | 49,460 |  |  | $ | 16,936 |  |  | $ | 87,082 |  |  | $ | 376,991 |
Schedule of summarizes the activity in the loans held for investment allowance for credit losses by geographic location | The following table presents the Company’s loans held for investment portfolio by geographical location as of September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024 |
(in thousands) |  | Carrying Value |  | % of Portfolio |  | Carrying Value |  | % of Portfolio |
New England |  | $ | 158,731 |  |  | 42.3 | % |  | $ | 179,421 |  |  | 47.6 | % |
Mid-Atlantic |  | 40,096 |  |  | 10.7 | % |  | 42,304 |  |  | 11.2 | % |
South |  | 176,393 |  |  | 47.0 | % |  | 151,165 |  |  | 40.1 | % |
West |  | — |  |  | — | % |  | 4,101 |  |  | 1.1 | % |
Total |  | $ | 375,220 |  |  | 100.0 | % |  | $ | 376,991 |  |  | 100.0 | % |
The following table presents activity in the allowance for credit losses by geographic location with respect to loans held for investment for the three months ended September 30, 2025:
|  | Allowance for credit losses as of June 30, 2025 |  | Provision for (recovery of) credit losses related to loans |  | Reclassification of loans held for sale to loans held for investment |  | Charge-offs |  | Allowance for credit losses as of September 30, 2025
|  | (in thousands)
New England |  | $ | 10,466 |  |  | $ | (4,162) |  |  | $ | — |  |  | $ | — |  |  | $ | 6,304 |
Mid-Atlantic |  | 4,056 |  |  | (255) |  |  | — |  |  | (2,639) |  |  | 1,162 |
South |  | 1,290 |  |  | 449 |  |  | — |  |  | — |  |  | 1,739 |
West |  | 1,833 |  |  | 45 |  |  | — |  |  | — |  |  | 1,878 |
Total |  | $ | 17,645 |  |  | $ | (3,923) |  |  | $ | — |  |  | $ | (2,639) |  |  | $ | 11,083 |
The following table presents activity in the allowance for credit losses by geographic location with respect to loans held for investment for the nine months ended September 30, 2025:
|  | Allowance for credit losses as of December 31, 2024 |  | Provision for (recovery of) credit losses related to loans |  | Reclassification of loans held for sale to loans held for investment |  | Charge-offs |  | Allowance for credit losses as of September 30, 2025
|  | (in thousands)
New England |  | $ | 12,844 |  |  | $ | (9,832) |  |  | $ | 3,292 |  |  | $ | — |  |  | $ | 6,304 |
Mid-Atlantic |  | 1,857 |  |  | 2,411 |  |  | — |  |  | (3,106) |  |  | 1,162 |
South |  | 1,802 |  |  | 605 |  |  | — |  |  | (668) |  |  | 1,739 |
West |  | 1,967 |  |  | (89) |  |  | — |  |  | — |  |  | 1,878 |
Total |  | $ | 18,470 |  |  | $ | (6,905) |  |  | $ | 3,292 |  |  | $ | (3,774) |  |  | $ | 11,083 |
Schedule of allocate the carrying value of the Company's loan portfolio based on credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated | The following tables present the carrying value of the Company’s loans held for investment portfolio based on credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated:
|  | September 30, 2025 |  | Year Originated (1)
FICO Score (2)(in thousands) |  | Carrying Value |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior
Loans held for investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Under 500 |  | $ | 142 |  |  | $ | — |  |  | $ | 142 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
501-550 |  | 1,072 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 944 |  |  | 128 |
551-600 |  | 286 |  |  | 286 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
601-650 |  | 19,005 |  |  | 2,743 |  |  | 6,840 |  |  | 1,052 |  |  | 1,795 |  |  | — |  |  | 6,575 |
651-700 |  | 85,601 |  |  | 17,851 |  |  | 4,755 |  |  | 6,777 |  |  | 9,961 |  |  | 44,866 |  |  | 1,391 |
701-750 |  | 117,296 |  |  | 19,278 |  |  | 7,089 |  |  | 27,134 |  |  | 756 |  |  | 62,088 |  |  | 951 |
751-800 |  | 134,194 |  |  | 35,268 |  |  | 22,943 |  |  | 42,869 |  |  | 13,355 |  |  | 19,759 |  |  | — |
