Velocity Financial (VEL) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		32,293,042
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	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 35,497	$ 13,273
Restricted cash	9,586	7,020
Loans held for sale, net		13,106
Loans held for investment, net	2,295,697	1,948,089
Loans held for investment, at fair value	1,360	1,539
Total loans, net	2,297,057	1,962,734
Accrued interest receivables	11,974	11,373
Receivables due from servicers	57,058	71,044
Other receivables	870	4,085
Real estate owned, net	17,905	15,767
Property and equipment, net	3,348	4,145
Net deferred tax asset	17,026	6,654
Other assets	6,843	6,779
Total assets	2,457,164	2,102,874
LIABILITIES
Accounts payable and accrued expenses	79,360	63,361
Secured financing, net	163,449	74,982
Securitizations, net	1,623,674	1,579,019
Warehouse and repurchase facilities, net	258,491	75,923
Total liabilities	2,124,974	1,793,285
STOCKHOLDERS' 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 at September 30, 2021 and December 31, 2020; 20,604,732 and 20,087,494 shares issued, respectively)	206	201
Additional paid-in capital	205,915	204,190
Retained earnings	36,069	15,198
Total stockholders' equity	242,190	219,589
Total liabilities, mezzanine equity and stockholders' equity	2,457,164	2,102,874
Series A Preferred Stock
MEZZANINE EQUITY
Series A Convertible preferred stock (45,000 shares designated, $0.01 par value; 45,000 shares issued and outstanding)	$ 90,000	$ 90,000

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
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	20,604,732	20,087,494
ASSETS
Restricted cash	$ 9,586	$ 7,020
Loans held for investment, net	2,295,697	1,948,089
Accrued interest and other receivables	11,974	11,373
Real estate owned, net	17,905	15,767
Other assets	6,843	6,779
Total assets	2,457,164	2,102,874
LIABILITIES
Accounts payable and accrued expenses	79,360	63,361
Total liabilities	2,124,974	1,793,285
Variable Interest Entity Primary Beneficiary
ASSETS
Restricted cash	5,475	6,743
Loans held for investment, net	1,933,800	1,874,991
Accrued interest and other receivables	67,664	82,342
Real estate owned, net	12,257	9,698
Other assets	5	12
Total assets	2,019,201	1,973,786
LIABILITIES
Accounts payable and accrued expenses	43,157	43,795
Securities issued	1,623,674	1,579,019
Total liabilities	$ 1,666,831	$ 1,622,814
Series A Preferred Stock
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 ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Interest income	$ 46,923	$ 41,374	$ 132,608	$ 125,766
Interest expense — portfolio related	20,321	22,347	61,720	66,384
Net interest income — portfolio related	26,602	19,027	70,888	59,382
Interest expense — corporate debt	4,488	1,913	16,147	10,149
Net interest income	22,114	17,114	54,741	49,233
Provision for (reversal of) loan losses	228	1,573	(668)	4,662
Net interest income after provision for (reversal of) loan losses	21,886	15,541	55,409	44,571
Other operating income
Gain (loss) on disposition of loans	306	(51)	5,536	2,721
Unrealized gain on fair value loans		379	18	411
Other income (expense)	33	1,021	18	(1,504)
Total other operating income	339	1,349	5,572	1,628
Operating expenses
Compensation and employee benefits	4,738	5,692	14,470	16,595
Rent and occupancy	447	415	1,340	1,319
Loan servicing	2,014	2,168	5,803	5,825
Professional fees	736	1,051	2,064	2,823
Real estate owned, net	1,186	898	2,734	2,439
Other operating expenses	2,177	1,641	6,154	5,822
Total operating expenses	11,298	11,865	32,565	34,823
Income before income taxes	10,927	5,025	28,416	11,376
Income tax expense	2,905	1,544	7,545	3,175
Net income	8,022	3,481	20,871	8,201
Less undistributed earnings attributable to participating securities	3,030		7,884
Less deemed dividends on preferred stock				48,955
Net earnings (loss) attributable to common stockholders	$ 4,992	$ 3,481	$ 12,987	$ (40,754)
Earnings (loss) per common share
Basic	$ 0.25	$ 0.17	$ 0.65	$ (2.03)
Diluted	$ 0.23	$ 0.11	$ 0.62	$ (2.03)
Weighted average common shares outstanding
Basic	20,090	20,087	20,088	20,087
Diluted	34,212	32,435	33,858	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 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, 2019		$ 152,844				$ 152,844
Cumulative effect of change in accounting principle at Dec. 31, 2019	[1]		$ (96)									$ (96)
Beginning balance at Dec. 31, 2019		152,748				152,844					$ (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, shares at Mar. 31, 2020									20,087,494
Beginning balance at Dec. 31, 2019		152,844				152,844
Cumulative effect of change in accounting principle at Dec. 31, 2019	[1]		$ (96)									$ (96)
Beginning balance at Dec. 31, 2019		152,748				$ 152,844					(96)
Net income		8,201
Ending balance at Sep. 30, 2020		209,760							$ 201	203,937	5,622
Ending balance, shares at Sep. 30, 2020									20,087,494
Beginning balance at Mar. 31, 2020		250,430							$ 201	247,746	2,483
Beginning balance, shares 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, shares at Jun. 30, 2020									20,087,494
Stock-based compensation		252								252
Net income		3,481									3,481
Ending balance at Sep. 30, 2020		209,760							$ 201	203,937	5,622
Ending balance, shares at Sep. 30, 2020									20,087,494
Beginning balance at Dec. 31, 2020		219,589							$ 201	204,190	15,198
Beginning balance, shares at Dec. 31, 2020									20,087,494
Restricted stock awarded and earned stock compensation		231							$ 5	226
Restricted stock awarded and earned stock compensation, shares									480,000
Stock-based compensation		254								254
Net income		3,396									3,396
Ending balance at Mar. 31, 2021		223,470							$ 206	204,670	18,594
Ending balance, shares at Mar. 31, 2021									20,567,494
Beginning balance at Dec. 31, 2020		219,589							$ 201	204,190	15,198
Beginning balance, shares at Dec. 31, 2020									20,087,494
Net income		20,871
Ending balance at Sep. 30, 2021		242,190							$ 206	205,915	36,069
Ending balance, shares at Sep. 30, 2021									20,604,732
Beginning balance at Mar. 31, 2021		223,470							$ 206	204,670	18,594
Beginning balance, shares at Mar. 31, 2021									20,567,494
Restricted stock awarded and earned stock compensation		291								291
Restricted stock awarded and earned stock compensation, shares									26,511
Stock-based compensation		254								254
Net income		9,453									9,453
Ending balance at Jun. 30, 2021		233,468							$ 206	205,215	28,047
Ending balance, shares at Jun. 30, 2021									20,594,005
Issuance of common stock		137								137
Issuance of common stock, shares									10,727
Restricted stock awarded and earned stock compensation		307								307
Stock-based compensation		256								256
Net income		8,022									8,022
Ending balance at Sep. 30, 2021		$ 242,190							$ 206	$ 205,915	$ 36,069
Ending balance, shares at Sep. 30, 2021									20,604,732
[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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 20,871	$ 8,201
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	883	918
Amortization of right-of-use assets	885	916
Provision for (reversal of) loan losses	(668)	4,662
Origination of loans held for sale		(96,064)
Proceeds from sales of loans held for sale		80,858
Purchase of held for sale loans	(755)	(1,232)
Repayments on loans held for sale	16	19,850
Accretion and amortization of loan costs, net	4,696	3,288
Provision for uncollectible borrower advances	170	518
Gain on disposition of loans	(4,745)	(2,209)
Real estate acquired through foreclosure in excess of recorded investment	(791)	(511)
Amortization of debt issuance discount and costs	14,088	12,807
Loss on disposal of property and equipment	18	41
Change in valuation of real estate owned	1,619	1,744
Change in valuation of fair value loans	(18)	(411)
Change in valuation of held for sale loans	(15)	(345)
Gain on sale of real estate owned	(240)	(652)
Stock-based compensation	1,595	712
Net deferred tax benefit	(10,373)	6,489
(Increase) decrease in operating assets and liabilities:
Accrued interest and other receivables	(1,043)	(5,549)
Other assets	(512)	(5,112)
Accounts payable and accrued expenses	13,893	8,445
Net cash provided by operating activities	39,574	37,364
Cash flows from investing activities:
Purchase of loans held for investment	(9,412)	(3,571)
Origination of loans held for investment	(840,798)	(161,797)
Payoffs of loans held for investment and loans at fair value	427,224	242,166
Proceeds from sales of loans originally classified as held for investment	99,117
Proceeds from sale of real estate owned	7,459	5,867
Capitalized real estate owned improvements	(78)	(598)
Change in advances	(1,597)	(5,272)
Change in impounds and deposits	1,894	(2,732)
Purchase of property and equipment	(104)	(724)
Net cash (used in) provided by investing activities	(316,295)	73,339
Cash flows from financing activities:
Warehouse repurchase facilities advances	717,605	267,539
Warehouse repurchase facilities repayments	(534,062)	(670,404)
Proceeds from secured financing	175,000
Repayment of secured financing	(81,063)	(75,000)
Proceeds of securitizations, net	456,184	517,995
Repayment of securitizations	(412,916)	(284,901)
Debt issuance costs	(18,981)	(8,552)
Issuance of common stock	137	100,800
Preferred stock issuance costs		41,044
Proceeds from issuance of warrants		2,158
Stock issuance costs	(393)
IPO deal costs		(1,903)
Net cash provided by (used in) financing activities	301,511	(111,224)
Net increase (decrease) in cash, cash equivalents, and restricted cash	24,790	(521)
Cash, cash equivalents, and restricted cash at beginning of period	20,293	27,552
Cash, cash equivalents, and restricted cash at end of period	45,083	27,031
Supplemental cash flow information:
Cash paid during the period for interest	63,706	63,516
Cash paid during the period for income taxes	7,224	2,861
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to held for sale	80,498
Transfer of loans held for investment to real estate owned	10,107	7,435
Transfer of accrued interest to loans held for investment	1,776	6,574
Discount on issuance of securitizations	223	6,428
Transfer of loans held for sale to held for investment	10,178	213,609
Deferred IPO costs charged against additional paid-in capital		$ 4,000
Deferred stock issuance costs charged against additional paid-in capital	$ 1

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2021
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 primarily on the difference between the yield on its investor real estate loan portfolio and the cost of its borrowings. The Company may also sell loans from time to time. 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 2021-2 Trust, all of which are New York common law trusts, with the exception of VCC 2020-MC1 Trust which is a Delaware statutory trust. 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	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited Consolidated Financial Statements as of and for the three and nine months ended September 30, 2021 and 2020 have been prepared on a basis that is substantially consistent with the accounting principles applied to the Company’s audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal, recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter for the full year. The interim financial information should be read in conjunction with the Company’s audited Consolidated Financial Statements. (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, 2020 as filed with the Securities and Exchange Commission. There have been no significant changes to the Company’s significant accounting policies as described in its 2020 Annual Report. (d) Principles of Consolidation 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 September 30, 2021 and December 31, 2020. Intercompany balances have been eliminated for purposes of this presentation (in thousands): September 30, 2021 December 31, 2020 Restricted cash $ 5,475 $ 6,743 Loans held for investment, net 1,933,800 1,874,991 Accrued interest and other receivables 67,664 82,342 Real estate owned, net 12,257 9,698 Other assets 5 12 Total assets $ 2,019,201 $ 1,973,786 Accounts payable and accrued expenses $ 43,157 $ 43,795 Securities issued 1,623,674 1,579,019 Total liabilities $ 1,666,831 $ 1,622,814 The consolidated financial statements as of September 30, 2021 and December 31, 2020 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs.

Current Accounting Developments

Current Accounting Developments	9 Months Ended
	Sep. 30, 2021
Accounting Changes And Error Corrections [Abstract]
Current Accounting Developments	Note 3 — Current Accounting Developments Accounting Standards Adopted in 2021 Effective January 1, 2021, the Company adopted ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs.” Accounting Standards Issued But Not Yet Adopted ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” through December 31, 2022. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	9 Months Ended
	Sep. 30, 2021
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 balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 (in thousands): Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $ 35,497 $ 19,210 Restricted cash 9,586 7,821 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 45,083 $ 27,031

Loans Held for Sale, Net

Loans Held for Sale, Net	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Loans Held for Sale, Net	Note 5 — Loans Held for Sale, Net The following table summarizes loans held for sale as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Unpaid principal balance $ — $ 12,929 Valuation adjustments — (17 ) Deferred loan origination costs — 194 Ending balance $ — $ 13,106

