v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company conducts its business and generates substantially all of its revenues in the U.S. through the following two operating and reportable segments: Residential and Commercial. Activities that are not directly attributable or not allocated to any of the reportable segments are reported under Corporate as a reconciling item to the Company’s consolidated financial statements. The activities within Corporate primarily consist of general and administrative expenses, corporate cash, related interest income and interest expense on corporate debt.

The Company’s segment reporting is consistent with the reporting structure of the Company’s internal organization, as well as the financial information used by the Company’s chief operating decision maker (“CODM”), which is the Company’s Chief Executive Officer. The Company presents all of its significant segment expenses and other metrics as used by the CODM to make decisions regarding the Company’s business, including resource allocation and performance assessment in the consolidated financial statements.

Income before income taxes is the measure of segment profit and loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and used by the CODM to evaluate segment results. It is also one of the factors considered in determining capital allocation among the segments and assessing performance for each segment.
The following tables summarize segment financial information, including the Corporate category explained above, which in total reconciles to the same data on a consolidated basis:
Three Months Ended June 30, 2026
ResidentialCommercialCorporate
Category 		Total
Interest income$8,208 $3,462 $665 $12,335 
Interest expense(3,250)(1,831)(3,198)(8,279)
Net interest income (expense)4,958 1,631 (2,533)4,056 
Related party loan servicing fee447 110 — 557 
Related party management fee— — 1,614 1,614 
Professional fees— 4 1,215 1,219 
General and administrative6 — 1,031 1,037 
Total expense453 114 3,860 4,427 
Realized and unrealized gains (losses), net(65)3,024 — 2,959 
Other loss, net— (563)— (563)
Total other income (loss), net(65)2,461 — 2,396 
Income (loss) before income taxes4,440 3,978 (6,393)2,025 
Income tax expense— — 20 20 
Net Income (Loss)$4,440 $3,978 $(6,413)$2,005 

Three Months Ended June 30, 2025
ResidentialCommercialCorporate
Category 		Total
Interest income$7,909 $4,485 $1,242 $13,636 
Interest expense(3,630)(2,946)(2,847)(9,423)
Net interest income (expense)4,279 1,539 (1,605)4,213 
Related party loan servicing fee493 — — 493 
Related party management fee— — 1,603 1,603 
Professional fees— 9 845 854 
General and administrative86 43 882 1,011 
Total expense579 52 3,330 3,961 
Realized and unrealized gains (losses), net2,685 (2,121)— 564 
Other income, net50 1,059 — 1,109 
Total other income (loss), net2,735 (1,062)— 1,673 
Income (loss) before income taxes6,435 425 (4,935)1,925 
Income tax expense (benefit)(33)— 59 26 
Net Income (Loss)$6,468 $425 $(4,994)$1,899 
Six Months Ended June 30, 2026
ResidentialCommercialCorporate
Category 		Total
Interest income$15,955 $7,656 $1,260 $24,871 
Interest expense(6,536)(4,232)(6,419)(17,187)
Net interest income (expense)9,419 3,424 (5,159)7,684 
Related party loan servicing fee913 110 — 1,023 
Related party management fee— — 3,218 3,218 
Professional fees— 4 2,896 2,900 
General and administrative13 4 2,115 2,132 
Total expense926 118 8,229 9,273 
Realized and unrealized gains (losses), net(244)3,080 — 2,836 
Other loss, net— (1,216)— (1,216)
Total other income (loss), net(244)1,864 — 1,620 
Income (loss) before income taxes8,249 5,170 (13,388)31 
Income tax expense— — 15 15 
Net Income (Loss)$8,249 $5,170 $(13,403)$16 
Six Months Ended June 30, 2025
ResidentialCommercialCorporate
Category 		Total
Interest income$16,371 $8,567 $1,898 $26,836 
Interest expense(7,284)(4,777)(6,748)(18,809)
Net interest income (expense)9,087 3,790 (4,850)8,027 
Related party loan servicing fee1,003 — — 1,003 
Related party management fee— — 3,047 3,047 
Professional fees— 14 1,735 1,749 
General and administrative93 43 1,779 1,915 
Total expense1,096 57 6,561 7,714 
Realized and unrealized gains (losses), net891 (4,771)— (3,880)
Other income (loss), net632 1,737 (404)1,965 
Total other income (loss), net1,523 (3,034)(404)(1,915)
Income (loss) before income taxes9,514 699 (11,815)(1,602)
Income tax expense (benefit)(171)— 62 (109)
Net Income (Loss)$9,685 $699 $(11,877)$(1,493)
ResidentialCommercialCorporate
Category 		Total
As of June 30, 2026
Total assets$560,282 $299,122 $69,340 $928,744 
CRE equity method investments — 79,466 — 79,466 
As of December 31, 2025
Total assets$588,704 $370,949 $81,874 $1,041,527 
CRE equity method investments— 79,168 — 79,168