v3.26.1
LOANS
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
LOANS LOANS
The Company records loans at fair value, see “Note 12—Fair Value Measurements” for additional information regarding the valuation of loans.
The following table summarizes loans held by the Company at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
UPBFair ValueUPBFair Value
Loans held for sale:
HELOC loans(A)
$520,124 $537,159 $312,401 $320,566 
Personal loans(B)
52,057 51,820 79,350 79,113 
Other(C)
8,390 8,421 4,724 4,658 
Total loans held for sale$580,571 $597,400 $396,475 $404,337 
(A)    The total carrying value of HELOC loans includes $108.5 million and $21.7 million of collateralized HELOCs under repurchase agreements at June 30, 2026 and December 31, 2025, respectively, which are not for sale while collateralized. See “Note 6—Debt” and “Note 12—Fair Value Measurements” for additional information regarding funding debt outstanding and valuation of the Company’s loans at fair value, respectively.
(B)    Loans collateralized by digital assets.
(C)    Primarily contains residential transition loans, other mortgage loans, legacy mortgages and other unsecured loans.
Loans are generally placed on nonaccrual 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 nonaccrual loans. The Company placed loans held for sale with an aggregate unpaid principal balance (UPB) of $14.1 million and $2.4 million and fair value of $14.6 million and $1.6 million on nonaccrual status at June 30, 2026 and December 31, 2025, respectively.
The Company did not hold any loans for investment at June 30, 2026 or December 31, 2025.
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 June 30, 2026 and December 31, 2025.
June 30, 2026December 31, 2025
Payment StatusUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Loans held for sale:
Current$551,226 $568,841 $17,615 $374,842 $383,602 $8,760 
30 to 59 days5,001 4,861 (140)2,308 2,229 (79)
60 to 89 days4,267 4,116 (151)4,193 4,030 (163)
90 days or more19,543 19,028 (515)14,387 13,717 (670)
Forbearance534 554 20 745 759 14 
Total loans held for sale$580,571 $597,400 $16,829 $396,475 $404,337 $7,862 
The following table summarizes the Company’s loan activity for the six months ended June 30, 2025 and 2026:
Loans Held for Sale
Balance at December 31, 2024$395,922 
Purchases1,302,388 
Originations1,488,206 
Sales, net of repurchases(2,639,933)
Principal payments(209,521)
Change in fair value(A)
(1,494)
Loans not yet repurchased(1,939)
Balance at June 30, 2025$333,629 
Balance at December 31, 2025$404,337 
Purchases2,432,718 
Originations2,690,665 
Sales, net of repurchases(4,547,412)
Principal payments(395,192)
Change in fair value(A)
10,848 
Loans not yet repurchased1,436 
Balance at June 30, 2026$597,400 
(A)    Change in fair value of loans are reflected in “Gain on sale of loans, net” in the Condensed Consolidated Statements of Operations.
The top five loan originators for the six months ended June 30, 2026 and 2025 originated $2.9 billion and $1.4 billion unpaid principal balance of loans, or 40.2% and 42.8% of loan origination volume.
The top five loan originators represented 19.3% and 22.5% of total net revenue for the six months ended June 30, 2026 and 2025, respectively.
The top five loan purchasers for the six months ended June 30, 2026 and 2025 purchased $4.1 billion and $1.5 billion unpaid principal balance of loans, or 54.4% and 45.8%, of total unpaid principal balance of loans sold by the Company, excluding zero and $574.7 million unpaid principal balance contributed and securitized by the Company, whose “Gain on sale of loans, net” revenue represent 27.0% and 23.4% of total net revenue, respectively.