v3.25.2
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Financial Assets and Liabilities from Variable Interest Entities
The following tables present a summary of financial assets and liabilities from the Company’s involvement with consolidated VIEs:

December 31, 2024
AssetsLiabilitiesNet Assets
Consolidated securitization$109,739 $87,322 $22,417 
Consolidated warehouse entities430,887 196,982 233,905 
Other consolidated VIEs271,483 3,270 268,213 
Total consolidated VIEs$812,109 $287,574 $524,535 

June 30, 2025
AssetsLiabilitiesNet Assets
Consolidated securitization$81,192 $65,153 $16,039 
Consolidated warehouse entities296,790 190,716 106,074 
Other consolidated VIEs598,178 3,227 594,951 
Total consolidated VIEs$976,160 $259,096 $717,064 
The following tables summarize the aggregate value of assets and liabilities of unconsolidated VIEs associated with securitizations in which the Company holds a variable interest but is not the primary beneficiary:

December 31, 2024
Assets(1)
LiabilitiesNet AssetsMaximum Exposure to Losses
Securitizations$507,666 $363,890 $143,776 $25,774 
_________
(1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs.
June 30, 2025
Assets(1)
LiabilitiesNet AssetsMaximum Exposure to Losses
Securitizations$1,153,835 $833,180 $320,655 $58,676 
_________
(1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs.