v3.26.1
Loans Receivables, net (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Financing Receivables

Financing receivables are comprised of the following as of December 31, 2025 and 2024:

  

   December 31, 2025   December 31, 2024 
         
Loans receivable, gross  $61,683   $51,138 
Less: Deferred loan fees   (1,516)   (1,273)
Plus: Deferred origination costs   169    257 
Less: Allowance for credit losses   (1,113)   (868)
Loans receivable, net  $59,223   $49,254 
Schedule of Commercial Loans - Construction Loan Portfolio Summary

The following is a summary of our loan portfolio to builders for home construction loans as of December 31, 2025 and 2024:

  

Year 

Number

of

States

 

Number

of

Borrowers

 

Number

of

Loans

   Commitment Amount  

Gross

Amount

Outstanding

  

Loan to Value

Ratio(1)

 
2025  20  53  151   $65,897   $44,515    72% (2)
2024  20  59  177   $67,391   $48,004    68% (2)

 

(1) The loan to value ratio is calculated by taking the commitment amount and dividing by the appraised value.
   
(2) Represents the weighted average loan to value ratio of the loans.
Schedule of Commercial Loans - Real Estate Development Loan Portfolio Summary

The following is a summary of our loan portfolio to builders for land development as of December 31, 2025 and 2024:

  

Year  Number of States  Number of Borrowers  Number of Loans    Commitment Amount   Gross Amount Outstanding   Loan to Value Ratio(1) 
2025  9  12  13    $19,342   $17,168    71 % (2)
2024  5  6  6    $6,262   $3,134    42% (2)

 

(1) The loan to value ratio is calculated by taking the outstanding amount and dividing by the appraised value calculated as described above.
   
(2) Represents the weighted average loan to value ratio of the loans.
Schedule of Construction and Development Loan Portfolio

The following is a roll forward of loan receivables, net of both construction and development loans:

   

  

December 31,

2025

  

December 31,

2024

 
         
Beginning balance  $49,254   $59,186 
Originations and modifications   59,571    40,729 
Principal collections   (48,205)   (48,578)
Transferred from loans receivables, net   (909)   (2,306)
Change in allowance for credit losses   (245)   (173)
Change in loan fees, net   (243)   396
           
Ending balance  $59,223   $49,254 
Schedule of Gross Loan Receivable, Commitment Value and ACL Credit Rank Loan Pool Category

The following table presents the Company’s gross loans receivable, commitment value and ACL for each respective credit rank loan pool category as of December 31, 2025.

  

   Loans
Receivable
Gross		   Commitment
Value		   ACL 
Construction Loans Collectively Evaluated:               
A Credit Risk  $23,490   $37,488   $122 
B Credit Risk   13,799    18,830    151 
C Credit Risk   828    1,099    12 
Individually Evaluated   6,399    8,480    745 
                
Development Loans Collectively Evaluated:               
A Credit Risk  $3,457   $4,390   $2 
B Credit Risk   13,072    14,366    79 
C Credit Risk   99    100    2 
Individually Evaluated   539    487    – 
                
Total  $61,683   $85,240   $1,113 

 

The following table presents the Company’s gross loans receivable, commitment value and ACL for each respective credit rank loan pool category as of December 31, 2024.

 

   Loans
Receivable
Gross		   Commitment
Value		   ACL 
Construction Loans Collectively Evaluated:               
A Credit Risk  $39,277   $55,872   $140 
B Credit Risk   2,817    3,883    40 
C Credit Risk   939    1,851    10 
Nonaccrual Loans Individually Evaluated   4,971    5,785    658 
                
Development Loans Collectively Evaluated:               
A Credit Risk  $2,485   $5,500   $2 
B Credit Risk   160    275    – 
C Credit Risk   489    487    18 
Individually Evaluated   –    –    – 
                
Total  $51,138   $73,653   $868 
Schedule of Amortized Cost Basis of Loans on Nonaccrual Status and Loans

The following table presents the amortized cost basis of loans individually evaluated and loans past due over 90 days nonaccruing as of December 31, 2025:

Schedule of Amortized Cost Basis of Loans on Nonaccrual Status and Loans  

   Individually Evaluated without ACL   Individually Evaluated with ACL   Accrual Loans Past Due Over 90 Days 
Construction Loans:               
Individually Evaluated  $3,239   $3,160   $           – 
Development Loans:               
Individually Evaluated  $539   $–   $– 
                
