v3.25.4
LOANS (Tables)
 9 Months Ended
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, 2025December 31, 2024
UPB
Carrying Value(A)
Loan CountUPB
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, 2024December 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, 2025December 31, 2024
Payment DelinquencyUPB
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 days3,998 3,800 (198)3,535 3,170 (365)
60 to 89 days2,362 2,332 (30)2,440 2,125 (315)
90 days or more11,088 10,557 (531)8,548 6,411 (2,137)
Forbearance380 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, 2024December 31, 2023
Payment DelinquencyUPB
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 days3,535 3,170 (365)2,027 1,279 (748)
60 to 89 days2,440 2,125 (315)1,309 805 (504)
90 days or more8,548 6,411 (2,137)6,510 3,656 (2,854)
Forbearance708 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 saleLoans held for investment
Balance at December 31, 2023$255,516 $61,337 
Transfers from Held for Investment to Held for Sale4,959 (4,959)
Purchases1,566,219 1,781 
Originations2,409,864 — 
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 repurchased5,245 — 
Balance at September 30, 2024$468,142 $53,529 
Balance at December 31, 2024$395,922 $— 
Purchases2,221,013 — 
Originations2,561,856 — 
Sales, net of repurchases(4,466,689)— 
Principal payments(324,568)— 
Change in fair value(A)
656 — 
Loans not yet repurchased842 — 
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 saleLoans 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 Sale53,241 (53,241)
Purchases1,541,757 — 
Originations1,978,144 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 repurchased3,185 — 
Balance at December 31, 2023
255,516 61,337 
Transfers from Held for Investment to Held for Sale58,835 (58,835)
Purchases1,972,209 2,492 
Originations3,164,966 — 
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 repurchased10,663 — 
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.