v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following table summarizes information about the assets and liabilities that are measured at fair value on a recurring basis at December 31, 2025 and 2024:
December 31, 2025
Carrying ValueFair value
Level 1Level 2
Level 3(A)
Total
Assets:
Cash and cash equivalents$1,198,141 $955,200 $242,941 $— $1,198,141 
Restricted cash68,637 68,637 — — 68,637 
Digital assets(B)
88,511 88,511 — — 88,511 
Distressed asset claims(C)
3,068 — — 3,068 3,068 
Marketable securities, at fair value(D)
273,151 — 232,985 40,166 273,151 
Loans held for sale, at fair value (E)
404,337 — — 404,337 404,337 
Loan servicing assets, at fair value (E)
113,064 — — 113,064 113,064 
Treasury note futures (F)
442 442 — — 442 
Total assets $2,149,351 $1,112,790 $475,926 $560,635 $2,149,351 
Liabilities:
Digital asset collateral repayment obligation(G)
$52,569 $52,569 $— $— $52,569 
Certificate repayment obligation(G)
266,654 — 266,654 — 266,654 
Total liabilities $319,223 $52,569 $266,654 $— $319,223 
December 31, 2024
Carrying ValueFair value
Level 1Level 2
Level 3(A)
Total
Assets:
Cash and cash equivalents(H)
$289,670 $289,670 $— $— $289,670 
Restricted cash57,777 57,777 — — 57,777 
Digital assets(B)(H)
83,622 83,622 — — 83,622 
Distressed asset claims(C)
7,589 — — 7,589 7,589 
Marketable securities, at fair value(D)
163,489 — 128,983 34,506 163,489 
Loans held for sale, at fair value (E)
395,922 — — 395,922 395,922 
Loan servicing assets, at fair value (E)
88,497 — — 88,497 88,497 
Total assets $1,086,566 $431,069 $128,983 $526,514 $1,086,566 
Liabilities:
Digital asset collateral repayment obligation(G)
$64,447 $64,447 $— $— $64,447 
Total liabilities $64,447 $64,447 $— $— $64,447 
(A)    There were no transfers of Level 3 instruments to, or from, other fair value levels during the periods presented.
(B)    Included in “Digital assets” and “Digital assets, non-current” in the Consolidated Balance Sheets and represents digital assets held for sale at fair value, and excludes digital assets held at cost that are considered intangible assets.
(C)    Included in “Other current assets” in the Consolidated Balance Sheets.
(D)    Residual interest securities and non-rated securities in securitizations not considered debt securities are included within Level 3 of the fair value hierarchy.
(E) See Notes 4 and 5 regarding changes in the carrying values of servicing assets and loans, respectively.
(F)    Treasury note future assets are recorded in “Other current assets”, and treasury note future liabilities in “Other current liabilities" in the Consolidated Balance Sheets.
(G) Included in “Debt, current” in the Consolidated Balance Sheets.
(H) During the current period, we reclassified payment stablecoins from “Digital assets” to “Cash and cash equivalents”. Prior period amounts have been recast to conform to the current period presentation. This reclassification resulted in an increase to “Cash and cash equivalents” and a corresponding decrease to “Digital assets” of $2.4 million as of December 31, 2024. For further information, see Note 2, Change in Accounting Principle, to the Consolidated Financial Statements.
Significant Valuation Inputs
The Company used the following unobservable inputs that it considers significant to value the financial assets and liabilities carried at fair value and classified within Level 3 of the fair value hierarchy:
December 31, 2025
Fair Value
Discount Rate (A) (%)
CPR (B) (%)
CDR (C) (%)
Servicing Rate (D) (%)
Loss Severity (E) (%)
Marketable securities:
Residual interest securities$40,166 
9.6% - 25.8%
15.7%
16.2% - 20.8%
18.8%
—% - 2.4%
1.2%
n.a.n.a.
Servicing assets:
HELOC loans$111,211 
13.0% - 13.0%
13.0%
—% - 33.1%
13.3%
—% - 4.8%
0.8%
0.3%
n.a - n.a
n.a
Mortgage loans1,853 
9.5% - 10.5%
10.3%
3.5% - 8.2%
5.3%
—% - 10.5%
0.4%
0.3%n.a.