801-850 |  | 17,624 |  |  | 3,285 |  |  | — |  |  | 1,700 |  |  | 12,639 |  |  | — |  |  | — |
Total |  | $ | 375,220 |  |  | $ | 78,711 |  |  | $ | 41,769 |  |  | $ | 79,532 |  |  | $ | 38,506 |  |  | $ | 127,657 |  |  | $ | 9,045 |
|  | December 31, 2024 |  | Year Originated (1)
FICO Score (2)(in thousands) |  | Carrying Value |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior
Loans held for investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Under 500 |  | $ | 140 |  |  | $ | 140 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
501-550 |  | 2,860 |  |  | — |  |  | — |  |  | — |  |  | 1,060 |  |  | — |  |  | 1,800 |
551-600 |  | 7,094 |  |  | 1,222 |  |  | 290 |  |  | 2,170 |  |  | 1,816 |  |  | 636 |  |  | 960 |
601-650 |  | 28,779 |  |  | 8,432 |  |  | 3,347 |  |  | 1,798 |  |  | 7,411 |  |  | 6,149 |  |  | 1,642 |
651-700 |  | 35,711 |  |  | 4,250 |  |  | 7,177 |  |  | 10,302 |  |  | 12,079 |  |  | 660 |  |  | 1,243 |
701-750 |  | 159,575 |  |  | 6,275 |  |  | 40,459 |  |  | 11,982 |  |  | 97,980 |  |  | 1,023 |  |  | 1,856 |
751-800 |  | 124,599 |  |  | 26,465 |  |  | 32,016 |  |  | 36,280 |  |  | 28,427 |  |  | 1,411 |  |  | — |
801-850 |  | 18,233 |  |  | — |  |  | 415 |  |  | 17,818 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 376,991 |  |  | $ | 46,784 |  |  | $ | 83,704 |  |  | $ | 80,350 |  |  | $ | 148,773 |  |  | $ | 9,879 |  |  | $ | 7,501 |
_______________________________________________________________ (1)Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2)The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis.
Schedule of loan modifications during the period made to borrowers experiencing financial difficulty | The following tables present loan modifications during the periods indicated made to borrowers experiencing financial difficulty:
(in thousands) |  | Three Months Ended September 30, 2025
| Carrying Value |  | % of Total Carrying Value of Loans held for investment, net |  | Financial Effect
Principal modification, with no term extension |  | $ | — |  |  | — | % |  | Unpaid interest/taxes/charges added to principal balance
Term extension |  | $ | 28,952 |  |  | 8.0 | % |  | A weighted average of 9.9 months were added to the life of the loans
(in thousands) |  | Three Months Ended September 30, 2024
| Carrying Value |  | % of Total Carrying Value of Loans held for investment, net |  | Financial Effect
Principal modification, with no term extension |  | $ | 11,835 |  |  | 2.6 | % |  | Unpaid interest/taxes/charges added to principal balance
Term extension |  | $ | 16,113 |  |  | 3.5 | % |  | A weighted average of 5.0 months were added to the life of the loans
(in thousands) |  | Nine Months Ended September 30, 2025
| Carrying Value |  | % of Total Carrying Value of Loans held for investment, net |  | Financial Effect
Principal modification, with no term extension |  | $ | 15,130 |  |  | 4.2 | % |  | Unpaid interest/taxes/charges added to principal balance
Term extension |  | $ | 75,269 |  |  | 20.8 | % |  | A weighted average of 7.9 months were added to the life of the loans
(in thousands) |  | Nine Months Ended September 30, 2024
| Carrying Value |  | % of Total Carrying Value of Loans held for investment, net |  | Financial Effect
Principal modification, with no term extension |  | $ | 33,500 |  |  | 7.3 | % |  | Unpaid interest/taxes/charges added to principal balance
Term extension |  | $ | 132,602 |  |  | 29.0 | % |  | A weighted average of 8.4 months were added to the life of the loans
The following table presents the performance of loans that have been modified in the last 12 months to borrowers experiencing financial difficulty. Of the loans that were modified in the last 12 months to borrowers experiencing financial difficulty, one loan defaulted during the period.
