OTHER ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

OTHER ASSETS AND LIABILITIES

Schedule of other assets

	As of December 31,
Components of Other Assets (in thousands)	2025		2024
Equity-method investments	$	232,705	$	207,242
ROU assets		76,333		80,024
Prepaid expenses		71,929		78,487
Property and equipment, net		54,409		48,460
Loans held for investment, net		77,769		32,866
Derivative assets		27,216		30,175
All other		56,235		85,549
Total	$	596,596	$	562,803

Schedule of other liabilities

	As of December 31,
Components of Other Liabilities (in thousands)	2025		2024
Accrued expenses	$	172,516	$	155,252
Lease liability		105,125		107,502
Guaranty obligation, net		32,924		35,980
Contingent consideration liabilities		9,663		30,537
Secured Borrowing (1)		118,559		95,022
All other		130,843		103,567
Total	$	569,630	$	527,860

(1)  Composed of borrowings related to repurchased loans of $83.4 million and a mortgage loan on a consolidated affordable property of $35.2 million. The mortgage loan carries an interest rate of SOFR plus 1.87% and will require our subsidiary to make insignificant monthly principal payments until October 1, 2029 at which point the subsidiary will make a $33.1 million principal payment.