v3.26.1
Interest Income and Interest Expense (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income    
Loans, net $ 71,077 $ 147,691
Loans, held for sale 6,125 2,942
Loans, held at fair value 9 38
Preferred equity investments 3,253 3,302
MBS 1,266 994
Total interest income 81,730 154,967
Interest expense    
Secured borrowings (47,855) (41,123)
PPPLF borrowings 0 (14)
Securitized debt obligations of consolidated VIEs (14,526) (60,680)
Guaranteed loan financing (8,823) (12,930)
Senior secured notes (14,525) (10,110)
Corporate debt (11,105) (15,609)
Total interest expense (96,834) (140,466)
Net interest income (loss) before provision for loan losses (15,104) 14,501
Bridge    
Interest income    
Loans, net 28,228 96,197
Loans, held for sale 4,049 0
Fixed rate    
Interest income    
Loans, net 7,027 10,215
Loans, held for sale 411 26
Construction    
Interest income    
Loans, net 10,935 7,543
Loans, held for sale 0 327
SBA - 7(a)    
Interest income    
Loans, net 19,900 26,999
Loans, held for sale 1,408 2,381
PPP    
Interest income    
Loans, net 50 446
Other    
Interest income    
Loans, net 4,937 6,291
Loans, held for sale 257 208
Loans, held at fair value $ 9 $ 38