As of June 30, 2025, our investments in loans and securities portfolio consisted of (i) investments held at fair value with changes in fair value recorded in unrealized gain (loss) on securities, excluding the portion relating to any credit loss; (ii) loans held for investment at amortized cost, less an allowance for potential uncollectible amounts; and (iii) investments held at fair value, with changes in fair value recorded in earnings, for which we elected the fair value option. Below is a disaggregated presentation of our investments in loans and securities, including fair value adjustments, accrued interest income and net of the allowance for credit losses, as applicable:


	Carrying Value
	June 30, 2025		December 31, 2024
Investments in loans and securities
Securitization notes, available for sale	$	309,651	$	240,273
Securitization certificates, available for sale	525,757		533,243
Other loans and receivables, at amortized cost	1,765		4,893
Total	837,173		778,409
Investments in securities, under the fair value option
Securitization notes	11,544		—
Securitization certificates	21,344		—
Total	32,888		—
Total investments in loans and securities	$	870,061	$	778,409

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investments in securities as of June 30, 2025 and December 31, 2024 were as follows (in thousands). As provided in Note 6, a portion of these investments in securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs.


	As of June 30, 2025
Investments in securities, available for sale(1):	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value

Securitization notes	$	312,344	$	271	$	(91)	$	(2,873)	$	309,651
Securitization certificates	1,045,199		5,851		(34,397)		(490,896)		525,757


	As of December 31, 2024
Investments in 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

(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 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, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in securities, available for sale:	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Securitization notes	$	575	$	(1)	$	9,037	$	(90)	$	9,612	$	(91)


	As of December 31, 2024
	Less than or equal to 1 year				Greater than 1 year				Total
Investments in 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)


	As of June 30, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in securities, available for sale(1):	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value

Securitization notes	$	2,537	$	5,605	$	309,807	$	304,046	$	312,344	$	309,651
Securitization certificates	9,828		15,318		1,035,371		510,439		1,045,199		525,757


	As of December 31, 2024
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
Investments in securities, available for sale(1)(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

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,
	2025		2024		2025		2024
Investments in loans and securities:
Proceeds from sales/maturities/prepayments	$	70,676	$	30,925	$	129,350	$	75,779
Gross investment gains from sales and maturities	$	(2,796)	$	—	$	(8,690)	$	—

Write-offs charged against the allowance	$	157	$	850	$	593	$	2,299
Reductions (additions) to allowance for credit losses	$	(28,506)	$	(53,062)	$	14,832	$	(79,913)


	Three Months Ended June 30, 2025
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	(2,873)	$	(462,436)	$	(1,211)	$	(466,520)
Additions to allowance for credit losses not previously recorded	—		(22,594)		—		(22,594)



Additions (reductions) on securities with previous allowance	—		(5,866)		(46)		(5,912)
Write-offs charged against the allowance	—		—		157		157

Balance, end of period	$	(2,873)	$	(490,896)	$	(1,100)	$	(494,869)


	Six Months Ended June 30, 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)		(46,152)		—		(49,025)

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

Additions (reductions) on securities with previous allowance	—		(14,358)		(140)		(14,498)
Write-offs charged against the allowance	—		—		593		593

Balance, end of period	$	(2,873)	$	(490,896)	$	(1,100)	$	(494,869)


	Three Months Ended June 30, 2024
	Securitization notes		Securitization certificates		Other Loans and Receivables		Total
Balance, beginning of period	$	—	$	(121,349)	$	(5,011)	$	(126,360)
Additions to allowance for credit losses not previously recorded	—		(23,628)		—		(23,628)


Additions (reductions) on securities with previous allowance	—		(29,100)		(334)		(29,434)
Write-offs charged against the allowance	—		—		850		850
Recoveries of amounts previously written off	—		—		442		442
Balance, end of period	$	—	$	(174,077)	$	(4,053)	$	(178,130)


	Six Months Ended June 30, 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	—		(26,593)		—		(26,593)
Additions to the allowance for credit losses arising from purchases	—		—		(3,246)		(3,246)

Additions (reductions) on securities with previous allowance	—		(48,805)		(1,269)		(50,074)
Write-offs charged against the allowance	—		—		2,299		2,299
Recoveries of amounts previously written off	—		—		442		442
Balance, end of period	$	—	$	(174,077)	$	(4,053)	$	(178,130)

The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. We elected the fair value option to measure certain securities, as we believe that fair value best reflects the economic transaction of investing in certain new securities. We determined the fair value of certain securities using a discounted cash flow methodology, while also considering market data as it became available. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within the other expenses, net in the unaudited condensed consolidated statements of operations. We report the changes in fair value within Impairment loss on investments in loans and securities, net in the unaudited condensed consolidated statements of cash flow.


	Three Months Ended June 30,				Six Months Ended June 30,
Investments in securities under the fair value option	2025		2024		2025		2024
At the beginning of period	$	—	$	—	$	—	$	—
Purchases	21,026		—		21,026		—

Total gains for the period included in other expenses, net	11,862		—		11,862		—
At the end of period	$	32,888	$	—	$	32,888	$	—

The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the unaudited condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 (in thousands):