v3.26.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The following table presents assets and liabilities measured at fair value on a recurring basis:
Fair Value Measurement
(in thousands)March 31, 2026December 31, 2025
Level 1
Investment securities$795 $936 
Certain assets are measured at fair value on a nonrecurring basis; that is, not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment.) The following table illustrates assets and liabilities measured at fair value on a nonrecurring basis:
Fair Value Measurement
(in thousands)March 31, 2026December 31, 2025
Level 3
Individually evaluated loans, net of allowance for credit losses$81,911 $114,028 
Real estate owned, net16,022 16,402 
The following table presents the carrying amounts and fair values of financial instruments at March 31, 2026 and December 31, 2025:
Carrying AmountFair Value Measurement
(in thousands)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Level 1
Cash and cash equivalents$11,565 $10,924 $11,565 $10,924 
Notes payable (listed) - fixed rate debt171,692 171,349 166,002 163,854 
Level 2
Lines of credit29,000 19,000 29,000 19,000 
Level 3
Loans held for investment, net341,209 363,678 341,209 363,678 
Interest and fees receivable and due from borrowers10,381 11,094 10,381 10,963 
Investments in limited liability companies35,235 39,132 35,235 39,132 
Advances from borrowers5,360 4,016 5,360 4,016 
Senior secured notes payable96,702 86,573 99,233 89,277 
Mortgage payable895 917 895 917