v3.26.1
Fair Value Measurement
 6 Months Ended
Jun. 30, 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)June 30, 2026December 31, 2025
Level 1
Investment securities$803 $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)June 30, 2026December 31, 2025
Level 3
Individually evaluated loans, net of allowance for credit losses$100,447 $114,028 
Real estate owned, net20,968 16,402 
Investments in developmental real estate, net19,168 — 
The following table presents the carrying amounts and fair values of financial instruments at June 30, 2026 and December 31, 2025:
Carrying AmountFair Value Measurement
(in thousands)June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Level 1
Cash and cash equivalents$28,819 $10,924 $28,819 $10,924 
Notes payable (listed) - fixed rate debt172,041 171,349 170,422 163,854 
Level 2
Lines of credit36,500 19,000 36,500 19,000 
Level 3
Loans held for investment, net322,313 363,678 322,313 363,678 
Interest and fees receivable and due from borrowers8,388 11,094 8,388 10,963 
Investments in limited liability companies34,237 39,132 34,237 39,132 
Advances from borrowers3,119 4,016 3,119 4,016 
Senior secured notes payable96,848 86,573 105,423 89,277 
Mortgage payable873 917 873 917