Velocity Financial (VEL) 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	VEL
Entity Registrant Name	Velocity Financial, Inc.
Entity Central Index Key	0001692376
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		20,087,494
Entity File Number	001-39183
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0659719
Entity Address, Address Line One	30699 Russell Ranch Road
Entity Address, Address Line Two	Suite 295
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91362
City Area Code	818
Local Phone Number	532-3700
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 9,803	$ 21,465
Restricted cash	6,735	6,087
Loans held for sale, net	212,344	214,467
Loans held for investment, net	1,861,819	1,863,360
Loans held for investment, at fair value	2,956	2,960
Total loans, net	2,077,119	2,080,787
Accrued interest receivables	17,793	13,295
Receivables due from servicers	36,028	49,659
Other receivables	4,609	4,778
Real estate owned, net	15,648	13,068
Property and equipment, net	4,718	4,680
Net deferred tax asset	5,556	8,280
Other assets	9,042	12,667
Total assets	2,187,051	2,214,766
LIABILITIES
Accounts payable and accrued expenses	55,938	56,146
Secured financing, net	74,571	145,599
Securitizations, net	1,599,719	1,438,629
Warehouse repurchase facilities, net	160,796	421,548
Total liabilities	1,891,024	2,061,922
Commitments and contingencies
STOCKHOLDERS' / MEMBERS' EQUITY
Preferred stock ($0.01 par value, 25,000,000 shares authorized; 45,000 issued and outstanding as reflected in Mezzanine Equity)
Common stock ($0.01 par value, 100,000,000 shares authorized; 20,087,494 shares issued and outstanding at June 30, 2020, none issued and outstanding at December 31, 2019)	201
Additional paid-in capital	203,685
Retained earnings	2,141
Members’ equity (at December 31, 2019)		152,844
Total stockholders' / members’ equity	206,027	152,844
Total liabilities, mezzanine equity and stockholders' / members’ equity	2,187,051	$ 2,214,766
Series A Preferred Stock [Member]
MEZZANINE EQUITY
Series A Convertible preferred stock (45,000 shares designated, $0.01 par value; 45,000 shares issued and outstanding)	$ 90,000

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	45,000	45,000
Preferred stock, shares outstanding	45,000	45,000
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	20,087,494	0
Common stock, shares, outstanding	20,087,494	0
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Convertible preferred stock shares designated	45,000	45,000
Convertible preferred stock par value per share	$ 0.01	$ 0.01
Convertible preferred shares issued	45,000	45,000
Convertible preferred shares outstanding	45,000	45,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Interest income	$ 39,755	$ 36,884	$ 84,391	$ 73,028
Interest expense — portfolio related	21,189	20,324	44,036	39,387
Net interest income — portfolio related	18,566	16,560	40,355	33,641
Interest expense — corporate debt	1,894	3,353	8,237	6,706
Net interest income	16,672	13,207	32,118	26,935
Provision for loan losses	1,800	212	3,088	560
Net interest income after provision for loan losses	14,872	12,995	29,030	26,375
Other operating income
Gain on disposition of loans	155	863	2,772	2,858
Unrealized gain (loss) on fair value loans	(13)	(25)	32	(34)
Other income (expense)	(1,481)	(530)	(2,524)	(796)
Total other operating (expense) income	(1,339)	308	280	2,028
Operating expenses
Compensation and employee benefits	5,863	3,800	10,904	7,806
Rent and occupancy	448	399	903	736
Loan servicing	1,754	1,551	3,658	3,006
Professional fees	588	534	1,772	1,190
Real estate owned, net	408	561	1,542	862
Other operating expenses	1,847	1,479	4,180	3,223
Total operating expenses	10,908	8,324	22,959	16,823
Income before income taxes	2,625	4,979	6,351	11,580
Income tax expense	484	1,444	1,631	3,350
Net income	2,141	$ 3,535	4,720	$ 8,230
Less deemed dividends on preferred stock	48,955		48,955
Net loss allocated to common shareholders	$ (46,814)		$ (44,235)
Loss per common share
Basic	$ (2.33)		$ (2.20)
Diluted	$ (2.33)		$ (2.20)
Weighted average common share outstanding
Basic	20,087		20,087
Diluted	20,087		20,087

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' / MEMBERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	Class A equity units	Class D equity units	Members' Equity	Members' EquityClass C	Members' EquityClass A equity units	Members' EquityClass D equity units	Common Stock	Common Stock, Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2018						$ 136,800
Liquidation preference return							$ (463)
Net income						4,695
Ending balance at Mar. 31, 2019						141,032
Beginning balance at Dec. 31, 2018						136,800
Net income		$ 8,230
Ending balance at Jun. 30, 2019						144,096
Beginning balance at Mar. 31, 2019						141,032
Liquidation preference return							$ (471)
Net income		3,535				3,535
Ending balance at Jun. 30, 2019						144,096
Beginning balance at Dec. 31, 2019		152,844				152,844
Cumulative effect of change in accounting principle	[1]		$ (96)										$ (96)
Conversion				$ (92,650)	$ (60,194)			$ (92,650)	$ (60,194)
Issuance of common stock		247,740								$ 201	$ 247,539
Issuance of common stock, shares										20,087,494
Stock-based compensation		207									207
Net income		2,579										$ 2,579
Ending balance at Mar. 31, 2020		250,430								$ 201	247,746	2,483
Ending balance at Mar. 31, 2020										20,087,494
Beginning balance at Dec. 31, 2019		152,844				$ 152,844
Net income		4,720
Ending balance at Jun. 30, 2020		206,027								$ 201	203,685	2,141
Ending balance at Jun. 30, 2020										20,087,494
Beginning balance at Mar. 31, 2020		250,430								$ 201	247,746	2,483
Beginning balance at Mar. 31, 2020										20,087,494
Deemed dividends-convertible preferred stock		(48,955)									(46,472)	(2,483)
Issuance of warrants		2,158									2,158
Stock-based compensation		253									253
Net income		2,141										2,141
Ending balance at Jun. 30, 2020		$ 206,027								$ 201	$ 203,685	$ 2,141
Ending balance at Jun. 30, 2020										20,087,494
[1]	Impact due to adoption of ASU 2016-13, "Measurement of Credit Losses on Financial Instruments", and related amendments on January 1, 2020.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 4,720	$ 8,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	606	671
Amortization of right-of-use assets	609	569
Provision for loan losses	3,088	560
Origination of loans held for sale	(96,064)	(120,373)
Proceeds from sales of loans held for sale	80,858	121,456
Purchase of held for sale loans	(203)	(6,362)
Repayments on loans held for sale	18,843	4,270
Net accretion of discount on purchased loans and deferred loan origination costs	2,265	2,169
Provision for uncollectible borrower advances	174	24
Gain on disposition of loans	(2,772)	(2,858)
Amortization of debt issuance discount and costs	8,862	4,573
Loss on disposal of property and equipment	38	6
Change in valuation of real estate owned	1,216	377
Change in valuation of fair value loans	(32)	34
Change in valuation of held for sale loans	961	(68)
Gain on sale of real estate owned	(395)	(156)
Stock-based compensation	460
Net deferred tax benefit	2,765	(2,711)
(Increase) decrease in operating assets and liabilities:
Accrued interest and other receivables	(4,440)	4,985
Other assets	(975)	(11,470)
Accounts payable and accrued expenses	3,156	5,279
Net cash provided by operating activities	23,740	9,205
Cash flows from investing activities:
Purchase of loans held for investment	(3,571)	(9,146)
Origination of loans held for investment	(153,600)	(296,132)
Payoffs of loans held for investment and loans at fair value	163,998	178,344
Proceeds from sale of real estate owned	2,827	1,843
Capitalized real estate owned improvements	(347)	(709)
Change in advances	(2,554)	(327)
Change in impounds and deposits	(3,367)	(1,633)
Purchase of property and equipment	(682)	(189)
Net cash provided by (used in) investing activities	2,704	(127,949)
Cash flows from financing activities:
Warehouse repurchase facilities advances	250,416	379,399
Warehouse repurchase facilities repayments	(511,664)	(315,414)
Repayment of secured financing	(75,000)
Proceeds of securitizations, net	341,926	235,535
Repayment of securitizations	(179,968)	(178,269)
Debt issuance costs	(5,268)	(3,537)
Net proceeds from issuance of preferred stock	41,045
Proceeds from issuance of warrants	2,158
Issuance of common stock	100,800
IPO deal costs	(1,903)
Net cash (used in) provided by financing activities	(37,458)	117,714
Net decrease in cash, cash equivalents, and restricted cash	(11,014)	(1,030)
Cash, cash equivalents, and restricted cash at beginning of period	27,552	16,677
Cash, cash equivalents, and restricted cash at end of period	16,538	15,647
Supplemental cash flow information:
Cash paid during the period for interest	42,824	40,675
Cash paid during the period for income taxes	38	12,485
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to real estate owned	5,380	8,337
Deferred IPO costs charged against additional paid-in capital	(4,000)
Discount (premium) on issuance of securitizations	$ 3,126	45
Class C Preferred Units
Noncash transactions from investing and financing activities:
Return paid-in-kind on preferred units		934
Class D Preferred Units
Noncash transactions from investing and financing activities:
Return paid-in-kind on preferred units		$ 6,757

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization And Description of Business	Note 1 — Organization and Description of Business Velocity Financial, LLC (VF or the Company) was a Delaware limited liability company formed on July 9, 2012 for the purpose of acquiring all membership units in Velocity Commercial Capital, LLC (VCC). On January 16, 2020, Upon completion of the conversion, Velocity Financial, LLC’s Class A equity units of 97,513,533 and Class D equity units of 60,193,989 were converted to 11,749,994 shares of Velocity Financial, Inc. common stock. On January 22, 2020, the Company completed its initial public offering of 7,250,000 shares of common stock at a price to the public of $13.00 per share. The Company’s stock trades on The New York Stock Exchange under the symbol “VEL”. VCC, a California LLC formed on June 2, 2004, is a mortgage lender that originates and acquires small balance investor real estate loans, providing capital to the investor real estate loan market. The Company is licensed as a California Finance Lender and, as such, is required to maintain a minimum net worth of $250 thousand. The Company does not believe there is any potential risk of not being able to meet this regulatory requirement. The Company uses its equity capital and borrowed funds to originate and invest in investor real estate loans and seeks to generate income based on the difference between the yield on its investor real estate loan portfolio and the cost of its borrowings. The Company does not engage in any other significant line of business or offer any other products or services, nor does it originate or acquire investments outside of the United States of America. The Company, through its wholly owned subsidiaries, is the sole beneficial owner of the Velocity Commercial Capital Loan Trusts, from the 2014-1 Trust through and including the 2020-2 Trust, all of which are New York common law trusts. The Trusts are bankruptcy remote, variable interest entities (VIE) formed for the purpose of providing secured borrowings to the Company and are consolidated with the accounts of the

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies The consolidated financial statements of the Company have been prepared on the accrual basis of accounting and in accordance with United States Generally Accepted Accounting Principles (U.S. GAAP). (a) Partnership to Corporation Conversion On January 16, 2020, Velocity Financial, LLC converted from a limited liability company to a corporation and changed its name to Velocity Financial, Inc. The Conversion was accounted for in accordance with ASC 805-50 – Business Combinations , as a transaction between entities under common control. All assets and liabilities of Velocity Financial, LLC were contributed to Velocity Financial, Inc. at their carrying value, and the results of operations are being presented as if the Conversion had occurred on January 1, 2020. Additionally, Class A and Class D’s partnership equity at December 31, 2019 were converted to stockholders’ equity and presented as such on the Consolidated Balance Sheets and the Consolidated Statement of Changes in Stockholders’ Equity effective January 1, 2020. (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period. (c) Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies , of its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission ("Form 10-K"). There have been no significant changes to the Company’s significant accounting policies as described in its 2019 Annual Report other than the adoption of Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as described in (d) Principles of The principles of consolidation require management to determine and reassess the requirement to consolidate VIEs each reporting period, and therefore, the determination may change based on new facts and circumstances pertaining to each VIE. This could result in a material impact to the Company’s consolidated financial statements in subsequent reporting periods. The Company consolidates the assets, liabilities, and remainder interests of the Trusts as management determined that VCC is the primary beneficiary of these entities. The Company’s ongoing asset management responsibilities provide the Company with the power to direct the activities that most significantly impact the VIE’s economic performance, and the remainder interests provide the Company with the right to receive benefits and the obligation to absorb losses, limited to its investment in the remainder interest of the Trusts. The following table presents a summary of the assets and liabilities of the Trusts as of June 30, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): June 30, 2020 December 31, 2019 Restricted cash $ 1,501 $ — Loans held for investment, net 1,813,658 1,571,100 Accrued interest and other receivables 48,012 56,675 Real estate owned, net 8,440 6,091 Other assets 5 11 Total assets $ 1,871,616 $ 1,633,877 Accounts payable and accrued expenses $ 29,888 $ 21,265 Securities issued 1,599,719 1,438,629 Total liabilities $ 1,629,607 $ 1,459,894 The consolidated financial statements as of June 30, 2020 and December 31, 2019 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs, and do not include any assets, liabilities, revenues, and expenses attributable to limited liability members’ individual activities. The liability of each member in an LLC was limited to the amounts reflected in their respective member accounts.