Total / Weighted average(F)
$113,064 13.0%13.2%0.7%0.3%
Loans held for sale:
HELOC loans(G)
$320,566 
5.7% - 7.8%
6.4%
1.1% - 47.4%
17.8%
—% - 94.0%
1.8%
n.a.
—% - 99.1%
25.4%
Personal loans(H)
79,113 
8.9% - 11.5%
9.8%
—% - —%
—%
—% - —%
—%
n.a.
—% - —%
—%
Other(I)
4,658 
6.2% - 12.0%
7.6%
4.6% - 73.2%
26.1%
1.0% - 62.8%
9.6%
n.a.
88.0% - 92.0%
90.0%
Total / Weighted average(F)
$404,337 6.5%18.0%1.9%
December 31, 2024
Fair Value
Discount Rate(A) (%)
CPR(B) (%)
CDR(C) (%)
Servicing Rate(D) (%)
Loss Severity (E) (%)
Marketable securities:
Residual interest securities$34,506 
14.5% - 24.0%
19.7%
15.2% - 20.1%
17.7%
1.5% - 1.7%
1.6%
n.an.a
Servicing assets:
HELOC loans$86,465 
13.0% - 13.0%
13.0%
1.0% - 33.0%
14.4%
—% - 4.4%
0.7%
0.2%n.a
Mortgage loans2,032 
10.0% - 11.0%
10.8%
3.9% - 8.2%
5.7%
—% - 1.0%
0.2%
—%n.a
Total / Weighted average(F)
$88,497 12.9%14.2%0.7%0.2%
Loans held for sale:
HELOC loans(G)
$366,154 
6.4% - 10.1%
7.6%
1.3% - 32.4%
13.6%
1.5% - 1.7%
1.6%
n.a
16.6% - 44.2%
32.4%
Other(I)
3,829 
5.1% - 8.7%
6.9%
17.9% - 99.7%
25.6%
0.4% - 10.2%
7.7%
n.a
88.0% - 92.0%
90.0%
Total / Weighted average(F)
$369,983 7.6%13.7%1.7%

(A)    Significant increases (decreases) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement.
(B)    Significant increases (decreases) in the CPR, in isolation, would result in a significantly lower (higher) fair value measurement.
(C)    Significant increases (decreases) in the CDR, in isolation, would result in a significantly lower (higher) fair value measurement.
(D)    Significant increases (decreases) in the servicing rate in excess of servicing costs, in isolation, would result in a significantly higher (lower) fair value measurement. Values represent the weighted average total mortgage servicing amount, net of subservicing costs.
(E)    Significant increases (decreases) in the severity, in isolation, would result in a significantly lower (higher) fair value measurement.
(F)    Unobservable inputs were weighted by respective fair value of each class.
(G)    HELOC loans are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a residential mortgage cash flow model.
(H)    Personal loans are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a loan cash flow model.
(I)    Personal unsecured loans included in “Other” are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a loan cash flow model. The Company uses an estimated recovery from collections and recent sales to fair value personal loans that are 30 days past due; the fair value of such loans at December 31, 2025 and 2024 were not material.
Significant Valuation Input Sensitivity
The following tables summarize the estimated change in fair value of assets carried at fair value and classified within Level 3 of the fair value hierarchy for the unobservable inputs in “—Significant Valuation Inputs” at December 31, 2025. Each of the following sensitivity analyses is hypothetical and is provided for illustrative purposes only. There are certain limitations inherent in the sensitivity analyses presented. In particular, the results are calculated by stressing a particular economic assumption independent of changes in any other assumption; in practice, changes in one factor may result in changes in another, which might counteract or amplify the sensitivities. Also, changes in the fair value based on the following variations in an assumption generally may not be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear.
