| Accounts Payable, Accrued Expenses and Other |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER The following summarizes accounts payable, accrued expenses and other (in thousands):
| | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | TRA liability | $ | 196,923 | | | $ | 78,519 | | Servicing fees payable | 114,289 | | | 95,621 | | Representations and warranties reserve | 102,277 | | | 87,647 | | | Accrued compensation and benefits | 90,277 | | | 90,964 | | | Accrued interest and bank fees | 70,896 | | | 41,851 | | | Other accounts payable | 51,732 | | | 37,352 | | | Investor payables | 31,478 | | | 24,883 | | Other accrued expenses | 27,456 | | | 36,773 | | Derivative settlements payable | 17,106 | | | 13,622 | | | Deferred tax liability | 5,080 | | | 4,210 | | Margin call payable | 276 | | | 66,551 | | Public and Private Warrants | — | | | 2,743 | | Total accounts payable, accrued expenses and other | $ | 707,790 | | | $ | 580,736 | |
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