Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Classification, Unpaid Principal Balance ("UPB"), and Carrying Value

The table below summarizes the classification, unpaid principal balance (“UPB”), and carrying value of loans held by

the Company including loans of consolidated VIEs.


	June 30, 2026		December 31, 2025
(in thousands)	Carrying Value	UPB	Carrying Value	UPB
Loans
Bridge	$1,656,219	$1,754,129	$2,024,033	$2,082,823
Fixed rate	79,252	80,188	93,002	93,828
Construction	404,254	525,249	388,042	509,085
Freddie Mac	10,961	10,782	3,945	3,756
SBA - 7(a)	1,204,838	1,247,270	908,714	958,755
Other	53,976	82,954	82,562	112,194
Total Loans, net	$3,409,500	$3,700,572	$3,500,298	$3,760,441
Loans in consolidated VIEs
Bridge	—	—	834,426	858,833
Fixed rate	508,215	510,964	558,119	560,230
SBA - 7(a)	271,938	291,596	134,761	145,185
Other	127,752	127,825	166,773	167,191
Total Loans, net, in consolidated VIEs	$907,905	$930,385	$1,694,079	$1,731,439
Loans, held for sale
Bridge	191,798	257,014	457,336	521,116
Fixed rate	—	—	55,390	58,000
Freddie Mac	9,967	9,841	16,555	16,425
SBA - 7(a)	42,068	39,283	52,598	49,203
Other	34,381	38,633	3,941	3,622
Total Loans, held for sale	$278,214	$344,771	$585,820	$648,366
Loans, held for sale in consolidated VIEs
Bridge	—	—	125,107	129,238
Total Loans, held for sale in consolidated VIEs	$—	$—	$125,107	$129,238
Total	$4,595,619	$4,975,728	$5,905,304	$6,269,484

Schedule of Classification, UPB, Carrying Value, And Write-Offs By Year Of Origination and Delinquency Information and Quantitative Information On Credit Quality

The tables below summarize the classification, UPB, carrying value and gross write-offs of loans by year of origination.


		Carrying Value by Year of Origination
(in thousands)	UPB	2026	2025	2024	2023	2022	Pre 2022	Total
June 30, 2026
Bridge	$1,754,129	$—	$13,911	$216,062	$65,097	$775,810	$585,339	$1,656,219
Fixed rate	591,152	—	—	—	—	25,712	561,755	587,467
Construction	525,249	—	47,824	90,875	19,300	121,710	124,545	404,254
Freddie Mac	10,782	—	—	2,568	7,016	1,377	—	10,961
SBA - 7(a)	1,538,866	44,149	288,099	358,398	201,332	233,711	351,087	1,476,776
Other	210,779	3,076	21,005	15,997	3,104	4,992	133,554	181,728
Total Loans, net	$4,630,957	$47,225	$370,839	$683,900	$295,849	$1,163,312	$1,756,280	$4,317,405
Gross write-offs		$—	$1,184	$6,250	$3,398	$30,538	$16,382	$57,752
	UPB	2025	2024	2023	2022	2021	Pre 2021	Total
December 31, 2025
Bridge	$2,941,656	$86,350	$295,040	$186,723	$1,126,875	$1,089,802	$73,669	$2,858,459
Fixed rate	654,058	—	—	—	35,383	175,988	439,750	651,121
Construction	509,085	32,342	70,551	19,300	108,931	18,341	138,577	388,042
Freddie Mac	3,756	—	2,568	—	1,377	—	—	3,945
SBA - 7(a)	1,103,940	150,888	162,885	115,567	244,353	160,780	209,002	1,043,475
Other	279,385	21,197	16,220	3,130	5,026	581	203,181	249,335
Total Loans, net	$5,491,880	$290,777	$547,264	$324,720	$1,521,945	$1,445,492	$1,064,179	$5,194,377
Gross write-offs		$262	$4,515	$5,993	$1,438	$5,900	$184,402	$202,510

The tables below present delinquency information on loans, net by year of origination.


		Carrying Value by Year of Origination
(in thousands)	UPB	2026	2025	2024	2023	2022	Pre 2022	Total
June 30, 2026
Current	$3,712,136	$47,225	$367,041	$594,027	$261,342	$814,253	$1,438,766	$3,522,654
30 - 59 days past due	161,178	—	107	34	7,036	131,958	9,012	148,147
60+ days past due	757,643	—	3,691	89,839	27,471	217,101	308,502	646,604
Total Loans, net	$4,630,957	$47,225	$370,839	$683,900	$295,849	$1,163,312	$1,756,280	$4,317,405
	UPB	2025	2024	2023	2022	2021	Pre 2021	Total
December 31, 2025
Current	$4,478,531	$286,900	$386,892	$293,829	$1,152,549	$1,171,991	$983,329	$4,275,490
30 - 59 days past due	392,885	1,788	126,870	9,336	147,167	92,247	11,691	389,099
60+ days past due	620,464	2,089	33,502	21,555	222,229	181,254	69,159	529,788
Total Loans, net	$5,491,880	$290,777	$547,264	$324,720	$1,521,945	$1,445,492	$1,064,179	$5,194,377

The table below presents quantitative information on the credit quality of loans, net.