Current Accounting Developments

Current Accounting Developments	6 Months Ended
	Jun. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Current Accounting Developments	Note 3 — Current Accounting Developments Accounting Standards Adopted in 2019 Effective January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables held for investment. Under the CECL methodology, the allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments based on risk characteristics of the loans in its loan portfolio (pool): • Residential 1– 4 Unit – Purchase (loans to purchase 1– 4 unit residential rental properties); • Residential 1– 4 Unit – Refinance (refinance loans on 1– 4 unit residential rental properties); • Commercial – Purchase (loans to purchase traditional commercial properties) and • Commercial – Refinance (refinance loans on traditional commercial properties). The Company determines the collectability of its loans by evaluating certain risk characteristics. The segmentation of its loan portfolio was determined based on analyses of the Company’s loan portfolio performance over the past seven years. Based on analyses of the loan portfolio’s historical performance, the Company concluded that loan purpose and product types are the most significant risk factors in determining its expectation of future loan losses. Loan purpose considers whether a borrower is acquiring the property or refinancing an existing property. The Company’s historical experience shows that refinance loans have higher loss rates than acquisitions. Product type includes residential 1-4 unit property and traditional commercial property. The Company’s historical experience shows that traditional commercial property loans have higher loss rates than residential 1-4 unit property. To determine the loss rates used for the open pool methodology, the Company starts with its historical database of losses, segments the loans by loan purpose and product type, and then adjusts the loss rates based upon macroeconomic forecasts over a reasonable and supportable period. The reasonable and supportable period is meant to represent the period in which the Company believes the forecasted macroeconomic variables can be reasonably estimated. In determining the January 1, 2020 CECL transition impact, the Company used a third-party model with a four-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management determined that a four-quarter forecast period and four-quarter straight-line reversion period were appropriate for the January 1, 2020 initial CECL estimate because, as of the beginning of the year, the economy was strong, unemployment and interest rates were low, and GDP was expected to have a modest increase during 2020. Management concluded that using a 1-year forecast trending steadily back to the Company’s historical loss levels best fit the strong, stable economy at that time. For the March 31, 2020 CECL estimate, the Company used a COVID-19 stress scenario with a six-quarter reasonable and supportable forecast period followed by a three-quarter straight-line reversion period. Management concluded that using a six-quarter forecast and a three-quarter straight-line reversion best coincided with management and analysts’ sentiments that the impact of the COVID crisis would linger into 2021, with expectation of a quick recovery. This forecast period and reversion to historical loss is subject to change as conditions in the market change and the Company’s ability to forecast economic events evolves. For the June 30, 2020 CECL estimate, the Company used a COVID-19 stress scenario with a five-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that the original six-quarter COVID-19 stress forecast was still appropriate and, therefore, used five remaining forecasted quarters as of June 30. Given the second wave of the COVID pandemic, management decided to extend its reversion period by a quarter and used a four-quarter reversion period as of June 30. This forecast period and reversion to historical loss is subject to change as conditions in the market change and the Company’s ability to forecast economic events evolves. Loans 90 days or more delinquent, in bankruptcy, or in foreclosure, are evaluated individually for determination of allowance for credit losses. Loans individually evaluated are excluded from loans evaluated collectively by segment. The Company primarily relies on the value of the underlying real estate, coupled with low loan-to-value ratios, to satisfy the loan obligation, either through successful loss mitigation efforts or foreclosure and sale of the underlying real estate. Expected loan losses are based on the fair value of the collateral underlying the loans at the reporting date, adjusted for estimated selling costs as appropriate. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when the Company believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company estimates the allowance using relevant available information, from internal and external sources, relating to historical performance, current conditions, and reasonable and supportable macroeconomic forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are considered for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term, as well as for changes in environmental conditions, such as unemployment rates, property values and changes in the competitive or regulatory environment. The allowance for credit losses is maintained at a level deemed adequate by management to provide for expected losses in the portfolio at the balance sheet date. While management uses available information to estimate its required allowance for credit losses, future additions to the allowance for credit losses may be necessary based on changes in estimates resulting from economic and other conditions. Interest income on loans held for investment is accrued on the unpaid principal balance (UPB) at their respective stated interest rates. Generally, loans are placed on nonaccrual status when they become 90 days past due. Loans are considered past due when contractually required principal or interest payments have not been made on the due The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. When The Company adopted ASU 2016-13, or ASU 326 using the modified-retrospective transition approach. Upon adoption, the Company recognized a cumulative effect adjustment to decrease retained earnings by $96,000, net of taxes. Results for reporting periods after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table illustrates the impact of ASC 326 on the Company’s allowance for credit losses (in thousands): January 1, 2020 As Reported Impact of Under Pre-ASC 326 ASC 326 Allowance for credit losses ASC 326 Adoption Adoption Commercial - Purchase $ 323 $ 304 $ 19 Commercial - Refinance 1,078 1,016 62 Residential 1-4 Unit - Purchase 157 148 9 Residential 1-4 Unit - Refinance 819 772 47 Total $ 2,377 $ 2,240 $ 137 Recent Regulatory and Legislative Developments On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which, among other things, allows the Company to (i) elect to suspend the requirements under GAAP for loan modifications related to COVID-19 that would otherwise be categorized as troubled debt restructurings (TDRs), and (ii) suspend any determination of a loan modified as a result of the effects of COVID-19 as being a TDR, including impairment for accounting purposes. On March 22, 2020, the federal banking agencies issued an interagency statement to provide additional guidance to financial institutions who are working with borrowers affected by COVID-19. The agencies have confirmed with staff of the Financial Accounting Standards Board that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented In response to the COVID-19 pandemic, the Company has implemented a COVID-19 forbearance program allowing customers to primarily defer payments for up to 90 days. Deferrals under the CARES Act or interagency guidance are not considered troubled debt restructurings. Interest on loans in the COVID-19 forbearance program that were less than 90 days past due at forbearance grant date will continue to accrue.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	6 Months Ended
	Jun. 30, 2020
Cash And Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Note 4 — Cash, Cash Equivalents, and Restricted Cash The Company is required to hold cash for potential future advances due to certain borrowers. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated statement of financial condition that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended June 30, 2020 2019 Cash and cash equivalents $ 9,803 $ 14,105 Restricted cash 6,735 1,542 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 16,538 $ 15,647

Loans Held for Sale, Net

Loans Held for Sale, Net	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Loans Held for Sale, Net	Note 5 — Loans Held for Sale, Net The following table summarizes loans held for sale as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Unpaid principal balance $ 214,382 $ 216,054 Valuation adjustments (1,307 ) (396 ) Deferred loan origination costs (731 ) (1,191 ) Ending balance $ 212,344 $ 214,467 As of June 30, 2020, $41.0 million of loans held for sale have participated in the COVID-19 forbearance program. Accrued interest on these loans was $1.7 million as of June 30, 2020.

Loans Held for Investment and L

Loans Held for Investment and Loans Held for Investment at Fair Value	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Loans Held for Investment and Loans Held for Investment at Fair Value	Note 6 — Loans Held for Investment and Loans Held for Investment at Fair Value The following tables summarize loans held for investment as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Total loans held for investment Unpaid principal balance $ 1,841,238 $ 3,369 $ 1,844,607 $ 1,843,290 Valuation adjustments on FVO loans — (413 ) (413 ) (444 ) Deferred loan origination costs 25,801 — 25,801 25,714 1,867,039 2,956 1,869,995 1,868,560 Allowance for loan losses (5,220 ) — (5,220 ) (2,240 ) Total loans held for investment and loans held for investment at fair value, net $ 1,861,819 $ 2,956 $ 1,864,775 $ 1,866,320 As of June 30, 2020, $293.7 million of loans held for investment have participated in the COVID-19 forbearance program. Accrued interest on these loans was $11.6 million as of June 30, 2020. As of June 30, 2020 and December 31, 2019, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facility agreements, and securitizations issued were as follows (in thousands): June 30, 2020 December 31, 2019 Citibank warehouse repurchase agreement $ 148,272 $ 108,504 Barclays warehouse repurchase agreement 120,498 175,689 Pacific Western Bank agreement — 3,331 Total pledged loans $ 268,770 $ 287,524 2014-1 Trust 26,124 29,559 2015-1 Trust 59,168 64,876 2016-1 Trust 82,693 97,727 2016-2 Trust 56,517 68,961 2017-1 Trust 95,491 116,670 2017-2 Trust 157,558 173,390 2018-1 Trust 129,111 141,567 2018-2 Trust 239,362 260,278 2019-1 Trust 218,681 229,151 2019-2 Trust 193,185 210,312 2019-3 Trust 146,479 157,119 2020-1 Trust 256,683 — 2020-2 Trust 128,207 Total $ 1,789,259 $ 1,549,610 (a) Nonaccrual The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment that were nonperforming and on nonaccrual status as of June 30, 2020 and December 31, 2019, and accruing loans that were 90 days or more past due as of June 30, 2020 under the Company’s COVID-19 payment deferral programs. There were no loans accruing interest that were greater than 90 days past due as of December 31, 2019. June 30, 2020 Nonaccrual With Loans 90+ DPD No Allowance Total Still Accruing for Loan Loss Nonaccrual COVID-19 Program (In thousands) Commercial - Purchase $ 19,269 $ 20,615 $ 18,798 Commercial - Refinance 109,897 113,350 54,323 Residential 1-4 Unit - Purchase 21,760 22,017 14,603 Residential 1-4 Unit - Refinance 109,005 114,790 36,264 Total $ 259,931 $ 270,772 $ 123,988 Troubled Debt Restructuring included in nonaccrual loans: $ — $ 175 $ — December 31, 2019 ($ in thousands) Nonaccrual loans: Recorded investment $ 125,819 Percentage of the originated loans held for investment 6.7 % Impaired loans: Unpaid principal balance $ 124,050 Recorded investment 125,998 Recorded investment of impaired loans requiring a specific allowance 12,286 Specific allowance 913 Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance 7.4 % Recorded investment of impaired loans not requiring a specific allowance $ 113,712 Percentage of recorded investment of impaired loans not requiring a specific allowance 90.2 % TDRs included in impaired loans: Recorded investment of TDRs $ 179 Recorded investment of TDRs with a specific allowance 179 Specific allowance 25 Recorded investment of TDRs without a specific allowance — The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. The Company has also made the accounting policy election to write off accrued interest receivables by reversing interest income when loans are placed on nonaccrual status, or 90 days or more past due, other than the COVID-19 forbearance-granted loans. The Company will continue to evaluate the COVID-19 forbearance-granted loans on an individual basis to determine if a reserve should be established on the collectability of the accrued interest and whether any loans should be placed on nonaccrual status at a future date. The following table presents the amortized cost basis in the loans held for investment as of June 30, 2020 and 2019, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the six months ended June 30, 2020 and 2019 (in thousands): June 30, 2020 June 30, 2019 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 303,373 $ 425 $ 255,802 $ 119 Commercial - Refinance 711,397 2,633 $ 647,838 558 Residential 1-4 Unit - Purchase 245,579 404 $ 237,445 154 Residential 1-4 Unit - Refinance 606,432 2,255 $ 544,663 499 Total $ 1,866,781 $ 5,717 $ 1,685,748 $ 1,330 For the six months ended June 30, 2020 and 2019, there was no accrued interest income recognized on nonaccrual loans, cash basis interest income recognized on nonaccrual loans was $6.7 million and $5.4 million, respectively, and the average recorded investment of individually evaluated loans, computed using month-end balances, was $180.2 million and $105.2 million, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified as of June 30, 2020 and December 31, 2019. (b) Allowance for Credit Losses The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, 2020 2019 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Total Allowance for credit losses: Beginning balance $ 352 $ 1,594 $ 250 $ 1,300 $ 3,496 $ 1,916 Provision for loan losses 172 1,093 211 324 1,800 212 Charge-offs — — (58 ) (18 ) (76 ) (32 ) Ending balance $ 524 $ 2,687 $ 403 $ 1,606 $ 5,220 $ 2,096 Six Months Ended June 30, 2020 2019 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 304 $ 1,016 $ 148 $ 772 $ 2,240 $ 1,680 Impact of adopting ASC 326 19 62 9 47 137 — Provision for loan losses 280 1,609 382 817 3,088 560 Charge-offs (79 ) — (136 ) (30 ) (245 ) (144 ) Ending balance $ 524 $ 2,687 $ 403 $ 1,606 $ 5,220 $ 2,096 Allowance related to: Loans individually evaluated $ 181 $ 592 $ 96 $ 404 $ 1,273 $ 803 Loans collectively evaluated 342 2,095 307 1,203 3,947 1,293 Amortized cost related to: Loans individually evaluated $ 20,615 $ 113,350 $ 22,017 $ 114,790 $ 270,772 $ 99,905 Loans collectively evaluated 282,759 598,046 223,561 491,643 1,596,009 1,585,843 (c) Credit Quality A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors its charge-off rate in relation to its nonperforming loans as its credit quality indicator. Nonperforming loans are loans that are 90 or more days past due, in bankruptcy, in foreclosure, or not accruing interest. For the three months ended June 30, 2020, the annualized charge-off rate was 0.1%of average nonperforming loans. The charged-off rate was 0.52% for the year ended December 31, 2019. Other credit quality indicators include aging status and accrual status. The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio as of June 30, 2020, which includes $293.7 million loans in the Company’s COVID-19 forbearance program, and as of December 31, 2019 (in thousands): 30–59 days 60–89 days 90+days Total Total June 30, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 256 $ 2,346 $ 18,013 $ 20,615 $ — $ 20,615 Commercial - Refinance 6,349 3,957 102,869 113,175 175 113,350 Residential 1-4 Unit - Purchase — 193 21,824 22,017 — 22,017 Residential 1-4 Unit - Refinance 2,122 3,741 108,927 114,790 — 114,790 Total loans individually evaluated $ 8,727 $ 10,237 $ 251,633 $ 270,597 $ 175 $ 270,772 Loans collectively evaluated Commercial - Purchase $ 20,880 $ 21,454 $ 18,798 $ 61,132 $ 221,626 $ 282,758 Commercial - Refinance 42,512 57,863 54,323 154,698 443,349 598,047 Residential 1-4 Unit - Purchase 16,377 17,571 14,603.0 48,551 175,011 223,562 Residential 1-4 Unit - Refinance 43,251 51,319 36,264.0 130,834 360,808 491,642 Total loans collectively evaluated $ 123,020 $ 148,207 $ 123,988 $ 395,215 $ 1,200,794 $ 1,596,009 Ending balance $ 131,747 $ 158,444 $ 375,621 $ 665,812 $ 1,200,969 $ 1,866,781 December 31, 2019: Impaired loans $ 6,195 $ 7,696 $ 111,928 $ 125,819 $ 179 $ 125,998 Nonimpaired loans 119,465 41,138 — 160,603 1,578,984 1,739,587 Ending balance $ 125,660 $ 48,834 $ 111,928 $ 286,422 $ 1,579,163 $ 1,865,585 (1) Includes loans in bankruptcy and foreclosure less than 90 days past The following table presents the aging of the amortized cost basis of loans held for investment in the Company's COVID-19 forbearance program as of June 30, 2020 (in thousands): 30–59 days 60–89 days 90+days Total Total June 30, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ — $ 607 $ 493 $ 1,100 $ — $ 1,100 Commercial - Refinance 2,143 2,659 5,938 10,740 — 10,740 Residential 1-4 Unit - Purchase — — — — — — Residential 1-4 Unit - Refinance — 677 6,935 7,612 — 7,612 Total loans individually evaluated $ 2,143 $ 3,943 $ 13,366 $ 19,452 $ — $ 19,452 Loans collectively evaluated Commercial - Purchase $ 6,397 $ 18,220 $ 18,798 $ 43,415 $ 1,357 $ 44,772 Commercial - Refinance 14,932 39,382 54,323 108,637 5,128 113,765 Residential 1-4 Unit - Purchase 4,447 12,957 14,603.0 32,007 504 32,511 Residential 1-4 Unit - Refinance 11,607 30,649 36,264.0 78,520 4,718 83,238 Total loans collectively evaluated $ 37,383 $ 101,208 $ 123,988 $ 262,579 $ 11,707 $ 274,286 Ending balance $ 39,526 $ 105,151 $ 137,354 $ 282,031 $ 11,707 $ 293,738 (1) Includes loans in bankruptcy and foreclosure less than 90 days past In addition to the aging status, the Company also evaluates credit quality by accrual status. The following table presents the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year. Term Loans Amortized Cost Basis by Origination Year June 30, 2020: 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 34,584 $ 108,737 $ 69,533 $ 43,403 $ 12,436 $ 14,065 $ 282,758 Nonperforming 1,248 2,311 7,556 5,455 1,638 2,407 20,615 Total Commercial - Purchase $ 35,832 $ 111,048 $ 77,089 $ 48,858 $ 14,074 $ 16,472 $ 303,373 Commercial - Refinance Payment performance Performing $ 47,092 $ 189,377 $ 162,485 $ 97,438 $ 41,402 $ 60,253 $ 598,047 Nonperforming 4,329 24,968 36,661 26,465 8,234 12,693 113,350 Total Commercial - Refinance $ 51,421 $ 214,345 $ 199,146 $ 123,903 $ 49,636 $ 72,946 $ 711,397 Residential 1-4 Unit - Purchase Payment performance Performing $ 17,197 $ 79,654 $ 52,571 $ 33,293 $ 9,076 $ 31,771 $ 223,562 Nonperforming — 6,057 6,715 4,355 1,348 3,542 22,017 Total Residential 1-4 Unit - Purchase $ 17,197 $ 85,711 $ 59,286 $ 37,648 $ 10,424 $ 35,313 $ 245,579 Residential 1-4 Unit - Refinance Payment performance Performing $ 45,449 $ 194,144 $ 106,217 $ 73,069 $ 28,540 $ 44,223 $ 491,642 Nonperforming 3,206 35,013 37,479 16,467 7,400 15,225 114,790 Total Residential 1-4 Unit - Purchase $ 48,655 $ 229,157 $ 143,696 $ 89,536 $ 35,940 $ 59,448 $ 606,432 Total Portfolio $ 153,105 $ 640,261 $ 479,217 $ 299,945 $ 110,074 $ 184,179 $ 1,866,781

