Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 34 |
| Auditor Name | Deloitte & Touche LLP |
| Auditor Location | New York, NY |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Assets | ||
| Allowance for credit losses | $ 2,251 | $ 1,667 |
| Liabilities and Stockholders’ Equity/(Deficit) | ||
| Accounts payable and accrued expenses | $ 74,560 | $ 48,134 |
| Stockholders’ Equity/(Deficit) | ||
| Common shares, 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) | 15,996,907 | 15,168,795 |
| Common stock, outstanding (in shares) | 15,996,907 | 15,168,795 |
| Related party | ||
| Liabilities and Stockholders’ Equity/(Deficit) | ||
| Accounts payable and accrued expenses | $ 200 | $ 74 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) |
12 Months Ended | |
|---|---|---|
Aug. 22, 2023 |
Dec. 31, 2025 |
|
| Statement of Stockholders' Equity [Abstract] | ||
| Reverse stock split ratio | 0.02 | 0.02 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Cash Flows from Operating Activities: | ||
| Net loss | $ (165,872) | $ (206,290) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation of property and equipment | 1,044 | 7,089 |
| Impairment charges, net | 12,505 | 16,405 |
| Amortization of internal use software and other intangible assets | 13,025 | 26,138 |
| Gain on sale of loans, net | (128,209) | (59,242) |
| Non-cash interest and amortization of debt issuance costs and discounts | 1,700 | 6,208 |
| Change in fair value of warrants and equity related liabilities | 69 | (924) |
| Stock-based compensation | 20,432 | 26,753 |
| Recovery of loan repurchase reserve | (821) | (9,923) |
| Provision for credit losses | 584 | 1,667 |
| Amortization/accretion of deferred fees and costs | (1,709) | 0 |
| Change in fair value of derivatives | 673 | (1,685) |
| Change in fair value of loans held for investment attributable to hedged risk | (1,946) | 0 |
| Change in fair value of mortgage loans held for sale | (7,357) | (2,321) |
| Loss on disposal of assets held for sale | 692 | 0 |
| Change in operating lease of right-of-use assets | (3,291) | (2,292) |
| Originations of mortgage loans held for sale | (4,678,977) | (3,649,956) |
| Proceeds from sale of mortgage loans held for sale | 4,744,556 | 3,478,682 |
| Change in operating assets and liabilities: | ||
| Other receivables, net | 2,295 | (1,908) |
| Prepaid expenses and other assets | 9,492 | 16,859 |
| Operating lease liabilities | 548 | (6,228) |
| Accounts payable and accrued expenses | 17,028 | (21,084) |
| Escrow payable and other customer accounts | 484 | 567 |
| Other liabilities | (3,520) | 1,514 |
| Net cash used in operating activities | (166,575) | (379,971) |
| Cash Flows from Investing Activities: | ||
| Purchase of property and equipment | (1,193) | (3,388) |
| Payment to dispose of assets held for sale | (1,597) | 0 |
| Proceeds from sale of property and equipment | 0 | 2,938 |
| Capitalization of internal use software | (10,036) | (6,694) |
| Maturities of short-term investments | 446,726 | 183,309 |
| Purchase of short-term investments | (493,088) | (211,863) |
| Origination of loans held for investment | (603,837) | (110,903) |
| Principal payments received on loans held for investment | 1,518 | 2,791 |
| Net cash used in investing activities | (661,507) | (143,810) |
| Cash Flows from Financing Activities: | ||
| Principal payments on convertible notes | (110,000) | (1,103) |
| Principal payments on senior notes | (1,606) | 0 |
| Net borrowings on warehouse lines of credit | 167,792 | 117,852 |
| Net increase in customer deposits | 628,854 | 122,291 |
| Proceeds from issuance of common stock under at-the-market offering | 29,221 | 0 |
| Proceeds from issuance of common stock and exercise of stock options | 75 | 91 |
| Net cash provided by financing activities | 714,336 | 239,131 |
| Effects of currency translation on cash, cash equivalents, and restricted cash | (7,502) | (217) |
| Net decrease in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale | (121,248) | (284,867) |
| Less: net change in cash, cash equivalents and restricted cash classified within assets held for sale | (2,346) | (7,682) |
| Cash, cash equivalents, and restricted cash—Beginning of year | 235,517 | 528,066 |
| Cash, cash equivalents, and restricted cash—End of year | 116,615 | 235,517 |
| Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract] | ||
| Cash and cash equivalents, end of year | 99,827 | 211,101 |
| Restricted cash, end of year | 16,788 | 24,416 |
| Total cash, cash equivalents and restricted cash end of year | 116,615 | 235,517 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Interest paid | 21,753 | 13,822 |
| Income taxes paid/(refunded) | 1,707 | (677) |
| Non-Cash Investing and Financing Activities: | ||
| Convertible notes exchange | 209,303 | 0 |
| Reduction of lease liability via modification/termination | 0 | 20,894 |
| Capitalization of stock-based compensation related to internal use software | 1,419 | 1,781 |
| Vesting of stock options early exercised in prior periods | 0 | 1,560 |
| Vesting of common stock issued via notes receivable from stockholders | 0 | 893 |
| Settlement of notes receivable from stockholders | 0 | 1,846 |
| Reclasses to internal use software | 0 | 2,254 |
| Termination of notes receivable from stockholders | $ 9,158 | $ 0 |
Organization and Nature of the Business |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| 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 U.S. 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., see Note 10 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. The Company’s Class A common stock and warrants are listed on the Nasdaq Capital Market (the “Nasdaq”) under the ticker symbols “BETR” and “BETRW,” respectively. Reverse Stock Split—On Friday, August 16, 2024, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation, effecting a 1-for-50 reverse stock split of the Company’s common stock (the “Reverse Stock Split”) for the primary purpose of increasing the per share trading price of the Company’s Class A common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Market LLC (“Nasdaq”). The Company’s Class A common stock began trading on a split-adjusted basis on Nasdaq upon the market open on Monday, August 19, 2024. Effective August 16, 2024, as a result of the Reverse Stock Split, every 50 shares of the Company’s issued and outstanding common stock were converted into one issued and outstanding share of Class A common stock, Class B common stock and Class C common stock, as applicable, without any change to the par value per share, the voting rights of the common stock, any stockholder’s percentage interest in the Company’s equity or any other aspect of the common stock. The accompanying financial statements have been retroactively recast to reflect this reverse split stock resulting in a reclassification to historic financials between common stock and additional paid-in-capital.
|
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation—The accompanying 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 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 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 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, the incremental borrowing rate used in determining lease liabilities, and the fair value of warrant and equity related liabilities. Business Combinations—The Company includes the financial results of businesses that the Company acquires from the date of acquisition. The Company records all assets acquired and liabilities assumed at fair value, with the excess of the purchase price over the aggregate fair values recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed. Transaction costs associated with business combinations are expensed as incurred. Cash and Cash Equivalents—Cash and cash equivalents consists of cash on hand and other highly liquid and short-term investments with maturities of 90 days or less at acquisition. Of the cash and cash equivalents balances as of December 31, 2025 and 2024, $1.0 million and $1.3 million, respectively, were insured by the Federal Deposit Insurance Corporation (“FDIC”). Restricted Cash—Restricted cash primarily consists of amounts provided as collateral for the Company’s various warehouse lines of credit as well as escrow funds received from and held on behalf of borrowers. In some instances, the Company may administer funds that are legally owned by a third-party which are excluded from the Company’s consolidated balance sheets. As of December 31, 2025 and 2024, the Company held $16.8 million, and $24.4 million, respectively, of restricted balances in accordance with the covenants of the agreements relating to its warehouse lines of credit (Note 4) and escrow funds (Note 15). Included in assets held for sale on the consolidated balance sheets as December 31, 2025 and 2024, are $4.3 million and $3.9 million, respectively, of restricted cash. See Note 10 for further details. 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 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. Allowance for Credit Losses–Held to Maturity (“HTM”) Short-term Investments—The Company's HTM Short-term investments are required to utilize the Current Expected Credit Loss (“CECL”) approach to estimate expected credit losses. Management measures expected credit losses on short-term investments on a collective basis by major security types that share similar risk characteristics, such as financial asset type and collateral type adjusted for current conditions and reasonable and supportable forecasts. Management classifies the short term investments portfolio by security types, such as U.S. or U.K. government agency securities. The U.S. and U.K. government treasury securities and U.S. and U.K. government agency securities are issued by the 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. Mortgage Loans Held for Sale, at Fair Value—The Company sells its loans held for sale (“LHFS”) to loan purchasers. LHFS primarily consists of mortgage loans as well as home equity line of credit and closed-end second lien loans (together defined as “HELOC”), originated for sale by BMC. The Company elects the fair value option, in accordance with Accounting Standard Codification (“ASC”) 825 – Financial Instruments (“ASC 825”), for all LHFS with changes in fair value recorded in gain on loans, net in the consolidated statements of operations and comprehensive loss. Management believes that the election of the fair value option for LHFS improves financial reporting by presenting the most relevant market indication of LHFS. The fair value of LHFS is based on market prices and yields at period end. The Company accounts for the gains or losses resulting from sales of loans based on the guidance of ASC 860-20 – Sales of Financial Assets (“ASC 860”). The Company generally sells all of its loans servicing released. For interim servicing, the Company engaged a third-party sub-servicer to collect monthly payments and perform associated services. The Company issues interest rate lock commitments (“IRLC”) to originate mortgage loans and the fair value of the IRLC, adjusted for the probability that a given IRLC will close and fund, is recognized within gain on loans, net. Subsequent changes in the fair value of the IRLC are measured at each reporting period within gain on loans, net until the loan is funded. When the loan is funded, the IRLC is derecognized and the LHFS is recognized based on the fair value of the loan. The LHFS is subsequently remeasured at fair value at each reporting period and the changes in fair value are included within gain on loans, net until the loan is sold on the secondary market. When the loan is sold on the secondary market, the LHFS is derecognized and the gain/(loss) is included within gain on loans, net based on the cash settlement. LHFS are considered sold when the Company surrenders control over the loans. Control is considered to have been surrendered when the transferred loans have been isolated from the Company, are beyond the reach of the Company and its creditors, and the loan purchaser obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans. The Company typically considers the above criteria to have been met upon receipt of sales proceeds from the loan purchaser. Loan Repurchase Reserve—The Company sells LHFS in the secondary market and in connection with those sales, makes customary representations and warranties to the relevant loan purchasers about various characteristics of each loan, such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local laws. In the event of a breach of its representations and warranties, the Company may be required to repurchase or indemnify losses on the loan with the identified defects. The loan repurchase reserve on loans sold relates to expenses incurred due to the potential repurchase of loans, indemnification of losses based on alleged violations or representations and warranties, which are customary to the mortgage banking industry. Provisions for potential losses are charged to expenses and are included within gain on loans, net on the consolidated statements of operations and comprehensive loss. The loan repurchase reserve represents the Company’s estimate of the total losses expected to occur and is considered to be adequate by management based upon the Company’s evaluation of the potential exposure related to the loan sale agreements over the life of the associated loans sold. The Company records the loan repurchase reserve within other liabilities on the consolidated balance sheets. See Note 16 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’s estimation of expected credit losses is to be incurred over the life of the loan, in accordance with Accounting Standards Codification (“ASC”) 326, Financial Instruments-Credit Losses, which requires an entity to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. Managements 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 5 for additional details. Other Receivables, Net—Other receivables, net consist primarily of amounts due from a third party loan sub-servicer, margin account balances with brokers, an integrated relationship partner, and servicing partners of loan purchasers. Other receivables, net is net of the allowance for credit losses, in accordance with ASC 326, Financial Instruments-Credit Losses . Management’s estimate of credit losses and allowance is based on historical collection experience and a review of the current status of other receivables. It is reasonably possible that management’s estimate of the allowance will change. No allowance has been taken as of December 31, 2025 and 2024, respectively, as the balances reflect amounts considered by management to be fully collectible. Derivatives and Hedging Activities—The Company enters into IRLCs to originate mortgage loans, at specified interest rates and within a specified period of time, with potential borrowers who have applied for a loan and meet certain credit and underwriting criteria. These IRLCs are not designated as accounting hedging instruments and are reflected in the consolidated balance sheets as derivative assets or liabilities, at fair value, with changes in fair value recorded in current period earnings. Unrealized gains and losses on the IRLCs are recorded as derivative assets or liabilities, at fair value, on the consolidated balance sheets and in gain on loans, net within the consolidated statements of operations and comprehensive loss. The fair value of IRLCs are measured based on the value of the underlying mortgage loan, quoted MBS prices, estimates of the fair value of the mortgage servicing rights, and adjusted by the estimated loan funding probability, or “pull-through factor”. The Company enters into forward sales commitment contracts for the sale of its mortgage loans held for sale or in the pipeline. These contracts are loan sales agreements in which the Company commits in principle to delivering a mortgage loan of a specified principal amount and quality to a loan purchaser at a specified price on or before a specified date. Generally, the price the loan purchaser will pay the Company is agreed upon prior to the loan being funded (i.e., on the same day the Company commits to lend funds to a potential borrower). Under the majority of the forward sales commitment contracts if the Company fails to deliver the agreed-upon mortgage loans by the specified date, the Company must pay a “pair-off” fee to compensate the loan purchaser. The Company’s forward sale commitments are not designated as accounting hedging instruments and are reflected in the consolidated balance sheets as derivative assets or liabilities at fair value with changes in fair value recorded in current period earnings. Unrealized gains and losses from changes in fair value on forward sales commitments are recorded as derivative assets or liabilities, at fair value on the consolidated balance sheets and in gain on loans, net within the consolidated statements of operations and comprehensive loss. Forward commitments are entered into under arrangements between the Company and counterparties under Master Securities Forward Transaction Agreements, which contain a legal right to offset amounts due to and from the same counterparty and can be settled on a net basis. The Company has evaluated agreements with counterparties and for those counterparties that meet the conditions, positions are presented net. In order to manage interest rate risk on our Loans Held for Investment portfolio, we have entered into pay-fixed, receive-floating interest rate swap contracts to hedge against exposure to changes in the fair value of Loans Held for Investment resulting from changes in interest rates. We designate these interest rate swap contracts as fair value hedges that qualify for hedge accounting under ASC 815, Derivatives and Hedging. The changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. We assess hedge effectiveness under ASC 815, on a quarterly basis to ensure all hedges remain highly effective and hedge accounting under ASC 815 can be applied. In conjunction with the assessment of effectiveness, we assess the hedged item to ensure it is expected to be outstanding at the hedged item’s assumed maturity date and the portfolio layer method of accounting under ASC 815 can be applied. The portfolio layer method allows multiple hedged layers of a single closed portfolio. Fair value basis adjustments in an existing portfolio layer method hedge are maintained at the closed portfolio level (Balance Sheet line item level) and are therefore not allocated to individual assets. The Company does not utilize any other derivative instruments to manage risk. Fair Value Measurements—Assets and liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The price used to measure fair value is not adjusted for transaction costs. The principal market is the market in which the Company would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability, it is assumed that the Company has access to the market as of the measurement date. If no market for the asset exists, or if the Company does not have access to the principal market, a hypothetical market is used. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: 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 include LHFS, derivative assets and liabilities, including IRLCs, forward sale commitments, interest rate swaps and warrant and equity related liabilities. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. However, for certain instruments, the Company must utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in measuring fair value. In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon the Company’s own estimates, and the measurements reflect information and assumptions that management believes a market participant would use in pricing the asset or liability. Property and Equipment, net—Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation expense is computed on the straight-line method over the estimated useful life of the asset, generally to five years for computer and hardware and to seven years for furniture and equipment. Leasehold improvements are depreciated over the shorter of the related lease term or the estimated useful life of the assets. Expenditures for maintenance and repairs necessary to maintain property and equipment in efficient operating condition are charged to operations as incurred while costs of additions and improvements are capitalized. The Company’s property and equipment are considered long-lived assets and are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset and the asset’s carrying amount. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized to the extent the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of their carrying amount or the fair value of the asset, less costs to sell. Goodwill—Goodwill represents the excess of the purchase price of an acquired business over the fair value of the assets acquired, less liabilities assumed in connection with the acquisition. Goodwill is tested for impairment at least annually on the first day of the fourth quarter at each reporting unit level, or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired, and is required to be written down when impaired. The guidance for goodwill impairment testing begins with an optional qualitative assessment to determine whether it is more likely than not that goodwill is impaired. The Company is not required to perform a quantitative impairment test unless it is determined, based on the results of the qualitative assessment, that it is more likely than not that goodwill is impaired. The quantitative impairment test is prepared at the reporting unit level. In performing the impairment test, management compares the estimated fair values of the applicable reporting units to their aggregate carrying values, including goodwill. If the carrying amounts of a reporting unit including goodwill were to exceed the fair value of the reporting unit, an impairment loss is recognized within the consolidated statements of operations and comprehensive loss in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company currently has two reporting units. For further details on goodwill impairment see Note 8 and Note 10. Internal Use Software and Other Intangible Assets, Net—The Company reports and accounts for acquired intellectual properties included in other intangible asset with an indefinite life, such as domain name, under ASC 350, Intangibles-Goodwill and Other (“ASC 350”). Intangible assets with indefinite lives are recorded at their estimated fair value at the date of acquisition and are tested for impairment on an annual basis as well as when there is reason to suspect that their values have been diminished or impaired. Any write-downs will be included in results from operations. Intangible assets with finite lives are recorded at their estimated fair value at the date of acquisition and are amortized over their estimated useful lives using the straight-line method. The Company capitalizes certain development costs incurred in connection with its internal use software and website development. Software costs incurred in the preliminary stages of development are expensed as incurred. Once a software application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial software testing. The Company also capitalizes costs related to specific software upgrades and enhancements when it is probable the expenditures will result in additional features and functionality. Software maintenance costs are expensed as incurred. For website development, costs incurred in the planning stage are expensed as incurred whereas costs associated with the application and infrastructure development, graphics development, and content development are capitalized depending on the type of cost in each of those respective stages. Internal use software and website development are amortized on a straight-line basis over its estimated useful life, generally three years. Impairment of Long-Lived Assets—Long‑lived assets, including property and equipment, right-of-use assets, capitalized software, and other finite-lived intangible assets, are evaluated for recoverability when events or changes in circumstances indicate that the asset may have been impaired. In evaluating an asset for recoverability, the Company considers the future cash flows expected to result from the continued use of the asset and the eventual disposition of the asset. If the sum of the expected future cash flows, on an undiscounted basis, is less than the carrying amount of the asset, an impairment loss equal to the excess of the carrying amount over the fair value of the asset is recognized. Impairment of Indefinite-Lived Intangible Assets—The Company assesses the impairment of indefinite-lived intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important, which could trigger an impairment review include items such as significant underperformance compared to historical or projected future operating results and significant changes in the manner or use of the acquired assets or the strategy for the overall business. When the Company determines that the carrying value of an intangible asset may not be recoverable based upon the existence of one or more of the above indicators of impairment and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge. Assets and Liabilities Held for Sale—Assets and liabilities to be disposed of by sale are reclassified into assets held for sale and liabilities held for sale on the 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. See Note 10 for further detail on assets and liabilities held for sale. 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. Leases—The Company accounts for its leases in accordance with ASC 842, Leases (“ASC 842”). The Company’s lease portfolio primarily consists of operating leases for a number of small offices across the country for licensing purposes as well as several larger offices for employee and Company headquarters. The Company also leases various types of equipment, such as laptops and printers. The Company determines whether an arrangement is a lease at inception. The Company has made an accounting policy election to exempt leases with an initial term of 12 months or less (“short-term leases”) from being recognized on the consolidated balance sheets. Short-term leases are not material in comparison to the Company’s overall lease portfolio. Payments related to short-term leases are recognized in the consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term. The Company also elected not to separate non-lease components of a contract from the lease component to which they relate. For leases with initial terms of greater than 12 months, the Company determines its classification as an operating or finance lease. At lease commencement, the Company recognizes a lease obligation and corresponding right-of-use asset based on the initial present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. For leases that qualify as an operating lease, the right-of-use assets related to operating lease obligations are recorded in right-of-use assets in the consolidated balance sheets. The rate implicit on the Company’s leases are not readily determinable, therefore, management uses its incremental borrowing rate to discount the lease payments based on the information available at lease commencement. The incremental borrowing rate represents the rate of interest the Company would have to pay to borrow over a similar term, and with a similar security, in a similar economic environment, an amount equal to the fixed lease payments. The commencement date is the date the Company takes initial possession or control of the leased premise or asset, which is generally when the Company enters the leased premises and begins to make improvements in preparation for its intended use. Non-cancelable lease terms for most of the Company's real estate leases typically range between 1-5 years and may also provide for renewal options. Renewal options are typically solely at the Company’s discretion and are only included within the lease term when the Company is reasonably certain that the renewal options would be exercised. When a modification to the contractual terms occurs, the lease liability and right-of-use asset is remeasured based on the remaining lease payments and incremental borrowing rate as of the effective date of the modification. When a lease is terminated, the carrying amount of the lease liability and right-of-use asset are reduced, and any difference between them is recognized as a gain or loss within other expenses/(income) on the consolidated statements of operations and comprehensive loss. The Company evaluates its right-of-use assets for impairment consistent with the impairments of long-lived assets policy disclosure described above. Convertible Note—As part of the Closing of the Business Combination, the Company issued to SB Northstar LP, an affiliate of SoftBank Group Corp., a senior subordinated convertible note (the “Convertible Note”). Upon initial issuance, the Convertible Note is 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. Convertible Note 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 Convertible Note 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 consolidated statements of operations and comprehensive loss. See Note 13 for further details on the Convertible Note. 