v3.25.4
LOANS
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
LOANS LOANS
The following table summarizes loans held by the Company at December 31, 2025 and 2024:
December 31, 2025December 31, 2024
UPB
Carrying Value(A)
UPB
Carrying Value(A)
Loans held for sale:
HELOC loans(B)
$312,401 $320,566 $359,155 $366,154 
Personal loans(C)
79,350 79,113 24,975 24,975 
Other(D)
4,724 4,658 4,977 4,793 
Total loans held for sale$396,475 $404,337 $389,107 $395,922 
(A)    The Company records loans at fair value. See Note 12 for additional information regarding the valuation of these assets.
(B)    The total carrying value of HELOC loans includes $21.7 million and $313.4 million of collateralized HELOCs under repurchase agreements at December 31, 2025 and 2024, respectively, which are not for sale while collateralized. See Notes 6 and 12 for additional information regarding funding debt outstanding and valuation of the Company’s loans at fair value, respectively.
(C)    Loans collateralized by digital assets.
(D)    Primarily contains legacy mortgages and other unsecured loans.
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 for non-accrual loans. The Company placed loans held for sale with an aggregate UPB of $2.4 million and $1.2 million and fair value of $1.6 million and $0.8 million on non-accrual status at December 31, 2025 and 2024, respectively.
The Company did not hold any loans as held for investment at December 31, 2025 or 2024.
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 December 31, 2025 and 2024.
December 31, 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$374,842 $383,602 $8,760 $373,876 $383,551 $9,675 
30 to 59 days2,308 2,229 (79)3,535 3,170 (365)
60 to 89 days4,193 4,030 (163)2,440 2,125 (315)
90 days or more14,387 13,717 (670)8,548 6,411 (2,137)
Forbearance745 759 14 708 665 (43)
Total loans held for sale$396,475 $404,337 $7,862 $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 Company’s loan activity for the years ended December 31, 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 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 $— 
Purchases3,269,400 — 
Originations3,706,733 — 
Sales, net of repurchases(6,515,155)— 
Principal payments(460,323)— 
Change in fair value(A)
3,808 — 
Loans not yet repurchased3,952 — 
Balance at December 31, 2025$404,337 $— 
(A)    Change in fair value of loans are reflected in “Gain on sale of loans, net” in the Consolidated Statements of Operations.
The top five loan originators for the years ended December 31, 2025 and 2024 originated $2.4 billion and $1.4 billion unpaid principal balance of loans, or 77.8% and 71.8%, of total unpaid principal balance of loans purchased by the Company, whose “Gain on sale of loans, net” revenue represent 9.0% and 11.5% of total revenue, respectively.
The top five loan purchasers for the years ended December 31, 2025 and 2024 purchased $4.2 billion and $4.1 billion unpaid principal balance of loans, or 46.8% and 64.3%, of total unpaid principal balance of loans sold by the Company, excluding $748.5 million and $456.2 million unpaid principal balance securitized, whose “Gain on sale of loans, net” revenue represent 21.4% and 19.7% of total revenue, respectively.