Total  $3,778   $3,160   $– 

 

The following table presents the amortized cost basis of loans individually evaluated and loans past due over 90 days nonaccruing as of December 31, 2024:

 

   Individually Evaluated without ACL   Individually Evaluated with ACL   Accrual Loans Past Due Over 90 Days 
Construction Loans:                             
Individually Evaluated  $1,427   $3,544   $– 
Development Loans:               
Individually Evaluated  $–   $–   $– 
                
Total  $1,427   $3,544   $– 
Schedule of Aging of Gross Loan Portfolio

The following is an aging of our gross loan portfolio as of December 31, 2025:

Schedule of Aging of Gross Loan Portfolio  

   Gross Loan   Current    Past Due   Past Due   Past Due 
   Value   0 - 89    90 - 179   180 - 269   >270 
Construction Loans:                          
A Credit Risk  $23,490   $23,490    $–   $             –   $– 
B Credit Risk   13,799    13,799     –    –    – 
C Credit Risk   828    828     –    –    – 
Individually Evaluated   6,399    

5,201

     618    

446		    134 
                           
Development Loans:                          
A Credit Risk   3,457    3,457     –    –    – 
B Credit Risk   13,072    13,072     –    –    – 
C Credit Risk   99    99     –    –    – 
Individually Evaluated   539    –     539    –    – 
                           
Total  $61,683   $59,946    $1,157   $446   $134 

 

 

The following is an aging of our gross loan portfolio as of December 31, 2024:

 

   Gross Loan   Current    Past Due   Past Due   Past Due 
   Value   0 - 89    90 - 179   180 - 269   >270 
Construction Loans:                          
A Credit Risk  $39,277   $39,277    $–   $–   $– 
B Credit Risk   2,817    2,817     –    –    – 
C Credit Risk   939    939     –    –    – 
Individually Evaluated   4,971    –     1,057    –    3,914 
                           
Development Loans:                          
A Credit Risk   2,485    2,485     –    –    – 
B Credit Risk   160    160     –    –    – 
C Credit Risk   489    489     –    –    – 
Individually Evaluated   –    –     –    –    – 
                           
Total  $51,138   $46,167    $1,057   $–   $3,914 
Summary of Aging Schedule of Loans Receivables on a Recency Basis

Below is an aging schedule of loans receivable as of December 31, 2025, on a recency basis:

Summary of Aging Schedule of Loans Receivables on a Recency Basis  

  

No.

Loans

  

Unpaid

Balances

   % 
Contractual terms (All current Direct Loans and Sales Finance Contracts with installments past due less than 60 days from due date.)   155   $58,507    94.9%
60-89 days   1    1,439    2.3%
90-179 days   5    1,157    1.8%
180-269 days   2    446    0.7%
>270 days   1    134    0.3%
                
Subtotal   164   $61,683    100.0%
                
Interest only accounts (Accounts on which interest, deferment, extension and/or default charges were received in the last 60 days)   –   $–    –%
                
Partial payment accounts (Accounts on which the total received in the last 60 days was less than 50% of the original contractual monthly payment. “Total received” to include interest on simple interest accounts, as well as late charges on deferment charges on pre-computed accounts.)   –   $–    –%
                
Total   164   $61,683    100.0%

 

 

Below is an aging schedule of loans receivable as of December 31, 2024, on a recency basis:

 

  

No.

Loans

  

Unpaid

Balances

   % 
Contractual terms (All current Direct Loans and Sales Finance Contracts with installments past due less than 60 days from due date.)   162   $46,168    90.2%
60-89 days   –    –    –%
90-179 days   5    1,057    2.1%
180-269 days   –    –    –%
>270 days   16    3,913    7.7%
                
Subtotal   183   $51,138    100.0%
                
Interest only accounts (Accounts on which interest, deferment, extension and/or default charges were received in the last 60 days)   –   $–    –%
                
Partial payment accounts (Accounts on which the total received in the last 60 days was less than 50% of the original contractual monthly payment. “Total received” to include interest on simple interest accounts, as well as late charges on deferment charges on pre-computed accounts.)   –   $–    –%
                
Total   183   $51,138    100.0%
Schedule of Aging Schedule of Loans Receivables on a Contractual Basis

Below is an aging schedule of loans receivable as of December 31, 2025, on a contractual basis:

  

  

No.