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 13 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”) under ASC 470-60 - Troubled Debt Restructurings by Debtors ("ASC 470-60"), which requires debt modifications to be evaluated if (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 the modification in accordance with ASC Topic 470-50-40, which requires modification to debt instruments to be evaluated to assess whether the modifications are considered “substantial modifications”. A substantial modification of terms is accounted for like an extinguishment. Warrant Liabilities—The Company assumed publicly-traded warrants (“Public Warrants”) issued in Aurora’s initial public offering, private placement warrants issued by Aurora in connection with its formation and warrants attached to certain private placement units (collectively, the “Private Warrants” and, together with the Public Warrants, the “Warrants”). Each Warrant issued entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments, at any time commencing 30 days after the consummation of the Business Combination (which for the avoidance of doubt was September 21, 2023). Subsequent to the Reverse Stock Split, 50 Warrants would need to be exercised to purchase one share of Class A common stock at an exercise price of $575 per share. The Public Warrants are publicly traded and may be exercised on a cashless basis upon the occurrence of certain conditions. The Private Warrants are exercisable on a cashless basis and are not redeemable by the Company so long as they are held by the initial purchasers or their permitted transferees, subject to certain exceptions. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. The Company evaluated the Public Warrants and Private Warrants and concluded that both meet the definition of a derivative and will be accounted for at fair value in accordance with ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as the Public Warrants and Private Warrants are not considered indexed to the Company's stock. Changes in the fair value of Warrants are included within other expenses/(income) in the consolidated statement of operations and comprehensive loss. As of December 31, 2025 and 2024, the balance of the Warrants was $1.2 million and $1.3 million, respectively, and is included within Warrant and equity related liabilities on the consolidated balance sheets. Sponsor Locked-Up Shares—The Sponsor Locked-Up Shares are accounted for as a derivative and are included within warrants and equity related liabilities on the consolidated balance sheets. These shares are subject to transfer restrictions, which will be released contingent upon the price of Class A common stock exceeding certain thresholds or upon some strategic events, which include events that are not indexed to Class A common stock. As the Sponsor Locked-Up Shares are not considered indexed to the Company’s stock, they are accounted for at fair value in accordance with ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity. Changes in the fair value of Sponsor Locked-Up Shares are included within other expenses/(income) in the consolidated statement of operations and comprehensive loss. As of December 31, 2025 and 2024, the balance of the Sponsor Locked-Up Shares was $0.3 million and $0.1 million, respectively, and is included in Warrant and equity related liabilities on the consolidated balance sheets. Income Taxes—Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income or expense in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized based on management’s consideration of all positive and contradictory evidence available. The Company evaluates uncertainty in income tax positions based on a more-likely-than-not recognition standard. If that threshold is met, the tax position is then measured at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. If applicable, the Company records interest and penalties as a component of income tax expense. Foreign Currency Translation—The U.S. dollar is the functional currency of the Company’s consolidated entities operating in the United States. The Company’s non U.S. dollar functional currency operations include a non-operating service entity as well as several operating entities resulting from acquisitions. All balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Amounts in the consolidated statements of operations and comprehensive loss have been translated using the monthly average exchange rates for each month in the year. Accumulated net translation adjustments have been reported separately in other comprehensive loss in the consolidated statements of operations and comprehensive loss. Revenue Recognition—The Company generates revenue from the following streams: 1.Gain on loans, net includes revenues generated from the Company’s loan production process, see Note 3. The components of gain on loans, net are as follows: i.Gain on sale of loans, net—This represents the premium the Company receives in excess of the loan principal amount and certain fees charged by loan purchasers upon sale of loans into the secondary market. Gain on sale of loans, net includes unrealized changes in the fair value of LHFS, which are recognized on a loan by loan basis as part of current period earnings until the loan is sold on the secondary market. The fair value of LHFS is measured based on observable market data. Gain on sale of loans, net also includes the changes in fair value of IRLCs and forward sale commitments. IRLCs include the fair value upon issuance with subsequent changes in the fair value recorded in each reporting period until the loan is sold on the secondary market. Fair value of forward sale commitments hedging IRLCs and LHFS are measured based on quoted prices for similar assets. ii.Broker Revenue—Includes fees that the Company receives for originating loans on behalf of third-parties. iii.Loan repurchase reserve recovery/(provision)—In connection with the sale of loans on the secondary market, the Company makes customary representations and warranties to the relevant loan purchasers about various characteristics of each loan, such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local laws. In the event of a breach of its representations and warranties, the Company may be required to repurchase the loan with the identified defects. The provision for loan repurchase reserve, represents the charge for these potential losses. 2.Other revenue consists of revenue from the Company’s additional offerings such as real estate services, insurance services, and international lending revenue, which is recognized in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 outlines a single comprehensive model in accounting for revenue arising from contracts with customers. The core principle, involving a five-step process, of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For real estate services, the Company generates revenues from fees related to real estate agent services, mainly from cooperative brokerage fees from the Company’s network of third-party real estate agents, which assist customers in the purchase or sale of a home. The Company recognizes revenues from real estate services upon completion of the performance obligation which is when the mortgage transaction closes. Performance obligations for real estate agent services are typically completed 40 to 60 days after the commencement of the home search process. Payment for these services is typically settled in cash as part of closing costs to the borrower upon closing of the mortgage transaction. Also included in real estate services are settlement services, which are revenue from fees charged for services such as title search fees, wire fees, policy and document preparation, and other mortgage settlement services. The Company recognizes revenues from settlement services upon completion of the performance obligation, which is when the mortgage transaction closes. Insurance revenue primarily consists of fees earned on homeowners insurance policies and title insurance. The Company generates revenues from agent fees on homeowners insurance policies obtained by customers through the Company’s marketplace of third-party insurance carriers. The Company offers title insurance as an agent and works with third-party providers that underwrite the title insurance policies. For title insurance, the Company recognizes revenue from fees upon the completion of the performance obligation which, is when the mortgage transaction closes. For homeowners insurance and title insurance, the Company is the agent in the transactions as the Company does not control the ability to direct the fulfillment of the service, is not primarily responsible for fulfilling the performance of the service, and does not assume the risk in a claim against a policy. For international lending revenue, the Company generates revenue primarily from broker fees earned in the U.K. The Company recognizes international lending revenue upon completion of the performance obligation, which is when the mortgage provider approves the mortgage. 3. Net interest income includes interest income from LHFS, calculated based on the note rate of the respective loan, interest income from short-term investments, and interest income on loans held for investment. Interest expense includes interest expense on warehouse lines of credit, interest expense on customer deposits, as well as interest expense on corporate debt. Compensation and Benefits—Compensation and benefits include salaries, wages, and incentive pay as well as stock-based compensation, employee health benefits, 401(k) plan benefits, and social security and unemployment taxes. Stock-based compensation includes expenses associated with restricted stock unit grants, performance stock unit grants, and stock option grants, under the Company’s stock plans. Compensation expense for the stock-based payments is based on the fair value of the awards on the grant date. Compensation and benefits expenses are expensed as incurred with the exception of stock-based compensation, which is recognized in a straight-line basis over the requisite service period. Stock-Based Compensation—The Company measures and records the expense related to stock-based compensation awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. For stock-based compensation with performance conditions, the Company records stock-based compensation expense when it is deemed probable that the performance condition will be met. For Restricted Stock Units (“RSUs”), the fair value of the stock-based compensation award is based on the closing price of the Company’s common stock on the date of the grant. For stock options, the Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the fair value. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based compensation awards, including the option’s expected term and the price volatility of the underlying stock. The Company calculates the fair value of stock options granted using the following assumptions: a)Expected Volatility—The Company estimated volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the options’ expected term. b)Expected Term—The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has elected to use the midpoint of the stock options vesting term and contractual expiration period to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. c)Risk-Free Interest Rate—The risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon issues with a term that is equal to the options’ expected term at the grant date. d)Dividend Yield—The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. The Company accounts for forfeitures of stock options and RSUs as they occur rather than estimating forfeitures at the time of grant. The Company records compensation expense related to stock options issued to non-employees, including consultants based on the fair value of the stock options on the grant date over the service performance period as the stock options vest. The Company previously allowed stock option holders to early exercise stock options prior to the vesting date. The early exercise of stock options not yet vested are not reflected within stockholders’ equity or on the consolidated balance sheets as they relate to unvested share awards and therefore are considered non-substantive exercises. General and Administrative Expenses—General and administrative expenses include rent and occupancy expenses, insurance, and external legal, tax and accounting services. General and administrative expenses are expensed as incurred. Technology Expenses—Technology expenses consist of direct costs related to vendors engaged in product management, design, development, and testing of the Company’s websites and products. Technology expenses are expensed as incurred. Marketing and Advertising Expenses—Marketing and advertising expenses consist of direct costs related to customer acquisition expenses, brand costs, and paid marketing. For customer acquisition expenses, the Company primarily generates loan origination leads for which the Company incurs “pay-per-click” expenses. Marketing and advertising expenses are expensed as incurred. Loan Origination Expenses—Loan origination expenses consist of costs directly attributable to the production of loans such as appraisal fees, processing expenses, underwriting, closing fees, and servicing costs. For mortgage loans held for sale that are accounted for at fair value, these costs are expensed as incurred. Other Expenses/(Income)—Other expenses consist of direct costs related to other non-mortgage homeownership activities, including settlement service expenses, lead generation expenses, expenses incurred in relation to our international lending activities, restructuring and impairment expenses, and gains and losses from equity related liabilities. Settlement service expenses consist of fees for transactional services performed by third-party providers for borrowers while lead generation expenses consist of fees for services related to real estate agents. Other expenses are expensed as incurred. Net Income (Loss) Per Share—Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. Historically, for purpose of this calculation, outstanding stock options, public and private warrants, and sponsor locked-up shares are considered potential dilutive common shares. Diluted net income (loss) per share is the amount of net income (loss) available to each share of common stock outstanding during the reporting period, adjusted to include the effect of potentially dilutive common shares. For periods in which the Company reports net losses, basic and diluted net loss per share attributable to common stockholders are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. For the years ended December 31, 2025 and 2024, the Company reported a net loss attributable to common stockholders. Segments—The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities across two operating and reportable segments. Accordingly, the CODM uses segment net income (loss) from operations to allocate resources and assess performance. The CODM reviews budget-to-actual variances for segment net income (loss) on a regular basis when making decisions about allocating resources to each segment. Further, the CODM reviews and utilizes functional expenses at the segment level to manage the Company’s operations. Other segment items included in net income are net interest income, depreciation and amortization, and income tax expense (benefit), which are reflected in the consolidated statements of operations and comprehensive loss. Emerging Growth Company and Smaller Reporting Company Status—The Company is an emerging growth company (“EGC”), as defined in Section 2(a) of the Securities Act of 1933, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 102(b)(1) of the JOBS Act exempts EGCs from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an EGC can elect to opt out of the extended transition period and comply with the requirements that apply to non-EGCs but any such election to opt out is irrevocable. The Company has not elected to opt out of such extended transition period which means that when a financial accounting standard is issued or revised and it has different application dates for public or private companies, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. The Company will be eligible to use this extended transition period under the JOBS Act until the earlier of the date it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make comparison of the Company’s financials to those of other public companies more difficult. Management expects to cease to be an EGC on the last day of the Company’s fiscal year following March 8, 2026, which is the fifth anniversary of the date on which Aurora consummated its initial public offering. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The Company adopted ASU 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, as of January 1, 2025, prospectively. The amendments enhance the transparency of income tax disclosures and did not have a material impact on the Company’s financial statements. 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 December 31, 2024, 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.
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| Revenues | 3. Revenues Revenues— The Company disaggregates revenue based on the following revenue streams: Gain on loans, net consisted of the following:
Other revenue consisted of the following:
Net interest income consisted of the following:
(1) Primarily consists of interest on Convertible Notes, see Note 13 for more details.
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| Mortgage Loans Held For Sale And Warehouse Agreement Borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans Held for Sale and Warehouse Lines of Credit | 4. Mortgage Loans Held for Sale and Warehouse Lines of Credit The Company has the following outstanding warehouse lines of credit:
__________________ (1)Interest charged under the facility is at the 30-day term SOFR plus 2.125%. During the second quarter of 2025, Funding Facility 1 was terminated prior to maturity. (2)Interest charged under the facility is at the 30-day term SOFR plus 2.10%-2.25%. Cash collateral deposit of $3.8 million is maintained and included in restricted cash. Subsequent to December 31, 2025, the Company extended the maturity to March 2, 2027. (3)Interest charged under the facility is at the 30-day term SOFR plus 1.75% - 3.75%. A compensating balance of $15.0 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 December 31, 2025, the Company was in compliance with this requirement. Subsequent to December 31, 2025, the Company extended the maturity to January 21, 2027. (4)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 December 31, 2025. 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:
Average days loans held for sale, other than Company-funded LHFS and Company-funded HELOC, for the years ended December 31, 2025 and 2024 were approximately 30 days and 21 days, respectively. This is defined as the average days between funding and sale for loans funded during each period. As of December 31, 2025 and 2024, the unpaid principal balance of loans that were either 90 days past due or non-performing was $2.4 million and $1.4 million, respectively. As of December 31, 2025 and 2024, the weighted average annualized interest rate for the warehouse lines of credit was 6.08% and 6.44%, respectively. The warehouse lines of credit contain certain restrictive covenants that require the Company to maintain certain minimum net worth, liquid assets, current ratios, liquidity ratios, leverage ratios, and earnings. In addition, these warehouse lines also require the Company to maintain compensating cash balances. As of December 31, 2025, the Company maintained $3.8 million of cash collateral deposits included in restricted cash and $15.0 million of compensating balances included in cash and cash equivalents on the accompanying consolidated balance sheets. As of December 31, 2024, the Company maintained $18.8 million of cash collateral deposits included in restricted cash. The Company was in compliance with all financial covenants under the warehouse lines as of December 31, 2025 and 2024.
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Loans Held for Investment |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Investment | 5. 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 98.6% of the total loan portfolio as of December 31, 2025 and 2024, respectively. The Company’s Loans Held for Investment portfolio is summarized as follows:
Accrued interest receivable on loans receivable totaled $1.0 million and $0.4 million, respectively, as of December 31, 2025 and December 31, 2024 and is included in other receivables, net on the 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 substantive 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 December 31, 2025. 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 years ended December 31, 2025 and 2024. 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 December 31, 2025 there was an immaterial number of loans held for investment past due. Substantially all past-due loans were less than 30 days past due. As of December 31, 2024, there were no 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 December 31, 2025, there was one loan with a total unpaid balance of $2.5 million in which formal foreclosure proceedings were in process. As of December 31, 2024, there were no loans secured by any asset type for 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 December 31, 2025 and 2024, there were no loans that were placed on non-accrual status. During the years ended December 31, 2025 and 2024, 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 by the contractual maturity and payment status of the loan. 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 December 31, 2025 and December 31, 2024. 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:
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Property and Equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | 6. Property and Equipment Property and equipment consists of the following:
Total depreciation expense on property and equipment for the years ended December 31, 2025 and 2024 was $1.0 million and $7.1 million, respectively. Included in depreciation expense was $3.7 million of accelerated depreciation due to a lease modification for the year ended December 31, 2024. An impairment of $0.2 million and $4.8 million was recognized for the years ended December 31, 2025 and 2024, respectively, related to computers and hardware and is included within other expense/(income) within the consolidated statements of operations and comprehensive loss.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 7. Leases The below table presents the lease related assets and liabilities recorded on the accompanying balance sheet:
The components of operating lease costs, included within general and administrative expenses within the consolidated statements of operations and comprehensive loss, were as follows:
Supplemental cash flow and non-cash information related to leases were as follows:
Supplemental balance sheet information related to leases was as follows:
As of December 31, 2025, the Company held no finance leases, and the maturity analysis of operating lease liabilities are as follows:
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| Leases | 7. Leases The below table presents the lease related assets and liabilities recorded on the accompanying balance sheet:
The components of operating lease costs, included within general and administrative expenses within the consolidated statements of operations and comprehensive loss, were as follows:
Supplemental cash flow and non-cash information related to leases were as follows:
Supplemental balance sheet information related to leases was as follows:
As of December 31, 2025, the Company held no finance leases, and the maturity analysis of operating lease liabilities are as follows:
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| Leases | 7. Leases The below table presents the lease related assets and liabilities recorded on the accompanying balance sheet:
The components of operating lease costs, included within general and administrative expenses within the consolidated statements of operations and comprehensive loss, were as follows:
Supplemental cash flow and non-cash information related to leases were as follows:
Supplemental balance sheet information related to leases was as follows:
As of December 31, 2025, the Company held no finance leases, and the maturity analysis of operating lease liabilities are as follows:
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Goodwill and Internal Use Software and Other Intangible Assets, Net |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Internal Use Software and Other Intangible Assets, Net | 8. Goodwill and Internal Use Software and Other Intangible Assets, Net Changes in the carrying amount of goodwill, net consisted of the following:
For the years ended December 31, 2025 and 2024, the Company recorded goodwill impairment charges of $14.0 million and $7.3 million, respectively, which are included within in the consolidated statements of operations and comprehensive loss. During the fourth quarter of 2025, management identified a triggering event requiring an interim goodwill impairment assessment. The Company determined that the estimated fair value of Birmingham Bank was less than its carrying value and, as a result, recorded a goodwill impairment charge of $13.5 million during the year ended December 31, 2025. The remaining impairment of $0.5 million recorded in 2025 relates to entities in the U.K. for which management has classified as held for sale, and the $7.3 million impairment recorded in 2024 similarly relates to those held-for-sale U.K. entities, see Note 10. Internal use software and other intangible assets, net consisted of the following:
The Company capitalized $11.4 million and $8.5 million in internal use software and website development costs during the years ended December 31, 2025 and 2024, respectively. Included in capitalized internal use software and website development costs are $1.4 million and $1.8 million of stock-based compensation costs for the years ended December 31, 2025 and 2024, respectively. Amortization expense totaled $13.0 million and $26.1 million during the years ended December 31, 2025 and 2024, respectively. For the years ended December 31, 2025 and 2024, no impairments were recognized relating to Amortization expense related to intangible assets as of December 31, 2025 is expected to be as follows:
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Prepaid Expenses and Other Assets |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepaid Expenses and Other Assets | 9. Prepaid Expenses and Other Assets Prepaid expenses and other assets consisted of the following:
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Assets and Liabilities Held for Sale |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Held for Sale | 10. Assets and Liabilities Held for Sale During the fourth quarter of 2024, management enacted a plan to sell several entities in the U.K. which are being actively marketed, are available for sale in their current respective conditions, and management expects to complete the respective sales within one year and all criteria included in Note 2 have been met. The following table represents summarized balance sheet information of assets and liabilities held for sale:
For the years ended December 31, 2025 and 2024, the Company recorded a write up of $2.1 million and a write down of $4.2 million, respectively, to adjust the disposal group of its fair value less cost to sell. These amounts are included in other expense (income) in the consolidated statements of operations and comprehensive loss. For year ended December 31, 2025, the Company recorded goodwill impairment relating to the entities in the U.K. classified as held for sale of $0.5 million which is included within other expense/(income) in the consolidated statements of operations and comprehensive loss. During the third quarter of 2025, the Company completed the sale of its Trussle Lab Ltd subsidiary, which had previously been classified as held for sale. In connection with the transaction, and pursuant to a settlement agreement executed in September 2025 between Better Finance Ltd (a subsidiary of the Company) and Onedome Finance Ltd, the Company paid $1.6 million (€1.2 million) to transfer ownership and settle all related obligations associated with the entity. As a result of this transaction, the Company recognized of $0.7 million (€0.5 million), which is included within other expense/(income) in the consolidated statements of operations and comprehensive loss.