Loans Held for Investment and L

Loans Held for Investment and Loans Held for Investment at Fair Value	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,269,950 $ 1,344 $ 2,271,294 Valuation adjustments on FVO loans — 16 16 Deferred loan origination costs 29,775 — 29,775 2,299,725 1,360 2,301,085 Allowance for loan losses (4,028 ) — (4,028 ) Total loans held for investment and loans held for investment at fair value, net $ 2,295,697 $ 1,360 $ 2,297,057 December 31, 2020 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 1,930,334 $ 1,541 $ 1,931,875 Valuation adjustments on FVO loans — (2 ) (2 ) Deferred loan origination costs 23,600 — 23,600 1,953,934 1,539 1,955,473 Allowance for loan losses (5,845 ) — (5,845 ) Total loans held for investment and loans held for investment at fair value, net $ 1,948,089 $ 1,539 $ 1,949,628 The following table presents the activity in the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three and nine months ended September 30, 2021 ($ in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 UPB % Amortized Cost % UPB % Amortized Cost % Beginning balance $ 342,442 $ 346,697 $ 392,073 $ 396,918 Additions — — 2,616 2,615 Foreclosures — — (253 ) (260 ) Repayments (22,698 ) (23,037 ) (74,692 ) (75,613 ) Ending balance $ 319,744 $ 323,660 $ 319,744 $ 323,660 Performing/Accruing $ 249,944 78.2% $ 252,944 78.2% $ 249,944 78.2% $ 252,944 78.2% Nonperforming/Nonaccrual $ 69,800 21.8% $ 70,716 21.8% $ 69,800 21.8% $ 70,716 21.8% The following table presents the UPB and amortized cost basis of loans in the Company's COVID-19 forbearance program as of December 31, 2020 ($ in thousands): December 31, 2020 UPB % Amortized Cost % Ending balance $ 392,073 $ 396,918 Performing/Accruing $ 327,708 83.6% $ 330,495 83.3% Nonperforming/Nonaccrual $ 64,365 16.4% $ 66,423 16.7% Since April 1, 2020, the inception of the COVID-19 forbearance program, the Company has modified $407.9 million in UPB of loans, which includes capitalized interest of $9.8 million. As of September 30, 2021, $112.5 million in UPB of modified loans has been paid down, which includes $1.8 million of capitalized interest received. Approximately 78.2% and 83.6% of the COVID forbearance loans in UPB were performing, and 21.8% and 16.4% were on nonaccrual status as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 and December 31, 2020, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facilities, and securitizations issued were as follows (in thousands): September 30, 2021 December 31, 2020 The 2013 repurchase agreement $ 101,711 $ 91,074 The 2015 repurchase agreement 176,156 — The Bank credit agreement 40,082 — The 2021 repurchase agreement 27,496 — Total pledged loans $ 345,445 $ 91,074 2014-1 Trust 18,813 22,228 2015-1 Trust 36,163 48,179 2016-1 Trust 56,998 71,271 2016-2 Trust 34,755 47,282 2017-1 Trust 60,506 81,376 2017-2 Trust 104,385 137,970 2018-1 Trust 79,352 112,042 2018-2 Trust 174,205 224,195 2019-1 Trust 162,726 203,144 2019-2 Trust 143,020 175,560 2019-3 Trust 112,630 135,527 2020-1 Trust 203,442 241,664 2020-2 Trust 105,636 123,646 2020-MC1 Trust 155,669 228,470 2021-1 Trust 256,682 — 2021-2 Trust 203,707 — Total $ 1,908,689 $ 1,852,554 (a) Nonaccrual Loans 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 September 30, 2021 and December 31, 2020, and accruing loans that were 90 days or more past due (“DPD”) as of September 30, 2021 and December 31, 2020. These accruing loans that were 90 or more days past due represent loans that were granted a forbearance under the Company’s COVID-19 payment forbearance programs. September 30, 2021 Total Nonaccrual Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual Loans Loans 90+ DPD Still Accruing COVID-19 Program ($ in thousands) Commercial - Purchase $ 20,707 $ 19,945 $ 762 $ 12 0.1 % $ — Commercial - Refinance 84,324 74,483 9,841 938 4.5 — Residential 1-4 Unit - Purchase 18,419 18,162 257 96 0.5 — Residential 1-4 Unit - Refinance 114,785 110,595 4,190 261 1.3 — Short Term 1-4 Unit - Purchase 5,982 5,144 838 110 0.5 — Short Term 1-4 Unit - Refinance 47,591 42,607 4,984 359 1.7 — Total $ 291,808 $ 270,936 $ 20,872 $ 1,776 8.6 % $ — Troubled Debt Restructuring included in nonaccrual loans: $ 167 $ — $ — $ — — $ — December 31, 2020 Total Nonaccrual Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual Loans Loans 90+ DPD Still Accruing COVID-19 Program ($ in thousands) Commercial - Purchase $ 22,166 $ 20,955 $ 1,211 $ 153 0.7 % $ — Commercial - Refinance 101,117 96,804 4,313 519 2.3 1,747 Residential 1-4 Unit - Purchase 26,373 25,839 534 128 0.6 — Residential 1-4 Unit - Refinance 120,152 113,206 6,946 465 2.1 109 Short Term 1-4 Unit - Purchase 6,585 3,808 2,777 525 2.4 — Short Term 1-4 Unit - Refinance 59,843 53,616 6,227 878 4.0 123 Total $ 336,236 $ 314,228 $ 22,008 $ 2,668 12.1 % $ 1,979 Troubled Debt Restructuring included in nonaccrual loans: $ 173 $ — $ — $ 25 — $ — 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 tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of September 30, 2021 and 2020, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, 2021 2020 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 426,483 $ 114 $ 293,886 $ 151 Commercial - Refinance 710,201 146 695,664 459 Residential 1-4 Unit - Purchase 340,611 33 282,212 215 Residential 1-4 Unit - Refinance 671,703 368 735,072 773 Short Term 1-4 Unit - Purchase 50,758 103 — — Short Term 1-4 Unit - Refinance 99,969 165 — — Total $ 2,299,725 $ 929 $ 2,006,834 $ 1,598 Nine Months Ended September 30, 2021 2020 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 426,483 $ 306 $ 293,886 $ 576 Commercial - Refinance 710,201 838 695,664 3,092 Residential 1-4 Unit - Purchase 340,611 154 282,212 724 Residential 1-4 Unit - Refinance 671,703 1,169 735,072 4,156 Short Term 1-4 Unit - Purchase 50,758 788 — — Short Term 1-4 Unit - Refinance 99,969 523 — — Total $ 2,299,725 $ 3,778 $ 2,006,834 $ 8,548 For the nine months ended September 30, 2021 and 2020 cash basis interest income recognized on nonaccrual loans was $24.3 million and $11.6 million, respectively, and $7.6 million and $4.9 million for the three months ended September 30, 2021 and 2020, respectively. Other than loans in the Company’s COVID-19 forbearance programs, no accrued interest income was recognized on nonaccrual loans for the three and nine months ended September 30, 2021 and 2020. The average recorded investment of individually evaluated loans, computed using month-end balances, was $292.2 million and $310.7 million for the three months ended September 30, 2021 and 2020, respectively, and $332.4 million and $223.7 million for the nine months ended September 30, 2021 and 2020, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified as of September 30, 2021 and 2020. (b) Allowance for Credit Losses 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. The allowance for credit losses is measured using two components. A component that measures expected credit losses on a collective (pool) basis when similar risk characteristics exist and a component that measures expected credit losses on an individual loan basis. To estimate the allowance for credit losses in the loans held for investment portfolio, management follows a detailed internal process, considering a number of different factors including, but not limited to, the ongoing analyses of loans, historical loss rates, relevant environmental factors, relevant market research, trends in delinquencies, effects and changes in credit concentrations, and ongoing evaluation of fair values. The Company uses an open pool loss rate methodology to model expected credit losses on a collective basis. To determine the loss rates for the open pool method, the Company starts with its historical database of losses, segmenting the loans by loan purpose, product type and repayment period. A third-party model applying the open pool method is used to estimate an annual average loss rates by dividing the respective pool's quarterly historical losses by the pool's respective prior quarter’s ending unamortized loan cost balance and deriving an annual average loss rate from the historical quarterly loss rates. The model then adjusts the annual average loss rates based upon macroeconomic forecasts over a reasonable and supportable period, followed by a straight-line reversion to the historical loss rates. The adjusted annual average loss rates are applied to the forecasted pool balance within each segment. The forecasted balances in the loan pool segments are calculated based on a principal amortization using contractual maturity, factoring in further principal reductions from estimated prepayments. For the September 30, 2021 estimate, the Company considered a COVID-19 adverse stress scenario with a six-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that applying the adverse stress scenario was appropriate given the status of the pandemic at the end of September 2021. Once a loan becomes nonperforming (90 or more days past due), it no longer shares the same risk characteristics of the other loans within its segment of homogeneous loans (pool). Nonperforming loans are considered collateral dependent by the Company. These loans are evaluated individually using the practical expedient to determine the credit exposure. The following tables present the activity in the allowance for credit losses for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, 2021 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - July 1,2021 $ 262 $ 1,923 $ 281 $ 847 $ 73 $ 577 $ 3,963 Provision for loan losses (1) — 44 27 68 62 27 228 Charge-offs — (18 ) — (43 ) — (102 ) (163 ) Ending balance $ 262 $ 1,949 $ 308 $ 872 $ 135 $ 502 $ 4,028 Allowance related to: Loans individually evaluated $ 12 $ 938 $ 96 $ 261 $ 110 $ 359 $ 1,776 Loans collectively evaluated 250 1,010 212 611 25 144 2,252 Amortized cost related to: Loans individually evaluated $ 20,707 $ 84,324 $ 18,419 $ 114,785 $ 5,982 $ 47,591 $ 291,808 Loans collectively evaluated 405,776 625,877 322,192 556,918 44,776 52,378 2,007,917 Three Months Ended September 30, 2020 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - July 1,2020 $ 524 $ 2,687 $ 403 $ 1,607 $ — $ — 5,221 Provision for loan losses (1) (90 ) (101 ) 171 1,593 — — 1,573 Charge-offs — (210 ) (37 ) (799 ) — — (1,046 ) Ending balance $ 434 $ 2,376 $ 537 $ 2,401 $ — $ — $ 5,748 Allowance related to: Loans individually evaluated $ 179 $ 549 $ 266 $ 1,389 $ — $ — 2,383 Loans collectively evaluated 255 1,828 271 1,011 — — 3,365 Amortized cost related to: Loans individually evaluated $ 20,544 $ 102,337 $ 27,800 $ 165,434 $ — $ — $ 316,115 Loans collectively evaluated 273,342 593,327 254,412 569,638 — — 1,690,719 Nine Months Ended September 30, 2021 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - January 1,2021 $ 373 $ 2,093 $ 333 $ 1,216 $ 595 $ 1,235 $ 5,845 Provision for loan losses (1) 3 (31 ) 12 (150 ) (446 ) (56 ) (668 ) Charge-offs (114 ) (113 ) (37 ) (194 ) (14 ) (677 ) (1,149 ) Ending balance $ 262 $ 1,949 $ 308 $ 872 $ 135 $ 502 $ 4,028 Allowance related to: Loans individually evaluated $ 12 $ 938 $ 96 $ 261 $ 110 $ 359 $ 1,776 Loans collectively evaluated 250 1,010 212 611 25 144 2,252 Amortized cost related to: Loans individually evaluated $ 20,707 $ 84,324 $ 18,419 $ 114,785 $ 5,982 $ 47,591 $ 291,808 Loans collectively evaluated 405,776 625,877 322,192 556,918 44,776 52,378 2,007,917 Nine Months Ended September 30, 2020 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 304 $ 1,016 $ 148 $ 772 $ — $ — $ 2,240 Impact of adopting ASC 326 19 62 9 47 — — 137 Balance - January 1, 2020 $ 323 $ 1,078 $ 157 $ 819 $ — $ — $ 2,377 Provision for loan losses (1) 190 1,508 553 2,411 — — 4,662 Charge-offs (79 ) (210 ) (173 ) (829 ) — — (1,291 ) Ending balance $ 434 $ 2,376 $ 537 $ 2,401 $ — $ — $ 5,748 Allowance related to: Loans individually evaluated $ 179 $ 549 $ 266 $ 1,389 $ — $ — 2,383 Loans collectively evaluated 255 1,828 271 1,011 — — 3,365 Amortized cost related to: Loans individually evaluated $ 20,544 $ 102,337 $ 27,800 $ 165,434 $ — $ — 316,115 Loans collectively evaluated 273,342 593,327 254,412 569,638 — — 1,690,719 (1) The provision for loan losses decreased from approximately $1.5 million and $4.7 million for the three and nine months ended September 30,2020 respectively to $0.2 and a reversal of $(0.7) million for the three and nine months ended September 30, 2021 respectively due mainly to an improved economic outlook as the economy recovers from the COVID-19 pandemic. (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. As of September 30, 2021, the annualized charge-off rate was 0.53% of average nonperforming loans. The charged-off rate was 0.65% for the year ended December 31, 2020. 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, excluding loans held for investment at fair value, which includes $323.7 million and $396.9 million loans in the Company’s COVID-19 forbearance program as of September 30, 2021 and December 31, 2020, respectively (in thousands): 30–59 days 60–89 days 90+days Total Total September 30, 2021 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 673 $ 2,899 $ 17,135 $ 20,707 $ — $ 20,707 Commercial - Refinance 2,895 7,443 73,819 84,157 167 84,324 Residential 1-4 Unit - Purchase 870 509 17,040 18,419 — 18,419 Residential 1-4 Unit - Refinance 890 4,609 109,286 114,785 — 114,785 Short Term 1-4 Unit - Purchase — 952 5,030 5,982 — 5,982 Short Term 1-4 Unit - Refinance 217 1,442 45,932 47,591 — 47,591 Total loans individually evaluated $ 5,545 $ 17,854 $ 268,242 $ 291,641 $ 167 $ 291,808 Loans collectively evaluated Commercial - Purchase $ 8,276 $ 3,938 $ — $ 12,214 $ 393,562 $ 405,776 Commercial - Refinance 29,512 7,573 — 37,085 588,792 625,877 Residential 1-4 Unit - Purchase 7,573 2,643 — 10,216 311,976 322,192 Residential 1-4 Unit - Refinance 32,804 7,413 — 40,217 516,701 556,918 Short Term 1-4 Unit - Purchase — 434 — 434 44,342 44,776 Short Term 1-4 Unit - Refinance 4,590 725 — 5,315 47,063 52,378 Total loans collectively evaluated $ 82,755 $ 22,726 $ — $ 105,481 $ 1,902,436 $ 2,007,917 Ending balance $ 88,300 $ 40,580 $ 268,242 $ 397,122 $ 1,902,603 $ 2,299,725 30–59 days 60–89 days 90+days Total Total December 31, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 961 $ 1,307 $ 19,898 $ 22,166 $ — $ 22,166 Commercial - Refinance 2,118 7,532 91,467 101,117 — 101,117 Residential 1-4 Unit - Purchase 192 2,915 23,266 26,373 — 26,373 Residential 1-4 Unit - Refinance 1,440 3,010 115,702 120,152 — 120,152 Short Term 1-4 Unit - Purchase — — 6,585 6,585 — 6,585 Short Term 1-4 Unit - Refinance 964 760 58,119 59,843 — 59,843 Total loans individually evaluated $ 5,675 $ 15,524 $ 315,037 $ 336,236 $ — $ 336,236 Loans collectively evaluated Commercial - Purchase $ 8,000 $ 7,081 $ — $ 15,081 $ 263,657 $ 278,738 Commercial - Refinance 33,725 13,224 1,747 48,696 535,285 583,981 Residential 1-4 Unit - Purchase 5,030 1,261 — 6,291 191,928 198,219 Residential 1-4 Unit - Refinance 33,144 14,567 109 47,820 398,953 446,773 Short Term 1-4 Unit - Purchase 1,972 21,780 — 23,752 12,987 36,739 Short Term 1-4 Unit - Refinance 8,406 5,383 123 13,912 59,336 73,248 Total loans collectively evaluated $ 90,277 $ 63,296 $ 1,979 $ 155,552 $ 1,462,146 $ 1,617,698 Ending balance $ 95,952 $ 78,820 $ 317,016 $ 491,788 $ 1,462,146 $ 1,953,934 (1) Includes loans in bankruptcy and foreclosure less than 90 days past due In addition to the aging status, the Company also evaluates credit quality by accrual status. The following tables present 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 as of September 30, 2021 and December 31, 2020 (in thousands). Term Loans Amortized Cost Basis by Origination Year September 30, 2021: 2021 2020 2019 2018 2017 Pre-2017 Total Commercial - Purchase Payment performance Performing $ 172,073 $ 51,482 $ 86,618 $ 52,270 $ 24,583 $ 18,750 $ 405,776 Nonperforming 287 1,893 6,307 5,654 4,543 2,023 20,707 Total Commercial - Purchase $ 172,360 $ 53,375 $ 92,925 $ 57,924 $ 29,126 $ 20,773 $ 426,483 Commercial - Refinance Payment performance Performing $ 142,262 $ 66,714 $ 151,881 $ 125,813 $ 68,414 $ 70,793 $ 625,877 Nonperforming 618 3,890 23,916 27,618 17,140 11,142 84,324 Total Commercial - Refinance $ 142,880 $ 70,604 $ 175,797 $ 153,431 $ 85,554 $ 81,935 $ 710,201 Residential 1-4 Unit - Purchase Payment performance Performing $ 180,260 $ 13,471 $ 54,926 $ 31,565 $ 14,931 $ 27,039 $ 322,192 Nonperforming 460 2,842 5,256 3,534 3,491 2,836 18,419 Total Residential 1-4 Unit - Purchase $ 180,720 $ 16,313 $ 60,182 $ 35,099 $ 18,422 $ 29,875 $ 340,611 Residential 1-4 Unit - Refinance Payment performance Performing $ 238,761 $ 31,679 $ 124,991 $ 75,242 $ 37,915 $ 48,330 $ 556,918 Nonperforming 8,178 7,065 37,062 32,754 18,256 11,470 114,785 Total Residential 1-4 Unit - Purchase $ 246,939 $ 38,744 $ 162,053 $ 107,996 $ 56,171 $ 59,800 $ 671,703 Short Term 1-4 Unit - Purchase Payment performance Performing $ 17,618 $ 16,722 $ 10,436 $ — $ — $ — $ 44,776 Nonperforming — 4,136 1,430 416 — — 5,982 Total Short Term 1-4 Unit - Purchase $ 17,618 $ 20,858 $ 11,866 $ 416 $ — $ — $ 50,758 Short Term 1-4 Unit - Refinance Payment performance Performing $ 18,345 $ 18,366 $ 15,667 $ — $ — $ — $ 52,378 Nonperforming 792 16,453 25,266 5,080 — — 47,591 Total Short Term 1-4 Unit - Refinance $ 19,137 $ 34,819 $ 40,933 $ 5,080 $ — $ — $ 99,969 Total Portfolio $ 779,654 $ 234,713 $ 543,756 $ 359,946 $ 189,273 $ 192,383 $ 2,299,725 Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 56,446 $ 99,534 $ 64,706 $ 34,862 $ 9,500 $ 13,690 $ 278,738 Nonperforming 1,046 4,666 5,799 7,182 1,539 1,934 22,166 Total Commercial - Purchase $ 57,492 $ 104,200 $ 70,505 $ 42,044 $ 11,039 $ 15,624 $ 300,904 Commercial - Refinance Payment performance Performing $ 75,376 $ 176,854 $ 157,499 $ 87,476 $ 34,858 $ 51,918 $ 583,981 Nonperforming 4,929 26,776 32,955 18,980 10,392 7,085 101,117 Total Commercial - Refinance $ 80,305 $ 203,630 $ 190,454 $ 106,456 $ 45,250 $ 59,003 $ 685,098 Residential 1-4 Unit - Purchase Payment performance Performing $ 26,215 $ 69,775 $ 42,537 $ 25,874 $ 7,056 $ 26,762 $ 198,219 Nonperforming 1,611 5,973 8,949 5,059 1,348 3,433 26,373 Total Residential 1-4 Unit - Purchase $ 27,826 $ 75,748 $ 51,486 $ 30,933 $ 8,404 $ 30,195 $ 224,592 Residential 1-4 Unit - Refinance Payment performance Performing $ 57,945 $ 168,912 $ 96,568 $ 61,033 $ 22,949 $ 39,366 $ 446,773 Nonperforming 3,934 42,159 37,451 17,942 7,653 11,013 120,152 Total Residential 1-4 Unit - Purchase $ 61,879 $ 211,071 $ 134,019 $ 78,975 $ 30,602 $ 50,379 $ 566,925 Short Term 1-4 Unit - Purchase Payment performance Performing $ 20,563 $ 15,990 $ 186 $ — $ — $ — $ 36,739 Nonperforming 3,764 2,217 604 — — — 6,585 Total Short Term 1-4 Unit - Purchase $ 24,327 $ 18,207 $ 790 $ — $ — $ — $ 43,324 Short Term 1-4 Unit - Refinance Payment performance Performing $ 35,234 $ 37,818 $ 196 $ — $ — $ — $ 73,248 Nonperforming 17,318 33,711 8,719 95 — — 59,843 Total Short Term 1-4 Unit - Refinance $ 52,552 $ 71,529 $ 8,915 $ 95 $ — $ — $ 133,091 Total Portfolio $ 304,381 $ 684,385 $ 456,169 $ 258,503 $ 95,295 $ 155,201 $ 1,953,934

