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INVESTMENTS IN LOANS AND SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-Sale
The amortized cost, gross unrealized gains and losses and fair value of investments in loans and securities as of December 31, 2023 and 2022 were as follows (in thousands). As provided in Note 8, a portion of these investments in loans and securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs.
As of December 31, 2023
Investments in loans and securities, available for sale(1):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Securitization notes
$91,654 $629 $(1,858)$— $90,425 
Securitization certificates
715,646 18,684 (11,578)(98,679)624,073 
Other loans and receivables4,574 — — (2,279)2,295 
Total$811,874 $19,313 $(13,436)$(100,958)$716,793 
(1) Excludes accrued interest receivable of $12.5 million included in Fees and other receivables.
The following table sets forth the amortized cost and fair value of investments in loans and securities by contractual maturities, as of the date indicated (in thousands):

As of December 31, 2023
Within 1 yearGreater than 1 year, less than or equal to 5 yearsTotal
Investments in loans and securities, available for sale:Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Securitization notes
$2,405 $2,387 $89,249 $88,038 $91,654 $90,425 
Securitization certificates
103 103 715,543 623,970 715,646 624,073 
Other loans and receivables— — 4,574 2,295 4,574 2,295 
Total (1)$2,508 $2,490 $809,366 $714,303 $811,874 $716,793 
Debt Securities, Held-to-Maturity
As of December 31, 2022
Investments in loans and securities, held-to-maturity(1):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Securitization notes
$147,574 $132 $(6,309)$— $141,397 
Securitization certificates
302,636 23,592 (954)— 325,274 
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.
As of December 31, 2022
Less than or equal to 1 yearGreater than 1 yearTotal
Investments in loans and securities, held-to-maturity:Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Securitization notes
$111,552 $(6,309)$— $— $111,552 $(6,309)
Securitization certificates
8,406 (954)— — 8,406 (954)
Other loans and receivables— — — — — — 
Total$119,958 $(7,263)$— $— $119,958 $(7,263)
As of December 31, 2022
Within 1 yearGreater than 1 year, less than or equal to 5 yearsTotal
Investments in loans and securities, held-to-maturity:Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Securitization notes
$1,007 $1,007 $146,567 $140,390 $147,574 $141,397 
Securitization certificates
— — 302,636325,274302,636325,274
Other loans and receivables— — 13,76613,76613,76613,766
Total (1)$1,007 $1,007 $462,969 $479,430 $463,976 $480,437 
(1) Based on contractual maturities of corresponding repurchase agreements. See Note 6 for additional information.
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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 December 31, 2023
Less than or equal to 1 yearGreater than 1 yearTotal
Investments in loans and securities, available for sale:Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Securitization notes
$59,925 $(1,858)$— $— $59,925 $(1,858)
Securitization certificates
15,799 (1,988)— — 15,799 (1,988)
Other loans and receivables— — — — — — 
Total$75,724 $(3,846)$— $— $75,724 $(3,846)
Schedule of Realized Gain (Loss)
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):
Year Ended December 31,
20232022
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments$172,061 $— 
Write-offs charged against the allowance33,552 — 
Additions to allowance for credit losses not previously recorded(134,510)— 
Investments in loans and securities, held-to-maturity:
Proceeds from sales/maturities/prepayments— 112,897 
Debt Securities, Available-for-Sale, Allowance for Credit Loss
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):

Year Ended December 31, 2023
Securitization notesSecuritization certificatesOther Loans and ReceivablesTotal
Balance, beginning of period$— $— $— $— 
Additions to allowance for credit losses not previously recorded— (131,110)(3,400)(134,510)
Write-offs charged against the allowance— 32,431 1,121 33,552 
Balance, end of period$— $(98,679)$(2,279)$(100,958)
Equity Method Investments
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 December 31, 2023 and December 31, 2022 (in thousands):

Carrying Value
December 31, 2023December 31, 2022
Investments in Pagaya SmartResi F1 Fund, LP (1)$17,357 $16,810 
Other (2)9,026 9,084 
Total$26,383 $25,894 

(1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP.
(2) Represents the Company’s proprietary investments. Income from these investments is included in Investment income in the consolidated statements of operations.