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Customer Deposits |
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| Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer Deposits | 11. Customer Deposits In relation to the Company’s banking activities tied to the Birmingham acquisition in the U.K., the Company offers individual savings accounts and other depository products with differing maturities and interest rates to its customers. The balance of customer deposits as of December 31, 2025 and December 31, 2024 was $763.0 million and $134.1 million, respectively, on the consolidated balance sheets. The following table presents average balances and weighted average rates paid on deposits for the years indicated:
The following table presents maturities of customer deposits:
Interest Expense on deposits is recorded in interest expense in the consolidated statements of operations and comprehensive loss for the year indicated as follows:
Deposits are for U.K. banking clients and are protected up to £120.0 thousand ($161.3 thousand) per eligible person by the Financial Services Compensation Scheme in the U.K. Of the total customer deposits as of December 31, 2025, $214.3 million were over the applicable insured amount.
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Other Liabilities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | 12. Other Liabilities Other liabilities consisted of the following:
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Senior Notes |
12 Months Ended |
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Dec. 31, 2025 | |
| Debt Disclosure [Abstract] | |
| Senior Notes | 13. Senior Notes Convertible Note (Prior to exchange) —As of December 31, 2025 and 2024, the carrying amount of the Convertible Note was none and $519.7 million on the consolidated balance sheets, respectively. For the years ended December 31, 2025 and 2024, the Company recorded a total of $1.7 million and $7.6 million, respectively, of interest expense related to the Convertible Note. Interest expense from the Convertible Note is included in interest expense within the consolidated statements of operations and comprehensive loss. In February 2024, the Company made a cash payment in the amount of $2.5 million, which consisted of $1.1 million towards the principal and $1.4 million of interest from January 1, 2024 through February 15, 2024. 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 “Convertible 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 did 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 Convertible Notes and the Investor forfeited any accrued and unpaid interest in respect of the Convertible 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 $11.1 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 $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—In connection with the Exchange, the Company entered into an indenture (the “Senior Notes Indenture”) with GLAS Trust Company LLC, as trustee and notes collateral agent. As of December 31, 2025 and 2024, the carrying amount of the Senior Notes was $198.8 million and none, respectively. In July 2025, the Company made a cash payment of $1.6 million which consisted of interest from April 28, 2025 through June 30, 2025. As a result of the accounting treatment discussed above, this payment was applied to reduce the principal on the Senior Notes. For the period July 1, 2025 through December 31, 2025, 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 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 are 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.
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Related Party Transactions |
12 Months Ended |
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Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 14. 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. 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 January 2025, the agreement was extended for an additional year. 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 $0.9 million and $1.0 million for the years ended December 31, 2025 and 2024 respectively, which are included within general and administrative expenses on the consolidated statements of operations and comprehensive loss. The Company included a payable of $0.1 million and $0.1 million as of December 31, 2025 and 2024, respectively, within accounts payable and accrued expenses on the 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, the Company’s Chief Executive Officer, and 1/0 Real Estate (an entity affiliated with Vishal Garg), 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 December 31, 2025 and 2024, the Company had $2.5 million and $4.2 million of unsecured home improvement loans purchased from Notable, which are included within mortgage loans held for sale, at fair value on the consolidated balance sheets. Notable will continue to provide servicing for the loans purchased from Notable that remain on the Company’s 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 Company’s Chief Executive Officer, which provide services to the Company varying from data analytics to information technology support services. For the years ended December 31, 2025 and 2024, the Company recorded an immaterial amount and $0.1 million, respectively, in relation to these services, which are included in general and administrative expenses on the consolidated statements of operations and comprehensive loss. The Company included a payable of an immaterial amount for both the years ended December 31, 2025 and 2024, within accounts payable and accrued expenses on the consolidated balance sheets. RSU Grants for Consulting Services—In November 2025, the Company granted restricted stock units (“RSUs”), which vest only upon the satisfaction of certain performance- and time-based vesting conditions, to Prabhu Narasimhan and Harit Talwar, members of the Company’s Board of Directors, in consideration for consulting services provided to the Company. The consulting services were provided outside of, and in addition to, their duties as members of the Board of Directors. The RSU grants were approved by the Audit Committee of the Board of Directors and were not issued as compensation for board membership. The consulting services provided by Messrs. Talwar and Narasimhan relate to strategic advisory and other operational initiatives of the Company. Management believes the services provided by Messrs. Talwar and Narasimhan are beneficial to the Company’s commercial and strategic objectives. In connection with these RSU grants, the Company recognized share-based compensation expense of $0.7 million for the year ended December 31, 2025, which is included within compensation and benefits on the consolidated statements of operations and comprehensive loss. Note Exchange Agreement—See Note 13, for further details on the Exchange with SB Northstar LP, a related party of the Company.
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Commitments and Contingencies |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | 15. 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 $6.7 million and $8.3 million as of December 31, 2025 and 2024, respectively, which is included in accounts payable and accrued expenses on the consolidated balance sheets. During the year ended December 31, 2025, the changes in the liability included settlements of $1.4 million as well as a reduction in accruals of $0.2 million related to certain other employment matters, which were included within general and administrative expense on the consolidated statement of operations and comprehensive loss. During the year ended December 31, 2024, the changes in liability included settlements of $0.5 million as well as additional accruals of $0.4 million related to certain other employment matters, which were included within general and administrative expense on the consolidated statement of operations and comprehensive loss. 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 December 31, 2025 and 2024, the Company included an estimated liability of $5.1 million and $6.6 million, respectively, within accounts payable and accrued expenses on the consolidated balance sheets. For the year ended December 31, 2025, the Company recorded a reduction in the accruals for these potential TRID defects of $0.7 million which is included within loan origination expense in the consolidated statement of operations and comprehensive loss. During the year ended December 31, 2025, the Company had relief of the liability due to payments to customers in the amount of $0.8 million. For the year ended December 31, 2024, the Company recorded additional accruals for these potential TRID defects in the amount of $0.3 million and is included within loan origination expense in the consolidated statement of operations and comprehensive loss. 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. During the year ended December 31, 2024, the Company had relief of the liability due to payments to customers in the amount of $2.3 million. Loan Commitments—The Company enters into IRLCs to fund mortgage loans, at specified interest rates and within a specified period of time, with potential borrowers who have applied for a loan and meet certain credit and underwriting criteria. As of December 31, 2025 and 2024, the Company had outstanding commitments to fund mortgage loans in notional amounts of approximately $271.4 million and $129.9 million, respectively. The IRLCs derived from those notional amounts are recorded within derivative assets and liabilities, at fair value as of December 31, 2025 and 2024, respectively, on the consolidated balance sheets. See Note 18. Forward Sale Commitments—In the ordinary course of business, the Company enters into contracts to sell existing LHFS or loans committed but yet to be funded into the secondary market at specified future dates. As December 31, 2025 and 2024, the Company had outstanding forward sales commitment contracts of notional amounts of approximately $286.0 million and $158.0 million, respectively. The forward sales commitments derived from those notional amounts are recorded within derivative assets and liabilities, at fair value as of December 31, 2025 and 2024, respectively, on the consolidated balance sheets. See Note 18. 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 year ended December 31, 2025, the Company had two loan purchasers that accounted for 35% and 13% of loans sold by the Company. During the year ended December 31, 2024, the Company had three loan purchasers that accounted for 37%, 26%, and 19%, respectively, 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 December 31, 2025 and 2024, the Company had originated 12% and 10%, respectively, 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 December 31, 2025 and 2024, 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 December 31, 2025 and 2024 was $0.2 million and $0.1 million, respectively, and are included within escrow payable and other customer accounts on the consolidated balance sheets. 16. 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 December 31, 2025, 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 mortgage pipeline hedging activities, which include forward sales of mortgage-backed securities and commitments to sell loans, are not designated as hedging instruments for accounting purposes under ASC 815 and are recorded at fair value through earnings. These activities are designed to economically offset interest rate risk associated with mortgage loans held for sale and interest rate lock commitments. Separately, the Company designates certain interest rate swaps as fair value hedges under ASC 815 to manage interest rate risk associated with loans held for investment. The Company’s derivative transactions contain an element of counterparty credit risk because counterparties 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 of default. The Company’s exposure in the event of counterparty default is generally limited to the difference between the contract value and the current market value of the instrument. The Company mitigates this risk by transacting with well-established financial institutions that 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 loans performance 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 $11.9 million (47 loans) and $9.9 million (30 loans) in unpaid principal balance of loans during the years ended December 31, 2025 and 2024, respectively related to its loan repurchase obligations. The Company’s loan repurchase reserve is included within other liabilities on the consolidated balance sheets. The 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:
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 4. 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.
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Risks and Uncertainties |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties | 15. 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 $6.7 million and $8.3 million as of December 31, 2025 and 2024, respectively, which is included in accounts payable and accrued expenses on the consolidated balance sheets. During the year ended December 31, 2025, the changes in the liability included settlements of $1.4 million as well as a reduction in accruals of $0.2 million related to certain other employment matters, which were included within general and administrative expense on the consolidated statement of operations and comprehensive loss. During the year ended December 31, 2024, the changes in liability included settlements of $0.5 million as well as additional accruals of $0.4 million related to certain other employment matters, which were included within general and administrative expense on the consolidated statement of operations and comprehensive loss. 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 December 31, 2025 and 2024, the Company included an estimated liability of $5.1 million and $6.6 million, respectively, within accounts payable and accrued expenses on the consolidated balance sheets. For the year ended December 31, 2025, the Company recorded a reduction in the accruals for these potential TRID defects of $0.7 million which is included within loan origination expense in the consolidated statement of operations and comprehensive loss. During the year ended December 31, 2025, the Company had relief of the liability due to payments to customers in the amount of $0.8 million. For the year ended December 31, 2024, the Company recorded additional accruals for these potential TRID defects in the amount of $0.3 million and is included within loan origination expense in the consolidated statement of operations and comprehensive loss. 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. During the year ended December 31, 2024, the Company had relief of the liability due to payments to customers in the amount of $2.3 million. Loan Commitments—The Company enters into IRLCs to fund mortgage loans, at specified interest rates and within a specified period of time, with potential borrowers who have applied for a loan and meet certain credit and underwriting criteria. As of December 31, 2025 and 2024, the Company had outstanding commitments to fund mortgage loans in notional amounts of approximately $271.4 million and $129.9 million, respectively. The IRLCs derived from those notional amounts are recorded within derivative assets and liabilities, at fair value as of December 31, 2025 and 2024, respectively, on the consolidated balance sheets. See Note 18. Forward Sale Commitments—In the ordinary course of business, the Company enters into contracts to sell existing LHFS or loans committed but yet to be funded into the secondary market at specified future dates. As December 31, 2025 and 2024, the Company had outstanding forward sales commitment contracts of notional amounts of approximately $286.0 million and $158.0 million, respectively. The forward sales commitments derived from those notional amounts are recorded within derivative assets and liabilities, at fair value as of December 31, 2025 and 2024, respectively, on the consolidated balance sheets. See Note 18. 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 year ended December 31, 2025, the Company had two loan purchasers that accounted for 35% and 13% of loans sold by the Company. During the year ended December 31, 2024, the Company had three loan purchasers that accounted for 37%, 26%, and 19%, respectively, 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 December 31, 2025 and 2024, the Company had originated 12% and 10%, respectively, 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 December 31, 2025 and 2024, 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 December 31, 2025 and 2024 was $0.2 million and $0.1 million, respectively, and are included within escrow payable and other customer accounts on the consolidated balance sheets. 16. 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 December 31, 2025, 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 mortgage pipeline hedging activities, which include forward sales of mortgage-backed securities and commitments to sell loans, are not designated as hedging instruments for accounting purposes under ASC 815 and are recorded at fair value through earnings. These activities are designed to economically offset interest rate risk associated with mortgage loans held for sale and interest rate lock commitments. Separately, the Company designates certain interest rate swaps as fair value hedges under ASC 815 to manage interest rate risk associated with loans held for investment. The Company’s derivative transactions contain an element of counterparty credit risk because counterparties 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 of default. The Company’s exposure in the event of counterparty default is generally limited to the difference between the contract value and the current market value of the instrument. The Company mitigates this risk by transacting with well-established financial institutions that 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 loans performance 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 $11.9 million (47 loans) and $9.9 million (30 loans) in unpaid principal balance of loans during the years ended December 31, 2025 and 2024, respectively related to its loan repurchase obligations. The Company’s loan repurchase reserve is included within other liabilities on the consolidated balance sheets. The 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:
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 4. 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.
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Net Loss Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Loss Per Share | 17. 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:
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, 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:
__________________ (1)Securities have an antidilutive effect under the treasury stock method. (2)Public and Private warrants are unadjusted by the Reverse Stock Split as a holder must exercise 50 warrants to receive one share of common stock.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 18. Fair Value Measurements The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
__________________ (1)As of December 31, 2025, derivative assets represent IRLCs, and liabilities represent forward sale commitments, IRLCs and interest rate swaps. As of December 31, 2024, derivative assets represent forward sale commitments and IRLCs, and liabilities represent IRLCs. (2)Fair value is based on the intrinsic value of the Company’s underlying stock price at each balance sheet date and includes certain assumptions with regard to volatility. 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 in accordance with ASC 825. 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 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 December 31, 2025 and 2024. 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 issuances of approximately $39.2 million and $19.7 million of IRLCs during the years ended December 31, 2025 and 2024, respectively. The number of days from the date of the IRLC to expiration of the rate lock commitment outstanding as of December 31, 2025 and 2024 was approximately, on average, 44 days and 54 days, respectively. The Company attempts to match the maturity date of the IRLCs with the forward commitments. Derivatives are presented in the consolidated balance sheets under derivative assets, at fair value and derivative liabilities, at fair value. During the year ended December 31, 2025, the Company recognized $2.8 million of gains and $6.2 million of losses related to changes in the fair value of IRLCs and forward sale commitments, respectively. During the year ended December 31, 2024, the Company recognized $0.5 million of losses and $5.2 million of gains 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 consolidated statements of operations and comprehensive loss. Unrealized activity related to changes in the fair value of forward sale commitments were $2.5 million of losses and $5.7 million of gains, included in the $6.2 million of losses and $5.2 million of gains, during the years ended December 31, 2025 and 2024, respectively. In order to manage interest rate risk on our Loans Held for Investment portfolio, we entered into pay-fixed, receive-floating interest rate swap contracts to hedge against exposure to changes in the fair value of Loans Held for Investment resulting from changes in interest rates. The interest rate swaps are carried at fair value on a recurring basis and the fair value is estimated using market observable inputs such as interest rate yield curves and discount rates. We also consider counter-party credit risk in valuing our derivatives. During the year ended December 31, 2025, the Company recognized $0.2 million of losses related to changes in the fair value of interest rate swaps. The notional and fair value of derivative financial instruments were as follows:
Derivatives Designated as Hedging Instruments—The Company designates these interest rate swap contracts as fair value hedges that qualify for hedge accounting under ASC 815, Derivatives and Hedging. We elected to account for the fair value hedges using the portfolio layer method in accordance with ASU 2022-01. We record the interest rate swaps in the line item "Derivative liabilities, at fair value" on our 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 income. During the year ended December 31, 2025, the Company recognized $0.1 million in interest income on the fair value hedge interest rate swaps. 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. As of December 31, 2025 and 2024, Level 3 instruments include IRLCs. The following table presents the rollforward of Level 3 IRLCs:
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. The table below presents gross amounts of recognized assets and liabilities subject to master netting agreements.
Significant Unobservable Inputs—The following table presents quantitative information about the significant unobservable inputs used in the recurring fair value measurements categorized within Level 3 of the fair value hierarchy:
U.S. GAAP requires disclosure of fair value information about financial instruments, whether recognized or not recognized in the 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:
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 19. Income Taxes The Company adopted ASU 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, as of January 1, 2025, prospectively. The amendments enhance the transparency of income tax disclosures and did not have a material impact on the Company’s financial statements. The Company is subject to US (federal, state and local) and foreign income taxes. The components of income (loss) before income tax expense (benefit) are as follows:
The following table displays the components of the Company’s federal, state and local, and foreign income taxes.
