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LOANS (Tables) | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Schedule of Loans Held for Sale and Other Receivables | 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. The following table summarizes loans held by the Company at December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
| UPB |  | Carrying Value(A) |  | Loan Count |  | Carrying Value(A)
Loans held for sale |  |  |  |  |  |  |
HELOC loans | $ | 359,155 |  |  | $ | 366,154 |  |  | 4,582 |  |  | $ | 244,670 |
Personal loans(B) | 24,975 |  |  | 24,975 |  |  | 233 |  |  | — |
Other(C) | 4,977 |  |  | 4,793 |  |  | 326 |  |  | 10,846 |
Total loans held for sale(D)(E) | $ | 389,107 |  |  | $ | 395,922 |  |  | 5,141 |  |  | $ | 255,516 |
Loans held for investment |  |  |  |  |  |  |
HELOC loans | $ | — |  |  | $ | — |  |  | — |  |  | $ | 61,337 |
Total loans held for investment(D) | $ | — |  |  | $ | — |  |  | — |  |  | $ | 61,337 |
__________________ (A)The Company records loans at fair value. See Note 11 for additional information regarding the valuation of these assets. (B)Loans collateralized by digital assets. (C)Primarily contains legacy mortgage and other unsecured loans. (D)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. (E)The Company placed loans held for sale with an aggregate UPB of $1.2 million and $1.4 million and fair value of $0.8 million and $0.8 million on non-accrual status at December 31, 2024 and 2023, respectively.
Schedule of Past Due Aggregate Carrying Value of Loans Held | 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 the past due status and difference between the aggregate UPB and the aggregate carrying value of loans held by the Company.
| December 31, 2024 |  | December 31, 2023
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 | $ | 373,876 |  |  | $ | 383,551 |  |  | $ | 9,675 |  |  | $ | 243,284 |  |  | $ | 249,171 |  |  | $ | 5,886 |
30 to 59 days | 3,535 |  |  | 3,170 |  |  | (365) |  |  | 2,027 |  |  | 1,279 |  |  | (748) |
60 to 89 days | 2,440 |  |  | 2,125 |  |  | (315) |  |  | 1,309 |  |  | 805 |  |  | (504) |
90 days or more | 8,548 |  |  | 6,411 |  |  | (2,137) |  |  | 6,510 |  |  | 3,656 |  |  | (2,854) |
Forbearance | 708 |  |  | 665 |  |  | (43) |  |  | 730 |  |  | 605 |  |  | (125) |
Total loans held for sale | $ | 389,107 |  |  | $ | 395,922 |  |  | $ | 6,815 |  |  | $ | 253,860 |  |  | $ | 255,516 |  |  | $ | 1,655 |
Loans held for investment |  |  |  |  |  |  |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 64,685 |  |  | $ | 59,164 |  |  | $ | (5,521) |
30 to 59 days | — |  |  | — |  |  | — |  |  | 886 |  |  | 694 |  |  | (192) |
60 to 89 days | — |  |  | — |  |  | — |  |  | 257 |  |  | 159 |  |  | (98) |
90 days or more | — |  |  | — |  |  | — |  |  | 1,619 |  |  | 842 |  |  | (777) |
Forbearance | — |  |  | — |  |  | — |  |  | 539 |  |  | 479 |  |  | (60) |
Total loans held for investment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 67,985 |  |  | $ | 61,337 |  |  | $ | (6,648) |
__________________ (A)The Company records loans at fair value. See Note 11 for additional information regarding the valuation of these assets.
Schedule of Loans Held for Sale | 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 following table includes a rollforward of the Company’s loans for the years ended December 31, 2024 and 2023:
| Loans held for sale |  | Loans held for investment
Balance at December 31, 2022 | $ | 245,890 |  |  | $ | 117,364 |
Transfers from Held for Sale to Held for Investment | (22,279) |  |  | 22,279 |
Transfers from Held for Investment to Held for Sale | 53,241 |  |  | (53,241) |
Purchases | 1,541,757 |  |  | — |
Originations | 1,978,144 |  |  | 3,051 |
Sales, net of repurchases | (3,250,098) |  |  | — |
Principal payments | (294,657) |  |  | (20,617) |
Change in fair value(A) | 333 |  |  | (7,499) |
Loans not yet repurchased | 3,185 |  |  | — |
Balance at December 31, 2023 | 255,516 |  |  | 61,337 |
Transfers from Held for Investment to Held for Sale | 58,835 |  |  | (58,835) |
Purchases | 1,972,209 |  |  | 2,492 |
Originations | 3,164,966 |  |  | — |
Sales, net of repurchases | (4,659,777) |  |  | — |
Principal payments | (411,268) |  |  | (11,642) |
Change in fair value(A) | 4,778 |  |  | 6,648 |
Loans not yet repurchased | 10,663 |  |  | — |
Balance at December 31, 2024 | $ | 395,922 |  |  | $ | — |
__________________ (A)Change in fair value of loans are reflected in Gain on sale of loans, net on the Consolidated Statements of Operations.

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