TRANSACTIONS WITH RELATED PARTIES

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

TRANSACTIONS WITH RELATED PARTIES

TRANSACTIONS WITH RELATED PARTIES

In the ordinary course of business, the Company may enter into transactions with directors, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). In addition, the Company has transactions with the securitization vehicles and other Financing Vehicles, which are also related parties.

As of June 30, 2025, the current and non-current fee receivables from related parties are $64.3 million and $30.7 million, respectively, which consist of $72.6 million from securitization vehicles and $22.4 million from other Financing Vehicles. As of December 31, 2024, the current and non-current fee receivables from related parties are $70.2 million and $29.2 million, respectively, which consists of $79.0 million from securitization vehicles and $20.4 million from other Financing Vehicles.

As of June 30, 2025 and December 31, 2024, prepaid expenses and other assets include amounts due from related parties of $9.4 million and $15.2 million, respectively, all of which were attributable to Financing Vehicles.

For the three months ended June 30, 2025, the total revenue from related parties is $146.6 million, which consists of $137.9 million from securitization vehicles and $8.7 million from other Financing Vehicles. For the six months ended June 30, 2025, the total revenue from related party is $314.5 million, which consists of $297.0 million from securitization vehicles and $17.5 million from other Financing Vehicles. For the three months ended June 30, 2024, the total revenue from related parties is $175.3 million, which consists of $157.2 million from securitization vehicles and $18.1 million from other Financing Vehicles. For the six months ended June 30, 2024, the total revenue from related parties is $353.8 million which consists of $319.8 million from securitization vehicles and $34.0 million from other Financing Vehicles.

During the three and six months ended June 30, 2025, the Company purchased approximately $2.0 million and $5.8 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $1.9 million and $5.4 million, respectively, in general and administrative expenses with respect to these loans. During the three and six months ended June 30, 2024, the Company purchased approximately $14.5 million and $19.5 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $13.4 million and $18.4 million, respectively, in general and administrative expenses with respect to these loans.