v3.26.1
BORROWINGS (Tables)
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table sets forth the Company’s outstanding borrowings as of the date indicated (in thousands):

December 31, 2025December 31, 2024
Secured borrowing$193,892 $176,089 
Exchangeable notes$148,782 $146,342 
Long-term debt$481,598 $321,317 
The following table sets forth the Company’s outstanding secured borrowings as of the date indicated (in thousands, except percentage):
December 31, 2025December 31, 2024
Outstanding Balance
Interest Rate (1)
Outstanding Balance
Interest Rate (1)
Risk Retention Master Repurchase - Recourse
$53,722 13%$115,298 17%
Risk Retention Master Repurchase - Non-Recourse
53,584 6%28,987 7%
Receivables Facility - Recourse
22,427 8%— —%
Receivables Facility - Non-Recourse
64,159 6%31,804 8%
Total principal balance under secured borrowings
$193,892 $176,089 
(1) The interest rate is weighted based on the outstanding principal balance and interest rates in effect as of December 31, 2025 and 2024
The following table details the Company’s 2030 Notes as of December 31, 2025 (in thousands):
December 31, 2025
Principal amount$493,085 
Less: Unamortized issuance costs(11,487)
Carrying amount$481,598