
	As of June 30, 2023
Investments in loans and securities, available for sale:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
ABS – Consumer / Auto Loan / Real Estate (1) (2)	$	640,346	$	28,071	$	(7,365)	$	(74,287)	$	586,765
Other loans and receivables	7,730		—				(4,040)		3,690
Total	$	648,076	$	28,071	$	(7,365)	$	(78,327)	$	590,455

(1) During the three and six months ended June 30, 2023, the Company recorded a credit-related impairment loss of $10.0 million and $78.3 million, respectively, within other income (loss), net in the consolidated statements of operations.

(2) Excludes accrued interest receivable of $18.3 million included in Fees and other receivables.


	As of December 31, 2022
Investments in loans and securities, held-to-maturity:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
ABS – Consumer / Auto Loan / Real Estate (1)	$	450,210	$	23,724	$	(7,263)	$	—	$	466,671
Other loans and receivables	13,766		—		—		—		13,766
Total	$	463,976	$	23,724	$	(7,263)	$	—	$	480,437

(1) Excludes accrued interest receivable of $17.5 million included in Fees and other receivables.

The following tables set forth the fair value and gross unrealized losses on investments in loans and securities without an allowance for credit losses aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, as of the dates indicated (in thousands):


	As of June 30, 2023
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in loans and securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS – Consumer / Auto Loan / Real Estate	$	86,018	$	(5,244)	$	—	$	—	$	86,018	$	(5,244)
Other loans and receivables	—		—		—		—		—		—
Total	$	86,018	$	(5,244)	$	—	$	—	$	86,018	$	(5,244)


	As of December 31, 2022
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in loans and securities, held-to-maturity:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
ABS – Consumer / Auto Loan / Real Estate	$	118,001	$	(6,312)	$	—	$	—	$	118,001	$	(6,312)
Other loans and receivables	—		—		—		—		—		—
Total	$	118,001	$	(6,312)	$	—	$	—	$	118,001	$	(6,312)

The following table sets forth the amortized cost, net of allowance, and fair value of investments in loans and securities by contractual maturities, as of the date indicated (in thousands):


	As of June 30, 2023
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in loans and securities, available for sale:	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
ABS – Consumer / Auto Loan / Real Estate	$	—	$	—	$	640,346	$	586,765	$	640,346	$	586,765
Other loans and receivables	—		—		7,730		3,690		7,730		3,690
Total (1)	$	—	$	—	$	648,076	$	590,455	$	648,076	$	590,455


	As of December 31, 2022
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in loans and securities, held-to-maturity:	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
ABS – Consumer / Auto Loan / Real Estate	$	—	$	—	$	450,210	$	466,671	$	450,210	$	466,671
Other loans and receivables	—		—		13,766		13,766		13,766		13,766
Total (1)	$	—	$	—	$	463,976	$	480,437	$	463,976	$	480,437

The following table sets forth gross proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of securities, for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022			2023		2022
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments	$	65,375	$	—		$	91,360	$	—


Write-downs recognized in earnings	2,663		—			7,286		—
(Addition to) release of allowance for credit losses	(12,643)		—			(85,613)		—
Investments in loans and securities, held-to-maturity:
Proceeds from sales/maturities/prepayments	—		22,777			—		50,090

The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands):


	Three Months Ended June 30, 2023
	ABS – Consumer / Auto Loan / Real Estate		Other Loans and Receivables		Total
Balance, beginning of period	$	(65,572)	$	(2,775)	$	(68,347)
Additions to allowance for credit losses not previously recorded	(8,715)		(3,928)		(12,643)



Write-offs charged against the allowance	—		2,663		2,663

Balance, end of period	$	(74,287)	$	(4,040)	$	(78,327)


	Six Months Ended June 30, 2023
	ABS – Consumer / Auto Loan / Real Estate		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	—	$	—
Additions to allowance for credit losses not previously recorded	(74,287)		(11,326)		(85,613)



Write-offs charged against the allowance	—		7,286		7,286

Balance, end of period	$	(74,287)	$	(4,040)	$	(78,327)

There was no activity of the allowance for credit losses during the three and six months ended June 30, 2022.

The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated statements of financial position as of June 30, 2023 and December 31, 2022 (in thousands):


	Carrying Value
	June 30, 2023		December 31, 2022
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	17,613	$	16,810
Other (2)	9,002		9,084
Total	$	26,615	$	25,894

(1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP.