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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following table summarizes information about the assets and liabilities that are measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024:
|  | September 30, 2025
|  | Carrying Value |  | Fair value
|  |  | Level 1 |  | Level 2 |  | Level 3(A) |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,097,123 |  |  | $ | 1,097,123 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,097,123 |
Restricted cash |  | 64,590 |  |  | 64,590 |  |  | — |  |  | — |  |  | 64,590 |
Digital assets(B) |  | 108,680 |  |  | 110,185 |  |  | — |  |  | — |  |  | 110,185 |
Distressed asset claims(C) |  | 3,068 |  |  | — |  |  | — |  |  | 3,068 |  |  | 3,068 |
Marketable securities, at fair value(D) |  | 239,694 |  |  | — |  |  | 201,386 |  |  | 38,308 |  |  | 239,694 |
Loans held for sale, at fair value |  | 389,032 |  |  | — |  |  | — |  |  | 389,032 |  |  | 389,032 |
Loan servicing assets, at fair value |  | 100,000 |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |
Treasury note futures |  | 11 |  |  | 11 |  |  | — |  |  | — |  |  | 11 |
Total assets |  | $ | 2,002,198 |  |  | $ | 1,271,909 |  |  | $ | 201,386 |  |  | $ | 530,408 |  |  | $ | 2,003,703 |
Liabilities |  |  |  |  |  |  |  |  |  |
Digital asset collateral repayment obligation(E) |  | $ | 85,016 |  |  | $ | 85,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 85,016 |
Certificate repayment obligation(E) |  | 18,962 |  |  | — |  |  | 18,962 |  |  | — |  |  | 18,962 |
Total liabilities |  | $ | 103,978 |  |  | $ | 85,016 |  |  | $ | 18,962 |  |  | $ | — |  |  | $ | 103,978 |
|  | December 31, 2024
|  | Carrying Value |  | Fair value
|  |  | Level 1 |  | Level 2 |  | Level 3(A) |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 287,256 |  |  | $ | 287,256 |  |  | $ | — |  |  | $ | — |  |  | $ | 287,256 |
Restricted cash |  | 57,777 |  |  | 57,777 |  |  | — |  |  | — |  |  | 57,777 |
Digital assets(B) |  | 86,036 |  |  | 86,036 |  |  | — |  |  | — |  |  | 86,036 |
Distressed asset claims(C) |  | 7,589 |  |  | — |  |  | — |  |  | 7,589 |  |  | 7,589 |
Marketable securities, at fair value(D) |  | 163,489 |  |  | — |  |  | 128,983 |  |  | 34,506 |  |  | 163,489 |
Loans held for sale, at fair value |  | 395,922 |  |  | — |  |  | — |  |  | 395,922 |  |  | 395,922 |
Loan servicing assets, at fair value |  | 88,497 |  |  | — |  |  | — |  |  | 88,497 |  |  | 88,497 |
Total assets |  | $ | 1,086,566 |  |  | $ | 431,069 |  |  | $ | 128,983 |  |  | $ | 526,514 |  |  | $ | 1,086,566 |
Liabilities |  |  |  |  |  |  |  |  |  |
Digital asset collateral repayment obligation(E) |  | $ | 64,447 |  |  | $ | 64,447 |  |  | $ | — |  |  | $ | — |  |  | $ | 64,447 |
Total liabilities |  | $ | 64,447 |  |  | $ | 64,447 |  |  | $ | — |  |  | $ | — |  |  | $ | 64,447 |
(A) See Notes 4 and 5 regarding changes in the carrying values of servicing assets and loans, respectively. There were no transfers of Level 3 instruments to, or from, other fair value levels during the periods presented. (B) Included in “Digital assets” in the Condensed Consolidated Balance Sheets and represents digital assets held for sale at fair value, and excludes digital assets held at cost that are considered intangible assets. (C) Included in “Other current assets” in the Condensed Consolidated Balance Sheets. (D) Residual interest securities and non-rated securities in securitizations not considered debt securities are included within Level 3 of the fair value hierarchy. (E) Included in “Debt, current” in the Condensed Consolidated Balance Sheets. Significant Valuation Inputs The Company used the following unobservable inputs that it considers significant to value the financial assets and liabilities carried at fair value and classified within Level 3 of the fair value hierarchy:
|  | September 30, 2025
|  | Fair Value |  | Discount Rate (A) (%) |  | CPR (B) (%) |  | CDR (C) (%) |  | Servicing Rate (D) (%) |  | Loss Severity (E)
Marketable Securities |  |  |  |  |  |  |  |  |  |  |  |
Residual interest securities |  | $ | 38,308 |  |  | 11.5% - 24.6% 18.3% |  | 16.2% - 20.8% 18.8% |  | —% - 2.4% 1.2% |  | n.a |  | n.a
Servicing Assets |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | $ | 98,120 |  |  | 13.0% - 13.0% 13.0% |  | —% - 32.5% 13.7% |  | —% - 4.9% 0.8% |  | 0.3% |  | n.a
Mortgage loans |  | 1,880 |  |  | 9.5% - 10.5% 10.3% |  | 3.6% - 8.0% 5.3% |  | —% - 1.1% 0.4% |  | —% |  | n.a
Total / Weighted average(F) |  | $ | 100,000 |  |  | 12.9% |  | 13.5% |  | 0.7% |  | 0.3% |  |
Loans Held for Sale |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans(G) |  | $ | 323,184 |  |  | 4.9% - 8.9% 6.5% |  | 2.6% - 39.6% 15.6% |  | —% - 94.3% 1.6% |  | n.a |  | —% - 97.6% 28.4%
Personal loans(H) |  | 62,935 |  |  | 8.9% - 11.5% 10.2% |  | —% - —% —% |  | —% - —% —% |  | n.a |  | —% - —% —%
Other(I) |  | 2,913 |  |  | 6.2% - 8.7% 7.1% |  | 18.0% - 40.4% 24.7% |  | 1.3% - 8.7% 6.1% |  | n.a |  | 88.0% - 92.0% 90.0%
Total / Weighted average(F) |  | $ | 389,032 |  |  | 5.5% |  | 13.1% |  | 1.4% |  |  |  |
|  | December 31, 2024
|  | Fair Value |  | Discount Rate(A) (%) |  | CPR(B) (%) |  | CDR(C) (%) |  | Servicing Rate(D) (%) |  | Loss Severity(E)
Marketable Securities |  |  |  |  |  |  |  |  |  |  |  |
Residual interest securities |  | $ | 34,506 |  |  | 14.5% - 24.0% 19.7% |  | 15.2% - 20.1% 17.7% |  | 1.5% - 1.7% 1.6% |  | n.a |  | n.a
Servicing Assets |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | $ | 86,465 |  |  | 13.0% - 13.0% 13.0% |  | 1.0% - 33.0% 14.4% |  | —% - 4.4% 0.7% |  | 0.2% |  | n.a
Mortgage loans |  | 2,032 |  |  | 10.0% - 11.0% 10.8% |  | 3.9% - 8.2% 5.7% |  | —% - 1.0% 0.2% |  | —% |  | n.a
Total / Weighted average(F) |  | $ | 88,497 |  |  | 12.9% |  | 14.2% |  | 0.7% |  | 0.2% |  |
Loans Held for Sale |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans(G) |  | $ | 366,154 |  |  | 6.4% - 10.1% 7.6% |  | 1.3% - 32.4% 13.6% |  | 1.5% - 1.7% 1.6% |  | n.a |  | 16.6% - 44.2% 32.4%
Other(I) |  | 3,829 |  |  | 5.1% - 8.7% 6.9% |  | 17.9% - 99.7% 25.6% |  | 0.4% - 10.2% 7.7% |  | n.a |  | 88.0% - 92.0% 90.0%
Total / Weighted average(F) |  | $ | 369,983 |  |  | 7.6% |  | 13.7% |  | 1.7% |  |  |  |
(A) Significant increases (decreases) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. (B) Significant increases (decreases) in the CPR, in isolation, would result in a significantly lower (higher) fair value measurement. (C) Significant increases (decreases) in the CDR, in isolation, would result in a significantly lower (higher) fair value measurement. (D) Significant increases (decreases) in the servicing rate in excess of servicing costs, in isolation, would result in a significantly higher (lower) fair value measurement. Values represent the weighted average total mortgage servicing amount, net of subservicing costs. (E) Significant increases (decreases) in the severity, in isolation, would result in a significantly lower (higher) fair value measurement. (F) Unobservable inputs were weighted by respective fair value of each class. (G) HELOC loans are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a residential mortgage