v3.26.1
FAIR VALUE MEASUREMENT - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets:      
Investments in loans and securities [1] $ 945,269 $ 778,409  
Liabilities:      
Warrant liability 4,723 893 $ 3,242
Other liabilities 13,112 6,090  
Accrued interest receivable 25,800 14,300  
Level 1      
Liabilities:      
Warrant liability 4,723 890  
Other liabilities 0 0  
Level 2      
Liabilities:      
Warrant liability 0 3  
Other liabilities 0 0  
Level 3      
Liabilities:      
Warrant liability 0 0  
Other liabilities 13,112 6,090  
Investments in loans and securities (Notes)      
Assets:      
Investments in loans and securities 408,190 240,273  
Investments in loans and securities (Notes) | Level 1      
Assets:      
Investments in loans and securities 0 0  
Investments in loans and securities (Notes) | Level 2      
Assets:      
Investments in loans and securities 67,715 115,220  
Investments in loans and securities (Notes) | Level 3      
Assets:      
Investments in loans and securities 340,475 125,053  
Investments in loans and securities (Certificates)      
Assets:      
Investments in loans and securities 532,501 533,243  
Investments in loans and securities (Certificates) | Level 1      
Assets:      
Investments in loans and securities 0 0  
Investments in loans and securities (Certificates) | Level 2      
Assets:      
Investments in loans and securities 0 0  
Investments in loans and securities (Certificates) | Level 3      
Assets:      
Investments in loans and securities 532,501 $ 533,243  
Investments in loans and securities (Loans)      
Assets:      
Investments in loans and securities 4,578    
Investments in loans and securities (Loans) | Level 1      
Assets:      
Investments in loans and securities 0    
Investments in loans and securities (Loans) | Level 2      
Assets:      
Investments in loans and securities 0    
Investments in loans and securities (Loans) | Level 3      
Assets:      
Investments in loans and securities $ 4,578    
[1] Accrued interest receivable of $14.3 million, previously reported within “Fee receivables” as of December 31, 2024, has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.