Total income tax provision does not reflect the tax effects of items that are included in APIC, which include a tax expense of $741 thousand in 2025. The following table displays the difference between the U.S. federal statutory corporate tax rate and the effective tax rate, prepared under the updated guidance:
The difference between the U.S. Federal statutory tax rate and the effective tax rate relates primarily to the change in valuation allowance. The following table displays the difference between the U.S. federal statutory corporate tax rate and the effective tax rate, prepared under the prior guidance:
Deferred Income Tax Assets and Liabilities The Company evaluates the deferred income tax assets for the recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including the Company’s historical profitability and losses and projections of future taxable income (loss). As of December 31, 2025, the Company continued to conclude that the negative evidence with respect to the recoverability of its deferred income tax assets outweighed the positive evidence. It is more likely than not that the deferred income tax assets will not be realized. As of December 31, 2025 and 2024, the Company had a 100% valuation allowance on its domestic deferred tax assets. The Company’s framework for assessing the recoverability of deferred income tax assets requires it to weigh all available evidence, to the extent it exists, including: •the sustainability of future profitability required to realize the deferred income tax assets, •the cumulative net income or losses in the consolidated statements of operations and comprehensive income in recent years The following table displays deferred income tax assets and deferred income tax liabilities:
As of December 31, 2025 and 2024 the Company had federal net operating loss (“NOL”) carryforwards of approximately $1,276 million and $1,285 million, respectively, and state NOL carryforwards of $1,014 million and $1,017 million, respectively, which are available to offset future taxable income. As of December 31, 2025 and 2024 the Company had foreign (U.K.) NOL carryforwards of approximately $106 million and $189 million, respectively, which are available to offset future taxable income and do not expire. Certain state NOLs as of December 31, 2025 will begin to expire in 2035. Utilization of the NOL carryforwards for purposes of federal income tax is subject to an annual limitation pursuant to Internal Revenue Code Section 382 (“Section 382”) due to ownership changes that have occurred. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has assessed and concluded there have been multiple changes of control as defined by Section 382 since inception. As of December 31, 2025, the Company's deferred income tax asset relating to the Company's NOL carryforwards will be subject to an annual limitation pursuant to Section 382, thereby limiting the amount of NOL utilization each year. The income tax paid, net of refunds received for the year ended December 31, 2025 is as follows:
A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:
As of December 31, 2025 and 2024, there were $1.4 million and $1.35 million of unrecognized tax benefits that if recognized would affect the annual effective tax rate. During 2025, the gross unrecognized tax benefits increased by $48 thousand and $117 thousand of interest and penalties were accrued on the $1.4 million unrecognized tax benefit balance. Included in the balance of unrecognized tax benefits of $1.4 million as of December 31, 2025, are tax benefits that if recognized, will affect the effective tax rate. The Company files a consolidated federal income tax return, foreign income tax returns and various state consolidated or combined income tax returns. The Company’s major tax jurisdictions are U.S. federal, New York State, New York City, California, and New Jersey. The Company is generally no longer subject to U.S. federal income tax examination for any year prior to 2021, to state or local income tax examinations for any year prior to 2021, or to foreign examinations for any year prior to 2021 for India and for any year prior to 2024 for U.K. Nonetheless, NOLs generated in prior years are subject to examination and potential adjustment by the taxing authorities upon their utilization in subsequent years’ tax returns. The Pillar Two rules are intended to ensure that large multinational enterprise ("MNE") groups pay a minimum level of tax on the income arising in each of the jurisdictions in which they operate. The rules do so by imposing a top-up tax on profits arising in a jurisdiction whenever the effective tax rate, determined on a jurisdictional basis, is below the 15 percent minimum rate. The Pillar Two rules include: •“[A]n Income Inclusion Rule (IIR), which imposes top-up tax on a parent entity in respect of the low taxed income of a constituent entity.” •“[A]n Undertaxed Payment Rule (UTPR), which denies deductions or requires an equivalent adjustment to the extent the low tax income of a constituent entity is not subject to tax under an IIR.” Management believes that the Company does not meet the requirements of a MNE and therefore the Pillar Two rules would not have a material future financial effect on the Company. On July 4, 2025, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” commonly referred to as “One Big Beautiful Bill Act” (the “Act”) was signed into law. The centerpiece of the Act is the extension of expiring, and in some cases expired, provisions of the 2017 Tax Cuts and Jobs Act (2017 TCJA). The Act adjusted a number of provisions affecting businesses that were set to sunset, phase-out, or phase-in that would have taken effect in the absence of action by Congress, or that had already taken effect. There were no material consequences to the Company as a result of this legislation.
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Segment Reporting |
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| Segment Reporting | 20. Segment Reporting The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different management expertise, technology, and marketing strategies. During the fourth quarter of 2025, the Company completed its periodic assessment of operating segments and identified the following operating segments: •Home Finance – this segment provides home ownership services such as purchase mortgages, refinance mortgages, and home equity lines of credit and closed-end second lien loans for home purchase and refinance, including cash-out refinance and debt consolidation as well as mortgage related product offerings such as real estate services and insurance services, which includes title insurance. The products, services and customers are similar; and the platform and operations at the consolidated level provide the foundation for delivering home ownership products and services. •Banking – this segment provides a range of financial products and services to consumers and small businesses through Birmingham Bank. The Company acquired Birmingham Bank, a U.K. based regulated bank, in April 2023. Each of the above segments reports to the Company’s CODM for segment reporting purposes. The prior year period presented was recast to reflect the impact of the preceding segment reclassification. The tables below disclose the Company’s revenues and significant expenses by segment (in thousands):
The tables below represents the Company’s revenues by geographic location (in thousands):
Revenues are attributed to geographic locations based on the location in which the Company’s products and services are delivered to customers. The United States was the only country to contribute revenues in excess of 10% of consolidated revenues. All transactions between reportable segments are eliminated in consolidation.
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Stockholders' Equity |
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| Stockholders' Equity | 21. Stockholders' Equity The Company’s Class A common stock and Public Warrants currently trade on Nasdaq, under the ticker symbols “BETR” and “BETRW”, respectively. The Company’s authorized capital stock consists of 36.0 million shares of Class A common stock, 14.0 million shares of Class B common stock, and 16.0 million shares of Class C common stock, each with a par value per share of $0.0001. Each holder of Class A common stock has the right to one vote per share and each holder of Class B common stock has the right to three votes per share. Except as described below or otherwise provided by the Company’s certificate of incorporation or required by applicable law, shares of Class C common stock are non-voting and will not entitle the holder thereof to any voting power. Shares of Class A common stock, Class B common stock and Class C common stock are treated equally, identically and ratably, on a per share basis, with respect to any dividends or distributions as may be declared and paid from time to time. Upon the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, holders of Class A common stock, Class B common stock and Class C common stock will be entitled to receive ratably all assets of the Company available for distribution to its stockholders unless disparate or different treatment of the shares of each such class with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A common stock, Class B common stock and Class C common stock, each voting separately as a class. Further, each share of Class B common stock is convertible into one fully paid and nonassessable share of Class A common stock or Class C common stock at the option of the holder thereof at any time upon written notice to the Company. Each share of Class C common stock is convertible into one fully paid and nonassessable share of Class A common stock at the option of the holder thereof at any time upon written notice to the Company. The Company's equity structure consists of different classes of common stock which as presented below:
Private and Public Warrants—As of December 31, 2025 and 2024, the Company had a total of $1.2 million and $1.3 million, respectively, of Private Warrants held by a related party, and Public Warrants, which are included as warrant and equity related liabilities, at fair value, within the consolidated balance sheets. The change in fair value of Warrants for the year ended December 31, 2025 and 2024, was a gain of $0.2 million and a loss of $0.6 million, respectively, and is included in other expenses/(income) within the consolidated statements of operations and comprehensive loss. Sponsor Locked-Up Shares—As of December 31, 2025 and 2024, the Company had a total of $0.3 million and $0.1 million, respectively, in respect of Sponsor Locked-up Share liabilities which were issued to a related party, and are included within warrant and equity liabilities, at fair value, in the consolidated balance sheets. The change in fair value of Sponsor Locked-Up Shares for the years ended December 31, 2025 and 2024, was a loss of $0.2 million and a loss of $0.3 million, respectively, and is included in other expenses/(income) within the consolidated statements of operations and comprehensive loss. Notes Receivable from Stockholders—The Company, previously at times, entered into promissory note agreements with certain employees for the purpose of financing the exercise of the Company’s stock options. These employees had the ability to use the promissory notes to exercise stock options that have not yet been vested by the respective employees. Interest is compounded and accrued based on any unpaid principal balance and is due upon the earliest of maturity, 120 days after an employee leaves the Company, the date the employee sells shares acquired through the promissory note agreement without prior written consent of the Company, or the day prior to the date that any change in the employee’s status would cause the loan to be a prohibited extension or maintenance of credit under Section 402 of the Sarbanes-Oxley Act of 2002. The Company no longer enters into promissory note agreements for the purpose of financing the exercise of the Company’s stock options and no longer allows for the early exercise of stock options. The Company does not expect repayment of the promissory notes and as such has entered into agreements with certain employees to forgive the promissory notes in exchange for the shares held by the respective employee. As the Company does not expect repayment and is seeking to forgive the promissory notes in exchange for the underlying shares, the promissory notes were derecognized against additional paid-in capital on the consolidated balance sheets. The Company recorded a loss of $0.4 million for interest receivable on the promissory notes that is included within other expenses on the consolidated statements of operations and comprehensive loss. As of December 31, 2025 and 2024, none and $9.2 million, respectively, of promissory notes were recorded as a component of stockholders’ equity within the consolidated balance sheets. At-the-Market Offering Program—On September 26, 2025, the Company implemented an “at-the-market” equity offering program (the “ATM Program”) pursuant to separate sales agreements (each, a “Sales Agreement” and collectively, the “Sales Agreements”) with Cantor Fitzgerald & Co. and BTIG, LLC (each an “Agent” and collectively, the “Agents”). Under the Sales Agreements, the Company may offer and sell shares of its Class A common stock, par value $0.0001 per share (the “Shares”), having an aggregate offering price of up to $75.0 million, from time to time, in “at-the-market” offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, through the Agents acting as sales agents or principals. Sales of Shares, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agents. Each Agent is entitled to a commission of 2.0% of the gross sales price of Shares sold through it Agent under its Sales Agreement. The Shares will be issued pursuant to the Company’s registration statement on Form S-3 (File No. 333-287335), which was declared effective by the SEC on June 6, 2025, and the related prospectus supplement dated September 26, 2025. During the year ended December 31, 2025, the Company sold 547,260 shares of Class A common stock under the ATM Program for total gross proceeds of $29.8 million. The Company incurred commissions and other offering expenses of $0.6 million. As of December 31, 2025, approximately $45.2 million remained available for issuance under the ATM Program. Subsequent to December 31, 2025 and through January 9, 2026, the Company sold 328,030 shares of Class A common stock under the ATM Program for total gross proceeds of $11.9 million and net proceeds of approximately $11.7 million, after deducting aggregate commissions and offering expenses of approximately $0.2 million. As of January 9, 2026, approximately $33.3 million remained available for issuance under the ATM Program.
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Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | 22. Stock-Based Compensation Equity Incentive Plans—On November 3, 2016, Better’s board of directors and stockholders adopted the Better 2016 Equity Incentive Plan (the “2016 Plan”), which provides for the grant of non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”) and deferred stock to eligible employees, directors and consultants of the Company. On May 15, 2017, Better’s board of directors and stockholders adopted the Better 2017 Equity Incentive Plan (the “2017 Plan”), which provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards and RSUs to eligible employees, directors and consultants of the Company. The 2017 Plan was most recently amended and approved by the stockholders of Better in August 2020. Upon closing of the Business Combination, the remaining unallocated share reserves under the 2016 Plan and the 2017 Plan were cancelled and no new awards will be granted under either the 2016 Plan or the 2017 Plan. Awards outstanding under the 2016 Plan and the 2017 Plan were assumed by Better Home & Finance upon the closing of the Business Combination and continue to be governed by the terms of the 2016 Plan and the 2017 Plan. In connection with the Business Combination each holder of Better HoldCo options and RSUs received an equivalent award adjusted based on the Exchange Ratio that vests in accordance with the original terms of the award. In connection with the Business Combination, the Better Home & Finance’s 2023 Incentive Equity Plan (the “2023 Plan”) was adopted and approved by the Company's board of directors on August 22, 2023. The 2023 Plan allows for the issuance of stock options, stock appreciation rights, restricted stock awards, RSUs and other equity and equity-based awards for issuance to Better Home & Finance’s service providers. A total of 1,772,533 shares of Class A common stock were initially reserved for issuance pursuant to the 2023 Plan (the “Initial Share Reserve”). The Initial Share Reserve will automatically increase on January 1 of each year beginning January 1, 2024 and ending in 2033, in an amount equal to the lesser of (i) five percent (5%) of the shares of Class A common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares of Class A common stock as is determined by the Board or committee of the Board; provided, however, that no more than 12,286,879 shares of Class A common stock may be issued upon the exercise of incentive stock options. On December 7, 2023, the Board determined there would be no such automatic increase to the Initial Share Reserve on January 1, 2024. However, pursuant to the automatic increase provision under the 2023 Plan, the share reserve increased by 303,376 shares during the year ended December 31, 2025. As of December 31, 2025, 1,956,375 awards have been granted under the 2023 Plan. As of December 31, 2025, 255,205 are available for issuance under the 2023 Plan. In connection with the Business Combination, the Better Home & Finance 2023 Employee Stock Purchase Plan (the “ESPP”) became effective on August 22, 2023, pursuant to which eligible employees may purchase shares of Class A common stock at a discounted rate. A total of 322,279 shares of Class A common stock were initially reserved for issuance pursuant to the ESPP (the “ESPP Share Reserve”). The ESPP Share Reserve will automatically increase on January 1 of each year beginning January 1, 2024 and ending in 2033, in an amount equal to the lesser of (i) one percent (1%) of the shares of Class A common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares of Class A common stock as is determined by the Board; provided, however, that no more than 2,417,091 shares of Class A common stock may be issued under the ESPP. On December 7, 2023, the Board determined there would be no such automatic increase to the Initial ESPP Share Reserve on January 1, 2024. As of December 31, 2025, no shares have been issued under the ESPP. The Company no longer allows for the early exercise of awards under the 2016 Plan, 2017 Plan, or the 2023 Plan. Stock Options—The following is a summary of stock option activity during the year ended December 31, 2025:
As of December 31, 2025, total stock-based compensation cost not yet recognized related to unvested stock options was $0.1 million, which is expected to be recognized over a weighted-average period of 0.9 years. Intrinsic value is calculated by subtracting the exercise price of the stock option from the fair value of the Company’s Common A Stock on December 31, 2025 for in-the-money stock options, multiplied by the number of shares of Common A Stock per each stock option. The total intrinsic value of stock options exercised during the years ended December 31, 2025 and 2024 was $0.07 million, and $0.09 million, respectively. The weighted average grant-date fair value per share of stock options granted during both the years ended December 31, 2025 and 2024 was none, as no options were granted. The total grant date fair value of options vested for the years ended December 31, 2025 and 2024 was $9.4 million and $10.5 million, respectively. Restricted Stock Units—RSUs generally vest over four years upon satisfaction of service-based conditions. The following is a summary of RSU activity during the year ended December 31, 2025:
__________________ (1)Included in vested RSUs are 12,618 shares that have vested but for which issuance has been deferred at the election of the participant. For the period ended December 31, 2025, the Company recorded a total stock‑based compensation expense of $15.2 million related to RSUs awarded to employees and non-employees directors. As of December 31, 2025, total stock-based compensation cost not yet recognized related to unvested RSUs was $10.7 million, which is expected to be recognized over a weighted-average period of 2.24 years. The following is a summary of the Performance and Market-Based RSU activity during the period ended December 31, 2025:
__________________ (1)Included in the Unvested balance as of December 31, 2024 are 158,870 Performance Stock Units grant ("PSU"). The PSUs will be eligible to vest upon the satisfaction of specified market-based conditions tied to the price of the Company's publicly traded shares at four distinct price threshold levels. As of December 31, 2025, 158,870 PSUs remained outstanding. (2)Included in the granted balance are 1,224,019 PSUs. Of these, 44,519 PSUs are eligible to vest upon the satisfaction of specified market‑based conditions tied to the price of the Company’s publicly traded shares at four distinct price threshold levels, and 589,750 PSUs are eligible to vest upon the satisfaction of specified market‑based conditions tied to the price of the Company’s publicly traded shares at two distinct price threshold levels. The remaining 589,750 PSUs are eligible to vest upon the achievement of specified revenue‑based performance milestones, which were not considered probable of achievement as of December 31, 2025. Accordingly, no stock‑based compensation expense was recognized for these awards during the year ended December 31, 2025. The weighted-average grant date fair value of the PSUs granted during 2025 was $69.10. The fair value of this award subject to market feature was estimated using a Monte Carlo simulation to address the path-dependent nature of the market-based vesting conditions. Based on the award term, equity value, expected volatility, risk-free rate, and a series of random variables with a normal distribution, the future equity value was simulated. Each trial within the simulation includes assumptions of achieving a per share valuation level of the Company’s common stock as stipulated in the agreement to determine whether the market-based conditions are met resulting in vesting or not, and the future value of the award. The simulation was run for 100,000 trials and the mean results from all the trials was taken as an indication of the fair value of each Tranche. The assumptions used to value the PSUs issued during the years ended December 31, 2025 and 2024 were as follows:
For the year ended December 31, 2025, the Company recorded a total stock‑based compensation expense of $4.1 million related to PSUs awarded to employees and non-employees directors that include a market‑based vesting conditions. As of December 31, 2025, total stock-based compensation cost not yet recognized related to unvested PSUs, based on the satisfaction of market-based conditions, were $38.0 million, which is expected to be recognized over a weighted-average period of 3.81 years. As of December 31, 2025, total stock-based compensation cost not yet recognized related to unvested PSUs, based on the satisfaction of revenue-based performance milestones not considered probable, were $43.0 million, which if met would be recognized over a weighted-average period of 3.84 years. Stock-Based Compensation Expense—Stock-based compensation expense is included within compensation and benefits in the consolidated statements of operations and comprehensive loss. The Company recognized stock-based compensation expense as follows:
__________________ (1)Stock-based compensation expense excludes $1.4 million and $1.8 million of stock-based compensation expense, which was capitalized (see Note 8) for the years ended December 31, 2025 and 2024, respectively
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Regulatory Requirements |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Mortgage Banking [Abstract] | |
| Regulatory Requirements | 23. 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 December 31, 2025, 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. In 2023, the Company failed to meet the additional financial requirements due to the Company’s decline in profitability and decline in net worth. The decline in net worth and decline in profitability permit GSEs to declare a breach of the Company’s contract. The Company has implemented additional financial requirements and remains in compliance with all applicable obligations as of December 31, 2025.
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 24. Subsequent Events The Company evaluated subsequent events from the date of the consolidated balance sheets of December 31, 2025 through the date of the release of financial statements, and has determined that, there have been no subsequent events that require recognition or disclosure in the consolidated financial statements, except as described in Note 4 and Note 21, and as follows: On February 17, 2026, the Company entered into a securities purchase agreement, pursuant to which it issued a warrant to purchase up to an aggregate of 211,312 shares of its Class A common stock. The warrant is subject to certain exercisability conditions and expires on February 17, 2027. The Company also entered into a related registration rights agreement. The transaction occurred subsequent to year-end and did not impact the consolidated financial statements as of December 31, 2025.
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
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Dec. 31, 2025
shares
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| Trading Arrangements, by Individual | |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Vishal Garg [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On December 22, 2025, Vishal Garg, Chief Executive Officer and director of the Company, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “2025 Garg Trading Arrangement”). The 2025 Garg Trading Arrangement provides for the purchase of up to 200,000 shares of the Company’s Class A common stock with a plan end date of March 23, 2027.