cash flow model. (H) Personal loans are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a loan cash flow model. (I) Personal unsecured loans included in “Other” are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a loan cash flow model. The Company uses an estimated recovery from collections and recent sales to fair value personal loans that are 30 days past due; the fair value of such loans at September 30, 2025 and December 31, 2024 were not material. Significant Valuation Input Sensitivity The following tables summarize the estimated change in fair value of assets carried at fair value and classified within Level 3 of the fair value hierarchy for the unobservable inputs in “—Significant Valuation Inputs” at September 30, 2025. Each of the following sensitivity analyses is hypothetical and is provided for illustrative purposes only. There are certain limitations inherent in the sensitivity analyses presented. In particular, the results are calculated by stressing a particular economic assumption independent of changes in any other assumption; in practice, changes in one factor may result in changes in another, which might counteract or amplify the sensitivities. Also, changes in the fair value based on the following variations in an assumption generally may not be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear.
|  | -2% |  | -1% |  | +1% |  | +2%
|  | $ | % |  | $ | % |  | $ | % |  | $ | %
Discount Rate |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities |  |  |  |  |  |  |  |  |  |  |  |
Residual interest securities |  | $ | 780 |  | 3.9 | % |  | $ | 380 |  | 1.9 | % |  | $ | (360) |  | (1.8) | % |  | $ | (703) |  | (3.5) | %
Servicing Assets |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | 5,920 |  | 6.2 |  |  | 2,874 |  | 3.0 |  |  | (2,702) |  | (2.8) |  |  | (5,261) |  | (5.5) |
Mortgage loans |  | 238 |  | 12.6 |  |  | 114 |  | 6.1 |  |  | (105) |  | (5.6) |  |  | (202) |  | (10.8) |
Loans Held for Sale |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | 16,052 |  | 3.4 |  |  | 10,890 |  | 2.3 |  |  | (14,240) |  | (3.0) |  |  | (29,376) |  | (6.2) |
Personal loans |  | 62,297 |  | 0.7 |  |  | 62,155 |  | 0.5 |  |  | (61,446) |  | (0.7) |  |  | (61,042) |  | (1.3) |
|  | -20% |  | -10% |  | +10% |  | +20%
|  | $ | % |  | $ | % |  | $ | % |  | $ | %
CPR |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities |  |  |  |  |  |  |  |  |  |  |  |
Residual interest securities |  | $ | 1,001 |  | 5.0 | % |  | $ | 513 |  | 2.6 | % |  | $ | (464) |  | (2.3) | % |  | $ | (884) |  | (4.4) | %
Servicing Assets |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | 6,044 |  | 6.3 |  |  | 2,922 |  | 3.1 |  |  | (2,740) |  | (2.9) |  |  | (5,309) |  | (5.6) |
Mortgage loans |  | 125 |  | 6.7 |  |  | 61 |  | 3.3 |  |  | (59) |  | (3.1) |  |  | (115) |  | (6.1) |
Loans Held for Sale |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | 815 |  | 0.2 |  |  | 488 |  | 0.1 |  |  | (544) |  | (0.1) |  |  | (1,245) |  | (0.3) |
Personal loans |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
CDR |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities |  |  |  |  |  |  |  |  |  |  |  |
Residual interest securities |  | 274 |  | 1.4 |  |  | 136 |  | 0.7 |  |  | (135) |  | (0.7) |  |  | (269) |  | (1.4) |
Servicing Assets |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
Loans Held for Sale |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | 1,599 |  | 0.3 |  |  | 807 |  | 0.2 |  |  | (819) |  | (0.2) |  |  | (1,628) |  | (0.4) |
Personal loans |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
