BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

At December 31, 2025 and December 31, 2024, the Company had borrowings composed of the following:

	December 31, 2025						December 31, 2024
	Commitments		Borrowings Outstanding		Weighted Avg Interest Rate		Commitments		Borrowings Outstanding		Weighted Avg Interest Rate
Bank Borrowings1:
NMS Webster Note2	$	—	$	—	—	%	$	54,871	$	32,688	7.30	%
NMS Goldman Facility3	95,000		88,352		9.42	%	—		—		—	%
SPV I Capital One Facility	100,000		16,085		6.59	%	60,000		21,192		7.22	%
SPV II Deutsche Bank Facility	170,000		169,146		7.32	%	120,000		54,036		7.57	%
SPV III One Florida Bank Facility	35,000		33,259		7.75	%	30,000		23,011		8.50	%
FHLB Advances	14,000		7,349		2.75	%	20,000		15,330		2.19	%
Parent Company Notes1:
2025 Notes4	—		—		5.00	%	30,000		29,913		5.00	%
2026 Notes5,6	95,000		95,000		5.50	%	115,000		114,282		5.50	%
2027 Notes7	50,000		49,967		8.125	%	50,000		49,944		8.125	%
2028 Notes	40,000		39,073		8.00	%	40,000		38,726		8.00	%
2029 Notes	71,808		70,066		8.50	%	71,875		69,622		8.50	%
2029 Notes	75,000		73,150		8.625	%	75,000		72,662		8.625	%
2030 Notes5,8	52,000		51,391		8.375	%	—		—		—	%
Notes payable - Securitization Trusts1	128,827		127,050		6.42	%	189,231		186,635		7.32	%
Total borrowings	$	926,635	$	819,888	7.53	%	$	855,977	$	708,041	7.22	%

Outstanding borrowings that are presented net of deferred financing costs, which include the bank borrowings, the Parent Company Notes, and the Notes payable - Securitization Trusts, consisted of the following:

	December 31, 2025						December 31, 2024
	Principal balance		Unamortized deferred financing costs		Net carrying amount1		Principal balance		Unamortized deferred financing costs		Net carrying amount1
Bank Borrowings:
NMS Webster Note2	$	—	$	—	$	—	$	32,894	$	(206)	$	32,688
NMS Goldman Facility3	89,775		(1,423)		88,352		—		—		—
SPV I Capital One Facility	16,600		(515)		16,085		21,300		(108)		21,192
SPV II Deutsche Bank Facility	169,791		(645)		169,146		54,800		(764)		54,036
SPV III One Florida Bank Facility	33,300		(41)		33,259		23,075		(64)		23,011
Parent Company Notes:
2025 Notes (5.00%)4	—		—		—		30,000		(87)		29,913
2026 Notes (5.50%)5	95,000		—		95,000		115,000		(718)		114,282
2027 Notes (8.125%)6	50,000		(33)		49,967		50,000		(56)		49,944
2028 Notes (8.00%)	40,000		(927)		39,073		40,000		(1,274)		38,726
2029 Notes (8.50%)	71,808		(1,742)		70,066		71,875		(2,253)		69,622
2029 Notes (8.625%)	75,000		(1,850)		73,150		75,000		(2,338)		72,662
2030 Notes (8.375%)5,7	52,000		(609)		51,391		—		—		—
Notes Payable - Securitization Trusts1	128,828		(1,778)		127,050		189,231		(2,596)		186,635

1    Net of deferred financing costs.

2     On September 26, 2025, the NMS Webster Note was repaid in full. Refer to more detailed information below.

3    On September 26, 2025, NMS entered into the Goldman Facility. Refer to more detailed information below.

4    On March 31, 2025, the 2025 5.00% Notes matured.

5    On October 21, 2025, the Company entered into agreements with two institutional investors that were existing holders of the Company’s 2026 Notes to exchange $20.0 million in total principal amount of the Company’s 2026 Notes held by such investors for an equal principal amount of the Company’s 2030 Notes. One of the investors also agreed to purchase

$2.0 million in newly issued additional principal amount of the Company’s 2030 Notes. The transactions were conducted pursuant to exemptions from the registration requirements of the Securities Act. On February 1, 2026, the 2026 Notes matured. See “NOTE 24—SUBSEQUENT EVENTS - Exchange of 2026 Notes for 2031 Notes and Repayment of 2026 Notes” for additional information.

6    Effective December 11, 2024, the Company entered into the Amendment and Exchange Agreements with each of the holders of the 2025 8.125% Notes, pursuant to which the Company and the holders of the 2025 8.125% Notes agreed to exchange the 2025 8.125% Notes for the 2027 Notes, effecting amendments solely to (i) extend the February 1, 2025 maturity date of the 2025 8.125% Notes to the new maturity date of February 1, 2027 (the “New Maturity Date”) and (ii) provide that the 2027 Notes will be redeemable in whole, but not in part, at any time, at the option of the Company, from November 1, 2026 to the New Maturity Date, at a redemption price of 100% of the outstanding principal amount being redeemed plus any accrued but unpaid interest, to but excluding the redemption date.

7    On March 19, 2025, the Company closed an exempt offering of $30.0 million in aggregate principal amount of its 2030 Notes. The 2030 Notes bear interest at a rate of 8.375% per year payable semiannually on April 1 and October 1 each year, beginning October 1, 2025.

Schedule of debt interest expense

Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the years ended December 31, 2025, 2024 and 2023 were as follows:

	Year Ended December 31,
	2025		2024		2023
Total interest expense	$	56,636	$	52,423	$51,890

Schedule of maturities of long-term debt

Total expected principal repayments on the Company’s borrowings for the next five fiscal years and thereafter are as follows:

Year Ending December 31,	Borrowings
2026	$	97,989
2027	225,932
2028	90,777
2029	147,675
2030	138,251
Thereafter	128,828
	$	829,452