BETTER HOME & FINANCE HOLDING CO, 10-Q filed on 5/11/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
May 01, 2026
Document Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-40143  
Entity Registrant Name Better Home & Finance Holding Company  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 93-3029990  
Entity Address, Address Line One 285 Fulton Street  
Entity Address, Address Line Two 80th Floor  
Entity Address, Address Line Three Suite A  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10007  
City Area Code 415  
Local Phone Number 522-8837  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Central Index Key 0001835856  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Common Class A    
Document Entity Information    
Title of 12(b) Security Class A common stock, par value $0.0001 per share  
Trading Symbol BETR  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   13,086,244
Warrants    
Document Entity Information    
Title of 12(b) Security Warrants exercisable for one share of Class A common stock at an exercise price of $575.00  
Trading Symbol BETRW  
Security Exchange Name NASDAQ  
Common Class B    
Document Entity Information    
Entity Common Stock, Shares Outstanding   4,346,034
Common Class C    
Document Entity Information    
Entity Common Stock, Shares Outstanding   1,437,545
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 64,265 $ 79,357
Restricted cash 9,412 8,926
Mortgage loans held for sale, at fair value 563,036 466,681
Other receivables, net 16,144 10,716
Property and equipment, net 1,944 1,815
Right-of-use assets 4,460 4,678
Internal use software and other intangible assets, net 17,968 17,349
Goodwill 10,995 10,995
Derivative assets 6,017 4,210
Prepaid expenses and other assets 33,300 27,143
Total Assets 1,568,795 1,505,434
Liabilities    
Warehouse lines of credit 507,581 411,862
Senior notes 198,802 198,802
Accounts payable and accrued expenses (includes payables to related parties of $0 and $200) 60,447 58,993
Escrow payable and other customer accounts 664 172
Derivative liabilities 329 804
Warrant and equity related liabilities, at fair value 3,240 1,476
Lease liabilities 4,383 4,629
Other liabilities 6,075 6,533
Total Liabilities 1,560,242 1,468,251
Commitments and contingencies (see Note 12)
Stockholders’ Equity    
Common stock $0.0001 par value; 66,000,000 shares authorized and 16,691,934 and 15,996,907 shares issued and outstanding 2 2
Additional paid-in capital 2,153,072 2,109,762
Accumulated deficit (2,146,549) (2,076,238)
Accumulated other comprehensive gain 2,028 3,657
Total Stockholders’ Equity 8,553 37,183
Total Liabilities and Stockholders’ Equity 1,568,795 1,505,434
Held-for-Sale    
Assets    
Assets held for sale and discontinued operations 6,258 8,687
Liabilities    
Liabilities held for sale and discontinued operations 6,079 4,802
Discontinued Operations    
Assets    
Assets held for sale and discontinued operations 834,996 864,877
Liabilities    
Liabilities held for sale and discontinued operations $ 772,642 $ 780,178
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Liabilities and Stockholders’ Equity    
Accounts payable and accrued expenses $ 60,447 $ 58,993
Stockholders’ Equity    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 66,000,000 66,000,000
Common stock, issued (in shares) 16,691,934 15,996,907
Common stock, outstanding (in shares) 16,691,934 15,996,907
Related Party    
Liabilities and Stockholders’ Equity    
Accounts payable and accrued expenses $ 0 $ 200
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Gain on loans, net $ 44,801 $ 24,576
Other revenue 1,142 3,650
Net interest income    
Interest income 7,284 7,595
Interest expense (5,730) (4,493)
Net interest income 1,554 3,102
Total net revenues 47,497 31,328
Expenses:    
Compensation and benefits 55,736 43,892
General and administrative 8,948 10,777
Technology 8,361 6,649
Marketing and advertising 9,217 8,679
Loan origination expense 7,733 2,503
Depreciation and amortization 2,997 3,773
Other expenses 5,421 882
Total expenses 98,413 77,155
Loss before income tax expense (50,916) (45,827)
Income tax (benefit) expense (1,566) 145
Net loss continuing operations (49,350) (45,972)
Net loss discontinued operations (20,961) (4,585)
Net loss $ (70,311) $ (50,557)
Loss per share attributable to common stockholders, basic and diluted:    
Net loss from continuing operations, basic (in dollars per share) $ (3.01) $ (3.03)
Net loss from continuing operations, diluted (in dollars per share) (3.01) (3.03)
Net loss from discontinued operations, basic (in dollars per share) (1.28) (0.30)
Net loss from discontinued operations, diluted (in dollars per share) (1.28) (0.30)
Net loss, basic (in dollars per share) (4.29) (3.33)
Net loss, diluted (in dollars per share) $ (4.29) $ (3.33)
Weighted average common shares outstanding - basic (in shares) 16,410,119 15,166,729
Weighted average common shares outstanding - diluted (in shares) 16,410,119 15,166,729
Other comprehensive income/(loss):    
Foreign currency translation adjustment, net of tax $ (1,629) $ 2,223
Comprehensive loss $ (71,940) $ (48,334)
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Common Stock
Notes Receivables from Stockholders
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income/(Loss)
Beginning balance (in shares) at Dec. 31, 2024   15,168,795        
Beginning balance at Dec. 31, 2024 $ (58,170) $ 2 $ (9,158) $ 1,863,288 $ (1,910,366) $ (1,936)
Increase (Decrease) in Stockholders' Equity            
Stock-based compensation 4,443     4,443    
Tax withholding upon vesting of restricted stock units (in shares)   (9,679)        
Tax withholding upon vesting of restricted stock units (87)     (87)    
Shares issued for vested restricted stock units (in shares)   28,919        
Vesting of common stock issued via notes receivable from stockholders 3   (2) 5    
Net loss (50,557)       (50,557)  
Other comprehensive income (loss) — foreign currency translation adjustment, net of tax 2,223         2,223
Ending balance (in shares) at Mar. 31, 2025   15,188,035        
Ending balance at Mar. 31, 2025 $ (102,145) $ 2 $ (9,160) 1,867,649 (1,960,923) 287
Beginning balance (in shares) at Dec. 31, 2025 15,996,907 15,996,907        
Beginning balance at Dec. 31, 2025 $ 37,183 $ 2   2,109,762 (2,076,238) 3,657
Increase (Decrease) in Stockholders' Equity            
Issuance of common stock under ATM program (in shares)   328,030        
Issuance of common stock under ATM program 11,686     11,686    
Exercise of Warrants (in shares)   211,312        
Exercise of Warrants 10,170     10,170    
Stock-based compensation 24,819     24,819    
Tax withholding upon vesting of restricted stock units (in shares)   (116,928)        
Tax withholding upon vesting of restricted stock units (3,365)     (3,365)    
Shares issued for vested restricted stock units (in shares)   294,009        
Cancellation of common stock (in shares)   (21,396)        
Net loss (70,311)       (70,311)  
Other comprehensive income (loss) — foreign currency translation adjustment, net of tax $ (1,629)         (1,629)
Ending balance (in shares) at Mar. 31, 2026 16,691,934 16,691,934        
Ending balance at Mar. 31, 2026 $ 8,553 $ 2   $ 2,153,072 $ (2,146,549) $ 2,028
v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net loss $ (70,311) $ (50,557)
Net loss discontinued operations (20,961) (4,585)
Net loss from continuing operations (49,350) (45,972)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation of property and equipment 244 409
Impairment charges, net (87) 139
Amortization of internal use software and other intangible assets 2,753 3,364
Gain on sale of loans, net (44,064) (21,278)
Non-cash interest and amortization of debt issuance costs and discounts 0 1,700
Change in fair value of warrants and equity related liabilities 6,202 (228)
Stock-based compensation 23,795 4,033
Provision (Recovery) of loan repurchase reserve 638 (2,127)
Provision for credit losses 584 (88)
Change in fair value of derivatives (2,282) (1,061)
Change in fair value of mortgage loans held for sale (4,905) (5,343)
Gain on disposal of assets held for sale (1,000) 0
Change in operating lease of right-of-use assets 217 (4,171)
Originations of mortgage loans held for sale (1,616,945) (875,348)
Proceeds from sale of mortgage loans held for sale 1,568,508 887,694
Change in operating assets and liabilities:    
Other receivables, net (5,418) 313
Prepaid expenses and other assets (6,161) (735)
Operating lease liabilities (246) 3,432
Accounts payable and accrued expenses (1,973) 8,389
Escrow payable and other customer accounts 2,198 662
Other liabilities 2,497 (59)
Net cash used in operating activities-continuing operations (124,795) (46,275)
Net cash used in operating activities-discontinued operations (381) (10,912)
Net cash used in operating activities (125,176) (57,187)
Cash Flows from Investing Activities:    
Purchase of property and equipment (378) (202)
Proceeds of sale of assets held for sale 2,371 0
Capitalization of internal use software (2,348) (2,339)
Net cash used in investing activities-continuing operations (355) (2,541)
Net cash used in investing activities-discontinued operations (11,238) (156,302)
Net cash used in investing activities (11,593) (158,843)
Cash Flows from Financing Activities:    
Net borrowings (repayments) on warehouse lines of credit 95,719 (8,114)
Proceeds from issuance of common stock under at-the-market offering 11,686 0
Proceeds from issuance of stock options 0 2
Proceeds from exercise of warrants 5,732 0
Net investment in discontinued operations 0 (45,248)
Net cash provided by/(used in) financing activities-continuing operations 113,137 (53,360)
Net cash (used in)/provided by financing activities-discontinued operations (7,900) 172,181
Net cash provided by financing activities 105,237 118,821
Effects of currency translation on cash, cash equivalents, and restricted cash (803) 598
Net decrease in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale (12,816) (101,578)
Less: net change in cash, cash equivalents and restricted cash classified within assets held for sale 1,790 289
Cash, cash equivalents, and restricted cash—Beginning of period 88,283 218,043
Cash, cash equivalents, and restricted cash—End of period 73,677 116,754
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash and cash equivalents, end of period 64,265 95,112
Restricted cash, end of period 9,412 21,642
Total cash, cash equivalents and restricted cash, end of period 73,677 116,754
Supplemental Disclosure of Cash Flow Information:    
Interest paid on continuing operations 5,730 2,793
Interest paid on discontinued operations 4,911 131
Income taxes paid/(refunded) 128 (680)
Non-Cash Investing and Financing Activities:    
Capitalization of stock-based compensation related to internal use software 1,024 410
Vesting of common stock issued via notes receivable from stockholders 0 2
Tax withholding upon vesting of restricted stock units $ 3,365 $ 87
v3.26.1
Organization and Nature of the Business
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Nature of the Business
1. Organization and Nature of the Business
Better Home & Finance Holding Company together with its subsidiaries (collectively, the “Company”), provides a comprehensive set of homeownership offerings in the United States and operates a banking platform in the United Kingdom. The Company’s offerings include mortgage loans, real estate agent services, title and homeowner’s insurance, and other homeownership offerings. The Company leverages Tinman, its proprietary technology platform, to optimize the mortgage process from the initial application, to the integration of a suite of additional homeownership offerings, to the sale of loans to a network of loan purchasers.
Mortgage loans originated within the United States are through the Company’s wholly-owned subsidiary Better Mortgage Corporation (“BMC”). BMC is an approved Title II Single Family Program Lender with the Department of Housing and Urban Development’s (“HUD”) Federal Housing Administration (“FHA”), and is an approved seller and servicer with the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FMCC”). The Company conducts banking operations in the United Kingdom through Birmingham Bank, a regulated U.K. banking entity acquired in 2023. In the fourth quarter of 2024, the Company decided to dispose of certain operating units in the U.K. In addition, in the fourth quarter of 2025, the Company approved a plan to sell its Birmingham Bank business. As of the first quarter of 2026, the Birmingham Bank business has been classified as held for sale and its results are presented as discontinued operations. See Note 3 for further details.
Unless otherwise indicated, references to “Better,” “Better Home & Finance,” the “Company,” “we,” “us,” “our” and other similar terms refer to (i) Pre-Business Combination Better and its consolidated subsidiaries prior to the Closing and (ii) Better Home & Finance and its consolidated subsidiaries following the Closing.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies
Basis of Presentation—The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
In the opinion of management of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position and its results of operations, changes in stockholders’ equity and cash flows. The results of operations and other information for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2025.
Consolidation—The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates—The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant items subject to such estimates and assumptions include the fair value of mortgage loans held for sale, the fair value of derivative assets and liabilities, which includes interest rate lock commitments and forward sale commitments, the determination of a valuation allowance on the Company’s deferred tax assets, capitalization of internally developed software and its associated useful life, the fair value of acquired intangible assets and goodwill, the provision for loan repurchase reserves, the allowance for credit losses, and the fair value of warrant and equity related liabilities.
Short-term investments—Short term investments consist of fixed income securities, typically U.S. and U.K. government treasury securities and U.S. and U.K. government agency securities with maturities ranging from 91 days to one year. Management determines the appropriate classification of short-term investments at the time of purchase. Short-term investments reported as held-to-maturity are those investments that the Company has both the positive intent and ability to hold to maturity and are stated at amortized cost on the condensed consolidated balance sheets. All of the Company’s short term investments are classified as held to maturity. The Company has not recognized any impairments on these investments to date and any unrealized gains or losses on these investments are immaterial. The U.S. and U.K. government treasury securities and U.S. and U.K. government agency securities are issued by U.S. and U.K. government
entities and agencies. These securities are either explicitly or implicitly guaranteed by the respective governments as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of no credit losses. Therefore, credit losses for these securities were immaterial as the Company does not currently expect any material credit losses on these short-term investments. As of March 31, 2026 and December 31, 2025, short-term investments have been classified within assets of discontinued operations on the condensed consolidated balance sheets as they relate to the Birmingham Bank disposal group. See Note 8 for additional information.
Mortgage Loans Held for Sale, at Fair Value—The Company originates mortgage loans, including home equity line of credit and closed-end second lien loans (“HELOCs”), for sale into the secondary market. The Company has elected the fair value option under ASC 825 for all mortgage loans held for sale (“LHFS”), with changes in fair value recorded within gain on loans, net in the condensed consolidated statements of operations and comprehensive loss.
The fair value of LHFS is generally based on observable market prices and investor commitments for loans with similar characteristics. Changes in fair value are primarily driven by changes in market interest rates, loan pricing, and sale execution assumptions.
The Company generally sells loans servicing released shortly after origination. Gains and losses on loan sales are recognized upon transfer of control of the loans to the purchaser in accordance with ASC 860. The Company may retain interim servicing responsibilities through third-party sub-servicers for certain loans prior to transfer.
Loan Repurchase Reserve—In connection with the sale of mortgage loans into the secondary market, the Company makes customary representations and warranties regarding the characteristics of the loans sold, including compliance with underwriting standards and applicable laws and regulations. In the event of a breach of these representations and warranties, the Company may be required to repurchase affected loans or indemnify investors for incurred losses.
The Company maintains a loan repurchase reserve for estimated losses associated with these obligations. The reserve is based on historical repurchase and loss experience, current defect trends, the expected severity of losses, and management’s estimate of future repurchase activity. Provisions for changes in the reserve are recorded within gain on loans, net in the condensed consolidated statements of operations and comprehensive loss, while the reserve liability is included within other liabilities on the condensed consolidated balance sheets.
The Company also may be required to refund a portion of premiums received from loan purchasers in the event of early loan payoffs, which is included in the estimate of the loan repurchase reserve, when applicable. See Note 13 for further analysis.
Loans Held for Investment—The Company originates, primarily through its U.K. operations, loans held for investment, for which management has the intent and ability to cause the Company to hold for the foreseeable future or until maturity or payoff and are reported at amortized cost, which is the principal amount outstanding, net of cumulative charge-offs, unamortized net deferred loan origination fees and costs and unamortized premiums or discounts on purchased loans.
The allowance for credit losses is a valuation account that is deducted from the loans held for investment amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the loan balance is deemed to be uncollectible. Management estimates the expected credit losses over the life of the loan. Management’s estimation utilizes a probability of default /loss given default (“PD/LGD”) methodology. Under this approach, expected credit losses are calculated as the product of probability of default, loss given default, and exposure at default for each loan. Management estimates expected credit losses on a collective basis for loans that share similar risk characteristics, which primarily consist of property buy-to-let loans originated through its U.K. banking operations. See Note 6 for additional details.
As of March 31, 2026 and December 31, 2025, loans held for investment have been classified within assets of discontinued operations on the condensed consolidated balance sheets as they relate to the Birmingham Bank disposal group. Accordingly, these balances are no longer presented separately on the face of the balance sheet. See Note 3 for additional information.
Derivatives and Hedging Activities—The Company uses derivative instruments to manage interest rate risk associated with mortgage loan commitments, mortgage loans held for sale, and loans held for investment. Derivative instruments primarily include interest rate lock commitments (“IRLCs”), forward sale commitments, and interest rate
swaps, , and warrant liabilities. Warrant liabilities include Public Warrants, Private Warrants, Sponsor Locked-up Shares, and other liability-classified warrants, which are recorded at fair value with changes in fair value recognized in earnings..
The Company presents certain derivative assets and liabilities on a net basis on the condensed consolidated balance sheets when a legally enforceable master netting arrangement exists and the criteria for offsetting are met. Certain counterparty agreements related to forward sale commitments and interest rate swaps contain master netting agreements that provide the Company with the legal right to offset amounts due to and from the same counterparty under certain conditions. Certain derivative instruments are subject to margining arrangements pursuant to counterparty agreements, whereby collateral may be required to be posted or received based on changes in the fair value of the underlying derivative instruments. As of March 31, 2026 and December 31, 2025, the Company did not have material collateral posted or received related to derivative instruments.
IRLCs represent commitments to originate mortgage loans at specified interest rates to borrowers who have applied for a loan and meet certain credit and underwriting criteria. The Company enters into forward sale commitments to sell mortgage loans held for sale or loans in the pipeline. IRLCs and forward sale commitments are not designated as hedging instruments for accounting purposes and are recognized as derivative assets or liabilities at fair value on the condensed consolidated balance sheets, with changes in fair value recorded in gain on loans, net within the condensed consolidated statements of operations and comprehensive loss. The fair value of IRLCs is based on the value of the underlying mortgage loan, quoted MBS prices, estimated mortgage servicing rights values, and estimated loan funding probabilities (“pull-through rates”).
The Company also utilizes pay-fixed, receive-floating interest rate swaps designated as fair value hedges to manage exposure to changes in the fair value of loans held for investment attributable to changes in interest rates. Changes in the fair value of the derivative instruments and the hedged items attributable to the hedged risk are recognized in earnings. The Company assesses hedge effectiveness on a quarterly basis.
The Company does not utilize any other derivative instruments to manage risk.
Fair Value Measurements—Assets and liabilities measured at fair value on a recurring basis are categorized within a three-level hierarchy based on the observability of inputs used in the valuation techniques:
Level 1—Unadjusted quoted market prices in active markets for identical assets or liabilities;
Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Assets and liabilities measured at fair value on a recurring basis primarily include mortgage loans held for sale, derivative assets and liabilities, including interest rate lock commitments (“IRLCs”), forward sale commitments, interest rate swaps, and warrant and equity related liabilities.
