v3.26.1
Beneficial Interests (Tables)
 3 Months Ended
Mar. 31, 2026
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 caption on the condensed consolidated balance sheets, and beneficial interest liabilities, which are presented in accrued expenses and other liabilities on the condensed consolidated balance sheets.
December 31, 2025March 31, 2026
Outstanding Principal BalanceFair ValueOutstanding Principal BalanceFair Value
Beneficial interest assets (hybrid instruments)
$4,530,737 $372,402 $5,204,737 $438,009 
Beneficial interest assets (derivatives)2,559,210 23,814 3,672,607 36,787 
Total beneficial interest assets$7,089,947 $396,216 $8,877,344 $474,796 
Beneficial interest liabilities (derivatives)
$2,325,305 $5,075 $1,627,194 $3,235 
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 loss. The table below presents net gains recognized on beneficial interests:

Three Months Ended March 31,
20252026
Fair value adjustments and realized gains on beneficial interests, net
$17,665 $13,134 
The following table presents the Company’s aggregate maximum exposure to losses by asset type:
December 31, 2025March 31, 2026
Cash and cash equivalents$160,055 $196,009 
Restricted cash219,412 257,780 
Beneficial interests389,566 458,192 
Line of credit receivable(1)
108,965 107,596 
Loans(1)
53,762 58,743 
Total(2)
$931,760 $1,078,320 
__________
(1) Represents the unpaid principal balance.
(2) $191.6 million and $190.2 million as of December 31, 2025 and March 31, 2026, respectively, is related to assets held by one institutional investor.