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FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022
--- | --- | --- | --- | --- | ---
Assets |  |  |  |  |
Digital assets | $ 25,169 | $ 23,127 |  | $ 5,865 |
Marketable Securities, Fair Value | 239,694 | 163,489 |  | 37,066 |
Loans held for sale, at fair value | 389,032 | 395,922 | $ 468,142 | 255,516 | $ 245,890
Loan servicing asset, at fair value | 100,000 | 88,497 | $ 74,440 | 55,860 | $ 33,777
Level 3 |  |  |  |  |
Assets |  |  |  |  |
Loans held for sale, at fair value | 389,032 | 369,983 |  | 255,516 |
Fair Value, Recurring | Carrying Value |  |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents | 1,097,123 | 287,256 |  | 116,548 |
Restricted cash | 64,590 | 57,777 |  | 59,232 |
Digital assets | 108,680 | 86,036 |  | 5,865 |
Distressed asset claims | 3,068 | 7,589 |  | 37,066 |
Marketable Securities, Fair Value | 239,694 | 163,489 |  | 255,516 |
Loans held for sale, at fair value | 389,032 | 395,922 |  | 61,337 |
Loan servicing asset, at fair value | 100,000 | 88,497 |  | 55,860 |
Total assets | 2,002,198 | 1,086,565 |  | 591,424 |
Liabilities |  |  |  |  |
Digital asset collateral repayment obligation | 85,016 | 64,447 |  |  |
Total liabilities | 103,978 | 64,447 |  |  |
Fair Value, Recurring | Estimate of Fair Value Measurement |  |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents | 1,097,123 | 287,256 |  | 116,548 |
Restricted cash | 64,590 | 57,777 |  | 59,232 |
Digital assets | 110,185 | 86,036 |  | 5,865 |
Distressed asset claims | 3,068 | 7,589 |  | 37,066 |
Marketable Securities, Fair Value | 239,694 | 163,489 |  | 255,516 |
Loans held for sale, at fair value | 389,032 | 395,922 |  | 61,337 |
Loan servicing asset, at fair value | 100,000 | 88,497 |  | 55,860 |
Total assets | 2,003,703 | 1,086,565 |  | 591,424 |
Liabilities |  |  |  |  |
Digital asset collateral repayment obligation | 85,016 | 64,447 |  |  |
Total liabilities | 103,978 | 64,447 |  |  |
Fair Value, Recurring | Level 1 | Estimate of Fair Value Measurement |  |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents | 1,097,123 | 287,256 |  | 116,548 |
Restricted cash | 64,590 | 57,777 |  | 59,232 |
Digital assets | 110,185 | 86,036 |  | 5,865 |
Distressed asset claims | 0 | 0 |  | 0 |
Marketable Securities, Fair Value | 0 | 0 |  | 0 |
Loans held for sale, at fair value | 0 | 0 |  | 0 |
Loan servicing asset, at fair value | 0 | 0 |  | 0 |
Total assets | 1,271,909 | 431,069 |  | 181,645 |
Liabilities |  |  |  |  |
Digital asset collateral repayment obligation | 85,016 | 64,447 |  |  |
Total liabilities | 85,016 | 64,447 |  |  |
Fair Value, Recurring | Level 2 | Estimate of Fair Value Measurement |  |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents | 0 | 0 |  | 0 |
Restricted cash | 0 | 0 |  | 0 |
Digital assets | 0 | 0 |  | 0 |
Distressed asset claims | 0 | 0 |  | 24,318 |
Marketable Securities, Fair Value | 201,386 | 128,983 |  | 0 |
Loans held for sale, at fair value | 0 | 0 |  | 0 |
Loan servicing asset, at fair value | 0 | 0 |  | 0 |
Total assets | 201,386 | 128,983 |  | 24,318 |
Liabilities |  |  |  |  |
Digital asset collateral repayment obligation | 0 | 0 |  |  |
Total liabilities | 18,962 | 0 |  |  |
Fair Value, Recurring | Level 3 | Estimate of Fair Value Measurement |  |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents | 0 | 0 |  | 0 |
Restricted cash | 0 | 0 |  | 0 |
Digital assets | 0 | 0 |  | 0 |
Distressed asset claims | 3,068 | 7,589 |  | 12,748 |
Marketable Securities, Fair Value | 38,308 | 34,506 |  | 255,516 |
Loans held for sale, at fair value | 389,032 | 395,922 |  | 61,337 |
Loan servicing asset, at fair value | 100,000 | 88,497 |  | 55,860 |
Total assets | 530,408 | 526,514 |  | $ 385,461 |
Liabilities |  |  |  |  |
Digital asset collateral repayment obligation | 0 | 0 |  |  |
Total liabilities | $ 0 | $ 0 |  |  |

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