Customer Deposits—In relation to the Company’s banking activities tied to the Company’s acquisition of Birmingham Bank in the U.K., the Company offers individual savings accounts and other depository products with differing maturities and interest rates to its customers. The balance of customer deposits as of June 30, 2025 and December 31, 2024 was $482.4 million and $134.1 million, respectively, on the condensed consolidated balance sheets.

The following table presents average balances and weighted average rates paid on deposits for the periods indicated:


	Three Months Ended June 30, 2025
	2025				2024
(Amounts in thousands)	Average Balance		Average Rate Paid		Average Balance		Average Rate Paid
Notice	$	82,670	3.80	%	$	2,416	2.85	%
Term	326,044		4.57	%	22,169		3.96	%
Savings	437		2.70	%	4,154		2.11	%
Total Deposits	$	409,151	3.69	%	$	28,739	2.97	%


	Six Months Ended June 30, 2025
	2025				2024
(Amounts in thousands)	Average Balance		Average Rate Paid		Average Balance		Average Rate Paid
Notice	$	65,410	3.75	%	$	2,413	2.85	%
Term	248,019		4.64	%	13,805		3.87	%
Savings	492		2.11	%	4,211		2.20	%
Total Deposits	$	313,921	3.50	%	$	20,429	2.97	%


(Amounts in thousands)	As of June 30, 2025
Demand deposits	$	114,777
Maturing In:
2025	1,476
2026	113,888
2027	118,834
2028	62,581
2029	30,419
Thereafter	40,385
Total	$	482,360

Interest expense on deposits is recorded in interest expense in the condensed consolidated statements of operations and comprehensive loss for the periods indicated as follows:


	Three Months Ended June 30,				Six Months Ended June 30, 2025
(Amounts in thousands)	2025		2024		2025		2024
Notice	$	853	$	21	$	1,316	$	45
Term	3,499		218		5,041		270
Savings	—		28		—		57
Total Interest Expense	$	4,352	$	267	$	6,357	372

Deposits are for U.K. banking clients and are protected up to £85 thousand ($116.4 thousand) per eligible person by the Financial Services Compensation Scheme in the U.K. Of the total customer deposits as of June 30, 2025, $117.5 million were over the applicable insured amount.