Securitizations Net

Securitizations Net	6 Months Ended
	Jun. 30, 2020
Transfers And Servicing [Abstract]
Securitization, Net	Note 7 — Securitizations, Net From May 2011 through June 2020, the Company completed fourteen securitizations of $3.1 billion of loans, issuing $2.9 billion of securities to third parties through fourteen respective Trusts. The Company is the sole beneficial interest holder of the Trusts, which are variable interest entities included in the consolidated financial statements. The transactions are accounted for as secured borrowings under U.S. GAAP. The securities are subject to redemption by the Company when the stated principal balance is less than a certain percentage, ranging from 5%–30% of the original stated principal balance of loans at issuance. As a result, the actual maturity dates of the securities issued could be earlier than their respective stated maturity dates, ranging from September 2044 through June 2050. The following table summarizes the outstanding balance, net of discounts and deals costs, of the securities and the effective interest rate for the six months ended June 30, 2020 and 2019 (dollars in thousands): Six Months Ended June 30, 2020 2019 Securitizations: Securitizations, net $ 1,599,719 $ 1,261,456 Interest expense 37,104 33,553 Average outstanding balance 1,565,754 1,277,009 Effective interest rate (1) 4.74 % 5.25 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.19%) and debt issue cost amortization (0.55%) and average rate (4.65%) and debt issue cost amortization (0.60%) for the six months ended June 30, 2020 and 2019, respectively.

Other Debt

Other Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Other Debt	Note 8 — Other Debt The secured financing and warehouse facilities were utilized to finance the origination and purchase of commercial real estate mortgage loans. Warehouse facilities are designated to fund mortgage loans that are purchased and originated within specified underwriting guidelines. These lines of credit fund less than 100% of the principal balance of the mortgage loans originated and purchased, requiring the use of working capital to fund the remaining portion. (a) Secured Financing, Net (Corporate On August 29, 2019, the Company entered into a five-year $153.0 million corporate debt agreement with Owl Rock Capital Corporation, the “2019 Term Loan”. The 2019 Term Loan under this agreement bears interest at a rate equal to one-month LIBOR (with a LIBOR floor that is generally 1.0%) plus 7.50% and matures in August 2024. As of June 30, 2020 and December 31, 2019, the balance of the 2019 Term Loan was $78.0 million and $153.0 million, respectively. In January 2020, the Company used a portion of its IPO proceeds to pay down $75.0 million in principal amount of the 2019 Term Loan. The balance in the consolidated Statements (b) Warehouse Repurchase and Revolving Loan Facilities, The Barclays Repurchase Agreement was originally entered into on May 29, 2015 by and between VCC and Barclays Bank PLC and matured on August 3, 2020. The agreement was a short-term borrowing facility, collateralized by a pool of loans, with an initial maximum capacity of $300.0 million, and borne interest at one-month LIBOR plus a margin that ranges from 3.000% to 3.125%. All borrower payments on loans financed under the warehouse repurchase facility were first used to pay interest on the facility. For the six months ended June 30, 2020 and 2019, the effective interest rates were 4.81% and 5.90%, respectively. The Citibank Repurchase Agreement was originally entered into on May 17, 2013 by and between VCC and Citibank, N.A. and has a current maturity date of September 30, 2020. The Agreement is a short-term borrowing facility, collateralized by a pool of performing loans, with a maximum capacity of $200.0 million, and bears interest at one-month LIBOR plus 3.25%. All borrower payments on loans financed under the warehouse repurchase facility are first used to pay interest on the facility. For the six months ended June 30, 2020 and 2019, the effective interest rates were 4.29% and 5.78%, respectively. On September 12, 2018, the Company entered into a three-year secured revolving loan facility agreement with Pacific Western Bank. During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at the lesser of the one-month LIBOR Rate plus 3.5% per annum and the maximum rate, which is the highest lawful and non-usurious rate of interest applicable to the loan. The maximum loan amount under this facility is $50 million. This facility was paid down to zero as of June 30, 2020. On December 26, 2019, the Company entered into a $3.0 million loan agreement with Hershiser Capital Finance, the “HCF loan”. The HCF loan is secured by five real properties acquired by the Company through foreclosure or by deed-in lieu of foreclosure. The HCF loan bears a fixed interest rate of 9.5%, and matures the earlier of (i) January 1, 2021, and (ii) the date on which the unpaid principal balance of this loan becomes due and payable by acceleration or otherwise pursuant to the loan documents or the exercise by the lender of any right or remedy under any loan document. The maturity date of the HCF loan is subject to extension up to July 1, 2021 . Certain of the Company’s loans are pledged as security under the warehouse repurchase facilities and the revolving loan facility, which contain covenants. Should the Company fail to adhere to those covenants or otherwise default under the facilities, the lenders have the right to terminate the facilities and demand immediate repayment that may require the Company to sell the collateral at less than the carrying amounts. As of June 30, 2020 and December 31, 2019, the Company was in compliance with these covenants. The following table summarizes the maximum borrowing capacity and current gross balances outstanding for the Company’s warehouse facilities and loan agreements as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Period end balance (1) Maximum borrowing capacity Period end balance (1) Maximum borrowing capacity Barclays repurchase agreement $ 71,522 $ 300,000 $ 226,212 $ 250,000 Citibank repurchase agreement 87,098 200,000 190,977 200,000 Pacific Western credit agreement — 50,000 2,499 50,000 Hershiser Capital Finance loan agreement 2,820 3,000 3,000 3,000 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $0.6 million and $1.1 million as of June 30, 2020 and December 31, 2019, respectively. The following table provides an overview of the activity and effective interest rate for the six months ended June 30, 2020 and 2019 (dollars in thousands): Six Months Ended June 30, 2020 2019 Warehouse repurchase facilities: Average outstanding balance $ 295,013 $ 197,721 Highest outstanding balance at any month-end 439,547 280,710 Effective interest rate (1) 4.70 % 5.90 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.29%) and debt issue cost amortization (.41%) and average rate (5.46%) and debt issue cost amortization (0.44%) for the six months ended June 30, 2020 and 2019, respectively. The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended June 30, 2020 2019 Warehouse repurchase facilities $ 6,932 $ 5,834 Securitizations 37,104 33,553 Interest expense — portfolio related 44,036 39,387 Interest expense — corporate debt 8,237 (1) 6,706 Total interest expense $ 52,273 $ 46,093 (1) Included in the $8.2 million of interest expense – corporate debt for the six months ended June 30, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated repayment of $75.0 million in outstanding principal amount

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 — Commitments and Contingencies (a) Repurchase Liability When the Company sells loans, it is required to make normal and customary representations and warranties about the loans to the purchaser. The loan sale agreements generally require the Company to repurchase loans if the Company breaches a representation or warranty given to the loan purchaser. In addition, the Company may be required to repurchase loans as a result of borrower fraud or if a payment default occurs on a loan shortly after its sale. The Company records a repurchase liability relating to representations and warranties and early payment defaults. The method used to estimate the liability for repurchase is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates and the potential severity of loss in the event of defaults. The Company establishes a liability at the time loans are sold and continually updates the estimated repurchase liability. The level of the repurchase liability for representations and warranties and early payment default requires considerable management judgment. As of June 30, 2020 and December 31, 2019, the balance of repurchase liability was $76 thousand, and it is included in accounts payable and accrued expenses in the consolidated balance sheets. (b) Legal Proceedings The Company is a party to various legal proceedings in the normal course of business. The Company, after consultation with legal counsel, believes the disposition of all pending litigation will not have a material effect on the Company’s consolidated financial condition or results of operations.

Members' Equity

Members' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Members' Equity	Note 10 — Members’ Equity Prior to the conversion of Velocity Financial, LLC into a corporation, the Company had the authority to issue four types of membership units, Class A, Class B, Class C, and Class D units. The Class A units represented ownership interests in VF. Class B units were profit interest units, which represented a right to share, with the Class A units, in the distribution of profits earned by the Company. The Class C and Class D units were preferred units, which had the right to convert to Class A units. The Company repurchased all outstanding Class C preferred units for an aggregate purchase price equal to the Class C liquidation preference of approximately $27.7 million on August 29, 2019. All Class A and Class D units were converted to common stock upon the conversion of the Company into a corporation on January 16, 2020. All Class B units were converted at zero value upon the conversion of the Company into a corporation on January 16, 2020. Prior to the Company’s IPO, the outstanding Class A, Class B and Class D units and equity balance were as follows as of December 31, 2019 ($ in thousands): December 31, 2019 Class A units issued and outstanding 97,514 Class A equity balance $ 92,650 Class B units issued and outstanding 16,072 Class B equity balance $ — Class D units issued and outstanding 60,194 Class D equity balance $ 60,194

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 11 — Stock-Based Compensation The Company’s 2020 Omnibus Incentive Plan, or the 2020 Plan, authorized grants of stock‑based compensation instruments to purchase or issue up to 1,520,000 shares of Company common stock. In connection with its IPO in January 2020, the Company granted stock options to non-employee directors and certain employees, including named executive officers to purchase approximately 782,500 shares of common stock with an exercise price per share equal to the initial public offering price of $13.00. Stock options vest ratably over a service period of three years from the date of the grant. Compensation expense related to stock options is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. For the six months ended June 30, 2020, 10,000 shares of stock options were forfeited, and the Company recognized $0.5 million compensation expense related to the outstanding stock options granted to employees. Such amount is included in “Compensation and employee benefits” on the Consolidated Statement of Income. The amount of unrecognized compensation expense related to unvested stock options totaled $2.6 million as of June 30, 2020. As of June 30, 2020, unvested stock options outstanding were 772,500 shares at an exercise price per share of $13.00.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 12 — Earnings (Loss) Per Share The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. B asic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that shared in earnings. The following table presents the basic and diluted loss per share calculations for the three and six months ended June 30, 2020: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 (In thousands, except share and per share data) Basic EPS: Net income $ 2,141 $ 4,720 Less deemed dividends on preferred stock 48,955 48,955 Net loss allocated to common stock $ (46,814 ) $ (44,235 ) Less earnings allocated to participating securities — — Net loss allocated to common stock $ (46,814 ) $ (44,235 ) Weighted average common shares outstanding 20,087 20,087 Basic loss per common share $ (2.33 ) $ (2.20 ) Diluted EPS: Net loss allocated to common shareholders $ (46,814 ) $ (44,235 ) Weighted average common shares outstanding 20,087 20,087 Add dilutive effects for assumed conversion of Series A preferred stock — — Add dilutive effects for warrants — — Add dilutive effects for stock options — — Weighted average diluted common shares outstanding 20,087 20,087 Diluted loss per common share $ (2.33 ) $ (2.20 ) Earnings per common share is not applicable to periods prior to the Company's IPO on January 17, 2020. The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Shares underlying Series A Convertible Preferred Stock 11,688,312 11,688,312 Shares underlying warrants 3,013,125 3,013,125 Stock options 772,500 772,500 Share equivalents excluded from EPS 15,473,937 15,473,937