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| Name | Vishal Garg |
| Title | Chief Executive Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | December 22, 2025 |
| Expiration Date | March 23, 2027 |
| Arrangement Duration | 456 days |
| Aggregate Available | 200,000 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | We recognize the critical importance of maintaining the safety and security of our technology systems and data. Accordingly, the Company takes a comprehensive approach to identifying and managing cybersecurity risks that involves the Company’s information technology security team, senior management, Audit Committee and Board of Directors. Our cybersecurity risk management function is a component of our overall approach to risk management, which is implemented and overseen by our Enterprise Risk Management Committee. Cybersecurity Risk Management and Strategy Our cybersecurity risk management function is a component of our overall approach to risk management, which is implemented and overseen by our Enterprise Risk Management Committee. The Company’s cybersecurity risk management policies and procedures, which are based upon the CIS v8 Framework, portions of the NIST Framework, ISO 27001, are designed to support the Company in identifying, protecting, detecting, responding to, and recovering from cybersecurity threats and incidents. These policies and procedures are reviewed and updated in connection with risk assessments, which identify reasonable and foreseeable risks. Third-party and internal assessments are conducted annually to measure the effectiveness of safeguards, operating effectiveness of security measures, and to inform future considerations of the program. The Company implements security policies throughout its operations and utilizes the enterprise risk management process designed to quantify, report, and plan to remediate identified cybersecurity risks. Our cybersecurity risk management policies and procedures include: •Third-party and internal risk assessments designed to help identify material cybersecurity risks to critical systems, data, services and general information technology environment. •An annual review of third-party service providers critical to the operation of the Company. •A third-party risk management framework designed to identify, monitor, remediate and respond to third-party cybersecurity risks and incidents. •Cybersecurity awareness training program for all employees and contractors to inform and educate, with built in quantitative testing for effectiveness. •A security team staffed with full-time employees and supplemented by a third party managed security service provider responsible for monitoring, investigating, and responding to potential incidents, threats, or breaches. Although we have designed our cybersecurity risk management policies and procedures described above to mitigate cybersecurity risks, there can be no assurance that such policies and procedures will be fully implemented, complied with, or effective in protecting our systems and information. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. Cybersecurity Governance The Company’s information technology security team, led by our Chief Information Officer and Chief Information Security Officer (“CISO”), is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s senior management. The Company’s CISO, who has over 20 years’ experience in information technology, holds high-level licenses and certifications relating to information security, including the ISC2 CISSP. The Company’s CISO regularly briefs the Company’s senior management, including the General Counsel and Chief Compliance Officer who serves as Chair of the Enterprise Risk Management Committee, on cybersecurity trends and regulatory updates, technology risks and implications for the Company’s business strategy. The Company’s CISO and senior management regularly update the Audit Committee on such trends, as well as the Company’s information security and control effectiveness. In addition to regular reporting, the Company has procedures by which cybersecurity incidents are reported in a timely manner to senior management, including the CEO and other members of the executive team, who collectively determine if a specific cybersecurity incident warrants escalation to the Audit Committee and the Board of Directors. The Board of Directors oversees the Company’s cybersecurity policies and procedures through the Audit Committee and also receives periodic briefings from senior management as well. Cybersecurity Risks and Threats Although we have designed our cybersecurity governance and policies and procedures described above to mitigate cybersecurity risks, we face unknown cybersecurity risks, threats and attacks. To date, these risks, threats or attacks have not had a material impact on our operations, business strategy or financial results, but we cannot provide assurance that they will not have a material impact in the future.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We recognize the critical importance of maintaining the safety and security of our technology systems and data. Accordingly, the Company takes a comprehensive approach to identifying and managing cybersecurity risks that involves the Company’s information technology security team, senior management, Audit Committee and Board of Directors. Our cybersecurity risk management function is a component of our overall approach to risk management, which is implemented and overseen by our Enterprise Risk Management Committee.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Company’s information technology security team, led by our Chief Information Officer and Chief Information Security Officer (“CISO”), is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s senior management. The Company’s CISO, who has over 20 years’ experience in information technology, holds high-level licenses and certifications relating to information security, including the ISC2 CISSP. The Company’s CISO regularly briefs the Company’s senior management, including the General Counsel and Chief Compliance Officer who serves as Chair of the Enterprise Risk Management Committee, on cybersecurity trends and regulatory updates, technology risks and implications for the Company’s business strategy. The Company’s CISO and senior management regularly update the Audit Committee on such trends, as well as the Company’s information security and control effectiveness. In addition to regular reporting, the Company has procedures by which cybersecurity incidents are reported in a timely manner to senior management, including the CEO and other members of the executive team, who collectively determine if a specific cybersecurity incident warrants escalation to the Audit Committee and the Board of Directors. The Board of Directors oversees the Company’s cybersecurity policies and procedures through the Audit Committee and also receives periodic briefings from senior management as well.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Company’s CISO regularly briefs the Company’s senior management, including the General Counsel and Chief Compliance Officer who serves as Chair of the Enterprise Risk Management Committee, on cybersecurity trends and regulatory updates, technology risks and implications for the Company’s business strategy. The Company’s CISO and senior management regularly update the Audit Committee on such trends, as well as the Company’s information security and control effectiveness. In addition to regular reporting, the Company has procedures by which cybersecurity incidents are reported in a timely manner to senior management, including the CEO and other members of the executive team, who collectively determine if a specific cybersecurity incident warrants escalation to the Audit Committee and the Board of Directors. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Company’s information technology security team, led by our Chief Information Officer and Chief Information Security Officer (“CISO”), is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s senior management. The Company’s CISO, who has over 20 years’ experience in information technology, holds high-level licenses and certifications relating to information security, including the ISC2 CISSP. The Company’s CISO regularly briefs the Company’s senior management, including the General Counsel and Chief Compliance Officer who serves as Chair of the Enterprise Risk Management Committee, on cybersecurity trends and regulatory updates, technology risks and implications for the Company’s business strategy. The Company’s CISO and senior management regularly update the Audit Committee on such trends, as well as the Company’s information security and control effectiveness. In addition to regular reporting, the Company has procedures by which cybersecurity incidents are reported in a timely manner to senior management, including the CEO and other members of the executive team, who collectively determine if a specific cybersecurity incident warrants escalation to the Audit Committee and the Board of Directors.
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| Cybersecurity Risk Role of Management [Text Block] | Our cybersecurity risk management function is a component of our overall approach to risk management, which is implemented and overseen by our Enterprise Risk Management Committee. The Company’s cybersecurity risk management policies and procedures, which are based upon the CIS v8 Framework, portions of the NIST Framework, ISO 27001, are designed to support the Company in identifying, protecting, detecting, responding to, and recovering from cybersecurity threats and incidents. These policies and procedures are reviewed and updated in connection with risk assessments, which identify reasonable and foreseeable risks. Third-party and internal assessments are conducted annually to measure the effectiveness of safeguards, operating effectiveness of security measures, and to inform future considerations of the program. The Company implements security policies throughout its operations and utilizes the enterprise risk management process designed to quantify, report, and plan to remediate identified cybersecurity risks. Our cybersecurity risk management policies and procedures include: •Third-party and internal risk assessments designed to help identify material cybersecurity risks to critical systems, data, services and general information technology environment. •An annual review of third-party service providers critical to the operation of the Company. •A third-party risk management framework designed to identify, monitor, remediate and respond to third-party cybersecurity risks and incidents. •Cybersecurity awareness training program for all employees and contractors to inform and educate, with built in quantitative testing for effectiveness. •A security team staffed with full-time employees and supplemented by a third party managed security service provider responsible for monitoring, investigating, and responding to potential incidents, threats, or breaches. Although we have designed our cybersecurity risk management policies and procedures described above to mitigate cybersecurity risks, there can be no assurance that such policies and procedures will be fully implemented, complied with, or effective in protecting our systems and information. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Company’s CISO regularly briefs the Company’s senior management, including the General Counsel and Chief Compliance Officer who serves as Chair of the Enterprise Risk Management Committee, on cybersecurity trends and regulatory updates, technology risks and implications for the Company’s business strategy. The Company’s CISO and senior management regularly update the Audit Committee on such trends, as well as the Company’s information security and control effectiveness. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The Company’s information technology security team, led by our Chief Information Officer and Chief Information Security Officer (“CISO”), is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s senior management. The Company’s CISO, who has over 20 years’ experience in information technology, holds high-level licenses and certifications relating to information security, including the ISC2 CISSP. The Company’s CISO regularly briefs the Company’s senior management, including the General Counsel and Chief Compliance Officer who serves as Chair of the Enterprise Risk Management Committee, on cybersecurity trends and regulatory updates, technology risks and implications for the Company’s business strategy. The Company’s CISO and senior management regularly update the Audit Committee on such trends, as well as the Company’s information security and control effectiveness. In addition to regular reporting, the Company has procedures by which cybersecurity incidents are reported in a timely manner to senior management, including the CEO and other members of the executive team, who collectively determine if a specific cybersecurity incident warrants escalation to the Audit Committee and the Board of Directors. The Board of Directors oversees the Company’s cybersecurity policies and procedures through the Audit Committee and also receives periodic briefings from senior management as well.
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| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Company’s information technology security team, led by our Chief Information Officer and Chief Information Security Officer (“CISO”), is responsible for identifying, assessing, mitigating, and reporting on material cybersecurity risks to the Company’s senior management. The Company’s CISO, who has over 20 years’ experience in information technology, holds high-level licenses and certifications relating to information security, including the ISC2 CISSP. The Company’s CISO regularly briefs the Company’s senior management, including the General Counsel and Chief Compliance Officer who serves as Chair of the Enterprise Risk Management Committee, on cybersecurity trends and regulatory updates, technology risks and implications for the Company’s business strategy. The Company’s CISO and senior management regularly update the Audit Committee on such trends, as well as the Company’s information security and control effectiveness. In addition to regular reporting, the Company has procedures by which cybersecurity incidents are reported in a timely manner to senior management, including the CEO and other members of the executive team, who collectively determine if a specific cybersecurity incident warrants escalation to the Audit Committee and the Board of Directors. The Board of Directors oversees the Company’s cybersecurity policies and procedures through the Audit Committee and also receives periodic briefings from senior management as well.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | The accompanying 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 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 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 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, the incremental borrowing rate used in determining lease liabilities, and the fair value of warrant and equity related liabilities.
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| Business Combinations | The Company includes the financial results of businesses that the Company acquires from the date of acquisition. The Company records all assets acquired and liabilities assumed at fair value, with the excess of the purchase price over the aggregate fair values recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed. Transaction costs associated with business combinations are expensed as incurred. |
| Cash and Cash Equivalents | Cash and cash equivalents consists of cash on hand and other highly liquid and short-term investments with maturities of 90 days or less at acquisition. |
| Restricted Cash | Restricted cash primarily consists of amounts provided as collateral for the Company’s various warehouse lines of credit as well as escrow funds received from and held on behalf of borrowers. In some instances, the Company may administer funds that are legally owned by a third-party which are excluded from the Company’s consolidated balance sheets. |
| 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 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. |
| Allowance for Credit Losses–Held to Maturity (“HTM”) Short-term Investments | The Company's HTM Short-term investments are required to utilize the Current Expected Credit Loss (“CECL”) approach to estimate expected credit losses. Management measures expected credit losses on short-term investments on a collective basis by major security types that share similar risk characteristics, such as financial asset type and collateral type adjusted for current conditions and reasonable and supportable forecasts. Management classifies the short term investments portfolio by security types, such as U.S. or U.K. government agency securities. The U.S. and U.K. government treasury securities and U.S. and U.K. government agency securities are issued by the 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.
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| Mortgage Loans Held for Sale, at Fair Value | The Company sells its loans held for sale (“LHFS”) to loan purchasers. LHFS primarily consists of mortgage loans as well as home equity line of credit and closed-end second lien loans (together defined as “HELOC”), originated for sale by BMC. The Company elects the fair value option, in accordance with Accounting Standard Codification (“ASC”) 825 – Financial Instruments (“ASC 825”), for all LHFS with changes in fair value recorded in gain on loans, net in the consolidated statements of operations and comprehensive loss. Management believes that the election of the fair value option for LHFS improves financial reporting by presenting the most relevant market indication of LHFS. The fair value of LHFS is based on market prices and yields at period end. The Company accounts for the gains or losses resulting from sales of loans based on the guidance of ASC 860-20 – Sales of Financial Assets (“ASC 860”). The Company generally sells all of its loans servicing released. For interim servicing, the Company engaged a third-party sub-servicer to collect monthly payments and perform associated services. The Company issues interest rate lock commitments (“IRLC”) to originate mortgage loans and the fair value of the IRLC, adjusted for the probability that a given IRLC will close and fund, is recognized within gain on loans, net. Subsequent changes in the fair value of the IRLC are measured at each reporting period within gain on loans, net until the loan is funded. When the loan is funded, the IRLC is derecognized and the LHFS is recognized based on the fair value of the loan. The LHFS is subsequently remeasured at fair value at each reporting period and the changes in fair value are included within gain on loans, net until the loan is sold on the secondary market. When the loan is sold on the secondary market, the LHFS is derecognized and the gain/(loss) is included within gain on loans, net based on the cash settlement. LHFS are considered sold when the Company surrenders control over the loans. Control is considered to have been surrendered when the transferred loans have been isolated from the Company, are beyond the reach of the Company and its creditors, and the loan purchaser obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans. The Company typically considers the above criteria to have been met upon receipt of sales proceeds from the loan purchaser.
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| Loan Repurchase Reserve | The Company sells LHFS in the secondary market and in connection with those sales, makes customary representations and warranties to the relevant loan purchasers about various characteristics of each loan, such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local laws. In the event of a breach of its representations and warranties, the Company may be required to repurchase or indemnify losses on the loan with the identified defects.The loan repurchase reserve on loans sold relates to expenses incurred due to the potential repurchase of loans, indemnification of losses based on alleged violations or representations and warranties, which are customary to the mortgage banking industry. Provisions for potential losses are charged to expenses and are included within gain on loans, net on the consolidated statements of operations and comprehensive loss. The loan repurchase reserve represents the Company’s estimate of the total losses expected to occur and is considered to be adequate by management based upon the Company’s evaluation of the potential exposure related to the loan sale agreements over the life of the associated loans sold. The Company records the loan repurchase reserve within other liabilities on the consolidated balance sheets. |
| 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’s estimation of expected credit losses is to be incurred over the life of the loan, in accordance with Accounting Standards Codification (“ASC”) 326, Financial Instruments-Credit Losses, which requires an entity to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. Managements 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. |
| Other Receivables, Net | Other receivables, net consist primarily of amounts due from a third party loan sub-servicer, margin account balances with brokers, an integrated relationship partner, and servicing partners of loan purchasers. Other receivables, net is net of the allowance for credit losses, in accordance with ASC 326, Financial Instruments-Credit Losses . Management’s estimate of credit losses and allowance is based on historical collection experience and a review of the current status of other receivables. It is reasonably possible that management’s estimate of the allowance will change. No allowance has been taken as of December 31, 2025 and 2024, respectively, as the balances reflect amounts considered by management to be fully collectible.
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| Derivatives and Hedging Activities and Sponsor Locked-Up Shares | The Company enters into IRLCs to originate mortgage loans, at specified interest rates and within a specified period of time, with potential borrowers who have applied for a loan and meet certain credit and underwriting criteria. These IRLCs are not designated as accounting hedging instruments and are reflected in the consolidated balance sheets as derivative assets or liabilities, at fair value, with changes in fair value recorded in current period earnings. Unrealized gains and losses on the IRLCs are recorded as derivative assets or liabilities, at fair value, on the consolidated balance sheets and in gain on loans, net within the consolidated statements of operations and comprehensive loss. The fair value of IRLCs are measured based on the value of the underlying mortgage loan, quoted MBS prices, estimates of the fair value of the mortgage servicing rights, and adjusted by the estimated loan funding probability, or “pull-through factor”. The Company enters into forward sales commitment contracts for the sale of its mortgage loans held for sale or in the pipeline. These contracts are loan sales agreements in which the Company commits in principle to delivering a mortgage loan of a specified principal amount and quality to a loan purchaser at a specified price on or before a specified date. Generally, the price the loan purchaser will pay the Company is agreed upon prior to the loan being funded (i.e., on the same day the Company commits to lend funds to a potential borrower). Under the majority of the forward sales commitment contracts if the Company fails to deliver the agreed-upon mortgage loans by the specified date, the Company must pay a “pair-off” fee to compensate the loan purchaser. The Company’s forward sale commitments are not designated as accounting hedging instruments and are reflected in the consolidated balance sheets as derivative assets or liabilities at fair value with changes in fair value recorded in current period earnings. Unrealized gains and losses from changes in fair value on forward sales commitments are recorded as derivative assets or liabilities, at fair value on the consolidated balance sheets and in gain on loans, net within the consolidated statements of operations and comprehensive loss. Forward commitments are entered into under arrangements between the Company and counterparties under Master Securities Forward Transaction Agreements, which contain a legal right to offset amounts due to and from the same counterparty and can be settled on a net basis. The Company has evaluated agreements with counterparties and for those counterparties that meet the conditions, positions are presented net. In order to manage interest rate risk on our Loans Held for Investment portfolio, we have entered into pay-fixed, receive-floating interest rate swap contracts to hedge against exposure to changes in the fair value of Loans Held for Investment resulting from changes in interest rates. We designate these interest rate swap contracts as fair value hedges that qualify for hedge accounting under ASC 815, Derivatives and Hedging. The changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. We assess hedge effectiveness under ASC 815, on a quarterly basis to ensure all hedges remain highly effective and hedge accounting under ASC 815 can be applied. In conjunction with the assessment of effectiveness, we assess the hedged item to ensure it is expected to be outstanding at the hedged item’s assumed maturity date and the portfolio layer method of accounting under ASC 815 can be applied. The portfolio layer method allows multiple hedged layers of a single closed portfolio. Fair value basis adjustments in an existing portfolio layer method hedge are maintained at the closed portfolio level (Balance Sheet line item level) and are therefore not allocated to individual assets. The Company does not utilize any other derivative instruments to manage risk. The Sponsor Locked-Up Shares are accounted for as a derivative and are included within warrants and equity related liabilities on the consolidated balance sheets. These shares are subject to transfer restrictions, which will be released contingent upon the price of Class A common stock exceeding certain thresholds or upon some strategic events, which include events that are not indexed to Class A common stock. As the Sponsor Locked-Up Shares are not considered indexed to the Company’s stock, they are accounted for at fair value in accordance with ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity. Changes in the fair value of Sponsor Locked-Up Shares are included within other expenses/(income) in the consolidated statement of operations and comprehensive loss.
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| Fair Value Measurements | Assets and liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The price used to measure fair value is not adjusted for transaction costs. The principal market is the market in which the Company would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability, it is assumed that the Company has access to the market as of the measurement date. If no market for the asset exists, or if the Company does not have access to the principal market, a hypothetical market is used. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: 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 include LHFS, derivative assets and liabilities, including IRLCs, forward sale commitments, interest rate swaps and warrant and equity related liabilities. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. However, for certain instruments, the Company must utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in measuring fair value. In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon the Company’s own estimates, and the measurements reflect information and assumptions that management believes a market participant would use in pricing the asset or liability.
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| Property and Equipment, net | Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation expense is computed on the straight-line method over the estimated useful life of the asset, generally to five years for computer and hardware and to seven years for furniture and equipment. Leasehold improvements are depreciated over the shorter of the related lease term or the estimated useful life of the assets. Expenditures for maintenance and repairs necessary to maintain property and equipment in efficient operating condition are charged to operations as incurred while costs of additions and improvements are capitalized. The Company’s property and equipment are considered long-lived assets and are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset and the asset’s carrying amount. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized to the extent the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of their carrying amount or the fair value of the asset, less costs to sell.
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| Goodwill | Goodwill represents the excess of the purchase price of an acquired business over the fair value of the assets acquired, less liabilities assumed in connection with the acquisition. Goodwill is tested for impairment at least annually on the first day of the fourth quarter at each reporting unit level, or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired, and is required to be written down when impaired.The guidance for goodwill impairment testing begins with an optional qualitative assessment to determine whether it is more likely than not that goodwill is impaired. The Company is not required to perform a quantitative impairment test unless it is determined, based on the results of the qualitative assessment, that it is more likely than not that goodwill is impaired. The quantitative impairment test is prepared at the reporting unit level. In performing the impairment test, management compares the estimated fair values of the applicable reporting units to their aggregate carrying values, including goodwill. If the carrying amounts of a reporting unit including goodwill were to exceed the fair value of the reporting unit, an impairment loss is recognized within the consolidated statements of operations and comprehensive loss in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company currently has two reporting units. |
| Internal Use Software and Other Intangible Assets, Net | The Company reports and accounts for acquired intellectual properties included in other intangible asset with an indefinite life, such as domain name, under ASC 350, Intangibles-Goodwill and Other (“ASC 350”). Intangible assets with indefinite lives are recorded at their estimated fair value at the date of acquisition and are tested for impairment on an annual basis as well as when there is reason to suspect that their values have been diminished or impaired. Any write-downs will be included in results from operations. Intangible assets with finite lives are recorded at their estimated fair value at the date of acquisition and are amortized over their estimated useful lives using the straight-line method. The Company capitalizes certain development costs incurred in connection with its internal use software and website development. Software costs incurred in the preliminary stages of development are expensed as incurred. Once a software application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial software testing. The Company also capitalizes costs related to specific software upgrades and enhancements when it is probable the expenditures will result in additional features and functionality. Software maintenance costs are expensed as incurred. For website development, costs incurred in the planning stage are expensed as incurred whereas costs associated with the application and infrastructure development, graphics development, and content development are capitalized depending on the type of cost in each of those respective stages. Internal use software and website development are amortized on a straight-line basis over its estimated useful life, generally three years.
