Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended March 31, 2026
(in thousands)	LMM Commercial Real Estate		Small Business Lending		Total
Interest income	$58,893		$22,837		$81,730
Interest expense	(80,672)		(16,162)		(96,834)
Net interest income before provision for loan losses	$(21,779)		$6,675		$(15,104)
Provision for loan losses	(66,523)		(4,384)		(70,907)
Net interest income after provision for loan losses	$(88,302)		$2,291		$(86,011)
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	(68,242)		8,157		(60,085)
Net unrealized gain (loss) on financial instruments	(8,796)		1,876		(6,920)
Valuation allowance, loans held for sale	(6,557)		—		(6,557)
Servicing income, net	1,597		3,824		5,421
Income on unconsolidated joint ventures	2,054		5		2,059
Other income	11,940		5,191		17,131
Total non-interest income (loss)	$(68,004)		$19,053		$(48,951)
Non-interest expense
Employee compensation and benefits	(7,649)		(15,323)		(22,972)
Allocated employee compensation and benefits from related party	(360)		—		(360)
Professional fees	(1,476)		(3,476)		(4,952)
Loan servicing expense	(14,573)		(1,101)		(15,674)
Impairment on real estate	469		—		469
Other operating expenses	(17,350)		(9,312)		(26,662)
Total non-interest expense	$(40,939)		$(29,212)		$(70,151)
Income (loss) before unallocated expenses and provision for income taxes	$(197,245)		$(7,868)		$(205,113)
Unallocated corporate income (expenses)
Employee compensation and benefits					(4,116)
Professional fees					(1,703)
Management fees – related party					(4,076)
Transaction related expenses					(335)
Other operating expenses - net					(1,418)
Total unallocated corporate expenses					$(11,648)
Loss before provision for income taxes					$(216,761)
Total assets	$4,522,372		$1,293,092		$5,815,464


	Three Months Ended March 31, 2025
(in thousands)	LMM Commercial Real Estate		Small Business Lending		Total
Interest income	$124,973		$29,994		$154,967
Interest expense	(120,354)		(20,112)		(140,466)
Net interest income before recovery of (provision for) loan losses	$4,619		$9,882		$14,501
Recovery of (provision for) loan losses	117,941		(8,373)		109,568
Net interest income after recovery of (provision for) loan losses	$122,560		$1,509		$124,069
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	(14,600)		25,269		10,669
Net unrealized gain (loss) on financial instruments	(604)		(1,146)		(1,750)
Valuation allowance, loans held for sale	(99,718)		—		(99,718)
Servicing income, net	1,415		5,041		6,456
Income (loss) on unconsolidated joint ventures	(4,005)		23		(3,982)
Other income	3,037		7,262		10,299
Total non-interest income (loss)	$(114,475)		$36,449		$(78,026)
Non-interest expense
Employee compensation and benefits	(5,871)		(15,304)		(21,175)
Allocated employee compensation and benefits from related party	(328)		—		(328)
Professional fees	(818)		(2,905)		(3,723)
Loan servicing expense	(15,064)		(780)		(15,844)
Impairment on real estate	(2,346)		—		(2,346)
Other operating expenses	(3,336)		(11,071)		(14,407)
Total non-interest expense	$(27,763)		$(30,060)		$(57,823)
Income (loss) before unallocated expenses and provision for income taxes	$(19,678)		$7,898		$(11,780)
Unallocated corporate income (expenses)
Gain on bargain purchase					102,471
Employee compensation and benefits					(3,027)
Professional fees					(1,765)
Management fees – related party					(5,577)
Transaction related expenses					(2,694)
Other operating expenses - net					(425)
Total unallocated corporate income					$88,983
Income before provision for income taxes					$77,203
Total assets	$7,897,270		$1,510,635		$9,407,905