Convertible Preferred Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2020
Convertible Preferred Stock [Abstract]
Convertible Preferred Stock	Note 13 — Convertible Preferred Stock On April 7, 2020, the Company issued and sold in a private placement 45,000 newly issued shares of Series A Convertible Preferred Stock, par value $0.01 per share (the “Preferred”), at a price per share of $1,000, plus warrants (the “Warrants”) to purchase an aggregate of 3,013,125 shares of the Company’s common stock to funds affiliated with Snow Phipps and a fund affiliated with Pacific Investment Management Company LLC (TOBI). Snow Phipps and TOBI are considered affiliates and, therefore, are related parties to the Company. This offering resulted in net proceeds to the Company of $43.2 million. In connection with these transactions, the Company entered into a securities purchase agreement with Snow Phipps and TOBI granting TOBI the right to nominate an additional director to the Company’s board of directors for so long as TOBI and its permitted transferees meet certain ownership thresholds. The Preferred ranks senior to the Company’s common stock with respect to the payment of dividends and distribution of assets upon liquidation, dissolution and winding up. It is entitled to receive any dividends or distributions paid in respect of the common stock on an as-converted basis and has no stated maturity and will remain outstanding indefinitely unless converted into common stock or repurchased by the Company. Holders of the Preferred will be entitled to vote, together with the holders of common stock, on an as-converted basis, subject to limitations of the rules of the New York Stock Exchange, on all matters submitted to a vote of the holders of common stock, and as a separate class as required by law. The holders of the Preferred will also have the right to elect two directors to the board of directors of the Company if the Company defaults under its obligation to repurchase the Preferred. The Preferred has a liquidation preference equal to the greater of (i) $2,000 per share from April 7, 2020 through October 7, 2022, which amount increases ratably to $3,000 per share from October 8, 2022 through November 28, 2024 and to $3,000 per share from and after November 28, 2024 and (ii) the amount such holder would have received if the Preferred had converted into common stock immediately prior to such liquidation. Following shareholder approval at the Special Meeting of Shareholders held on August 13, 2020, the Preferred is convertible at the option of the holder into the number of shares of common stock equal to then applicable conversion rate plus cash in lieu of fractional shares, if any. The initial conversion price is $3.85 per share of common stock and is subject to customary antidilution adjustments. In addition, the Company has the right to cause the Preferred to convert beginning October 7, 2021 if the Company’s common stock meets certain weighted average price targets. Beginning on October 7, 2022, if permitted by the terms of the Company’s material indebtedness, and in no event later than November 28, 2024, holders of the Preferred have the option to cause the Company to repurchase all or a portion of such holder’s shares of Preferred, for an amount in cash equal to such share’s liquidation preference. If the Company defaults on its repurchase obligation, the holders of the Preferred have the right (until the repurchase price has been paid in full, in cash, or such the Preferred has been converted) to force a sale of the Company and the holders of the Preferred will have the right to elect two directors of the Company’s Board until such default is cured. The Company is also required to redeem the Preferred upon a change of control (as defined in the certificate of designation governing the Preferred). The Warrants are exercisable at the warrantholder’s option at any time and from time to time, in whole or in part, until April 7, 2025 at an exercise price of $2.96 per share of common stock, with respect to 2,008,750 of the Warrants, and at an exercise price of $4.94 per share of common stock, with respect to 1,004,375 of the Warrants. The exercise price and the number of shares of common stock issuable upon exercise of the Warrants are subject to customary antidilution adjustments and certain issuances of common stock (or securities convertible into or exercisable for common stock) at a price (or having a conversion or exercise price) that is less than the then current exercise price. The Company is not required to affect an exercise of Warrants, if after giving effect to the issuance of common stock upon exercise of such Warrants such warrantholder together with its affiliates would beneficially own 49% or more of the Company’s outstanding common stock. The Company determined that none of the features embedded in the Preferred were required to be accounted for separately as a derivative. The Preferred is recorded as mezzanine equity (temporary equity) on the consolidated balance sheets because it is not mandatorily redeemable, but does contain a redemption feature at the option of the preferred stock holders that is considered not solely within the Company’s control. Because the Preferred becomes redeemable at any time after 2.5 years from the Closing Date of April 7, 2020, the Company has elected to recognize the changes in the maximum redemption value immediately as they occur and adjust the carrying value of the Preferred to equal the maximum redemption value at the end of each reporting period which is viewed as the redemption date for the Preferred. At June 30, 2020, the Company recognized the Preferred maximum redemption value of $90.0 million, which is the maximum redemption value on the earliest redemption date based on a redemption value of $2,000 per share and 45,000 shares of Preferred. The recording of the Preferred maximum redemption value was treated as a deemed dividend and resulted in a $49.0 million charge to Shareholders’ Equity

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 14 — Fair Value Measurements (a) Fair Value ASC Topic 820, “ Fair Value Measurement • Level 1 - Valuation is based on quoted prices for identical instruments traded in active • Level 2 - Valuation is based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market • Level 3 - Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant Given the nature of some of the Company’s assets and liabilities, clearly determinable market-based valuation inputs are often not available; therefore, these assets and liabilities are valued using internal estimates. As subjectivity exists with respect to the valuation estimates used, the fair values disclosed may not equal prices that can ultimately be realized if the assets are sold or the liabilities are settled with third parties. Below is a description of the valuation methods for the assets and liabilities recorded at fair value on either a recurring or nonrecurring basis and for estimating fair value of financial instruments not recorded at fair value for disclosure purposes. While management believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the measurement date. (b) Cash and Cash Equivalents and Restricted Cash Cash and restricted cash are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities and interest rates that approximate market, a Level 1 measurement. (c) Loans Held for Investment Loans held for investment are recorded at their outstanding principal balance, net of purchase discounts, deferred loan origination fees/costs, and allowance for credit losses. The Company determined the fair value estimate of loans held for investment using a cash flow model incorporating the latest securitization execution prices as a proxy, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment are interest rates, prepayment speeds, loss severity, and default rates. Significant changes in any of those inputs could result in a significant change to the loans’ fair value measurement. (d) Collateral Dependent or Loans Individually Evaluated Nonaccrual loans held for investment are evaluated individually and are recorded at fair value on a nonrecurring basis. To the extent a loan is collateral dependent, the Company determines the allowance for credit losses based on the estimated fair value of the underlying collateral. The fair value of each loan’s collateral is generally based on appraisals or broker price opinions obtained, less estimated costs to sell, a Level 3 measurement. (e) Loans Held for Sale Loans held for sale are carried at the lower of cost or fair value, with fair value adjustments recorded on a nonrecurring basis. The Company uses a discounted cash flow model to estimate the fair value of loans held for sale, a Level 3 measurement. (f) Interest-Only Strips The Company retains an interest-only strip on certain sales of held for sale loans. The interest-only strips are classified as trading securities under FASB ASC Topic 320, Investments-Debt Securities (g) Loans Held for Investment, at Fair Value The Company has elected to account for certain purchased distressed loans held for investment, at fair value (the FVO Loans) using FASB ASC Topic 825, Financial Instruments The Company uses a modified discounted cash flow model to estimate the fair value at instrument level, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment, at fair value are discount rate, property values, prepayment speeds, loss severity, and default rates. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. (h) Real Estate Owned, Net (REO) Real estate owned, net is initially recorded at the property’s estimated fair value, based on appraisals or broker price opinions obtained, less estimated costs to sell, at the acquisition date, a Level 3 measurement. From time to time, nonrecurring fair value adjustments are made to real estate owned, net based on the current updated appraised value of the property, or management’s judgment and estimation of value based on recent market trends or negotiated sales prices with potential buyers. (i) Secured Financing, Net (Corporate Debt) The Company determined the fair values estimate of the secured financing using the estimated cash flows discounted at an appropriate market rate, a Level 3 measurement. (j) Warehouse Repurchase Facilities, Net Warehouse repurchase facilities are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities of one-year or less and interest rates that approximate market plus a spread, a Level 2 measurement. (k) Securitizations, Net The fair value estimate of securities issued is determined by using estimated cash flows discounted at an appropriate market rate, a Level 3 measurement. (l) Accrued Interest Receivable and Accrued Interest Payable The carrying amounts of accrued interest receivable and accrued interest payable approximate fair value due to the short-term nature of these instruments, a Level 1 measurement. The Company does not have any off-balance sheet financial instruments. (m) Fair Value Disclosures The following tables present information on assets measured and recorded at fair value as of June 30, 2020 and December 31, 2019, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at June 30, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,956 $ 2,956 Interest-only strips — — 845 845 Total recurring fair value measurements — — 3,801 3,801 Nonrecurring fair value measurements: Loans held for sale, net — — 212,344 212,344 Real estate owned, net — — 15,648 15,648 Individually evaluated loans requiring specific allowance, net — — 269,499 269,499 Total nonrecurring fair value measurements — — 497,491 497,491 Total assets $ — $ — $ 501,292 $ 501,292 Fair value measurements using Total at December 31, 2019 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,960 $ 2,960 Interest-only strips — — 894 894 Total recurring fair value measurements — — 3,854 3,854 Nonrecurring fair value measurements: Loans held for sale, net — — 214,467 214,467 Real estate owned, net — — 13,068 13,068 Impaired loans requiring specific allowance, net — — 11,373 11,373 Total nonrecurring fair value measurements — — 238,908 238,908 Total assets $ — $ — $ 242,762 $ 242,762 The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, Gain (loss) on assets measured on a nonrecurring basis 2020 2019 2020 2019 Loans held for sale, net $ (921 ) $ (20 ) $ (961 ) $ 69 Real estate held for sale, net (648 ) (363 ) (1,216 ) (377 ) Individually evaluated loans requiring specific allowance, net (431 ) (66 ) (360 ) (167 ) Total net loss $ (2,000 ) $ (449 ) $ (2,537 ) $ (475 ) The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of June 30, 2020 and December 31, 2019 (dollars in thousands): June 30, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring allowance, net $ 269,499 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 15,648 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,956 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 8.0% to 97.0% 88.0% Timing of resolution/payoff (months) 5 to 212 60.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 212,344 Discounted cash flow Discount rate 12.0% to 15.0% 14.5% Timing of resolution/payoff (months) 0 to 13 7.6 Interest-only strips 845 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 13.0 2.4 December 31, 2019 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Collateral dependent impaired loans requiring specific allowance, net $ 11,373 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 13,068 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,960 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 18.0% to 94.0% 87.0% Timing of resolution/payoff (months) 5 to 218 65.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 214,467 Discounted cash flow Discount rate 12.0% to 15.0% 14.7% Timing of resolution/payoff (months) 0 to 12 7.0 Interest-only strips 894 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 7.0 2.1 The following is a rollforward of loans that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Beginning balance $ 2,987 $ 2,971 $ 2,960 $ 3,463 Loans liquidated — 45 — (421 ) Principal paydowns (18 ) (17 ) (36 ) (34 ) Total unrealized gain (loss) included in net income (13 ) (25 ) 32 (34 ) Ending balance $ 2,956 $ 2,974 $ 2,956 $ 2,974 The following is a rollforward of interest-only strips that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Beginning balance $ 1,534 $ 1,609 $ 894 $ 812 Interest-only strip additions — 330 1,820 1,634 Interest-only strip write-offs (689 ) (661 ) (1,869 ) (1,131 ) Total unrealized loss included in net income — (85 ) — (122 ) Ending balance $ 845 $ 1,193 $ 845 $ 1,193 The Company estimates the fair value of certain financial instruments on a quarterly basis. These instruments are recorded at fair value through the use of a valuation allowance only if they are individually evaluated. As described above, these adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. As of June 30, 2020 and December 31, 2019, the only financial assets measured at fair value were certain individually evaluated loans held for investment, loans held for sale, interest-only strips, REO and FVO loans, which were measured using unobservable inputs, including appraisals and broker price opinions on the values of the underlying collateral. Individually evaluated loans requiring an allowance were carried at approximately $9.6 million and $11.4 million as of June 30, 2020 and December 31, 2019, net of specific allowance for credit losses of approximately $1.3 million and $0.9 million, respectively. A financial instrument is cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): June 30, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 9,803 $ 9,803 $ — $ — $ 9,803 Restricted cash 6,735 6,735 — — 6,735 Loans held for sale, net 212,344 — — 212,344 212,344 Loans held for investment, net 1,861,819 — — 1,767,635 1,767,635 Loans held for investment, at fair value 2,956 — — 2,956 2,956 Accrued interest receivables 17,793 17,793 — — 17,793 Interest-only strips 845 — — 845 845 Liabilities: Secured financing, net $ 74,571 $ — $ — $ 75,010 $ 75,010 Warehouse repurchase facilities, net 160,796 — 160,796 — 160,796 Securitizations, net 1,599,719 — — 1,617,114 1,617,114 Accrued interest payable 7,777 7,777 — — 7,777 December 31, 2019 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 21,465 $ 21,465 $ — $ — $ 21,465 Restricted cash 6,087 6,087 — — 6,087 Loans held for sale, net 214,467 — — 222,260 222,260 Loans held for investment, net 1,863,360 — — 1,913,481 1,913,481 Loans held for investment, at fair value 2,960 — — 2,960 2,960 Accrued interest receivable 13,295 13,295 — — 13,295 Real estate owned, net 13,068 — — 13,068 13,068 Interest-only strips 894 — — 894 894 Liabilities: Secured financing, net $ 145,599 $ — $ — $ 153,000 $ 153,000 Warehouse repurchase facilities, net 421,548 — 421,548 — 421,548 Securitizations, net 1,438,629 — — 1,486,990 1,486,990 Accrued interest payable 7,190 7,190 — — 7,190

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 15 — Subsequent Events The Company completed the securitization of $276.0 million of investor real estate loans On July 9, 2020, a class action complaint was filed in the United States District Court for the Central District of California, naming the Company, certain of its directors, officers and shareholders and others alleging violations of securities laws, including making false and misleading statements and omissions in the Company's offering materials for the Company's January 2020 initial public offering of its common stock. The complaints seek unspecified damages and an award of costs and expenses, including attorneys’ fees. We cannot predict the length of time that this action will be ongoing or the liability, if any, which may arise. The Barclays Repurchase Agreement between VCC and Barclays Bank PLC matured and terminated on August 3, 2020. The Citibank Repurchase Agreement between VCC and Citibank, N.A. was extended to September 30, 2020. The Company has evaluated events that have occurred subsequent to June 30, 2020 through the issuance of the accompanying consolidated financial statements and has concluded there are no other subsequent events that would require recognition or disclosure in the accompanying consolidated financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Partnership to Corporation Conversion	(a) Partnership to Corporation Conversion On January 16, 2020, Velocity Financial, LLC converted from a limited liability company to a corporation and changed its name to Velocity Financial, Inc. The Conversion was accounted for in accordance with ASC 805-50 – Business Combinations , as a transaction between entities under common control. All assets and liabilities of Velocity Financial, LLC were contributed to Velocity Financial, Inc. at their carrying value, and the results of operations are being presented as if the Conversion had occurred on January 1, 2020. Additionally, Class A and Class D’s partnership equity at December 31, 2019 were converted to stockholders’ equity and presented as such on the Consolidated Balance Sheets and the Consolidated Statement of Changes in Stockholders’ Equity effective January 1, 2020.
Use of Estimates	(b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period.
Significant Accounting Policies	(c) Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies , of its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission ("Form 10-K"). There have been no significant changes to the Company’s significant accounting policies as described in its 2019 Annual Report other than the adoption of Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as described in
Principles of Consolidation	(d) Principles of The principles of consolidation require management to determine and reassess the requirement to consolidate VIEs each reporting period, and therefore, the determination may change based on new facts and circumstances pertaining to each VIE. This could result in a material impact to the Company’s consolidated financial statements in subsequent reporting periods. The Company consolidates the assets, liabilities, and remainder interests of the Trusts as management determined that VCC is the primary beneficiary of these entities. The Company’s ongoing asset management responsibilities provide the Company with the power to direct the activities that most significantly impact the VIE’s economic performance, and the remainder interests provide the Company with the right to receive benefits and the obligation to absorb losses, limited to its investment in the remainder interest of the Trusts. The following table presents a summary of the assets and liabilities of the Trusts as of June 30, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): June 30, 2020 December 31, 2019 Restricted cash $ 1,501 $ — Loans held for investment, net 1,813,658 1,571,100 Accrued interest and other receivables 48,012 56,675 Real estate owned, net 8,440 6,091 Other assets 5 11 Total assets $ 1,871,616 $ 1,633,877 Accounts payable and accrued expenses $ 29,888 $ 21,265 Securities issued 1,599,719 1,438,629 Total liabilities $ 1,629,607 $ 1,459,894 The consolidated financial statements as of June 30, 2020 and December 31, 2019 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs, and do not include any assets, liabilities, revenues, and expenses attributable to limited liability members’ individual activities. The liability of each member in an LLC was limited to the amounts reflected in their respective member accounts.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Assets and Liabilities of Trusts	The following table presents a summary of the assets and liabilities of the Trusts as of June 30, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): June 30, 2020 December 31, 2019 Restricted cash $ 1,501 $ — Loans held for investment, net 1,813,658 1,571,100 Accrued interest and other receivables 48,012 56,675 Real estate owned, net 8,440 6,091 Other assets 5 11 Total assets $ 1,871,616 $ 1,633,877 Accounts payable and accrued expenses $ 29,888 $ 21,265 Securities issued 1,599,719 1,438,629 Total liabilities $ 1,629,607 $ 1,459,894

