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INVESTMENTS IN LOANS AND SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 were as follows (in thousands). As provided in Note 6, 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 March 31, 2024
Investments in loans and securities, available for sale(1):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
Securitization notes
$174,845 $651 $(1,684)$— $173,812 
Securitization certificates
852,179 15,018 (29,638)(121,349)716,210 
Other loans and receivables9,140 — — (5,011)4,129 
Total$1,036,164 $15,669 $(31,322)$(126,360)$894,151 
(1) Excludes accrued interest receivable of $14.5 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 March 31, 2024
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
$1,256 $1,245 $173,589 $172,567 $174,845 $173,812 
Securitization certificates
53 53 852,126 716,157 852,179 716,210 
Other loans and receivables— — 9,140 4,129 9,140 4,129 
Total (1)$1,309 $1,298 $1,034,855 $892,853 $1,036,164 $894,151 
Debt Securities, Held-to-Maturity
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 receivables 4,574 — — $(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.
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)
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
103 103 715,543623,970715,646624,073
Other loans and receivables— — 4,5742,2954,5742,295
Total (1)$2,508 $2,490 $809,366 $714,303 $811,874 $716,793 
(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 March 31, 2024
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
$49,964 $(1,684)$— $— $49,964 $(1,684)
Securitization certificates
7,039 (1,482)— — 7,039 (1,482)
Other loans and receivables— — — — — — 
Total$57,003 $(3,166)$— $— $57,003 $(3,166)
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):
Three Months Ended March 31,
20242023
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments$35,897 $25,985 
Write-offs charged against the allowance$1,449 $— 
Additions to allowance for credit losses not previously recorded$(26,851)$(68,347)
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):

Three Months Ended March 31, 2024
Securitization notesSecuritization certificatesOther Loans and ReceivablesTotal
Balance, beginning of period$— $(98,679)$(2,279)$(100,958)
Additions to allowance for credit losses not previously recorded— (2,965)— (2,965)
Additions to allowance for credit losses arising from purchases
— — (3,246)(3,246)
Additions (reductions) on securities with previous allowance— (19,705)(935)(20,640)
Write-offs charged against the allowance— — 1,449 1,449 
Balance, end of period$— $(121,349)$(5,011)$(126,360)

Three Months Ended March 31, 2023
Securitization notesSecuritization certificatesOther Loans and ReceivablesTotal
Balance, beginning of period$— $— $— $— 
Additions to allowance for credit losses not previously recorded— (65,572)(2,775)(68,347)
Balance, end of period$— $(65,572)$(2,775)$(68,347)
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 balance sheets as of March 31, 2024 and December 31, 2023 (in thousands):

Carrying Value
March 31, 2024December 31, 2023
Investments in Pagaya SmartResi F1 Fund, LP (1)$17,884 $17,357 
Other (2)9,027 9,026 
Total$26,911 $26,383 

(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.