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Beneficial Interests (Tables) | 6 Months Ended
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Jun. 30, 2025
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 asset line item on the condensed consolidated balance sheets, and beneficial interest liabilities, which are presented in other liabilities on the condensed consolidated balance sheets.
|  | December 31, 2024 |  | June 30, 2025 |  |
|  | Outstanding Principal Balance |  | Fair Value |  | Outstanding Principal Balance |  | Fair Value |  |
Beneficial interest assets (hybrid instruments) |  | $ | 2,214,535 |  |  | $ | 168,091 |  |  | $ | 2,876,992 |  |  | $ | 254,230 |  |  |
Beneficial interest assets (derivatives) |  | 1,943,215 |  |  | 8,757 |  |  | 2,232,577 |  |  | 12,531 |  |  |
Total beneficial interest assets |  | $ | 4,157,750 |  |  | $ | 176,848 |  |  | $ | 5,109,569 |  |  | $ | 266,761 |  |  |
Beneficial interest liabilities (derivatives) |  | $ | 1,091,538 |  |  | $ | 10,089 |  |  | $ | 2,155,391 |  |  | $ | 10,532 |  |  |
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 (loss). The table below presents gains (losses) recognized on beneficial interests during the following periods:
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  | 2024 |  | 2025 |  |  |  | 2024 |  | 2025
Fair value adjustments and realized gains (losses) on beneficial interests, net |  | $ | (8,176) |  |  | $ | (6,288) |  |  |  |  | $ | (22,210) |  |  | $ | 11,377 |
The following table presents the Company’s aggregate maximum exposure to losses by asset type under these arrangements:
|  | December 31, |  | June 30,
|  | 2024 |  | 2025
Cash and cash equivalents |  | $ | 85,105 |  |  | $ | 97,598 |
Restricted cash |  | 84,065 |  |  | 134,058 |
Beneficial interests |  | 204,814 |  |  | 269,512 |
Other assets - Line of credit receivable(1) |  | 54,780 |  |  | 104,618 |
Loans(1) |  | 30,579 |  |  | 54,432 |
Total |  | $ | 459,343 |  |  | $ | 660,218 |
__________ (1) Represents the unpaid principal balance

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