Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Classification, Unpaid Principal Balance ("UPB"), and Carrying Value

The table below summarizes the classification, unpaid principal balance (“UPB”), and carrying value of loans held by

the Company including loans of consolidated VIEs.


	March 31, 2026		December 31, 2025
(in thousands)	Carrying Value	UPB	Carrying Value	UPB
Loans
Bridge	$1,885,704	$1,970,165	$2,024,033	$2,082,823
Fixed rate	79,591	80,374	93,002	93,828
Construction	398,064	527,060	388,042	509,085
Freddie Mac	3,945	3,756	3,945	3,756
SBA - 7(a)	899,588	949,576	908,714	958,755
Other	83,668	112,994	82,562	112,194
Total Loans, net	$3,350,560	$3,643,925	$3,500,298	$3,760,441
Loans in consolidated VIEs
Bridge	—	—	834,426	858,833
Fixed rate	530,757	532,849	558,119	560,230
SBA - 7(a)	130,265	140,521	134,761	145,185
Other	156,293	156,689	166,773	167,191
Total Loans, net, in consolidated VIEs	$817,315	$830,059	$1,694,079	$1,731,439
Loans, held for sale
Bridge	273,030	346,644	457,336	521,116
Fixed rate	—	—	55,390	58,000
Freddie Mac	8,490	8,414	16,555	16,425
SBA - 7(a)	70,258	65,503	52,598	49,203
Other	8,450	7,727	3,941	3,622
Total Loans, held for sale	$360,228	$428,288	$585,820	$648,366
Loans, held for sale in consolidated VIEs
Bridge	—	—	125,107	129,238
Total Loans, held for sale in consolidated VIEs	$—	$—	$125,107	$129,238
Total	$4,528,103	$4,902,272	$5,905,304	$6,269,484

Schedule of Classification, UPB, Carrying Value, And Write-Offs By Year Of Origination and Delinquency Information and Quantitative Information On Credit Quality

The tables below summarize the classification, UPB, carrying value and gross write-offs of loans by year of origination.


		Carrying Value by Year of Origination
(in thousands)	UPB	2026	2025	2024	2023	2022	Pre 2022	Total
March 31, 2026
Bridge	$1,970,165	$—	$13,912	$221,786	$102,324	$895,866	$651,816	$1,885,704
Fixed rate	613,223	—	—	—	—	25,791	584,557	610,348
Construction	527,060	—	43,430	90,900	19,300	109,901	134,533	398,064
Freddie Mac	3,756	—	—	2,568	—	1,377	—	3,945
SBA - 7(a)	1,090,097	25,675	147,160	157,605	106,463	235,881	357,069	1,029,853
Other	269,683	2,594	20,535	16,237	3,094	5,005	192,496	239,961
Total Loans, net	$4,473,984	$28,269	$225,037	$489,096	$231,181	$1,273,821	$1,920,471	$4,167,875
Gross write-offs		$—	$464	$2,498	$2,800	$23,464	$15,147	$44,373
	UPB	2025	2024	2023	2022	2021	Pre 2021	Total
December 31, 2025
Bridge	$2,941,656	$86,350	$295,040	$186,723	$1,126,875	$1,089,802	$73,669	$2,858,459
Fixed rate	654,058	—	—	—	35,383	175,988	439,750	651,121
Construction	509,085	32,342	70,551	19,300	108,931	18,341	138,577	388,042
Freddie Mac	3,756	—	2,568	—	1,377	—	—	3,945
SBA - 7(a)	1,103,940	150,888	162,885	115,567	244,353	160,780	209,002	1,043,475
Other	279,385	21,197	16,220	3,130	5,026	581	203,181	249,335
Total Loans, net	$5,491,880	$290,777	$547,264	$324,720	$1,521,945	$1,445,492	$1,064,179	$5,194,377
Gross write-offs		$262	$4,515	$5,993	$1,438	$5,900	$184,402	$202,510

The tables below present delinquency information on loans, net by year of origination.