Loans

  

Unpaid

Balances

   % 
Contractual terms (All current Direct Loans and Sales Finance Contracts with installments past due less than 60 days from due date.)   155   $58,507    94.9%
60-89 days   1    1,439    2.3%
90-179 days   5    1,157    1.8%
180-269 days   2    446    0.7%
>270 days   1    134    0.3%
                
Subtotal   164   $61,683    100.0%
                
Interest only accounts (Accounts on which interest, deferment, extension and/or default charges were received in the last 60 days)   –   $–    –%
                
Partial payment accounts (Accounts on which the total received in the last 60 days was less than 50% of the original contractual monthly payment. “Total received” to include interest on simple interest accounts, as well as late charges on deferment charges on pre-computed accounts.)   –   $–    –%
                
Total   164   $61,683    100.0%

 

 

Below is an aging schedule of loans receivable as of December 31, 2024, on a contractual basis:

 

  

No.

Loans

  

Unpaid

Balances

   % 
Contractual terms (All current Direct Loans and Sales Finance Contracts with installments past due less than 60 days from due date.)   162   $46,168    90.2%
60-89 days   –    –    –%
90-179 days   5    1,057    2.1%
180-269 days   –    –    –%
>270 days   16    3,913    7.7%
                
Subtotal   183   $51,138    100.0%
                
Interest only accounts (Accounts on which interest, deferment, extension and/or default charges were received in the last 60 days)   –   $–    –%
                
Partial payment accounts (Accounts on which the total received in the last 60 days was less than 50% of the original contractual monthly payment. “Total received” to include interest on simple interest accounts, as well as late charges on deferment charges on pre-computed accounts.)   –   $–    –%
                
Total   183   $51,138    100.0%
Schedule of Allowance for Credit Losses

The following table provides a roll forward of the allowance for credit losses as of December 31, 2025:

  

   A
Credit Risk		   B
Credit Risk		   C
Credit Risk		   Nonaccrual Loans   A
Credit Risk		   B
Credit Risk		   C
Credit Risk		   Nonaccrual Loans   Total 
   Construction   Development     
   A
Credit Risk		   B
Credit Risk		   C
Credit Risk		   Individually Evaluated    A
Credit Risk		   B
Credit Risk		   C
Credit Risk		   Individually Evaluated    Total 
Allowance for credit losses as of December 31, 2024  $(150)  $(28)  $(13)  $(658)  $(1)  $–   $(18)  $            –   $(868)
Charge-offs   –    –    –    822    –    –    –    –    822 
Recoveries   –    –    –    (53)   –    –    –    –    (53)
Provision (benefit) for credit losses on funded balances   28    (123)   1    (857)   (1)   (78)   16    –    (1,014)
Allowance for credit losses as of December 31, 2025  $(122)  $(151)  $(12)  $(746)  $(2)  $(78)  $(2)  $–   $(1,113)
                                              
Reserve for unfunded commitments as of December 31, 2024  $(65)  $(10)  $(12)  $–   $(1)  $–   $–   $–   $(88)
                                              
Provision (benefit) for credit losses on unfunded commitments   (8)   (45)   8    –    1    (8)   –    –    (52)
Reserve for unfunded commitments as of December 31, 2025  $(73)  $(55)  $(4)  $–   $-   $(8)  $–   $–   $(140)

 

 

The following table provides a roll forward of the allowance for credit losses as of December 31,2024:

 

   A
Credit Risk		   B
Credit Risk		   C
Credit Risk		   Nonaccrual Loans   A
Credit Risk		   B
Credit Risk		   C
Credit Risk		   Nonaccrual Loans   Total 
   Construction   Development     
   A
Credit Risk		   B
Credit Risk		   C
Credit Risk		   Individually Evaluated    A
Credit Risk		   B
Credit Risk		   C
Credit Risk		   Individually Evaluated    Total 
Allowance for credit losses as of December 31, 2023  $(211)  $(32)  $–   $(437)  $(5)  $–   $(10)  $–   $(695)
Reclassification of ACL on unfunded commitments   59    19    –    –    –    –    –    –    78 
Charge-offs   –    –    –    506    –    –    –    –    506 
Recoveries   –    –    –    (6)   –    –    –    –    (6)
Provision (benefit) for credit losses on funded balances   2    (15)   (13)   (721)   4    –    (8)   –    (751)
Allowance for credit losses as of December 31, 2024  $(150)  $(28)  $(13)  $(658)  $(1)  $–   $(18)  $–   $(868)
                                              
