CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 86,163	$ 29,289
Restricted cash ($1,108 related to consolidated VIEs as of December 31, 2025)	48,169	37,868
Loans held for investment ($138,950 related to consolidated VIEs as of December 31, 2025)	1,629,366	1,528,806
Current expected credit loss reserve	(136,830)	(125,756)
Loans held for investment, net of current expected credit loss reserve	1,492,536	1,403,050
Unfunded comments, held for sale	60,544	0
Real estate owned held for investment, net ($52,634 related to consolidated VIEs as of December 31, 2025)	76,848	130,165
Real estate owned held for sale	53,110	0
Other assets ($76 of interest receivable related to consolidated VIEs as of December 31, 2025)	18,934	17,770
Total assets	1,836,304	1,618,142
LIABILITIES
Secured funding agreements	1,182,096	858,176
Secured term loan	89,538	89,360
Collateralized loan obligation securitization debt (consolidated VIEs)	0	99,921
Due to affiliate	4,085	4,061
Dividends payable	8,442	8,442
Other liabilities ($257 of interest payable related to consolidated VIEs as of December 31, 2025)	59,725	48,614
Total liabilities	1,343,886	1,108,574
Commitments and contingencies (Note 7)
STOCKHOLDERS' EQUITY
Common stock, par value $0.01 per share, 450,000,000 shares authorized at March 31, 2026 and December 31, 2025 and 55,367,672 and 55,026,453 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	532	532
Additional paid-in capital	821,724	820,827
Accumulated earnings (deficit)	(329,838)	(311,791)
Total stockholders' equity	492,418	509,568
Total liabilities and stockholders' equity	$ 1,836,304	$ 1,618,142