v3.26.1
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 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 

June 30, 2026
AssetsLiabilitiesNet Assets
Consolidated securitization$40,271 $32,122 $8,149 
Consolidated warehouse entities408,695 253,191 155,504 
Other consolidated VIEs436,519 7,760 428,759 
Total consolidated VIEs$885,485 $293,073 $592,412 
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.
June 30, 2026
Assets(1)
LiabilitiesNet AssetsMaximum Exposure to Losses
Securitizations$2,477,592 $1,732,126 $745,466 $121,380 
_________
(1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs.