CURRENT EXPECTED CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2026

Credit Loss [Abstract]

Schedule of Financing Receivable, Allowance for Credit Loss

Activity related to the CECL Reserve for outstanding balances on the Company’s loans held for investment as of and for the three months ended March 31, 2026 was as follows ($ in thousands):

Balance at December 31, 2025 (1)	$	125,756
Provision for (reversal of) current expected credit losses, net	11,074
Balance at March 31, 2026 (1)	$	136,830

__________________________

(1)The CECL Reserve related to outstanding balances on loans held for investment is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

Current Expected Credit Loss Reserve for Unfunded Loan Commitments    

Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held for investment as of and for the three months ended March 31, 2026 was as follows ($ in thousands):

Balance at December 31, 2025 (1)	$	1,380
Provision for (reversal of) current expected credit losses, net	64
Balance at March 31, 2026 (1)	$	1,444

__________________________

(1)The CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in the Company’s consolidated balance sheets.

Schedule of Company Loan Risk Definitions

Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:

Ratings	Definition
1	Very Low Risk
2	Low Risk
3	Medium Risk
4	High Risk/Potential for Loss: Asset performance is trailing underwritten expectations. Loan at risk of impairment without material improvement to performance
5	Impaired/Loss Likely: A loan that has a significantly increased probability of default and principal loss

Schedule of Financing Receivable Credit Quality Indicators

As of March 31, 2026, the Carrying Value of the Company’s loans held for investment within each risk rating by year of origination is as follows ($ in thousands):

	2026		2025		2024		2023		2022		Prior		Total
Risk rating:
1	$	—	$	—	$	—	$	—	$	—	$	13,741	$	13,741
2	—		—		—		102,674		195,144		92,805		390,623
3	181,535		453,897		—		11,438		53,933		230,517		931,320
4	—		—		—		—		136,459		19,274		155,733
5	—		—		—		—		—		137,949		137,949
Total	$	181,535	$	453,897	$	—	$	114,112	$	385,536	$	494,286	$	1,629,366