	LTV(1)
(in thousands)	0.0 – 20.0%	20.1 – 40.0%	40.1 – 60.0%	60.1 – 80.0%	80.1 – 100.0%	Greater than 100.0%	Total
June 30, 2026
Bridge	$—	$17,765	$103,121	$508,402	$590,044	$436,887	$1,656,219
Fixed rate	—	22,353	266,096	273,687	20,381	4,950	587,467
Construction	801	5,663	101,274	144,360	70,746	81,410	404,254
Freddie Mac	—	—	7,016	3,945	—	—	10,961
SBA - 7(a)	21,333	75,173	204,805	471,620	271,314	432,531	1,476,776
Other	54,681	58,027	29,101	23,081	14,443	2,395	181,728
Total Loans, net	$76,815	$178,981	$711,413	$1,425,095	$966,928	$958,173	$4,317,405
Percentage of loans outstanding	1.8%	4.1%	16.5%	33.0%	22.4%	22.2%	100%
December 31, 2025
Bridge	$1,463	$29,207	$188,215	$1,235,997	$906,428	$497,149	$2,858,459
Fixed rate	19	23,042	294,209	308,158	17,368	8,325	651,121
Construction	11,162	14,708	84,525	147,776	49,540	80,331	388,042
Freddie Mac	—	—	—	3,945	—	—	3,945
SBA - 7(a)	13,516	58,812	148,369	305,993	158,710	358,075	1,043,475
Other	66,133	77,651	63,158	28,114	11,347	2,932	249,335
Total Loans, net	$92,293	$203,420	$778,476	$2,029,983	$1,143,393	$946,812	$5,194,377
Percentage of loans outstanding	1.8%	3.9%	15.0%	39.1%	22.0%	18.2%	100%

(1)LTV is calculated by dividing the current UPB by the most recent collateral value received. The most recent value for performing loans is often the third-party as-is

valuation utilized during the original underwriting process.

Schedule of Delinquency Information By Portfolio

The table below presents delinquency information on loans, net by portfolio.


(in thousands)	Current	30 - 59 days past due	60+ days past due	Total	Non-Accrual Loans	90+ days past due and Accruing
June 30, 2026
Bridge	$1,021,211	$114,373	$520,635	$1,656,219	$776,497	$7,596
Fixed rate	561,458	3,244	22,765	587,467	22,765	—
Construction	337,299	19,031	47,924	404,254	75,976	—
Freddie Mac	—	7,016	3,945	10,961	3,945	—
SBA - 7(a)	1,427,842	571	48,363	1,476,776	75,916	413
Other	174,844	3,912	2,972	181,728	2,774	—
Total Loans, net	$3,522,654	$148,147	$646,604	$4,317,405	$957,873	$8,009
Percentage of loans outstanding	81.6%	3.4%	15.0%	100%	22.2%	0.2%
December 31, 2025
Bridge	$2,099,318	$358,838	$400,303	$2,858,459	$1,151,022	$—
Fixed rate	621,708	3,279	26,134	651,121	20,738	—
Construction	343,450	1,496	43,096	388,042	62,395	—
Freddie Mac	—	—	3,945	3,945	3,945	—
SBA - 7(a)	971,069	20,669	51,737	1,043,475	84,795	90
Other	239,945	4,817	4,573	249,335	4,229	—
Total Loans, net	$4,275,490	$389,099	$529,788	$5,194,377	$1,327,124	$90
Percentage of loans outstanding	82.3%	7.5%	10.2%	100%	25.5%	—%

Schedule of Geographic and Collateral Type Concentration and Collateral Type Concentration of SBA Loans

The table below presents the geographic concentration of loans, net, secured by real estate.


Geographic Concentration (% of UPB)	June 30, 2026	December 31, 2025
Texas	23.9%	25.8%
California	11.2	12.7
Arizona	10.8	9.2
Florida	6.0	8.9
Washington	5.7	3.1
Georgia	5.2	6.0
New York	4.2	3.7
North Carolina	2.5	2.0
Ohio	2.4	1.8
Oregon	2.2	1.3
Other	25.9	25.5
Total	100%	100%

The table below presents the collateral type concentration of loans, net.


Collateral Concentration (% of UPB)	June 30, 2026	December 31, 2025
Multi-family	44.8%	56.6%
SBA	33.2	20.1
Land	5.5	4.3
Retail	5.0	4.7
Industrial	3.4	4.0
Office	2.7	3.2
Mixed Use	2.3	3.0
Other	3.1	4.1
Total	100%	100%

The table below presents the collateral type concentration of SBA loans within loans, net.