Current Accounting Developmen_2

Current Accounting Developments (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Schedule of Impact of ASC 326 on Allowance for Credit Losses	The following table illustrates the impact of ASC 326 on the Company’s allowance for credit losses (in thousands): January 1, 2020 As Reported Impact of Under Pre-ASC 326 ASC 326 Allowance for credit losses ASC 326 Adoption Adoption Commercial - Purchase $ 323 $ 304 $ 19 Commercial - Refinance 1,078 1,016 62 Residential 1-4 Unit - Purchase 157 148 9 Residential 1-4 Unit - Refinance 819 772 47 Total $ 2,377 $ 2,240 $ 137

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2020
Cash And Cash Equivalents [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated statement of financial condition that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended June 30, 2020 2019 Cash and cash equivalents $ 9,803 $ 14,105 Restricted cash 6,735 1,542 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 16,538 $ 15,647

Loans Held for Sale, Net (Table

Loans Held for Sale, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Summary of Loans Held for Sale	The following table summarizes loans held for sale as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Unpaid principal balance $ 214,382 $ 216,054 Valuation adjustments (1,307 ) (396 ) Deferred loan origination costs (731 ) (1,191 ) Ending balance $ 212,344 $ 214,467

Loans Held for Investment and_2

Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Total loans held for investment Unpaid principal balance $ 1,841,238 $ 3,369 $ 1,844,607 $ 1,843,290 Valuation adjustments on FVO loans — (413 ) (413 ) (444 ) Deferred loan origination costs 25,801 — 25,801 25,714 1,867,039 2,956 1,869,995 1,868,560 Allowance for loan losses (5,220 ) — (5,220 ) (2,240 ) Total loans held for investment and loans held for investment at fair value, net $ 1,861,819 $ 2,956 $ 1,864,775 $ 1,866,320
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facility Agreements and Securitizations Issued	As of June 30, 2020 and December 31, 2019, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facility agreements, and securitizations issued were as follows (in thousands): June 30, 2020 December 31, 2019 Citibank warehouse repurchase agreement $ 148,272 $ 108,504 Barclays warehouse repurchase agreement 120,498 175,689 Pacific Western Bank agreement — 3,331 Total pledged loans $ 268,770 $ 287,524 2014-1 Trust 26,124 29,559 2015-1 Trust 59,168 64,876 2016-1 Trust 82,693 97,727 2016-2 Trust 56,517 68,961 2017-1 Trust 95,491 116,670 2017-2 Trust 157,558 173,390 2018-1 Trust 129,111 141,567 2018-2 Trust 239,362 260,278 2019-1 Trust 218,681 229,151 2019-2 Trust 193,185 210,312 2019-3 Trust 146,479 157,119 2020-1 Trust 256,683 — 2020-2 Trust 128,207 Total $ 1,789,259 $ 1,549,610
Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment	The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment that were nonperforming and on nonaccrual status as of June 30, 2020 and December 31, 2019, and accruing loans that were 90 days or more past due as of June 30, 2020 under the Company’s COVID-19 payment deferral programs. There were no loans accruing interest that were greater than 90 days past due as of December 31, 2019. June 30, 2020 Nonaccrual With Loans 90+ DPD No Allowance Total Still Accruing for Loan Loss Nonaccrual COVID-19 Program (In thousands) Commercial - Purchase $ 19,269 $ 20,615 $ 18,798 Commercial - Refinance 109,897 113,350 54,323 Residential 1-4 Unit - Purchase 21,760 22,017 14,603 Residential 1-4 Unit - Refinance 109,005 114,790 36,264 Total $ 259,931 $ 270,772 $ 123,988 Troubled Debt Restructuring included in nonaccrual loans: $ — $ 175 $ — December 31, 2019 ($ in thousands) Nonaccrual loans: Recorded investment $ 125,819 Percentage of the originated loans held for investment 6.7 % Impaired loans: Unpaid principal balance $ 124,050 Recorded investment 125,998 Recorded investment of impaired loans requiring a specific allowance 12,286 Specific allowance 913 Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance 7.4 % Recorded investment of impaired loans not requiring a specific allowance $ 113,712 Percentage of recorded investment of impaired loans not requiring a specific allowance 90.2 % TDRs included in impaired loans: Recorded investment of TDRs $ 179 Recorded investment of TDRs with a specific allowance 179 Specific allowance 25 Recorded investment of TDRs without a specific allowance —
Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment	The following table presents the amortized cost basis in the loans held for investment as of June 30, 2020 and 2019, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the six months ended June 30, 2020 and 2019 (in thousands): June 30, 2020 June 30, 2019 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 303,373 $ 425 $ 255,802 $ 119 Commercial - Refinance 711,397 2,633 $ 647,838 558 Residential 1-4 Unit - Purchase 245,579 404 $ 237,445 154 Residential 1-4 Unit - Refinance 606,432 2,255 $ 544,663 499 Total $ 1,866,781 $ 5,717 $ 1,685,748 $ 1,330
Schedule of Activity in Allowance for Credit Losses	The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, 2020 2019 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Total Allowance for credit losses: Beginning balance $ 352 $ 1,594 $ 250 $ 1,300 $ 3,496 $ 1,916 Provision for loan losses 172 1,093 211 324 1,800 212 Charge-offs — — (58 ) (18 ) (76 ) (32 ) Ending balance $ 524 $ 2,687 $ 403 $ 1,606 $ 5,220 $ 2,096 Six Months Ended June 30, 2020 2019 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 304 $ 1,016 $ 148 $ 772 $ 2,240 $ 1,680 Impact of adopting ASC 326 19 62 9 47 137 — Provision for loan losses 280 1,609 382 817 3,088 560 Charge-offs (79 ) — (136 ) (30 ) (245 ) (144 ) Ending balance $ 524 $ 2,687 $ 403 $ 1,606 $ 5,220 $ 2,096 Allowance related to: Loans individually evaluated $ 181 $ 592 $ 96 $ 404 $ 1,273 $ 803 Loans collectively evaluated 342 2,095 307 1,203 3,947 1,293 Amortized cost related to: Loans individually evaluated $ 20,615 $ 113,350 $ 22,017 $ 114,790 $ 270,772 $ 99,905 Loans collectively evaluated 282,759 598,046 223,561 491,643 1,596,009 1,585,843
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio	A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors its charge-off rate in relation to its nonperforming loans as its credit quality indicator. Nonperforming loans are loans that are 90 or more days past due, in bankruptcy, in foreclosure, or not accruing interest. For the three months ended June 30, 2020, the annualized charge-off rate was 0.1%of average nonperforming loans. The charged-off rate was 0.52% for the year ended December 31, 2019. Other credit quality indicators include aging status and accrual status. The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio as of June 30, 2020, which includes $293.7 million loans in the Company’s COVID-19 forbearance program, and as of December 31, 2019 (in thousands): 30–59 days 60–89 days 90+days Total Total June 30, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 256 $ 2,346 $ 18,013 $ 20,615 $ — $ 20,615 Commercial - Refinance 6,349 3,957 102,869 113,175 175 113,350 Residential 1-4 Unit - Purchase — 193 21,824 22,017 — 22,017 Residential 1-4 Unit - Refinance 2,122 3,741 108,927 114,790 — 114,790 Total loans individually evaluated $ 8,727 $ 10,237 $ 251,633 $ 270,597 $ 175 $ 270,772 Loans collectively evaluated Commercial - Purchase $ 20,880 $ 21,454 $ 18,798 $ 61,132 $ 221,626 $ 282,758 Commercial - Refinance 42,512 57,863 54,323 154,698 443,349 598,047 Residential 1-4 Unit - Purchase 16,377 17,571 14,603.0 48,551 175,011 223,562 Residential 1-4 Unit - Refinance 43,251 51,319 36,264.0 130,834 360,808 491,642 Total loans collectively evaluated $ 123,020 $ 148,207 $ 123,988 $ 395,215 $ 1,200,794 $ 1,596,009 Ending balance $ 131,747 $ 158,444 $ 375,621 $ 665,812 $ 1,200,969 $ 1,866,781 December 31, 2019: Impaired loans $ 6,195 $ 7,696 $ 111,928 $ 125,819 $ 179 $ 125,998 Nonimpaired loans 119,465 41,138 — 160,603 1,578,984 1,739,587 Ending balance $ 125,660 $ 48,834 $ 111,928 $ 286,422 $ 1,579,163 $ 1,865,585 (1) Includes loans in bankruptcy and foreclosure less than 90 days past The following table presents the aging of the amortized cost basis of loans held for investment in the Company's COVID-19 forbearance program as of June 30, 2020 (in thousands): 30–59 days 60–89 days 90+days Total Total June 30, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ — $ 607 $ 493 $ 1,100 $ — $ 1,100 Commercial - Refinance 2,143 2,659 5,938 10,740 — 10,740 Residential 1-4 Unit - Purchase — — — — — — Residential 1-4 Unit - Refinance — 677 6,935 7,612 — 7,612 Total loans individually evaluated $ 2,143 $ 3,943 $ 13,366 $ 19,452 $ — $ 19,452 Loans collectively evaluated Commercial - Purchase $ 6,397 $ 18,220 $ 18,798 $ 43,415 $ 1,357 $ 44,772 Commercial - Refinance 14,932 39,382 54,323 108,637 5,128 113,765 Residential 1-4 Unit - Purchase 4,447 12,957 14,603.0 32,007 504 32,511 Residential 1-4 Unit - Refinance 11,607 30,649 36,264.0 78,520 4,718 83,238 Total loans collectively evaluated $ 37,383 $ 101,208 $ 123,988 $ 262,579 $ 11,707 $ 274,286 Ending balance $ 39,526 $ 105,151 $ 137,354 $ 282,031 $ 11,707 $ 293,738 (1) Includes loans in bankruptcy and foreclosure less than 90 days past
Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year	The following table presents the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year. Term Loans Amortized Cost Basis by Origination Year June 30, 2020: 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 34,584 $ 108,737 $ 69,533 $ 43,403 $ 12,436 $ 14,065 $ 282,758 Nonperforming 1,248 2,311 7,556 5,455 1,638 2,407 20,615 Total Commercial - Purchase $ 35,832 $ 111,048 $ 77,089 $ 48,858 $ 14,074 $ 16,472 $ 303,373 Commercial - Refinance Payment performance Performing $ 47,092 $ 189,377 $ 162,485 $ 97,438 $ 41,402 $ 60,253 $ 598,047 Nonperforming 4,329 24,968 36,661 26,465 8,234 12,693 113,350 Total Commercial - Refinance $ 51,421 $ 214,345 $ 199,146 $ 123,903 $ 49,636 $ 72,946 $ 711,397 Residential 1-4 Unit - Purchase Payment performance Performing $ 17,197 $ 79,654 $ 52,571 $ 33,293 $ 9,076 $ 31,771 $ 223,562 Nonperforming — 6,057 6,715 4,355 1,348 3,542 22,017 Total Residential 1-4 Unit - Purchase $ 17,197 $ 85,711 $ 59,286 $ 37,648 $ 10,424 $ 35,313 $ 245,579 Residential 1-4 Unit - Refinance Payment performance Performing $ 45,449 $ 194,144 $ 106,217 $ 73,069 $ 28,540 $ 44,223 $ 491,642 Nonperforming 3,206 35,013 37,479 16,467 7,400 15,225 114,790 Total Residential 1-4 Unit - Purchase $ 48,655 $ 229,157 $ 143,696 $ 89,536 $ 35,940 $ 59,448 $ 606,432 Total Portfolio $ 153,105 $ 640,261 $ 479,217 $ 299,945 $ 110,074 $ 184,179 $ 1,866,781

Securitizations Net (Tables)

Securitizations Net (Tables)	6 Months Ended
	Jun. 30, 2020
Transfers And Servicing [Abstract]
Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate	The following table summarizes the outstanding balance, net of discounts and deals costs, of the securities and the effective interest rate for the six months ended June 30, 2020 and 2019 (dollars in thousands): Six Months Ended June 30, 2020 2019 Securitizations: Securitizations, net $ 1,599,719 $ 1,261,456 Interest expense 37,104 33,553 Average outstanding balance 1,565,754 1,277,009 Effective interest rate (1) 4.74 % 5.25 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.19%) and debt issue cost amortization (0.55%) and average rate (4.65%) and debt issue cost amortization (0.60%) for the six months ended June 30, 2020 and 2019, respectively.

Other Debt (Tables)

Other Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding	The following table summarizes the maximum borrowing capacity and current gross balances outstanding for the Company’s warehouse facilities and loan agreements as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Period end balance (1) Maximum borrowing capacity Period end balance (1) Maximum borrowing capacity Barclays repurchase agreement $ 71,522 $ 300,000 $ 226,212 $ 250,000 Citibank repurchase agreement 87,098 200,000 190,977 200,000 Pacific Western credit agreement — 50,000 2,499 50,000 Hershiser Capital Finance loan agreement 2,820 3,000 3,000 3,000 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $0.6 million and $1.1 million as of June 30, 2020 and December 31, 2019, respectively.
Schedule of Activity and Effective Interest Rate	The following table provides an overview of the activity and effective interest rate for the six months ended June 30, 2020 and 2019 (dollars in thousands): Six Months Ended June 30, 2020 2019 Warehouse repurchase facilities: Average outstanding balance $ 295,013 $ 197,721 Highest outstanding balance at any month-end 439,547 280,710 Effective interest rate (1) 4.70 % 5.90 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.29%) and debt issue cost amortization (.41%) and average rate (5.46%) and debt issue cost amortization (0.44%) for the six months ended June 30, 2020 and 2019, respectively.
Summary of Interest Expense	The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended June 30, 2020 2019 Warehouse repurchase facilities $ 6,932 $ 5,834 Securitizations 37,104 33,553 Interest expense — portfolio related 44,036 39,387 Interest expense — corporate debt 8,237 (1) 6,706 Total interest expense $ 52,273 $ 46,093 (1) Included in the $8.2 million of interest expense – corporate debt for the six months ended June 30, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated repayment of $75.0 million in outstanding principal amount

Members' Equity (Tables)

Members' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Summary of Outstanding Units and Equity Balance	Prior to the Company’s IPO, the outstanding Class A, Class B and Class D units and equity balance were as follows as of December 31, 2019 ($ in thousands): December 31, 2019 Class A units issued and outstanding 97,514 Class A equity balance $ 92,650 Class B units issued and outstanding 16,072 Class B equity balance $ — Class D units issued and outstanding 60,194 Class D equity balance $ 60,194

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted loss per share	The following table presents the basic and diluted loss per share calculations for the three and six months ended June 30, 2020: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 (In thousands, except share and per share data) Basic EPS: Net income $ 2,141 $ 4,720 Less deemed dividends on preferred stock 48,955 48,955 Net loss allocated to common stock $ (46,814 ) $ (44,235 ) Less earnings allocated to participating securities — — Net loss allocated to common stock $ (46,814 ) $ (44,235 ) Weighted average common shares outstanding 20,087 20,087 Basic loss per common share $ (2.33 ) $ (2.20 ) Diluted EPS: Net loss allocated to common shareholders $ (46,814 ) $ (44,235 ) Weighted average common shares outstanding 20,087 20,087 Add dilutive effects for assumed conversion of Series A preferred stock — — Add dilutive effects for warrants — — Add dilutive effects for stock options — — Weighted average diluted common shares outstanding 20,087 20,087 Diluted loss per common share $ (2.33 ) $ (2.20 ) Earnings per common share is not applicable to periods prior to the Company's IPO on January 17, 2020. The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Shares underlying Series A Convertible Preferred Stock 11,688,312 11,688,312 Shares underlying warrants 3,013,125 3,013,125 Stock options 772,500 772,500 Share equivalents excluded from EPS 15,473,937 15,473,937
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Shares underlying Series A Convertible Preferred Stock 11,688,312 11,688,312 Shares underlying warrants 3,013,125 3,013,125 Stock options 772,500 772,500 Share equivalents excluded from EPS 15,473,937 15,473,937

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Information on Assets Measured and Recorded at Fair Value	The following tables present information on assets measured and recorded at fair value as of June 30, 2020 and December 31, 2019, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at June 30, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,956 $ 2,956 Interest-only strips — — 845 845 Total recurring fair value measurements — — 3,801 3,801 Nonrecurring fair value measurements: Loans held for sale, net — — 212,344 212,344 Real estate owned, net — — 15,648 15,648 Individually evaluated loans requiring specific allowance, net — — 269,499 269,499 Total nonrecurring fair value measurements — — 497,491 497,491 Total assets $ — $ — $ 501,292 $ 501,292 Fair value measurements using Total at December 31, 2019 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,960 $ 2,960 Interest-only strips — — 894 894 Total recurring fair value measurements — — 3,854 3,854 Nonrecurring fair value measurements: Loans held for sale, net — — 214,467 214,467 Real estate owned, net — — 13,068 13,068 Impaired loans requiring specific allowance, net — — 11,373 11,373 Total nonrecurring fair value measurements — — 238,908 238,908 Total assets $ — $ — $ 242,762 $ 242,762
Schedule of Gains and Losses Recognized on Assets Measured on Nonrecurring Basis	The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, Gain (loss) on assets measured on a nonrecurring basis 2020 2019 2020 2019 Loans held for sale, net $ (921 ) $ (20 ) $ (961 ) $ 69 Real estate held for sale, net (648 ) (363 ) (1,216 ) (377 ) Individually evaluated loans requiring specific allowance, net (431 ) (66 ) (360 ) (167 ) Total net loss $ (2,000 ) $ (449 ) $ (2,537 ) $ (475 )
Valuation Techniques and Unobservable Inputs Related to Level 3 Assets	The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of June 30, 2020 and December 31, 2019 (dollars in thousands): June 30, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring allowance, net $ 269,499 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 15,648 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,956 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 8.0% to 97.0% 88.0% Timing of resolution/payoff (months) 5 to 212 60.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 212,344 Discounted cash flow Discount rate 12.0% to 15.0% 14.5% Timing of resolution/payoff (months) 0 to 13 7.6 Interest-only strips 845 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 13.0 2.4 December 31, 2019 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Collateral dependent impaired loans requiring specific allowance, net $ 11,373 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 13,068 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,960 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 18.0% to 94.0% 87.0% Timing of resolution/payoff (months) 5 to 218 65.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 214,467 Discounted cash flow Discount rate 12.0% to 15.0% 14.7% Timing of resolution/payoff (months) 0 to 12 7.0 Interest-only strips 894 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 7.0 2.1
Rollforward of Loans and Interest Only Strips Measured at Estimated Fair Value on Recurring Basis	The following is a rollforward of loans that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Beginning balance $ 2,987 $ 2,971 $ 2,960 $ 3,463 Loans liquidated — 45 — (421 ) Principal paydowns (18 ) (17 ) (36 ) (34 ) Total unrealized gain (loss) included in net income (13 ) (25 ) 32 (34 ) Ending balance $ 2,956 $ 2,974 $ 2,956 $ 2,974 The following is a rollforward of interest-only strips that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Beginning balance $ 1,534 $ 1,609 $ 894 $ 812 Interest-only strip additions — 330 1,820 1,634 Interest-only strip write-offs (689 ) (661 ) (1,869 ) (1,131 ) Total unrealized loss included in net income — (85 ) — (122 ) Ending balance $ 845 $ 1,193 $ 845 $ 1,193
Carrying Amounts and Estimated Fair Values of Financial Instruments	The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): June 30, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 9,803 $ 9,803 $ — $ — $ 9,803 Restricted cash 6,735 6,735 — — 6,735 Loans held for sale, net 212,344 — — 212,344 212,344 Loans held for investment, net 1,861,819 — — 1,767,635 1,767,635 Loans held for investment, at fair value 2,956 — — 2,956 2,956 Accrued interest receivables 17,793 17,793 — — 17,793 Interest-only strips 845 — — 845 845 Liabilities: Secured financing, net $ 74,571 $ — $ — $ 75,010 $ 75,010 Warehouse repurchase facilities, net 160,796 — 160,796 — 160,796 Securitizations, net 1,599,719 — — 1,617,114 1,617,114 Accrued interest payable 7,777 7,777 — — 7,777 December 31, 2019 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 21,465 $ 21,465 $ — $ — $ 21,465 Restricted cash 6,087 6,087 — — 6,087 Loans held for sale, net 214,467 — — 222,260 222,260 Loans held for investment, net 1,863,360 — — 1,913,481 1,913,481 Loans held for investment, at fair value 2,960 — — 2,960 2,960 Accrued interest receivable 13,295 13,295 — — 13,295 Real estate owned, net 13,068 — — 13,068 13,068 Interest-only strips 894 — — 894 894 Liabilities: Secured financing, net $ 145,599 $ — $ — $ 153,000 $ 153,000 Warehouse repurchase facilities, net 421,548 — 421,548 — 421,548 Securitizations, net 1,438,629 — — 1,486,990 1,486,990 Accrued interest payable 7,190 7,190 — — 7,190

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($)	Jan. 28, 2020	Jan. 22, 2020	Mar. 31, 2020	Jun. 30, 2020	Jan. 16, 2020
Class Of Stock [Line Items]
Date of incorporation				Jul. 9, 2012
Minimum net worth required				$ 250,000
Class A Equity Units
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					97,513,533
Class D equity units
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					60,193,989
Common Stock
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					11,749,994
Issuance of common stock, shares	1,087,500	7,250,000	20,087,494
Stock price	$ 13	$ 13

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Assets and Liabilities of Trusts (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Loans held for investment, net	$ 1,861,819	$ 1,863,360
Real estate owned, net	15,648	13,068
Other assets	9,042	12,667
Total assets	2,187,051	2,214,766
Accounts payable and accrued expenses	55,938	56,146
Total liabilities	1,891,024	2,061,922
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	1,501
Loans held for investment, net	1,813,658	1,571,100
Accrued interest and other receivables	48,012	56,675
Real estate owned, net	8,440	6,091
Other assets	5	11
Total assets	1,871,616	1,633,877
Accounts payable and accrued expenses	29,888	21,265
Securities issued	1,599,719	1,438,629
Total liabilities	$ 1,629,607	$ 1,459,894

Current Accounting Developmen_3

Current Accounting Developments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect of change in accounting principle	$ (96,000)

Current Accounting Developmen_4

Current Accounting Developments - Schedule of Impact of ASC 326 on Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	$ 5,220	$ 3,496		$ 2,240	$ 2,096	$ 1,916	$ 1,680
ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			$ 2,377
ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			137
Commercial - Purchase
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	524	352		304
Commercial - Purchase | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			323
Commercial - Purchase | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			19
Commercial - Refinance
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	2,687	1,594		1,016
Commercial - Refinance | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			1,078
Commercial - Refinance | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			62
Residential 1-4 Unit - Purchase
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	403	250		148
Residential 1-4 Unit - Purchase | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			157
Residential 1-4 Unit - Purchase | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			9
Residential 1-4 Unit - Refinance
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	$ 1,606	$ 1,300		$ 772
Residential 1-4 Unit - Refinance | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			819
Residential 1-4 Unit - Refinance | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			$ 47

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 9,803	$ 21,465	$ 14,105
Restricted cash	6,735	6,087	1,542
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 16,538	$ 27,552	$ 15,647	$ 16,677

Loans Held for Sale, Net - Summ

Loans Held for Sale, Net - Summary of Loans Held for Sale (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Loans Held For Sale [Abstract]
Unpaid principal balance	$ 214,382	$ 216,054
Valuation adjustments	(1,307)	(396)
Deferred loan origination costs	(731)	(1,191)
Loans held for sale, net	$ 212,344	$ 214,467

Loans Held for Sale, Net - Addi

Loans Held for Sale, Net - Additional Information (Details) - Cares Act $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Unusual Risk Or Uncertainty [Line Items]
Loans held for sale other	$ 41
Accured interest on loan	$ 1.7

Loans Held for Investment and_3

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of Loans Held for Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Allowance for loan losses	$ (5,220)	$ (3,496)	$ (2,240)	$ (2,096)	$ (1,916)	$ (1,680)
Net Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,841,238
Deferred loan origination costs	25,801
Total loans held for investment and loans held for investment at fair value, gross	1,867,039
Allowance for loan losses	(5,220)
Total loans held for investment and loans held for investment at fair value, net	1,861,819
Loans At Fair Value Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	3,369
Valuation adjustments on FVO loans	(413)
Total loans held for investment and loans held for investment at fair value, gross	2,956
Total loans held for investment and loans held for investment at fair value, net	2,956
Total Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,844,607		1,843,290
Valuation adjustments on FVO loans	(413)		(444)
Deferred loan origination costs	25,801		25,714
Total loans held for investment and loans held for investment at fair value, gross	1,869,995		1,868,560
Allowance for loan losses	(5,220)		(2,240)
Total loans held for investment and loans held for investment at fair value, net	$ 1,864,775		$ 1,866,320

Loans Held for Investment and_4

Loans Held for Investment and Loans Held for Investment at Fair Value - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Accured interest on loan	$ 17,793,000	$ 17,793,000		$ 13,295,000
Financing receivable, 90 days or more past due, still accruing	$ 123,988,000	123,988,000		$ 0
Accrued interest income recognized on nonaccrual loans		0	$ 0
Cash basis interest income recognized on nonaccrual loans		6,700,000	5,400,000
Average recorded investment of individually evaluated loans, computed using month-end balances		180,200,000	$ 105,200,000
90+days
Accounts Notes And Loans Receivable [Line Items]
Annualized charge rate of non performing loans	0.10%			0.52%
Cares Act
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment	$ 293,700,000	293,700,000
Accured interest on loan	11,600,000	11,600,000
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 293,700,000	$ 293,700,000

Loans Held for Investment and_5

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facility Agreements and Securitizations Issued (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	$ 268,770	$ 287,524
Total	1,789,259	1,549,610
Citibank Warehouse Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	148,272	108,504
Barclays Warehouse Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	120,498	175,689
Pacific Western Bank Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans		3,331
2014-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	26,124	29,559
2015-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	59,168	64,876
2016-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	82,693	97,727
2016-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	56,517	68,961
2017-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	95,491	116,670
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	157,558	173,390
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	129,111	141,567
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	239,362	260,278
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	218,681	229,151
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	193,185	210,312
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	146,479	$ 157,119
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	256,683
2020-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 128,207

Loans Held for Investment and_6

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2020
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		$ 259,931,000
Total Nonaccrual	$ 125,819,000	270,772,000
Financing receivable, 90 days or more past due, still accruing	0	123,988,000
Troubled Debt Restructuring included in nonaccrual loans:	$ 179,000
Percentage of the originated loans held for investment	6.70%
Unpaid principal balance	$ 124,050,000
Recorded investment	125,998,000
Recorded investment of impaired loans requiring a specific allowance	12,286,000
Specific allowance	$ 913,000
Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance	7.40%
Recorded investment of impaired loans not requiring a specific allowance	$ 113,712,000
Percentage of recorded investment of impaired loans not requiring a specific allowance	90.20%
Recorded investment of TDRs with a specific allowance	$ 179,000
Specific allowance	$ 25,000
Commercial - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		19,269,000
Total Nonaccrual		20,615,000
Financing receivable, 90 days or more past due, still accruing		18,798,000
Commercial - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		109,897,000
Total Nonaccrual		113,350,000
Financing receivable, 90 days or more past due, still accruing		54,323,000
Residential 1-4 Unit - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		21,760,000
Total Nonaccrual		22,017,000
Financing receivable, 90 days or more past due, still accruing		14,603,000
Residential 1-4 Unit - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		109,005,000
Total Nonaccrual		114,790,000
Financing receivable, 90 days or more past due, still accruing		$ 36,264,000

Loans Held for Investment and_7

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 1,866,781	$ 1,685,748
Financing Receivable, Accrued Interest, Writeoff	5,717	1,330
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	303,373	255,802
Financing Receivable, Accrued Interest, Writeoff	425	119
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	711,397	647,838
Financing Receivable, Accrued Interest, Writeoff	2,633	558
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	245,579	237,445
Financing Receivable, Accrued Interest, Writeoff	404	154
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	606,432	544,663
Financing Receivable, Accrued Interest, Writeoff	$ 2,255	$ 499

Loans Held for Investment and_8

Loans Held for Investment and Loans Held for Investment at Fair Value - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Allowance for credit losses:
Beginning balance	$ 3,496	$ 1,916	$ 2,240	$ 1,680
Impact of adopting ASC 326			137
Provision for loan losses	1,800	212	3,088	560
Charge-offs	(76)	(32)	(245)	(144)
Ending balance	5,220	2,096	5,220	2,096
Allowance related to Loans individually evaluated	1,273	803	1,273	803	$ 900
Allowance related to Loans collectively evaluated	3,947	1,293	3,947	1,293
Amortized cost related to Loans individually evaluated	270,772	99,905	270,772	99,905
Amortized cost related to Loans collectively evaluated	1,596,009	$ 1,585,843	1,596,009	$ 1,585,843
Commercial - Purchase
Allowance for credit losses:
Beginning balance	352		304
Impact of adopting ASC 326			19
Provision for loan losses	172		280
Charge-offs			(79)
Ending balance	524		524
Allowance related to Loans individually evaluated	181		181
Allowance related to Loans collectively evaluated	342		342
Amortized cost related to Loans individually evaluated	20,615		20,615
Amortized cost related to Loans collectively evaluated	282,759		282,759
Commercial - Refinance
Allowance for credit losses:
Beginning balance	1,594		1,016
Impact of adopting ASC 326			62
Provision for loan losses	1,093		1,609
Ending balance	2,687		2,687
Allowance related to Loans individually evaluated	592		592
Allowance related to Loans collectively evaluated	2,095		2,095
Amortized cost related to Loans individually evaluated	113,350		113,350
Amortized cost related to Loans collectively evaluated	598,046		598,046
Residential 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	250		148
Impact of adopting ASC 326			9
Provision for loan losses	211		382
Charge-offs	(58)		(136)
Ending balance	403		403
Allowance related to Loans individually evaluated	96		96
Allowance related to Loans collectively evaluated	307		307
Amortized cost related to Loans individually evaluated	22,017		22,017
Amortized cost related to Loans collectively evaluated	223,561		223,561
Residential 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	1,300		772
Impact of adopting ASC 326			47
Provision for loan losses	324		817
Charge-offs	(18)		(30)
Ending balance	1,606		1,606
Allowance related to Loans individually evaluated	404		404
Allowance related to Loans collectively evaluated	1,203		1,203
Amortized cost related to Loans individually evaluated	114,790		114,790
Amortized cost related to Loans collectively evaluated	$ 491,643		$ 491,643

Loans Held for Investment and_9

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio (Details) - COVID-19 - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	$ 282,031,000
Loans, current	11,707,000
Total loans	293,738,000
Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	665,812,000	$ 286,422,000
Loans, current	1,200,969,000	1,579,163,000
Total loans	1,866,781,000	1,865,585,000
30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	39,526,000
30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	131,747,000	125,660,000
60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	105,151,000
60–89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	158,444,000	48,834,000
90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	137,354,000
90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	375,621,000	111,928,000
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	19,452,000
Total loans	19,452,000
Loans Individually Evaluated | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	270,597,000
Loans, current	175,000
Total loans	270,772,000
Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,100,000
Total loans	1,100,000
Loans Individually Evaluated | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	20,615,000
Total loans	20,615,000
Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	10,740,000
Total loans	10,740,000
Loans Individually Evaluated | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	113,175,000
Loans, current	175,000
Total loans	113,350,000
Loans Individually Evaluated | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	22,017,000
Total loans	22,017,000
Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	7,612,000
Total loans	7,612,000
Loans Individually Evaluated | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	114,790,000
Total loans	114,790,000
Loans Individually Evaluated | 30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,143,000
Loans Individually Evaluated | 30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	8,727,000
Loans Individually Evaluated | 30–59 days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	256,000
Loans Individually Evaluated | 30–59 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,143,000
Loans Individually Evaluated | 30–59 days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	6,349,000
Loans Individually Evaluated | 30–59 days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,122,000
Loans Individually Evaluated | 60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,943,000
Loans Individually Evaluated | 60–89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	10,237,000
Loans Individually Evaluated | 60–89 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	607,000
Loans Individually Evaluated | 60–89 days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,346,000
Loans Individually Evaluated | 60–89 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,659,000
Loans Individually Evaluated | 60–89 days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,957,000
Loans Individually Evaluated | 60–89 days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	193,000
Loans Individually Evaluated | 60–89 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	677,000
Loans Individually Evaluated | 60–89 days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,741,000
Loans Individually Evaluated | 90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	13,366,000
Loans Individually Evaluated | 90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	251,633,000
Loans Individually Evaluated | 90+days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	493,000
Loans Individually Evaluated | 90+days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	18,013,000
Loans Individually Evaluated | 90+days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	5,938,000
Loans Individually Evaluated | 90+days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	102,869,000
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	21,824,000
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	6,935,000
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	108,927,000
Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	262,579,000
Loans, current	11,707,000
Total loans	274,286,000
Loans Collectively Evaluated | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	395,215,000
Loans, current	1,200,794,000
Total loans	1,596,009,000
Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	43,415,000
Loans, current	1,357,000
Total loans	44,772,000
Loans Collectively Evaluated | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	61,132,000
Loans, current	221,626,000
Total loans	282,758,000
Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	108,637,000
Loans, current	5,128,000
Total loans	113,765,000
Loans Collectively Evaluated | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	154,698,000
Loans, current	443,349,000
Total loans	598,047,000
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	32,007,000
Loans, current	504,000
Total loans	32,511,000
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	48,551,000
Loans, current	175,011,000
Total loans	223,562,000
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	78,520,000
Loans, current	4,718,000
Total loans	83,238,000
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	130,834,000
Loans, current	360,808,000
Total loans	491,642,000
Loans Collectively Evaluated | 30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	37,383,000
Loans Collectively Evaluated | 30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	123,020,000
Loans Collectively Evaluated | 30–59 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	6,397,000
Loans Collectively Evaluated | 30–59 days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	20,880,000
Loans Collectively Evaluated | 30–59 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	14,932,000
Loans Collectively Evaluated | 30–59 days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	42,512,000
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	4,447,000
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	16,377,000
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	11,607,000
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	43,251,000
Loans Collectively Evaluated | 60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	101,208,000
Loans Collectively Evaluated | 60–89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	148,207,000
Loans Collectively Evaluated | 60–89 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	18,220,000
Loans Collectively Evaluated | 60–89 days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	21,454,000
Loans Collectively Evaluated | 60–89 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	39,382,000
Loans Collectively Evaluated | 60–89 days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	57,863,000
Loans Collectively Evaluated | 60–89 days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	12,957,000
Loans Collectively Evaluated | 60–89 days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	17,571,000
Loans Collectively Evaluated | 60–89 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	30,649,000
Loans Collectively Evaluated | 60–89 days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	51,319,000
Loans Collectively Evaluated | 90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	123,988,000
Loans Collectively Evaluated | 90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	123,988,000
Loans Collectively Evaluated | 90+days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	18,798,000
Loans Collectively Evaluated | 90+days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	18,798,000
Loans Collectively Evaluated | 90+days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	54,323,000
Loans Collectively Evaluated | 90+days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	54,323,000
Loans Collectively Evaluated | 90+days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	14,603,000
Loans Collectively Evaluated | 90+days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	14,603,000
Loans Collectively Evaluated | 90+days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	36,264,000
Loans Collectively Evaluated | 90+days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	$ 36,264,000
Impaired loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		125,819,000
Loans, current		179,000
Total loans		125,998,000
Impaired loans | 30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		6,195,000
Impaired loans | 60–89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,696,000
Impaired loans | 90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		111,928,000
Nonimpaired loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		160,603,000
Loans, current		1,578,984,000
Total loans		1,739,587,000
Nonimpaired loans | 30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		119,465,000
Nonimpaired loans | 60–89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		$ 41,138,000

Loans Held for Investment an_10

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year (Details) - Accrual Status $ in Thousands	Jun. 30, 2020USD ($)
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	$ 153,105
Term Loans Amortized Cost Basis by Origination Year, 2019	640,261
Term Loans Amortized Cost Basis by Origination Year, 2018	479,217
Term Loans Amortized Cost Basis by Origination Year, 2017	299,945
Term Loans Amortized Cost Basis by Origination Year, 2016	110,074
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	184,179
Total loans	1,866,781
Commercial - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	35,832
Term Loans Amortized Cost Basis by Origination Year, 2019	111,048
Term Loans Amortized Cost Basis by Origination Year, 2018	77,089
Term Loans Amortized Cost Basis by Origination Year, 2017	48,858
Term Loans Amortized Cost Basis by Origination Year, 2016	14,074
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	16,472
Total loans	303,373
Commercial - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	34,584
Term Loans Amortized Cost Basis by Origination Year, 2019	108,737
Term Loans Amortized Cost Basis by Origination Year, 2018	69,533
Term Loans Amortized Cost Basis by Origination Year, 2017	43,403
Term Loans Amortized Cost Basis by Origination Year, 2016	12,436
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	14,065
Total loans	282,758
Commercial - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	1,248
Term Loans Amortized Cost Basis by Origination Year, 2019	2,311
Term Loans Amortized Cost Basis by Origination Year, 2018	7,556
Term Loans Amortized Cost Basis by Origination Year, 2017	5,455
Term Loans Amortized Cost Basis by Origination Year, 2016	1,638
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	2,407
Total loans	20,615
Commercial - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	51,421
Term Loans Amortized Cost Basis by Origination Year, 2019	214,345
Term Loans Amortized Cost Basis by Origination Year, 2018	199,146
Term Loans Amortized Cost Basis by Origination Year, 2017	123,903
Term Loans Amortized Cost Basis by Origination Year, 2016	49,636
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	72,946
Total loans	711,397
Commercial - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	47,092
Term Loans Amortized Cost Basis by Origination Year, 2019	189,377
Term Loans Amortized Cost Basis by Origination Year, 2018	162,485
Term Loans Amortized Cost Basis by Origination Year, 2017	97,438
Term Loans Amortized Cost Basis by Origination Year, 2016	41,402
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	60,253
Total loans	598,047
Commercial - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	4,329
Term Loans Amortized Cost Basis by Origination Year, 2019	24,968
Term Loans Amortized Cost Basis by Origination Year, 2018	36,661
Term Loans Amortized Cost Basis by Origination Year, 2017	26,465
Term Loans Amortized Cost Basis by Origination Year, 2016	8,234
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	12,693
Total loans	113,350
Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	17,197
Term Loans Amortized Cost Basis by Origination Year, 2019	85,711
Term Loans Amortized Cost Basis by Origination Year, 2018	59,286
Term Loans Amortized Cost Basis by Origination Year, 2017	37,648
Term Loans Amortized Cost Basis by Origination Year, 2016	10,424
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	35,313
Total loans	245,579
Residential 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	17,197
Term Loans Amortized Cost Basis by Origination Year, 2019	79,654
Term Loans Amortized Cost Basis by Origination Year, 2018	52,571
Term Loans Amortized Cost Basis by Origination Year, 2017	33,293
Term Loans Amortized Cost Basis by Origination Year, 2016	9,076
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	31,771
Total loans	223,562
Residential 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2019	6,057
Term Loans Amortized Cost Basis by Origination Year, 2018	6,715
Term Loans Amortized Cost Basis by Origination Year, 2017	4,355
Term Loans Amortized Cost Basis by Origination Year, 2016	1,348
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	3,542
Total loans	22,017
Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	48,655
Term Loans Amortized Cost Basis by Origination Year, 2019	229,157
Term Loans Amortized Cost Basis by Origination Year, 2018	143,696
Term Loans Amortized Cost Basis by Origination Year, 2017	89,536
Term Loans Amortized Cost Basis by Origination Year, 2016	35,940
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	59,448
Total loans	606,432
Residential 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	45,449
Term Loans Amortized Cost Basis by Origination Year, 2019	194,144
Term Loans Amortized Cost Basis by Origination Year, 2018	106,217
Term Loans Amortized Cost Basis by Origination Year, 2017	73,069
Term Loans Amortized Cost Basis by Origination Year, 2016	28,540
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	44,223
Total loans	491,642
Residential 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	3,206
Term Loans Amortized Cost Basis by Origination Year, 2019	35,013
Term Loans Amortized Cost Basis by Origination Year, 2018	37,479
Term Loans Amortized Cost Basis by Origination Year, 2017	16,467
Term Loans Amortized Cost Basis by Origination Year, 2016	7,400
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	15,225
Total loans	$ 114,790

Securitizations, Net - Addition

Securitizations, Net - Additional Information (Detail) $ in Billions	6 Months Ended	110 Months Ended
	Jun. 30, 2020USD ($)Securities	Jun. 30, 2020USD ($)
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Number of securitizations | Securities	14
Securitization loans	$ 3.1	$ 3.1
Issuing of securities to third parties		$ 2.9
Minimum
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Securities redemption when principal balance is less than a certain percentage	5.00%
Maturity dates of the securities	2044-09
Maximum
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Securities redemption when principal balance is less than a certain percentage	30.00%
Maturity dates of the securities	2050-06

Securitizations Net - Summary o

Securitizations Net - Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Securitizations, net	$ 1,599,719	$ 1,261,456	$ 1,599,719	$ 1,261,456	$ 1,438,629
Interest expense — portfolio related	21,189	20,324	44,036	39,387
Average outstanding balance	$ 1,565,754	$ 1,277,009	$ 1,565,754	$ 1,277,009
Effective interest rate			4.74%	5.25%
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related			$ 37,104	$ 33,553

Securitizations Net - Summary_2

Securitizations Net - Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Transfers And Servicing [Abstract]
Average interest rate	4.19%	4.65%
Debt issue cost amortization rate	0.55%	0.60%

