v3.25.4
LOANS (Tables)
12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loans Held for Sale and Other Receivables
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.
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 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.
Schedule of Loans Held for Sale
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.