Securitizations Net

Securitizations Net	9 Months Ended
	Sep. 30, 2021
Transfers And Servicing [Abstract]
Securitization, Net	Note 7 — Securitizations, Net From May 2011 through September 2021, the Company completed seventeen securitizations of $3.9 billion of loans, issuing $3.5 billion of securities to third parties through seventeen respective Trusts. The Company is the sole beneficial interest holder of the remaining 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 August 2051. The following table summarizes the outstanding balance, net of discounts and deal costs, of the securities and the effective interest rate for the nine months ended September 30, 2021 and 2020 (dollars in thousands): Nine Months Ended September 30, Securitizations: 2021 2020 Securitizations, net $ 1,623,674 $ 1,670,930 Interest expense 55,288 58,749 Average outstanding balance 1,574,999 1,728,131 Effective interest rate (1) 4.68 % 4.53 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.97% and debt issuance cost amortization of 0.71% and average rate of 3.94% and debt issuance cost amortization of 0.59% for the nine months ended September 30, 2021 and 2020, respectively.

Other Debt

Other Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Other Debt	Note 8 — Other Debt Secured financings 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 Debt) On February 5, 2021, the Company entered into a five-year As of September 30, 2021, the balance of the 2021 Term Loan was $171.9 million. The balance of the 2019 Term Loan was $78.0 million as of December 31, 2020. The balances in the consolidated Balance Sheets are net of debt issuance costs and discounts of $8.5 million and $3.0 million as of September 30, 2021 and December 31, 2020, respectively. The 2021 Term Loan is secured by substantially all assets of the Company not otherwise pledged under a securitization or warehouse facility and contains certain reporting and financial covenants. Should the Company fail to adhere to those covenants, the lenders have the right to demand immediate repayment that may require the Company to sell the collateral at less than the carrying amounts. As of September 30, 2021, the Company was in compliance with these covenants. (b) Warehouse Repurchase and Revolving Loan Facilities, Net On May 17, 2013, the Company entered into a Repurchase Agreement (“the 2013 Repurchase Agreement”) with a warehouse lender. The 2013 Repurchase Agreement has a current maturity date of September 29, 2023, and 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. On September 12, 2018, the Company entered into a three-year On December 26, 2019, the Company entered into a $3.0 million loan agreement (“the 2019 Loan”) with a lender. The 2019 Loan is secured by five real properties acquired by the Company through foreclosure or by deed-in lieu of foreclosure. The 2019 Loan bears a fixed interest rate of 9.5% with an extended maturity date of December 31, 2021 . On January 29, 2021, the Company entered into a non-mark-to-market Repurchase Agreement (“the 2021 Repurchase Agreement”) with a warehouse lender. The 2021 Repurchase Agreement has a maturity date of January 29, 2022, and was a short-term borrowing facility, collateralized by a pool of loans, with a maximum capacity of $200.0 million, and bore interest at one-month LIBOR plus a margin of 3.50% during the availability period and 4.50% during the amortization period. All borrower payments on loans financed under the warehouse repurchase facility are first used to pay interest on the facility. On April 16, 2021, The Company entered into a Term Repurchase Agreement (“the 2021 Term Repurchase Agreement”) with a warehouse lender. The 2021 Term Repurchase Agreement has a maturity date of April 16, 2024, with a borrowing period through April 16, 2023. During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at one-month LIBOR plus 3.0% per annum. The maximum capacity under this facility is $100.0 million. On July 29, 2021, the Company entered into a non-mark-to-market Term Repurchase Agreement (“the July 2021 Term Repurchase Agreement”) with a warehouse lender. The July 2021 Term Repurchase Agreement has a maturity date of July 29, 2024, with an option to extend the term to July 29, 2025. During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at one-month LIBOR with a 0.5% floor plus 4.5% per annum. The maximum capacity under this facility is $100.0 million. 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 September 30, 2021 and December 31, 2020, the Company was in compliance with these covenants. The following table summarizes the maximum borrowing capacity and current gross balances outstanding of the Company’s warehouse facilities and loan agreements as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Period end balance (1) Maximum borrowing capacity Period end balance (1) Maximum borrowing capacity The 2021 term repurchase agreement $ 21,205 $ 100,000 — — The 2021 repurchase agreement 127,898 200,000 — — The July 2021 term repurchase agreement — 100,000 — — The 2013 repurchase agreement 77,209 200,000 73,502 100,000 The Bank credit agreement 30,732 50,000 — — The 2019 loan agreement 2,700 3,000 2,700 3,000 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $1.3 million and $0.3 million as of September 30, 2021 and December 31, 2020, respectively. The following table provides an overview of the activity and effective interest rate for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Warehouse and repurchase facilities: 2021 2020 2021 2020 Average outstanding balance $ 182,383 $ 22,306 $ 154,297 $ 204,110 Highest outstanding balance at any month-end 259,744 19,823 281,690 450,194 Effective interest rate (1) 5.19 % 12.61 % 5.56 % 4.99 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 4.00% and debt issuance cost amortization of 1.19%, and average rate of 5.54% and debt issuance cost amortization of 7.07%, for the three months ended September 30, 2021 and 2020, respectively. The effective interest rate includes average rate of 4.35% and debt issuance cost amortization of 1.21%, and average rate 4.34% and debt issuance cost amortization 0.65% for the nine months ended September 30, 2021 and 2020 respectively. The average rate for the three months ended September 30, 2021 was lower compared to the same period in 2020 due to the much lower average outstanding borrowing balance in 2020, but the debt issuance cost amortization remained relatively constant. The increase in average rate for the nine months ended September 30, 2021 was primarily attributable to the higher non-usage fees paid to a lender. 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 three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Warehouse and repurchase facilities $ 2,365 $ 703 $ 6,433 $ 7,635 Securitizations 17,956 21,644 55,287 58,749 Interest expense — portfolio related 20,321 22,347 61,720 66,384 Interest expense — corporate debt 4,488 1,913 16,147 (1) 10,149 (2) Total interest expense $ 24,809 $ 24,260 $ 77,867 $ 76,533 (1) Included in the $16.1 million of interest expense – corporate debt for the nine months ended September 30, 2021 was the one-time debt issuance costs write-off of $2.9 million and prepayment fee of $1.6 million associated payoff of $78.0 million in outstanding principal amount in February 2021. (2) Included in the $10.1 million of interest expense – corporate debt for the nine months ended September 30, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment fee of $0.3 million associated with the repayment of $75.0 million in outstanding principal amount in January 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020, the balance of repurchase liability was $140 thousand and $139 thousand, respectively, 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.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 10 — 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. 10,000 shares were forfeited in January 2020. On December 24, 2020, the Company granted stock options to a non-employee director to purchase 12,500 shares of common stock with an exercise price per share equal to the grant date market price of $6.28. In January 2021, the Company issued 480,000 shares of restricted stock awards to certain employees, including named executive officers at no cost to employees. In May 2021, the Company issued 26,511 shares of restricted stock awards to certain non-employee directors. Stock-based awards vest ratably over a service period of three years from the date of the grant. Compensation expense related to stock-based awards 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. The Company recognized $0.5 million and $0.2 million compensation expense related to the outstanding stock options and unvested restricted stock awards granted to employees for the three months ended September 30, 2021 and 2020, respectively. 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 and restricted stock awards totaled $4.2 million and $2.3 million as of September 30, 2021 and 2020, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 11 — Earnings Per Share The Series A Convertible Convertible The Company’s participating securities also include unvested restricted stock awards that contain non-forfeitable rights to dividends. 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 The following table presents the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands, except per share data) (In thousands, except per share data) Basic EPS: Net income $ 8,022 $ 3,481 $ 20,871 $ 8,201 Less: deemed dividends on preferred stock — — — 48,955 Net income (loss) attributable to common stockholders $ 8,022 $ 3,481 $ 20,871 $ (40,754 ) Less: undistributed earnings attributable to participating securities 3,030 — 7,884 — Net earnings (loss) attributable to common stockholders $ 4,992 $ 3,481 $ 12,987 $ (40,754 ) Weighted average common shares outstanding 20,090 20,087 20,088 20,087 Basic earnings (loss) per common share $ 0.25 $ 0.17 $ 0.65 $ (2.03 ) Diluted EPS: Net income (loss) attributable to common stockholders $ 8,022 $ 3,481 $ 20,871 $ (40,754 ) Weighted average common shares outstanding 20,090 20,087 20,088 20,087 Add dilutive effects for assumed conversion of Series A preferred stock 11,688 11,688 11,688 — Add dilutive effects for warrants 2,157 659 1,909 — Add dilutive effects for stock options 5 — 2 — Add dilutive effects of unvested restricted stock awards 272 — 171 — Weighted average diluted common shares outstanding 34,212 32,435 33,858 20,087 Diluted income (loss) per common share $ 0.23 $ 0.11 $ 0.62 $ (2.03 ) The following table sets forth the number of shares excluded from the computation of diluted earnings (loss) per share, as their inclusion would have been anti-dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Shares underlying Series A Convertible Preferred Stock — — — 11,688 Shares underlying warrants — 1,004 — 3,013 Stock options 773 773 773 773 Unvested restricted stock awards — NA — NA Share equivalents excluded from EPS 773 1,777 773 15,474

Convertible Preferred Stock

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2021
Convertible Preferred Stock [Abstract]
Convertible Preferred Stock	Note 12 — 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. Each share of the Preferred is convertible at the option of the holder into the number of shares of common stock equal to the applicable conversion rate of $1,000 divided by the applicable conversion price plus cash in lieu of fractional shares, if any. The initial conversion price is $3.85 and is subject to customary antidilution adjustments. Beginning on October 8, 2021, the Company has the option to convert the preferred stock to common stock, provided that the daily Volume Weighted Average Price (“VWAP”) for a share of VEL common stock is more than 200% of the $3.85 conversion price for at least 20 trading days, whether consecutive or not, in the period of 30 consecutive trading days, provided that the 20 trading days includes the final 5 trading days of the 30-trading day period. Beginning on October 7, 2022, if not for the repurchase prohibition contained in 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 initiate 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). On October 8, 2021, the Company exercised its option to convert all of its 45,000 outstanding shares of Series A Convertible Preferred Stock into 11,688,310 shares of our common stock. The Certificate of Designation of the Series A Convertible Preferred Stock authorized the Company to convert the Series A Convertible Preferred Stock into common stock as our common stock VWAP met the requisite conditions disclosed above. 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 holders that is considered not solely within the Company’s control. 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. The maximum redemption value of $90.0 million remains the same as of September 30, 2021

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13 — Fair Value Measurements Fair Value ASC Topic 820, “ Fair Value Measurement • Level 1 - Valuation is based on quoted prices for identical instruments traded in active markets. • 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 data. • Level 3 - Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities. 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. 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. 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 third-party loan valuation model, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment are discount 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. Collateral Dependent or Loans Individually Evaluated Nonaccrual loans held for investment are evaluated individually and are adjusted to the fair value of the collateral when the fair value of the collateral is below the carrying value of the loan. 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. 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. 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 third-party loan valuation 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. 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. 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. 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. 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. 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. Fair Value Disclosures The following tables present information on assets measured and recorded at fair value as of September 30, 2021 and December 31, 2020, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at September 30, 2021 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,360 $ 1,360 Interest-only strips — — 16 16 Total recurring fair value measurements — — 1,376 1,376 Nonrecurring fair value measurements: Real estate owned, net — — 13,113 13,113 Individually evaluated loans requiring specific allowance, net — — 19,096 19,096 Total nonrecurring fair value measurements — — 32,209 32,209 Total assets $ — $ — $ 33,585 $ 33,585 Fair value measurements using Total at December 31, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,539 $ 1,539 Interest-only strips — — 238 238 Total recurring fair value measurements — — 1,777 1,777 Nonrecurring fair value measurements: Loans held for sale, net — — 13,106 13,106 Real estate owned, net — — 15,767 15,767 Impaired loans requiring specific allowance, net — — 19,340 19,340 Total nonrecurring fair value measurements — — 48,213 48,213 Total assets $ — $ — $ 49,990 $ 49,990 The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Gain (loss) on assets measured on a nonrecurring basis 2021 2020 2021 2020 Loans held for sale, net $ 15 $ 1,307 $ 17 $ 345 Real estate held for sale, net (384 ) (528 ) (1,619 ) (1,744 ) Individually evaluated loans requiring specific allowance, net 172 (1,109 ) 893 (1,469 ) Total net loss $ (197 ) $ (330 ) $ (709 ) $ (2,868 ) The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring specific allowance, net $ 19,096 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 13,113 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 1,360 Discounted cash flow Discount rate 6.3% 6.3% Collateral value (% of UPB) 94.0% to 124.0% 107.0% Timing of resolution/payoff (months) 1 to 70 56.0 Prepayment rate 20.9% to 50.0% 20.9% to 50.0% Default rate 0.26% to 3.25% 1.0% Loss severity rate 0.0% to 12.71% 3.0% Interest-only strips 16 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 12 1.0 December 31, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring specific allowance, net $ 19,340 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 15,767 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 1,539 Discounted cash flow Discount rate 6.2% 6.2% Collateral value (% of UPB) 94.0% to 104.0% 100.0% Timing of resolution/payoff (months) 14 to 31 25.0 Prepayment rate 17.5% to 30.0% 17.5% to 30.0% Default rate 5.0% to 15.0% 12.0% Loss severity rate 1.0% 1.0% Loans held for sale 13,106 Discounted cash flow Discount rate 6.2% 6.2% Timing of resolution/payoff (months) 31 to 34 32.0 Interest-only strips 238 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 12 1.5 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 1,370 $ 2,956 $ 1,539 $ 2,960 Loans liquidated — — (163 ) — Principal paydowns (10 ) (9 ) (34 ) (44 ) Total unrealized gain (loss) included in net income — 380 18 411 Ending balance $ 1,360 $ 3,327 $ 1,360 $ 3,327 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 81 $ 845 $ 238 $ 894 Interest-only strip additions — — — 1,820 Interest-only strip write-offs (65 ) (365 ) (222 ) (2,234 ) Total unrealized loss included in net income — (7 ) — (7 ) Ending balance $ 16 $ 473 $ 16 $ 473 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 September 30, 2021 and December 31, 2020, the only financial assets measured at fair value, or lower of cost or 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 $19.1 million and $19.3 million as of September 30, 2021 and December 31, 2020, net of specific allowance for credit losses of approximately $1.8 million and $2.7 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): September 30, 2021 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 35,497 $ 35,497 $ — $ — $ 35,497 Restricted cash 9,586 9,586 — — 9,586 Loans held for investment, net 2,295,697 — — 2,437,824 2,437,824 Loans held for investment, at fair value 1,360 — — 1,360 1,360 Accrued interest receivables 11,974 11,974 — — 11,974 Interest-only strips 16 — — 16 16 Liabilities: Secured financing, net $ 163,449 $ — $ — $ 171,938 $ 171,938 Warehouse repurchase facilities, net 258,491 — 258,491 — 258,491 Securitizations, net 1,623,674 — — 1,699,916 1,699,916 Accrued interest payable 5,577 5,577 — — 5,577 December 31, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 13,273 $ 13,273 $ — $ — $ 13,273 Restricted cash 7,020 7,020 — — 7,020 Loans held for sale, net 13,106 — — 13,106 13,106 Loans held for investment, net 1,948,089 — — 2,003,301 2,003,301 Loans held for investment, at fair value 1,539 — — 1,539 1,539 Accrued interest receivable 11,373 11,373 — — 11,373 Interest-only strips 238 — — 238 238 Liabilities: Secured financing, net $ 74,982 $ — $ — $ 78,000 $ 78,000 Warehouse repurchase facilities, net 75,923 — 75,923 — 75,923 Securitizations, net 1,579,019 — — 1,616,222 1,616,222 Accrued interest payable 5,503 5,503 — — 5,503

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 14 — Subsequent Events On October 8, 2021, the Company voluntarily converted all of its 45,000 outstanding shares of Series A Convertible Preferred Stock into 11,688,310 shares of its common stock. The shares of Series A Convertible Preferred Stock were originally issued on April 7, 2020. The Certificate of Designation of the Series A Convertible Preferred Stock authorized the Company to voluntarily convert the Series A Convertible Preferred Stock into common stock provided the Company's common stock traded at prices greater than $7.70 for a certain period of time prior to conversion. As a result of the conversion, the $90 million liquidation preference value reflected as mezzanine equity in the consolidated balance sheet as of September 30, 2021 will be reclassified to stockholders’ equity during the quarter ending December 31, 2021. The Company completed the securitization of $204.5 million of investor real estate loans The Company has evaluated events that have occurred subsequent to September 30, 2021 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)	9 Months Ended
	Sep. 30, 2021
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, 2020 as filed with the Securities and Exchange Commission. There have been no significant changes to the Company’s significant accounting policies as described in its 2020 Annual Report.
Principles of Consolidation	(d) Principles of Consolidation 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 September 30, 2021 and December 31, 2020. Intercompany balances have been eliminated for purposes of this presentation (in thousands): September 30, 2021 December 31, 2020 Restricted cash $ 5,475 $ 6,743 Loans held for investment, net 1,933,800 1,874,991 Accrued interest and other receivables 67,664 82,342 Real estate owned, net 12,257 9,698 Other assets 5 12 Total assets $ 2,019,201 $ 1,973,786 Accounts payable and accrued expenses $ 43,157 $ 43,795 Securities issued 1,623,674 1,579,019 Total liabilities $ 1,666,831 $ 1,622,814 The consolidated financial statements as of September 30, 2021 and December 31, 2020 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020. Intercompany balances have been eliminated for purposes of this presentation (in thousands): September 30, 2021 December 31, 2020 Restricted cash $ 5,475 $ 6,743 Loans held for investment, net 1,933,800 1,874,991 Accrued interest and other receivables 67,664 82,342 Real estate owned, net 12,257 9,698 Other assets 5 12 Total assets $ 2,019,201 $ 1,973,786 Accounts payable and accrued expenses $ 43,157 $ 43,795 Securities issued 1,623,674 1,579,019 Total liabilities $ 1,666,831 $ 1,622,814

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2021
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 balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 (in thousands): Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $ 35,497 $ 19,210 Restricted cash 9,586 7,821 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 45,083 $ 27,031

Loans Held for Sale, Net (Table

Loans Held for Sale, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Summary of Loans Held for Sale	The following table summarizes loans held for sale as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Unpaid principal balance $ — $ 12,929 Valuation adjustments — (17 ) Deferred loan origination costs — 194 Ending balance $ — $ 13,106

Loans Held for Investment and_2

Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,269,950 $ 1,344 $ 2,271,294 Valuation adjustments on FVO loans — 16 16 Deferred loan origination costs 29,775 — 29,775 2,299,725 1,360 2,301,085 Allowance for loan losses (4,028 ) — (4,028 ) Total loans held for investment and loans held for investment at fair value, net $ 2,295,697 $ 1,360 $ 2,297,057 December 31, 2020 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 1,930,334 $ 1,541 $ 1,931,875 Valuation adjustments on FVO loans — (2 ) (2 ) Deferred loan origination costs 23,600 — 23,600 1,953,934 1,539 1,955,473 Allowance for loan losses (5,845 ) — (5,845 ) Total loans held for investment and loans held for investment at fair value, net $ 1,948,089 $ 1,539 $ 1,949,628
Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program	The following table presents the activity in the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three and nine months ended September 30, 2021 ($ in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 UPB % Amortized Cost % UPB % Amortized Cost % Beginning balance $ 342,442 $ 346,697 $ 392,073 $ 396,918 Additions — — 2,616 2,615 Foreclosures — — (253 ) (260 ) Repayments (22,698 ) (23,037 ) (74,692 ) (75,613 ) Ending balance $ 319,744 $ 323,660 $ 319,744 $ 323,660 Performing/Accruing $ 249,944 78.2% $ 252,944 78.2% $ 249,944 78.2% $ 252,944 78.2% Nonperforming/Nonaccrual $ 69,800 21.8% $ 70,716 21.8% $ 69,800 21.8% $ 70,716 21.8% The following table presents the UPB and amortized cost basis of loans in the Company's COVID-19 forbearance program as of December 31, 2020 ($ in thousands): December 31, 2020 UPB % Amortized Cost % Ending balance $ 392,073 $ 396,918 Performing/Accruing $ 327,708 83.6% $ 330,495 83.3% Nonperforming/Nonaccrual $ 64,365 16.4% $ 66,423 16.7%
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitizations Issued	As of September 30, 2021 and December 31, 2020, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facilities, and securitizations issued were as follows (in thousands): September 30, 2021 December 31, 2020 The 2013 repurchase agreement $ 101,711 $ 91,074 The 2015 repurchase agreement 176,156 — The Bank credit agreement 40,082 — The 2021 repurchase agreement 27,496 — Total pledged loans $ 345,445 $ 91,074 2014-1 Trust 18,813 22,228 2015-1 Trust 36,163 48,179 2016-1 Trust 56,998 71,271 2016-2 Trust 34,755 47,282 2017-1 Trust 60,506 81,376 2017-2 Trust 104,385 137,970 2018-1 Trust 79,352 112,042 2018-2 Trust 174,205 224,195 2019-1 Trust 162,726 203,144 2019-2 Trust 143,020 175,560 2019-3 Trust 112,630 135,527 2020-1 Trust 203,442 241,664 2020-2 Trust 105,636 123,646 2020-MC1 Trust 155,669 228,470 2021-1 Trust 256,682 — 2021-2 Trust 203,707 — Total $ 1,908,689 $ 1,852,554
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 September 30, 2021 and December 31, 2020, and accruing loans that were 90 days or more past due (“DPD”) as of September 30, 2021 and December 31, 2020. These accruing loans that were 90 or more days past due represent loans that were granted a forbearance under the Company’s COVID-19 payment forbearance programs. September 30, 2021 Total Nonaccrual Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual Loans Loans 90+ DPD Still Accruing COVID-19 Program ($ in thousands) Commercial - Purchase $ 20,707 $ 19,945 $ 762 $ 12 0.1 % $ — Commercial - Refinance 84,324 74,483 9,841 938 4.5 — Residential 1-4 Unit - Purchase 18,419 18,162 257 96 0.5 — Residential 1-4 Unit - Refinance 114,785 110,595 4,190 261 1.3 — Short Term 1-4 Unit - Purchase 5,982 5,144 838 110 0.5 — Short Term 1-4 Unit - Refinance 47,591 42,607 4,984 359 1.7 — Total $ 291,808 $ 270,936 $ 20,872 $ 1,776 8.6 % $ — Troubled Debt Restructuring included in nonaccrual loans: $ 167 $ — $ — $ — — $ — December 31, 2020 Total Nonaccrual Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual Loans Loans 90+ DPD Still Accruing COVID-19 Program ($ in thousands) Commercial - Purchase $ 22,166 $ 20,955 $ 1,211 $ 153 0.7 % $ — Commercial - Refinance 101,117 96,804 4,313 519 2.3 1,747 Residential 1-4 Unit - Purchase 26,373 25,839 534 128 0.6 — Residential 1-4 Unit - Refinance 120,152 113,206 6,946 465 2.1 109 Short Term 1-4 Unit - Purchase 6,585 3,808 2,777 525 2.4 — Short Term 1-4 Unit - Refinance 59,843 53,616 6,227 878 4.0 123 Total $ 336,236 $ 314,228 $ 22,008 $ 2,668 12.1 % $ 1,979 Troubled Debt Restructuring included in nonaccrual loans: $ 173 $ — $ — $ 25 — $ —
Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment	The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of September 30, 2021 and 2020, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, 2021 2020 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 426,483 $ 114 $ 293,886 $ 151 Commercial - Refinance 710,201 146 695,664 459 Residential 1-4 Unit - Purchase 340,611 33 282,212 215 Residential 1-4 Unit - Refinance 671,703 368 735,072 773 Short Term 1-4 Unit - Purchase 50,758 103 — — Short Term 1-4 Unit - Refinance 99,969 165 — — Total $ 2,299,725 $ 929 $ 2,006,834 $ 1,598 Nine Months Ended September 30, 2021 2020 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 426,483 $ 306 $ 293,886 $ 576 Commercial - Refinance 710,201 838 695,664 3,092 Residential 1-4 Unit - Purchase 340,611 154 282,212 724 Residential 1-4 Unit - Refinance 671,703 1,169 735,072 4,156 Short Term 1-4 Unit - Purchase 50,758 788 — — Short Term 1-4 Unit - Refinance 99,969 523 — — Total $ 2,299,725 $ 3,778 $ 2,006,834 $ 8,548
Schedule of Activity in Allowance for Credit Losses	The following tables present the activity in the allowance for credit losses for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, 2021 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - July 1,2021 $ 262 $ 1,923 $ 281 $ 847 $ 73 $ 577 $ 3,963 Provision for loan losses (1) — 44 27 68 62 27 228 Charge-offs — (18 ) — (43 ) — (102 ) (163 ) Ending balance $ 262 $ 1,949 $ 308 $ 872 $ 135 $ 502 $ 4,028 Allowance related to: Loans individually evaluated $ 12 $ 938 $ 96 $ 261 $ 110 $ 359 $ 1,776 Loans collectively evaluated 250 1,010 212 611 25 144 2,252 Amortized cost related to: Loans individually evaluated $ 20,707 $ 84,324 $ 18,419 $ 114,785 $ 5,982 $ 47,591 $ 291,808 Loans collectively evaluated 405,776 625,877 322,192 556,918 44,776 52,378 2,007,917 Three Months Ended September 30, 2020 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - July 1,2020 $ 524 $ 2,687 $ 403 $ 1,607 $ — $ — 5,221 Provision for loan losses (1) (90 ) (101 ) 171 1,593 — — 1,573 Charge-offs — (210 ) (37 ) (799 ) — — (1,046 ) Ending balance $ 434 $ 2,376 $ 537 $ 2,401 $ — $ — $ 5,748 Allowance related to: Loans individually evaluated $ 179 $ 549 $ 266 $ 1,389 $ — $ — 2,383 Loans collectively evaluated 255 1,828 271 1,011 — — 3,365 Amortized cost related to: Loans individually evaluated $ 20,544 $ 102,337 $ 27,800 $ 165,434 $ — $ — $ 316,115 Loans collectively evaluated 273,342 593,327 254,412 569,638 — — 1,690,719 Nine Months Ended September 30, 2021 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - January 1,2021 $ 373 $ 2,093 $ 333 $ 1,216 $ 595 $ 1,235 $ 5,845 Provision for loan losses (1) 3 (31 ) 12 (150 ) (446 ) (56 ) (668 ) Charge-offs (114 ) (113 ) (37 ) (194 ) (14 ) (677 ) (1,149 ) Ending balance $ 262 $ 1,949 $ 308 $ 872 $ 135 $ 502 $ 4,028 Allowance related to: Loans individually evaluated $ 12 $ 938 $ 96 $ 261 $ 110 $ 359 $ 1,776 Loans collectively evaluated 250 1,010 212 611 25 144 2,252 Amortized cost related to: Loans individually evaluated $ 20,707 $ 84,324 $ 18,419 $ 114,785 $ 5,982 $ 47,591 $ 291,808 Loans collectively evaluated 405,776 625,877 322,192 556,918 44,776 52,378 2,007,917 Nine Months Ended September 30, 2020 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 304 $ 1,016 $ 148 $ 772 $ — $ — $ 2,240 Impact of adopting ASC 326 19 62 9 47 — — 137 Balance - January 1, 2020 $ 323 $ 1,078 $ 157 $ 819 $ — $ — $ 2,377 Provision for loan losses (1) 190 1,508 553 2,411 — — 4,662 Charge-offs (79 ) (210 ) (173 ) (829 ) — — (1,291 ) Ending balance $ 434 $ 2,376 $ 537 $ 2,401 $ — $ — $ 5,748 Allowance related to: Loans individually evaluated $ 179 $ 549 $ 266 $ 1,389 $ — $ — 2,383 Loans collectively evaluated 255 1,828 271 1,011 — — 3,365 Amortized cost related to: Loans individually evaluated $ 20,544 $ 102,337 $ 27,800 $ 165,434 $ — $ — 316,115 Loans collectively evaluated 273,342 593,327 254,412 569,638 — — 1,690,719 (1) The provision for loan losses decreased from approximately $1.5 million and $4.7 million for the three and nine months ended September 30,2020 respectively to $0.2 and a reversal of $(0.7) million for the three and nine months ended September 30, 2021 respectively due mainly to an improved economic outlook as the economy recovers from the COVID-19 pandemic.
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio	The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, excluding loans held for investment at fair value, which includes $323.7 million and $396.9 million loans in the Company’s COVID-19 forbearance program as of September 30, 2021 and December 31, 2020, respectively (in thousands): 30–59 days 60–89 days 90+days Total Total September 30, 2021 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 673 $ 2,899 $ 17,135 $ 20,707 $ — $ 20,707 Commercial - Refinance 2,895 7,443 73,819 84,157 167 84,324 Residential 1-4 Unit - Purchase 870 509 17,040 18,419 — 18,419 Residential 1-4 Unit - Refinance 890 4,609 109,286 114,785 — 114,785 Short Term 1-4 Unit - Purchase — 952 5,030 5,982 — 5,982 Short Term 1-4 Unit - Refinance 217 1,442 45,932 47,591 — 47,591 Total loans individually evaluated $ 5,545 $ 17,854 $ 268,242 $ 291,641 $ 167 $ 291,808 Loans collectively evaluated Commercial - Purchase $ 8,276 $ 3,938 $ — $ 12,214 $ 393,562 $ 405,776 Commercial - Refinance 29,512 7,573 — 37,085 588,792 625,877 Residential 1-4 Unit - Purchase 7,573 2,643 — 10,216 311,976 322,192 Residential 1-4 Unit - Refinance 32,804 7,413 — 40,217 516,701 556,918 Short Term 1-4 Unit - Purchase — 434 — 434 44,342 44,776 Short Term 1-4 Unit - Refinance 4,590 725 — 5,315 47,063 52,378 Total loans collectively evaluated $ 82,755 $ 22,726 $ — $ 105,481 $ 1,902,436 $ 2,007,917 Ending balance $ 88,300 $ 40,580 $ 268,242 $ 397,122 $ 1,902,603 $ 2,299,725 30–59 days 60–89 days 90+days Total Total December 31, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 961 $ 1,307 $ 19,898 $ 22,166 $ — $ 22,166 Commercial - Refinance 2,118 7,532 91,467 101,117 — 101,117 Residential 1-4 Unit - Purchase 192 2,915 23,266 26,373 — 26,373 Residential 1-4 Unit - Refinance 1,440 3,010 115,702 120,152 — 120,152 Short Term 1-4 Unit - Purchase — — 6,585 6,585 — 6,585 Short Term 1-4 Unit - Refinance 964 760 58,119 59,843 — 59,843 Total loans individually evaluated $ 5,675 $ 15,524 $ 315,037 $ 336,236 $ — $ 336,236 Loans collectively evaluated Commercial - Purchase $ 8,000 $ 7,081 $ — $ 15,081 $ 263,657 $ 278,738 Commercial - Refinance 33,725 13,224 1,747 48,696 535,285 583,981 Residential 1-4 Unit - Purchase 5,030 1,261 — 6,291 191,928 198,219 Residential 1-4 Unit - Refinance 33,144 14,567 109 47,820 398,953 446,773 Short Term 1-4 Unit - Purchase 1,972 21,780 — 23,752 12,987 36,739 Short Term 1-4 Unit - Refinance 8,406 5,383 123 13,912 59,336 73,248 Total loans collectively evaluated $ 90,277 $ 63,296 $ 1,979 $ 155,552 $ 1,462,146 $ 1,617,698 Ending balance $ 95,952 $ 78,820 $ 317,016 $ 491,788 $ 1,462,146 $ 1,953,934
Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year	The following tables present 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 as of September 30, 2021 and December 31, 2020 (in thousands). Term Loans Amortized Cost Basis by Origination Year September 30, 2021: 2021 2020 2019 2018 2017 Pre-2017 Total Commercial - Purchase Payment performance Performing $ 172,073 $ 51,482 $ 86,618 $ 52,270 $ 24,583 $ 18,750 $ 405,776 Nonperforming 287 1,893 6,307 5,654 4,543 2,023 20,707 Total Commercial - Purchase $ 172,360 $ 53,375 $ 92,925 $ 57,924 $ 29,126 $ 20,773 $ 426,483 Commercial - Refinance Payment performance Performing $ 142,262 $ 66,714 $ 151,881 $ 125,813 $ 68,414 $ 70,793 $ 625,877 Nonperforming 618 3,890 23,916 27,618 17,140 11,142 84,324 Total Commercial - Refinance $ 142,880 $ 70,604 $ 175,797 $ 153,431 $ 85,554 $ 81,935 $ 710,201 Residential 1-4 Unit - Purchase Payment performance Performing $ 180,260 $ 13,471 $ 54,926 $ 31,565 $ 14,931 $ 27,039 $ 322,192 Nonperforming 460 2,842 5,256 3,534 3,491 2,836 18,419 Total Residential 1-4 Unit - Purchase $ 180,720 $ 16,313 $ 60,182 $ 35,099 $ 18,422 $ 29,875 $ 340,611 Residential 1-4 Unit - Refinance Payment performance Performing $ 238,761 $ 31,679 $ 124,991 $ 75,242 $ 37,915 $ 48,330 $ 556,918 Nonperforming 8,178 7,065 37,062 32,754 18,256 11,470 114,785 Total Residential 1-4 Unit - Purchase $ 246,939 $ 38,744 $ 162,053 $ 107,996 $ 56,171 $ 59,800 $ 671,703 Short Term 1-4 Unit - Purchase Payment performance Performing $ 17,618 $ 16,722 $ 10,436 $ — $ — $ — $ 44,776 Nonperforming — 4,136 1,430 416 — — 5,982 Total Short Term 1-4 Unit - Purchase $ 17,618 $ 20,858 $ 11,866 $ 416 $ — $ — $ 50,758 Short Term 1-4 Unit - Refinance Payment performance Performing $ 18,345 $ 18,366 $ 15,667 $ — $ — $ — $ 52,378 Nonperforming 792 16,453 25,266 5,080 — — 47,591 Total Short Term 1-4 Unit - Refinance $ 19,137 $ 34,819 $ 40,933 $ 5,080 $ — $ — $ 99,969 Total Portfolio $ 779,654 $ 234,713 $ 543,756 $ 359,946 $ 189,273 $ 192,383 $ 2,299,725 Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 56,446 $ 99,534 $ 64,706 $ 34,862 $ 9,500 $ 13,690 $ 278,738 Nonperforming 1,046 4,666 5,799 7,182 1,539 1,934 22,166 Total Commercial - Purchase $ 57,492 $ 104,200 $ 70,505 $ 42,044 $ 11,039 $ 15,624 $ 300,904 Commercial - Refinance Payment performance Performing $ 75,376 $ 176,854 $ 157,499 $ 87,476 $ 34,858 $ 51,918 $ 583,981 Nonperforming 4,929 26,776 32,955 18,980 10,392 7,085 101,117 Total Commercial - Refinance $ 80,305 $ 203,630 $ 190,454 $ 106,456 $ 45,250 $ 59,003 $ 685,098 Residential 1-4 Unit - Purchase Payment performance Performing $ 26,215 $ 69,775 $ 42,537 $ 25,874 $ 7,056 $ 26,762 $ 198,219 Nonperforming 1,611 5,973 8,949 5,059 1,348 3,433 26,373 Total Residential 1-4 Unit - Purchase $ 27,826 $ 75,748 $ 51,486 $ 30,933 $ 8,404 $ 30,195 $ 224,592 Residential 1-4 Unit - Refinance Payment performance Performing $ 57,945 $ 168,912 $ 96,568 $ 61,033 $ 22,949 $ 39,366 $ 446,773 Nonperforming 3,934 42,159 37,451 17,942 7,653 11,013 120,152 Total Residential 1-4 Unit - Purchase $ 61,879 $ 211,071 $ 134,019 $ 78,975 $ 30,602 $ 50,379 $ 566,925 Short Term 1-4 Unit - Purchase Payment performance Performing $ 20,563 $ 15,990 $ 186 $ — $ — $ — $ 36,739 Nonperforming 3,764 2,217 604 — — — 6,585 Total Short Term 1-4 Unit - Purchase $ 24,327 $ 18,207 $ 790 $ — $ — $ — $ 43,324 Short Term 1-4 Unit - Refinance Payment performance Performing $ 35,234 $ 37,818 $ 196 $ — $ — $ — $ 73,248 Nonperforming 17,318 33,711 8,719 95 — — 59,843 Total Short Term 1-4 Unit - Refinance $ 52,552 $ 71,529 $ 8,915 $ 95 $ — $ — $ 133,091 Total Portfolio $ 304,381 $ 684,385 $ 456,169 $ 258,503 $ 95,295 $ 155,201 $ 1,953,934