		Carrying Value by Year of Origination
(in thousands)	UPB	2026	2025	2024	2023	2022	Pre 2022	Total
March 31, 2026
Current	$3,526,286	$28,195	$218,150	$381,119	$220,910	$921,002	$1,559,717	$3,329,093
30 - 59 days past due	227,440	10	4,555	25,666	5,069	81,711	102,504	219,515
60+ days past due	720,258	64	2,332	82,311	5,202	271,108	258,250	619,267
Total Loans, net	$4,473,984	$28,269	$225,037	$489,096	$231,181	$1,273,821	$1,920,471	$4,167,875
	UPB	2025	2024	2023	2022	2021	Pre 2021	Total
December 31, 2025
Current	$4,478,531	$286,900	$386,892	$293,829	$1,152,549	$1,171,991	$983,329	$4,275,490
30 - 59 days past due	392,885	1,788	126,870	9,336	147,167	92,247	11,691	389,099
60+ days past due	620,464	2,089	33,502	21,555	222,229	181,254	69,159	529,788
Total Loans, net	$5,491,880	$290,777	$547,264	$324,720	$1,521,945	$1,445,492	$1,064,179	$5,194,377

The table below presents quantitative information on the credit quality of loans, net.


	LTV(1)
(in thousands)	0.0 – 20.0%	20.1 – 40.0%	40.1 – 60.0%	60.1 – 80.0%	80.1 – 100.0%	Greater than 100.0%	Total
March 31, 2026
Bridge	$—	$17,833	$129,827	$642,859	$693,135	$402,050	$1,885,704
Fixed rate	437	22,309	284,626	277,316	17,335	8,325	610,348
Construction	2,582	13,344	111,582	127,082	63,637	79,837	398,064
Freddie Mac	—	—	—	3,945	—	—	3,945
SBA - 7(a)	12,943	59,329	147,501	302,793	154,831	352,456	1,029,853
Other	62,542	74,929	61,549	24,618	13,663	2,660	239,961
Total Loans, net	$78,504	$187,744	$735,085	$1,378,613	$942,601	$845,328	$4,167,875
Percentage of loans outstanding	1.9%	4.5%	17.6%	33.1%	22.6%	20.3%	100%
December 31, 2025
Bridge	$1,463	$29,207	$188,215	$1,235,997	$906,428	$497,149	$2,858,459
Fixed rate	19	23,042	294,209	308,158	17,368	8,325	651,121
Construction	11,162	14,708	84,525	147,776	49,540	80,331	388,042
Freddie Mac	—	—	—	3,945	—	—	3,945
SBA - 7(a)	13,516	58,812	148,369	305,993	158,710	358,075	1,043,475
Other	66,133	77,651	63,158	28,114	11,347	2,932	249,335
Total Loans, net	$92,293	$203,420	$778,476	$2,029,983	$1,143,393	$946,812	$5,194,377
Percentage of loans outstanding	1.8%	3.9%	15.0%	39.1%	22.0%	18.2%	100%

(1)LTV is calculated by dividing the current UPB by the most recent collateral value received. The most recent value for performing loans is often the third-party as-is

valuation utilized during the original underwriting process.

Schedule of Delinquency Information By Portfolio

The table below presents delinquency information on loans, net by portfolio.


(in thousands)	Current	30 - 59 days past due	60+ days past due	Total	Non-Accrual Loans	90+ days past due and Accruing
March 31, 2026
Bridge	$1,221,900	$132,530	$531,274	$1,885,704	$1,065,566	$—
Fixed rate	569,617	15,073	25,658	610,348	25,659	—
Construction	356,199	20,577	21,288	398,064	40,587	—
Freddie Mac	—	—	3,945	3,945	3,945	—
SBA - 7(a)	948,452	48,060	33,341	1,029,853	80,727	4,738
Other	232,925	3,275	3,761	239,961	4,115	69
Total Loans, net	$3,329,093	$219,515	$619,267	$4,167,875	$1,220,599	$4,807
Percentage of loans outstanding	79.8%	5.3%	14.9%	100%	29.3%	0.1%
December 31, 2025
Bridge	$2,099,318	$358,838	$400,303	$2,858,459	$1,151,022	$—
Fixed rate	621,708	3,279	26,134	651,121	20,738	—
Construction	343,450	1,496	43,096	388,042	62,395	—
Freddie Mac	—	—	3,945	3,945	3,945	—
SBA - 7(a)	971,069	20,669	51,737	1,043,475	84,795	90
Other	239,945	4,817	4,573	249,335	4,229	—
Total Loans, net	$4,275,490	$389,099	$529,788	$5,194,377	$1,327,124	$90
Percentage of loans outstanding	82.3%	7.5%	10.2%	100%	25.5%	—%

Schedule of Geographic and Collateral Type Concentration and Collateral Type Concentration of SBA Loans

The table below presents the geographic concentration of loans, net, secured by real estate.