The Company determines fair value using quoted market prices where available and otherwise utilizes valuation models incorporating observable market inputs, including market interest rates, loan pricing assumptions, and secondary market investor pricing. Certain instruments, including IRLCs, require the use of unobservable inputs, primarily estimated pull-through rates, and are therefore classified within Level 3 of the fair value hierarchy.
See Note 15 for additional information regarding fair value measurements.
Assets and Liabilities Held for Sale and Discontinued Operations—Assets and liabilities to be disposed of by sale are reclassified into assets held for sale and liabilities held for sale on the condensed consolidated balance sheets. The Company presents the assets and liabilities of a disposal group as held for sale upon meeting all of the following criteria:
•Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group).
•The asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups).
•An active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated.
•The sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year.
•The asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
•Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
The determination as to whether the sale of the disposal group is probable may include significant judgments from management related to the estimated timing of the closing of a future sales transaction. Assets held for sale are measured at the lower of their carrying amount or fair value less cost to sell and are not depreciated or amortized. Disposal groups that represent a strategic shift and have a major effect on the Company’s operations and financial results are reported as discontinued operations. See Note 3 for further detail on assets and liabilities held for sale and discontinued operations.
Warehouse Lines of Credit—Warehouse lines of credit represent the outstanding balance of the Company’s warehouse borrowings collateralized by mortgage loans held for sale or related borrowings collateralized by restricted cash. Generally, warehouse lines of credit are used as interim, short-term financing which bears interest at a fixed margin over an index rate, such as the Secured Overnight Financing Rate (“SOFR”). The outstanding balance of the Company’s warehouse lines of credit will fluctuate based on its lending volume. The advances received under the warehouse lines of credit are based upon a percentage of the fair value or par value of the mortgage loans collateralizing the advance, depending upon the type of mortgage loan. Should the fair value of the pledged mortgage loans decline, the warehouse provider may require the Company to provide additional cash collateral or mortgage loans to maintain the required collateral level under the relevant warehouse line. The Company did not incur any significant issuance costs related to its warehouse lines of credit.
Senior Notes—Upon initial issuance, the Senior Notes are evaluated for redemption and conversion features that could result in embedded derivatives that require bifurcation from the notes. Upon initial issuance, any embedded derivatives are measured at fair value. The notes proceeds are allocated between the carrying value of the note and the fair value of embedded derivatives on the initial issuance date. Any portion of proceeds allocated to embedded derivatives are treated as reductions in, or discounts to, the carrying value of the Senior Notes on the issuance date. Embedded derivatives are adjusted to fair value at each reporting period, with the change in fair value included within interest expense on the condensed consolidated statements of operations and comprehensive loss. See Note 10 for further details on the Senior Notes.
Debt Modifications and Extinguishments—When the Company modifies or extinguishes debt, it first evaluates whether the modification qualifies as a troubled debt restructuring (“TDR”) and evaluates whether (1) the borrower is experiencing financial difficulty, and (2) the lender grants the borrower a concession. Concessions may include modifications to the terms of the debt, such as reducing the interest rate, extending the repayment period, or forgiving a portion of the debt. If a TDR is determined not to have occurred, the Company evaluates whether the modification is considered a substantial modification. A substantial modification of terms is accounted for like an extinguishment.
Income Taxes—Income taxes are calculated by applying an estimated annual effective tax rate to year-to-date income (loss). At the end of each interim period, the estimated effective tax rate expected to be applicable for the full year is calculated. This method differs from that described in the Company’s income taxes policy footnote in the audited consolidated financial statements and related notes thereto for the year ended December 31, 2025, which describes the Company’s annual significant income tax accounting policy and related methodology.
Segments—The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment. Accordingly, the CODM evaluates performance and allocates resources based on consolidated net income (loss) from operations as presented in the consolidated statements of operations and comprehensive loss. The CODM uses consolidated net income (loss) to assess overall operating performance, evaluate budget-to-actual results, monitor profitability trends, and determine resource allocation priorities, including investments in personnel, technology, marketing, and strategic initiatives. The CODM also reviews functional expense information to manage the Company’s operations. Other items included in net income (loss) are
net interest income, depreciation and amortization, and income tax expense (benefit), which are reflected in the consolidated statements of operations and comprehensive loss. The Company operates as a single operating and reportable segment; as such, all assets and operating expenses presented in the accompanying condensed consolidated financial statements are attributable solely to that segment and represent the entirety of the Company’s assets and operating expenses.
Recently Issued Accounting Standards Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“Codification”). The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the Securities and Exchange Commission’s (the “SEC”) existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. ASU 2023-06 will become effective for each amendment on the effective date of the SEC's corresponding disclosure rule changes. As of March 31, 2026, the Company does not expect ASU 2023-06 will have any impact on the consolidated financial statements.
In November 2024, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, and in January 2025, ASU 2025-01, Income Statement - Comprehensive Income - Expense Disaggregation Disclosures (subtopic 220-40), which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The ASUs are effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). The ASU replaces the existing stage-based model for capitalizing internal-use software development costs with a principles-based model that begins capitalization when management authorizes and commits to fund a project and it is probable the project will be completed and the software placed into service. The guidance also incorporates website development costs into the internal-use software framework and requires enhanced disclosures related to capitalized costs and amortization. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
In November 2025, the FASB issued ASU 2025-08, Financial Instruments — Credit Losses (Topic 326): Purchased Loans. The ASU expands the use of the gross up method to certain acquired loans beyond purchased financial assets with credit deterioration. The ASU applies the gross-up method to acquired non-PCD assets that are purchased seasoned loans ultimately eliminating the Day 1 credit loss expense and reducing interest income recognized in subsequent periods. ASU 2025-08 is effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"). This ASU improves the navigability of interim disclosure requirements, provides additional guidance on the disclosures required in interim reporting periods, and introduces a principle requiring entities to disclose events occurring since the end of the most recent annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements ("ASU 2025-12"). ASU 2025-12 addresses suggestions received from stakeholders regarding the ASC and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for annual and
interim periods beginning after December 15, 2026, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
v3.26.1
Assets and Liabilities Held for Sale and Discontinued Operations
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Assets and Liabilities Held for Sale and Discontinued Operations
3. Assets and Liabilities Held for Sale and Discontinued Operations
During the fourth quarter of 2024, management enacted a plan to sell several entities in the U.K. and were classified within assets held for sale. During the first quarter of 2026, the Company completed the sale of its Better HomeOwnership Ltd subsidiary, which had previously been classified as held for sale. In connection with the transaction and pursuant to a share sale and settlement agreement executed in March 2026, the Company transferred 100% of the issued share capital of the BHO Group and settled certain related obligations. Total consideration associated with the transaction was approximately $2.3 million (£1.8 million), which reflects the net proceeds received by the Company after consideration of amounts settled on behalf of third parties and other transaction-related adjustments. As a result of this transaction, the Company recognized a gain on the disposal of approximately $1.0 million, which is included within other expense in the condensed consolidated statements of operations and comprehensive loss.
As of the first quarter of 2026, one of these disposal groups remains unsold and is classified as held for sale. The remaining disposal group is being actively marketed, is available for immediate sale in its present condition, and management continues to expect that the sale will be completed within 12 months. Management has evaluated the criteria under ASC 360 and concluded that the held-for-sale classification remains appropriate as of March 31, 2026. For the three months ended March 31, 2026, the Company recorded an immaterial write up of the remaining U.K. entity classified as held for sale to fair value, less cost to sell, which is included in other expenses on the condensed consolidated statements of operations and comprehensive loss.
The following table represents summarized balance sheet information by major class of assets and liabilities held for sale:
(Amounts in thousands)March 31, 2026December 31, 2025
Cash and cash equivalents$574 $710 
Restricted cash5,961 4,256 
Mortgage loans held for sale, at fair value— 1,954 
Other receivables, net 677 706 
Property and equipment, net— 2 
Internal use software and other intangible assets, net991 2,357 
Goodwill— 711 
Prepaid expenses and other assets9 69 
Write down of assets to fair value less cost to sell(1,954)(2,078)
Total assets held for sale$6,258 $8,687 
Accounts payable and accrued expenses$118 $424 
Escrow payable and other customer accounts5,961 4,256 
Other liabilities— 122 
Total liabilities held for sale$6,079 $4,802 
During the fourth quarter of 2025, management approved a plan to sell its Birmingham Bank business, which represents the Company’s reportable banking segment. Although the decision to pursue a sale was made in the fourth quarter of 2025, the criteria for held-for-sale classification under ASC 360 were not met as of December 31, 2025 because a sale was not yet considered probable.
During the first quarter of 2026, the Company advanced the sale process by actively engaging with potential buyers, receiving a non-binding indicative offer, and progressing negotiations related to a potential sale transaction. Based on these developments, management concluded that the held-for-sale criteria under ASC 360 were met as of March 31, 2026, including that the sale was probable and expected to be completed within twelve months, subject to regulatory approvals
and customary closing conditions. Accordingly, the Birmingham Bank business was classified as held for sale and presented as discontinued operations for all periods presented.
The Company evaluated the held-for-sale criteria under ASC 360 and determined that such criteria were met as of the first quarter of 2026. As a result, the assets and liabilities of the Birmingham Bank disposal group have been classified as held for sale in the condensed consolidated balance sheet as of March 31, 2026. In addition, the assets and liabilities of the discontinued operation have been presented separately in the consolidated balance sheets for all periods presented. Prior-period amounts have been reclassified to conform to the current-period presentation. Such reclassification did not affect total assets, total liabilities, net loss, or shareholders’ equity.
Assets and liabilities classified as held for sale are measured at the lower of their carrying amount or estimated fair value less costs to sell. For the three months ended March 31, 2026, the Company recorded a write down of the Birmingham disposal group to fair value, less cost to sell, in the amount of $18.1 million. The estimated fair value of the Birmingham Bank disposal group is based on management’s assessment of expected proceeds from a potential sale, considering available market information and discussions with potential buyers. Costs to sell primarily include legal, advisory, and other transaction-related costs. The determination of fair value less cost to sell involves judgment and may change as additional information becomes available. In addition, the Company recorded an impairment to internal use software related to the Birmingham disposal group of $0.3 million which is included within discontinued operations on the condensed consolidated statements of operations and comprehensive loss.
The following table represents summarized balance sheet information by major class of assets and liabilities for discontinued operations:
(Amounts in thousands)March 31, 2026December 31, 2025
Cash and cash equivalents$6,392 $20,470 
Restricted cash608 7,861 
Short-Term investment103,616 103,607 
Loans held for investment (net of allowance for credit losses of $2,652 and $2,251)
728,284 723,333 
Other receivables, net 4,098 4,092 
Property and equipment, net119 129 
Internal use software and other intangible assets, net4,407 4,636 
Derivative assets4,929 — 
Prepaid expenses and other assets671 749 
Write down of assets to fair value less cost to sell(18,128)— 
Total assets of discontinued operations$834,996 $864,877 
Accounts payable and accrued expenses$17,557 $15,567 
Customer deposits755,085 762,984 
Derivative liabilities— 1,627 
Total liabilities of discontinued operations$772,642 $780,178 
The following table represents the results of operations of the Birmingham Bank business, which have been classified as discontinued operations in the condensed consolidated statements of operations and comprehensive loss for the periods presented:

Three Months Ended March 31,
(Amounts in thousands, except per share amounts)
20262025
Revenues:


Other revenue$(22)$380 
Net interest income
Interest income11,284 2,850 
Interest expense(8,606)(2,005)
Net interest income2,678 845 
Total net revenues from discontinued operations
2,656 1,225 
Expenses:
Compensation and benefits2,765 2,776 
General and administrative1,069 853 
Technology591 533 
Marketing and advertising2 8 
Depreciation and amortization286 202 
Other expenses18,904 1,438 
Total expenses from discontinued operations
23,617 5,810 
Net loss discontinued operations
$(20,961)$(4,585)
Loss per share attributable to common stockholders, basic and diluted:
Net loss from discontinued operations$(1.28)$(0.30)
Weighted average common shares outstanding — basic and diluted16,410,119 15,166,729 
The following table presents cash flows from discontinued operations included in our condensed consolidated statement of cash flows for the periods presented:
Three Months Ended March 31,
(Amounts in thousands)20262025
Net cash used in operating activities-discontinued operations$(657)$(10,912)
Net cash used in investing activities-discontinued operations(11,238)(156,302)
Net cash (used in)/provided by financing activities(7,900)172,181 
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue [Abstract]  
Revenue
4. Revenue
Revenue— Revenue presented in this note reflects continuing operations and excludes amounts related to discontinued operations (See Note 3). Revenue includes amounts recognized outside the scope of ASC 606, primarily gain on sale of loans, net, loan repurchase reserve, and interest income associated with lending and investment activities, which are accounted for under ASC 860 and other applicable financial instrument guidance. Revenue recognized within the scope of ASC 606 primarily relates to fee-based service revenues, such as broker and real estate services revenues. The Company disaggregates revenue based on the following revenue streams.
Gain on loans, net consisted of the following:
Three Months Ended March 31,
(Amounts in thousands)20262025
Gain on sale of loans, net$44,064 $21,278 
Broker revenue1,375 1,171 
Loan repurchase reserve (provision)/recovery(638)2,127 
Total gain on loans, net$44,801 $24,576 
Other revenue consisted of the following:
Three Months Ended March 31,
(Amounts in thousands)20262025
International lending revenue$47 $1,538 
Insurance services578 673 
Real estate services170 947 
Other revenue347 492 
Total other revenue$1,142 $3,650 
Net interest income consisted of the following:
Three Months Ended March 31,
(Amounts in thousands)20262025
Interest income
Mortgage interest income$6,941 $6,437 
Interest income from investments343 1,158 
Total interest income7,284 7,595 
Interest expense
Warehouse interest expense(5,730)(2,788)
Other interest expense (1)
— (1,705)
Total interest expense(5,730)(4,493)
Total net interest income$1,554 $3,102 
__________________
(1) Primarily consists of interest on Convertible Notes, see Note 10 for more details.
v3.26.1
Mortgage Loans Held for Sale and Warehouse Lines of Credit
 3 Months Ended
Mar. 31, 2026
Mortgage Loans Held For Sale And Warehouse Agreement Borrowings [Abstract]  
Mortgage Loans Held for Sale and Warehouse Lines of Credit
5. Mortgage Loans Held for Sale and Warehouse Lines of Credit
The Company has the following outstanding warehouse lines of credit:
(Amounts in thousands)MaturityFacility SizeMarch 31, 2026December 31, 2025
Funding Facility 1 (1)
March 2, 2027$150,000 $117,767 $81,423 
Funding Facility 2 (2)
January 21, 2027350,000 200,722 117,499 
Funding Facility 3 (3)
April 5, 2026250,000 189,092 212,940 
Total warehouse lines of credit$750,000 $507,581 $411,862 
__________________

(1)Interest charged under the facility is at the 30-day term SOFR plus 1.75% - 2.25%. Cash collateral deposit of $3.8 million is maintained and included in restricted cash.
(2)Interest charged under the facility is at the 30-day term SOFR plus 1.75% - 2.75%. A compensating balance of $7.0 million is maintained and included in cash and cash equivalents. This amount represents a compensating balance arrangement and is not legally restricted. Failure to maintain the required balance may limit the Company’s ability to obtain future advances under the facility. As of March 31, 2026, the Company was in compliance with this requirement.
(3)Interest charged under the facility is at the daily simple SOFR plus 1.75% - 2.50%. There is no cash collateral deposit maintained as of March 31, 2026. Subsequent to March 31, 2026 , the Company extended the maturity to April 6, 2027 and increased the total capacity to $350.0 million of which $100.0 million is committed.

The unpaid principal amounts of the Company’s LHFS are also pledged as collateral under the relevant warehouse funding facilities. The Company’s LHFS are summarized below by those pledged as collateral and those fully funded by the Company:
(Amounts in thousands)March 31, 2026December 31, 2025
Funding Facility 1$124,112 $89,483 
Funding Facility 2214,877 129,515 
Funding Facility 3205,047 226,822 
Total LHFS pledged as collateral544,036 445,820 
Company-funded LHFS6,474 6,197 
Company-funded HELOC7,621 7,308 
Total LHFS558,131 459,325 
Fair value adjustment4,905 7,356 
Total LHFS at fair value$563,036 $466,681 
For the three months ended March 31, 2026 and 2025, the Company recognized net gains of $4.9 million and $5.3 million, respectively, related to changes in the fair value of mortgage loans held for sale, which are included within gain on loans, net in the condensed consolidated statements of operations and comprehensive loss. Average days loans held for sale, other than Company-funded LHFS and Company-funded HELOC, for the three months ended March 31, 2026 and 2025, were approximately 37 days and 21 days, respectively. This is defined as the average days between funding and sale for loans funded during each period. As of March 31, 2026 and December 31, 2025, the unpaid principal balance of loans that were either 90 days past due or non-performing was $3.5 million and $2.4 million, respectively. As of March 31, 2026 and December 31, 2025, loans on non-accrual status were immaterial.
For the three months ended March 31, 2026 and 2025, the weighted average interest rate for the warehouse lines of credit was 5.43% and 6.46%, respectively. The warehouse lines of credit contain certain restrictive covenants that require the Company to maintain certain minimum net worth, liquid assets, liquidity ratios, and leverage ratios, and earnings. In addition, these warehouse lines also require the Company to maintain compensating cash balances. As of March 31, 2026 and December 31, 2025, the Company maintained $3.8 million of cash collateral deposits included in restricted cash and $7.0 million of compensating balances included in cash and cash equivalents on the accompanying consolidated balance sheets. The Company was in compliance with all financial covenants under the warehouse lines as of March 31, 2026.
v3.26.1
Loans Held for Investment
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Loans Held for Investment
6. Loans Held for Investment
The majority of the Company’s Loans Held for Investment portfolio consists of property - buy to let loans, which is the purchase of property for the purpose of renting to a tenant, which makes up 99.9% and 99.9% of the total loan portfolio as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the Company’s loans held for investment are included within assets of discontinued operations on the condensed consolidated balance sheets as they relate to the Birmingham Bank disposal group (see Note 3). Prior to classification as held for sale, the Company’s Loans
Held for Investment portfolio was summarized as follows:
(Amounts in thousands)March 31, 2026December 31, 2025
Property - Buy to Let$748,146 $736,807 
Other453 544 
Deferred fees, net(12,899)(13,713)
Fair value hedge basis adjustment(4,764)1,946 
Allowance for credit losses(2,652)(2,251)
Total Loans Held for Investment, net$728,284 $723,333 
The following table presents the activity in the allowance for credit losses related to loans held for investment:
Three Months Ended March 31,
(Amounts in thousands)20262025
Balance at beginning of period$(2,251)$(1,667)
Provision for credit losses(439)(1,282)
Effect of foreign currency exchange rate changes38 (51)
Balance at end of period$(2,652)$(3,000)
Accrued interest receivable on loans receivable totaled $1.2 million and $1.0 million, respectively, as of March 31, 2026 and December 31, 2025, which are included within assets of discontinued operations on the condensed consolidated balance sheets. The Company elected the practical expedient to exclude the applicable accrued interest receivable on loans receivable from the disclosed amortized cost basis.
The Company concluded that it has a non-accrual policy which allows for the timely reversal of accrued interest should an asset be placed on non-accrual; accordingly, there was no allowance for credit losses for accrued interest receivable on loans receivable as of March 31, 2026. When writing off uncollectible accrued interest receivables on its loans held for investment portfolio, the Company considers 90 days to be a timely manner.
Uncollectible amounts of accrued interest receivable are charged off by reversing interest income. The Company had no charge offs of uncollectible accrued interest on its outstanding loans held for investment during the three months ended March 31, 2026 and 2025.
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. As of March 31, 2026, there were ten loans with a total unpaid principal balance $2.0 million of loans held for investment past due. As of December 31, 2025, there was an immaterial amount of loans held for investment past due.
The Company considers loans for which the repayment is expected to be provided substantially through the operation or sale of collateral and the borrower is experiencing financial difficulty, or where foreclosure is probable, to be collateral dependent. As of both March 31, 2026, and December 31, 2025, there was one loan with a total unpaid balance of $2.5 million in which formal foreclosure proceedings were in process.
Loans are placed on non-accrual status and the accrual of interest is discontinued if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be in question. Loans to a customer whose financial condition has deteriorated are considered for non-accrual status whether or not the loan is 90 days or more past due. Generally, payments received on non-accrual loans are recorded as principal reductions. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. As of March 31, 2026 and December 31, 2025, there were no loans that were placed on non-accrual status.
During the three months ended March 31, 2026 and 2025, there were no modifications for loans to borrowers experiencing financial difficulty.
Loans are categorized into risk categories based on relevant information about the ability of borrowers to service their debt, including, but not limited to, current financial information, historical payment experience, credit documentation,
public information, and current economic trends. The Company analyzes loans individually by classifying the loans as to credit risk.
This analysis includes all loans with the exception of homogeneous loans, or loans that are evaluated together in pools of similar loans (i.e., home mortgage loans, home equity lines of credit, overdraft loans, express business loans, and automobile loans). This analysis is performed at least on a quarterly basis. Homogeneous loans are not risk rated and credit risk is analyzed largely on the expected maturity of the loans.
The Company utilizes maturity bands to assess the probability of credit losses within the portfolio. The three main bands are as follows: 0-20 months, 21-40 months, and over 40 months. The following table presents amortized cost for outstanding loans, by class and year of origination/renewal, as of March 31, 2026 and December 31, 2025.
The tables below present loans by credit quality indicator and vintage year. The amounts presented by year of origination exclude fair value hedge accounting basis adjustments and net deferred fees, which are presented separately above:
March 31, 2026
(Amounts in thousands)20262025202420232022PriorTotal
Property - Buy to Let
0-20 Months$— $— $— $— $— $— $— 
21-40 Months— — 222 — — — 222 
Over 40 Months24,721 594,914 114,632 758 — — 735,025 
Total$24,721 $594,914 $114,854 $758 $— $— $735,247 
Other
0-20 Months$— $— $— $— $359 $79 $438 
21-40 Months— — — 15 — — 15 
Over 40 Months— — — — — — — 
Total$— $— $— $15 $359 $79 $453 
Total$24,721 $594,914 $114,854 $773 $359 $79 $735,700 
December 31, 2025
(Amounts in thousands)20252024202320222021PriorTotal
Property - Buy to Let
0-20 Months$— $— $— $— $— $— $— 
21-40 Months— 226 — — — — 226 
Over 40 Months605,424 116,675 769 — — — 722,868 
Total$605,424 $116,901 $769 $— $— $— $723,094 
Other
0-20 Months$— $— $— $406 $125 $— $531 
21-40 Months— — 13 — — — 13 
Over 40 Months— — — — — — — 
Total$— $— $13 $406 $125 $— $544 
Total$605,424 $116,901 $782 $406 $125 $— $723,638 
v3.26.1
Goodwill and Internal Use Software and Other Intangible Assets, Net
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Internal Use Software and Other Intangible Assets, Net
7. Goodwill and Internal Use Software and Other Intangible Assets, Net
Changes in the carrying amount of goodwill, net consisted of the following:
Three Months Ended March 31,
(Amounts in thousands)20262025
Balance at beginning of period$10,995 $23,615 
Reclassification of discontinued operations goodwill to assets held for sale— (12,999)
Effect of foreign currency exchange rate changes— 379 
Balance at end of period$10,995 $10,995 
No impairment of goodwill was recognized for the three months ended March 31, 2026 and 2025. There was no cumulative impairment related to goodwill as of March 31, 2026 and 2025, as goodwill associated with the Birmingham Bank disposal group is included within assets of discontinued operations.
Internal use software and other intangible assets, net consisted of the following:
As of March 31, 2026
(Amounts in thousands, except useful lives)Weighted Average Useful Lives (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Intangible assets with finite lives
Internal use software and website development3.0$159,855 $(143,797)$16,058 
Intellectual property and other5.01,697 (1,607)90 
Total Intangible assets with finite lives, net161,552 (145,404)16,148 
Intangible assets with indefinite lives
Domain name1,820 — 1,820 
Total Internal use software and other intangible assets, net$163,372 $(145,404)$17,968 
As of December 31, 2025
(Amounts in thousands, except useful lives)Weighted Average Useful Lives (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Intangible assets with finite lives
Internal use software and website development3.0$156,482 $(141,092)$15,390 
Intellectual property and other5.01,697 (1,558)139 
Total Intangible assets with finite lives, net158,179 (142,650)15,529 
Intangible assets with indefinite lives
Domain name1,820 — 1,820 
Total Internal use software and other intangible assets, net$159,999 $(142,650)$17,349 
The December 31, 2025 amounts presented above have been reclassified to conform to the current-period presentation. Goodwill and intangible assets associated with the Birmingham Bank disposal group are not included in the tables above and are instead presented within assets of discontinued operations. See Note 3 for further details.
The Company capitalized $3.4 million and $2.7 million in internal use software and website development costs during the three months ended March 31, 2026 and 2025, respectively. Internal use software and website development costs during the three months ended March 31, 2026 and 2025, had a weighted-average amortization period of 3.0 years. Included in capitalized internal use software and website development costs are $1.0 million and $0.4 million of stock-based compensation costs for the three months ended March 31, 2026 and 2025, respectively. Amortization expense totaled $2.8 million and $3.4 million during the three months ended March 31, 2026 and 2025, respectively. For the three months
ended March 31, 2026 and 2025, impairments of $0.3 million and none, respectively, were recognized relating to intangible assets.
Amortization expense related to intangible assets as of March 31, 2026 is expected to be as follows:
(Amounts in thousands)Total
2026 (remaining)$6,801 
20276,290 
20282,944 
2029113 
Total$16,148 
v3.26.1
Prepaid Expenses and Other Assets
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Assets
8. Prepaid Expenses and Other Assets
Prepaid expenses and other assets consisted of the following:
As of March 31,As of December 31,
(Amounts in thousands)20262025
Prepaid expenses$13,759 $11,786 
Tax receivables6,638 6,242 
Security deposits8,859 8,763 
Prefunded loans in escrow4,044 352 
Total prepaid expenses and other assets$33,300 $27,143 
The December 31, 2025 amounts presented above have been reclassified to conform to the current-period presentation. Prepaid expenses and other assets associated with the Birmingham Bank disposal group are not included in the table above and are instead presented within assets of discontinued operations. See Note 3 for further details.
The prefunded loans in escrow consist of loans that were funded in the current period but closed in the subsequent period. Due to the timing of the closing of these loans, they are not mortgage loans held for sale in the current period.
v3.26.1
Customer Deposits
 3 Months Ended
Mar. 31, 2026
Deposits [Abstract]  
Customer Deposits
9. Customer Deposits
Customer Deposits—The Company offers individual savings accounts and other depository products with differing maturities and interest rates through its U.K. banking operations. As of March 31, 2026 and December 31, 2025, customer deposits are included within liabilities of discontinued operations on the condensed consolidated balance sheets as they relate to the Birmingham Bank disposal group (see Note 3). The balance of customer deposits as of March 31, 2026 and December 31, 2025 was $755.1 million and $763.0 million, respectively.
The following tables present average balances and weighted average rates paid on deposits for the periods indicated:
Three Months Ended March 31,
20262025
(Amounts in thousands)Average BalanceAverage Rate PaidAverage BalanceAverage Rate Paid
Notice$144,577 3.54 %$45,456 3.71 %
Term597,515 4.35 %160,481 4.72 %
Savings25,242 2.70 %516 1.53 %
Total deposits$767,334 3.53 %$206,453 3.32 %

The following table presents maturities of customer deposits:
(Amounts in thousands)As of March 31, 2026
Demand deposits
$163,610 
Maturing In:
2026106,570 
2027192,105 
2028152,587 
202939,421 
203099,176 
Thereafter1,616 
Total$755,085 
Interest expense on deposits is recorded in interest expense in the condensed consolidated statements of operations and comprehensive loss for the periods indicated as follows:
Three Months Ended March 31,
(Amounts in thousands)20262025
Notice$1,708 $482 
Term6,883 1,619 
Savings15 — 
Total Interest Expense$8,606 $2,101 
Deposits are for U.K. banking clients and are protected up to £120 thousand ($158.6 thousand) per eligible person by the Financial Services Compensation Scheme in the U.K. of the total customer deposits as of March 31, 2026, $193.2 million were over the applicable protected amount.
v3.26.1
Senior Notes
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Senior Notes
10. Senior Notes
Convertible Notes—As a result of the April 2025 Note Exchange (see below), all Convertible Notes were extinguished. Accordingly, there was no outstanding balance as of March 31, 2026 or December 31, 2025, and no interest expense was recognized for three months ended March 31, 2026. For the three months ended March 31, 2025, the Company recorded a total of $1.7 million of interest expense related to the Convertible Note and relates to the period prior to the exchange. Interest expense from the Convertible Notes is included in interest expense within the condensed consolidated statements of operations and comprehensive loss.
Note Exchange Agreement and Troubled Debt Restructuring—On April 12, 2025, the Company entered into a privately negotiated Exchange Agreement (the “Note Exchange Agreement”) with SB Northstar LP (the “Investor”), a related party, pursuant to which the Company and the Investor agreed to exchange (the “Exchange”) all of the $532.5
million total aggregate principal amount outstanding of the Company’s existing 1.00% Convertible Notes due 2028 (the “Existing Notes”) held by the Investor for (i) $155.0 million in aggregate principal amount of new 6.00% Senior Secured Notes due 2028 (the “Senior Notes”), and (ii) a cash payment of $110.0 million (the “Cash Payment”). The Company will not receive any cash proceeds in connection with the Exchange. The Exchange was subsequently consummated on April 28, 2025 (the “Closing Date”), upon which the Company received and cancelled all Existing Notes and the Investor forfeited any accrued and unpaid interest in respect of the Existing Notes to, but not including, the Closing Date.
Pursuant to the Note Exchange Agreement, the Company granted the Investor, conditioned on closing of the Exchange, a non-transferrable right to designate one non-voting board observer from June 1, 2025, for so long as the Investor and affiliates of the Investor continue to hold, in the aggregate, either (i) at least 25% of the initial aggregate principal amount of the Senior Notes or (ii) at least 12% of the sum of the outstanding shares of the Company’s Class A Common Stock, Class B Common Stock and Class C Common Stock, calculated on a fully diluted basis.
The Exchange was accounted for as a TDR under ASC 470-60. On the Closing Date, the principal amount was $532.5 million with a discount of $11.0 million for a net carrying value of $521.4 million. The Company made a cash payment on the Closing Date of $110.0 million and recognized the Senior Notes at a carrying value of $200.4 million. The gain on troubled debt restructuring of $210.0 million was recognized through equity as the Investor is considered a related party. The Company also accrued for $1.0 million of expenses related to the TDR which reduced the gain recognized through equity.
Under the TDR accounting treatment, the initial carrying value of the Senior Notes of $200.4 million is made up of the total future undiscounted cash flows which includes principal of $155.0 million and interest make-whole as well as a redemption premium of $45.4 million. The interest make-whole and the redemption premium are related to the optional redemption feature where the Company can redeem all or part of the Senior Notes prior to December 31, 2028 at 108% of the principal plus a make-whole premium as discussed further below. The Company assumes contingent future payments will have to be paid and those amounts shall be included in the total future cash payments.
Senior Notes—On the Closing Date, the Company entered into an indenture (the “Senior Notes Indenture”) with GLAS Trust Company LLC, as trustee and notes collateral agent (the “Trustee”). As of both March 31, 2026 and December 31, 2025, the carrying amount of the Senior Notes was $198.8 million on the condensed consolidated balance sheets. Cash interest payments are applied as reductions to the carrying amount of the Senior Notes in accordance with TDR accounting. For the period July 18, 2025 through March 31, 2026, the Company has elected to pay interest in kind on the Senior Notes.
The Senior Notes represent the Company’s senior secured obligations, and are secured by substantially all of the Company’s and its material domestic subsidiaries’ assets. The Senior Notes are (i) senior in right of payment to the Company’s existing and future senior, unsecured indebtedness to the extent of the value of the collateral; and (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Senior Notes.
Interest on the Senior Notes is payable, at the Company’s election, in cash or by payment-in-kind payment by issuing additional notes in an aggregate principal amount equal to the relevant amount of interest paid in kind. The Senior Notes will accrue interest at a rate of 6.00% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, beginning on June 30, 2025. The Senior Notes will mature on December 31, 2028.
The Senior Notes will be redeemable, in whole and not in part, at the Company’s option at any time prior to December 31, 2028, at a cash redemption price equal to 106.00% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with an amount not exceeding the net cash proceeds of one or more “Equity Offerings” (as defined in the Senior Notes Indenture); provided that at least 60% of the aggregate principal amount of the Senior Notes remains outstanding immediately after the redemption and the redemption occurs within 150 days of the date of the closing of each such Equity Offering. Additionally, prior to December 31, 2028, the Company may redeem all or part of the Senior Notes at a redemption price equal to the sum of 108% of the principal amount of the Senior Notes to be redeemed, plus the “Make Whole Premium” (as defined in the Senior Notes Indenture) at the redemption date, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If certain corporate events that constitute a “Change of Control Triggering Event” (as defined in the Senior Notes Indenture) occur, then noteholders may require the Company to repurchase all or any part of their Senior Notes at a cash repurchase price equal to 101% of the aggregate principal amount of the Senior Notes to be repurchased, plus accrued and unpaid interest, if any, to the date of settlement. The definition of Change of Control Triggering Event includes certain business combination transactions involving the Company.
v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions
11. Related Party Transactions
The Company has entered into a number of commercial agreements with related parties, which management believes provide the Company with products or services that are beneficial to its commercial objectives. Often these products and services have been tailored to the Company’s specific needs or are part of new pilot programs, both for the Company and the counterparty, for which there are not clear alternative vendors offering comparable services to compare pricing with. It is reasonable to assume that none of these related party commercial agreements were structured at arm’s length and therefore may be beneficial to the counterparty.
TheNumber—The Company originally entered into a data analytics services agreement in August 2016 with TheNumber, LLC (“TheNumber”), an entity affiliated with both Vishal Garg, the Chief Executive Officer of the Company, and 1/0 Real Estate, which is also affiliated with Vishal Garg.
In September 2021, the Company and TheNumber entered into a technology integration and license agreement. The listed services provided by TheNumber are lead generation, market rate analysis, lead growth analysis, property listing analysis, automated valuation models, and financial risk analysis. Both parties agreed to jointly develop all aspects of this program, and the agreement provides for the utilization of TheNumber employees by the Company. In March 2026, the agreement was extended through April 2026. The services provided by TheNumber are not integral to the Company’s technology platform and amounts incurred are not material to the Company. In connection with these agreements, the Company paid expenses of $0.2 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively, which are included within general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss and had a payable of none and $0.1 million amount as of March 31, 2026 and December 31, 2025, respectively, within accounts payable and accrued expenses on the condensed consolidated balance sheets.
Notable—In previous years, the Company or subsidiaries of the Company, entered into several agreements (herein referred to as the “Notable Agreements”) with Notable Finance LLC (“Notable”), an entity in which Vishal Garg and 1/0 Real Estate, collectively hold a majority ownership interest. The Notable Agreements included products such as a consumer lending program, a non-revolving personal line of credit, and other financial products which were offered to borrowers of the Company. The Notable Agreements also included the ability for the Company to purchase up to $20.0 million of unsecured home improvement loans underwritten and originated by Notable for the Company’s customers.
During 2024, the Company decided to cease offering the products and services provided via the Notable Agreements. As of March 31, 2026 and December 31, 2025, the Company had $2.2 million and $2.5 million of unsecured home improvement loans purchased from Notable, which are included within mortgage loans held for sale, at fair value on the condensed consolidated balance sheets. Notable will continue to provide servicing for the loans purchased from Notable that remain on the Company’s condensed consolidated balance sheet.
Other Related Party Services—The Company has relationships with 1/0 Capital LLC and Zethos Inc (doing business as “True Work”), companies affiliated with Vishal Garg, the Chief Executive Officer, which provide services to the Company varying from data analytics to information technology support services. For both the three months ended March 31, 2026 and 2025, the Company recorded an immaterial amount, in relation to these services, which are included in general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. As of March 31, 2026 and December 31, 2025, the Company included a payable of none and an immaterial amount, respectively, within accounts payable and accrued expenses on the condensed consolidated balance sheets.
Note Exchange Agreement—See Note 10, for further details on the Exchange with SB Northstar LP, a related party of the Company.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
12. Commitments and Contingencies
Litigation—The Company, among other things, engages in mortgage lending, title and settlement services, and other financial technology services. The Company operates in a highly regulated industry and may be subject to various legal and administrative proceedings concerning matters that arise in the normal and ordinary course of business, including inquiries, complaints, audits, examinations, investigations, employee labor disputes, and potential enforcement actions from regulatory agencies. While the ultimate outcome of these matters cannot be predicted with certainty due to inherent uncertainties in litigation, management accrues for losses when they are probable to occur and such losses are reasonably
estimable, and discloses pending litigation if the Company believes a possibility exists that the litigation will have a material effect on its financial results. Legal costs expected to be incurred are accounted for as they are incurred.
The Company is currently a party to pending legal claims and proceedings regarding employee related labor disputes initiated in the third quarter of 2020. The disputes allege that the Company has failed to pay certain employees for overtime and is in violation of the Fair Labor Standards Act and labor laws in the State of California. The majority of such legal claims and proceedings are in the early stages and, to the extent applicable, have not yet reached the class certification stage and as such the ultimate outcomes cannot be predicted with certainty due to inherent uncertainties in the legal claims and proceedings.
As part of the disputes and other similar types of legal matters, the Company included an estimated liability of $6.6 million and $6.7 million, as of March 31, 2026 and December 31, 2025, respectively, which is included in accounts payable and accrued expenses on the condensed consolidated balance sheets. During the three months ended March 31, 2026, the changes in liability included settlements of $0.2 million as well as additional accruals of $0.1 million related to certain other employment matters, which were included within general and administrative expense on the consolidated statement of operations and comprehensive loss. No additional expense was accrued for the three months ended March 31, 2025.
Regulatory Matters—In the third quarter of 2021, following third-party audits of samples of loans produced during the fiscal years 2018, 2019, and 2021, the Company became aware of certain TILA-RESPA Integrated Disclosure (“TRID”) defects in the loan production process that resulted in the final closing costs disclosed in the closing disclosure, in some instances, being greater than those disclosed in the loan estimate. Some of these defects were outside applicable tolerances under the TRID rule, which resulted in potential overcharges to consumers. As of March 31, 2026 and December 31, 2025, the Company included an estimated liability of $5.2 million and $5.1 million, respectively, within accounts payable and accrued expenses on the condensed consolidated balance sheets. During the three months ended March 31, 2026, the Company recorded an additional accrual for these potential TRID defects of $0.1 million, which is included within loan origination expense in the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2026, the Company recorded no relief of the liability due to payments to customers.
For the three months ended March 31, 2025, the Company recorded a reduction in the liability for these potential TRID defects of $0.9 million and is included within loan origination expense in the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2025, the Company had relief of the liability due to payments to customers in the amount of $0.1 million. This accrual is the Company’s best estimate of potential exposure on the larger population of loans based on the results obtained by the audited sample. The accrued amounts are for estimated refunds potentially due to consumers for TRID tolerance errors for loans produced with the identified defects. The Company is continuing to remediate TRID tolerance defects as necessary.
Concentrations—See below for areas considered to be concentrations of credit risk for the Company:
Significant loan purchasers are those which represent more than 10% of the Company’s loan volume. During the three months ended March 31, 2026, the Company had five loan purchasers that accounted for 19%, 15%,13%, 10% and 10% of loans sold by the Company. During the three months ended March 31, 2025, the Company had three loan purchasers that accounted for 33%, 15%, and 14% of loans sold by the Company.
Concentrations of credit risk associated with the LHFS carried at fair value are limited due to the large number of borrowers and their dispersion across many geographic areas throughout the United States. As of March 31, 2026, the company originated 13% of its LHFS secured by properties in California. As of December 31, 2025, the Company originated 12% of its LHFS secured by properties in California.
The Company maintains cash and cash equivalent balances at various financial institutions. Cash accounts at each bank are insured by the Federal Deposit Insurance Corporation for amounts up to $0.25 million. As of March 31, 2026 and December 31, 2025, the majority of the Company’s cash and cash equivalent balances are in excess of the insured limits at various financial institutions.
Escrow Payable and Other Customer Accounts—In accordance with its lender obligations, the Company maintains a separate escrow bank account to hold borrower funds pending future disbursement. The Company administers escrow deposits representing undisbursed amounts received for payment of property taxes, insurance and principal, and interest on
mortgage loans held for sale. The Company also administers customer deposits in relation to other non-mortgage products and services that the Company offers. These funds are shown as restricted cash and there is a corresponding escrow payable on the consolidated balance sheet, as they are being held on behalf of the borrower or customer. The balance in these accounts as of March 31, 2026 and December 31, 2025, was $0.7 million and $0.2 million, respectively, and are included within escrow payable and other customer accounts on the condensed consolidated balance sheets.
13. Risks and Uncertainties
In the normal course of business, companies in the mortgage lending industry encounter certain economic and regulatory risks. Economic risks include credit risk and interest rate risk, in either a rising or declining interest rate environment. Credit risk is the risk of default that may result from the borrowers’ inability or unwillingness to make contractually required payments during the period in which loans are being held for sale by the Company.
Interest Rate Risk—The Company is subject to interest rate risk in a rising interest rate environment, as the Company may experience a decrease in loan production, as well as decreases in the fair value of LHFS, loan applications in process with locked-in rates, and commitments to originate loans, which may negatively impact the Company’s operations. To preserve the value of such fixed-rate loans or loan applications in process with locked-in rates, agreements are executed for best effort or mandatory loan sales to be settled at future dates with fixed prices. These loan sales take the form of short-term forward sales of mortgage-backed securities and commitments to sell loans to loan purchasers.
Alternatively, in a declining interest rate environment, customers may withdraw their loan applications that include locked-in rates with the Company. Additionally, when interest rates decline, interest income received from LHFS will decrease. The Company uses an interest rate hedging program to manage these risks. Through this program, mortgage-backed securities are purchased and sold forward.
For all counterparties with open positions as of March 31, 2026, in the event that the Company does not deliver into the forward-delivery commitments, they can be settled on a net basis. Net settlements entail paying or receiving cash based upon the change in market value of the existing instrument.
The Company currently uses forward sales of mortgage-backed securities, interest rate commitments from borrowers, and mandatory and/or best-efforts forward commitments to sell loans to loan purchasers to protect the Company from interest rate fluctuations. These short-term instruments, which do not require any payments to be paid to the counterparty in connection with the execution of the commitments, are generally executed simultaneously.
Credit Risk—The Company’s hedging program is not designated as formal hedging from an accounting standpoint, contains an element of risk because the counterparties to its mortgage securities transactions may be unable to meet their obligations. While the Company does not anticipate nonperformance by any counterparty, it is exposed to potential credit losses in the event the counterparty fails to perform. The Company’s exposure to credit risk in the event of default by the counterparty is the difference between the contract and the current market price. The Company minimizes its credit risk exposure by limiting the counterparties to well-established banks and securities dealers who meet established credit and capital guidelines.
Loan Repurchase Reserve—The Company sells loans to loan purchasers without recourse. As such, the loan purchasers have assumed the risk of loss or default by the borrower. However, the Company is usually required by these loan purchasers to make certain standard representations and warranties relating to the loan for up to three years post sale. To the extent that the Company does not comply with such representations, or there are early payment defaults, the Company may be required to repurchase the loans or indemnify these loan purchasers for losses. In addition, if loans pay-off within a specified time frame the Company may be required to refund a portion of the sales proceeds to the loan purchasers. The Company repurchased $4.1 million (16 loans) and $2.0 million (6 loans) in unpaid principal balance of loans during the three months ended March 31, 2026 and 2025, respectively, related to its loan repurchase obligations. The Company’s loan repurchase reserve is included within other liabilities on the condensed consolidated balance sheets. The
provision for/(recovery of) the loan repurchase reserve is included within gain on loans, net on the consolidated statements of operations and comprehensive loss. The following presents the activity of the Company’s loan repurchase reserve:
Three Months Ended March 31,
(Amounts in thousands)20262025
Loan repurchase reserve at beginning of period$4,268 $7,523 
Provision/(recovery)638 (2,127)
Charge-offs(1,057)(351)
Loan repurchase reserve at end of period$3,849 $5,045 
Borrowing Capacity—The Company funds the majority of mortgage loans on a short-term basis through committed and uncommitted warehouse lines as well as from operations for any amounts not advanced by warehouse lenders, see Note 5. As a result, the Company’s ability to fund current operations depends on its ability to secure these types of short-term financings. If the Company’s principal lenders decided to terminate or not to renew any of the warehouse lines with the Company, the loss of borrowing capacity could be detrimental to the Company’s consolidated financial statements unless the Company found a suitable alternative source.
v3.26.1
Risks and Uncertainties
 3 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Risks and Uncertainties
12. Commitments and Contingencies
Litigation—The Company, among other things, engages in mortgage lending, title and settlement services, and other financial technology services. The Company operates in a highly regulated industry and may be subject to various legal and administrative proceedings concerning matters that arise in the normal and ordinary course of business, including inquiries, complaints, audits, examinations, investigations, employee labor disputes, and potential enforcement actions from regulatory agencies. While the ultimate outcome of these matters cannot be predicted with certainty due to inherent uncertainties in litigation, management accrues for losses when they are probable to occur and such losses are reasonably
estimable, and discloses pending litigation if the Company believes a possibility exists that the litigation will have a material effect on its financial results. Legal costs expected to be incurred are accounted for as they are incurred.
The Company is currently a party to pending legal claims and proceedings regarding employee related labor disputes initiated in the third quarter of 2020. The disputes allege that the Company has failed to pay certain employees for overtime and is in violation of the Fair Labor Standards Act and labor laws in the State of California. The majority of such legal claims and proceedings are in the early stages and, to the extent applicable, have not yet reached the class certification stage and as such the ultimate outcomes cannot be predicted with certainty due to inherent uncertainties in the legal claims and proceedings.
As part of the disputes and other similar types of legal matters, the Company included an estimated liability of $6.6 million and $6.7 million, as of March 31, 2026 and December 31, 2025, respectively, which is included in accounts payable and accrued expenses on the condensed consolidated balance sheets. During the three months ended March 31, 2026, the changes in liability included settlements of $0.2 million as well as additional accruals of $0.1 million related to certain other employment matters, which were included within general and administrative expense on the consolidated statement of operations and comprehensive loss. No additional expense was accrued for the three months ended March 31, 2025.
Regulatory Matters—In the third quarter of 2021, following third-party audits of samples of loans produced during the fiscal years 2018, 2019, and 2021, the Company became aware of certain TILA-RESPA Integrated Disclosure (“TRID”) defects in the loan production process that resulted in the final closing costs disclosed in the closing disclosure, in some instances, being greater than those disclosed in the loan estimate. Some of these defects were outside applicable tolerances under the TRID rule, which resulted in potential overcharges to consumers. As of March 31, 2026 and December 31, 2025, the Company included an estimated liability of $5.2 million and $5.1 million, respectively, within accounts payable and accrued expenses on the condensed consolidated balance sheets. During the three months ended March 31, 2026, the Company recorded an additional accrual for these potential TRID defects of $0.1 million, which is included within loan origination expense in the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2026, the Company recorded no relief of the liability due to payments to customers.
For the three months ended March 31, 2025, the Company recorded a reduction in the liability for these potential TRID defects of $0.9 million and is included within loan origination expense in the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2025, the Company had relief of the liability due to payments to customers in the amount of $0.1 million. This accrual is the Company’s best estimate of potential exposure on the larger population of loans based on the results obtained by the audited sample. The accrued amounts are for estimated refunds potentially due to consumers for TRID tolerance errors for loans produced with the identified defects. The Company is continuing to remediate TRID tolerance defects as necessary.
Concentrations—See below for areas considered to be concentrations of credit risk for the Company:
Significant loan purchasers are those which represent more than 10% of the Company’s loan volume. During the three months ended March 31, 2026, the Company had five loan purchasers that accounted for 19%, 15%,13%, 10% and 10% of loans sold by the Company. During the three months ended March 31, 2025, the Company had three loan purchasers that accounted for 33%, 15%, and 14% of loans sold by the Company.
Concentrations of credit risk associated with the LHFS carried at fair value are limited due to the large number of borrowers and their dispersion across many geographic areas throughout the United States. As of March 31, 2026, the company originated 13% of its LHFS secured by properties in California. As of December 31, 2025, the Company originated 12% of its LHFS secured by properties in California.
The Company maintains cash and cash equivalent balances at various financial institutions. Cash accounts at each bank are insured by the Federal Deposit Insurance Corporation for amounts up to $0.25 million. As of March 31, 2026 and December 31, 2025, the majority of the Company’s cash and cash equivalent balances are in excess of the insured limits at various financial institutions.
Escrow Payable and Other Customer Accounts—In accordance with its lender obligations, the Company maintains a separate escrow bank account to hold borrower funds pending future disbursement. The Company administers escrow deposits representing undisbursed amounts received for payment of property taxes, insurance and principal, and interest on
mortgage loans held for sale. The Company also administers customer deposits in relation to other non-mortgage products and services that the Company offers. These funds are shown as restricted cash and there is a corresponding escrow payable on the consolidated balance sheet, as they are being held on behalf of the borrower or customer. The balance in these accounts as of March 31, 2026 and December 31, 2025, was $0.7 million and $0.2 million, respectively, and are included within escrow payable and other customer accounts on the condensed consolidated balance sheets.
13. Risks and Uncertainties
In the normal course of business, companies in the mortgage lending industry encounter certain economic and regulatory risks. Economic risks include credit risk and interest rate risk, in either a rising or declining interest rate environment. Credit risk is the risk of default that may result from the borrowers’ inability or unwillingness to make contractually required payments during the period in which loans are being held for sale by the Company.
Interest Rate Risk—The Company is subject to interest rate risk in a rising interest rate environment, as the Company may experience a decrease in loan production, as well as decreases in the fair value of LHFS, loan applications in process with locked-in rates, and commitments to originate loans, which may negatively impact the Company’s operations. To preserve the value of such fixed-rate loans or loan applications in process with locked-in rates, agreements are executed for best effort or mandatory loan sales to be settled at future dates with fixed prices. These loan sales take the form of short-term forward sales of mortgage-backed securities and commitments to sell loans to loan purchasers.
Alternatively, in a declining interest rate environment, customers may withdraw their loan applications that include locked-in rates with the Company. Additionally, when interest rates decline, interest income received from LHFS will decrease. The Company uses an interest rate hedging program to manage these risks. Through this program, mortgage-backed securities are purchased and sold forward.
For all counterparties with open positions as of March 31, 2026, in the event that the Company does not deliver into the forward-delivery commitments, they can be settled on a net basis. Net settlements entail paying or receiving cash based upon the change in market value of the existing instrument.
The Company currently uses forward sales of mortgage-backed securities, interest rate commitments from borrowers, and mandatory and/or best-efforts forward commitments to sell loans to loan purchasers to protect the Company from interest rate fluctuations. These short-term instruments, which do not require any payments to be paid to the counterparty in connection with the execution of the commitments, are generally executed simultaneously.
Credit Risk—The Company’s hedging program is not designated as formal hedging from an accounting standpoint, contains an element of risk because the counterparties to its mortgage securities transactions may be unable to meet their obligations. While the Company does not anticipate nonperformance by any counterparty, it is exposed to potential credit losses in the event the counterparty fails to perform. The Company’s exposure to credit risk in the event of default by the counterparty is the difference between the contract and the current market price. The Company minimizes its credit risk exposure by limiting the counterparties to well-established banks and securities dealers who meet established credit and capital guidelines.
Loan Repurchase Reserve—The Company sells loans to loan purchasers without recourse. As such, the loan purchasers have assumed the risk of loss or default by the borrower. However, the Company is usually required by these loan purchasers to make certain standard representations and warranties relating to the loan for up to three years post sale. To the extent that the Company does not comply with such representations, or there are early payment defaults, the Company may be required to repurchase the loans or indemnify these loan purchasers for losses. In addition, if loans pay-off within a specified time frame the Company may be required to refund a portion of the sales proceeds to the loan purchasers. The Company repurchased $4.1 million (16 loans) and $2.0 million (6 loans) in unpaid principal balance of loans during the three months ended March 31, 2026 and 2025, respectively, related to its loan repurchase obligations. The Company’s loan repurchase reserve is included within other liabilities on the condensed consolidated balance sheets. The
provision for/(recovery of) the loan repurchase reserve is included within gain on loans, net on the consolidated statements of operations and comprehensive loss. The following presents the activity of the Company’s loan repurchase reserve:
Three Months Ended March 31,
(Amounts in thousands)20262025
Loan repurchase reserve at beginning of period$4,268 $7,523 
Provision/(recovery)638 (2,127)
Charge-offs(1,057)(351)
Loan repurchase reserve at end of period$3,849 $5,045 
Borrowing Capacity—The Company funds the majority of mortgage loans on a short-term basis through committed and uncommitted warehouse lines as well as from operations for any amounts not advanced by warehouse lenders, see Note 5. As a result, the Company’s ability to fund current operations depends on its ability to secure these types of short-term financings. If the Company’s principal lenders decided to terminate or not to renew any of the warehouse lines with the Company, the loss of borrowing capacity could be detrimental to the Company’s consolidated financial statements unless the Company found a suitable alternative source.
v3.26.1
Net Loss Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share
14. Net Loss Per Share
The computation of net loss per share and weighted average shares of the Company's common stock outstanding during the periods presented is as follows:
(Amounts in thousands, except for share and per share amounts)Three Months Ended March 31,
20262025
Basic net loss per share:
Net loss from continuing operations$(49,350)$(45,972)
Net loss from discontinued operations(20,961)(4,585)
Net loss$(70,311)$(50,557)
Shares used in computation:
Weighted average common shares outstanding16,410,11915,166,729
Diluted weighted-average common shares outstanding16,410,11915,166,729
Loss per share attributable to common stockholders, basic and diluted:
Net loss from continuing operations$(3.01)$(3.03)
Net loss from discontinued operations$(1.28)$(0.30)
Net loss$(4.29)$(3.33)

Basic and diluted loss per share are the same for each class of common stock (i.e., Class A, Class B and Class C) because they are entitled to the same dividend rights. Basic and diluted loss per share are presented together as the amounts for basic and diluted loss per share are the same (i.e., the Company’s other equity-linked instruments outstanding are anti-dilutive for the periods presented).
The Company's potentially dilutive securities, which include stock options, restricted stock units (“RSUs”), warrants to purchase shares of common stock, and Sponsor locked-up shares, have been excluded from the computation of diluted net loss per share, as the effect would be anti-dilutive. The Company excluded the following securities, presented based on
amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated as including them would have had an anti-dilutive effect:
Three Months Ended March 31,
(Amounts in thousands)20262025
RSUs and Options to purchase common stock (1)
2,982 1,442 
Public Warrants (1)(2)
6,075 6,075 
Private Warrants (1)(2)
3,733 3,733 
Sponsor locked-up shares (1)
14 14 
Total12,804 11,264 
__________________
(1)Securities have an antidilutive effect under the treasury stock method.
(2)Public and Private Warrants (as defined below) are unadjusted by the Reverse Stock Split as a holder must exercise 50 warrants to receive one share of common stock.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
15. Fair Value Measurements
The Company’s financial instruments measured at fair value on a recurring basis are summarized below. As of March 31, 2026, certain derivative instruments, including interest rate swaps associated with the Birmingham Bank disposal group, have been reclassified to assets and liabilities of discontinued operations, see Note 3. The December 31, 2025 amounts presented below have been reclassified to conform to the current-period presentation.
March 31, 2026
(Amounts in thousands)Level 1Level 2Level 3Total
Mortgage loans held for sale, at fair value$— $563,036 $— $563,036 
Derivative assets, at fair value (1)
— 2,008 4,009 6,017 
Total Assets $— $565,044 $4,009 $569,053 
Derivative liabilities, at fair value (1)
$— $— $329 $329 
Warrants and equity related liabilities, at fair value (2)
1,761 1,479 — 3,240 
Total Liabilities $1,761 $1,479 $329 $3,569 
December 31, 2025
(Amounts in thousands)Level 1Level 2Level 3Total
Mortgage loans held for sale, at fair value$— $466,681 $— $466,681 
Derivative assets, at fair value (1)
— — 4,210 4,210 
Total Assets $— $466,681 $4,210 $470,891 
Derivative liabilities, at fair value (1)
$— $554 $250 $804 
Warrants and equity related liabilities, at fair value (2)
668 808 — 1,476 
Total Liabilities $668 $1,362 $250 $2,280 
__________________
(1)As of March 31, 2026, derivative assets represent both IRLCs and forward sale commitments, and liabilities represent IRLCs. As of December 31, 2025, derivative assets represent IRLCs, and liabilities represent forward sale commitments, IRLCs and interest rate swaps.
