Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of classification, unpaid principal balance, and carrying value of loans held including loans of consolidated VIEs

	December 31, 2023				December 31, 2022
(in thousands)	Carrying Value		UPB		Carrying Value		UPB
Loans
Bridge	$	1,444,770	$	1,448,281	$	2,236,333	$	2,247,173
Fixed rate		247,476		241,674		182,415		175,285
Construction		1,207,783		1,212,526		445,814		448,923
Freddie Mac		9,500		9,719		10,040		9,932
SBA – 7(a)		995,974		1,003,323		491,532		509,672
Other		196,087		198,499		266,702		270,748
Total Loans, before allowance for loan losses	$	4,101,590	$	4,114,022	$	3,632,836	$	3,661,733
Allowance for loan losses	$	(81,430)	$	—	$	(61,037)	$	—
Total Loans, net	$	4,020,160	$	4,114,022	$	3,571,799	$	3,661,733
Loans in consolidated VIEs
Bridge		5,370,251		5,389,535		5,098,539		5,134,790
Fixed rate		790,068		790,967		856,345		856,914
SBA – 7(a)		213,892		227,636		64,226		70,904
Other		257,289		258,029		322,070		322,975
Total Loans, in consolidated VIEs, before allowance for loan losses	$	6,631,500	$	6,666,167	$	6,341,180	$	6,385,583
Allowance for loan losses on loans in consolidated VIEs	$	(20,175)	$	—	$	(29,482)	$	—
Total Loans, net, in consolidated VIEs	$	6,611,325	$	6,666,167	$	6,311,698	$	6,385,583
Loans, held for sale, at fair value
Fixed rate		—		—		60,551		68,280
Freddie Mac		20,955		20,729		13,791		13,611
SBA – 7(a)		59,421		55,769		44,037		41,674
Other		1,223		1,297		5,356		4,414
Total Loans, held for sale, at fair value	$	81,599	$	77,795	$	123,735	$	127,979
Total Loans, net and Loans, held for sale, at fair value	$	10,713,084	$	10,857,984	$	10,007,232	$	10,175,295
Paycheck Protection Program loans
Paycheck Protection Program loans, held-for-investment		34,432		35,637		186,409		196,222
Paycheck Protection Program loans, held at fair value		165		165		576		576
Total Paycheck Protection Program loans	$	34,597	$	35,802	$	186,985	$	196,798
Total Loan portfolio	$	10,747,681	$	10,893,786	$	10,194,217	$	10,372,093

Schedule of summary of the classification, UPB, and carrying value of loans by year of origination

			Carrying Value by Year of Origination
(in thousands)	UPB		2023		2022		2021		2020		2019		Pre 2019		Total
December 31, 2023
Bridge	$	6,837,816	$	323,648	$	2,956,697	$	2,949,521	$	288,647	$	166,266	$	111,303	$	6,796,082
Fixed rate		1,032,641		4,007		110,800		207,510		90,794		318,077		300,642		1,031,830
Construction		1,212,526		108,218		253,100		182,920		73,370		434,151		128,876		1,180,635
Freddie Mac		9,719		—		—		3,810		5,690		—		—		9,500
SBA - 7(a)		1,230,959		151,878		353,871		318,208		115,019		76,080		189,622		1,204,678
Other		456,528		2,599		4,877		18,549		8,708		43,724		374,776		453,233
Total Loans, before general allowance for loan losses	$	10,780,189	$	590,350	$	3,679,345	$	3,680,518	$	582,228	$	1,038,298	$	1,105,219	$	10,675,958
General allowance for loan losses															$	(44,473)
Total Loans, net															$	10,631,485
Gross write-offs			$	100	$	950	$	3,236	$	258	$	360	$	25,731	$	30,635
	UPB		2022		2021		2020		2019		2018		Pre 2018		Total
December 31, 2022
Bridge	$	7,381,963	$	2,942,695	$	3,575,213	$	355,647	$	288,957	$	137,463	$	27,971	$	7,327,946
Fixed rate		1,032,199		96,897		154,077		92,080		343,500		134,666		213,406		1,034,626
Construction		448,923		27,532		—		10,000		348,622		42,651		—		428,805
Freddie Mac		9,932		—		3,891		6,149		—		—		—		10,040
SBA - 7(a)		580,576		110,549		79,946		36,853		77,449		89,085		158,378		552,260
Other		593,723		5,893		17,015		10,393		74,762		13,832		465,635		587,530
Total Loans, before general allowance for loan losses	$	10,047,316	$	3,183,566	$	3,830,142	$	511,122	$	1,133,290	$	417,697	$	865,390	$	9,941,207
General allowance for loan losses															$	(57,710)
Total Loans, net															$	9,883,497

