v3.25.4
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