|  | As of September 30, 2025
(in thousands) |  | Current |  | 90-119 days past due |  | 120+ days past due |  | Total
Principal modification, with no term extension |  | $ | 15,130 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,130 |
Term extension |  | $ | 70,767 |  |  | $ | 4,502 |  |  | $ | — |  |  | $ | 75,269 |
Schedule of credit risk profile | The following table presents the financial statement line items that are impacted by the allowance for credit losses for the three months ended September 30, 2025:
| Balance as of June 30, 2025 |  | Provision for (recovery of) credit losses related to loans |  | Reclassification of loans held for sale to loans held for investment |  | Charge-offs |  | Balance as of September 30, 2025
| (in thousands)
Loans held for investment | $ | 17,645 |  |  | $ | (3,923) |  |  | $ | — |  |  | $ | (2,639) |  |  | $ | 11,083 |
Interest and fees receivable | 3,074 |  |  | (159) |  |  | — |  |  | — |  |  | 2,915 |
Due from borrower | 1,676 |  |  | 674 |  |  | — |  |  | (1,444) |  |  | 906 |
Unfunded commitments | 1,029 |  |  | (146) |  |  | — |  |  | — |  |  | 883 |
Real estate owned | — |  |  | 4,366 |  |  | — |  |  | (4,366) |  |  | — |
Total allowance for credit losses | $ | 23,424 |  |  | $ | 812 |  |  | $ | — |  |  | $ | (8,449) |  |  | $ | 15,787 |
The following table presents the financial statement line items that are impacted by the allowance for credit losses for the nine months ended September 30, 2025:
| Balance as of December 31, 2024 |  | Provision for (recovery of) credit losses related to loans |  | Reclassification of loans held for sale to loans held for investment |  | Charge-offs |  | Balance as of September 30, 2025
| (in thousands)
Loans held for investment | $ | 18,470 |  |  | $ | (6,905) |  |  | $ | 3,292 |  |  | $ | (3,774) |  |  | $ | 11,083 |
Interest and fees receivable | 3,133 |  |  | (218) |  |  | — |  |  | — |  |  | 2,915 |
Due from borrower | 1,135 |  |  | 1,608 |  |  | — |  |  | (1,837) |  |  | 906 |
Unfunded commitments | 924 |  |  | (41) |  |  | — |  |  | — |  |  | 883 |
Real estate owned | — |  |  | 8,344 |  |  | — |  |  | (8,344) |  |  | — |
Total allowance for credit losses | $ | 23,662 |  |  | $ | 2,788 |  |  | $ | 3,292 |  |  | $ | (13,955) |  |  | $ | 15,787 |
Schedule of maturities of mortgage receivable | The following table presents charge-offs on loan principal related to loans held for investment by fiscal year of origination for the three months ended September 30, 2025:
|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
|  | (in thousands)
Current period charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 158 |  |  | $ | 2,481 |  |  | $ | — |  |  | $ | 2,639 |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 158 |  |  | $ | 2,481 |  |  | $ | — |  |  | $ | 2,639 |
The following table presents charge-offs on loan principal related to loans held for investment by fiscal year of origination for the nine months ended September 30, 2025:
|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
|  | (in thousands)
Current period charge-offs |  | $ | — |  |  | $ | 134 |  |  | $ | — |  |  | $ | 645 |  |  | $ | 2,995 |  |  | $ | — |  |  | $ | 3,774 |
Total |  | $ | — |  |  | $ | 134 |  |  | $ | — |  |  | $ | 645 |  |  | $ | 2,995 |  |  | $ | — |  |  | $ | 3,774 |

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