Segment Reporting - Schedule of Segment Reporting (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
Dec. 31, 2025 |
| Segment Reporting [Line Items] |
|
|
|
|
|
| Interest income |
$ 77,401
|
$ 152,735
|
$ 159,131
|
$ 307,702
|
|
| Interest expense |
(82,853)
|
(135,837)
|
(179,687)
|
(276,303)
|
|
| Net interest income (loss) before (provision for) recovery of loan losses |
(5,452)
|
16,898
|
(20,556)
|
31,399
|
|
| Provision for loan losses |
(21,554)
|
(8,640)
|
(92,461)
|
100,928
|
|
| Net interest income (loss) after (provision for) recovery of loan losses |
(27,006)
|
8,258
|
(113,017)
|
132,327
|
|
| Non-interest income |
|
|
|
|
|
| Net realized gain (loss) on financial instruments and real estate owned |
(22,221)
|
18,214
|
(82,306)
|
28,883
|
|
| Net unrealized gain (loss) on financial instruments |
(4,173)
|
(1,614)
|
(11,093)
|
(3,364)
|
|
| Valuation allowance, loans held for sale |
2,447
|
(39,746)
|
(4,110)
|
(139,464)
|
|
| Servicing income, net |
72
|
(304)
|
5,493
|
6,152
|
|
| Income (loss) on unconsolidated joint ventures |
1,276
|
(144)
|
3,335
|
(4,126)
|
|
| Other income |
14,214
|
11,304
|
32,279
|
22,894
|
|
| Total non-interest income (expense) |
(8,385)
|
(26,671)
|
(56,402)
|
(935)
|
|
| Non-interest expense |
|
|
|
|
|
| Professional fees |
(7,671)
|
(6,368)
|
(14,326)
|
(11,856)
|
|
| Loan servicing expense |
(3,439)
|
(11,038)
|
(19,113)
|
(26,882)
|
|
| Impairment on real estate |
(952)
|
(4,268)
|
(483)
|
(6,614)
|
|
| Other operating expenses |
(33,268)
|
(16,133)
|
(62,282)
|
(32,256)
|
|
| Total non-interest expense |
(77,573)
|
(70,277)
|
(160,306)
|
(142,879)
|
|
| Gain (loss) on bargain purchase |
0
|
(14,381)
|
0
|
88,090
|
|
| Transaction related expenses |
(512)
|
(639)
|
(847)
|
(3,333)
|
|
| Loss from continuing operations before benefit for income taxes |
(112,964)
|
(88,690)
|
(329,725)
|
(11,487)
|
|
| Total Assets |
6,263,916
|
|
6,263,916
|
|
$ 7,769,796
|
| Nonrelated Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
(24,590)
|
(23,159)
|
(48,438)
|
(44,413)
|
|
| Related Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
(3,376)
|
(3,600)
|
(6,976)
|
(6,876)
|
|
| Management fees – related party |
(3,765)
|
(5,072)
|
(7,841)
|
(10,649)
|
|
| Operating Segments |
|
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
|
| Interest income |
77,401
|
152,735
|
159,131
|
307,702
|
|
| Interest expense |
(82,853)
|
(135,837)
|
(179,687)
|
(276,303)
|
|
| Net interest income (loss) before (provision for) recovery of loan losses |
(5,452)
|
16,898
|
(20,556)
|
31,399
|
|
| Provision for loan losses |
(21,554)
|
(8,640)
|
(92,461)
|
100,928
|
|
| Net interest income (loss) after (provision for) recovery of loan losses |
(27,006)
|
8,258
|
(113,017)
|
132,327
|
|
| Non-interest income |
|
|
|
|
|
| Net realized gain (loss) on financial instruments and real estate owned |
(22,221)
|
18,214
|
(82,306)
|
28,883
|
|
| Net unrealized gain (loss) on financial instruments |
(4,173)
|
(748)
|
(11,093)
|
(2,498)
|
|
| Valuation allowance, loans held for sale |
2,447
|
(39,746)
|
(4,110)
|
(139,464)
|
|
| Servicing income, net |
72
|
(304)
|
5,493
|
6,152
|
|
| Income (loss) on unconsolidated joint ventures |
1,276
|
(144)
|
3,335
|
(4,126)
|
|
| Other income |
13,407
|
10,297
|
30,538
|
20,596
|
|
| Total non-interest income (expense) |
(9,192)
|
(12,431)
|
(58,143)
|
(90,457)
|
|
| Non-interest expense |
|
|
|
|
|
| Professional fees |
(4,636)
|
(4,220)
|
(9,588)
|
(7,943)
|
|
| Loan servicing expense |
(3,439)
|
(11,038)
|
(19,113)
|
(26,882)
|
|
| Impairment on real estate |
(952)
|
(4,268)
|
(483)
|
(6,614)
|
|
| Other operating expenses |
(31,269)
|
(14,444)
|
(57,931)
|
(28,851)
|
|
| Total non-interest expense |
(60,916)
|
(55,244)
|
(131,067)
|
(113,067)
|
|
| Loss from continuing operations before benefit for income taxes |
(97,114)
|
(59,417)
|
(302,227)
|
(71,197)
|
|
| Total Assets |
5,824,143
|
8,907,914
|
5,824,143
|
8,907,914
|
|
| Operating Segments | Nonrelated Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
(20,282)
|
(20,914)
|
(43,254)
|
(42,089)
|
|
| Operating Segments | Related Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
(338)
|
(360)
|
(698)
|
(688)
|
|
| Operating Segments | LMM Commercial Real Estate |
|
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
|
| Interest income |
53,941
|
122,268
|
112,834
|
247,241
|
|
| Interest expense |
(65,245)
|
(116,088)
|
(145,917)
|
(236,442)
|
|
| Net interest income (loss) before (provision for) recovery of loan losses |