Schedule of delinquency information on loans by year of origination

			Carrying Value by Year of Origination
(in thousands)	UPB		2023		2022		2021		2020		2019		Pre 2019		Total
December 31, 2023
Current	$	9,632,399	$	574,507	$	3,351,046	$	3,409,643	$	495,433	$	881,868	$	875,348	$	9,587,845
30 – 59 days past due		172,355		582		59,988		80,684		510		22,586		7,148		171,498
60+ days past due		975,435		15,261		268,311		190,191		86,285		133,844		222,723		916,615
Total Loans, before general allowance for loan losses	$	10,780,189	$	590,350	$	3,679,345	$	3,680,518	$	582,228	$	1,038,298	$	1,105,219	$	10,675,958
General allowance for loan losses															$	(44,473)
Total Loans, net															$	10,631,485
	UPB		2022		2021		2020		2019		2018		Pre 2018		Total
December 31, 2022
Current	$	9,663,456	$	3,098,103	$	3,826,008	$	500,807	$	1,060,723	$	298,208	$	810,085	$	9,593,934
30 – 59 days past due		111,992		85,403		3,483		1,634		6,654		11,190		1,948		110,312
60+ days past due		271,868		60		651		8,681		65,913		108,299		53,357		236,961
Total Loans, before general allowance for loan losses	$	10,047,316	$	3,183,566	$	3,830,142	$	511,122	$	1,133,290	$	417,697	$	865,390	$	9,941,207
General allowance for loan losses															$	(57,710)
Total Loans, net															$	9,883,497

Schedule of delinquency information on loans, net

(in thousands)	Current		30-59 days past due		60+ days past due		Total		Non-Accrual Loans		90+ days past due and Accruing
December 31, 2023
Bridge	$	6,186,367	$	87,163	$	522,552	$	6,796,082	$	339,073	$	—
Fixed rate		986,755		21,798		23,277		1,031,830		13,928		—
Construction		782,123		49,694		348,818		1,180,635		241,751		82,781
Freddie Mac		9,500		—		—		9,500		2,695		—
SBA – 7(a)		1,179,231		8,619		16,828		1,204,678		30,549		40
Other		443,869		4,224		5,140		453,233		6,005		—
Total Loans, before general allowance for loan losses	$	9,587,845	$	171,498	$	916,615	$	10,675,958	$	634,001	$	82,821
General allowance for loan losses							$	(44,473)
Total Loans, net							$	10,631,485
Percentage of loans outstanding		89.8%		1.6%		8.6%		100%		5.9%		0.8%
December 31, 2022
Bridge	$	7,120,162	$	94,823	$	112,961	$	7,327,946	$	113,360	$	—
Fixed rate		993,832		8,101		32,693		1,034,626		28,719		—
Construction		372,812		—		55,993		428,805		55,993		—
Freddie Mac		6,947		—		3,093		10,040		3,093		—
SBA – 7(a)		541,378		6,690		4,192		552,260		12,790		—
Other		558,803		698		28,029		587,530		27,544		—
Total Loans, before general allowance for loan losses	$	9,593,934	$	110,312	$	236,961	$	9,941,207	$	241,499	$	—
General allowance for loan losses							$	(57,710)
Total Loans, net							$	9,883,497
Percentage of loans outstanding		96.5%		1.1%		2.4%		100%		2.4%		0.0%

Schedule of information on credit quality of loans

	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
December 31, 2023
Bridge	$	2,308	$	97,309	$	756,353	$	5,781,651	$	82,517	$	75,944	$	6,796,082
Fixed rate		5,222		36,021		449,804		517,628		19,965		3,190		1,031,830
Construction		25,173		94,856		532,730		355,631		119,191		53,054		1,180,635
Freddie Mac		—		—		2,995		6,505		—		—		9,500
SBA – 7(a)		10,627		56,061		172,743		404,102		226,327		334,818		1,204,678
Other		127,310		159,386		81,291		68,451		14,124		2,671		453,233
Total Loans, before general allowance for loan losses	$	170,640	$	443,633	$	1,995,916	$	7,133,968	$	462,124	$	469,677	$	10,675,958
General allowance for loan losses													$	(44,473)
Total Loans, net													$	10,631,485
Percentage of loans outstanding		1.6%		4.2%		18.7%		66.8%		4.3%		4.4%
December 31, 2022
Bridge	$	717	$	104,606	$	700,835	$	6,331,353	$	167,521	$	22,914	$	7,327,946
Fixed rate		9,102		35,459		386,040		578,456		17,056		8,513		1,034,626
Construction		10,817		12,910		26,387		349,085		24,142		5,464		428,805
Freddie Mac		—		—		3,056		6,984		—		—		10,040
SBA – 7(a)		7,275		45,366		92,592		189,733		78,577		138,717		552,260
Other		173,720		214,370		115,934		70,124		8,153		5,229		587,530
Total Loans, before general allowance for loan losses	$	201,631	$	412,711	$	1,324,844	$	7,525,735	$	295,449	$	180,837	$	9,941,207
General allowance for loan losses													$	(57,710)
Total Loans, net													$	9,883,497
Percentage of loans outstanding		2.0%		4.2%		13.3%		75.7%		3.0%		1.8%
(1) LTV is calculated by dividing the current carrying amount 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 activity of the allowance for loan losses for loans

.

