v3.26.1
Variable Interest Entities (Tables)
3 Months Ended
Mar. 31, 2026
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, 2025
AssetsLiabilitiesNet Assets
Consolidated securitization$58,275 $46,542 $11,733 
Consolidated warehouse entities167,158 101,791 65,367 
Other consolidated VIEs690,522 19,111 671,411 
Total consolidated VIEs$915,955 $167,444 $748,511 

March 31, 2026
AssetsLiabilitiesNet Assets
Consolidated securitization$49,368 $39,188 $10,180 
Consolidated warehouse entities311,825 184,174 127,651 
Other consolidated VIEs551,349 3,282 548,067 
Total consolidated VIEs$912,542 $226,644 $685,898 
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, 2025
Assets(1)
LiabilitiesNet AssetsMaximum Exposure to Losses
Securitizations$2,016,813 $1,426,987 $589,826 $101,670 
_________
(1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs.
March 31, 2026
Assets(1)
LiabilitiesNet AssetsMaximum Exposure to Losses
Securitizations$2,157,588 $1,516,388 $641,200 $105,918 
_________
(1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs.