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INDEMNIFIED AND REPURCHASED LOANS (Tables)

12 Months Ended

Dec. 31, 2025

INDEMNIFIED AND REPURCHASED LOANS

Schedule of indemnified and repurchased loans and their location


	As of December 31,
Other Assets Related to Indemnified and Repurchased Loans (in thousands)	2025			2024
Other Assets
Loans held for investment
Indemnified loans	$	46,253		$	24,617
Repurchased loans		36,926			12,309
Allowance for loan losses		(5,410)			(4,060)
Loans held for investment, net	$	77,769		$	32,866
OREO		14,756			14,756
Other asset, net		24,124			25,524
Total other assets related to indemnified and repurchased loans	$	116,649		$	73,146

Other Liabilities Related to Indemnified and Repurchased Loans (in thousands)
Secured borrowings	$	83,402		$	59,441
Indemnification reserves ⁽¹⁾		23,920			5,527
Total other liabilities related to indemnified and repurchased loans	$	107,322		$	64,968

(1)

NOTE 2 contains information about the nature of these reserves.

Schedule of maximum expected future payments


	As of December 31,
Maximum Expected Future Payments (in thousands)	2025			2024
Secured Borrowings	$	83,402		$	59,441
Collateral for Secured borrowings ⁽¹⁾		(22,668)			(12,538)
Total	$	60,734		$	46,903

(1)

Collateral for secured borrowings is included in Receivables, net on the Consolidated Balance Sheets.

Schedule of indemnified and repurchased loan expenses


	For the year ended December 31,
Impact of Indemnified and Repurchased Loans (in thousands)	2025			2024
Initial loan repurchase costs	$	8,318		$	7,041
Indemnified and repurchased loan operating costs		12,440			3,532
Expected principal losses on loan repurchase ("loan repurchase losses")		20,092			—
Indemnified and repurchased loan expenses	$	40,850		$	10,573

Provision (benefit) for loan losses — Indemnified Loans ⁽¹⁾	$	199		$	11,860
Total impact of indemnified and repurchased loans	$	41,049		$	22,433

(1)

Included as a component of Provision (benefit) for credit losses in the Consolidated Statements of Income.

Schedule of portion of the indemnified and repurchased loans on nonaccrual status


	As of December 31,
Non-accrual Loans (in thousands)	2025			2024
Loans held for investment UPB	$	48,630		$	36,926
Cost basis and fair value adjustments, net		1,331			—
Allowance for loan losses		(5,410)			(4,060)
Non-accrual Loans, net	$	44,551		$	32,866