Securitizations Net (Tables)

Securitizations Net (Tables)	9 Months Ended
	Sep. 30, 2021
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 deal costs, of the securities and the effective interest rate for the nine months ended September 30, 2021 and 2020 (dollars in thousands): Nine Months Ended September 30, Securitizations: 2021 2020 Securitizations, net $ 1,623,674 $ 1,670,930 Interest expense 55,288 58,749 Average outstanding balance 1,574,999 1,728,131 Effective interest rate (1) 4.68 % 4.53 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.97% and debt issuance cost amortization of 0.71% and average rate of 3.94% and debt issuance cost amortization of 0.59% for the nine months ended September 30, 2021 and 2020, respectively.

Other Debt (Tables)

Other Debt (Tables)	9 Months Ended
	Sep. 30, 2021
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 of the Company’s warehouse facilities and loan agreements as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Period end balance (1) Maximum borrowing capacity Period end balance (1) Maximum borrowing capacity The 2021 term repurchase agreement $ 21,205 $ 100,000 — — The 2021 repurchase agreement 127,898 200,000 — — The July 2021 term repurchase agreement — 100,000 — — The 2013 repurchase agreement 77,209 200,000 73,502 100,000 The Bank credit agreement 30,732 50,000 — — The 2019 loan agreement 2,700 3,000 2,700 3,000 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $1.3 million and $0.3 million as of September 30, 2021 and December 31, 2020, respectively.
Schedule of Activity and Effective Interest Rate	The following table provides an overview of the activity and effective interest rate for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Warehouse and repurchase facilities: 2021 2020 2021 2020 Average outstanding balance $ 182,383 $ 22,306 $ 154,297 $ 204,110 Highest outstanding balance at any month-end 259,744 19,823 281,690 450,194 Effective interest rate (1) 5.19 % 12.61 % 5.56 % 4.99 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 4.00% and debt issuance cost amortization of 1.19%, and average rate of 5.54% and debt issuance cost amortization of 7.07%, for the three months ended September 30, 2021 and 2020, respectively. The effective interest rate includes average rate of 4.35% and debt issuance cost amortization of 1.21%, and average rate 4.34% and debt issuance cost amortization 0.65% for the nine months ended September 30, 2021 and 2020 respectively. The average rate for the three months ended September 30, 2021 was lower compared to the same period in 2020 due to the much lower average outstanding borrowing balance in 2020, but the debt issuance cost amortization remained relatively constant. The increase in average rate for the nine months ended September 30, 2021 was primarily attributable to the higher non-usage fees paid to a lender.
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 three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Warehouse and repurchase facilities $ 2,365 $ 703 $ 6,433 $ 7,635 Securitizations 17,956 21,644 55,287 58,749 Interest expense — portfolio related 20,321 22,347 61,720 66,384 Interest expense — corporate debt 4,488 1,913 16,147 (1) 10,149 (2) Total interest expense $ 24,809 $ 24,260 $ 77,867 $ 76,533 (1) Included in the $16.1 million of interest expense – corporate debt for the nine months ended September 30, 2021 was the one-time debt issuance costs write-off of $2.9 million and prepayment fee of $1.6 million associated payoff of $78.0 million in outstanding principal amount in February 2021. (2) Included in the $10.1 million of interest expense – corporate debt for the nine months ended September 30, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment fee of $0.3 million associated with the repayment of $75.0 million in outstanding principal amount in January 2020.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table presents the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands, except per share data) (In thousands, except per share data) Basic EPS: Net income $ 8,022 $ 3,481 $ 20,871 $ 8,201 Less: deemed dividends on preferred stock — — — 48,955 Net income (loss) attributable to common stockholders $ 8,022 $ 3,481 $ 20,871 $ (40,754 ) Less: undistributed earnings attributable to participating securities 3,030 — 7,884 — Net earnings (loss) attributable to common stockholders $ 4,992 $ 3,481 $ 12,987 $ (40,754 ) Weighted average common shares outstanding 20,090 20,087 20,088 20,087 Basic earnings (loss) per common share $ 0.25 $ 0.17 $ 0.65 $ (2.03 ) Diluted EPS: Net income (loss) attributable to common stockholders $ 8,022 $ 3,481 $ 20,871 $ (40,754 ) Weighted average common shares outstanding 20,090 20,087 20,088 20,087 Add dilutive effects for assumed conversion of Series A preferred stock 11,688 11,688 11,688 — Add dilutive effects for warrants 2,157 659 1,909 — Add dilutive effects for stock options 5 — 2 — Add dilutive effects of unvested restricted stock awards 272 — 171 — Weighted average diluted common shares outstanding 34,212 32,435 33,858 20,087 Diluted income (loss) per common share $ 0.23 $ 0.11 $ 0.62 $ (2.03 )
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 earnings (loss) per share, as their inclusion would have been anti-dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Shares underlying Series A Convertible Preferred Stock — — — 11,688 Shares underlying warrants — 1,004 — 3,013 Stock options 773 773 773 773 Unvested restricted stock awards — NA — NA Share equivalents excluded from EPS 773 1,777 773 15,474

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at September 30, 2021 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,360 $ 1,360 Interest-only strips — — 16 16 Total recurring fair value measurements — — 1,376 1,376 Nonrecurring fair value measurements: Real estate owned, net — — 13,113 13,113 Individually evaluated loans requiring specific allowance, net — — 19,096 19,096 Total nonrecurring fair value measurements — — 32,209 32,209 Total assets $ — $ — $ 33,585 $ 33,585 Fair value measurements using Total at December 31, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,539 $ 1,539 Interest-only strips — — 238 238 Total recurring fair value measurements — — 1,777 1,777 Nonrecurring fair value measurements: Loans held for sale, net — — 13,106 13,106 Real estate owned, net — — 15,767 15,767 Impaired loans requiring specific allowance, net — — 19,340 19,340 Total nonrecurring fair value measurements — — 48,213 48,213 Total assets $ — $ — $ 49,990 $ 49,990
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 nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Gain (loss) on assets measured on a nonrecurring basis 2021 2020 2021 2020 Loans held for sale, net $ 15 $ 1,307 $ 17 $ 345 Real estate held for sale, net (384 ) (528 ) (1,619 ) (1,744 ) Individually evaluated loans requiring specific allowance, net 172 (1,109 ) 893 (1,469 ) Total net loss $ (197 ) $ (330 ) $ (709 ) $ (2,868 )
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 September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring specific allowance, net $ 19,096 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 13,113 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 1,360 Discounted cash flow Discount rate 6.3% 6.3% Collateral value (% of UPB) 94.0% to 124.0% 107.0% Timing of resolution/payoff (months) 1 to 70 56.0 Prepayment rate 20.9% to 50.0% 20.9% to 50.0% Default rate 0.26% to 3.25% 1.0% Loss severity rate 0.0% to 12.71% 3.0% Interest-only strips 16 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 12 1.0 December 31, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring specific allowance, net $ 19,340 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 15,767 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 1,539 Discounted cash flow Discount rate 6.2% 6.2% Collateral value (% of UPB) 94.0% to 104.0% 100.0% Timing of resolution/payoff (months) 14 to 31 25.0 Prepayment rate 17.5% to 30.0% 17.5% to 30.0% Default rate 5.0% to 15.0% 12.0% Loss severity rate 1.0% 1.0% Loans held for sale 13,106 Discounted cash flow Discount rate 6.2% 6.2% Timing of resolution/payoff (months) 31 to 34 32.0 Interest-only strips 238 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 12 1.5
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 1,370 $ 2,956 $ 1,539 $ 2,960 Loans liquidated — — (163 ) — Principal paydowns (10 ) (9 ) (34 ) (44 ) Total unrealized gain (loss) included in net income — 380 18 411 Ending balance $ 1,360 $ 3,327 $ 1,360 $ 3,327 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 81 $ 845 $ 238 $ 894 Interest-only strip additions — — — 1,820 Interest-only strip write-offs (65 ) (365 ) (222 ) (2,234 ) Total unrealized loss included in net income — (7 ) — (7 ) Ending balance $ 16 $ 473 $ 16 $ 473
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): September 30, 2021 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 35,497 $ 35,497 $ — $ — $ 35,497 Restricted cash 9,586 9,586 — — 9,586 Loans held for investment, net 2,295,697 — — 2,437,824 2,437,824 Loans held for investment, at fair value 1,360 — — 1,360 1,360 Accrued interest receivables 11,974 11,974 — — 11,974 Interest-only strips 16 — — 16 16 Liabilities: Secured financing, net $ 163,449 $ — $ — $ 171,938 $ 171,938 Warehouse repurchase facilities, net 258,491 — 258,491 — 258,491 Securitizations, net 1,623,674 — — 1,699,916 1,699,916 Accrued interest payable 5,577 5,577 — — 5,577 December 31, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 13,273 $ 13,273 $ — $ — $ 13,273 Restricted cash 7,020 7,020 — — 7,020 Loans held for sale, net 13,106 — — 13,106 13,106 Loans held for investment, net 1,948,089 — — 2,003,301 2,003,301 Loans held for investment, at fair value 1,539 — — 1,539 1,539 Accrued interest receivable 11,373 11,373 — — 11,373 Interest-only strips 238 — — 238 238 Liabilities: Secured financing, net $ 74,982 $ — $ — $ 78,000 $ 78,000 Warehouse repurchase facilities, net 75,923 — 75,923 — 75,923 Securitizations, net 1,579,019 — — 1,616,222 1,616,222 Accrued interest payable 5,503 5,503 — — 5,503

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($)	Jan. 28, 2020	Jan. 22, 2020	Sep. 30, 2021	Mar. 31, 2020	Sep. 30, 2021	Jan. 16, 2020
Class Of Stock [Line Items]
Date of incorporation					Jul. 9, 2012
Minimum net worth required			$ 250,000		$ 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	10,727	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	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Loans held for investment, net	$ 2,295,697	$ 1,948,089
Accrued interest and other receivables	11,974	11,373
Real estate owned, net	17,905	15,767
Other assets	6,843	6,779
Total assets	2,457,164	2,102,874
Accounts payable and accrued expenses	79,360	63,361
Total liabilities	2,124,974	1,793,285
Variable Interest Entity Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	5,475	6,743
Loans held for investment, net	1,933,800	1,874,991
Accrued interest and other receivables	67,664	82,342
Real estate owned, net	12,257	9,698
Other assets	5	12
Total assets	2,019,201	1,973,786
Accounts payable and accrued expenses	43,157	43,795
Securities issued	1,623,674	1,579,019
Total liabilities	$ 1,666,831	$ 1,622,814

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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 35,497	$ 13,273	$ 19,210
Restricted cash	9,586	7,020	7,821
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 45,083	$ 20,293	$ 27,031	$ 27,552

Loans Held for Sale, Net - Summ

Loans Held for Sale, Net - Summary of Loans Held for Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Loans Held For Sale [Abstract]
Unpaid principal balance	$ 12,929
Valuation adjustments	(17)
Deferred loan origination costs	194
Ending balance	$ 13,106

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	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Allowance for loan losses	$ (4,028)	$ (3,963)	$ (5,845)	$ (5,748)	$ (5,221)	$ (2,377)
Net Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	2,269,950		1,930,334
Deferred loan origination costs	29,775		23,600
Total loans held for investment and loans held for investment at fair value, gross	2,299,725		1,953,934
Allowance for loan losses	(4,028)		(5,845)
Total loans held for investment and loans held for investment at fair value, net	2,295,697		1,948,089
Loans At Fair Value Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,344		1,541
Valuation adjustments on FVO loans	16		(2)
Total loans held for investment and loans held for investment at fair value, gross	1,360		1,539
Total loans held for investment and loans held for investment at fair value, net	1,360		1,539
Total Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	2,271,294		1,931,875
Valuation adjustments on FVO loans	16		(2)
Deferred loan origination costs	29,775		23,600
Total loans held for investment and loans held for investment at fair value, gross	2,301,085		1,955,473
Allowance for loan losses	(4,028)		(5,845)
Total loans held for investment and loans held for investment at fair value, net	$ 2,297,057		$ 1,949,628

Loans Held for Investment and_4

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program (Details) - COVID 19 Forbearance Program - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
UPB Beginning balance	$ 342,442	$ 392,073
UPB Additions		2,616
UPB Foreclosures		(253)
UPB Repayments	(22,698)	(74,692)
UPB Ending balance	319,744	319,744
UPB Performing/Accruing, Amount	249,944	249,944	$ 327,708
UPB Nonperforming/Nonaccrual, Amount	$ 69,800	$ 69,800	$ 64,365
UPB Performing/Accruing, Percentage	78.20%	78.20%	83.60%
UPB Nonperforming/Nonaccrual, Percentage	21.80%	21.80%	16.40%
Amortized Cost Beginning balance	$ 346,697	$ 396,918
Amortized Cost Additions		2,615
Amortized Cost Foreclosures		(260)
Amortized Cost Repayments	(23,037)	(75,613)
Amortized Cost Ending balance	323,660	323,660
Amortized Cost Performing/Accruing, Amount	252,944	252,944	$ 330,495
Amortized Cost Nonperforming/Nonaccrual, Amount	$ 70,716	$ 70,716	$ 66,423
Amortized Cost Performing/Accruing, Percentage	78.20%	78.20%	83.30%
Amortized Cost Nonperforming/Nonaccrual, Percentage	21.80%	21.80%	16.70%

Loans Held for Investment and_5

Loans Held for Investment and Loans Held for Investment at Fair Value - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Accrued interest income recognized on nonaccrual loans	$ 0	$ 0	$ 0	$ 0
Cash basis interest income recognized on nonaccrual loans	7,600,000	4,900,000	24,300,000	11,600,000
Average recorded investment of individually evaluated loans, computed using month-end balances	292,200,000	310,700,000	$ 332,400,000	223,700,000
Stress Scenario , Descriptions			For the September 30, 2021 estimate, the Company considered a COVID-19 adverse stress scenario with a six-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that applying the adverse stress scenario was appropriate given the status of the pandemic at the end of September 2021
Provision for loan losses	228,000	1,573,000	$ (668,000)	4,662,000
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Loans	323,700,000		$ 323,700,000		$ 396,900,000
90+days
Accounts Notes And Loans Receivable [Line Items]
Annualized charge rate of non performing loans			0.53%		0.65%
Allowance For Credit Losses
Accounts Notes And Loans Receivable [Line Items]
Provision for loan losses	$ 200,000	1,500,000	$ (700,000)	4,700,000
COVID 19 Forbearance Program
Accounts Notes And Loans Receivable [Line Items]
Percentage of loan granted for unusual risk forbearance	78.20%		78.20%		83.60%
Amount of loan granted for unusual risk forbearance	$ 112,500,000	$ 407,900,000	$ 112,500,000	407,900,000
Accrued interest income recognized on nonaccrual loans			$ 1,800,000	$ 9,800,000
Nonaccrual loans Percentage	21.80%		21.80%		16.40%

Loans Held for Investment and_6

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitizations Issued (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	$ 345,445	$ 91,074
Total	1,908,689	1,852,554
2013 Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	101,711	91,074
2015 Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	176,156
Bank Credit Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	40,082
2021 Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	27,496
2014-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	18,813	22,228
2015-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	36,163	48,179
2016-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	56,998	71,271
2016-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	34,755	47,282
2017-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	60,506	81,376
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	104,385	137,970
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	79,352	112,042
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	174,205	224,195
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	162,726	203,144
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	143,020	175,560
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	112,630	135,527
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	203,442	241,664
2020-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	105,636	123,646
2020-MC1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	155,669	$ 228,470
2021-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	256,682
2021-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 203,707

Loans Held for Investment and_7

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 ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 291,808	$ 336,236
Nonaccrual with No Allowance for Loan Loss	270,936	314,228
Nonaccrual with Allowance for Loan Loss	20,872	22,008
Allowance for Loans Individually Evaluated	$ 1,776	$ 2,668	$ 2,383
Percentage of Allowance to Total Nonaccrual Loans	8.60%	12.10%
Troubled Debt Restructuring included in nonaccrual loans:	$ 167	$ 173
COVID-19 Program
Financing Receivable Impaired [Line Items]
Financing receivable, 90 days or more past due, still accruing		1,979
Commercial Purchase Portfolio Segment
Financing Receivable Impaired [Line Items]
Total Nonaccrual	20,707	22,166
Nonaccrual with No Allowance for Loan Loss	19,945	20,955
Nonaccrual with Allowance for Loan Loss	762	1,211
Allowance for Loans Individually Evaluated	$ 12	$ 153	179
Percentage of Allowance to Total Nonaccrual Loans	0.10%	0.70%
Commercial Refinance Portfolio Segment
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 84,324	$ 101,117
Nonaccrual with No Allowance for Loan Loss	74,483	96,804
Nonaccrual with Allowance for Loan Loss	9,841	4,313
Allowance for Loans Individually Evaluated	$ 938	$ 519	549
Percentage of Allowance to Total Nonaccrual Loans	4.50%	2.30%
Commercial Refinance Portfolio Segment | COVID-19 Program
Financing Receivable Impaired [Line Items]
Financing receivable, 90 days or more past due, still accruing		$ 1,747
Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 18,419	26,373
Nonaccrual with No Allowance for Loan Loss	18,162	25,839
Nonaccrual with Allowance for Loan Loss	257	534
Allowance for Loans Individually Evaluated	$ 96	$ 128	266
Percentage of Allowance to Total Nonaccrual Loans	0.50%	0.60%
Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 114,785	$ 120,152
Nonaccrual with No Allowance for Loan Loss	110,595	113,206
Nonaccrual with Allowance for Loan Loss	4,190	6,946
Allowance for Loans Individually Evaluated	$ 261	$ 465	$ 1,389
Percentage of Allowance to Total Nonaccrual Loans	1.30%	2.10%
Residential One To Four Unit Refinance Portfolio Segment | COVID-19 Program
Financing Receivable Impaired [Line Items]
Financing receivable, 90 days or more past due, still accruing		$ 109
Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 5,982	6,585
Nonaccrual with No Allowance for Loan Loss	5,144	3,808
Nonaccrual with Allowance for Loan Loss	838	2,777
Allowance for Loans Individually Evaluated	$ 110	$ 525
Percentage of Allowance to Total Nonaccrual Loans	0.50%	2.40%
Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 47,591	$ 59,843
Nonaccrual with No Allowance for Loan Loss	42,607	53,616
Nonaccrual with Allowance for Loan Loss	4,984	6,227
Allowance for Loans Individually Evaluated	$ 359	$ 878
Percentage of Allowance to Total Nonaccrual Loans	1.70%	4.00%
Short Term One To Four Unit Refinance Portfolio Segment | COVID-19 Program
Financing Receivable Impaired [Line Items]
Financing receivable, 90 days or more past due, still accruing		$ 123
Individual Loan Evaluation
Financing Receivable Impaired [Line Items]
Troubled Debt Restructuring included in nonaccrual loans:		$ 25

Loans Held for Investment and_8

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	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 2,299,725	$ 2,006,834	$ 2,299,725	$ 2,006,834
Financing Receivable, Accrued Interest, Writeoff	929	1,598	3,778	8,548
Commercial Purchase Portfolio Segment
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	426,483	293,886	426,483	293,886
Financing Receivable, Accrued Interest, Writeoff	114	151	306	576
Commercial Refinance Portfolio Segment
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	710,201	695,664	710,201	695,664
Financing Receivable, Accrued Interest, Writeoff	146	459	838	3,092
Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	340,611	282,212	340,611	282,212
Financing Receivable, Accrued Interest, Writeoff	33	215	154	724
Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	671,703	735,072	671,703	735,072
Financing Receivable, Accrued Interest, Writeoff	368	$ 773	1,169	$ 4,156
Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	50,758		50,758
Financing Receivable, Accrued Interest, Writeoff	103		788
Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	99,969		99,969
Financing Receivable, Accrued Interest, Writeoff	$ 165		$ 523

Loans Held for Investment and_9

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Allowance for credit losses:
Beginning balance	$ 3,963	$ 5,221	$ 5,845	$ 2,377
Provision for loan losses	228	1,573	(668)	4,662
Charge-offs	(163)	(1,046)	(1,149)	(1,291)
Ending balance	4,028	5,748	4,028	5,748
Allowance for Loans Individually Evaluated	1,776	2,383	1,776	2,383	$ 2,668
Allowance related to Loans collectively evaluated	2,252	3,365	2,252	3,365
Amortized cost related to Loans individually evaluated	291,808	316,115	291,808	316,115
Amortized cost related to Loans collectively evaluated	2,007,917	1,690,719	2,007,917	1,690,719
Beginning balance, prior to adoption of ASC 326				2,240
Impact of adopting ASC 326				137
Commercial Purchase Portfolio Segment
Allowance for credit losses:
Beginning balance	262	524	373	323
Provision for loan losses		(90)	3	190
Charge-offs			(114)	(79)
Ending balance	262	434	262	434
Allowance for Loans Individually Evaluated	12	179	12	179	153
Allowance related to Loans collectively evaluated	250	255	250	255
Amortized cost related to Loans individually evaluated	20,707	20,544	20,707	20,544
Amortized cost related to Loans collectively evaluated	405,776	273,342	405,776	273,342
Beginning balance, prior to adoption of ASC 326				304
Impact of adopting ASC 326				19
Commercial Refinance Portfolio Segment
Allowance for credit losses:
Beginning balance	1,923	2,687	2,093	1,078
Provision for loan losses	44	(101)	(31)	1,508
Charge-offs	(18)	(210)	(113)	(210)
Ending balance	1,949	2,376	1,949	2,376
Allowance for Loans Individually Evaluated	938	549	938	549	519
Allowance related to Loans collectively evaluated	1,010	1,828	1,010	1,828
Amortized cost related to Loans individually evaluated	84,324	102,337	84,324	102,337
Amortized cost related to Loans collectively evaluated	625,877	593,327	625,877	593,327
Beginning balance, prior to adoption of ASC 326				1,016
Impact of adopting ASC 326				62
Residential One To Four Unit Purchase Portfolio Segment
Allowance for credit losses:
Beginning balance	281	403	333	157
Provision for loan losses	27	171	12	553
Charge-offs		(37)	(37)	(173)
Ending balance	308	537	308	537
Allowance for Loans Individually Evaluated	96	266	96	266	128
Allowance related to Loans collectively evaluated	212	271	212	271
Amortized cost related to Loans individually evaluated	18,419	27,800	18,419	27,800
Amortized cost related to Loans collectively evaluated	322,192	254,412	322,192	254,412
Beginning balance, prior to adoption of ASC 326				148
Impact of adopting ASC 326				9
Residential One To Four Unit Refinance Portfolio Segment
Allowance for credit losses:
Beginning balance	847	1,607	1,216	819
Provision for loan losses	68	1,593	(150)	2,411
Charge-offs	(43)	(799)	(194)	(829)
Ending balance	872	2,401	872	2,401
Allowance for Loans Individually Evaluated	261	1,389	261	1,389	465
Allowance related to Loans collectively evaluated	611	1,011	611	1,011
Amortized cost related to Loans individually evaluated	114,785	165,434	114,785	165,434
Amortized cost related to Loans collectively evaluated	556,918	$ 569,638	556,918	569,638
Beginning balance, prior to adoption of ASC 326				772
Impact of adopting ASC 326				$ 47
Short Term One To Four Unit Purchase Portfolio Segment
Allowance for credit losses:
Beginning balance	73		595
Provision for loan losses	62		(446)
Charge-offs			(14)
Ending balance	135		135
Allowance for Loans Individually Evaluated	110		110		525
Allowance related to Loans collectively evaluated	25		25
Amortized cost related to Loans individually evaluated	5,982		5,982
Amortized cost related to Loans collectively evaluated	44,776		44,776
Short Term One To Four Unit Refinance Portfolio Segment
Allowance for credit losses:
Beginning balance	577		1,235
Provision for loan losses	27		(56)
Charge-offs	(102)		(677)
Ending balance	502		502
Allowance for Loans Individually Evaluated	359		359		$ 878
Allowance related to Loans collectively evaluated	144		144
Amortized cost related to Loans individually evaluated	47,591		47,591
Amortized cost related to Loans collectively evaluated	$ 52,378		$ 52,378

