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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, 2025December 31, 2024
UPB
Carrying Value(A)
Loan CountUPB
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, 2025December 31, 2024
Payment DelinquencyUPB
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 days3,998 3,800 (198)3,535 3,170 (365)
60 to 89 days2,362 2,332 (30)2,440 2,125 (315)
90 days or more11,088 10,557 (531)8,548 6,411 (2,137)
Forbearance380 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 saleLoans held for investment
Balance at December 31, 2023$255,516 $61,337 
Transfers from Held for Investment to Held for Sale4,959 (4,959)
Purchases1,566,219 1,781 
Originations2,409,864 — 
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 repurchased5,245 — 
Balance at September 30, 2024$468,142 $53,529 
Balance at December 31, 2024$395,922 $— 
Purchases2,221,013 — 
Originations2,561,856 — 
Sales, net of repurchases(4,466,689)— 
Principal payments(324,568)— 
Change in fair value(A)
656 — 
Loans not yet repurchased842 — 
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.