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LOANS | 9 Months Ended
--- | ---
Sep. 30, 2025
Receivables [Abstract] |
LOANS | LOANS The following table summarizes loans held by the Company at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024
|  | UPB |  | Carrying Value(A) |  | Loan Count |  | UPB |  | Carrying Value(A) |  | Loan Count
Loans Held for Sale |  |  |  |  |  |  |  |  |  |  |  |
HELOC loans |  | $ | 311,672 |  |  | $ | 323,184 |  |  | 6,191 |  |  | $ | 359,155 |  |  | $ | 366,154 |  |  | 4,582 |
Personal loans(B) |  | 63,185 |  |  | 62,935 |  |  | 645 |  |  | 24,975 |  |  | 24,975 |  |  | 233 |
Other(C) |  | 3,015 |  |  | 2,913 |  |  | 173 |  |  | 4,977 |  |  | 4,793 |  |  | 326 |
Total |  | $ | 377,872 |  |  | $ | 389,032 |  |  | 7,009 |  |  | $ | 389,107 |  |  | $ | 395,922 |  |  | 5,141 |
(A) The Company records loans at fair value. See Note 12 for additional information regarding the valuation of these assets. (B) Loans collateralized by digital assets. (C) Primarily contains legacy mortgages and other unsecured loans. Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due. The Company does not consider the average carrying values and interest income recognized (including interest income recognized using a cash-basis method) material for non-accrual loans. The Company placed loans held for sale with an aggregate UPB of $0.9 million and $1.2 million and fair value of $0.6 million and $0.8 million on non-accrual status at September 30, 2025 and December 31, 2024, respectively. The Company did not hold any loans held for investment at September 30, 2025 or December 31, 2024. The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans held by the Company at September 30, 2025 and December 31, 2024.
|  | September 30, 2025 |  | December 31, 2024
Payment Delinquency |  | UPB |  | Carrying Value(A) |  | Carrying Value(A) Over (Under) UPB |  | UPB |  | Carrying Value(A) |  | Carrying Value(A) Over (Under) UPB
Loans Held for Sale |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 360,044 |  |  | $ | 371,990 |  |  | $ | 11,946 |  |  | $ | 373,876 |  |  | $ | 383,551 |  |  | $ | 9,675 |
30 to 59 days |  | 3,998 |  |  | 3,800 |  |  | (198) |  |  | 3,535 |  |  | 3,170 |  |  | (365) |
60 to 89 days |  | 2,362 |  |  | 2,332 |  |  | (30) |  |  | 2,440 |  |  | 2,125 |  |  | (315) |
90 days or more |  | 11,088 |  |  | 10,557 |  |  | (531) |  |  | 8,548 |  |  | 6,411 |  |  | (2,137) |
Forbearance |  | 380 |  |  | 353 |  |  | (27) |  |  | 708 |  |  | 665 |  |  | (43) |
Total |  | $ | 377,872 |  |  | $ | 389,032 |  |  | $ | 11,160 |  |  | $ | 389,107 |  |  | $ | 395,922 |  |  | $ | 6,815 |
(A) The Company records loans at fair value. See Note 12 for additional information regarding the valuation of these assets. The following table summarizes activities involving the Company’s loans for the nine months ended September 30, 2025 and 2024:
|  | Loans held for sale |  | Loans held for investment
Balance at December 31, 2023 |  | $ | 255,516 |  |  | $ | 61,337 |
Transfers from Held for Investment to Held for Sale |  | 4,959 |  |  | (4,959) |
Purchases |  | 1,566,219 |  |  | 1,781 |
Originations |  | 2,409,864 |  |  | — |
Sales, net of repurchases |  | (3,466,079) |  |  | — |
Principal payments |  | (324,043) |  |  | (10,734) |
Change in fair value(A) |  | 16,461 |  |  | 6,104 |
Loans not yet repurchased |  | 5,245 |  |  | — |
Balance at September 30, 2024 |  | $ | 468,142 |  |  | $ | 53,529 |
Balance at December 31, 2024 |  | $ | 395,922 |  |  | $ | — |
Purchases |  | 2,221,013 |  |  | — |
Originations |  | 2,561,856 |  |  | — |
Sales, net of repurchases |  | (4,466,689) |  |  | — |
Principal payments |  | (324,568) |  |  | — |
Change in fair value(A) |  | 656 |  |  | — |
Loans not yet repurchased |  | 842 |  |  | — |
Balance at September 30, 2025 |  | $ | 389,032 |  |  | $ | — |
(A) Change in fair value of loans are reflected in “Gain on sale of loans, net” in the Condensed Consolidated Statements of Operations. The top five loan originators for the nine months ended September 30, 2025 and 2024 originated $1.7 billion and $1.2 billion unpaid principal balance of loans, or 76.3% and 73.7%, of total unpaid principal balance of loans purchased by the Company, whose “Gain on sale of loans, net” revenue represent 15.0% and 8.2% of total revenue, respectively. The top five loan purchasers for the nine months ended September 30, 2025 and 2024 purchased $2.7 billion and $1.8 billion unpaid principal balance of loans, or 79.1% and 63.2%, of total unpaid principal balance of loans sold by the Company, excluding $874.6 million and $381.2 million unpaid principal balance securitized, whose “Gain on sale of loans, net” revenue represent 26.5% and 17.7% of total revenue, respectively.

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481933/310-10-55-12A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-42 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 44 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-44 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-20/tableOfContent + Details
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