(2)Fair value is derived from methodologies such as the Black-Sholes-Merton model and the Finnerty model where the Company’s underlying stock price is a significant input among other assumptions and inputs.
Specific valuation techniques and inputs used in determining the fair value of each significant class of assets and liabilities are as follows:
Mortgage Loans Held for Sale—The Company originates certain LHFS to be sold to loan purchasers and elected to carry these loans at fair value. The fair value is primarily based on the price obtained for other mortgage loans with similar
characteristics. The changes in fair value of these assets are largely driven by changes in interest rates subsequent to loan funding and receipt of principal payments associated with the relevant LHFS.
Derivative Assets and Liabilities—The Company uses derivatives to manage various financial risks. The fair values of derivative instruments are determined based on quoted prices for similar assets and liabilities, dealer quotes, and internal pricing models that are primarily sensitive to market observable data. The Company uses other derivative financial instruments, primarily TBA purchase and sale commitments, to manage exposure to interest rate risk and changes in the fair value of the Pipeline. These derivatives are recorded at fair value based on pricing of similar instruments in the secondary market. The changes in value of all derivative financial instruments related to the Pipeline are recorded as Gain on sale of loans, net on the condensed consolidated statements of operations and comprehensive loss. The Company utilizes IRLCs and forward sale commitments. The fair value of IRLCs, which are related to mortgage loan commitments, is based on quoted market prices, adjusted by the pull-through factor, and includes the value attributable to the net servicing fee. The Company evaluated the significance and unobservable nature of the pull-through factor and determined that the classification of IRLCs should be Level 3 as of March 31, 2026 and December 31, 2025. Significant changes in the pull-through factor of the IRLCs, in isolation, could result in significant changes in the IRLCs’ fair value measurement. The value of IRLCs also rises and falls with changes in interest rates; for example, entering into interest rate lock commitments at low interest rates followed by an increase in interest rates in the market, will decrease the value of IRLC. The Company had purchases/issuances of approximately $13.6 million and $8.0 million of IRLCs during the three months ended March 31, 2026 and 2025, respectively.
The number of days from the date of the IRLC to expiration of the rate lock commitment outstanding as of March 31, 2026 was approximately 43 days on average. The Company attempts to match the maturity date of the IRLCs with the forward commitments. Derivatives are presented in the condensed consolidated balance sheets under derivative assets, at fair value and derivative liabilities, at fair value. During the three months ended March 31, 2026, the Company recognized $0.3 million of losses and $3.3 million of gains related to changes in fair value of IRLCs and forward sale commitments, respectively. During the three months ended March 31, 2025, the Company recognized $2.6 million of gains and $2.5 million of losses related to changes in the fair value of IRLCs and forward sale commitments, respectively. Gains and losses related to changes in the fair value of IRLCs and forward sale commitments are included in gain on loans, net within the condensed consolidated statements of operations and comprehensive loss. Unrealized activity related to changes in the fair value of forward sale commitments were $5.1 million of gains and $2.6 million of losses, included in the $3.3 million and $2.5 million of losses, during the three months ended March 31, 2026 and 2025, respectively. The notional and fair value of derivative financial instruments not designated as hedging instruments were as follows:
(Amounts in thousands)Notional ValueDerivative AssetDerivative Liability
Balance as of March 31, 2026
Derivatives not designated as hedging instruments:
IRLCs$244,504 $4,009 $329 
Forward commitments$242,000 2,008 — 
Total$6,017 $329 
Balance as of December 31, 2025
Derivatives not designated as hedging instruments:
IRLCs$271,373 $4,210 $250 
Forward commitments$286,000 — 554 
$4,210 $804 
Derivatives designated as hedging instruments:
Interest rate swaps$268,768 $— $1,627 
Total$4,210 $2,431 
Derivatives Designated as Hedging Instruments—Prior to classification as held for sale, the Company designated interest rate swap contracts as fair value hedges that qualified for hedge accounting. The fair value of interest rate swaps are based on broker quotes. As of March 31, 2026, these interest rate swaps are included within liabilities held for sale as part of the Birmingham Bank disposal group (see Note 3). We elected to account for the fair value hedges using the
portfolio layer method. We previously recorded the interest rate swaps in the line item "Derivative liabilities, at fair value" on our condensed consolidated balance sheet. For qualifying fair value hedges, both the changes in the fair value of the derivative and the portion of the fair value adjustments associated with the portfolio layer attributable to the hedged risk are recognized into earnings as they occur. Derivative amounts impacting earnings are recognized consistent with the classification of the hedged item in the line item "Loans Held for Investment " as part of interest income, a component of consolidated net loss.
In the fiscal year ended December 31, 2025, fair value hedging transactions were executed in which approximately $269 million notional pay-fixed interest rate swaps were consummated with maturities of approximately five years, wherein the Company pays a weighted average fixed rate of approximately 3.7% and receives daily interest based on the Sterling Overnight Index Average (“SONIA”).
Warrant and equity related liabilities—The warrant liability consists of Warrants and certain shares issued to Novator Capital Sponsor Ltd. (the “Sponsor”), a related party, that are subject to transfer restrictions contingent on the price of Class A common stock exceeding certain thresholds (the "Sponsor-Locked-Up Shares"). The warrants consist of the Company's publicly traded warrants ("Public Warrants") and private warrants to acquire shares of Aurora that have been converted into warrants to acquire shares of Class A common stock ("Private Warrants," and together with the Public Warrants, the “Warrants”). The Public Warrants trade on the Nasdaq under the ticker symbol “BETRW” and as such is considered a Level 1 input from an active market to derive the value. The Private Warrants and Sponsor-Locked up Shares, although not publicly traded on an active market, use inputs from the publicly traded Public Warrants and the Company’s publicly traded common stock, respectively, and are further calibrated using unobservable inputs representing Level 2 measurements within the fair value hierarchy.
Private and Public Warrants—As of March 31, 2026 and December 31, 2025, the Company had a total of $2.9 million and $1.2 million of Private Warrants and Public Warrants, respectively, included as warrant and equity related liabilities within the condensed consolidated balance sheets. The change in fair value of Warrants for the three months ended March 31, 2026 and 2025, was a loss of $1.7 million and a gain of $0.2 million, respectively, and is included in other expenses within the condensed consolidated statements of operations and comprehensive loss.
Framework Warrant (2026)— During the three months ended March 31, 2026, the Company issued a warrant (the “2026 Warrant”) in connection with a private placement transaction, which provided the holder the right to purchase up to 211,312 shares of the Company’s Class A common stock. The warrant was fully exercised during the period, resulting in the issuance of 211,312 shares of Class A common stock to the holder and receipt by the Company of aggregate cash proceeds of approximately $5.7 million. The shares issued upon exercise were recorded within common stock and additional paid-in capital. The Company recognized a loss of $4.4 million related to the 2026 Warrant, including changes in fair value prior to exercise, and is included within other expenses in the condensed consolidated statements of operations and comprehensive loss. No amounts related to the 2026 Warrant remained outstanding as of March 31, 2026.
Sponsor Locked-up Shares—As of both March 31, 2026 and December 31, 2025, the Company had a total of $0.3 million of Sponsor Locked-up Share liabilities, which are included within warrant and equity liabilities in the condensed consolidated balance sheets. The change in fair value of Sponsor Locked-up Shares for both the three months ended March 31, 2026 and 2025 was an immaterial loss and was included in other expenses within the condensed consolidated statements of operations and comprehensive loss.
Counterparty agreements for forward sale commitments contain master netting agreements, which contain a legal right to offset amounts due to and from the same counterparty and can be settled on a net basis.
As of March 31, 2026 and December 31, 2025, Level 3 instruments include IRLCs. The following table presents the rollforward of Level 3 IRLCs:
Three Months Ended March 31,
(Amounts in thousands)20262025
Balance at beginning of period $3,961 $1,222 
Change in fair value of IRLCs(281)2,626 
Balance at end of period $3,680 $3,848 
The table below presents gross amounts of recognized assets and liabilities subject to master netting agreements.

(Amounts in thousands)Gross Amount of Recognized AssetsGross Amount of Recognized Liabilities
Net Amounts Presented in the Consolidated Balance Sheet
Exposure under margining arrangementsNet Exposure Under Margining Arrangements
Offsetting of Forward Commitments - Assets
Balance as of:
March 31, 2026:$2,146 $(138)$2,008 $(5,125)$(3,117)
December 31, 2025:$— $— $— $— $— 
Offsetting of Forward Commitments - Liabilities
Balance as of:
March 31, 2026:$— $— $— $— $— 
December 31, 2025:$46 $(600)$(554)$517 $(37)
Significant Unobservable Inputs—The following table presents quantitative information about the significant unobservable inputs used in the recurring fair value measurements of assets categorized within Level 3 of the fair value hierarchy:
March 31, 2026December 31, 2025
(Amounts in dollars, except percentages)RangeWeighted AverageRangeWeighted Average
Level 3 Financial Instruments:
IRLCs
Pull-through factor
0.00% - 99.76%
69.1 %
0.03% - 99.60%
69.2 %
U.S. GAAP requires disclosure of fair value information about financial instruments, whether recognized or not recognized in the condensed consolidated financial statements, for which it is practical to estimate the fair value. In cases where quoted market prices are not available, fair values are based upon the estimation of discount rates to estimated future cash flows using market yields or other valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimates of fair value in both inactive and orderly markets. Accordingly, fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments in a current market exchange. The use of market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts.
The estimated fair value of the Company’s cash and cash equivalents, restricted cash, warehouse lines of credit, and escrow funds approximates their carrying values as these financial instruments are highly liquid or short-term in nature. The following table presents the carrying amounts and estimated fair value of financial instruments that are not recorded at fair value on a recurring or non-recurring basis:
March 31, 2026December 31, 2025
(Amounts in thousands)Fair Value LevelCarrying AmountFair ValueCarrying AmountFair Value
Short-term investmentsLevel 1$103,616 $103,640 $103,607 $103,849 
Loans held for investmentLevel 3$730,936 $747,475 $725,584 $745,367 
Senior NotesLevel 3$198,802 $136,375 $198,802 $135,916 
In determining the fair value of the Senior Notes and loans held for investment, management uses factors that are material to the valuation process, including but not limited to, risks, prospects, and economic and market conditions, among other factors. As a number of assumptions and estimates were involved that are largely unobservable, Senior Notes and loans held for investment are classified as Level 3 inputs within the fair value hierarchy.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
16. Income Taxes
On a consolidated basis, the Company recorded total income tax benefit of $1.6 million and income tax expense of $0.1 million for the three months ended March 31, 2026 and 2025, respectively. The Company’s quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including the ability to accurately project the Company’s pre-tax income or loss for the year and the mix of earnings among various tax jurisdictions. The year-to-date effective tax rate, after discrete items, of 2.18% for the three months ended March 31, 2026, changed from (0.28)% for the three months ended March 31, 2025. The income tax benefit for the three months ended March 31, 2026 was primarily attributable to discrete items related to release of uncertain tax positions upon expiration of the applicable statutes of limitations and from pre‑tax income projections in certain foreign jurisdictions where the Company files standalone returns.
As of each reporting date, the Company considers existing evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred income tax assets. The Company is in a three-year cumulative loss position as of March 31, 2026. Further, due to losses being estimated in the future, management continues to believe it is more likely than not that the benefit of the deferred income tax assets will not be realized. In recognition of this risk, the Company continues to provide a full valuation allowance on deferred income tax assets.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
17. Segment Reporting
The Company’s reportable segments are strategic business units that offer different products and services. During the first quarter of 2026, the Company determined that its Banking segment met the criteria for classification as discontinued operations (see Note 3). As a result, the Company has one reportable segment, Home Finance, for the periods presented.
The Home Finance segment provides home ownership services, including purchase mortgages, refinance mortgages, home equity lines of credit, and mortgage-related services such as real estate and insurance services.
The Company’s CODM evaluates performance and allocates resources based on consolidated results. Prior period segment information has been recast to conform to the current presentation.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity
18. Stockholders' Equity
On the Closing Date, the Company consummated the Business Combination pursuant to the terms of the Merger Agreement. The Company’s Class A common stock and Public Warrants currently trade on the Nasdaq, under the ticker symbols “BETR” and “BETRW”, respectively. Each outstanding share of Pre-Business Combination Better common stock was exchanged for approximately 3.06 shares of the Company’s Class A or Class B common stock.
At-the-Market Offering Program—The Company has an at-the-market equity offering program (the “ATM Program”) under which it may sell shares of its Class A common stock from time to time. The ATM Program was established in September 2025. Additional details are included in the Company’s prior filings.
During the three months ended March 31, 2026, the Company sold 328,030 shares of Class A common stock under the ATM Program for total gross proceeds of $11.9 million. The Company incurred commissions and other offering expenses of $0.2 million. As of March 31, 2026, approximately $33.3 million remained available for issuance under the ATM Program. Subsequent to March 31, 2026 and through May 11, 2026, the Company did not sell any shares of Class A common stock under the ATM Program. As of May 11, 2026, approximately $33.3 million remained available for issuance under the ATM Program.
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
19. Stock-Based Compensation
Stock-Based Compensation Expense—Stock-based compensation expense is included within compensation and benefits in the condensed consolidated statements of operations and comprehensive loss. The Company recognized stock-based compensation expense as follows:
Three Months Ended March 31,
(Amounts in thousands)20262025
Stock-based compensation expense$23,795 $4,033 
Stock-based compensation expense excludes $1.0 million and $0.4 million of stock-based compensation expense for the three months ended March 31, 2026 and 2025, which was capitalized (see Note 7).
v3.26.1
Regulatory Requirements
 3 Months Ended
Mar. 31, 2026
Mortgage Banking [Abstract]  
Regulatory Requirements
20. Regulatory Requirements
The Company is subject to various local, state, and federal regulations related to its loan production by the various states it operates in, as well as federal agencies such as the Consumer Financial Protection Bureau, HUD, and the FHA and may be subject to the requirements of the agencies to which it sells loans, such as FNMA and FMCC. As a result, the Company may become involved in requests for information, periodic reviews, investigations, and proceedings by such various federal, state, and local regulatory bodies and agencies.
The Company is required to meet certain minimum net worth, minimum capital ratio and minimum liquidity requirements, including those established by HUD, FMCC and FNMA. As of March 31, 2026, the Company was in compliance with all necessary requirements.
Additionally, the Company may be subject to other financial requirements established by government-sponsored enterprises (“GSEs”), which include a limit for a decline in net worth and quarterly profitability requirements. The Company remains in compliance with all applicable obligations as of March 31, 2026.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events
21. Subsequent Events
The Company evaluated subsequent events from the date of the condensed consolidated balance sheets of March 31, 2026, and has determined that, there have been no subsequent events that require recognition or disclosure in the condensed consolidated financial statements, except as described in Note 5 and as follows:
On April 9, 2026, the Company consummated an underwritten public offering of 2,156,250 shares of its Class A common stock at a public offering price of $32.00 per share. The Company received aggregate net proceeds of approximately $66.1 million from the offering before expenses.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant items subject to such estimates and assumptions include the fair value of mortgage loans held for sale, the fair value of derivative assets and liabilities, which includes interest rate lock commitments and forward sale commitments, the determination of a valuation allowance on the Company’s deferred tax assets, capitalization of internally developed software and its associated useful life, the fair value of acquired intangible assets and goodwill, the provision for loan repurchase reserves, the allowance for credit losses, and the fair value of warrant and equity related liabilities.
Short-term investments Short term investments consist of fixed income securities, typically U.S. and U.K. government treasury securities and U.S. and U.K. government agency securities with maturities ranging from 91 days to one year. Management determines the appropriate classification of short-term investments at the time of purchase. Short-term investments reported as held-to-maturity are those investments that the Company has both the positive intent and ability to hold to maturity and are stated at amortized cost on the condensed consolidated balance sheets. All of the Company’s short term investments are classified as held to maturity. The Company has not recognized any impairments on these investments to date and any unrealized gains or losses on these investments are immaterial. The U.S. and U.K. government treasury securities and U.S. and U.K. government agency securities are issued by U.S. and U.K. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the respective governments as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of no credit losses. Therefore, credit losses for these securities were immaterial as the Company does not currently expect any material credit losses on these short-term investments. As of March 31, 2026 and December 31, 2025, short-term investments have been classified within assets of discontinued operations on the condensed consolidated balance sheets as they relate to the Birmingham Bank disposal group.
Mortgage Loans Held for Sale, at Fair Value The Company originates mortgage loans, including home equity line of credit and closed-end second lien loans (“HELOCs”), for sale into the secondary market. The Company has elected the fair value option under ASC 825 for all mortgage loans held for sale (“LHFS”), with changes in fair value recorded within gain on loans, net in the condensed consolidated statements of operations and comprehensive loss.
The fair value of LHFS is generally based on observable market prices and investor commitments for loans with similar characteristics. Changes in fair value are primarily driven by changes in market interest rates, loan pricing, and sale execution assumptions.
The Company generally sells loans servicing released shortly after origination. Gains and losses on loan sales are recognized upon transfer of control of the loans to the purchaser in accordance with ASC 860. The Company may retain interim servicing responsibilities through third-party sub-servicers for certain loans prior to transfer.
Loan Repurchase Reserve In connection with the sale of mortgage loans into the secondary market, the Company makes customary representations and warranties regarding the characteristics of the loans sold, including compliance with underwriting standards and applicable laws and regulations. In the event of a breach of these representations and warranties, the Company may be required to repurchase affected loans or indemnify investors for incurred losses.
The Company maintains a loan repurchase reserve for estimated losses associated with these obligations. The reserve is based on historical repurchase and loss experience, current defect trends, the expected severity of losses, and management’s estimate of future repurchase activity. Provisions for changes in the reserve are recorded within gain on loans, net in the condensed consolidated statements of operations and comprehensive loss, while the reserve liability is included within other liabilities on the condensed consolidated balance sheets.
The Company also may be required to refund a portion of premiums received from loan purchasers in the event of early loan payoffs, which is included in the estimate of the loan repurchase reserve, when applicable.
Loans Held for Investment The Company originates, primarily through its U.K. operations, loans held for investment, for which management has the intent and ability to cause the Company to hold for the foreseeable future or until maturity or payoff and are reported at amortized cost, which is the principal amount outstanding, net of cumulative charge-offs, unamortized net deferred loan origination fees and costs and unamortized premiums or discounts on purchased loans.
The allowance for credit losses is a valuation account that is deducted from the loans held for investment amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the loan balance is deemed to be uncollectible. Management estimates the expected credit losses over the life of the loan. Management’s estimation utilizes a probability of default /loss given default (“PD/LGD”) methodology. Under this approach, expected credit losses are calculated as the product of probability of default, loss given default, and exposure at default for each loan. Management estimates expected credit losses on a collective basis for loans that share similar risk characteristics, which primarily consist of property buy-to-let loans originated through its U.K. banking operations. See Note 6 for additional details.
