SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| Schedule of Components of Provision (Benefit) for Credit Losses |
| | | | | | | | | | | | | | | | For the three months ended | | For the nine months ended | | | | September 30, | | September 30, | | Components of Provision (Benefit) for Credit Losses (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Provision (benefit) for loan losses(1) | | $ | (18,468) | | $ | — | | $ | (5,410) | | $ | 500 | | Provision (benefit) for risk-sharing obligations | | | 14,236 | | | 949 | | | 26,262 | | | 5,981 | | Provision (benefit) for credit losses | | $ | (4,232) | | $ | 949 | | $ | 20,852 | | $ | 6,481 | |
(1) Refer to NOTE 5 for additional details on the benefit for loan losses.
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| Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents |
| | | | | | | | | | | | | | September 30, | | December 31, | | (in thousands) | 2026 | | 2025 | | 2025 | | 2024 | | Cash and cash equivalents | $ | 183,241 | | $ | 274,828 | | $ | 299,315 | | $ | 279,270 | | Restricted cash | | 22,889 | | | 44,462 | | | 22,772 | | | 25,156 | | Pledged cash and cash equivalents (NOTE 12) | | 25,510 | | | 18,576 | | | 22,288 | | | 23,472 | | Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 231,640 | | $ | 337,866 | | $ | 344,375 | | $ | 327,898 | |
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| Schedule of Net Warehouse Interest Income (Expense) |
| | | | | | | | | | | | | | | | For the three months ended | | For the nine months ended | | (in thousands) | | September 30, | | September 30, | | Components of Net Warehouse Interest Income (Expense) | | 2026 | | 2025 | | 2026 | | 2025 | | Warehouse interest income | | $ | 13,394 | | $ | 14,978 | | $ | 47,658 | | $ | 33,043 | | Warehouse interest expense | | | (12,506) | | | (17,013) | | | (46,376) | | | (37,624) | | Net warehouse interest income (expense) | | $ | 888 | | $ | (2,035) | | $ | 1,282 | | $ | (4,581) | |
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| Schedule of Contracts with Customers |
The following table presents information about the Company’s contracts with customers for the three and nine months ended September 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | For the three months ended | | For the nine months ended | | | | | September 30, | | September 30, | | | Description | | 2026 | | 2025 | | 2026 | | 2025 | | Statement of income line item | Certain loan origination fees | | $ | 41,271 | | $ | 29,436 | | $ | 110,478 | | $ | 77,601 | | Loan origination and debt brokerage fees, net | Property sales broker fees | | | 19,780 | | | 26,546 | | | 45,746 | | | 55,031 | | Property sales broker fees | Investment management fees | | | 8,583 | | | 6,178 | | | 25,716 | | | 23,437 | | Investment management fees | Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues | | | 24,515 | | | 14,303 | | | 66,108 | | | 56,105 | | Other revenues | Total revenues derived from contracts with customers | | $ | 94,149 | | $ | 76,463 | | $ | 248,048 | | $ | 212,174 | | | | | | | | | | | | | | | | | |
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