Geographic Concentration (% of UPB)	March 31, 2026	December 31, 2025
Texas	25.4%	25.8%
California	11.0	12.7
Arizona	10.4	9.2
Florida	7.6	8.9
Georgia	5.8	6.0
New York	4.2	3.7
Washington	3.8	3.1
North Carolina	2.2	2.0
Ohio	2.2	1.8
New Jersey	2.2	1.8
Other	25.2	25.0
Total	100%	100%

The table below presents the collateral type concentration of loans, net.


Collateral Concentration (% of UPB)	March 31, 2026	December 31, 2025
Multi-family	49.9%	56.6%
SBA	24.4	20.1
Land	5.6	4.3
Retail	5.4	4.7
Industrial	4.7	4.0
Office	3.2	3.2
Mixed Use	2.6	3.0
Other	4.2	4.1
Total	100%	100%

The table below presents the collateral type concentration of SBA loans within loans, net.


Collateral Concentration (% of UPB)	March 31, 2026	December 31, 2025
Lodging	20.7%	21.2%
Grocery Stores	8.4	8.7
Eating Places	7.6	7.6
Child Day Care Services	4.9	5.2
General Freight Trucking, Local	4.4	4.4
Gasoline Service Stations	2.9	2.8
Offices of Physicians	2.3	2.3
Coin-Operated Laundries and Drycleaners	2.1	2.1
Car Washes	1.8	1.7
Funeral Service & Crematories	0.9	0.9
Other	44.0	43.1
Total	100%	100%

Schedule of Allowance For Loan Losses By Loan Product And Impairment Methodology and Changes In Allowance For Loan Losses

The table below presents the allowance for loan losses by loan product and impairment methodology.


(in thousands)	Bridge	Fixed rate	Construction	SBA - 7(a)	Other	Total
March 31, 2026
General	$1,782	$1,239	$982	$28,674	$1,448	$34,125
Specific	81,046	1,838	27,273	10,161	10,091	130,409
PCD	—	—	71,133	—	—	71,133
Ending balance	$82,828	$3,077	$99,388	$38,835	$11,539	$235,667
December 31, 2025
General	$7,921	$1,749	$587	$28,615	$1,427	$40,299
Specific	72,714	1,596	22,917	10,039	10,091	117,357
PCD	—	—	60,861	—	—	60,861
Ending balance	$80,635	$3,345	$84,365	$38,654	$11,518	$218,517

The table below presents a summary of the changes in the allowance for loan losses.


(in thousands)	Bridge	Fixed rate	Construction	SBA - 7(a)	Other	Total
Three Months Ended March 31, 2026
Beginning balance	$80,635	$3,345	$84,365	$38,654	$11,518	$218,517
Provision for (recoveries of) loan losses	41,157	(268)	12,902	4,386	21	58,198
Time value of money adjustment	—	—	3,127	—	—	3,127
Charge-offs and sales	(38,964)	—	(1,006)	(4,403)	—	(44,373)
Recoveries	—	—	—	198	—	198
Ending balance	$82,828	$3,077	$99,388	$38,835	$11,539	$235,667
Three Months Ended March 31, 2025
Beginning balance	$170,445	$5,114	$140,139	$22,087	$2,154	$339,939
Provisions for (recoveries of) loan losses	(139,396)	5,116	10,490	8,088	701	(115,001)
PCD	—	—	16,626	—	—	16,626
Charge-offs and sales	—	(1,000)	(1,204)	(226)	—	(2,430)
Recoveries	—	—	—	86	—	86
Ending balance	$31,049	$9,230	$166,051	$30,035	$2,855	$239,220

Schedule of Non-Accrual Loans

The table below presents information on non-accrual loans.


(in thousands)	March 31, 2026	December 31, 2025
Non-accrual loans
With an allowance	$1,198,578	$1,290,859
Without an allowance	22,021	36,265
Total carrying value of non-accrual loans	$1,220,599	$1,327,124
Allowance for loan losses related to non-accrual loans	$(146,652)	$(133,750)
UPB of non-accrual loans	$1,373,876	$1,466,969

	March 31, 2026	March 31, 2025
Interest income on non-accrual loans for the three months ended	$9,128	$3,214

Schedule of Reconciliation of the Company’s Purchase Price with the Par Value of the Purchased Loans

The table below presents a reconciliation

of the Company’s purchase price with the par value of the purchased loans.


(in thousands)	Preliminary Purchase Price Allocation	Measurement Period Adjustments	Updated Purchase Price Allocation
UPB	$200,729	$(37,205)	$163,524
Allowance for credit losses	(16,626)	(36,291)	(52,917)
Non-credit discount	(87,141)	48,456	(38,685)
Purchase price of loans classified as PCD	$96,962	$(25,040)	$71,922