Servicing Rate |  |  |  |  |  |  |  |  |  |  |  |
Servicing Assets |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | 8,002 |  | 8.4 |  |  | 4,001 |  | 4.2 |  |  | (4,001) |  | (4.2) |  |  | (8,002) |  | (8.4) |
Marketable Securities The following table summarizes activities involving the Company’s marketable securities that are measured at fair value and classified within Level 3 of the fair value hierarchy for the nine months ended September 30, 2025 and 2024:
Balance at December 31, 2023 |  | $ | 11,952 |
Purchases(A) |  | 16,527 |
Sales |  | (872) |
Principal payments |  | (1,002) |
Change in fair value(B) |  | 870 |
Balance at September 30, 2024 |  | 27,475 |
Balance at December 31, 2024 |  | 34,506 |
Purchases(A) |  | 12,333 |
Principal payments |  | (9,430) |
Change in fair value(B) |  | 897 |
Balance at September 30, 2025 |  | $ | 38,306 |
(A) Includes premiums paid on the purchased notes. (B) Included in “Gain on sale of loans, net” in the Condensed Consolidated Statements of Operations. Assets and Liabilities Not Measured at Fair Value on a Recurring Basis The following table summarizes information about the liabilities that are not measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024:
|  | September 30, 2025
|  | Carrying Value |  | Fair Value
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities |  |  |  |  |  |  |  |  |  |
Financed Retained Interests(A) |  | $ | 199,129 |  |  | $ | — |  |  | $ | 198,444 |  |  | $ | — |  |  | $ | 198,444 |
Total liabilities |  | $ | 199,129 |  |  | $ | — |  |  | $ | 198,444 |  |  | $ | — |  |  | $ | 198,444 |
|  | December 31, 2024
|  | Carrying Value |  | Fair Value
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities |  |  |  |  |  |  |  |  |  |
Financed Retained Interests(A) |  | $ | 128,101 |  |  | $ | — |  |  | $ | 127,327 |  |  | $ | — |  |  | $ | 127,327 |
Total liabilities |  | $ | 128,101 |  |  | $ | — |  |  | $ | 127,327 |  |  | $ | — |  |  | $ | 127,327 |
(A) Financed retained interests classified as Level 2 in the fair value hierarchy were valued with a discounted cash flow model using collateral contractual terms and discount rates of similar instruments that include default and prepayment expectations as observable inputs. Debt not carried at fair value, including financed retained interests, is presented at the face amount, net of debt issuance costs that are amortized over the contractual term using the effective interest method. The carrying value of debt associated with the warehouse facilities and servicing rights financing approximates the fair value due to their relatively short maturities. Assets Measured at Fair Value on a Non-recurring Basis Digital Assets The Company held HASH at cost, totaling $1.5 million and $1.5 million at September 30, 2025 and December 31, 2024, respectively, as intangible assets presented within “Digital assets” in the Condensed Consolidated Balance Sheets. In connection with a valuation that management performed with the assistance of a third-party specialist during the Reorganization, the Company determined an impairment indicator existed for the HASH it held. Therefore, the Company recognized an impairment charge of $— million and $5.9 million, equal to the difference between the fair value and costs basis of HASH, in “Other income, net” in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2024, respectively. There were no impairment charges during the three and nine months ended September 30, 2025.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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