Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

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

	March 31, 2024				December 31, 2023
(in thousands)	Carrying Value		UPB		Carrying Value		UPB
Loans
Bridge	$	1,180,936	$	1,184,751	$	1,444,770	$	1,448,281
Fixed rate		192,216		190,017		247,476		241,674
Construction		902,301		904,162		1,207,783		1,212,526
Freddie Mac		—		—		9,500		9,719
SBA - 7(a)		1,004,680		1,012,504		995,974		1,003,323
Other		174,287		176,328		196,087		198,499
Total Loans, before allowance for loan losses	$	3,454,420	$	3,467,762	$	4,101,590	$	4,114,022
Allowance for loan losses	$	(53,939)	$	—	$	(81,430)	$	—
Total Loans, net	$	3,400,481	$	3,467,762	$	4,020,160	$	4,114,022
Loans in consolidated VIEs
Bridge		5,118,769		5,133,800		5,370,251		5,389,535
Fixed rate		784,290		783,420		790,068		790,967
SBA - 7(a)		208,405		221,402		213,892		227,636
Other		244,704		245,493		257,289		258,029
Total Loans, in consolidated VIEs, before allowance for loan losses	$	6,356,168	$	6,384,115	$	6,631,500	$	6,666,167
Allowance for loan losses on loans in consolidated VIEs	$	(13,484)	$	—	$	(20,175)	$	—
Total Loans, net, in consolidated VIEs	$	6,342,684	$	6,384,115	$	6,611,325	$	6,666,167
Loans, held for sale
Bridge		160,786		251,375		—		—
Fixed rate		43,265		45,931		—		—
Construction		270,519		314,010		—		—
Freddie Mac		15,160		15,356		20,955		20,729
SBA - 7(a)		74,019		68,720		59,421		55,769
Other		20,323		20,110		1,223		1,297
Total Loans, held for sale	$	584,072	$	715,502	$	81,599	$	77,795
Loans, held for sale in consolidated VIEs
Bridge		10,973		19,173		—		—
Total Loans, held for sale in consolidated VIEs	$	10,973	$	19,173	$	—	$	—
Total	$	10,338,210	$	10,586,552	$	10,713,084	$	10,857,984

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		2024		2023		2022		2021		2020		Pre 2020		Total
March 31, 2024
Bridge	$	6,318,551	$	86,682	$	290,638	$	2,775,887	$	2,817,308	$	206,891	$	119,945	$	6,297,351
Fixed rate		973,437		—		4,007		110,737		181,596		90,433		588,440		975,213
Construction		904,162		—		111,323		138,755		138,497		47,469		454,388		890,432
SBA - 7(a)		1,233,906		44,096		150,457		348,424		302,761		111,453		249,911		1,207,102
Other		421,821		6,337		2,806		4,832		11,813		8,654		384,498		418,940
Total Loans, before general allowance for loan losses	$	9,851,877	$	137,115	$	559,231	$	3,378,635	$	3,451,975	$	464,900	$	1,797,182	$	9,789,038
General allowance for loan losses															$	(45,873)
Total Loans, net															$	9,743,165
Gross write-offs			$	—	$	494	$	873	$	35	$	201	$	4,150	$	5,753
	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

Schedule of delinquency information on loans by year of origination

			Carrying Value by Year of Origination
(in thousands)	UPB		2024		2023		2022		2021		2020		Pre 2020		Total
March 31, 2024
Current	$	9,014,343	$	137,108	$	540,691	$	3,116,363	$	3,060,184	$	413,838	$	1,708,790	$	8,976,974
30 - 59 days past due		199,535		7		3,490		141,674		38,498		1,650		11,781		197,100
60+ days past due		637,999		—		15,050		120,598		353,293		49,412		76,611		614,964
Total Loans, before general allowance for loan losses	$	9,851,877	$	137,115	$	559,231	$	3,378,635	$	3,451,975	$	464,900	$	1,797,182	$	9,789,038
General allowance for loan losses															$	(45,873)
Total Loans, net															$	9,743,165
	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

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
March 31, 2024
Bridge	$	5,705,330	$	139,459	$	452,562	$	6,297,351	$	306,049	$	—
Fixed rate		952,931		—		22,282		975,213		22,283		—
Construction		730,640		31,891		127,901		890,432		76,861		48,956
SBA - 7(a)		1,173,270		25,448		8,384		1,207,102		36,190		—
Other		414,803		302		3,835		418,940		14,335		—
Total Loans, before general allowance for loan losses	$	8,976,974	$	197,100	$	614,964	$	9,789,038	$	455,718	$	48,956
General allowance for loan losses							$	(45,873)
Total Loans, net							$	9,743,165
Percentage of loans outstanding		91.7%		2.0%		6.3%		100%		4.7%		0.5%
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%