-2%-1%+1%+2%
$%$%$%$%
Discount rate:
Marketable securities:
Residual interest securities$1,408 7.7 %$659 3.6 %$(653)(3.6)%$(1,275)(7.0)%
Servicing assets:
HELOC loans6,793 6.3 3,289 3.0 (3,105)(2.9)(6,025)(5.6)
Mortgage loans(187)(10.1)(90)(4.8)82 4.4 158 8.5 
Loans held for sale:
HELOC loans16,724 3.7 12,418 2.7 (15,234)(3.3)(30,126)(6.6)
Personal loans15 1.1 7 0.5 (7)(0.5)(14)(1.0)
-20%-10%+10%+20%
$%$%$%$%
CPR:
Marketable securities:
Residual interest securities$2,970 16.4 %$1,407 7.8 %$(1,269)(7.0)%$(2,814)(15.6)%
Servicing assets:
HELOC loans6,815 6.3 3,299 3.1 (3,094)(2.9)(6,004)(5.6)
Mortgage loans(98)(5.3)(48)(2.6)46 2.5 90 4.9 
Loans held for sale:
HELOC loans1,068 0.2 570 0.1 (813)(0.2)(1,636)(0.4)
Personal loans— — — — — — — — 
CDR:
Marketable securities:
Residual interest securities723 4.0 347 1.9 (388)(2.2)(743)(4.1)
Servicing assets:
HELOC loans— — — — — — — — 
Loans held for sale:
HELOC loans1,655 0.4 816 0.2 (930)(0.2)(1,820)(0.4)
Personal loans— — — — — — — — 
Servicing rate:
Servicing Assets
HELOC loans9,022 8.3 4,511 4.2 (4,511)(4.2)(9,022)(8.3)
Marketable Securities
The following table summarizes activities involving the Company’s marketable securities that are measured at fair value and classified within Level 3 of the fair value hierarchy for the years ended December 31, 2025 and 2024:
Balance at December 31, 2023$11,952 
Purchases(A)
24,440 
Sales(872)
Principal payments(2,184)
Change in fair value(B)
1,170 
Balance at December 31, 2024$34,506 
Purchases(A)
15,968 
Sales— 
Principal payments(11,582)
Change in fair value(B)
1,274 
Balance at December 31, 2025$40,166 
(A)    Includes premiums paid on the purchased notes.
(B)    Included in “Gain on sale of loans, net” in the Consolidated Statements of Operations.
Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
The following table summarizes information about the liabilities that are not measured at fair value on a recurring basis at December 31, 2025 and 2024:
December 31, 2025
Carrying ValueFair Value
Level 1Level 2Level 3Total
Liabilities:
Financed retained interests(A)
$231,633 $— $233,684 $39,467 $273,151 
Total liabilities $231,633 $— $233,684 $39,467 $273,151 
December 31, 2024
Carrying ValueFair Value
Level 1Level 2Level 3Total
Liabilities:
Financed retained interests(A)
$128,101 $— $127,327 $— $127,327 
Total liabilities $128,101 $— $127,327 $— $127,327 
(A)    Financed retained interests classified as Level 2 in the fair value hierarchy were valued with a discounted cash flow model using collateral contractual terms and discount rates of similar instruments that include default and prepayment expectations as observable inputs.
Debt not carried at fair value, including financed retained interests, is presented at the face amount, net of debt issuance costs that are amortized over the contractual term using the effective interest method. The carrying value of debt associated with the warehouse facilities and servicing rights financing approximates the fair value due to their relatively short maturities.
Assets Measured at Fair Value on a Non-recurring Basis
Digital Assets
The Company held HASH at cost, net of impairment, totaling $11.7 million and $1.5 million at December 31, 2025 and 2024, respectively, as intangible assets presented within “Digital assets” in the Consolidated Balance Sheets. In connection with a valuation that management performed with the assistance of a third-party specialist during the Reorganization, the Company determined an impairment indicator existed for the HASH it held. Therefore, the Company recognized an impairment charge of $5.9 million, equal to the difference between the fair value and cost basis of HASH, in “Other (expense) income, net” in the Consolidated Statements of Operations during the year ended December 31, 2024. There were no impairment charges during the year ended December 31, 2025 or 2023