As of March 31, 2026 and December 31, 2025, loans held for investment have been classified within assets of discontinued operations on the condensed consolidated balance sheets as they relate to the Birmingham Bank disposal group. Accordingly, these balances are no longer presented separately on the face of the balance sheet.
Derivatives and Hedging Activities The Company uses derivative instruments to manage interest rate risk associated with mortgage loan commitments, mortgage loans held for sale, and loans held for investment. Derivative instruments primarily include interest rate lock commitments (“IRLCs”), forward sale commitments, and interest rate
swaps, , and warrant liabilities. Warrant liabilities include Public Warrants, Private Warrants, Sponsor Locked-up Shares, and other liability-classified warrants, which are recorded at fair value with changes in fair value recognized in earnings..
The Company presents certain derivative assets and liabilities on a net basis on the condensed consolidated balance sheets when a legally enforceable master netting arrangement exists and the criteria for offsetting are met. Certain counterparty agreements related to forward sale commitments and interest rate swaps contain master netting agreements that provide the Company with the legal right to offset amounts due to and from the same counterparty under certain conditions. Certain derivative instruments are subject to margining arrangements pursuant to counterparty agreements, whereby collateral may be required to be posted or received based on changes in the fair value of the underlying derivative instruments. As of March 31, 2026 and December 31, 2025, the Company did not have material collateral posted or received related to derivative instruments.
IRLCs represent commitments to originate mortgage loans at specified interest rates to borrowers who have applied for a loan and meet certain credit and underwriting criteria. The Company enters into forward sale commitments to sell mortgage loans held for sale or loans in the pipeline. IRLCs and forward sale commitments are not designated as hedging instruments for accounting purposes and are recognized as derivative assets or liabilities at fair value on the condensed consolidated balance sheets, with changes in fair value recorded in gain on loans, net within the condensed consolidated statements of operations and comprehensive loss. The fair value of IRLCs is based on the value of the underlying mortgage loan, quoted MBS prices, estimated mortgage servicing rights values, and estimated loan funding probabilities (“pull-through rates”).
The Company also utilizes pay-fixed, receive-floating interest rate swaps designated as fair value hedges to manage exposure to changes in the fair value of loans held for investment attributable to changes in interest rates. Changes in the fair value of the derivative instruments and the hedged items attributable to the hedged risk are recognized in earnings. The Company assesses hedge effectiveness on a quarterly basis.
The Company does not utilize any other derivative instruments to manage risk.
Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are categorized within a three-level hierarchy based on the observability of inputs used in the valuation techniques:
Level 1—Unadjusted quoted market prices in active markets for identical assets or liabilities;
Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Assets and liabilities measured at fair value on a recurring basis primarily include mortgage loans held for sale, derivative assets and liabilities, including interest rate lock commitments (“IRLCs”), forward sale commitments, interest rate swaps, and warrant and equity related liabilities.
The Company determines fair value using quoted market prices where available and otherwise utilizes valuation models incorporating observable market inputs, including market interest rates, loan pricing assumptions, and secondary market investor pricing. Certain instruments, including IRLCs, require the use of unobservable inputs, primarily estimated pull-through rates, and are therefore classified within Level 3 of the fair value hierarchy.
See Note 15 for additional information regarding fair value measurements.
Assets and Liabilities Held for Sale and Discontinued Operations Assets and liabilities to be disposed of by sale are reclassified into assets held for sale and liabilities held for sale on the condensed consolidated balance sheets. The Company presents the assets and liabilities of a disposal group as held for sale upon meeting all of the following criteria:
•Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group).
•The asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups).
•An active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated.
•The sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year.
•The asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
•Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
The determination as to whether the sale of the disposal group is probable may include significant judgments from management related to the estimated timing of the closing of a future sales transaction. Assets held for sale are measured at the lower of their carrying amount or fair value less cost to sell and are not depreciated or amortized. Disposal groups that represent a strategic shift and have a major effect on the Company’s operations and financial results are reported as discontinued operations.
Warehouse Lines of Credit, Senior Notes, Debt Modifications and Extinguishments Warehouse lines of credit represent the outstanding balance of the Company’s warehouse borrowings collateralized by mortgage loans held for sale or related borrowings collateralized by restricted cash. Generally, warehouse lines of credit are used as interim, short-term financing which bears interest at a fixed margin over an index rate, such as the Secured Overnight Financing Rate (“SOFR”). The outstanding balance of the Company’s warehouse lines of credit will fluctuate based on its lending volume. The advances received under the warehouse lines of credit are based upon a percentage of the fair value or par value of the mortgage loans collateralizing the advance, depending upon the type of mortgage loan. Should the fair value of the pledged mortgage loans decline, the warehouse provider may require the Company to provide additional cash collateral or mortgage loans to maintain the required collateral level under the relevant warehouse line. The Company did not incur any significant issuance costs related to its warehouse lines of credit.Upon initial issuance, the Senior Notes are evaluated for redemption and conversion features that could result in embedded derivatives that require bifurcation from the notes. Upon initial issuance, any embedded derivatives are measured at fair value. The notes proceeds are allocated between the carrying value of the note and the fair value of embedded derivatives on the initial issuance date. Any portion of proceeds allocated to embedded derivatives are treated as reductions in, or discounts to, the carrying value of the Senior Notes on the issuance date. Embedded derivatives are adjusted to fair value at each reporting period, with the change in fair value included within interest expense on the condensed consolidated statements of operations and comprehensive loss. When the Company modifies or extinguishes debt, it first evaluates whether the modification qualifies as a troubled debt restructuring (“TDR”) and evaluates whether (1) the borrower is experiencing financial difficulty, and (2) the lender grants the borrower a concession. Concessions may include modifications to the terms of the debt, such as reducing the interest rate, extending the repayment period, or forgiving a portion of the debt. If a TDR is determined not to have occurred, the Company evaluates whether the modification is considered a substantial modification. A substantial modification of terms is accounted for like an extinguishment.
Income Taxes Income taxes are calculated by applying an estimated annual effective tax rate to year-to-date income (loss). At the end of each interim period, the estimated effective tax rate expected to be applicable for the full year is calculated. This method differs from that described in the Company’s income taxes policy footnote in the audited consolidated financial statements and related notes thereto for the year ended December 31, 2025, which describes the Company’s annual significant income tax accounting policy and related methodology
Segments The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment. Accordingly, the CODM evaluates performance and allocates resources based on consolidated net income (loss) from operations as presented in the consolidated statements of operations and comprehensive loss. The CODM uses consolidated net income (loss) to assess overall operating performance, evaluate budget-to-actual results, monitor profitability trends, and determine resource allocation priorities, including investments in personnel, technology, marketing, and strategic initiatives. The CODM also reviews functional expense information to manage the Company’s operations. Other items included in net income (loss) are
net interest income, depreciation and amortization, and income tax expense (benefit), which are reflected in the consolidated statements of operations and comprehensive loss. The Company operates as a single operating and reportable segment; as such, all assets and operating expenses presented in the accompanying condensed consolidated financial statements are attributable solely to that segment and represent the entirety of the Company’s assets and operating expenses.
Recently Issued Accounting Standards Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“Codification”). The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the Securities and Exchange Commission’s (the “SEC”) existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. ASU 2023-06 will become effective for each amendment on the effective date of the SEC's corresponding disclosure rule changes. As of March 31, 2026, the Company does not expect ASU 2023-06 will have any impact on the consolidated financial statements.
In November 2024, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, and in January 2025, ASU 2025-01, Income Statement - Comprehensive Income - Expense Disaggregation Disclosures (subtopic 220-40), which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The ASUs are effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). The ASU replaces the existing stage-based model for capitalizing internal-use software development costs with a principles-based model that begins capitalization when management authorizes and commits to fund a project and it is probable the project will be completed and the software placed into service. The guidance also incorporates website development costs into the internal-use software framework and requires enhanced disclosures related to capitalized costs and amortization. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
In November 2025, the FASB issued ASU 2025-08, Financial Instruments — Credit Losses (Topic 326): Purchased Loans. The ASU expands the use of the gross up method to certain acquired loans beyond purchased financial assets with credit deterioration. The ASU applies the gross-up method to acquired non-PCD assets that are purchased seasoned loans ultimately eliminating the Day 1 credit loss expense and reducing interest income recognized in subsequent periods. ASU 2025-08 is effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"). This ASU improves the navigability of interim disclosure requirements, provides additional guidance on the disclosures required in interim reporting periods, and introduces a principle requiring entities to disclose events occurring since the end of the most recent annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements ("ASU 2025-12"). ASU 2025-12 addresses suggestions received from stakeholders regarding the ASC and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for annual and
interim periods beginning after December 15, 2026, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.
Revenue The Company disaggregates revenue based on the following revenue streams.
v3.26.1
Assets and Liabilities Held for Sale and Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operation
The following table represents summarized balance sheet information by major class of assets and liabilities held for sale:
(Amounts in thousands)March 31, 2026December 31, 2025
Cash and cash equivalents$574 $710 
Restricted cash5,961 4,256 
Mortgage loans held for sale, at fair value— 1,954 
Other receivables, net 677 706 
Property and equipment, net— 2 
Internal use software and other intangible assets, net991 2,357 
Goodwill— 711 
Prepaid expenses and other assets9 69 
Write down of assets to fair value less cost to sell(1,954)(2,078)
Total assets held for sale$6,258 $8,687 
Accounts payable and accrued expenses$118 $424 
Escrow payable and other customer accounts5,961 4,256 
Other liabilities— 122 
Total liabilities held for sale$6,079 $4,802 
The following table represents summarized balance sheet information by major class of assets and liabilities for discontinued operations:
(Amounts in thousands)March 31, 2026December 31, 2025
Cash and cash equivalents$6,392 $20,470 
Restricted cash608 7,861 
Short-Term investment103,616 103,607 
Loans held for investment (net of allowance for credit losses of $2,652 and $2,251)
728,284 723,333 
Other receivables, net 4,098 4,092 
Property and equipment, net119 129 
Internal use software and other intangible assets, net4,407 4,636 
Derivative assets4,929 — 
Prepaid expenses and other assets671 749 
Write down of assets to fair value less cost to sell(18,128)— 
Total assets of discontinued operations$834,996 $864,877 
Accounts payable and accrued expenses$17,557 $15,567 
Customer deposits755,085 762,984 
Derivative liabilities— 1,627 
Total liabilities of discontinued operations$772,642 $780,178 
The following table represents the results of operations of the Birmingham Bank business, which have been classified as discontinued operations in the condensed consolidated statements of operations and comprehensive loss for the periods presented:

Three Months Ended March 31,
(Amounts in thousands, except per share amounts)
20262025
Revenues:


Other revenue$(22)$380 
Net interest income
Interest income11,284 2,850 
Interest expense(8,606)(2,005)
Net interest income2,678 845 
Total net revenues from discontinued operations
2,656 1,225 
Expenses:
Compensation and benefits2,765 2,776 
General and administrative1,069 853 
Technology591 533 
Marketing and advertising2 8 
Depreciation and amortization286 202 
Other expenses18,904 1,438 
Total expenses from discontinued operations
23,617 5,810 
Net loss discontinued operations
$(20,961)$(4,585)
Loss per share attributable to common stockholders, basic and diluted:
Net loss from discontinued operations$(1.28)$(0.30)
Weighted average common shares outstanding — basic and diluted16,410,119 15,166,729 
The following table presents cash flows from discontinued operations included in our condensed consolidated statement of cash flows for the periods presented:
Three Months Ended March 31,
(Amounts in thousands)20262025
Net cash used in operating activities-discontinued operations$(657)$(10,912)
Net cash used in investing activities-discontinued operations(11,238)(156,302)
Net cash (used in)/provided by financing activities(7,900)172,181 
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue [Abstract]  
Schedule of Disaggregation of Revenue
Gain on loans, net consisted of the following:
Three Months Ended March 31,
(Amounts in thousands)20262025
Gain on sale of loans, net$44,064 $21,278 
Broker revenue1,375 1,171 
Loan repurchase reserve (provision)/recovery(638)2,127 
Total gain on loans, net$44,801 $24,576 
Other revenue consisted of the following:
Three Months Ended March 31,
(Amounts in thousands)20262025
International lending revenue$47 $1,538 
Insurance services578 673 
Real estate services170 947 
Other revenue347 492 
Total other revenue$1,142 $3,650 
Net interest income consisted of the following:
Three Months Ended March 31,
(Amounts in thousands)20262025
Interest income
Mortgage interest income$6,941 $6,437 
Interest income from investments343 1,158 
Total interest income7,284 7,595 
Interest expense
Warehouse interest expense(5,730)(2,788)
Other interest expense (1)
— (1,705)
Total interest expense(5,730)(4,493)
Total net interest income$1,554 $3,102 
__________________
(1) Primarily consists of interest on Convertible Notes, see Note 10 for more details.
v3.26.1
Mortgage Loans Held for Sale and Warehouse Lines of Credit (Tables)
 3 Months Ended
Mar. 31, 2026
Mortgage Loans Held For Sale And Warehouse Agreement Borrowings [Abstract]  
Schedule of Warehouse Lines Of Credit
The Company has the following outstanding warehouse lines of credit:
(Amounts in thousands)MaturityFacility SizeMarch 31, 2026December 31, 2025
Funding Facility 1 (1)
March 2, 2027$150,000 $117,767 $81,423 
Funding Facility 2 (2)
January 21, 2027350,000 200,722 117,499 
Funding Facility 3 (3)
April 5, 2026250,000 189,092 212,940 
Total warehouse lines of credit$750,000 $507,581 $411,862 
__________________

(1)Interest charged under the facility is at the 30-day term SOFR plus 1.75% - 2.25%. Cash collateral deposit of $3.8 million is maintained and included in restricted cash.
(2)Interest charged under the facility is at the 30-day term SOFR plus 1.75% - 2.75%. A compensating balance of $7.0 million is maintained and included in cash and cash equivalents. This amount represents a compensating balance arrangement and is not legally restricted. Failure to maintain the required balance may limit the Company’s ability to obtain future advances under the facility. As of March 31, 2026, the Company was in compliance with this requirement.
(3)Interest charged under the facility is at the daily simple SOFR plus 1.75% - 2.50%. There is no cash collateral deposit maintained as of March 31, 2026. Subsequent to March 31, 2026 , the Company extended the maturity to April 6, 2027 and increased the total capacity to $350.0 million of which $100.0 million is committed.
Schedule Of Loans Held For Sale The Company’s LHFS are summarized below by those pledged as collateral and those fully funded by the Company:
(Amounts in thousands)March 31, 2026December 31, 2025
Funding Facility 1$124,112 $89,483 
Funding Facility 2214,877 129,515 
Funding Facility 3205,047 226,822 
Total LHFS pledged as collateral544,036 445,820 
Company-funded LHFS6,474 6,197 
Company-funded HELOC7,621 7,308 
Total LHFS558,131 459,325 
Fair value adjustment4,905 7,356 
Total LHFS at fair value$563,036 $466,681 
v3.26.1
Loans Held for Investment (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Loans Held for Investment Prior to classification as held for sale, the Company’s Loans
Held for Investment portfolio was summarized as follows:
(Amounts in thousands)March 31, 2026December 31, 2025
Property - Buy to Let$748,146 $736,807 
Other453 544 
Deferred fees, net(12,899)(13,713)
Fair value hedge basis adjustment(4,764)1,946 
Allowance for credit losses(2,652)(2,251)
Total Loans Held for Investment, net$728,284 $723,333 
Schedule of Activity in Allowance for Credit Losses
The following table presents the activity in the allowance for credit losses related to loans held for investment:
Three Months Ended March 31,
(Amounts in thousands)20262025
Balance at beginning of period$(2,251)$(1,667)
Provision for credit losses(439)(1,282)
Effect of foreign currency exchange rate changes38 (51)
Balance at end of period$(2,652)$(3,000)
Schedule of Financing Receivable Credit Quality Indicators
The tables below present loans by credit quality indicator and vintage year. The amounts presented by year of origination exclude fair value hedge accounting basis adjustments and net deferred fees, which are presented separately above:
March 31, 2026
(Amounts in thousands)20262025202420232022PriorTotal
Property - Buy to Let
0-20 Months$— $— $— $— $— $— $— 
21-40 Months— — 222 — — — 222 
Over 40 Months24,721 594,914 114,632 758 — — 735,025 
Total$24,721 $594,914 $114,854 $758 $— $— $735,247 
Other
0-20 Months$— $— $— $— $359 $79 $438 
21-40 Months— — — 15 — — 15 
Over 40 Months— — — — — — — 
Total$— $— $— $15 $359 $79 $453 
Total$24,721 $594,914 $114,854 $773 $359 $79 $735,700 
December 31, 2025
(Amounts in thousands)20252024202320222021PriorTotal
Property - Buy to Let
0-20 Months$— $— $— $— $— $— $— 
21-40 Months— 226 — — — — 226 
Over 40 Months605,424 116,675 769 — — — 722,868 
Total$605,424 $116,901 $769 $— $— $— $723,094 
Other
0-20 Months$— $— $— $406 $125 $— $531 
21-40 Months— — 13 — — — 13 
Over 40 Months— — — — — — — 
Total$— $— $13 $406 $125 $— $544 
Total$605,424 $116,901 $782 $406 $125 $— $723,638 
v3.26.1
Goodwill and Internal Use Software and Other Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Changes in the carrying amount of goodwill, net consisted of the following:
Three Months Ended March 31,
(Amounts in thousands)20262025
Balance at beginning of period$10,995 $23,615 
Reclassification of discontinued operations goodwill to assets held for sale— (12,999)
Effect of foreign currency exchange rate changes— 379 
Balance at end of period$10,995 $10,995 
Schedule of Indefinite-Lived Intangible Assets
Internal use software and other intangible assets, net consisted of the following:
As of March 31, 2026
(Amounts in thousands, except useful lives)Weighted Average Useful Lives (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Intangible assets with finite lives
Internal use software and website development3.0$159,855 $(143,797)$16,058 
Intellectual property and other5.01,697 (1,607)90 
Total Intangible assets with finite lives, net161,552 (145,404)16,148 
Intangible assets with indefinite lives
Domain name1,820 — 1,820 
Total Internal use software and other intangible assets, net$163,372 $(145,404)$17,968 
As of December 31, 2025
(Amounts in thousands, except useful lives)Weighted Average Useful Lives (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Intangible assets with finite lives
Internal use software and website development3.0$156,482 $(141,092)$15,390 
Intellectual property and other5.01,697 (1,558)139 
Total Intangible assets with finite lives, net158,179 (142,650)15,529 
Intangible assets with indefinite lives
Domain name1,820 — 1,820 
Total Internal use software and other intangible assets, net$159,999 $(142,650)$17,349 
Schedule of Finite-Lived Intangible Assets
Internal use software and other intangible assets, net consisted of the following:
As of March 31, 2026
(Amounts in thousands, except useful lives)Weighted Average Useful Lives (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Intangible assets with finite lives
Internal use software and website development3.0$159,855 $(143,797)$16,058 
Intellectual property and other5.01,697 (1,607)90 
Total Intangible assets with finite lives, net161,552 (145,404)16,148 
Intangible assets with indefinite lives
Domain name1,820 — 1,820 
Total Internal use software and other intangible assets, net$163,372 $(145,404)$17,968 
As of December 31, 2025
(Amounts in thousands, except useful lives)Weighted Average Useful Lives (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Intangible assets with finite lives
Internal use software and website development3.0$156,482 $(141,092)$15,390 
Intellectual property and other5.01,697 (1,558)139 
Total Intangible assets with finite lives, net158,179 (142,650)15,529 
Intangible assets with indefinite lives
Domain name1,820 — 1,820 
Total Internal use software and other intangible assets, net$159,999 $(142,650)$17,349 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Amortization expense related to intangible assets as of March 31, 2026 is expected to be as follows:
(Amounts in thousands)Total
2026 (remaining)$6,801 
20276,290 
20282,944 
2029113 
Total$16,148 
v3.26.1
Prepaid Expenses and Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Assets
Prepaid expenses and other assets consisted of the following:
As of March 31,As of December 31,
(Amounts in thousands)20262025
Prepaid expenses$13,759 $11,786 
Tax receivables6,638 6,242 
Security deposits8,859 8,763 
Prefunded loans in escrow4,044 352 
Total prepaid expenses and other assets$33,300 $27,143 
v3.26.1
Customer Deposits (Tables)
 3 Months Ended
Mar. 31, 2026
Deposits [Abstract]  
Schedule of Average Balances and Weighted Average Rates Paid on Deposits
The following tables present average balances and weighted average rates paid on deposits for the periods indicated:
Three Months Ended March 31,
20262025
(Amounts in thousands)Average BalanceAverage Rate PaidAverage BalanceAverage Rate Paid
Notice$144,577 3.54 %$45,456 3.71 %
Term597,515 4.35 %160,481 4.72 %
Savings25,242 2.70 %516 1.53 %
Total deposits$767,334 3.53 %$206,453 3.32 %
Schedule of Maturities of Customer Deposits
The following table presents maturities of customer deposits:
(Amounts in thousands)As of March 31, 2026
Demand deposits
$163,610 
Maturing In:
2026106,570 
2027192,105 
2028152,587 
202939,421 
203099,176 
Thereafter1,616 
Total$755,085 
Schedule of Interest Expense on Deposits
Interest expense on deposits is recorded in interest expense in the condensed consolidated statements of operations and comprehensive loss for the periods indicated as follows:
Three Months Ended March 31,
(Amounts in thousands)20262025
Notice$1,708 $482 
Term6,883 1,619 
Savings15 — 
Total Interest Expense$8,606 $2,101 
v3.26.1
Risks and Uncertainties (Tables)
 3 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Schedule of Loan Repurchase Reserve Activity The following presents the activity of the Company’s loan repurchase reserve:
Three Months Ended March 31,
(Amounts in thousands)20262025
Loan repurchase reserve at beginning of period$4,268 $7,523 
Provision/(recovery)638 (2,127)
Charge-offs(1,057)(351)
Loan repurchase reserve at end of period$3,849 $5,045 
v3.26.1
Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Net Loss Per Share and Weighted Average Shares
The computation of net loss per share and weighted average shares of the Company's common stock outstanding during the periods presented is as follows:
(Amounts in thousands, except for share and per share amounts)Three Months Ended March 31,
20262025
Basic net loss per share:
Net loss from continuing operations$(49,350)$(45,972)
Net loss from discontinued operations(20,961)(4,585)
Net loss$(70,311)$(50,557)
Shares used in computation:
Weighted average common shares outstanding16,410,11915,166,729
Diluted weighted-average common shares outstanding16,410,11915,166,729
Loss per share attributable to common stockholders, basic and diluted:
Net loss from continuing operations$(3.01)$(3.03)
Net loss from discontinued operations$(1.28)$(0.30)
Net loss$(4.29)$(3.33)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share The Company excluded the following securities, presented based on
amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated as including them would have had an anti-dilutive effect:
Three Months Ended March 31,
(Amounts in thousands)20262025
RSUs and Options to purchase common stock (1)
2,982 1,442 
Public Warrants (1)(2)
6,075 6,075 
Private Warrants (1)(2)
3,733 3,733 
Sponsor locked-up shares (1)
14 14 
Total12,804 11,264 
__________________
(1)Securities have an antidilutive effect under the treasury stock method.
