The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in loans and securities as of March 31, 2025 and December 31, 2024 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, 2025
Investments in loans and securities, available for sale(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Securitization notes	$	247,039	$	341	$	(303)	$	(2,873)	$	244,204
Securitization certificates	999,129		6,785		(29,481)		(462,436)		513,997
Other loans and receivables	3,503		—		—		(1,211)		2,292
Total	$	1,249,671	$	7,126	$	(29,784)	$	(466,520)	$	760,493


	As of December 31, 2024
Investments in loans and securities, available for sale(2):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Securitization notes	$	240,396	$	386	$	(509)	$	—	$	240,273
Securitization certificates	1,048,734		7,926		(14,676)		(508,741)		533,243
Other loans and receivables	6,446		—		—		(1,553)		4,893
Total	$	1,295,576	$	8,312	$	(15,185)	$	(510,294)	$	778,409

(2) Includes accrued interest receivable of $14.3 million, previously reported within “Fee and other receivables” as of December 31, 2024, has been reclassified to conform to the current period’s presentation.

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, 2025
	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

Securitization notes	$	—	$	—	$	17,163	$	(303)	$	17,163	$	(303)
Securitization certificates	27,069		(359)		—		—		27,069		(359)
Other loans and receivables	—		—		—		—		—		—
Total	$	27,069	$	(359)	$	17,163	$	(303)	$	44,232	$	(662)


	As of December 31, 2024
	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

Securitization notes	$	66	$	(1)	$	27,295	$	(508)	$	27,361	$	(509)

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, 2025
	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

Securitization notes	$	2,963	$	5,887	$	244,076	$	238,317	$	247,039	$	244,204
Securitization certificates	9,891		13,172		989,238		500,825		999,129		513,997
Other loans and receivables	606		606		2,897		1,686		3,503		2,292
Total (1)	$	13,460	$	19,665	$	1,236,211	$	740,828	$	1,249,671	$	760,493


	As of December 31, 2024
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in loans and securities, available for sale (2):	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	9,907	$	9,903	$	230,489	$	230,370	$	240,396	$	240,273
Securitization certificates	11,554		11,554		1,037,180		521,689		1,048,734		533,243
Other loans and receivables	630		630		5,816		4,263		6,446		4,893
Total (1)	$	22,091	$	22,087	$	1,273,485	$	756,322	$	1,295,576	$	778,409

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,
		2025		2024
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments		$	58,674	$	38,658
Gross investment gains from sales and maturities		$	(5,894)	$	—

Write-offs charged against the allowance		$	436	$	1,449
Reductions (additions) to allowance for credit losses		$	43,338	$	(26,851)

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, 2025
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(508,741)	$	(1,553)	$	(510,294)
Additions to allowance for credit losses not previously recorded	(2,873)		(23,558)		—		(26,431)

Reductions for securities sold during the period	—		78,355		—		78,355

Additions (reductions) on securities with previous allowance	—		(8,492)		(94)		(8,586)
Write-offs charged against the allowance	—		—		436		436

Balance, end of period	$	(2,873)	$	(462,436)	$	(1,211)	$	(466,520)


	Three Months Ended March 31, 2024
	Securitization notes		Securitization 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	—		(2,965)		—		(2,965)
Additions to the 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)

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, 2025 and December 31, 2024 (in thousands):


	Carrying Value
	March 31, 2025		December 31, 2024
Investments in Pagaya SmartResi F1 Fund, LP (1)	$	12,260	$	12,530
Other (2)	9,283		9,403
Total	$	21,543	$	21,933