v3.26.1
Loans, net (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Major Classifications of Loans
Major classifications of loans, excluding commercial loans at fair value, are as follows (dollars in thousands):
June 30,
2026		December 31,
2025
Loans recorded at amortized cost:
SBL non-real estate $255,424 $235,282 
SBL commercial mortgage757,154 749,234 
SBL construction 21,686 22,382 
SBLs1,034,264 1,006,898 
Direct lease financing 670,902 685,422 
SBLOC / IBLOC1,825,301 1,669,985 
Advisor financing240,049 294,236 
Real estate bridge lending2,233,688 2,188,952 
Fintech(1)
901,502 1,097,998 
Other loans(2)
152,604 157,416 
Total loans7,058,310 7,100,907 
Unamortized loan fees and costs15,596 15,769 
Total loans, net of deferred loan fees and costs$7,073,906 $7,116,676 
_________
(1)As of June 30, 2026 and December 31, 2025, fintech loans included $336.3 million and $729.1 million of secured credit card accounts which are backed dollar for dollar by cash collateral by each individual cardholder and are required to be repaid in full monthly. For secured credit card accounts, we recognize a loan receivable and a deposit liability for the cash collateral that secures those accounts. The remaining fintech loans consist of cashflow underwritten short-term liquidity products to individual borrowers ranging in maturity from 30 to 365 days.
(2)As of June 30, 2026 and December 31, 2025, Other loans includes $110.0 million and $110.7 million, respectively, related to the warehouse financing of REBL sales to third-party purchasers.
Delinquent Loans by Loan Category
A detail of the Company’s delinquent and non-accrual loans by loan category is as follows (dollars in thousands):
June 30, 2026
Past-due and Non-Accrual
30-59 days
past due		60-89 days
past due		90+ days
still accruing		Non-accrualTotal past due
and non-accrual		CurrentTotal
loans
SBL non-real estate $1,892 $— $— $10,756 $12,648 $242,776 $255,424 
SBL commercial mortgage— — — 26,868 26,868 730,286 757,154 
SBL construction — — — 2,660 2,660 19,026 21,686 
Direct lease financing 1,642 165 506 9,120 11,433 659,469 670,902 
SBLOC / IBLOC3,222 119 — — 3,341 1,821,960 1,825,301 
Advisor financing— — — — — 240,049 240,049 
Real estate bridge lending— — — 22,454 22,454 2,211,234 2,233,688 
Fintech22,956 4,087 1,798 — 28,841 872,661 901,502 
Other loans431 — 1 390 822 151,782 152,604 
$30,143 $4,371 $2,305 $72,248 $109,067 $6,949,243 $7,058,310 
December 31, 2025
Past-due and Non-Accrual
30-59 days
past due		60-89 days
past due		90+ days
still accruing		Non-accrualTotal past due
and non-accrual		CurrentTotal
loans
SBL non-real estate $1,515 $344 $— $8,639 $10,498 $224,784 $235,282 
SBL commercial mortgage224 — — 21,977 22,201 727,033 749,234 
SBL construction — — — 2,660 2,660 19,722 22,382 
Direct lease financing 2,461 894 1,457 12,066 16,878 668,544 685,422 
SBLOC / IBLOC5,328 65 251 446 6,090 1,663,895 1,669,985 
Advisor financing— — — — — 294,236 294,236 
Real estate bridge lending— — 14,459 9,755 24,214 2,164,738 2,188,952 
Fintech24,701 3,791 2,030 — 30,522 1,067,476 1,097,998 
Other loans209 111 2 142 464 156,952 157,416 
$34,438 $5,205 $18,199 $55,685 $113,527 $6,987,380 $7,100,907 
Summary of Non-Accrual Loans with and without Allowance for Credit Losses
The following table summarizes non-accrual loans with and without a specific ACL (dollars in thousands):
June 30, 2026December 31, 2025
Non-accrual loans with a related ACL Related ACLNon-accrual loans without a related
ACL		Total non-accrual loansNon-accrual loans with a related ACL Related ACLNon-accrual loans without a related
ACL		Total non-accrual loans
SBL non-real estate$8,233 $1,504 $2,523 $10,756 $5,361 $963 $3,278 $8,639 
SBL commercial mortgage4,797 690 22,071 26,868 3,009 801 18,968 21,977 
SBL construction710 37 1,950 2,660 710 35 1,950 2,660 
Direct lease financing7,679 2,175 1,441 9,120 11,881 4,211 185 12,066 
SBLOC / IBLOC— — — — 446 207 — 446 
Real estate bridge lending12,700 796 9,754 22,454 — — 9,755 9,755 
Other loans— — 390 390 — — 142 142 
$34,119 $5,202 $38,129 $72,248 $21,407 $6,217 $34,278 $55,685 
Summary of Loans Modified and Related Information
Loans modified to borrowers experiencing financial difficulty, and related information are as follows (dollars in thousands):
Three months ended June 30, 2026Six months ended June 30, 2026
Payment deferralPayment delay and term extensionTotalPercent of total loan categoryPayment deferralPayment delay and term extensionTotalPercent of total loan category
SBL non-real estate$2,098 $35 $2,133 0.84 %$2,098 $35 $2,133 0.84 %
SBL commercial mortgage697 — 697 0.09 %697 — 697 0.09 %
Total$2,795 $35 $2,830 0.04%$2,795 $35 $2,830 0.04 %
Three months ended June 30, 2025Six months ended June 30, 2025
Payment deferralInterest rate reduction and payment deferralTotalPercent of total loan categoryPayment deferralInterest rate reduction and payment deferralTotalPercent of total loan category
SBL non-real estate$— $1,348 $1,348 0.66%$4,991 $1,348 $6,339 3.11%
SBL commercial mortgage— — — — 2,738 — 2,738 0.38%
Total$— $1,348 $1,348 0.02%$7,729 $1,348 $9,077 0.14%
Summary of Restructured Loans during Twelve Months
The following tables show an analysis of the delinquency status at the end of the respective periods for loans that were modified during the periods presented (dollars in thousands):
Three months ended June 30, 2026
30-59 days
past due		60-89 days
past due		90+ days
still accruing		Non-accrualTotal
delinquent		CurrentTotal
SBL non-real estate$— $— $— $1,723 $1,723 $410 $2,133 
SBL commercial mortgage— — — 697 697 — 697 
$— $— $— $2,420 $2,420 $410 $2,830 
Three months ended June 30, 2025
30-59 days
past due		60-89 days
past due		90+ days
still accruing		Non-accrualTotal
delinquent		CurrentTotal
SBL non-real estate $— $1,348 $— $— $1,348 $— $1,348 
SBL commercial mortgage— — — — — — — 
$— $1,348 $— $— $1,348 $— $1,348 
Six months ended June 30, 2026
30-59 days
past due		60-89 days
past due		90+ days
still accruing		Non-accrualTotal
delinquent		CurrentTotal
SBL non-real estate$— $— $— $1,723 $1,723 $410 $2,133 
SBL commercial mortgage— — — 697 697 — 697 
$— $— $— $2,420 $2,420 $410 $2,830 
Six months ended June 30, 2025
30-59 days
past due		60-89 days
past due		90+ days
still accruing		Non-accrualTotal
delinquent		CurrentTotal
SBL non-real estate$— $1,348 $— $— $1,348 $4,991 $6,339 
SBL commercial mortgage— — — — — 2,738 2,738 
$— $1,348 $— $— $1,348 $7,729 $9,077 
Summary of Financial Effect of Modifications to Troubled Borrowers
The following tables describe the financial effect of modifications made during the periods presented:
Three months ended June 30, 2026Six months ended June 30, 2026
Combined Rate and MaturityCombined Rate and Maturity
Weighted average interest reductionWeighted average term extension (in months)
More-than-insignificant-payment delay
Weighted average interest reductionWeighted average term extension (in months)
More-than-insignificant-payment delay
SBL non-real estate —440.84 %—440.84 %
SBL commercial mortgage——0.09 %——0.09 %
Three months ended June 30, 2025Six months ended June 30, 2025
Combined Rate and MaturityCombined Rate and Maturity
Weighted average interest reductionWeighted average term extension (in months)
More-than-insignificant-payment delay
Weighted average interest reductionWeighted average term extension (in months)
More-than-insignificant-payment delay
SBL non-real estate1.00%——1.00%—2.45%
SBL commercial mortgage—————0.38%
Summary of Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grade
A summary of the Company’s primary portfolio pools and loans accordingly classified by year of origination is as follows (dollars in thousands):
As of June 30, 2026
20262025202420232022PriorRevolvingTotal
Pass$34,924 $70,539 $46,520 $55,570 $14,163 $15,705 $— $237,421 
Special mention— — — 1,952 1,388 43 — 3,383 
Substandard— — 2,104 6,847 4,678 991 — 14,620 
SBL non-real estate, total34,924 70,539 48,624 64,369 20,229 16,739 — 255,424 
Non-rated154 — — — — — — 154 
Pass 67,301 112,280 142,557 75,000 92,774 211,081 — 700,993 
Special mention— — 494 733 8,113 11,382 — 20,722 
Substandard— — 2,377 13,511 8,025 11,372 — 35,285 
SBL commercial mortgage, total67,455 112,280 145,428 89,244 108,912 233,835 — 757,154 
Pass 3,643 11,976 — 3,408 — — — 19,027 
Substandard— — — — — 2,659 — 2,659 
SBL construction, total3,643 11,976 — 3,408 — 2,659 — 21,686 
Non-rated1,199 — — — — — — 1,199 
Pass 131,306 209,481 143,471 94,643 64,870 13,079 — 656,850 
Special mention194 320 211 149 166 66 — 1,106 
Substandard— — 2,149 5,661 3,003 934 — 11,747 
Direct lease financing, total132,699 209,801 145,831 100,453 68,039 14,079 — 670,902 
Non-rated— — — — — — 14,631 14,631 
Pass— — — — — — 1,810,661 1,810,661 
Substandard— — — — — — 9 9 
SBLOC/IBLOC, total— — — — — — 1,825,301 1,825,301 
Pass 5,638 58,826 64,039 46,510 37,056 19,245 — 231,314 
Special mention— — — — 957 7,778 — 8,735 
Advisor financing, total5,638 58,826 64,039 46,510 38,013 27,023 — 240,049 
Pass407,408 707,145 386,489 150,852 473,513 62,069 — 2,187,476 
Substandard— — 23,757 — 12,700 9,755 — 46,212 
REBL, total407,408 707,145 410,246 150,852 486,213 71,824 — 2,233,688 
Non-rated274,510 7,415 — — — — 617,779 899,704 
Substandard1,313 485 — — — — — 1,798 
Fintech, total275,823 7,900 — — — — 617,779 901,502 
Non-rated3,315 — — — — 11,820 1,038 16,173 
Pass 227 56,994 53,830 159 250 24,582 — 136,042 
Substandard— — — — — 389 — 389 
Other loans, total3,542 56,994 53,830 159 250 36,791 1,038 152,604 
Total loans$931,132 $1,235,461 $867,998 $454,995 $721,656 $402,950 $2,444,118 $7,058,310 
As of December 31, 2025
20252024202320222021PriorRevolvingTotal
Pass $70,191 $50,083 $60,331 $17,797 $12,295 $6,765 $— $217,462 
Special mention— 262 992 1,480 — 71 — 2,805 
Substandard— 1,171 6,635 4,276 1,360 1,573 — 15,015 
SBL non-real estate, total70,191 51,516 67,958 23,553 13,655 8,409 — 235,282 
Pass 107,357 156,610 83,047 105,359 69,554 166,921 — 688,848 
Special mention— 2,749 2,708 4,406 4,275 7,459 — 21,597 
Substandard— 706 9,622 14,656 8,579 5,226 — 38,789 
SBL commercial mortgage, total107,357 160,065 95,377 124,421 82,408 179,606 — 749,234 
Pass 4,769 10,449 4,504 — — — — 19,722 
Substandard— — — — 1,950 710 — 2,660 
SBL construction, total4,769 10,449 4,504 — 1,950 710 — 22,382 
Non-rated1,777 — — — — — — 1,777 
Pass 253,367 177,838 121,969 87,456 20,241 4,269 — 665,140 
Special mention719 410 759 295 3 — — 2,186 
Substandard16 2,741 7,321 4,335 1,839 67 — 16,319 
Direct lease financing, total255,879 180,989 130,049 92,086 22,083 4,336 — 685,422 
Non-rated— — — — — — 6,882 6,882 
Pass— — — — — — 1,662,616 1,662,616 