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| Impairment of Long-Lived Assets and Indefinite-Lived Intangible Assets | Long‑lived assets, including property and equipment, right-of-use assets, capitalized software, and other finite-lived intangible assets, are evaluated for recoverability when events or changes in circumstances indicate that the asset may have been impaired. In evaluating an asset for recoverability, the Company considers the future cash flows expected to result from the continued use of the asset and the eventual disposition of the asset. If the sum of the expected future cash flows, on an undiscounted basis, is less than the carrying amount of the asset, an impairment loss equal to the excess of the carrying amount over the fair value of the asset is recognized. Impairment of Indefinite-Lived Intangible Assets—The Company assesses the impairment of indefinite-lived intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important, which could trigger an impairment review include items such as significant underperformance compared to historical or projected future operating results and significant changes in the manner or use of the acquired assets or the strategy for the overall business. When the Company determines that the carrying value of an intangible asset may not be recoverable based upon the existence of one or more of the above indicators of impairment and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge.
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| Assets And Liabilities, Held for Sale | Assets and liabilities to be disposed of by sale are reclassified into assets held for sale and liabilities held for sale on the 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.
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| Warehouse Lines of Credit, Convertible Notes, 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.As part of the Closing of the Business Combination, the Company issued to SB Northstar LP, an affiliate of SoftBank Group Corp., a senior subordinated convertible note (the “Convertible Note”). Upon initial issuance, the Convertible Note is 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. Convertible Note 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 Convertible Note 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 consolidated statements of operations and comprehensive loss.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”) under ASC 470-60 - Troubled Debt Restructurings by Debtors ("ASC 470-60"), which requires debt modifications to be evaluated if (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 the modification in accordance with ASC Topic 470-50-40, which requires modification to debt instruments to be evaluated to assess whether the modifications are considered “substantial modifications”. A substantial modification of terms is accounted for like an extinguishment.
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| Leases | The Company accounts for its leases in accordance with ASC 842, Leases (“ASC 842”). The Company’s lease portfolio primarily consists of operating leases for a number of small offices across the country for licensing purposes as well as several larger offices for employee and Company headquarters. The Company also leases various types of equipment, such as laptops and printers. The Company determines whether an arrangement is a lease at inception. The Company has made an accounting policy election to exempt leases with an initial term of 12 months or less (“short-term leases”) from being recognized on the consolidated balance sheets. Short-term leases are not material in comparison to the Company’s overall lease portfolio. Payments related to short-term leases are recognized in the consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term. The Company also elected not to separate non-lease components of a contract from the lease component to which they relate. For leases with initial terms of greater than 12 months, the Company determines its classification as an operating or finance lease. At lease commencement, the Company recognizes a lease obligation and corresponding right-of-use asset based on the initial present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. For leases that qualify as an operating lease, the right-of-use assets related to operating lease obligations are recorded in right-of-use assets in the consolidated balance sheets. The rate implicit on the Company’s leases are not readily determinable, therefore, management uses its incremental borrowing rate to discount the lease payments based on the information available at lease commencement. The incremental borrowing rate represents the rate of interest the Company would have to pay to borrow over a similar term, and with a similar security, in a similar economic environment, an amount equal to the fixed lease payments. The commencement date is the date the Company takes initial possession or control of the leased premise or asset, which is generally when the Company enters the leased premises and begins to make improvements in preparation for its intended use. Non-cancelable lease terms for most of the Company's real estate leases typically range between 1-5 years and may also provide for renewal options. Renewal options are typically solely at the Company’s discretion and are only included within the lease term when the Company is reasonably certain that the renewal options would be exercised. When a modification to the contractual terms occurs, the lease liability and right-of-use asset is remeasured based on the remaining lease payments and incremental borrowing rate as of the effective date of the modification. When a lease is terminated, the carrying amount of the lease liability and right-of-use asset are reduced, and any difference between them is recognized as a gain or loss within other expenses/(income) on the consolidated statements of operations and comprehensive loss. The Company evaluates its right-of-use assets for impairment consistent with the impairments of long-lived assets policy disclosure described above.
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| Leases | The Company accounts for its leases in accordance with ASC 842, Leases (“ASC 842”). The Company’s lease portfolio primarily consists of operating leases for a number of small offices across the country for licensing purposes as well as several larger offices for employee and Company headquarters. The Company also leases various types of equipment, such as laptops and printers. The Company determines whether an arrangement is a lease at inception. The Company has made an accounting policy election to exempt leases with an initial term of 12 months or less (“short-term leases”) from being recognized on the consolidated balance sheets. Short-term leases are not material in comparison to the Company’s overall lease portfolio. Payments related to short-term leases are recognized in the consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term. The Company also elected not to separate non-lease components of a contract from the lease component to which they relate. For leases with initial terms of greater than 12 months, the Company determines its classification as an operating or finance lease. At lease commencement, the Company recognizes a lease obligation and corresponding right-of-use asset based on the initial present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. For leases that qualify as an operating lease, the right-of-use assets related to operating lease obligations are recorded in right-of-use assets in the consolidated balance sheets. The rate implicit on the Company’s leases are not readily determinable, therefore, management uses its incremental borrowing rate to discount the lease payments based on the information available at lease commencement. The incremental borrowing rate represents the rate of interest the Company would have to pay to borrow over a similar term, and with a similar security, in a similar economic environment, an amount equal to the fixed lease payments. The commencement date is the date the Company takes initial possession or control of the leased premise or asset, which is generally when the Company enters the leased premises and begins to make improvements in preparation for its intended use. Non-cancelable lease terms for most of the Company's real estate leases typically range between 1-5 years and may also provide for renewal options. Renewal options are typically solely at the Company’s discretion and are only included within the lease term when the Company is reasonably certain that the renewal options would be exercised. When a modification to the contractual terms occurs, the lease liability and right-of-use asset is remeasured based on the remaining lease payments and incremental borrowing rate as of the effective date of the modification. When a lease is terminated, the carrying amount of the lease liability and right-of-use asset are reduced, and any difference between them is recognized as a gain or loss within other expenses/(income) on the consolidated statements of operations and comprehensive loss. The Company evaluates its right-of-use assets for impairment consistent with the impairments of long-lived assets policy disclosure described above.
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| Warrant Liabilities | The Company assumed publicly-traded warrants (“Public Warrants”) issued in Aurora’s initial public offering, private placement warrants issued by Aurora in connection with its formation and warrants attached to certain private placement units (collectively, the “Private Warrants” and, together with the Public Warrants, the “Warrants”). Each Warrant issued entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to certain adjustments, at any time commencing 30 days after the consummation of the Business Combination (which for the avoidance of doubt was September 21, 2023). Subsequent to the Reverse Stock Split, 50 Warrants would need to be exercised to purchase one share of Class A common stock at an exercise price of $575 per share. The Public Warrants are publicly traded and may be exercised on a cashless basis upon the occurrence of certain conditions. The Private Warrants are exercisable on a cashless basis and are not redeemable by the Company so long as they are held by the initial purchasers or their permitted transferees, subject to certain exceptions. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. The Company evaluated the Public Warrants and Private Warrants and concluded that both meet the definition of a derivative and will be accounted for at fair value in accordance with ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as the Public Warrants and Private Warrants are not considered indexed to the Company's stock. Changes in the fair value of Warrants are included within other expenses/(income) in the consolidated statement of operations and comprehensive loss. As of December 31, 2025 and 2024, the balance of the Warrants was $1.2 million and $1.3 million, respectively, and is included within Warrant and equity related liabilities on the consolidated balance sheets.
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| Income Taxes | Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income or expense in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized based on management’s consideration of all positive and contradictory evidence available. The Company evaluates uncertainty in income tax positions based on a more-likely-than-not recognition standard. If that threshold is met, the tax position is then measured at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. If applicable, the Company records interest and penalties as a component of income tax expense. |
| Foreign Currency Translation | The U.S. dollar is the functional currency of the Company’s consolidated entities operating in the United States. The Company’s non U.S. dollar functional currency operations include a non-operating service entity as well as several operating entities resulting from acquisitions. All balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Amounts in the consolidated statements of operations and comprehensive loss have been translated using the monthly average exchange rates for each month in the year. Accumulated net translation adjustments have been reported separately in other comprehensive loss in the consolidated statements of operations and comprehensive loss. |
| Revenue Recognition | The Company generates revenue from the following streams: 1.Gain on loans, net includes revenues generated from the Company’s loan production process, see Note 3. The components of gain on loans, net are as follows: i.Gain on sale of loans, net—This represents the premium the Company receives in excess of the loan principal amount and certain fees charged by loan purchasers upon sale of loans into the secondary market. Gain on sale of loans, net includes unrealized changes in the fair value of LHFS, which are recognized on a loan by loan basis as part of current period earnings until the loan is sold on the secondary market. The fair value of LHFS is measured based on observable market data. Gain on sale of loans, net also includes the changes in fair value of IRLCs and forward sale commitments. IRLCs include the fair value upon issuance with subsequent changes in the fair value recorded in each reporting period until the loan is sold on the secondary market. Fair value of forward sale commitments hedging IRLCs and LHFS are measured based on quoted prices for similar assets. ii.Broker Revenue—Includes fees that the Company receives for originating loans on behalf of third-parties. iii.Loan repurchase reserve recovery/(provision)—In connection with the sale of loans on the secondary market, the Company makes customary representations and warranties to the relevant loan purchasers about various characteristics of each loan, such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local laws. In the event of a breach of its representations and warranties, the Company may be required to repurchase the loan with the identified defects. The provision for loan repurchase reserve, represents the charge for these potential losses. 2.Other revenue consists of revenue from the Company’s additional offerings such as real estate services, insurance services, and international lending revenue, which is recognized in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 outlines a single comprehensive model in accounting for revenue arising from contracts with customers. The core principle, involving a five-step process, of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For real estate services, the Company generates revenues from fees related to real estate agent services, mainly from cooperative brokerage fees from the Company’s network of third-party real estate agents, which assist customers in the purchase or sale of a home. The Company recognizes revenues from real estate services upon completion of the performance obligation which is when the mortgage transaction closes. Performance obligations for real estate agent services are typically completed 40 to 60 days after the commencement of the home search process. Payment for these services is typically settled in cash as part of closing costs to the borrower upon closing of the mortgage transaction. Also included in real estate services are settlement services, which are revenue from fees charged for services such as title search fees, wire fees, policy and document preparation, and other mortgage settlement services. The Company recognizes revenues from settlement services upon completion of the performance obligation, which is when the mortgage transaction closes. Insurance revenue primarily consists of fees earned on homeowners insurance policies and title insurance. The Company generates revenues from agent fees on homeowners insurance policies obtained by customers through the Company’s marketplace of third-party insurance carriers. The Company offers title insurance as an agent and works with third-party providers that underwrite the title insurance policies. For title insurance, the Company recognizes revenue from fees upon the completion of the performance obligation which, is when the mortgage transaction closes. For homeowners insurance and title insurance, the Company is the agent in the transactions as the Company does not control the ability to direct the fulfillment of the service, is not primarily responsible for fulfilling the performance of the service, and does not assume the risk in a claim against a policy. For international lending revenue, the Company generates revenue primarily from broker fees earned in the U.K. The Company recognizes international lending revenue upon completion of the performance obligation, which is when the mortgage provider approves the mortgage. 3. Net interest income includes interest income from LHFS, calculated based on the note rate of the respective loan, interest income from short-term investments, and interest income on loans held for investment. Interest expense includes interest expense on warehouse lines of credit, interest expense on customer deposits, as well as interest expense on corporate debt.
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| Compensation and Benefits and Stock-Based Compensation | Compensation and benefits include salaries, wages, and incentive pay as well as stock-based compensation, employee health benefits, 401(k) plan benefits, and social security and unemployment taxes. Stock-based compensation includes expenses associated with restricted stock unit grants, performance stock unit grants, and stock option grants, under the Company’s stock plans. Compensation expense for the stock-based payments is based on the fair value of the awards on the grant date. Compensation and benefits expenses are expensed as incurred with the exception of stock-based compensation, which is recognized in a straight-line basis over the requisite service period.The Company measures and records the expense related to stock-based compensation awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. For stock-based compensation with performance conditions, the Company records stock-based compensation expense when it is deemed probable that the performance condition will be met. For Restricted Stock Units (“RSUs”), the fair value of the stock-based compensation award is based on the closing price of the Company’s common stock on the date of the grant. For stock options, the Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the fair value. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based compensation awards, including the option’s expected term and the price volatility of the underlying stock. The Company calculates the fair value of stock options granted using the following assumptions: a)Expected Volatility—The Company estimated volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the options’ expected term. b)Expected Term—The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has elected to use the midpoint of the stock options vesting term and contractual expiration period to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. c)Risk-Free Interest Rate—The risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon issues with a term that is equal to the options’ expected term at the grant date. d)Dividend Yield—The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. The Company accounts for forfeitures of stock options and RSUs as they occur rather than estimating forfeitures at the time of grant. The Company records compensation expense related to stock options issued to non-employees, including consultants based on the fair value of the stock options on the grant date over the service performance period as the stock options vest. The Company previously allowed stock option holders to early exercise stock options prior to the vesting date. The early exercise of stock options not yet vested are not reflected within stockholders’ equity or on the consolidated balance sheets as they relate to unvested share awards and therefore are considered non-substantive exercises.
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| General and Administrative Expenses | General and administrative expenses include rent and occupancy expenses, insurance, and external legal, tax and accounting services. General and administrative expenses are expensed as incurred. |
| Technology Expenses | Technology expenses consist of direct costs related to vendors engaged in product management, design, development, and testing of the Company’s websites and products. Technology expenses are expensed as incurred. |
| Marketing and Advertising Expenses | Marketing and advertising expenses consist of direct costs related to customer acquisition expenses, brand costs, and paid marketing. For customer acquisition expenses, the Company primarily generates loan origination leads for which the Company incurs “pay-per-click” expenses. Marketing and advertising expenses are expensed as incurred. |
| Loan Origination Expenses | Loan origination expenses consist of costs directly attributable to the production of loans such as appraisal fees, processing expenses, underwriting, closing fees, and servicing costs. For mortgage loans held for sale that are accounted for at fair value, these costs are expensed as incurred. |
| Other Expenses/(Income) | Other expenses consist of direct costs related to other non-mortgage homeownership activities, including settlement service expenses, lead generation expenses, expenses incurred in relation to our international lending activities, restructuring and impairment expenses, and gains and losses from equity related liabilities. Settlement service expenses consist of fees for transactional services performed by third-party providers for borrowers while lead generation expenses consist of fees for services related to real estate agents. Other expenses are expensed as incurred. |
| Net Income (Loss) Per Share | Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. Historically, for purpose of this calculation, outstanding stock options, public and private warrants, and sponsor locked-up shares are considered potential dilutive common shares.Diluted net income (loss) per share is the amount of net income (loss) available to each share of common stock outstanding during the reporting period, adjusted to include the effect of potentially dilutive common shares. For periods in which the Company reports net losses, basic and diluted net loss per share attributable to common stockholders are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. |
| Segments | The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities across two operating and reportable segments. Accordingly, the CODM uses segment net income (loss) from operations to allocate resources and assess performance. The CODM reviews budget-to-actual variances for segment net income (loss) on a regular basis when making decisions about allocating resources to each segment. Further, the CODM reviews and utilizes functional expenses at the segment level to manage the Company’s operations. Other segment items included in net income are net interest income, depreciation and amortization, and income tax expense (benefit), which are reflected in the consolidated statements of operations and comprehensive loss. |
| Emerging Growth Company and Smaller Reporting Company Status | The Company is an emerging growth company (“EGC”), as defined in Section 2(a) of the Securities Act of 1933, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 102(b)(1) of the JOBS Act exempts EGCs from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an EGC can elect to opt out of the extended transition period and comply with the requirements that apply to non-EGCs but any such election to opt out is irrevocable. The Company has not elected to opt out of such extended transition period which means that when a financial accounting standard is issued or revised and it has different application dates for public or private companies, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. The Company will be eligible to use this extended transition period under the JOBS Act until the earlier of the date it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make comparison of the Company’s financials to those of other public companies more difficult. Management expects to cease to be an EGC on the last day of the Company’s fiscal year following March 8, 2026, which is the fifth anniversary of the date on which Aurora consummated its initial public offering. |
| Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The Company adopted ASU 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, as of January 1, 2025, prospectively. The amendments enhance the transparency of income tax disclosures and did not have a material impact on the Company’s financial statements. 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 December 31, 2024, 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.
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Revenues (Tables) |
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| Schedule of Disaggregation of Revenue | The Company disaggregates revenue based on the following revenue streams: Gain on loans, net consisted of the following:
Other revenue consisted of the following:
Net interest income consisted of the following:
(1) Primarily consists of interest on Convertible Notes, see Note 13 for more details.
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Mortgage Loans Held for Sale and Warehouse Lines of Credit (Tables) |
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| Schedule of Warehouse Lines Of Credit | The Company has the following outstanding warehouse lines of credit:
__________________ (1)Interest charged under the facility is at the 30-day term SOFR plus 2.125%. During the second quarter of 2025, Funding Facility 1 was terminated prior to maturity. (2)Interest charged under the facility is at the 30-day term SOFR plus 2.10%-2.25%. Cash collateral deposit of $3.8 million is maintained and included in restricted cash. Subsequent to December 31, 2025, the Company extended the maturity to March 2, 2027. (3)Interest charged under the facility is at the 30-day term SOFR plus 1.75% - 3.75%. A compensating balance of $15.0 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 December 31, 2025, the Company was in compliance with this requirement. Subsequent to December 31, 2025, the Company extended the maturity to January 21, 2027. (4)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 December 31, 2025.
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| 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:
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Loans Held for Investment (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loans Held for Investment | The Company’s Loans Held for Investment portfolio is summarized as follows:
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| 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:
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Property and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant and Equipment | Property and equipment consists of the following:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets And Liabilities, Lessee | The below table presents the lease related assets and liabilities recorded on the accompanying balance sheet:
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| Schedule of Lease Cost | The components of operating lease costs, included within general and administrative expenses within the consolidated statements of operations and comprehensive loss, were as follows:
Supplemental cash flow and non-cash information related to leases were as follows:
Supplemental balance sheet information related to leases was as follows:
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| Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity | As of December 31, 2025, the Company held no finance leases, and the maturity analysis of operating lease liabilities are as follows:
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| Schedule of Finance Lease, Liability, to be Paid, Maturity | As of December 31, 2025, the Company held no finance leases, and the maturity analysis of operating lease liabilities are as follows:
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Goodwill and Internal Use Software and Other Intangible Assets, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | Changes in the carrying amount of goodwill, net consisted of the following:
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| Schedule of Indefinite-Lived Intangible Assets | Internal use software and other intangible assets, net consisted of the following:
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| Schedule of Finite-Lived Intangible Assets | Internal use software and other intangible assets, net consisted of the following:
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Amortization expense related to intangible assets as of December 31, 2025 is expected to be as follows:
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Prepaid Expenses and Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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Assets and Liabilities Held for Sale (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Summarized Balance Sheet Information of Assets and Liabilities | The following table represents summarized balance sheet information of assets and liabilities held for sale:
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Customer Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Average Balances and Weighted Average Rates Paid on Deposits | The following table presents average balances and weighted average rates paid on deposits for the years indicated:
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| Schedule of Maturities of Customer Deposits | The following table presents maturities of customer deposits:
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| Schedule of Interest Expense on Deposits | Interest Expense on deposits is recorded in interest expense in the consolidated statements of operations and comprehensive loss for the year indicated as follows:
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Other Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Liabilities | Other liabilities consisted of the following:
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Risks and Uncertainties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loan Repurchase Reserve Activity | The following presents the activity of the Company’s loan repurchase reserve:
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Net Loss Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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| 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:
__________________ (1)Securities have an antidilutive effect under the treasury stock method. (2)Public and Private warrants are unadjusted by the Reverse Stock Split as a holder must exercise 50 warrants to receive one share of common stock.
