v3.26.3
Beneficial Interests (Tables)
 9 Months Ended
Sep. 30, 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,
2025		September 30,
2026
Outstanding Principal BalanceFair ValueOutstanding Principal BalanceFair Value
Beneficial interest assets (hybrid instruments)
$4,530,737 $372,402 $7,303,390 $587,763 
Beneficial interest assets (derivatives)2,559,210 23,814 2,838,796 25,889 
Total beneficial interest assets$7,089,947 $396,216 $10,142,186 $613,652 
Beneficial interest liabilities (derivatives)
$2,325,305 $5,075 $3,155,785 $20,550 
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 income. The table below presents net gains (losses) recognized on beneficial interests:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202620252026
Fair value adjustments and realized gains (losses) on beneficial interests, net
$(13,985)$(7,067)$(2,608)$(2,340)
The following table presents the Company’s aggregate maximum exposure to losses by asset type:
December 31,
2025		September 30,
2026
Cash and cash equivalents$160,055 $340,084 
Restricted cash219,412 420,010 
Beneficial interests389,566 587,514 
Line of credit receivable(1)
108,965 106,896 
Loans(1)
53,762 44,574 
Total(2)
$931,760 $1,499,078 
__________
(1)Represents the unpaid principal balance.
(2)$191.6 million and $181.0 million as of December 31, 2025 and September 30, 2026, respectively, is related to assets held by one institutional investor.