Substandard— — — — — — 487 487 
SBLOC/IBLOC, total— — — — — — 1,669,985 1,669,985 
Pass68,249 69,705 70,411 48,197 16,471 12,253 — 285,286 
Special mention— — — 979 7,971 — — 8,950 
Advisor financing, total68,249 69,705 70,411 49,176 24,442 12,253 — 294,236 
Pass689,651 453,603 271,554 569,730 120,938 — — 2,105,476 
Special mention— — — — 9,576 — — 9,576 
Substandard— 42,735 — 21,411 9,754 — — 73,900 
REBL, total689,651 496,338 271,554 591,141 140,268 — — 2,188,952 
Non-rated141,605 — — — — — 954,364 1,095,969 
Substandard2,029 — — — — — — 2,029 
Fintech, total143,634 — — — — — 954,364 1,097,998 
Non-rated494 — — — — 8,852 — 9,346 
Pass 56,998 54,458 160 252 343 34,621 1,096 147,928 
Substandard— — — — — 142 — 142 
Other loans, total57,492 54,458 160 252 343 43,615 1,096 157,416 
Total loans$1,397,222 $1,023,520 $640,013 $880,629 $285,149 $248,929 $2,625,445 $7,100,907 
Changes in Allowance for Loan and Lease Losses by Loan Category
A detail of the changes in the ACL is as follows (in thousands):
June 30, 2026
SBL non-real estateSBL commercial mortgageSBL constructionDirect lease financing SBLOC / IBLOCAdvisor financingREBLFintechOther loansTotal
Beginning 1/1/2026$6,337 $3,118 $235 $15,675 $1,041 $2,207 $5,949 $31,137 $501 $66,200 
Charge-offs(172)(486)— (956)(446)— — (89,106)— (91,166)
Recoveries75 — — 167 — — — 34,093 500 34,835 
Provision (reversal)998 813 (25)(2,670)318 (407)536 54,609 (546)53,626 
Ending balance$7,238 $3,445 $210 $12,216 $913 $1,800 $6,485 $30,733 $455 $63,495 
June 30, 2025
SBL non-real estateSBL commercial mortgageSBL constructionDirect lease financing SBLOC / IBLOCAdvisor financingREBLFintechOther loansTotal
Beginning 1/1/2025$4,972 $3,203 $342 $13,125 $1,195 $2,054 $6,603 $12,909 $450 $44,853 
Charge-offs(171)— — (1,520)— — — (89,627)(704)(92,022)
Recoveries61 — — 429 — — — 14,599 4 15,093 
Provision (reversal)326 (190)124 1,504 (188)(13)16 89,101 789 91,469 
Ending balance$5,188 $3,013 $466 $13,538 $1,007 $2,041 $6,619 $26,982 $539 $59,393 
Schedule of Net Charge-offs, Classified by Year of the Loan Origination
A summary of the Company’s gross charge-offs classified by portfolio segment and year of origination are as follows (dollars in thousands):
Six months ended June 30, 2026
20262025202420232022PriorRevolvingTotal
SBL non-real estate$— $— $— $— $(172)$— $— $(172)
SBL commercial mortgage— — — — — (486)— (486)
Direct lease financing— — (191)(309)(386)(70)— (956)
IBLOC— — — — — — (446)(446)
Fintech(1,862)(14,966)— — — — (72,278)(89,106)
Total Charge-offs$(1,862)$(14,966)$(191)$(309)$(558)$(556)$(72,724)$(91,166)
Six months ended June 30, 2025
20252024202320222021PriorRevolvingTotal
SBL non-real estate$— $— $— $(62)$— $(109)$— $(171)
Direct lease financing— (139)(320)(884)(177)— — (1,520)
Fintech(369)(2,184)— — — — (87,074)(89,627)
Other loans— — — — — (704)— (704)
Total Charge-offs$(369)$(2,323)$(320)$(946)$(177)$(813)$(87,074)$(92,022)
Scheduled Undiscounted Cash Flows of Direct Financing Leases
The scheduled maturities of the direct financing leases reconciled to the total lease receivables as of June 30, 2026 are as follows (dollars in thousands):
Remaining 2026$171,677 
2027158,455 
2028106,615 
202963,329 
203028,964 
2031 and thereafter 8,118 
Total undiscounted cash flows537,158 
Residual value(1)
218,114 
Difference between undiscounted cash flows and discounted cash flows(84,370)
Present value of lease payments recorded as lease receivables$670,902 
(1) Of the total residual value, $41.1 million is not guaranteed by the lessee or other guarantors.