v3.25.2
Beneficial Interests (Tables)
 6 Months Ended
Jun. 30, 2025
Beneficial Interests [Abstract]  
Schedule of Beneficial Interests The following table presents the aggregate outstanding principal balance of the underlying loan portfolios as well as the fair value of beneficial interest assets, by type, which collectively are presented as a separate asset line item on the condensed consolidated balance sheets, and beneficial interest liabilities, which are presented in other liabilities on the condensed consolidated balance sheets.
December 31, 2024June 30, 2025
Outstanding Principal BalanceFair ValueOutstanding Principal BalanceFair Value
Beneficial interest assets (hybrid instruments)
$2,214,535 $168,091 $2,876,992 $254,230 
Beneficial interest assets (derivatives)1,943,215 8,757 2,232,577 12,531 
Total beneficial interest assets
$4,157,750 $176,848 $5,109,569 $266,761 
Beneficial interest liabilities (derivatives)
$1,091,538 $10,089 $2,155,391 $10,532 

The Company recognizes beneficial interests at fair value with changes reported as part of the fair value and other adjustments on the condensed consolidated statements of operations and comprehensive income (loss). The table below presents gains (losses) recognized on beneficial interests during the following periods:

Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Fair value adjustments and realized gains (losses) on beneficial interests, net
$(8,176)$(6,288)$(22,210)$11,377 
The following table presents the Company’s aggregate maximum exposure to losses by asset type under these arrangements:
December 31,June 30,
20242025
Cash and cash equivalents$85,105 $97,598 
Restricted cash84,065 134,058 
Beneficial interests204,814 269,512 
Other assets - Line of credit receivable(1)
54,780 104,618 
Loans(1)
30,579 54,432 
Total$459,343 $660,218 
__________
(1) Represents the unpaid principal balance