(11,304)
|
6,180
|
(33,083)
|
10,799
|
|
| Provision for loan losses |
(13,689)
|
(5,146)
|
(80,212)
|
112,795
|
|
| Net interest income (loss) after (provision for) recovery of loan losses |
(24,993)
|
1,034
|
(113,295)
|
123,594
|
|
| Non-interest income |
|
|
|
|
|
| Net realized gain (loss) on financial instruments and real estate owned |
(31,965)
|
2,766
|
(100,207)
|
(11,834)
|
|
| Net unrealized gain (loss) on financial instruments |
(2,620)
|
(4,128)
|
(11,416)
|
(4,732)
|
|
| Valuation allowance, loans held for sale |
2,447
|
(39,746)
|
(4,110)
|
(139,464)
|
|
| Servicing income, net |
1,374
|
1,931
|
2,971
|
3,346
|
|
| Income (loss) on unconsolidated joint ventures |
1,270
|
(155)
|
3,324
|
(4,160)
|
|
| Other income |
10,213
|
2,775
|
22,153
|
5,812
|
|
| Total non-interest income (expense) |
(19,281)
|
(36,557)
|
(87,285)
|
(151,032)
|
|
| Non-interest expense |
|
|
|
|
|
| Professional fees |
(927)
|
(929)
|
(2,403)
|
(1,747)
|
|
| Loan servicing expense |
(2,104)
|
(11,013)
|
(16,677)
|
(26,077)
|
|
| Impairment on real estate |
(952)
|
(4,268)
|
(483)
|
(6,614)
|
|
| Other operating expenses |
(22,208)
|
(4,472)
|
(39,558)
|
(7,808)
|
|
| Total non-interest expense |
(32,746)
|
(27,521)
|
(73,685)
|
(55,284)
|
|
| Loss from continuing operations before benefit for income taxes |
(77,020)
|
(63,044)
|
(274,265)
|
(82,722)
|
|
| Total Assets |
4,107,690
|
7,377,104
|
4,107,690
|
7,377,104
|
|
| Operating Segments | LMM Commercial Real Estate | Nonrelated Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
(6,217)
|
(6,479)
|
(13,866)
|
(12,350)
|
|
| Operating Segments | LMM Commercial Real Estate | Related Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
(338)
|
(360)
|
(698)
|
(688)
|
|
| Operating Segments | Small Business Lending |
|
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
|
| Interest income |
23,460
|
30,467
|
46,297
|
60,461
|
|
| Interest expense |
(17,608)
|
(19,749)
|
(33,770)
|
(39,861)
|
|
| Net interest income (loss) before (provision for) recovery of loan losses |
5,852
|
10,718
|
12,527
|
20,600
|
|
| Provision for loan losses |
(7,865)
|
(3,494)
|
(12,249)
|
(11,867)
|
|
| Net interest income (loss) after (provision for) recovery of loan losses |
(2,013)
|
7,224
|
278
|
8,733
|
|
| Non-interest income |
|
|
|
|
|
| Net realized gain (loss) on financial instruments and real estate owned |
9,744
|
15,448
|
17,901
|
40,717
|
|
| Net unrealized gain (loss) on financial instruments |
(1,553)
|
3,380
|
323
|
2,234
|
|
| Valuation allowance, loans held for sale |
0
|
0
|
0
|
0
|
|
| Servicing income, net |
(1,302)
|
(2,235)
|
2,522
|
2,806
|
|
| Income (loss) on unconsolidated joint ventures |
6
|
11
|
11
|
34
|
|
| Other income |
3,194
|
7,522
|
8,385
|
14,784
|
|
| Total non-interest income (expense) |
10,089
|
24,126
|
29,142
|
60,575
|
|
| Non-interest expense |
|
|
|
|
|
| Professional fees |
(3,709)
|
(3,291)
|
(7,185)
|
(6,196)
|
|
| Loan servicing expense |
(1,335)
|
(25)
|
(2,436)
|
(805)
|
|
| Impairment on real estate |
0
|
0
|
0
|
0
|
|
| Other operating expenses |
(9,061)
|
(9,972)
|
(18,373)
|
(21,043)
|
|
| Total non-interest expense |
(28,170)
|
(27,723)
|
(57,382)
|
(57,783)
|
|
| Loss from continuing operations before benefit for income taxes |
(20,094)
|
3,627
|
(27,962)
|
11,525
|
|
| Total Assets |
1,716,453
|
1,530,810
|
1,716,453
|
1,530,810
|
|
| Operating Segments | Small Business Lending | Nonrelated Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
(14,065)
|
(14,435)
|
(29,388)
|
(29,739)
|
|
| Operating Segments | Small Business Lending | Related Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
0
|
0
|
0
|
0
|
|
| Corporate, Non-Segment |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Professional fees |
(3,035)
|
(2,148)
|
(4,738)
|
(3,913)
|
|
| Other operating expenses |
(1,192)
|
(1,548)
|
(2,610)
|
(1,973)
|
|
| Gain (loss) on bargain purchase |
|
(14,381)
|
|
88,090
|
|
| Transaction related expenses |
(512)
|
(639)
|
(847)
|
(3,333)
|
|
| Loss from continuing operations before benefit for income taxes |
(15,850)
|
(29,273)
|
(27,498)
|
59,710
|
|
| Corporate, Non-Segment | Nonrelated Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Employee compensation and benefits |
(7,346)
|
(5,485)
|
(11,462)
|
(8,512)
|
|
| Corporate, Non-Segment | Related Party |
|
|
|
|
|
| Non-interest expense |
|
|
|
|
|
| Management fees – related party |
$ (3,765)
|
$ (5,072)
|
$ (7,841)
|
$ (10,649)
|
|