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Other Assets
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
The following table sets forth the detail of other assets included in the consolidated balance sheets as of December 31, 2025 and December 31, 2024:

December 31, 2025December 31, 2024
($ in thousands)
Investments in Majority-Owned Affiliates
$25,474 $20,680 
Commercial Mortgage Loans, at fair value
5,189 5,214 
CMBS, at fair value
4,703 5,593 
Deferred tax asset3,274 3,457 
Prepaid expenses1,553 1,095 
Loans held for sale1,897 0
Other assets894 879
Total other assets$42,984 $36,918 

Investments in Majority-Owned Affiliates (“MOA”)

The Company has participated in securitization transactions which involved MOAs in which the Company received investments in each case proportional to its share of the unpaid principal balance of the residential whole loans contributed to the securitizations. The purpose of the MOAs is to retain and hold risk retention bonds issued by the securitization trust. Each MOA is a limited liability company and is accounted for as an equity method investment and held at amortized cost and tested for impairment at least annually utilizing undiscounted cash flows of the underlying bonds. See Note 9 — Fair Value Measurements.

Commercial Mortgage Loans

Commercial mortgage loans are measured at fair value. As of December 31, 2025 and December 31, 2024, the cost and unpaid principal balance of the assets was $5.5 million and $5.6 million, with a fair value of $5.2 million and $5.2 million, respectively. The weighted average interest rate was 6.24% with a weighted average maturity of P10Y, as of December 31, 2025. There were no commercial mortgage loans more than 90 days past due or in foreclosure as of December 31, 2025 or December 31, 2024.

Commercial Mortgage Backed Securities

CMBS are held at fair value. As of December 31, 2025 and December 31, 2024, the cost of these assets were $5.4 million and $6.1 million, with a fair value of $4.7 million and $5.6 million, respectively. There was no repurchased debt held against these assets at December 31, 2025 or December 31, 2024.

Loans Held for Sale

As of December 31, 2025, loans held for sale were $1.9 million. Loans held for sale consist of non-performing loans that are classified as held for sale and recorded in other assets. See Note 9 — Fair Value Measurements.