Other Debt - Additional Informa

Other Debt - Additional Information (Details) - USD ($)	Dec. 26, 2019	Aug. 29, 2019	Sep. 12, 2018	Jan. 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Debt Instrument [Line Items]
Lines of credit fund maximum percentage of principle balance of mortgage loans						100.00%
Repayment of term loans						$ 75,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term			3 years
Debt instrument, description					one-month LIBOR
Debt instrument, spread rate				3.50%
Line of credit, maximum capacity			$ 50,000,000
Line of credit, outstanding amount						$ 0
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan
Debt Instrument [Line Items]
Debt instrument, term		5 years
Debt instrument, face amount		$ 153,000,000
Debt instrument, description						one-month LIBOR
Debt instrument, maturity month year		2024-08
Term loans, balance						$ 78,000,000	$ 153,000,000
Repayment of term loans				$ 75,000,000
Debt issuance costs, net						3,400,000	7,400,000
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate		1.00%
Debt instrument, spread rate		7.50%
Barclays Repurchase Agreement
Debt Instrument [Line Items]
Line of credit, maximum capacity						$ 300,000,000	250,000,000
Barclays Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, description						one-month LIBOR
Agreement entered date						May 29, 2015
Debt instrument, maturity date						Aug. 3, 2020
Line of credit, maximum capacity						$ 300,000,000
Debt Instrument, effective interest rate						4.81%		5.90%
Barclays Repurchase Agreement | Minimum | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, spread rate						3.00%
Barclays Repurchase Agreement | Maximum | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, spread rate						3.125%
Citibank Repurchase Agreement
Debt Instrument [Line Items]
Line of credit, maximum capacity						$ 200,000,000	200,000,000
Citibank Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, description						one-month LIBOR
Debt instrument, spread rate						3.25%
Agreement entered date						May 17, 2013
Debt instrument, maturity date						Sep. 30, 2020
Line of credit, maximum capacity						$ 200,000,000
Debt Instrument, effective interest rate						4.29%		5.78%
Hershiser Capital Finance Loan Agreement
Debt Instrument [Line Items]
Line of credit, maximum capacity						$ 3,000,000	$ 3,000,000
Hershiser Capital Finance Loan Agreement | HCF Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 3,000,000
Debt instrument, maturity date	Jul. 1, 2021
Debt instrument, maturity date description					earlier of (i) January 1, 2021, and (ii) the date on which the unpaid principal balance of this loan becomes due and payable by acceleration or otherwise pursuant to the loan documents or the exercise by the lender of any right or remedy under any loan document.
Debt instrument, fixed interest rate	9.50%

Other Debt - Summary of Maximum

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Barclays Repurchase Agreement
Debt Instrument [Line Items]
Period end balance	$ 71,522,000	$ 226,212,000
Maximum borrowing capacity	300,000,000	250,000,000
Citibank Repurchase Agreement
Debt Instrument [Line Items]
Period end balance	87,098,000	190,977,000
Maximum borrowing capacity	200,000,000	200,000,000
Pacific Western Credit Agreement
Debt Instrument [Line Items]
Period end balance		2,499,000
Maximum borrowing capacity	50,000,000	50,000,000
Hershiser Capital Finance Loan Agreement
Debt Instrument [Line Items]
Period end balance	2,820,000	3,000,000
Maximum borrowing capacity	$ 3,000,000	$ 3,000,000

Other Debt - Summary of Maxim_2

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Debt issuance costs, net	$ 0.6	$ 1.1

Other Debt - Schedule of Activi

Other Debt - Schedule of Activity and Effective Interest Rate (Details) - Warehouse Repurchase Facilities - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Average outstanding balance	$ 295,013	$ 197,721
Highest outstanding balance at any month-end	$ 439,547	$ 280,710
Debt Instrument, effective interest rate	4.70%	5.90%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt Instrument, average rate	4.29%	5.46%
Debt issue cost amortization percentage	0.41%	0.44%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 21,189	$ 20,324	$ 44,036	$ 39,387
Interest expense — corporate debt	$ 1,894	$ 3,353	8,237	6,706
Total interest expense			52,273	46,093
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related			6,932	5,834
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related			$ 37,104	$ 33,553

Other Debt - Summary of Inter_2

Other Debt - Summary of Interest Expense (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Interest expense — corporate debt		$ 1,894	$ 3,353	$ 8,237	$ 6,706
Repayment of outstanding principal amount				75,000
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan
Debt Instrument [Line Items]
Interest expense — corporate debt				8,200
Write off of debt issuance cost				3,500
Prepayment penalties				$ 300
Repayment of outstanding principal amount	$ 75,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Repurchase liability	$ 76	$ 76

Members' Equity - Additional In

Members' Equity - Additional Information (Details) $ in Millions	Jun. 30, 2020Membership	Aug. 29, 2019USD ($)
Class Of Stock [Line Items]
Number of membership units issued | Membership	4
Class C Preferred Units
Class Of Stock [Line Items]
Preferred units, liquidation preference | $		$ 27.7

Members' Equity - Summary of Ou

Members' Equity - Summary of Outstanding Units and Equity Balance (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, shares, outstanding	20,087,494	0
Preferred Class A Units
Class Of Stock [Line Items]
Preferred units issued		97,514,000
Preferred units outstanding		97,514,000
Equity Class A
Class Of Stock [Line Items]
Equity outstanding balance		$ 92,650
Preferred Class B Units
Class Of Stock [Line Items]
Preferred units issued		16,072,000
Preferred units outstanding		16,072,000
Class D Preferred Units
Class Of Stock [Line Items]
Preferred units issued		60,194,000
Preferred units outstanding		60,194,000
Equity Class D
Class Of Stock [Line Items]
Equity outstanding balance		$ 60,194

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2020	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted requisite service period		3 years
Description of compensation expense related to stock options		Compensation expense related to stock options is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straightline method.
Number of shares of stock options forfeited		10,000
Compensation expense related to the outstanding stock options granted		$ 0.5
Amount of unrecognized compensation expense related to unvested stock options		$ 2.6
Number of shares of unvested stock options outstanding		772,500
Exercise price of unvested stock options		$ 13
2020 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of authorized to grant		1,520,000
Stock options granted	782,500
2020 Omnibus Incentive Plan | Initial Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of stock options granted	$ 13

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings per Common Share Calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic EPS:
Net income	$ 2,141	$ 2,579	$ 3,535	$ 4,720	$ 8,230
Less deemed dividends on preferred stock	48,955			48,955
Net loss allocated to common shareholders	$ (46,814)			$ (44,235)
Basic	20,087			20,087
Basic	$ (2.33)			$ (2.20)
Diluted EPS:
Net loss allocated to common shareholders	$ (46,814)			$ (44,235)
Diluted	20,087			20,087
Diluted	$ (2.33)			$ (2.20)

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	15,473,937	15,473,937
Series A Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	11,688,312	11,688,312
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	3,013,125	3,013,125
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	772,500	772,500

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Millions	Apr. 07, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)Director$ / sharesshares	Nov. 29, 2024$ / shares	Nov. 28, 2024$ / shares	Oct. 07, 2022$ / shares
Convertible Preferred Stock [Line Items]
Proceeds from issuance of preferred stock and warrants | $	$ 43.2
Number of directors right to elect by preferred stock holders | Director		2
Common stock initial conversion price per share | $ / shares		$ 3.85
Percentage of common stock held by warrant holder and affiliates		49.00%
Preferred stock redemption description		Preferred becomes redeemable at any time after 2.5 years from the Closing Date of April 7, 2020
Maximum
Convertible Preferred Stock [Line Items]
Preferred stock redemption value | $		$ 90
Preferred stock, redemption price per share | $ / shares		$ 2,000
Preferred stock redemption share		45,000
Deemed dividends- preferred stock redemption value | $		$ 49
Exercise Price of $2.96 per Share of Common Stock
Convertible Preferred Stock [Line Items]
Exercise price per share | $ / shares		$ 2.96
Warrants to purchase an aggregate shares		2,008,750
Warrants to purchase an aggregate shares		2,008,750
Exercise Price of $4.94 per Share of Common Stock
Convertible Preferred Stock [Line Items]
Exercise price per share | $ / shares		$ 4.94
Warrants to purchase an aggregate shares		1,004,375
Warrants to purchase an aggregate shares		1,004,375
Scenario, Forecast
Convertible Preferred Stock [Line Items]
Preferred stock liquidation preference per share | $ / shares			$ 3,000	$ 3,000	$ 2,000
Warrants
Convertible Preferred Stock [Line Items]
Exercise price per share | $ / shares	$ 1,000
Warrants to purchase an aggregate shares	3,013,125
Warrants to purchase an aggregate shares	3,013,125
Private Placement | Series A Convertible Preferred Stock
Convertible Preferred Stock [Line Items]
Issuance of common stock, shares	45,000
Stock price | $ / shares	$ 0.01

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Information on Assets Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	$ 2,956	$ 2,960
Total recurring fair value measurements	501,292	242,762
Real estate owned, net	15,648	13,068
Individually evaluated/Impaired loans requiring specific allowance, net		125,998
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	501,292	242,762
Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	2,956	2,960
Interest-only strips	845	894
Total recurring fair value measurements	3,801	3,854
Recurring Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	2,956	2,960
Interest-only strips	845	894
Total recurring fair value measurements	3,801	3,854
Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	497,491	238,908
Loans held for sale, net	212,344	214,467
Real estate owned, net	15,648	13,068
Individually evaluated/Impaired loans requiring specific allowance, net	269,499	11,373
Nonrecurring Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	497,491	238,908
Loans held for sale, net	212,344	214,467
Real estate owned, net	15,648	13,068
Individually evaluated/Impaired loans requiring specific allowance, net	$ 269,499	$ 11,373

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Gains and Losses Recognized on Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Fair Value Measurements - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (2,000)	$ (449)	$ (2,537)	$ (475)
Loans Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(921)	(20)	(961)	69
Real Estate Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(648)	(363)	(1,216)	(377)
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (431)	$ (66)	$ (360)	$ (167)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 501,292	$ 242,762
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 501,292	$ 242,762
Level 3 | Valuation, Market Approach | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring allowance, net	0.080
Real estate owned, net	0.080	0.080
Collateral dependent impaired loans requiring specific allowance, net		0.080
Level 3 | Valuation, Market Approach | Weighted Average | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring allowance, net	0.080
Real estate owned, net	0.080	0.080
Collateral dependent impaired loans requiring specific allowance, net		0.080
Level 3 | Discounted Cash Flow | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.105	0.105
Interest-only strips	0.150	0.150
Level 3 | Discounted Cash Flow | Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.150	0.150
Level 3 | Discounted Cash Flow | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.010	0.010
Level 3 | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.100	0.100
Level 3 | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale	0.120	0.120
Level 3 | Discounted Cash Flow | Minimum | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.080	0.18
Level 3 | Discounted Cash Flow | Minimum | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	5 months	5 months
Loans held for sale	0 months	0 months
Interest-only strips	0 months	0 months
Level 3 | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale	0.150	0.150
Level 3 | Discounted Cash Flow | Maximum | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.970	0.94
Level 3 | Discounted Cash Flow | Maximum | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	212 months	218 months
Loans held for sale	13 months	12 months
Interest-only strips	13 months	7 months
Level 3 | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.105	0.105
Loans held for sale	0.145	0.147
Interest-only strips	0.150	0.150
Level 3 | Discounted Cash Flow | Weighted Average | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.880	0.870
Level 3 | Discounted Cash Flow | Weighted Average | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	60 months	65 months
Loans held for sale	7 months 18 days	7 months
Interest-only strips	2 months 12 days	2 months 3 days
Level 3 | Discounted Cash Flow | Weighted Average | Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.150	0.150
Level 3 | Discounted Cash Flow | Weighted Average | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.010	0.010
Level 3 | Discounted Cash Flow | Weighted Average | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.100	0.100
Level 3 | Individually evaluated loans requiring allowance net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 269,499
Level 3 | Real Estate Owned, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	15,648	$ 13,068
Level 3 | Loans Held for Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	2,956	2,960
Level 3 | Loans Held for Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	212,344	214,467
Level 3 | Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 845	894
Level 3 | Collateral Dependent Impaired Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements		$ 11,373

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward of Loans and Interest Only Strips Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 2,987	$ 2,971	$ 2,960	$ 3,463
Loans liquidated		45		(421)
Principal paydowns	(18)	(17)	(36)	(34)
Total unrealized gain (loss) included in net income	(13)	(25)	32	(34)
Ending balance	2,956	2,974	2,956	2,974
Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	1,534	1,609	894	812
Interest-only strip additions		330	1,820	1,634
Interest-only strip write-offs	(689)	(661)	(1,869)	(1,131)
Total unrealized gain (loss) included in net income		(85)		(122)
Ending balance	$ 845	$ 1,193	$ 845	$ 1,193

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Loans individually evaluated for allowance	$ 9,600	$ 11,400
Allowance for loan losses	$ 1,273	$ 900	$ 803

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Assets:
Restricted cash	$ 6,735	$ 6,087	$ 1,542
Loans held for investment, net	1,861,819	1,863,360
Loans held for investment, at fair value	2,956	2,960
Real estate owned, net	15,648	13,068
Liabilities:
Secured financing, net	74,571	145,599
Warehouse repurchase facilities, net	160,796	421,548
Securitizations, net	1,599,719	1,438,629	$ 1,261,456
Carrying Value
Assets:
Cash	9,803	21,465
Restricted cash	6,735	6,087
Loans held for sale, net	212,344	214,467
Loans held for investment, net	1,861,819	1,863,360
Loans held for investment, at fair value	2,956	2,960
Accrued interest receivables	17,793	13,295
Interest-only strips	845	894
Real estate owned, net		13,068
Liabilities:
Secured financing, net	74,571	145,599
Warehouse repurchase facilities, net	160,796	421,548
Securitizations, net	1,599,719	1,438,629
Accrued interest payable	7,777	7,190
Estimated Fair Value
Assets:
Cash	9,803	21,465
Restricted cash	6,735	6,087
Loans held for sale, net	212,344	222,260
Loans held for investment, net	1,767,635	1,913,481
Loans held for investment, at fair value	2,956	2,960
Accrued interest receivables	17,793	13,295
Interest-only strips	845	894
Real estate owned, net		13,068
Liabilities:
Secured financing, net	75,010	153,000
Warehouse repurchase facilities, net	160,796	421,548
Securitizations, net	1,617,114	1,486,990
Accrued interest payable	7,777	7,190
Level 1 | Estimated Fair Value
Assets:
Cash	9,803	21,465
Restricted cash	6,735	6,087
Accrued interest receivables	17,793	13,295
Liabilities:
Accrued interest payable	7,777	7,190
Level 2 | Estimated Fair Value
Liabilities:
Warehouse repurchase facilities, net	160,796	421,548
Level 3 | Estimated Fair Value
Assets:
Loans held for sale, net	212,344	222,260
Loans held for investment, net	1,767,635	1,913,481
Loans held for investment, at fair value	2,956	2,960
Interest-only strips	845	894
Real estate owned, net		13,068
Liabilities:
Secured financing, net	75,010	153,000
Securitizations, net	$ 1,617,114	$ 1,486,990

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Securitizations - Subsequent Event - USD ($) $ in Millions	Jul. 09, 2020	Jul. 10, 2020
Subsequent Event [Line Items]
Securitization of loan		$ 276
Barclays Repurchase Agreement
Subsequent Event [Line Items]
Debt instrument, maturity date	Aug. 3, 2020
Securities termination date	Aug. 3, 2020
Citibank Repurchase Agreement
Subsequent Event [Line Items]
Securities extension date	Sep. 30, 2020