Loans Held for Investment an_10

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 - Aging Status And Accrual Status12 - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		$ 397,122	$ 491,788
Loans, current		1,902,603	1,462,146
Total loans		2,299,725	1,953,934
Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		88,300	95,952
60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		40,580	78,820
90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	268,242	317,016
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		291,641	336,236
Loans, current		167
Total loans		291,808	336,236
Loans Individually Evaluated | Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		20,707	22,166
Total loans		20,707	22,166
Loans Individually Evaluated | Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		84,157	101,117
Loans, current		167
Total loans		84,324	101,117
Loans Individually Evaluated | Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		18,419	26,373
Total loans		18,419	26,373
Loans Individually Evaluated | Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		114,785	120,152
Total loans		114,785	120,152
Loans Individually Evaluated | Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		5,982	6,585
Total loans		5,982	6,585
Loans Individually Evaluated | Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		47,591	59,843
Total loans		47,591	59,843
Loans Individually Evaluated | Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		5,545	5,675
Loans Individually Evaluated | Financial Asset, 30 to 59 Days Past Due | Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		673	961
Loans Individually Evaluated | Financial Asset, 30 to 59 Days Past Due | Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,895	2,118
Loans Individually Evaluated | Financial Asset, 30 to 59 Days Past Due | Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		870	192
Loans Individually Evaluated | Financial Asset, 30 to 59 Days Past Due | Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		890	1,440
Loans Individually Evaluated | Financial Asset, 30 to 59 Days Past Due | Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		217	964
Loans Individually Evaluated | 60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		17,854	15,524
Loans Individually Evaluated | 60-89 days | Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,899	1,307
Loans Individually Evaluated | 60-89 days | Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,443	7,532
Loans Individually Evaluated | 60-89 days | Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		509	2,915
Loans Individually Evaluated | 60-89 days | Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		4,609	3,010
Loans Individually Evaluated | 60-89 days | Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		952
Loans Individually Evaluated | 60-89 days | Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,442	760
Loans Individually Evaluated | 90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	268,242	315,037
Loans Individually Evaluated | 90+days | Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	17,135	19,898
Loans Individually Evaluated | 90+days | Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	73,819	91,467
Loans Individually Evaluated | 90+days | Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	17,040	23,266
Loans Individually Evaluated | 90+days | Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	109,286	115,702
Loans Individually Evaluated | 90+days | Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	5,030	6,585
Loans Individually Evaluated | 90+days | Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	45,932	58,119
Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		105,481	155,552
Loans, current		1,902,436	1,462,146
Total loans		2,007,917	1,617,698
Loans Collectively Evaluated | Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		12,214	15,081
Loans, current		393,562	263,657
Total loans		405,776	278,738
Loans Collectively Evaluated | Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		37,085	48,696
Loans, current		588,792	535,285
Total loans		625,877	583,981
Loans Collectively Evaluated | Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		10,216	6,291
Loans, current		311,976	191,928
Total loans		322,192	198,219
Loans Collectively Evaluated | Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		40,217	47,820
Loans, current		516,701	398,953
Total loans		556,918	446,773
Loans Collectively Evaluated | Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		434	23,752
Loans, current		44,342	12,987
Total loans		44,776	36,739
Loans Collectively Evaluated | Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		5,315	13,912
Loans, current		47,063	59,336
Total loans		52,378	73,248
Loans Collectively Evaluated | Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		82,755	90,277
Loans Collectively Evaluated | Financial Asset, 30 to 59 Days Past Due | Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		8,276	8,000
Loans Collectively Evaluated | Financial Asset, 30 to 59 Days Past Due | Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		29,512	33,725
Loans Collectively Evaluated | Financial Asset, 30 to 59 Days Past Due | Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,573	5,030
Loans Collectively Evaluated | Financial Asset, 30 to 59 Days Past Due | Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		32,804	33,144
Loans Collectively Evaluated | Financial Asset, 30 to 59 Days Past Due | Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			1,972
Loans Collectively Evaluated | Financial Asset, 30 to 59 Days Past Due | Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		4,590	8,406
Loans Collectively Evaluated | 60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		22,726	63,296
Loans Collectively Evaluated | 60-89 days | Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		3,938	7,081
Loans Collectively Evaluated | 60-89 days | Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,573	13,224
Loans Collectively Evaluated | 60-89 days | Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,643	1,261
Loans Collectively Evaluated | 60-89 days | Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,413	14,567
Loans Collectively Evaluated | 60-89 days | Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		434	21,780
Loans Collectively Evaluated | 60-89 days | Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		$ 725	5,383
Loans Collectively Evaluated | 90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]		1,979
Loans Collectively Evaluated | 90+days | Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]		1,747
Loans Collectively Evaluated | 90+days | Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]		109
Loans Collectively Evaluated | 90+days | Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]		$ 123
[1]	Includes loans in bankruptcy and foreclosure less than 90 days past due

Loans Held for Investment an_11

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 - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	$ 779,654	$ 304,381
Term Loans Amortized Cost Basis by Origination Year, 2019	234,713	684,385
Term Loans Amortized Cost Basis by Origination Year, 2018	543,756	456,169
Term Loans Amortized Cost Basis by Origination Year, 2017	359,946	258,503
Term Loans Amortized Cost Basis by Origination Year, 2016	189,273	95,295
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	192,383	155,201
Total loans	2,299,725	1,953,934
Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	172,360	57,492
Term Loans Amortized Cost Basis by Origination Year, 2019	53,375	104,200
Term Loans Amortized Cost Basis by Origination Year, 2018	92,925	70,505
Term Loans Amortized Cost Basis by Origination Year, 2017	57,924	42,044
Term Loans Amortized Cost Basis by Origination Year, 2016	29,126	11,039
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	20,773	15,624
Total loans	426,483	300,904
Commercial Purchase Portfolio Segment | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	172,073	56,446
Term Loans Amortized Cost Basis by Origination Year, 2019	51,482	99,534
Term Loans Amortized Cost Basis by Origination Year, 2018	86,618	64,706
Term Loans Amortized Cost Basis by Origination Year, 2017	52,270	34,862
Term Loans Amortized Cost Basis by Origination Year, 2016	24,583	9,500
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	18,750	13,690
Total loans	405,776	278,738
Commercial Purchase Portfolio Segment | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	287	1,046
Term Loans Amortized Cost Basis by Origination Year, 2019	1,893	4,666
Term Loans Amortized Cost Basis by Origination Year, 2018	6,307	5,799
Term Loans Amortized Cost Basis by Origination Year, 2017	5,654	7,182
Term Loans Amortized Cost Basis by Origination Year, 2016	4,543	1,539
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	2,023	1,934
Total loans	20,707	22,166
Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	142,880	80,305
Term Loans Amortized Cost Basis by Origination Year, 2019	70,604	203,630
Term Loans Amortized Cost Basis by Origination Year, 2018	175,797	190,454
Term Loans Amortized Cost Basis by Origination Year, 2017	153,431	106,456
Term Loans Amortized Cost Basis by Origination Year, 2016	85,554	45,250
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	81,935	59,003
Total loans	710,201	685,098
Commercial Refinance Portfolio Segment | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	142,262	75,376
Term Loans Amortized Cost Basis by Origination Year, 2019	66,714	176,854
Term Loans Amortized Cost Basis by Origination Year, 2018	151,881	157,499
Term Loans Amortized Cost Basis by Origination Year, 2017	125,813	87,476
Term Loans Amortized Cost Basis by Origination Year, 2016	68,414	34,858
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	70,793	51,918
Total loans	625,877	583,981
Commercial Refinance Portfolio Segment | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	618	4,929
Term Loans Amortized Cost Basis by Origination Year, 2019	3,890	26,776
Term Loans Amortized Cost Basis by Origination Year, 2018	23,916	32,955
Term Loans Amortized Cost Basis by Origination Year, 2017	27,618	18,980
Term Loans Amortized Cost Basis by Origination Year, 2016	17,140	10,392
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	11,142	7,085
Total loans	84,324	101,117
Residential One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	180,720	27,826
Term Loans Amortized Cost Basis by Origination Year, 2019	16,313	75,748
Term Loans Amortized Cost Basis by Origination Year, 2018	60,182	51,486
Term Loans Amortized Cost Basis by Origination Year, 2017	35,099	30,933
Term Loans Amortized Cost Basis by Origination Year, 2016	18,422	8,404
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	29,875	30,195
Total loans	340,611	224,592
Residential One To Four Unit Purchase Portfolio Segment | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	180,260	26,215
Term Loans Amortized Cost Basis by Origination Year, 2019	13,471	69,775
Term Loans Amortized Cost Basis by Origination Year, 2018	54,926	42,537
Term Loans Amortized Cost Basis by Origination Year, 2017	31,565	25,874
Term Loans Amortized Cost Basis by Origination Year, 2016	14,931	7,056
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	27,039	26,762
Total loans	322,192	198,219
Residential One To Four Unit Purchase Portfolio Segment | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	460	1,611
Term Loans Amortized Cost Basis by Origination Year, 2019	2,842	5,973
Term Loans Amortized Cost Basis by Origination Year, 2018	5,256	8,949
Term Loans Amortized Cost Basis by Origination Year, 2017	3,534	5,059
Term Loans Amortized Cost Basis by Origination Year, 2016	3,491	1,348
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	2,836	3,433
Total loans	18,419	26,373
Residential One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	246,939	61,879
Term Loans Amortized Cost Basis by Origination Year, 2019	38,744	211,071
Term Loans Amortized Cost Basis by Origination Year, 2018	162,053	134,019
Term Loans Amortized Cost Basis by Origination Year, 2017	107,996	78,975
Term Loans Amortized Cost Basis by Origination Year, 2016	56,171	30,602
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	59,800	50,379
Total loans	671,703	566,925
Residential One To Four Unit Refinance Portfolio Segment | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	238,761	57,945
Term Loans Amortized Cost Basis by Origination Year, 2019	31,679	168,912
Term Loans Amortized Cost Basis by Origination Year, 2018	124,991	96,568
Term Loans Amortized Cost Basis by Origination Year, 2017	75,242	61,033
Term Loans Amortized Cost Basis by Origination Year, 2016	37,915	22,949
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	48,330	39,366
Total loans	556,918	446,773
Residential One To Four Unit Refinance Portfolio Segment | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	8,178	3,934
Term Loans Amortized Cost Basis by Origination Year, 2019	7,065	42,159
Term Loans Amortized Cost Basis by Origination Year, 2018	37,062	37,451
Term Loans Amortized Cost Basis by Origination Year, 2017	32,754	17,942
Term Loans Amortized Cost Basis by Origination Year, 2016	18,256	7,653
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	11,470	11,013
Total loans	114,785	120,152
Short Term One To Four Unit Purchase Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	17,618	24,327
Term Loans Amortized Cost Basis by Origination Year, 2019	20,858	18,207
Term Loans Amortized Cost Basis by Origination Year, 2018	11,866	790
Term Loans Amortized Cost Basis by Origination Year, 2017	416
Total loans	50,758	43,324
Short Term One To Four Unit Purchase Portfolio Segment | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	17,618	20,563
Term Loans Amortized Cost Basis by Origination Year, 2019	16,722	15,990
Term Loans Amortized Cost Basis by Origination Year, 2018	10,436	186
Total loans	44,776	36,739
Short Term One To Four Unit Purchase Portfolio Segment | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020		3,764
Term Loans Amortized Cost Basis by Origination Year, 2019	4,136	2,217
Term Loans Amortized Cost Basis by Origination Year, 2018	1,430	604
Term Loans Amortized Cost Basis by Origination Year, 2017	416
Total loans	5,982	6,585
Short Term One To Four Unit Refinance Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	19,137	52,552
Term Loans Amortized Cost Basis by Origination Year, 2019	34,819	71,529
Term Loans Amortized Cost Basis by Origination Year, 2018	40,933	8,915
Term Loans Amortized Cost Basis by Origination Year, 2017	5,080	95
Total loans	99,969	133,091
Short Term One To Four Unit Refinance Portfolio Segment | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	18,345	35,234
Term Loans Amortized Cost Basis by Origination Year, 2019	18,366	37,818
Term Loans Amortized Cost Basis by Origination Year, 2018	15,667	196
Total loans	52,378	73,248
Short Term One To Four Unit Refinance Portfolio Segment | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	792	17,318
Term Loans Amortized Cost Basis by Origination Year, 2019	16,453	33,711
Term Loans Amortized Cost Basis by Origination Year, 2018	25,266	8,719
Term Loans Amortized Cost Basis by Origination Year, 2017	5,080	95
Total loans	$ 47,591	$ 59,843

Securitizations, Net - Addition

Securitizations, Net - Additional Information (Detail) $ in Billions	9 Months Ended
	Sep. 30, 2021USD ($)Securities
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Number of securitizations | Securities	17
Securitization loans	$ 3.9
Issuing of securities to third parties	$ 3.5
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	2051-08

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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Securitizations, net	$ 1,623,674	$ 1,670,930	$ 1,579,019
Average outstanding balance	$ 1,574,999	$ 1,728,131
Effective interest rate	4.68%	4.53%
Securitizations
Debt Instrument [Line Items]
Interest expense - portfolio related	$ 55,288	$ 58,749

Securitizations Net - Summary_2

Securitizations Net - Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Transfers And Servicing [Abstract]
Average interest rate	3.97%	3.94%
Debt issue cost amortization rate	0.71%	0.59%