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
__________________ (1)As of December 31, 2025, derivative assets represent IRLCs, and liabilities represent forward sale commitments, IRLCs and interest rate swaps. As of December 31, 2024, derivative assets represent forward sale commitments and IRLCs, and liabilities represent IRLCs. (2)Fair value is based on the intrinsic value of the Company’s underlying stock price at each balance sheet date and includes certain assumptions with regard to volatility.
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| Schedule of Notional and Fair Value of Derivative Financial Instruments | The notional and fair value of derivative financial instruments were as follows:
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| Schedule of Change in Fair Value of Derivative Liabilities | The following table presents the rollforward of Level 3 IRLCs:
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| Schedule of Offsetting Assets | The table below presents gross amounts of recognized assets and liabilities subject to master netting agreements.
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| Schedule of Offsetting Liabilities | The table below presents gross amounts of recognized assets and liabilities subject to master netting agreements.
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| 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 categorized within Level 3 of the fair value hierarchy:
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| Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring or Non-Recurring Basis | 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:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income (Loss) Before Income Tax Expense (Benefit) | The components of income (loss) before income tax expense (benefit) are as follows:
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| Schedule of Components of Income Taxes | The following table displays the components of the Company’s federal, state and local, and foreign income taxes.
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| Schedule of Effective Tax Rate Reconciliation | The following table displays the difference between the U.S. federal statutory corporate tax rate and the effective tax rate, prepared under the updated guidance:
The following table displays the difference between the U.S. federal statutory corporate tax rate and the effective tax rate, prepared under the prior guidance:
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| Schedule of Deferred Income Tax Assets and Deferred Income Tax Liabilities | The following table displays deferred income tax assets and deferred income tax liabilities:
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| Schedule of Income Tax Paid Net Of (Refunds) Received | The income tax paid, net of refunds received for the year ended December 31, 2025 is as follows:
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| Schedule of Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenues and Significant Expenses by Segment | The tables below disclose the Company’s revenues and significant expenses by segment (in thousands):
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| Schedule of Revenue From Geographical Location | The tables below represents the Company’s revenues by geographic location (in thousands):
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Classes of Common Stock | The Company's equity structure consists of different classes of common stock which as presented below:
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock Option Activity | The following is a summary of stock option activity during the year ended December 31, 2025:
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| Schedule of RSU Activity | The following is a summary of RSU activity during the year ended December 31, 2025:
__________________ (1)Included in vested RSUs are 12,618 shares that have vested but for which issuance has been deferred at the election of the participant. The following is a summary of the Performance and Market-Based RSU activity during the period ended December 31, 2025:
__________________ (1)Included in the Unvested balance as of December 31, 2024 are 158,870 Performance Stock Units grant ("PSU"). The PSUs will be eligible to vest upon the satisfaction of specified market-based conditions tied to the price of the Company's publicly traded shares at four distinct price threshold levels. As of December 31, 2025, 158,870 PSUs remained outstanding. (2)Included in the granted balance are 1,224,019 PSUs. Of these, 44,519 PSUs are eligible to vest upon the satisfaction of specified market‑based conditions tied to the price of the Company’s publicly traded shares at four distinct price threshold levels, and 589,750 PSUs are eligible to vest upon the satisfaction of specified market‑based conditions tied to the price of the Company’s publicly traded shares at two distinct price threshold levels. The remaining 589,750 PSUs are eligible to vest upon the achievement of specified revenue‑based performance milestones, which were not considered probable of achievement as of December 31, 2025. Accordingly, no stock‑based compensation expense was recognized for these awards during the year ended December 31, 2025.
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| Schedule of Fair Value Assumptions | The assumptions used to value the PSUs issued during the years ended December 31, 2025 and 2024 were as follows:
|
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| Schedule of Stock-Based Compensation Expense | The Company recognized stock-based compensation expense as follows:
__________________ (1)Stock-based compensation expense excludes $1.4 million and $1.8 million of stock-based compensation expense, which was capitalized (see Note 8) for the years ended December 31, 2025 and 2024, respectively
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Organization and Nature of the Business (Details) |
12 Months Ended | |
|---|---|---|
Aug. 22, 2023 |
Dec. 31, 2025 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Reverse stock split ratio | 0.02 | 0.02 |
Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Aug. 22, 2023
$ / shares
|
Dec. 31, 2025
USD ($)
segment
reporting_unit
$ / shares
|
Dec. 31, 2024
USD ($)
|
|
| Line of Credit Facility [Line Items] | |||
| Cash, FDIC insured amount | $ 1,000 | $ 1,300 | |
| Restricted cash | 16,788 | 24,416 | |
| Restricted cash of assets held for sale | $ 4,300 | 3,900 | |
| Number of reporting units | reporting_unit | 2 | ||
| Reverse stock split ratio | 0.02 | 0.02 | |
| Number of operating segments | segment | 2 | ||
| Number of reportable segments | segment | 2 | ||
| Private And Public Warrants | |||
| Line of Credit Facility [Line Items] | |||
| Convertible preferred stock warrants | $ 1,200 | 1,300 | |
| Sponsor locked-up shares | |||
| Line of Credit Facility [Line Items] | |||
| Convertible preferred stock warrants | $ 300 | $ 100 | |
| Aurora Acquisition Corp | Public Warrants and Private Placement Warrants | Class A | |||
| Line of Credit Facility [Line Items] | |||
| Exercise price of warrants (in dollars per share) | $ / shares | $ 11.50 | $ 575 | |
| Purchase period after consummation of transaction | 30 days | ||
| Minimum | |||
| Line of Credit Facility [Line Items] | |||
| Lease term | 1 year | ||
| Minimum | Computer and Hardware | |||
| Line of Credit Facility [Line Items] | |||
| Property, plant and equipment, useful life | 3 years | ||
| Minimum | Furniture and equipment | |||
| Line of Credit Facility [Line Items] | |||
| Property, plant and equipment, useful life | 4 years | ||
| Maximum | |||
| Line of Credit Facility [Line Items] | |||
| Lease term | 5 years | ||
| Maximum | Computer and Hardware | |||
| Line of Credit Facility [Line Items] | |||
| Property, plant and equipment, useful life | 5 years | ||
| Maximum | Furniture and equipment | |||
| Line of Credit Facility [Line Items] | |||
| Property, plant and equipment, useful life | 7 years |
Revenues - Schedule of Gain on Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Revenue [Abstract] | ||
| Gain on sale of loans, net | $ 128,209 | $ 59,242 |
| Broker revenue | 7,118 | 8,933 |
| Loan repurchase reserve recovery | 821 | 9,923 |
| Total gain on loans, net | $ 136,148 | $ 78,098 |
Revenues - Schedule of Other Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Disaggregation of Revenue [Line Items] | ||
| Total other revenue | $ 11,299 | $ 12,888 |
| International lending revenue | ||
| Disaggregation of Revenue [Line Items] | ||
| Total other revenue | 5,185 | 3,999 |
| Insurance services | ||
| Disaggregation of Revenue [Line Items] | ||
| Total other revenue | 2,536 | 3,466 |
| Real estate services | ||
| Disaggregation of Revenue [Line Items] | ||
| Total other revenue | 1,896 | 2,470 |
| Other revenue | ||
| Disaggregation of Revenue [Line Items] | ||
| Total other revenue | $ 1,682 | $ 2,953 |
Revenues - Schedule of Net Interest Income (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Interest income | ||
| Mortgage interest income | $ 28,759 | $ 19,839 |
| Interest income on loans held for investment | 20,791 | 2,258 |
| Interest income from investments | 10,719 | 16,893 |
| Total interest income | 60,269 | 38,990 |
| Interest expense | ||
| Warehouse interest expense | (20,134) | (11,258) |
| Interest expense on customer deposits | (20,996) | (2,508) |
| Other interest expense | (1,714) | (7,722) |
| Total interest expense | (42,844) | (21,488) |
| Total net interest income | $ 17,425 | $ 17,502 |
Mortgage Loans Held for Sale and Warehouse Lines of Credit - Schedule of Warehouse Lines Of Credit (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Short-Term Debt [Line Items] | ||
| Facility Size | $ 575,000,000 | |
| Warehouse lines of credit | 411,862,000 | $ 244,070,000 |
| Warehouse Agreement Borrowings | ||
| Short-Term Debt [Line Items] | ||
| Compensating balances | 3,800,000 | 18,800,000 |
| Funding Facility 1 | Warehouse Agreement Borrowings | ||
| Short-Term Debt [Line Items] | ||
| Facility Size | 0 | |
| Warehouse lines of credit | $ 0 | 60,747,000 |
| Variable interest rate (as a percent) | 2.125% | |
| Funding Facility 2 | Warehouse Agreement Borrowings | ||
| Short-Term Debt [Line Items] | ||
| Facility Size | $ 150,000,000 | |
| Warehouse lines of credit | 81,423,000 | 74,472,000 |
| Cash collateral deposit | $ 3,800,000 | |
| Funding Facility 2 | Warehouse Agreement Borrowings | Minimum | ||
| Short-Term Debt [Line Items] | ||
| Variable interest rate (as a percent) | 2.10% | |
| Funding Facility 2 | Warehouse Agreement Borrowings | Maximum | ||
| Short-Term Debt [Line Items] | ||
| Variable interest rate (as a percent) | 2.25% | |
| Funding Facility 3 | Warehouse Agreement Borrowings | ||
| Short-Term Debt [Line Items] | ||
| Facility Size | $ 175,000,000 | |
| Warehouse lines of credit | 117,499,000 | 108,851,000 |
| Compensating balances | $ 15,000,000.0 | |
| Funding Facility 3 | Warehouse Agreement Borrowings | Minimum | ||
| Short-Term Debt [Line Items] | ||
| Variable interest rate (as a percent) | 1.75% | |
| Funding Facility 3 | Warehouse Agreement Borrowings | Maximum | ||
| Short-Term Debt [Line Items] | ||
| Variable interest rate (as a percent) | 3.75% | |
| Funding Facility 4 | Warehouse Agreement Borrowings | ||
| Short-Term Debt [Line Items] | ||
| Facility Size | $ 250,000,000 | |
| Warehouse lines of credit | 212,940,000 | $ 0 |
| Cash collateral deposit | $ 0 | |
| Funding Facility 4 | Warehouse Agreement Borrowings | Minimum | ||
| Short-Term Debt [Line Items] | ||
| Variable interest rate (as a percent) | 1.75% | |
| Funding Facility 4 | Warehouse Agreement Borrowings | Maximum | ||
| Short-Term Debt [Line Items] | ||
| Variable interest rate (as a percent) | 2.50% |
Mortgage Loans Held for Sale and Warehouse Lines of Credit - Schedule of Loans Held For Sale (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total LHFS | $ 459,325 | $ 396,919 |
| Fair value adjustment | 7,356 | 2,322 |
| Total LHFS at fair value | 466,681 | 399,241 |
| Collateral Pledged | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total LHFS | 445,820 | 267,984 |
| Collateral Pledged | Funding Facility 1 | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total LHFS | 0 | 61,341 |
| Collateral Pledged | Funding Facility 2 | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total LHFS | 89,483 | 83,562 |
| Collateral Pledged | Funding Facility 3 | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total LHFS | 129,515 | 123,081 |
| Collateral Pledged | Funding Facility 4 | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total LHFS | 226,822 | 0 |
| Uncollateralized | Company-funded LHFS | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total LHFS | 6,197 | 10,056 |
| Uncollateralized | Company-funded HELOC | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total LHFS | $ 7,308 | $ 118,879 |
Mortgage Loans Held for Sale and Warehouse Lines of Credit - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Warehouse Agreement Borrowings | ||
| Short-Term Debt [Line Items] | ||
| Weighted average interest rate (as a percent) | 6.08% | 6.44% |
| Compensating balances | $ 3.8 | $ 18.8 |
| Warehouse Agreement Borrowings | Funding Facility 3 | ||
| Short-Term Debt [Line Items] | ||
| Compensating balances | 15.0 | |
| Financial Asset, Equal to or Greater than 90 Days Past Due | ||
| Short-Term Debt [Line Items] | ||
| Unpaid principal balance of loans past due | $ 2.4 | $ 1.4 |
| Collateral Pledged | ||
| Short-Term Debt [Line Items] | ||
| Average days loans held for sale | 30 days | 21 days |
Loans Held for Investment - Narrative (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2025
USD ($)
loan
|
Dec. 31, 2024
USD ($)
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Accrued interest receivable | $ 1,000 | $ 400 |
| Number of loans | loan | 1 | |
| Unpaid loan in process of foreclosure, amount | $ 2,500 | |
| Financing Receivable | Product Concentration Risk | Property - Buy to Let | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Concentration risk percentage | 99.90% | 98.60% |
Loans Held for Investment - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Total Loans Held for Investment, net | $ 723,333 | $ 111,477 |
| Allowance for credit losses | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Total Loans Held for Investment, net | 2,251 | 1,667 |
| Allowance for credit losses | Property - Buy to Let | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Total Loans Held for Investment, net | 736,807 | 111,630 |
| Allowance for credit losses | Other | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Total Loans Held for Investment, net | 544 | 1,514 |
| Allowance for credit losses | Deferred fees, net | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Total Loans Held for Investment, net | 13,713 | 0 |
| Allowance for credit losses | Fair value hedge basis adjustment | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Total Loans Held for Investment, net | $ 1,946 | $ 0 |
Loans Held for Investment - Schedule of Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Year One | $ 605,424 | $ 110,891 |
| Year Two | 116,901 | 786 |
| Year Three | 782 | 885 |
| Year Four | 406 | 503 |
| Year Five | 125 | 77 |
| Prior | 0 | 2 |
| Total | 723,638 | 113,144 |
| Property - Buy to Let | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Year One | 605,424 | 110,891 |
| Year Two | 116,901 | 739 |
| Year Three | 769 | 0 |
| Year Four | 0 | 0 |
| Year Five | 0 | 0 |
| Prior | 0 | 0 |
| Total | 723,094 | 111,630 |
| Property - Buy to Let | 0-20 Months | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| 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 | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Year One | 0 | 0 |
| Year Two | 226 | 0 |
| Year Three | 0 | 0 |
| Year Four | 0 | 0 |
| Year Five | 0 | 0 |
| Prior | 0 | 0 |
| Total | 226 | 0 |
| Property - Buy to Let | Over 40 Months | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Year One | 605,424 | 110,891 |
| Year Two | 116,675 | 739 |
| Year Three | 769 | 0 |
| Year Four | 0 | 0 |
| Year Five | 0 | 0 |
| Prior | 0 | 0 |
| Total | 722,868 | 111,630 |
| Other | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Year One | 0 | 0 |
| Year Two | 0 | 47 |
| Year Three | 13 | 885 |
| Year Four | 406 | 503 |
| Year Five | 125 | 77 |
| Prior | 0 | 2 |
| Total | 544 | 1,514 |
| Other | 0-20 Months | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Year One | 0 | 0 |
| Year Two | 0 | 34 |
| Year Three | 0 | 255 |
| Year Four | 406 | 435 |
| Year Five | 125 | 77 |
| Prior | 0 | 2 |
| Total | 531 | 803 |
| Other | 21-40 Months | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| Year One | 0 | 0 |
| Year Two | 0 | 13 |
| Year Three | 13 | 630 |
| Year Four | 0 | 68 |
| Year Five | 0 | 0 |
| Prior | 0 | 0 |
| Total | 13 | 711 |
| Other | Over 40 Months | ||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||
| 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 and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | $ 7,357 | $ 9,512 |
| Less: Accumulated depreciation | (5,414) | (6,795) |
| Property and equipment, net | 1,943 | 2,717 |
| Computer and Hardware | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | 3,267 | 5,423 |
| Furniture and equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | 1,496 | 1,580 |
| Leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | $ 2,594 | $ 2,509 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Property, Plant and Equipment [Line Items] | ||
| Depreciation expense | $ 1.0 | $ 7.1 |
| Computer and Hardware | ||
| Property, Plant and Equipment [Line Items] | ||
| Impairment of property and equipment | 0.2 | $ 4.8 |
| Operational Restructuring Program | ||
| Property, Plant and Equipment [Line Items] | ||
| Depreciation | $ 3.7 | |
Leases - Schedule of Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Assets | ||
| Operating lease right-of-use assets | $ 4,678 | $ 1,387 |
| Total leased assets | 4,678 | 1,387 |
| Liabilities | ||
| Operating lease liabilities | 4,629 | 4,081 |
| Total lease liabilities | $ 4,629 | $ 4,081 |
Leases - Schedule of Operating Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Leases [Abstract] | ||
| Operating lease cost | $ 3,390 | $ 8,903 |
| Short-term lease cost | 1,050 | 512 |
| Variable lease cost | 733 | 906 |
| Total operating lease cost | $ 5,173 | $ 10,321 |
Leases - Schedule of Supplemental Cash Flow and Non-Cash Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Leases [Abstract] | ||
| Cash paid for amounts included in measurement of operating lease liabilities | $ 4,845 | $ 8,668 |
| Operating lease right-of-use assets recognized | $ 4,996 | $ 1,261 |
Leases - Schedule of Supplemental Balance Sheet Information (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Operating leases | ||
| Weighted average remaining lease term (in years) | 3 years 9 months 18 days | 1 year 3 months 18 days |
| Weighted average discount rate | 10.00% | 5.40% |
Leases - Schedule of Maturities of Operating Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Operating Leases | ||
| 2026 | $ 1,781 | |
| 2027 | 1,405 | |
| 2028 | 1,105 | |
| 2029 | 1,088 | |
| 2030 and beyond | 147 | |
| Total lease payments | 5,526 | |
| Less amount representing interest | (897) | |
| Operating lease liabilities | $ 4,629 | $ 4,081 |
Goodwill and Internal Use Software and Other Intangible Assets, Net - Schedule of Changes in Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Goodwill [Roll Forward] | ||
| Goodwill, Beginning Balance | $ 23,615 | $ 32,390 |
| Goodwill impairment | (14,000) | (7,266) |
| Reclassification of disposal units goodwill to assets held for sale | 0 | (1,112) |
| Effect of foreign currency exchange rate changes | 1,380 | (397) |
| Goodwill, Ending Balance | $ 10,995 | $ 23,615 |
Goodwill and Internal Use Software and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Business Combination [Line Items] | ||
| Goodwill impairment | $ 14,000 | $ 7,266 |
| Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | |
| Capitalized software | $ 11,400 | 8,500 |
| Stock-based compensation costs | 1,419 | 1,781 |