Reserve for unfunded commitments as of December 31, 2023  $—   $—   $—   $—   $—   $—   $—   $—   $— 
Reclassification of ACL on unfunded commitments   (59)   (19)   –    –    –    –    –    –    (78)
Provision (benefit) for credit losses on unfunded commitments   (6)   9    (12)   –    (1)   –    –    –    (10)
Reserve for unfunded commitments as of December 31, 2024  $(65)  $(10)  $(12)  $–   $(1)  $–   $–   $–   $(88)
Schedule of Loan Portfolio by Year of Origination, Category, and Credit Quality Indicator

The table below presents the Company’s loan portfolio by year of origination, category, and credit quality indicator as of December 31, 2025. Loans acquired are shown in the tables by origination year.

 

   2025   2024   2023   2022   2021   Prior   Total 
Construction loans Collectively Evaluated:                                   
A Credit Risk  $15,907   $3,786   $2,277   $939   $581   $-   $23,490 
B Credit Risk   7,228    4,938    620    1,013    -    -    13,799 
C Credit Risk   -    827    -    -    -    -    827 
Individually Evaluated   2,323    2,429    1,050    597    -    -    6,399 
Construction loans  $25,458   $11,980   $3,947   $2,549   $581   $-   $44,515 
                                    
Current Period Charge Offs  $-   $-   $-   $(125)  $(27)  $(670)  $(822)
                                    
Development Loans Collectively Evaluated:                                   
A Credit Risk  $3,020   $438   $-   $-   $-   $-   $3,458 
B Credit Risk   11,602    -    -    -    -    1,470    13,072 
C Credit Risk   -    -    99    -    -    -    99 
Individually Evaluated   -    -    -    -    -    539    539 
Development loans  $14,622   $438   $99   $-   $-   $2,009   $17,168 
                                    
Current Period Charge Offs  $-   $-   $-   $-   $-   $-   $- 
                                    
Total  $40,080   $12,418   $4,046   $2,424   $554   $1,339   $60,861 

 

The table below presents the Company’s loan portfolio by year of origination, category, and credit quality indicator as of December 31, 2024. Loans acquired are shown in the tables by origination year.

 

   2024   2023   2022   2021   2020   Prior   Total 
Construction loans Collectively Evaluated:                                   
A Credit Risk  $24,336   $9,980   $4,961   $-   $-   $-   $39,277 
B Credit Risk   1,936    300    -    581    -    -    2,817 
C Credit Risk   840    99    -    -    -    -    939 
Individually Evaluated   -    1,552    794    446    1,781    398    4,971 
Construction loans  $27,112   $11,931   $5,755   $1,027   $1,781   $398   $48,004 
                                    
Current Period Charge Offs   -    (138)   (356)   -    -    (12)   (506)
                                    
Development Loans Collectively Evaluated:                                   
A Credit Risk  $300   $229   $-   $37   $-   $1,919   $2,485 
B Credit Risk   160    -    -    -    -    -    160 
C Credit Risk   -    -    -    -    -    489    489 
Individually Evaluated   -    -    -    -    -    -    - 
Development loans  $460   $229   $-   $37   $-   $2,408   $3,134 
                                    
Current Period Charge Offs  $-   $-   $-   $-   $-   $-   $- 
                                    
Total  $27,572   $12,022   $5,399   $1,064   $1,781   $2,794   $50,632 
Schedule of Concentration Risks

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of loans receivable. Our concentration risks for our top three customers listed by geographic real estate market are summarized in the table below:

 

   December 31, 2025  December 31, 2024
      Percent of      Percent of 
   Borrower  Loan   Borrower  Loan 
   City  Commitments   City  Commitments 
               
Highest concentration risk  Pittsburgh, PA   36%  Pittsburgh, PA   20%
Second highest concentration risk  Central and Southwest FL   7%  Cape Coral, FL   4%
Third highest concentration risk  St. George, UT   6%  Greenville, SC   3%