Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 89,503	$ 47,383
Restricted cash	235,143	254,585
Loans held for investment, subject to Home Equity Conversion Mortgage-Backed Securities (“HMBS”) related obligations, at fair value	19,135,403	18,669,962
Loans held for investment, subject to nonrecourse debt, at fair value	10,026,177	9,288,403
Loans held for investment, at fair value	870,081	520,103
Intangible assets, net	179,615	216,342
Other assets, net (includes $76,146 and $43,861 at fair value)	197,376	157,261
Assets of discontinued operations	0	2,451
TOTAL ASSETS	30,733,298	29,156,490
LIABILITIES AND EQUITY
HMBS related obligations, at fair value	18,912,226	18,444,370
Nonrecourse debt, at fair value	9,736,493	8,954,068
Other financing lines of credit	1,187,699	918,247
Notes payable (includes $53,800 and $0 at fair value, and includes amounts due to related parties of $87,126 and $162,283)	329,929	374,511
Payables and other liabilities (includes $12,547 and $16,684 at fair value)	130,729	137,953
Repurchase Agreement obligation	40,595	0
Liabilities of discontinued operations	0	11,677
TOTAL LIABILITIES	30,337,671	28,840,826
Commitments and Contingencies (Note 15)
EQUITY (Note 26)
Preferred Stock, $0.0001 par value; 600,000,000 shares authorized; 50,000 and 0 shares issued and outstanding	0	0
Additional paid-in capital	977,816	954,469
Accumulated deficit	(653,660)	(698,895)
Accumulated other comprehensive loss	(285)	(276)
Noncontrolling interest	71,755	60,365
TOTAL EQUITY	395,627	315,664
TOTAL LIABILITIES AND EQUITY	30,733,298	29,156,490
Class A Common Stock
EQUITY (Note 26)
Common stock, value	1	1
Class B Common Stock
EQUITY (Note 26)
Common stock, value	$ 0	$ 0