TRANSACTIONS WITH RELATED PARTIES

9 Months Ended

Sep. 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 September 30, 2025, the fee receivables from related parties are $100.2 million, which consist of $78.3 million from securitization vehicles and $21.9 million from other Financing Vehicles. As of December 31, 2024, the fee receivables from related parties are $99.4 million, which consists of $79.0 million from securitization vehicles and $20.4 million from other Financing Vehicles.

As of September 30, 2025 and December 31, 2024, other assets include revolving facilities and other amounts due from related parties of $30.5 million and $15.2 million, respectively, all of which were attributable to Financing Vehicles.

For the three months ended September 30, 2025, the total revenue from related parties is $159.3 million, which consists of $150.8 million from securitization vehicles and $8.5 million from other Financing Vehicles. For the nine months ended September 30, 2025, the total revenue from related party is $473.7 million, which consists of $447.7 million from securitization vehicles and $26.0 million from other Financing Vehicles. For the three months ended September 30, 2024, the total revenue from related parties is $174.2 million, which consists of $154.3 million from securitization vehicles and $19.9 million from other Financing Vehicles. For the nine months ended September 30, 2024, the total revenue from related parties is $528.0 million which consists of $474.1 million from securitization vehicles and $53.9 million from other Financing Vehicles.

During the three and nine months ended September 30, 2024, the Company purchased approximately $14.5 million and $34.0 million, respectively, of loan principal from the Financing Vehicles and included a loss of approximately $12.8 million and $31.2 million, respectively, in general and administrative expenses with respect to these loans.