Collateral Concentration (% of UPB)	June 30, 2026	December 31, 2025
Lodging	20.5%	19.3%
Gasoline Service Stations	16.5	13.8
Eating Places	7.0	6.8
Child Day Care Services	4.6	3.9
General Freight Trucking, Local	2.7	3.8
Grocery Stores	2.7	2.2
Car Washes	2.3	1.7
Offices of Physicians	2.1	2.6
Coin-Operated Laundries and Drycleaners	2.0	2.1
Funeral Service & Crematories	0.8	1.1
Other	38.8	42.7
Total	100%	100%

Schedule of Allowance For Loan Losses By Loan Product And Impairment Methodology and Changes In Allowance For Loan Losses

The table below presents the allowance for loan losses by loan product and impairment methodology.


(in thousands)	Bridge	Fixed rate	Construction	SBA - 7(a)	Other	Total
June 30, 2026
General	$18,311	$2,092	$931	$29,235	$1,663	$52,232
Specific	77,700	1,699	21,855	11,884	10,091	123,229
PCD	—	—	75,265	—	—	75,265
Ending balance	$96,011	$3,791	$98,051	$41,119	$11,754	$250,726
December 31, 2025
General	$7,921	$1,749	$587	$28,615	$1,427	$40,299
Specific	72,714	1,596	22,917	10,039	10,091	117,357
PCD	—	—	60,861	—	—	60,861
Ending balance	$80,635	$3,345	$84,365	$38,654	$11,518	$218,517

The table below presents a summary of the changes in the allowance for loan losses.


(in thousands)	Bridge	Fixed rate	Construction	SBA - 7(a)	Other	Total
Three Months Ended June 30, 2026
Beginning balance	$82,828	$3,077	$99,388	$38,835	$11,539	$235,667
Provision for (recoveries of) loan losses	16,738	714	(651)	7,626	215	24,642
Time value of money adjustment	—	—	3,648	—	—	3,648
Charge-offs and sales	(3,555)	—	(4,334)	(5,490)	—	(13,379)
Recoveries	—	—		148	—	148
Ending balance	$96,011	$3,791	$98,051	$41,119	$11,754	$250,726
Three Months Ended June 30, 2025
Beginning balance	$31,049	$9,230	$166,051	$30,035	$2,855	$239,220
Provision for (recoveries of) loan losses	9,661	(3,313)	(834)	3,412	427	9,353
Measurement period adjustment - PCD	—	—	(7,198)	—	—	(7,198)
Charge-offs and sales	—	(802)	(7,882)	(396)	—	(9,080)
Recoveries	—	—	—	284	—	284
Ending balance	$40,710	$5,115	$150,137	$33,335	$3,282	$232,579
Six Months Ended June 30, 2026
Beginning balance	$80,635	$3,345	$84,365	$38,654	$11,518	$218,517
Provision for (recoveries of) loan losses	57,895	446	12,251	12,012	236	82,840
Time value of money adjustment	—	—	6,775	—	—	6,775
Charge-offs and sales	(42,519)	—	(5,340)	(9,893)	—	(57,752)
Recoveries	—	—	—	346	—	346
Ending balance	$96,011	$3,791	$98,051	$41,119	$11,754	$250,726
Six Months Ended June 30, 2025
Beginning balance	$170,445	$5,114	$140,139	$22,087	$2,154	$339,939
Provisions for (recoveries of) loan losses	(129,735)	1,803	9,656	11,500	1,128	(105,648)
PCD(1)	—	—	9,428	—	—	9,428
Charge-offs and sales	—	(1,802)	(9,086)	(622)	—	(11,510)
Recoveries	—	—	—	370	—	370
Ending balance	$40,710	$5,115	$150,137	$33,335	$3,282	$232,579

(1)Includes the impact of a measurement period adjustment related to the UDF IV Merger. Refer to Note 5 for further details on assets acquired and liabilities assumed in

connection with the UDF Merger.

Schedule of Non-Accrual Loans

The table below presents information on non-accrual loans.


(in thousands)	June 30, 2026	December 31, 2025
Non-accrual loans
With an allowance	$904,919	$1,290,859
Without an allowance	52,954	36,265
Total carrying value of non-accrual loans	$957,873	$1,327,124
Allowance for loan losses related to non-accrual loans	$(140,644)	$(133,750)
UPB of non-accrual loans	$1,112,311	$1,466,969

	June 30, 2026	June 30, 2025
Interest income on non-accrual loans for the three months ended	$7,509	$2,198
Interest income on non-accrual loans for the six months ended	$14,618	$6,366

Schedule of Reconciliation of the Company’s Purchase Price with the Par Value of the Purchased Loans

The table below presents a reconciliation

of the Company’s purchase price with the par value of the purchased loans.


(in thousands)	Preliminary Purchase Price Allocation	Measurement Period Adjustments	Updated Purchase Price Allocation
UPB	$200,729	$(37,205)	$163,524
Allowance for credit losses	(16,626)	(36,291)	(52,917)
Non-credit discount	(87,141)	48,456	(38,685)
Purchase price of loans classified as PCD	$96,962	$(25,040)	$71,922