(in thousands)	Bridge		Fixed Rate		Construction		SBA – 7(a)		Other		Total
Year Ended December 31, 2023
Beginning balance	$	49,905	$	6,531	$	17,334	$	14,299	$	2,450	$	90,519
Provision for (recoveries of) loan losses		(13,045)		8,571		6,363		5,598		1,185		8,672
PCD (1)		—		—		32,862		—		—		32,862
Charge-offs and sales		(619)		(1,504)		(25,689)		(2,217)		(606)		(30,635)
Recoveries		—		—		—		187		—		187
Ending balance	$	36,241	$	13,598	$	30,870	$	17,867	$	3,029	$	101,605
Year Ended December 31, 2022
Beginning balance	$	19,519	$	6,861	$	—	$	12,180	$	6,757	$	45,317
Provision for (recoveries of) loan losses		31,086		(240)		1,362		2,971		(4,225)		30,954
PCD (2)		—		—		15,972		—		—		15,972
Charge-offs and sales		(700)		(90)		—		(1,536)		(82)		(2,408)
Recoveries		—		—		—		684		—		684
Ending balance	$	49,905	$	6,531	$	17,334	$	14,299	$	2,450	$	90,519
(1) Includes impact of measurement period adjustment related to the Broadmark Merger. See Note 5 for further details on assets acquired and liabilities assumed in connection with the Broadmark Merger.
(2) Includes impact of measurement period adjustment related to the Mosaic Mergers. See Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers.

Schedule of reconciliation between unpaid principal balance of credit deteriorated loans acquired and purchase price

(in thousands)	Preliminary Purchase Price Allocation		Measurement Period Adjustments		Updated Purchase Price Allocation
UPB	$	244,932	$	38,750	$	283,682
Allowance for credit losses		(27,617)		(5,245)		(32,862)
Non-credit discount		(6,035)		(3,342)		(9,377)
Purchase price of loans classified as PCD	$	211,280	$	30,163	$	241,443

Non-accrual loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of non-accrual loans

(in thousands)	December 31, 2023		December 31, 2022
Non-accrual loans
With an allowance	$	607,292	$	197,101
Without an allowance		26,709		44,398
Total recorded carrying value of non-accrual loans	$	634,001	$	241,499
Allowance for loan losses related to non-accrual loans	$	(50,796)	$	(32,809)
UPB of non-accrual loans	$	688,282	$	277,095
Interest income on non-accrual loans for the year ended	$	12,282	$	5,721

Geographical concentration

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of concentration risk of loans secured by real estate

Geographic Concentration (% of UPB)	December 31, 2023		December 31, 2022
Texas	18.6	%	20.2	%
California	11.4		11.1
Georgia	7.1		7.6
Florida	6.4		6.3
Arizona	6.1		6.8
Oregon	5.9		4.4
New York	4.8		5.5
North Carolina	4.1		4.2
Illinois	3.7		3.9
Washington	3.4		1.6
Other	28.5		28.4
Total	100.0	%	100.0	%

Collateral concentration

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of concentration risk of loans secured by real estate

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

Collateral Concentration (% of UPB)	December 31, 2023		December 31, 2022
Multi-family	60.9	%	67.0	%
SBA	11.4		5.8
Mixed Use	8.4		8.1
Office	4.4		4.9
Industrial	4.3		5.0
Retail	4.3		5.5
Lodging	1.6		1.6
Other	4.7		2.1
Total	100.0	%	100.0	%

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

Collateral Concentration (% of UPB)	December 31, 2023		December 31, 2022
Lodging	23.4	%	14.6	%
Gasoline Service Stations	12.8		2.5
Eating Places	6.2		3.7
Child Day Care Services	5.6		5.7
Offices of Physicians	4.1		7.5
General Freight Trucking, Local	3.5		2.5
Grocery Stores	2.3		1.6
Coin-Operated Laundries and Drycleaners	1.9		0.8
Funeral Service & Crematories	1.4		1.2
Beer, Wine, and Liquor Stores	1.3		1.0
Other	37.5		58.9
Total	100.0	%	100.0	%