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
March 31, 2024
Bridge	$	2,259	$	102,161	$	700,851	$	5,353,476	$	108,534	$	30,070	$	6,297,351
Fixed rate		4,231		32,393		441,069		476,391		19,833		1,296		975,213
Construction		15,292		25,152		128,515		572,255		95,989		53,229		890,432
SBA - 7(a)		12,165		72,245		225,117		361,900		229,108		306,567		1,207,102
Other		117,819		144,546		76,557		63,569		5,107		11,342		418,940
Total Loans, before general allowance for loan losses	$	151,766	$	376,497	$	1,572,109	$	6,827,591	$	458,571	$	402,504	$	9,789,038
General allowance for loan losses													$	(45,873)
Total Loans, net													$	9,743,165
Percentage of loans outstanding		1.6%		3.8%		16.1%		69.7%		4.7%		4.1%
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%
(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
March 31, 2024
General	$	10,827	$	5,971	$	11,886	$	14,596	$	2,593	$	45,873
Specific		2,354		1,293		690		5,983		51		10,371
PCD		—		—		11,179		—		—		11,179
Ending balance	$	13,181	$	7,264	$	23,755	$	20,579	$	2,644	$	67,423
December 31, 2023
General	$	17,302	$	7,884	$	3,722	$	12,679	$	2,886	$	44,473
Specific		18,939		5,714		5,726		5,188		143		35,710
PCD		—		—		21,422		—		—		21,422
Ending balance	$	36,241	$	13,598	$	30,870	$	17,867	$	3,029	$	101,605

(in thousands)	Bridge		Fixed Rate		Construction		SBA - 7(a)		Other		Total
Three Months Ended March 31, 2024
Beginning balance	$	36,241	$	13,598	$	30,870	$	17,867	$	3,029	$	101,605
Provision for (recoveries of) loan losses		(23,060)		(3,705)		(5,636)		4,163		(319)		(28,557)
Charge-offs and sales		—		(2,629)		(1,479)		(1,579)		(66)		(5,753)
Recoveries		—		—		—		128		—		128
Ending balance	$	13,181	$	7,264	$	23,755	$	20,579	$	2,644	$	67,423
Three Months Ended March 31, 2023
Beginning balance	$	49,905	$	6,531	$	17,334	$	14,299	$	2,450	$	90,519
Provision for (recoveries of) loan losses		(8,975)		2,654		(63)		1,395		443		(4,546)
Charge-offs and sales		(611)		(100)		(16,898)		(613)		—		(18,222)
Recoveries		—		—		—		29		—		29
Ending balance	$	40,319	$	9,085	$	373	$	15,110	$	2,893	$	67,780

Schedule of reconciliation between purchase price with par value of purchased loans

(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)	March 31, 2024		December 31, 2023
Non-accrual loans
With an allowance	$	429,080	$	607,292
Without an allowance		26,638		26,709
Total recorded carrying value of non-accrual loans	$	455,718	$	634,001
Allowance for loan losses related to non-accrual loans	$	(22,075)	$	(50,796)
UPB of non-accrual loans	$	481,839	$	688,282
	March 31, 2024		March 31, 2023
Interest income on non-accrual loans for the three months ended	$	3,052	$	817

Geographical concentration

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

Schedule of concentration risk of loans secured by real estate

Geographic Concentration (% of UPB)	March 31, 2024		December 31, 2023
Texas	19.0	%	18.6	%
California	11.8		11.4
Florida	7.0		6.4
Georgia	6.8		7.1
Arizona	6.7		6.1
Oregon	6.3		5.9
New York	4.7		4.8
North Carolina	4.4		4.1
Ohio	3.5		3.2
Washington	3.1		3.4
Other	26.7		29.0
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)	March 31, 2024		December 31, 2023
Multi-family	62.4	%	60.9	%
SBA	12.5		11.4
Mixed Use	8.4		8.4
Industrial	5.3		4.3
Retail	4.0		4.3
Office	3.4		4.4
Lodging	1.4		1.6
Other	2.6		4.7
Total	100.0	%	100.0	%

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

Collateral Concentration (% of UPB)	March 31, 2024		December 31, 2023
Lodging	23.1	%	23.4	%
Gasoline Service Stations	13.0		12.8
Eating Places	6.3		6.2
Child Day Care Services	5.6		5.6
Offices of Physicians	4.0		4.1
General Freight Trucking, Local	3.3		3.5
Grocery Stores	2.3		2.3
Coin-Operated Laundries and Drycleaners	1.9		1.9
Beer, Wine, and Liquor Stores	1.4		1.3
Funeral Service & Crematories	1.3		1.4
Other	37.8		37.5
Total	100.0	%	100.0	%