v3.25.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 87,134 $ 211,101
Restricted cash 10,645 24,416
Short-term investments 134,390 53,774
Mortgage loans held for sale, at fair value 447,738 399,241
Loans held for investment (net of allowance for credit losses of $2,801 and $1,667 as of June 30, 2025 and December 31, 2024, respectively) 420,566 111,477
Other receivables, net 30,936 17,549
Assets held for sale 9,071 10,411
Property and equipment, net 1,923 2,717
Right-of-use assets 4,818 1,387
Internal use software and other intangible assets, net 21,273 20,936
Goodwill 24,765 23,615
Derivative assets, at fair value 5,248 2,539
Prepaid expenses and other assets 33,354 33,894
Total Assets 1,231,861 913,057
Liabilities    
Warehouse lines of credit 371,189 244,070
Convertible Notes 0 519,749
Senior Notes 200,409 0
Customer deposits 482,360 134,130
Liabilities held for sale 6,932 6,116
Accounts payable and accrued expenses (includes $111 and $74 payable to related parties as of June 30, 2025 and December 31, 2024, respectively) 63,782 48,134
Escrow payable and other customer accounts 376 74
Derivative liabilities, at fair value 2,402 0
Warrant and equity related liabilities, at fair value 1,751 1,407
Lease liabilities 6,032 4,081
Other Liabilities 20,071 13,466
Total Liabilities 1,155,304 971,227
Commitments and contingencies
Stockholders’ Equity/(Deficit)    
Common stock $0.0001 par value; 66,000,000 shares authorized as of June 30, 2025 and December 31, 2024, and 15,274,145 and 15,168,795 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2 2
Notes receivable from stockholders (9,160) (9,158)
Additional paid-in capital 2,077,303 1,863,288
Accumulated deficit (1,997,193) (1,910,366)
Accumulated other comprehensive income/(loss) 5,605 (1,936)
Total Stockholders’ Equity/(Deficit) 76,557 (58,170)
Total Liabilities and Stockholders’ Equity/(Deficit) $ 1,231,861 $ 913,057