(2)Public and Private Warrants (as defined below) are unadjusted by the Reverse Stock Split as a holder must exercise 50 warrants to receive one share of common stock.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis
The Company’s financial instruments measured at fair value on a recurring basis are summarized below. As of March 31, 2026, certain derivative instruments, including interest rate swaps associated with the Birmingham Bank disposal group, have been reclassified to assets and liabilities of discontinued operations, see Note 3. The December 31, 2025 amounts presented below have been reclassified to conform to the current-period presentation.
March 31, 2026
(Amounts in thousands)Level 1Level 2Level 3Total
Mortgage loans held for sale, at fair value$— $563,036 $— $563,036 
Derivative assets, at fair value (1)
— 2,008 4,009 6,017 
Total Assets $— $565,044 $4,009 $569,053 
Derivative liabilities, at fair value (1)
$— $— $329 $329 
Warrants and equity related liabilities, at fair value (2)
1,761 1,479 — 3,240 
Total Liabilities $1,761 $1,479 $329 $3,569 
December 31, 2025
(Amounts in thousands)Level 1Level 2Level 3Total
Mortgage loans held for sale, at fair value$— $466,681 $— $466,681 
Derivative assets, at fair value (1)
— — 4,210 4,210 
Total Assets $— $466,681 $4,210 $470,891 
Derivative liabilities, at fair value (1)
$— $554 $250 $804 
Warrants and equity related liabilities, at fair value (2)
668 808 — 1,476 
Total Liabilities $668 $1,362 $250 $2,280 
__________________
(1)As of March 31, 2026, derivative assets represent both IRLCs and forward sale commitments, and liabilities represent IRLCs. As of December 31, 2025, derivative assets represent IRLCs, and liabilities represent forward sale commitments, IRLCs and interest rate swaps.
(2)Fair value is derived from methodologies such as the Black-Sholes-Merton model and the Finnerty model where the Company’s underlying stock price is a significant input among other assumptions and inputs.
Schedule of Notional and Fair Value of Derivative Financial Instruments The notional and fair value of derivative financial instruments not designated as hedging instruments were as follows:
(Amounts in thousands)Notional ValueDerivative AssetDerivative Liability
Balance as of March 31, 2026
Derivatives not designated as hedging instruments:
IRLCs$244,504 $4,009 $329 
Forward commitments$242,000 2,008 — 
Total$6,017 $329 
Balance as of December 31, 2025
Derivatives not designated as hedging instruments:
IRLCs$271,373 $4,210 $250 
Forward commitments$286,000 — 554 
$4,210 $804 
Derivatives designated as hedging instruments:
Interest rate swaps$268,768 $— $1,627 
Total$4,210 $2,431 
Schedule of Change in Fair Value of Derivative Liabilities The following table presents the rollforward of Level 3 IRLCs:
Three Months Ended March 31,
(Amounts in thousands)20262025
Balance at beginning of period $3,961 $1,222 
Change in fair value of IRLCs(281)2,626 
Balance at end of period $3,680 $3,848 
The table below presents gross amounts of recognized assets and liabilities subject to master netting agreements.
Schedule of Offsetting Assets
(Amounts in thousands)Gross Amount of Recognized AssetsGross Amount of Recognized Liabilities
Net Amounts Presented in the Consolidated Balance Sheet
Exposure under margining arrangementsNet Exposure Under Margining Arrangements
Offsetting of Forward Commitments - Assets
Balance as of:
March 31, 2026:$2,146 $(138)$2,008 $(5,125)$(3,117)
December 31, 2025:$— $— $— $— $— 
Offsetting of Forward Commitments - Liabilities
Balance as of:
March 31, 2026:$— $— $— $— $— 
December 31, 2025:$46 $(600)$(554)$517 $(37)
Schedule of Offsetting Liabilities
(Amounts in thousands)Gross Amount of Recognized AssetsGross Amount of Recognized Liabilities
Net Amounts Presented in the Consolidated Balance Sheet
Exposure under margining arrangementsNet Exposure Under Margining Arrangements
Offsetting of Forward Commitments - Assets
Balance as of:
March 31, 2026:$2,146 $(138)$2,008 $(5,125)$(3,117)
December 31, 2025:$— $— $— $— $— 
Offsetting of Forward Commitments - Liabilities
Balance as of:
March 31, 2026:$— $— $— $— $— 
December 31, 2025:$46 $(600)$(554)$517 $(37)
Schedule of Quantitative Information about Significant Unobservable Inputs The following table presents quantitative information about the significant unobservable inputs used in the recurring fair value measurements of assets categorized within Level 3 of the fair value hierarchy:
March 31, 2026December 31, 2025
(Amounts in dollars, except percentages)RangeWeighted AverageRangeWeighted Average
Level 3 Financial Instruments:
IRLCs
Pull-through factor
0.00% - 99.76%
69.1 %
0.03% - 99.60%
69.2 %
Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring or Non-Recurring Basis
The estimated fair value of the Company’s cash and cash equivalents, restricted cash, warehouse lines of credit, and escrow funds approximates their carrying values as these financial instruments are highly liquid or short-term in nature. The following table presents the carrying amounts and estimated fair value of financial instruments that are not recorded at fair value on a recurring or non-recurring basis:
March 31, 2026December 31, 2025
(Amounts in thousands)Fair Value LevelCarrying AmountFair ValueCarrying AmountFair Value
Short-term investmentsLevel 1$103,616 $103,640 $103,607 $103,849 
Loans held for investmentLevel 3$730,936 $747,475 $725,584 $745,367 
Senior NotesLevel 3$198,802 $136,375 $198,802 $135,916 
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense The Company recognized stock-based compensation expense as follows:
Three Months Ended March 31,
(Amounts in thousands)20262025
Stock-based compensation expense$23,795 $4,033 
v3.26.1
Summary of Significant Accounting Policies (Details)
 3 Months Ended
Mar. 31, 2026
segment
Accounting Policies [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.26.1
Assets and Liabilities Held for Sale and Discontinued Operations - Narrative (Details) - 3 months ended Mar. 31, 2026
£ in Millions, $ in Millions
USD ($)
GBP (£)
Disposed of by Sale | BHO Group    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Share capital transferred as consideration 1  
Consideration $ 2.3 £ 1.8
Gain on disposal 1.0  
Held-for-Sale | Birmingham Bank    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Impairment of assets held for sale 18.1  
Impairment of intangibles $ 0.3  
v3.26.1
Assets and Liabilities Held for Sale and Discontinued Operations - Schedule of Balance Sheet Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Loans held for investment, allowance for credit loss $ 2,652 $ 2,251
Held-for-Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and cash equivalents 574 710
Restricted cash 5,961 4,256
Mortgage loans held for sale, at fair value 0 1,954
Other receivables, net 677 706
Property and equipment, net 0 2
Internal use software and other intangible assets, net 991 2,357
Goodwill 0 711
Prepaid expenses and other assets 9 69
Write down of assets to fair value less cost to sell (1,954) (2,078)
Assets held for sale 6,258 8,687
Accounts payable and accrued expenses 118 424
Escrow payable and other customer accounts 5,961 4,256
Other liabilities 0 122
Total liabilities held for sale 6,079 4,802
Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and cash equivalents 6,392 20,470
Restricted cash 608 7,861
Short-Term investment 103,616 103,607
Loans held for investment 728,284 723,333
Other receivables, net 4,098 4,092
Property and equipment, net 119 129
Internal use software and other intangible assets, net 4,407 4,636
Derivative assets, at fair value 4,929 0
Prepaid expenses and other assets 671 749
Write down of assets to fair value less cost to sell 18,128 0
Assets held for sale 834,996 864,877
Accounts payable and accrued expenses 17,557 15,567
Customer deposits 755,085 762,984
Derivative liabilities 0 1,627
Total liabilities held for sale $ 772,642 $ 780,178
v3.26.1
Assets and Liabilities Held for Sale and Discontinued Operations - Schedule of Discontinued Operations in the Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net loss discontinued operations $ (20,961) $ (4,585)
Loss per share attributable to common stockholders, basic and diluted:    
Net loss from discontinued operations, basic (in dollars per share) $ (1.28) $ (0.30)
Net loss from discontinued operations, diluted (in dollars per share) $ (1.28) $ (0.30)
Weighted average common shares outstanding - basic (in shares) 16,410,119 15,166,729
Weighted average common shares outstanding - diluted (in shares) 16,410,119 15,166,729
Held-for-Sale | Birmingham Bank And Remaining U.K. Disposal Group    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Other revenue $ (22) $ 380
Interest income 11,284 2,850
Interest expense (8,606) (2,005)
Net interest income 2,678 845
Total net revenues from discontinued operations 2,656 1,225
Compensation and benefits 2,765 2,776
General and administrative 1,069 853
Technology 591 533
Marketing and advertising 2 8
Depreciation and amortization 286 202
Other expenses 18,904 1,438
Total expenses from discontinued operations 23,617 5,810
Net loss discontinued operations $ (20,961) $ (4,585)
v3.26.1
Assets and Liabilities Held for Sale and Discontinued Operations - Schedule of Condensed Consolidated Statement of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net cash used in operating activities-discontinued operations $ (381) $ (10,912)
Net cash used in investing activities-discontinued operations (11,238) (156,302)
Net cash (used in)/provided by financing activities-discontinued operations (7,900) 172,181
Discontinued Operations | Birmingham Bank And Remaining U.K. Disposal Group    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net cash used in operating activities-discontinued operations (657) (10,912)
Net cash used in investing activities-discontinued operations (11,238) (156,302)
Net cash (used in)/provided by financing activities-discontinued operations $ (7,900) $ 172,181
v3.26.1
Revenue - Gain on Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue [Abstract]    
Gain on sale of loans, net $ 44,064 $ 21,278
Broker revenue 1,375 1,171
Loan repurchase reserve (provision)/recovery (638) 2,127
Total gain on loans, net $ 44,801 $ 24,576
v3.26.1
Revenue - Other Platform Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total other revenue $ 1,142 $ 3,650
International lending revenue    
Disaggregation of Revenue [Line Items]    
Total other revenue 47 1,538
Insurance services    
Disaggregation of Revenue [Line Items]    
Total other revenue 578 673
Real estate services    
Disaggregation of Revenue [Line Items]    
Total other revenue 170 947
Other revenue    
Disaggregation of Revenue [Line Items]    
Total other revenue $ 347 $ 492
v3.26.1
Revenue - Net Interest Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income    
Mortgage interest income $ 6,941 $ 6,437
Interest income from investments 343 1,158
Total interest income 7,284 7,595
Interest expense    
Warehouse interest expense (5,730) (2,788)
Other interest expense 0 (1,705)
Total interest expense (5,730) (4,493)
Net interest income $ 1,554 $ 3,102
v3.26.1
Mortgage Loans Held for Sale and Warehouse Lines of Credit - Schedule of Outstanding Warehouse Lines of Credit (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
May 11, 2026
Dec. 31, 2025
Short-Term Debt [Line Items]      
Facility Size $ 750,000    
Warehouse lines of credit 507,581   $ 411,862
Warehouse Agreement Borrowings      
Short-Term Debt [Line Items]      
Compensating balances     3,800
Warehouse Agreement Borrowings | Funding Facility 1      
Short-Term Debt [Line Items]      
Facility Size 150,000    
Warehouse lines of credit 117,767   81,423
Cash collateral deposit $ 3,800    
Warehouse Agreement Borrowings | Funding Facility 1 | Minimum      
Short-Term Debt [Line Items]      
Variable interest rate (as a percent) 1.75%    
Warehouse Agreement Borrowings | Funding Facility 1 | Maximum      
Short-Term Debt [Line Items]      
Variable interest rate (as a percent) 2.25%    
Warehouse Agreement Borrowings | Funding Facility 2      
Short-Term Debt [Line Items]      
Facility Size $ 350,000    
Warehouse lines of credit 200,722   117,499
Compensating balances $ 7,000    
Warehouse Agreement Borrowings | Funding Facility 2 | Minimum      
Short-Term Debt [Line Items]      
Variable interest rate (as a percent) 1.75%    
Warehouse Agreement Borrowings | Funding Facility 2 | Maximum      
Short-Term Debt [Line Items]      
Variable interest rate (as a percent) 2.75%    
Warehouse Agreement Borrowings | Funding Facility 3      
Short-Term Debt [Line Items]      
Facility Size $ 250,000    
Warehouse lines of credit 189,092   $ 212,940
Cash collateral deposit $ 0    
Warehouse Agreement Borrowings | Funding Facility 3 | Subsequent Event      
Short-Term Debt [Line Items]      
Facility Size   $ 350,000  
Amount committed   $ 100,000  
Warehouse Agreement Borrowings | Funding Facility 3 | Minimum      
Short-Term Debt [Line Items]      
Variable interest rate (as a percent) 1.75%    
Warehouse Agreement Borrowings | Funding Facility 3 | Maximum      
Short-Term Debt [Line Items]      
Variable interest rate (as a percent) 2.50%    
v3.26.1
Mortgage Loans Held for Sale and Warehouse Lines of Credit - Schedule of Loans Held For Sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total LHFS $ 558,131 $ 459,325
Fair value adjustment 4,905 7,356
Total LHFS at fair value 563,036 466,681
Collateral Pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total LHFS 544,036 445,820
Collateral Pledged | Funding Facility 1    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total LHFS 124,112 89,483
Collateral Pledged | Funding Facility 2    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total LHFS 214,877 129,515
Collateral Pledged | Funding Facility 3    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total LHFS 205,047 226,822
Uncollateralized | Company-funded LHFS    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total LHFS 6,474 6,197
Uncollateralized | Company-funded HELOC    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total LHFS $ 7,621 $ 7,308
v3.26.1
Mortgage Loans Held for Sale and Warehouse Lines of Credit - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Short-Term Debt [Line Items]      
Change in fair value of mortgage loans held for sale $ 4,905 $ 5,343  
Warehouse Agreement Borrowings      
Short-Term Debt [Line Items]      
Weighted average interest rate (as a percent) 5.43% 6.46%  
Compensating balances     $ 3,800
Warehouse Agreement Borrowings | Funding Facility 3, Due January 21, 2027      
Short-Term Debt [Line Items]      
Compensating balances     7,000
Financial Asset, Equal to or Greater than 90 Days Past Due      
Short-Term Debt [Line Items]      
Unpaid principal balance of loans past due $ 3,500   $ 2,400
Collateral Pledged      
Short-Term Debt [Line Items]      
Average days loans held for sale 37 days 21 days  
v3.26.1
Loans Held for Investment - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
loan
Dec. 31, 2025
USD ($)
loan
Financing Receivable, Allowance for Credit Loss [Line Items]    
Accrued interest receivable $ 1.2 $ 1.0
Number of loans in foreclosure process | loan 10 1
Financing receivable, loans in process of foreclosure, amount $ 2.0 $ 2.5
Financing Receivable | Product Concentration Risk | Property - Buy to Let    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Concentration risk percentage 99.90% 99.90%
v3.26.1
Loans Held for Investment - Schedule of Investment Portfolio (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Loans Held for Investment, net $ 728,284 $ 723,333
Allowance for credit losses    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Loans Held for Investment, net 2,652 2,251
Allowance for credit losses | Property - Buy to Let    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Loans Held for Investment, net 748,146 736,807
Allowance for credit losses | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Loans Held for Investment, net 453 544
Allowance for credit losses | Deferred fees, net    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Loans Held for Investment, net 12,899 13,713
Allowance for credit losses | Fair value hedge basis adjustment    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Total Loans Held for Investment, net $ (4,764) $ 1,946
v3.26.1
Loans Held for Investment - Schedule of Activity Related to Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]    
Provision for credit losses $ (584) $ 88
Allowance for credit losses    
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period (2,251) (1,667)
Provision for credit losses (439) (1,282)
Effect of foreign currency exchange rate changes 38 (51)
Balance at end of period $ (2,652) $ (3,000)
v3.26.1
Loans Held for Investment - Schedule of Credit Quality (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Origination Year    
Year One $ 24,721 $ 605,424
Year Two 594,914 116,901
Year Three 114,854 782
Year Four 773 406
Year Five 359 125
Prior 79 0
Total 735,700 723,638
Property - Buy to Let    
Origination Year    
Year One 24,721 605,424
Year Two 594,914 116,901
Year Three 114,854 769
Year Four 758 0
Year Five 0 0
Prior 0 0
Total 735,247 723,094
Property - Buy to Let | 0-20 Months    
Origination Year    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Total 0 0
Property - Buy to Let | 21-40 Months    
Origination Year    
Year One 0 0
Year Two 0 226
Year Three 222 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Total 222 226
Property - Buy to Let | Over 40 Months    
Origination Year    
Year One 24,721 605,424
Year Two 594,914 116,675
Year Three 114,632 769
