SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Components of Provision (Benefit) for Credit Losses

Components of Provision (Benefit) for Credit Losses (in thousands)	2025		2024		2023
Provision (benefit) for loan losses	$	199	$	11,813	$	(4)
Provision (benefit) for risk-sharing obligations		9,387		(974)		(10,448)
Provision (benefit) for credit losses	$	9,586	$	10,839	$	(10,452)

Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

(in thousands)	2025		2024		2023		2022
Cash and cash equivalents	$	299,315	$	279,270	$	328,698	$	225,949
Restricted cash		22,772		25,156		21,422		17,676
Pledged cash and cash equivalents (NOTE 12)		22,288		23,472		41,283		14,658
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	344,375	$	327,898	$	391,403	$	258,283

Schedule of Net Warehouse Interest Income (Expense)

(in thousands)	For the year ended December 31,
Components of Net Warehouse Interest Income (Expense)	2025		2024		2023
Warehouse interest income	$	56,212	$	40,058	$	44,705
Warehouse interest expense		(61,702)		(47,091)		(50,338)
Net warehouse interest income (expense)	$	(5,490)	$	(7,033)	$	(5,633)

Schedule of Contracts with Customers

Description	2025		2024		2023		Statement of income line item
Certain loan origination fees	$	125,922	$	99,828	$	71,445	Loan origination and debt brokerage fees, net
Property sales broker fees		83,519		60,583		53,966	Property sales broker fees
Investment management fees		34,629		36,976		45,381	Investment management fees
Investment banking revenues, appraisal revenues, subscription revenues, syndication fees, and other revenues		75,894		67,991		87,417	Other revenues
Total revenues derived from contracts with customers	$	319,964	$	265,378	$	258,209

Summary of Expected Impact of Recently Announced Accounting Pronouncements

Standard	Description	Date of Adoption
2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	Requires disaggregation of expense categories within an entity’s statement of income	January 1, 2027
2025-05-Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets	Introduces a practical expedient for measuring credit losses for accounts receivable under Topic 326.	January 1, 2026
2025-06-Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	Clarifies the starting point for capitalization of software costs.	January 1, 2028
2025-08-Financial Instruments-Credit Losses (Topic 326): Purchased Loans	Requires the gross-up approach for seasoned acquired financial assets similar to the accounting for purchased credit deteriorated financial assets.	January 1, 2027
2025-09-Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	Addresses hedge accounting issues that will allow entities to achieve and maintain hedge accounting.	January 1, 2028
2025-11-Interim Reporting (Topic 270): Narrow-Scope Improvements	Clarifies interim disclosure requirements by providing a comprehensive list of required interim disclosures.	January 1, 2028