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INVESTMENTS IN LOANS AND SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of 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, 2024 and 2023 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, 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
$238,081 $386 $(509)$— $237,958 
Securitization certificates
1,037,389 7,926 (14,676)(508,741)521,898 
Other loans and receivables5,816 — — (1,553)4,263 
Total$1,281,286 $8,312 $(15,185)$(510,294)$764,119 
(1) Excludes accrued interest receivable of $13.7 million included in Fees and other receivables.

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.
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, 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
$7,592 $7,588 $230,489 $230,370 $238,081 $237,958 
Securitization certificates
209 209 1,037,180 521,689 1,037,389 521,898 
Other loans and receivables— — 5,816 4,263 5,816 4,263 
Total (1)$7,801 $7,797 $1,273,485 $756,322 $1,281,286 $764,119 

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.
Schedule of 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, 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
$66 $(1)$27,295 $(508)$27,361 $(509)

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)
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,
20242023
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments$227,771 $172,061 
Gross investment gains from sales
(7,922)— 
Write-offs charged against the allowance7,455 33,552 
Additions to allowance for credit losses(416,791)(134,510)
Schedule of 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, 2024
Securitization notesSecuritization certificates
Other loans and receivables
Total
Balance, beginning of period$— $(98,679)$(2,279)$(100,958)
Additions to allowance for credit losses not previously recorded— (347,189)— (347,189)
Additions to allowance for credit losses arising from purchases
— — (3,246)(3,246)
Additions (reductions) on securities with previous allowance— (62,873)(3,483)(66,356)
Write-offs charged against the allowance— — 7,455 7,455 
Balance, end of period$— $(508,741)$(1,553)$(510,294)

Refer to Note 14 for additional information regarding the allowance for credit losses for investments.
Year Ended December 31, 2023
Securitization notesSecuritization certificates
Other loans and receivables
Total
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)