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The assets comprising “Receivables and other assets” as of December 31, 2025 and December 31, 2024 are summarized in the following table (dollars in
thousands):
Receivables and Other Assets
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December 31, 2025
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December 31, 2024
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Servicing advances
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$
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13,417
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$
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13,797
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Interest receivable
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6,082
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|
|
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5,785
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Deferred tax asset
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8,723
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|
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10,921
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Other receivables (A)
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6,426
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|
|
|
3,787
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Total other assets
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$
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34,648
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$
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34,290
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(A)
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Includes a promissory note receivable with a principal
amount of $3.2 million and $0,
as of December 31, 2025 and December 31, 2024, respectively. 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.
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