Other Debt - Additional Informa

Other Debt - Additional Information (Details) - USD ($)	Feb. 05, 2021	Dec. 26, 2019	Sep. 12, 2018	Apr. 16, 2021	Jan. 29, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Lines of credit fund maximum percentage of principle balance of mortgage loans						100.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term			3 years
Debt instrument, description						one-month LIBOR
Agreement entered date						Sep. 12, 2018
Debt instrument, maturity date						Nov. 10, 2023
Line of credit, maximum capacity			$ 50,000,000
Line of credit, outstanding amount						$ 30,700,000	$ 0
LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, floor rate						0.75%
Debt instrument, spread rate						3.50%
2021 Term Loan
Debt Instrument [Line Items]
Debt issuance costs, net						$ 8,500,000	3,000,000
Corporate Debt Agreement
Debt Instrument [Line Items]
Term loans, balance							78,000,000
Corporate Debt Agreement | 2021 Term Loan
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 175,000,000
Debt instrument, description						one-month LIBOR
Debt instrument, maturity month year	2026-02
Term loans, balance						$ 171,900,000
Corporate Debt Agreement | 2021 Term Loan | First year
Debt Instrument [Line Items]
Term loan amortization, annual rate						2.50%
Corporate Debt Agreement | 2021 Term Loan | Per Year Thereafter
Debt Instrument [Line Items]
Term loan amortization, annual rate						5.00%
Corporate Debt Agreement | 2021 Term Loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate	1.00%
Debt instrument, spread rate	8.00%
2013 Repurchase Agreement | Secured Debt
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. 29, 2023
Line of credit, maximum capacity						$ 200,000,000	100,000,000
2019-1 Trust | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 3,000,000
Debt instrument, maturity date		Dec. 31, 2021
Line of credit, maximum capacity						3,000,000	$ 3,000,000
Debt instrument, fixed interest rate		9.50%
2021 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Debt instrument, description				one-month LIBOR	one-month LIBOR
Agreement entered date				Apr. 16, 2021	Jan. 29, 2021
Debt instrument, maturity date				Apr. 16, 2024	Jan. 29, 2022
Line of credit, maximum capacity				$ 100,000,000	$ 200,000,000	$ 200,000,000
2021 Repurchase Agreement | Secured Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, spread rate				3.00%	3.50%
2021 Repurchase Agreement | Secured Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, spread rate					4.50%
July Two Thousand Twenty One Term Repurchase Agreement
Debt Instrument [Line Items]
Debt instrument, description						one-month LIBOR
Line of credit, maximum capacity						$ 100,000,000
Interest rate description						Each loan advance bears interest at one-month LIBOR with a 0.5% floor plus 4.5% per annum.
Line of credit , maturity date						Jul. 29, 2024
Line of credit facility, description						The July 2021 Term Repurchase Agreement has a maturity date of July 29, 2024, with an option to extend the term to July 29, 2025
July Two Thousand Twenty One Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Line of credit, maximum capacity						$ 100,000,000
July Two Thousand Twenty One Term Repurchase Agreement | LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate						0.50%
Debt instrument, spread rate						4.50%

Other Debt - Summary of Maximum

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Details) - USD ($)	Sep. 30, 2021	Apr. 16, 2021	Jan. 29, 2021	Dec. 31, 2020	Sep. 12, 2018
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 50,000,000
2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	$ 21,205,000
Maximum borrowing capacity	100,000,000
2021 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	127,898,000
Maximum borrowing capacity	200,000,000	$ 100,000,000	$ 200,000,000
2013 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	77,209,000			$ 73,502,000
Maximum borrowing capacity	200,000,000			100,000,000
July Two Thousand Twenty One Term Repurchase Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000
July Two Thousand Twenty One Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000
Bank Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Period end balance	30,732,000
Maximum borrowing capacity	50,000,000
2019-1 Trust | Secured Debt
Debt Instrument [Line Items]
Period end balance	2,700,000			2,700,000
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	Sep. 30, 2021	Dec. 31, 2020
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Debt issuance costs, net	$ 1.3	$ 0.3

Other Debt - Schedule of Activi

Other Debt - Schedule of Activity and Effective Interest Rate (Details) - Warehouse and Repurchase Facilities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Average outstanding balance	$ 182,383	$ 22,306	$ 154,297	$ 204,110
Highest outstanding balance at any month-end	$ 259,744	$ 19,823	$ 281,690	$ 450,194
Effective interest rate	5.19%	12.61%	5.56%	4.99%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt Instrument, average rate	4.00%	5.54%	4.35%	4.34%
Debt issue cost amortization percentage	1.19%	7.07%	1.21%	0.65%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 20,321	$ 22,347	$ 61,720	$ 66,384
Interest expense — corporate debt	4,488	1,913	16,147	10,149
Total interest expense	24,809	24,260	77,867	76,533
Warehouse and Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related	2,365	703	6,433	7,635
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 17,956	$ 21,644	$ 55,287	$ 58,749

Other Debt - Summary of Inter_2

Other Debt - Summary of Interest Expense (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 28, 2021	Jan. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Interest expense — corporate debt			$ 4,488	$ 1,913	$ 16,147	$ 10,149
Repayment of outstanding principal amount					81,063	75,000
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan
Debt Instrument [Line Items]
Interest expense — corporate debt					16,100	10,100
Write off of debt issuance cost					2,900	3,500
Prepayment penalties					$ 1,600	$ 300
Repayment of outstanding principal amount	$ 78,000	$ 75,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Repurchase liability	$ 140	$ 139

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2020	May 01, 2021	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to grant				1,520,000		1,520,000
Number of shares of stock options forfeited						10,000
Stock options granted	782,500					12,500
Exercise price of unvested stock options				$ 6.28		$ 6.28
Restricted stock awarded and earned stock compensation, shares			480,000
Awards granted requisite service period				3 years
Description of compensation expense related to stock options				Compensation expense related to stock-based awards 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.
Compensation expense related to the outstanding stock options granted				$ 0.5	$ 0.2
Amount of unrecognized compensation expense related to unvested stock options				$ 4.2	$ 2.3	$ 4.2
Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awarded and earned stock compensation, shares		26,511
Initial Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of unvested stock options				$ 13		$ 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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic EPS:
Net income	$ 8,022	$ 9,453	$ 3,396	$ 3,481	$ 2,141	$ 2,579	$ 20,871	$ 8,201
Less: deemed dividends on preferred stock								48,955
Net income (loss) attributable to common stockholders	8,022			3,481			20,871	(40,754)
Less undistributed earnings attributable to participating securities	3,030						7,884
Net earnings (loss) attributable to common stockholders	$ 4,992			$ 3,481			$ 12,987	$ (40,754)
Weighted average common shares outstanding	20,090,000			20,087,000			20,088,000	20,087,000
Basic	$ 0.25			$ 0.17			$ 0.65	$ (2.03)
Diluted EPS:
Net income (loss) attributable to common stockholders	$ 8,022			$ 3,481			$ 20,871	$ (40,754)
Weighted average common shares outstanding	20,090,000			20,087,000			20,088,000	20,087,000
Add dilutive effects for warrants	2,157,000			659,000			1,909,000
Add dilutive effects for stock options	5,000						2,000
Add dilutive effects of unvested restricted stock awards	272,000						171,000
Weighted average diluted common shares outstanding	34,212,000			32,435,000			33,858,000	20,087,000
Diluted	$ 0.23			$ 0.11			$ 0.62	$ (2.03)
Series A Preferred Stock
Diluted EPS:
Add dilutive effects for assumed conversion of Series A preferred stock	11,688,000			11,688,000			11,688,000

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	773	1,777	773	15,474
Series A Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS				11,688
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS		1,004		3,013
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	773	773	773	773

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Millions

Oct. 08, 2021$ / sharesshares

Apr. 07, 2020USD ($)$ / sharesshares

Jan. 28, 2020$ / sharesshares

Jan. 22, 2020$ / sharesshares

Sep. 30, 2021USD ($)Director$ / sharesshares

Mar. 31, 2020shares

Jun. 30, 2021USD ($)$ / sharesshares

Sep. 30, 2021USD ($)Director$ / sharesshares

Nov. 29, 2024$ / shares

Nov. 28, 2024$ / shares

Oct. 07, 2022$ / shares

Dec. 31, 2020shares

Jan. 16, 2020shares

Convertible Redeemable 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

2

Initial conversion price per share | $ / shares

$ 3.85

Common stock applicable conversion rate price | $ / shares

$ 1,000

Percentage of common stock held by warrant holder and affiliates

49.00%

49.00%

Maximum

Convertible Redeemable Preferred Stock [Line Items]

Preferred stock redemption value | $

$ 90

$ 90

$ 90

Preferred stock, redemption price per share | $ / shares

$ 2,000

Preferred stock redemption share | shares

45,000

Deemed dividends- preferred stock redemption value | $

$ 49

Exercise Price of $2.96 per Share of Common Stock

Convertible Redeemable Preferred Stock [Line Items]

Exercise price per share | $ / shares

$ 2.96

$ 2.96

Warrants to purchase an aggregate shares | shares

2,008,750

2,008,750

Exercise Price of $4.94 per Share of Common Stock

Convertible Redeemable Preferred Stock [Line Items]

Exercise price per share | $ / shares

$ 4.94

$ 4.94

Warrants to purchase an aggregate shares | shares

1,004,375

1,004,375

Subsequent Event

Convertible Redeemable Preferred Stock [Line Items]

Initial conversion price per share | $ / shares

$ 3.85

Common stock applicable conversion rate price

200

Number of trading days description

at least 20 trading days, whether consecutive or not, in the period of 30 consecutive trading days, provided that the 20 trading days includes the final 5 trading days of the 30-trading day period.

Scenario, Forecast

Convertible Redeemable Preferred Stock [Line Items]

Preferred stock liquidation preference per share | $ / shares

$ 3,000

$ 3,000

$ 2,000

Warrants

Convertible Redeemable Preferred Stock [Line Items]

Exercise price per share | $ / shares

$ 1,000

Warrants to purchase an aggregate shares | shares

3,013,125

Common Stock

Convertible Redeemable Preferred Stock [Line Items]

Issuance of common stock, shares | shares

1,087,500

7,250,000

10,727

20,087,494

Stock price | $ / shares

$ 13

$ 13

Convertible preferred shares outstanding into common stock | shares

11,749,994

Common Stock | Subsequent Event

Convertible Redeemable Preferred Stock [Line Items]

Convertible preferred shares outstanding into common stock | shares

11,688,310

Series A Preferred Stock

Convertible Redeemable Preferred Stock [Line Items]

Convertible preferred shares outstanding | shares

45,000

45,000

45,000

Series A Preferred Stock | Subsequent Event

Convertible Redeemable Preferred Stock [Line Items]

Convertible preferred shares outstanding | shares

45,000

Private Placement | Series A Convertible Preferred Stock

Convertible Redeemable Preferred Stock [Line Items]

Issuance of common stock, shares | 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	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	$ 1,360	$ 1,539
Interest-only strips	16	238
Total recurring fair value measurements	33,585	49,990
Loans held for sale, net		13,106
Real estate owned, net	17,905	15,767
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	33,585	49,990
Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	1,360	1,539
Interest-only strips	16	238
Total recurring fair value measurements	1,376	1,777
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	1,360	1,539
Interest-only strips	16	238
Total recurring fair value measurements	1,376	1,777
Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	32,209	48,213
Loans held for sale, net		13,106
Real estate owned, net	13,113	15,767
Individually evaluated/Impaired loans requiring specific allowance, net	19,096	19,340
Nonrecurring Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	32,209	48,213
Loans held for sale, net		13,106
Real estate owned, net	13,113	15,767
Individually evaluated/Impaired loans requiring specific allowance, net	$ 19,096	$ 19,340

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (197)	$ (330)	$ (709)	$ (2,868)
Loans Held for Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	15	1,307	17	345
Real Estate Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(384)	(528)	(1,619)	(1,744)
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ 172	$ (1,109)	$ 893	$ (1,469)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 33,585	$ 49,990
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 33,585	$ 49,990
Level 3 | Valuation, Market Approach | Selling costs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring specific allowance, net	0.080	0.080
Real estate owned, net	0.080	0.080
Level 3 | Valuation, Market Approach | Weighted Average | Selling costs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring specific allowance, net	0.080	0.080
Real estate owned, net	0.080	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	0.063	0.062
Interest-only strips	0.150	0.150
Loans held for sale		0.062
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		0.010
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	0.940	0.94
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	1 month	14 months
Interest-only strips	0 months	0 months
Loans held for sale		31 months
Level 3 | Discounted Cash Flow | Minimum | Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.209	0.175
Level 3 | Discounted Cash Flow | Minimum | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.0026	0.050
Level 3 | Discounted Cash Flow | Minimum | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0
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	1.240	1.04
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	70 months	31 months
Interest-only strips	12 months	12 months
Loans held for sale		34 months
Level 3 | Discounted Cash Flow | Maximum | Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.500	0.300
Level 3 | Discounted Cash Flow | Maximum | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.0325	0.150
Level 3 | Discounted Cash Flow | Maximum | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.1271
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	0.063	0.062
Interest-only strips	0.150	0.150
Loans held for sale		0.062
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	1.070	1
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	56 months	25 months
Interest-only strips	1 month	1 month 15 days
Loans held for sale		32 months
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	0.120
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	0.030	0.010
Level 3 | Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 19,096	$ 19,340
Level 3 | Real Estate Owned, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	13,113	15,767
Level 3 | Loans Held For Investment At Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,360	1,539
Level 3 | Loans Held For Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements		13,106
Level 3 | Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 16	$ 238

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 1,370	$ 2,956	$ 1,539	$ 2,960
Loans liquidated			(163)
Principal paydowns	(10)	(9)	(34)	(44)
Total unrealized gain (loss) included in net income		380	18	411
Ending balance	1,360	3,327	1,360	3,327
Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	81	845	238	894
Interest-only strip additions				1,820
Interest-only strip write-offs	(65)	(365)	(222)	(2,234)
Total unrealized gain (loss) included in net income		(7)		(7)
Ending balance	$ 16	$ 473	$ 16	$ 473

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Loans individually evaluated for allowance	$ 19,100	$ 19,300
Allowance for loan losses	$ 1,776	$ 2,668	$ 2,383

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Assets:
Cash	$ 35,497	$ 13,273
Restricted cash	9,586	7,020	$ 7,821
Loans held for investment, net	2,295,697	1,948,089
Loans held for investment, at fair value	1,360	1,539
Accrued interest receivables	11,974	11,373
Interest-only strips	16	238
Loans held for sale, net		13,106
Liabilities:
Secured financing, net	163,449	74,982
Warehouse repurchase facilities, net	258,491	75,923
Securitizations, net	1,623,674	1,579,019	$ 1,670,930
Accrued interest payable	5,577	5,503
Estimated Fair Value
Assets:
Cash	35,497	13,273
Restricted cash	9,586	7,020
Loans held for investment, net	2,437,824	2,003,301
Loans held for investment, at fair value	1,360	1,539
Accrued interest receivables	11,974	11,373
Interest-only strips	16	238
Loans held for sale, net		13,106
Liabilities:
Secured financing, net	171,938	78,000
Warehouse repurchase facilities, net	258,491	75,923
Securitizations, net	1,699,916	1,616,222
Accrued interest payable	5,577	5,503
Level 1 | Estimated Fair Value
Assets:
Cash	35,497	13,273
Restricted cash	9,586	7,020
Accrued interest receivables	11,974	11,373
Liabilities:
Accrued interest payable	5,577	5,503
Level 2 | Estimated Fair Value
Liabilities:
Warehouse repurchase facilities, net	258,491	75,923
Level 3 | Estimated Fair Value
Assets:
Loans held for investment, net	2,437,824	2,003,301
Loans held for investment, at fair value	1,360	1,539
Interest-only strips	16	238
Loans held for sale, net		13,106
Liabilities:
Secured financing, net	171,938	78,000
Securitizations, net	$ 1,699,916	$ 1,616,222

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 22, 2021	Oct. 08, 2021	Sep. 30, 2021	Dec. 31, 2020	Jan. 16, 2020
Subsequent Event [Line Items]
Securitization loans			$ 3,900
Common Stock
Subsequent Event [Line Items]
Convertible preferred shares outstanding into common stock					11,749,994
Subsequent Event
Subsequent Event [Line Items]
Securitization loans	$ 204.5
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Convertible preferred shares outstanding into common stock		11,688,310
Subsequent Event | Common Stock | Minimum
Subsequent Event [Line Items]
Common stock traded at prices prior to conversion		$ 7.70
Series A Preferred Stock
Subsequent Event [Line Items]
Convertible preferred shares outstanding			45,000	45,000
Series A Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Convertible preferred shares outstanding		45,000
Preferred stock liquidation preference value		$ 90