Year Four 758 0
Year Five 0 0
Prior 0 0
Total 735,025 722,868
Other    
Origination Year    
Year One 0 0
Year Two 0 0
Year Three 0 13
Year Four 15 406
Year Five 359 125
Prior 79 0
Total 453 544
Other | 0-20 Months    
Origination Year    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 406
Year Five 359 125
Prior 79 0
Total 438 531
Other | 21-40 Months    
Origination Year    
Year One 0 0
Year Two 0 0
Year Three 0 13
Year Four 15 0
Year Five 0 0
Prior 0 0
Total 15 13
Other | Over 40 Months    
Origination Year    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Total $ 0 $ 0
v3.26.1
Goodwill and Internal Use Software and Other Intangible Assets, Net - Schedule of Changes in Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill [Roll Forward]    
Balance at beginning of period $ 10,995 $ 23,615
Reclassification of discontinued operations goodwill to assets held for sale 0 (12,999)
Effect of foreign currency exchange rate changes 0 379
Balance at end of period $ 10,995 $ 10,995
v3.26.1
Goodwill and Internal Use Software and Other Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Impairment of goodwill $ 0 $ 0
Capitalized software 3,400 2,700
Capitalized stock-based compensation costs 1,024 410
Amortization of internal use software and other intangible assets 2,753 3,364
Impairment of intangibles $ 300 $ 0
v3.26.1
Goodwill and Internal Use Software and Other Intangible Assets, Net - Schedule of Finite and Indefinite-Lived Intangibles (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 161,552 $ 158,179
Total Internal use software and other intangible assets, net 163,372 159,999
Accumulated Amortization (145,404) (142,650)
Net Carrying Value 16,148 15,529
Total Internal use software and other intangible assets, net, net carrying value 17,968 17,349
Domain name    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets with indefinite lives $ 1,820 $ 1,820
Internal use software and website development    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Useful Lives (in years) 3 years 3 years
Gross Carrying Value $ 159,855 $ 156,482
Accumulated Amortization (143,797) (141,092)
Net Carrying Value $ 16,058 $ 15,390
Intellectual property and other    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Useful Lives (in years) 5 years 5 years
Gross Carrying Value $ 1,697 $ 1,697
Accumulated Amortization (1,607) (1,558)
Net Carrying Value $ 90 $ 139
v3.26.1
Goodwill and Internal Use Software and Other Intangible Assets, Net - Schedule of Expected Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Total    
2026 (remaining) $ 6,801  
2027 6,290  
2028 2,944  
2029 113  
Net Carrying Value $ 16,148 $ 15,529
v3.26.1
Prepaid Expenses and Other Assets - Schedule of Prepaid Expenses and Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 13,759 $ 11,786
Tax receivables 6,638 6,242
Security deposits 8,859 8,763
Prefunded loans in escrow 4,044 352
Total prepaid expenses and other assets $ 33,300 $ 27,143
v3.26.1
Customer Deposits - Narrative (Details)
£ in Thousands
Mar. 31, 2026
USD ($)
Mar. 31, 2026
GBP (£)
Dec. 31, 2025
USD ($)
Deposits [Abstract]      
Customer deposits $ 755,085,000   $ 763,000,000.0
Deposits, FSCS insured amount 158,600 £ 120  
Deposits over the insured amount $ 193,200,000    
v3.26.1
Customer Deposits - Average Balances and Weighted Average Rates (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Deposits [Abstract]    
Average balance, Notice $ 144,577 $ 45,456
Average balance, Term 597,515 160,481
Average balance, Savings 25,242 516
Average balance, Total deposits $ 767,334 $ 206,453
Average paid rate, Notice 3.54% 3.71%
Average paid rate, Term 4.35% 4.72%
Average paid rate, Savings 2.70% 1.53%
Average paid rate, Total deposits 3.53% 3.32%
v3.26.1
Customer Deposits - Maturities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deposits [Abstract]    
Demand deposits $ 163,610  
Maturing In:    
2026 106,570  
2027 192,105  
2028 152,587  
2029 39,421  
2030 99,176  
Thereafter 1,616  
Total $ 755,085 $ 763,000
v3.26.1
Customer Deposits - Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Deposits [Abstract]    
Notice $ 1,708 $ 482
Term 6,883 1,619
Savings 15 0
Total Interest Expense $ 8,606 $ 2,101
v3.26.1
Senior Notes - Convertible Note (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 12, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Debt Instrument [Line Items]        
Senior notes   $ 198,802   $ 198,802
Convertible Notes        
Debt Instrument [Line Items]        
Interest expense on debt   0 $ 1,700  
Convertible Notes | Convertible Debt        
Debt Instrument [Line Items]        
Convertible notes   $ 0   $ 0
Long-term debt $ 532,500      
Fixed interest rate (as a percent) 1.00%      
Debt, discount $ 11,000      
Convertible debt 521,400      
Gain on troubled debt restructuring 210,000      
Tax effect on gain on troubled debt restructuring $ 1,000      
Senior Secured Notes due 2028 | Secured Debt        
Debt Instrument [Line Items]        
Fixed interest rate (as a percent) 6.00%      
Aggregate principal amount $ 155,000      
Principal payments on convertible notes $ 110,000      
Right of investor threshold, aggregate principal amount held, percentage 25.00%      
Right of investor threshold, outstanding shares of common stock held, percentage 12.00%      
Senior notes $ 200,400      
Redemption premium $ 45,400      
Redemption price percentage 108.00%      
v3.26.1
Senior Notes - Senior Notes (Details) - USD ($)
$ in Thousands
Apr. 12, 2025
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]      
Senior notes   $ 198,802 $ 198,802
Senior Notes Indenture | Senior Notes      
Debt Instrument [Line Items]      
Senior notes   $ 198,800 $ 198,800
Fixed interest rate (as a percent) 6.00%    
Right of investor threshold, aggregate principal amount held, percentage 60.00%    
Redemption period 150 days    
Senior Notes Indenture | Senior Notes | Prior to December 31, 2028      
Debt Instrument [Line Items]      
Redemption price percentage 106.00%    
Senior Notes Indenture | Senior Notes | Prior to December 31, 2028, including "Make Whole Premium"      
Debt Instrument [Line Items]      
Redemption price percentage 108.00%    
Senior Notes Indenture | Senior Notes | Change of Control Triggering Event      
Debt Instrument [Line Items]      
Redemption price percentage 101.00%    
v3.26.1
Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Related Party Transactions      
Other liabilities $ 6,075   $ 6,533
Mortgage loans held for sale, at fair value 563,036   466,681
Technology Integration and License Agreement | Related Party      
Related Party Transactions      
Other liabilities 0   100
Master Loan Purchase Agreement | Related Party      
Related Party Transactions      
Mortgage loans held for sale, at fair value 2,200   $ 2,500
Master Loan Purchase Agreement | Related Party | Better Trust I      
Related Party Transactions      
Master loan purchase agreement, amount 20,000    
Mortgage platform | Technology Integration and License Agreement | Related Party      
Related Party Transactions      
Expenses $ 200 $ 300  
v3.26.1
Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Loss Contingencies [Line Items]      
Restricted cash $ 9,412 $ 21,642 $ 8,926
Escrow deposits      
Loss Contingencies [Line Items]      
Restricted cash $ 700   $ 200
LHFS originated | Geographic concentration risk | Florida      
Loss Contingencies [Line Items]      
Concentration risk percentage 13.00%   12.00%
One loan purchaser | Loans sold | Customer concentration risk      
Loss Contingencies [Line Items]      
Concentration risk percentage 19.00% 33.00%  
Two Loan Purchaser | Loans sold | Customer concentration risk      
Loss Contingencies [Line Items]      
Concentration risk percentage 15.00% 15.00%  
Three Loan Purchaser | Loans sold | Customer concentration risk      
Loss Contingencies [Line Items]      
Concentration risk percentage 13.00% 14.00%  
Four Loan Purchaser | Loans sold | Customer concentration risk      
Loss Contingencies [Line Items]      
Concentration risk percentage 10.00%    
Five Loan Purchaser | Loans sold | Customer concentration risk      
Loss Contingencies [Line Items]      
Concentration risk percentage 10.00%    
Employee Related Labor Dispute      
Loss Contingencies [Line Items]      
Loss contingency, estimated liability $ 6,600   $ 6,700
Loss contingency, (gain) loss in period 200    
Loss contingency accrual, payments 100    
Regulatory matters      
Loss Contingencies [Line Items]      
Loss contingency, estimated liability 5,200   $ 5,100
Loss contingency, (gain) loss in period 100 $ (900)  
Loss contingency accrual, payments $ 0 $ 100  
v3.26.1
Risks and Uncertainties - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
loan
Mar. 31, 2025
USD ($)
loan
Risks and Uncertainties [Abstract]    
Standard representation and warranty period 3 years  
Unpaid principal balance of loans repurchased | $ $ 4.1 $ 2.0
Number of loans repurchased | loan 16 6
v3.26.1
Risks and Uncertainties - Loan Repurchase Reserve Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Loan Repurchase Reserve [Roll Forward]    
Loan repurchase reserve at beginning of period $ 4,268 $ 7,523
Provision/(recovery) 638 (2,127)
Charge-offs (1,057) (351)
Loan repurchase reserve at end of period $ 3,849 $ 5,045
v3.26.1
Net Loss Per Share - Schedule of Computation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Basic net loss per share:    
Net loss from continuing operations $ (49,350) $ (45,972)
Net loss discontinued operations (20,961) (4,585)
Net loss $ (70,311) $ (50,557)
Shares used in computation:    
Weighted average common shares outstanding (in shares) 16,410,119 15,166,729
Diluted weighted-average common shares outstanding (in shares) 16,410,119 15,166,729
Loss per share attributable to common stockholders, basic and diluted:    
Net loss from continuing operations, basic (in dollars per share) $ (3.01) $ (3.03)
Net loss from continuing operations, diluted (in dollars per share) (3.01) (3.03)
Net loss from discontinued operations, basic (in dollars per share) (1.28) (0.30)
Net loss from discontinued operations, diluted (in dollars per share) (1.28) (0.30)
Net loss, basic (in dollars per share) (4.29) (3.33)
Net loss, diluted (in dollars per share) $ (4.29) $ (3.33)
v3.26.1
Net Loss Per Share - Schedule of Antidilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total (in shares) 12,804 11,264
RSUs and Options to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total (in shares) 2,982 1,442
Warrants | Public Warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total (in shares) 6,075 6,075
Warrants | Private Warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total (in shares) 3,733 3,733
Sponsor locked-up shares    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total (in shares) 14 14
v3.26.1
Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value Measurements    
Mortgage loans held for sale, at fair value $ 563,036 $ 466,681
Derivative assets, at fair value 6,017 4,210
Total Assets 569,053 470,891
Derivative liabilities, at fair value 329 804
Warrants and equity related liabilities, at fair value 3,240 1,476
Total Liabilities 3,569 2,280
Level 1    
Fair Value Measurements    
Mortgage loans held for sale, at fair value 0 0
Derivative assets, at fair value 0 0
Total Assets 0 0
Derivative liabilities, at fair value 0 0
Warrants and equity related liabilities, at fair value 1,761 668
Total Liabilities 1,761 668
Level 2    
Fair Value Measurements    
Mortgage loans held for sale, at fair value 563,036 466,681
Derivative assets, at fair value 2,008 0
Total Assets 565,044 466,681
Derivative liabilities, at fair value 0 554
Warrants and equity related liabilities, at fair value 1,479 808
Total Liabilities 1,479 1,362
Level 3    
Fair Value Measurements    
Mortgage loans held for sale, at fair value 0 0
Derivative assets, at fair value 4,009 4,210
Total Assets 4,009 4,210
Derivative liabilities, at fair value 329 250
Warrants and equity related liabilities, at fair value 0 0
Total Liabilities $ 329 $ 250
v3.26.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Fair Value Measurements      
Derivative term     5 years
Amortization/accretion of deferred fees and costs $ 2,282 $ 1,061  
Notional amount     $ 269,000
Derivative weighted average fixed rate     3.70%
Gain (loss) on change in fair value of warrants 6,202 (228)  
Private and Public Warrants      
Fair Value Measurements      
Warrants and rights outstanding 2,900   $ 1,200
Gain (loss) on change in fair value of warrants (1,700) 200  
2026 Warrant      
Fair Value Measurements      
Warrants and rights outstanding 0    
Gain (loss) on change in fair value of warrants 4,400    
Proceeds from warrants $ 5,700    
2026 Warrant | Common Class A      
Fair Value Measurements      
Warrants issued (in shares) 211,312    
Sponsor Locked-up Shares      
Fair Value Measurements      
Warrants and rights outstanding $ 300    
Gain (loss) on change in fair value of warrants 0 0  
IRLCs      
Fair Value Measurements      
Issuances (purchases) of derivative instruments $ 13,600 8,000  
Derivative term 43 days    
Gain (loss) on derivatives $ (300) 2,600  
Forward commitments      
Fair Value Measurements      
Gain (loss) on derivatives 3,300 (2,500)  
Amortization/accretion of deferred fees and costs $ 5,100 $ (2,600)  
v3.26.1
Fair Value Measurements - Notional and Fair Value of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivative Asset $ 6,017 $ 4,210
Derivative Liability 329 804
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative Asset 6,017 4,210
Derivative Liability 329 804
Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative Asset   4,210
Derivative Liability   2,431
IRLCs | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Value 244,504 271,373
Derivative Asset 4,009 4,210
Derivative Liability 329 250
Forward commitments | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Value 242,000 286,000
Derivative Asset 2,008 0
Derivative Liability $ 0 554
Interest rate swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Value   268,768
Derivative Asset   0
Derivative Liability   $ 1,627
v3.26.1
Fair Value Measurements - Change in Fair Value of Derivative Liabilities (Details) - IRLCs - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Balance at beginning of period $ 3,961 $ 1,222
Change in fair value of IRLCs (281) 2,626
Balance at end of period $ 3,680 $ 3,848
v3.26.1
Fair Value Measurements - Offsetting Derivatives (Details) - Forward commitments - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Balance as of:    
Gross Amount of Recognized Assets $ 2,146 $ 0
Gross Amount of Recognized Liabilities (138) 0
Net Amounts Presented in the Consolidated Balance Sheet 2,008 0
Exposure under margining arrangements (5,125) 0
Net Exposure Under Margining Arrangements (3,117) 0
Offsetting of Forward Commitments - Liabilities    
Gross Amount of Recognized Assets 0 46
Gross Amount of Recognized Liabilities 0 (600)
Net Amounts Presented in the Consolidated Balance Sheet 0 (554)
Exposure under margining arrangements 0 517
Net Exposure Under Margining Arrangements $ 0 $ (37)
v3.26.1
Fair Value Measurements - Quantitative Information about Significant Unobservable Inputs (Details) - IRLCs - Level 3 - Pull-through factor
Mar. 31, 2026
Dec. 31, 2025
Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input, derivatives 0.0000 0.0003
Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input, derivatives 0.9976 0.9960
Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input, derivatives 0.691 0.692
v3.26.1
Fair Value Measurements - Recurring and Non-Recurring (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value Measurements    
Senior notes $ 198,802 $ 198,802
Level 1 | Carrying Amount    
Fair Value Measurements    
Short-term investments 103,616 103,607
Level 1 | Fair Value    
Fair Value Measurements    
Short-term investments 103,640 103,849
Level 3 | Carrying Amount    
Fair Value Measurements    
Loans held for investment 730,936 725,584
Senior notes 198,802 198,802
Level 3 | Fair Value    
Fair Value Measurements    
Loans held for investment 747,475 745,367
Senior notes $ 136,375 $ 135,916
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax (benefit) expense $ (1,566) $ 145
Effective tax rate 2.18% (0.28%)
v3.26.1
Segment Reporting (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.26.1
Stockholders' Equity (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
shares
Mar. 31, 2025
USD ($)
May 11, 2026
USD ($)
Stockholders' Equity      
Recapitalization exchange ratio 3.06    
Gross proceeds $ 11,686 $ 0  
At the Market Offering Program      
Stockholders' Equity      
Commissions and other offering expenses 200    
Remained available for issuance $ 33,300    
At the Market Offering Program | Subsequent Event      
Stockholders' Equity      
Remained available for issuance     $ 33,300
Common Class A | At the Market Offering Program      
Stockholders' Equity      
Number of shares issued (in shares) | shares 328,030    
Gross proceeds $ 11,900    
v3.26.1
Stock-Based Compensation - Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Stock-based compensation expense $ 23,795 $ 4,033
v3.26.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Capitalized stock-based compensation costs $ 1,024 $ 410
v3.26.1
Subsequent Events (Details) - Subsequent Event - Underwritten Public Offering - Common Class A
$ / shares in Units, $ in Millions
Apr. 09, 2026
USD ($)
$ / shares
shares
Subsequent Event [Line Items]  
Number of shares issued (in shares) | shares 2,156,250
Offering price (in dollars per share) | $ / shares $ 32.00
Net proceeds of stocks | $ $ 66.1