| Amortization expense | 13,025 | 26,138 |
| Impairment of intangibles | $ 0 | $ 0 |
| Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | |
| Birmingham Bank Ltd | ||
| Business Combination [Line Items] | ||
| Goodwill impairment | $ 13,500 | |
| Discontinued Operations, Held-for-Sale | Several U.K. Entities | ||
| Business Combination [Line Items] | ||
| Goodwill impairment | $ 500 | |
Goodwill and Internal Use Software and Other Intangible Assets, Net - Schedule of Finite and Indefinite-Lived Intangibles (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Value | $ 164,248 | $ 148,863 |
| Total Internal use software and other intangible assets, net, gross carrying value | 166,102 | 150,714 |
| Accumulated Amortization | (144,117) | (129,778) |
| Total | 20,131 | 19,085 |
| Total Internal use software and other intangible assets, net, net carrying value | 21,985 | 20,936 |
| Domain name | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Intangible assets with indefinite lives | 1,820 | 1,820 |
| Licenses and other | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Intangible assets with indefinite lives | $ 34 | $ 31 |
| Internal use software and website development | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted Average Useful Lives (in years) | 3 years 4 months 24 days | 3 years |
| Gross Carrying Value | $ 161,622 | $ 147,994 |
| Accumulated Amortization | (142,069) | (129,487) |
| Total | $ 19,553 | $ 18,507 |
| Intellectual property and other | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted Average Useful Lives (in years) | 5 years 6 months | 6 years |
| Gross Carrying Value | $ 2,626 | $ 869 |
| Accumulated Amortization | (2,048) | (291) |
| Total | $ 578 | $ 578 |
Goodwill and Internal Use Software and Other Intangible Assets, Net - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Maturities | ||
| 2026 | $ 9,695 | |
| 2027 | 6,336 | |
| 2028 | 2,926 | |
| 2029 | 808 | |
| 2030 and thereafter | 366 | |
| Total | $ 20,131 | $ 19,085 |
Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
| Prepaid expenses | $ 12,495 | $ 17,165 |
| Tax receivables | 6,242 | 5,484 |
| Security deposits | 8,803 | 11,245 |
| Prefunded loans in escrow | 352 | 0 |
| Total prepaid expenses and other assets | $ 27,892 | $ 33,894 |
Assets and Liabilities Held for Sale - Schedule of Summarized Balance Sheet Information of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Restricted cash | $ 4,300 | $ 3,900 |
| Total assets held for sale | 8,687 | 10,411 |
| Total liabilities held for sale | 4,802 | 6,116 |
| Discontinued Operations, Held-for-Sale | Several U.K. Entities | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Cash and cash equivalents | 710 | 3,814 |
| Restricted cash | 4,256 | 3,868 |
| Mortgage loans held for sale, at fair value | 1,954 | 1,721 |
| Other receivables, net | 706 | 1,244 |
| Property and equipment, net | 2 | 35 |
| Internal use software and other intangible assets, net | 2,357 | 2,203 |
| Goodwill | 711 | 1,112 |
| Prepaid expenses and other assets | 69 | 634 |
| Write down of assets to fair value less cost to sell | (2,078) | (4,220) |
| Total assets held for sale | 8,687 | 10,411 |
| Accounts payable and accrued expenses | 424 | 1,684 |
| Escrow payable and other customer accounts | 4,256 | 3,868 |
| Other liabilities | 122 | 564 |
| Total liabilities held for sale | $ 4,802 | $ 6,116 |
Assets and Liabilities Held for Sale - Narrative (Details) $ in Thousands, £ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2025
USD ($)
|
Sep. 30, 2025
GBP (£)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Goodwill impairment | $ 14,000 | $ 7,266 | ||
| Discontinued Operations, Held-for-Sale | Several U.K. Entities | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Write up (write down) of assets to fair value less cost to sell | 2,100 | $ (4,200) | ||
| Goodwill impairment | $ 500 | |||
| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Trussle Lab Ltd | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Payment to transfer ownership and settlement related obligations | $ 1,600 | £ 1.2 | ||
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net | ||
| Loss on disposal | $ 700 | £ 0.5 | ||
Customer Deposits - Narrative (Details) |
Dec. 31, 2025
USD ($)
|
Dec. 31, 2025
GBP (£)
|
Dec. 31, 2024
USD ($)
|
|---|---|---|---|
| Deposits [Abstract] | |||
| Deposits | $ 762,984,000 | $ 134,100,000 | |
| Deposits, FSCS Insured Amount | 161,300 | £ 120,000.0 | |
| Deposits over the insured amount | $ 214,300,000 |
Customer Deposits - Schedule of Average Balances and Weighted Average Rates (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Deposits [Abstract] | ||
| Average balance, Notice | $ 107,685 | $ 10,405 |
| Average balance, Term | 384,051 | 44,970 |
| Average balance, Savings | 2,588 | 3,285 |
| Average balance, total deposits | $ 494,324 | $ 58,660 |
| Average paid rate, Notice | 3.75% | 2.94% |
| Average paid rate, Term | 4.53% | 3.94% |
| Average paid rate, Savings | 2.39% | 2.11% |
| Average paid rate, total deposits | 3.56% | 3.00% |
Customer Deposits - Schedule of Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deposits [Abstract] | ||
| Demand Deposits | $ 182,392 | |
| Maturing In: | ||
| 2026 | 144,445 | |
| 2027 | 186,947 | |
| 2028 | 117,480 | |
| 2029 | 31,679 | |
| Thereafter | 100,041 | |
| Total | $ 762,984 | $ 134,100 |
Customer Deposits - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Deposits [Abstract] | ||
| Notice | $ 4,441 | $ 460 |
| Term | 16,499 | 1,946 |
| Savings | 56 | 102 |
| Total Interest Expense | $ 20,996 | $ 2,508 |
Other Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Other Liabilities Disclosure [Abstract] | |||
| Deferred Revenue | $ 0 | $ 3,038 | |
| Loan Repurchase Reserve | 4,268 | 7,523 | $ 19,472 |
| Other Liabilities | 2,265 | 2,905 | |
| Total other liabilities | $ 6,533 | $ 13,466 |
Senior Notes - Convertible Note (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Apr. 12, 2025 |
Feb. 29, 2024 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Debt Instrument [Line Items] | ||||
| Convertible notes payable | $ 0 | $ 519,749 | ||
| Payment for notes | 110,000 | 1,103 | ||
| Senior notes | 198,802 | 0 | ||
| Convertible Note | ||||
| Debt Instrument [Line Items] | ||||
| Interest expense | 1,700 | 7,600 | ||
| Convertible Note | Convertible Debt | ||||
| Debt Instrument [Line Items] | ||||
| Convertible notes payable | $ 0 | $ 519,700 | ||
| Repayment amount | $ 2,500 | |||
| Principal payment, debt | 1,100 | |||
| Interest payment, debt | $ 1,400 | |||
| Long-term debt | $ 532,500 | |||
| Fixed interest rate | 1.00% | |||
| Debt, discount | $ 11,100 | |||
| 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 | 6.00% | |||
| Aggregate principal amount | $ 155,000 | |||
| Payment for 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% | |||
Senior Notes - Senior Notes (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Apr. 12, 2025 |
Aug. 22, 2023 |
Jul. 31, 2025
USD ($)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
| Debt Instrument [Line Items] | |||||
| Senior notes | $ 198,802 | $ 0 | |||
| Principal payments on senior notes | $ 1,606 | 0 | |||
| Reverse stock split ratio | 0.02 | 0.02 | |||
| Senior Notes | Senior Notes Indenture | |||||
| Debt Instrument [Line Items] | |||||
| Senior notes | $ 198,800 | $ 0 | |||
| Principal payments on senior notes | $ 1,600 | ||||
| Fixed interest rate | 6.00% | ||||
| Right of investor threshold, aggregate principal amount held, percentage | 60.00% | ||||
| Redemption period | 150 days | ||||
| Senior Notes | Senior Notes Indenture | Prior to December 31, 2028 | |||||
| Debt Instrument [Line Items] | |||||
| Redemption price percentage | 106.00% | ||||
| Senior Notes | Senior Notes Indenture | Prior to December 31, 2028, including "Make Whole Premium" | |||||
| Debt Instrument [Line Items] | |||||
| Redemption price percentage | 108.00% | ||||
| Senior Notes | Senior Notes Indenture | Change of Control Triggering Event | |||||
| Debt Instrument [Line Items] | |||||
| Redemption price percentage | 101.00% | ||||
Related Party Transactions (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Related Party Transactions | ||
| Total other liabilities | $ 6,533,000 | $ 13,466,000 |
| Total LHFS at fair value | 466,681,000 | 399,241,000 |
| General and administrative | 45,323,000 | 52,230,000 |
| Share-based payment arrangement, expense | 20,432,000 | 26,753,000 |
| Technology Integration and License Agreement | Related party | ||
| Related Party Transactions | ||
| Total other liabilities | 100,000 | 100,000 |
| Master Loan Purchase Agreement | Related party | ||
| Related Party Transactions | ||
| Total LHFS at fair value | 2,500,000 | 4,200,000 |
| Master Loan Purchase Agreement | Related party | Better Trust I | ||
| Related Party Transactions | ||
| Master loan purchase agreement, amount | 20,000,000.0 | |
| RSU Grants | Related party | ||
| Related Party Transactions | ||
| Share-based payment arrangement, expense | 700,000 | |
| Mortgage platform | Technology Integration and License Agreement | Related party | ||
| Related Party Transactions | ||
| Expenses | 900,000 | 1,000,000.0 |
| Mortgage platform | Data Analytics Services Agreement | Related party | ||
| Related Party Transactions | ||
| General and administrative | 0 | 100,000 |
| Mortgage platform | Data Analytics Services Agreement | Related party | Accounts Payable and Accrued Liabilities | ||
| Related Party Transactions | ||
| Total other liabilities | $ 0 | $ 0 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Loss Contingencies [Line Items] | ||
| Restricted cash, end of year | $ 16,788 | $ 24,416 |
| Escrow deposits | ||
| Loss Contingencies [Line Items] | ||
| Restricted cash, end of year | $ 200 | $ 100 |
| LHFS originated | Geographic Concentration Risk | Florida | ||
| Loss Contingencies [Line Items] | ||
| Concentration risk percentage | 12.00% | 10.00% |
| One loan purchaser | Loans sold | Customer concentration risk | ||
| Loss Contingencies [Line Items] | ||
| Concentration risk percentage | 35.00% | 37.00% |
| Two Loan Purchaser | Loans sold | Customer concentration risk | ||
| Loss Contingencies [Line Items] | ||
| Concentration risk percentage | 13.00% | 26.00% |
| Three Loan Purchaser | Loans sold | Customer concentration risk | ||
| Loss Contingencies [Line Items] | ||
| Concentration risk percentage | 19.00% | |
| Forward commitments | ||
| Loss Contingencies [Line Items] | ||
| Notional amounts | $ 286,000 | $ 158,000 |
| Commitment to Fund Mortgage Loans | ||
| Loss Contingencies [Line Items] | ||
| Other commitments | 271,400 | 129,900 |
| Employee related labor dispute | ||
| Loss Contingencies [Line Items] | ||
| Loss contingency, estimated liability | 6,700 | 8,300 |
| Loss contingency, (gain) loss in period | 1,400 | (500) |
| Loss contingency accrual, payments | 200 | 400 |
| Regulatory matters | ||
| Loss Contingencies [Line Items] | ||
| Loss contingency, estimated liability | 5,100 | 6,600 |
| Loss contingency, (gain) loss in period | (700) | 300 |
| Loss contingency accrual, payments | $ 800 | $ 2,300 |
Risks and Uncertainties - Narrative (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2025
USD ($)
loan
|
Dec. 31, 2024
USD ($)
loan
|
|
| Risks and Uncertainties [Abstract] | ||
| Standard representation and warranty period | 3 years | |
| Unpaid principal balance of loans repurchased | $ | $ 11.9 | $ 9.9 |
| Number of loans repurchased | loan | 47 | 30 |
Risks and Uncertainties - Schedule of Loan Repurchase Reserve Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Loan Repurchase Reserve [Roll Forward] | ||
| Loan repurchase reserve at beginning of year | $ 7,523 | $ 19,472 |
| Recovery | (821) | (9,923) |
| Charge-offs | (2,434) | (2,026) |
| Loan repurchase reserve at end of year | $ 4,268 | $ 7,523 |
Net Loss Per Share - Schedule of Computation (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Basic and diluted net loss per share: | ||
| Net loss basic | $ (165,872) | $ (206,290) |
| Net loss diluted | $ (165,872) | $ (206,290) |
| Shares used in computation: | ||
| Weighted average common shares outstanding (in shares) | 15,358,433 | 15,111,701 |
| Weighted-average effect of dilutive securities: | ||
| Diluted weighted-average common shares outstanding (in shares) | 15,358,433 | 15,111,701 |
| Earnings (loss) per share attributable to common stockholders: | ||
| Basic (in dollars per share) | $ (10.80) | $ (13.65) |
| Diluted (in dollars per share) | $ (10.80) | $ (13.65) |
Net Loss Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Total (in shares) | 12,356 | 10,967 |
| RSUs and Options to purchase common stock | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Total (in shares) | 2,534 | 1,145 |
| 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 |
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| FAIR VALUE MEASUREMENTS | ||
| Mortgage loans held for sale, at fair value | $ 466,681 | $ 399,241 |
| Derivative assets, at fair value | 4,210 | 2,539 |
| Total Assets | $ 470,891 | $ 401,780 |
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Derivative liabilities, at fair value | Derivative liabilities, at fair value |
| Derivative liabilities, at fair value | $ 2,431 | $ 86 |
| Warrant and equity related liabilities, at fair value | 1,476 | 1,407 |
| Total Liabilities | 3,907 | 1,493 |
| 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 |
| Warrant and equity related liabilities, at fair value | 668 | 729 |
| Total Liabilities | 668 | 729 |
| Level 2 | ||
| FAIR VALUE MEASUREMENTS | ||
| Mortgage loans held for sale, at fair value | 466,681 | 399,241 |
| Derivative assets, at fair value | 0 | 1,231 |
| Total Assets | 466,681 | 400,472 |
| Derivative liabilities, at fair value | 2,181 | 0 |
| Warrant and equity related liabilities, at fair value | 808 | 678 |
| Total Liabilities | 2,989 | 678 |
| Level 3 | ||
| FAIR VALUE MEASUREMENTS | ||
| Mortgage loans held for sale, at fair value | 0 | 0 |
| Derivative assets, at fair value | 4,210 | 1,308 |
| Total Assets | 4,210 | 1,308 |
| Derivative liabilities, at fair value | 250 | 86 |
| Warrant and equity related liabilities, at fair value | 0 | 0 |
| Total Liabilities | $ 250 | $ 86 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| FAIR VALUE MEASUREMENTS | ||
| Derivative term | 5 years | |
| Unrealized gain (loss) on derivatives | $ (673) | $ 1,685 |
| Interest income on the fair value | 100 | |
| Fair value of derivative transactions | $ 269,000 | |
| Derivative weighted average fixed rate | 3.70% | |
| IRLCs | ||
| FAIR VALUE MEASUREMENTS | ||
| Issuances (purchases) of derivative instruments | $ 39,200 | $ 19,700 |
| Derivative term | 44 days | 54 days |
| Gain (loss) on derivatives | $ 2,800 | $ (500) |
| Forward commitments | ||
| FAIR VALUE MEASUREMENTS | ||
| Gain (loss) on derivatives | (6,200) | 5,200 |
| Unrealized gain (loss) on derivatives | (2,500) | $ 5,700 |
| Interest rate swaps | ||
| FAIR VALUE MEASUREMENTS | ||
| Loss on derivative | $ 200 | |
Fair Value Measurements - Schedule of Notional and Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivative [Line Items] | ||
| Derivative Asset | $ 4,210 | $ 2,539 |
| Derivative Liability | 2,431 | 86 |
| Not Designated as Hedging Instrument | ||
| Derivative [Line Items] | ||
| Derivative Asset | 4,210 | |
| Derivative Liability | 804 | |
| IRLCs | Not Designated as Hedging Instrument | ||
| Derivative [Line Items] | ||
| Notional Value | 271,373 | 129,900 |
| Derivative Asset | 4,210 | 1,308 |
| Derivative Liability | 250 | 86 |
| Forward commitments | ||
| Derivative [Line Items] | ||
| Notional Value | 286,000 | 158,000 |
| Forward commitments | Not Designated as Hedging Instrument | ||
| Derivative [Line Items] | ||
| Notional Value | 286,000 | 158,000 |
| Derivative Asset | 0 | 1,231 |
| Derivative Liability | 554 | $ 0 |
| Interest rate swaps | Designated as Hedging Instrument | ||
| Derivative [Line Items] | ||
| Notional Value | 268,768 | |
| Derivative Asset | 0 | |
| Derivative Liability | $ 1,627 |
Fair Value Measurements - Schedule of Change in Fair Value of Derivative Liabilities (Details) - IRLCs - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
| Balance at beginning of period | $ 1,222 | $ 1,640 |
| Change in fair value | 2,738 | (418) |
| Balance at end of period | $ 3,960 | $ 1,222 |
Fair Value Measurements - Schedule of Offsetting Derivatives (Details) - Forward commitments - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Offsetting of Forward Commitments - Assets | ||
| Gross Amount of Recognized Assets | $ 0 | $ 1,249 |
| Gross Amount of Recognized Liabilities | 0 | (18) |
| Net Amounts Presented in the Consolidated Balance Sheet | 0 | 1,231 |
| Offsetting of Forward Commitments - Liabilities | ||
| Gross Amount of Recognized Assets | 46 | 0 |
| Gross Amount of Recognized Liabilities | (600) | 0 |
| Net Amounts Presented in the Consolidated Balance Sheet | $ (554) | $ 0 |
Fair Value Measurements - Schedule of Quantitative Information about Significant Unobservable Inputs (Details) - Level 3 - Pull-through factor - IRLCs |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Measurement input, derivatives | 0.0003 | 0.0045 |
| Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Measurement input, derivatives | 0.9960 | 1.0000 |
| Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Measurement input, derivatives | 0.692 | 0.748 |
Fair Value Measurements - Schedule of Recurring and Non-Recurring (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| FAIR VALUE MEASUREMENTS | ||
| Short-term investments | $ 103,607 | $ 53,774 |
| Convertible note | 0 | 519,749 |
| Senior Notes | 198,802 | 0 |
| Level 1 | Carrying Amount | ||
| FAIR VALUE MEASUREMENTS | ||
| Short-term investments | 103,607 | 53,774 |
| Level 1 | Fair Value | ||
| FAIR VALUE MEASUREMENTS | ||
| Short-term investments | 103,849 | 53,791 |
| Level 3 | Carrying Amount | ||
| FAIR VALUE MEASUREMENTS | ||
| Loans held for investment | 725,584 | 113,144 |
| Convertible note | 0 | 519,749 |
| Senior Notes | 198,802 | 0 |
| Level 3 | Fair Value | ||
| FAIR VALUE MEASUREMENTS | ||
| Loans held for investment | 745,367 | 113,348 |
| Convertible note | 0 | 371,160 |
| Senior Notes | $ 135,916 | $ 0 |
Income Taxes - Schedule of Components of Income (Loss) Before Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Income Tax Disclosure [Abstract] | ||
| U.S. | $ (132,816) | $ (163,597) |
| Foreign | (33,003) | (41,843) |
| Loss before income tax expense | $ (165,819) | $ (205,440) |
Income Taxes - Schedule of Components of Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Current Income Tax Expense (Benefit): | ||
| Federal | $ 117 | $ 121 |
| Foreign | (25) | 349 |
| State and local | 0 | 376 |
| Total Current Income Tax Expense (Benefit) | 92 | 846 |
| Deferred Income Tax Expense (Benefit): | ||
| Federal | (23,237) | (25,971) |
| Foreign | (6,430) | (7,756) |
| State and local | (8,860) | (2,475) |
| Valuation Allowance | 38,488 | 36,206 |
| Total Deferred Income Tax Expense (Benefit) | (39) | 4 |
| Income Tax Expense (Benefit) | $ 53 | $ 850 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Tax effect on gain on troubled debt restructuring | $ 741 | ||
| Income tax expense | $ 53 | $ 850 | |
| Valuation allowance on deferred tax assets (in percent) | 100.00% | 100.00% | |
| Unrecognized tax benefits that would affect the effective tax rate | $ 1,400 | $ 1,350 | |
| Increase to unrecognized tax benefits | 48 | ||
| Interest and penalties accrued | 117 | ||
| Unrecognized tax benefits | 1,401 | 1,353 | $ 1,353 |
| Federal | |||
| Operating Loss Carryforwards [Line Items] | |||
| Net operating loss carryforwards | 1,276,000 | 1,285,000 | |
| State | |||
| Operating Loss Carryforwards [Line Items] | |||
| Net operating loss carryforwards | 1,014,000 | 1,017,000 | |
| Foreign | |||
| Operating Loss Carryforwards [Line Items] | |||
| Net operating loss carryforwards | $ 106,000 | $ 189,000 | |
Income Taxes - Schedule of Effective Tax Rate Reconciliation, After Adoption of ASU 2023-09 (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Amount | ||
| U.S. Federal Statutory Tax Rate | $ (34,822) | |
| State and local Income Taxes, net of Federal Income Tax Effect | 0 | |
| Other foreign jurisdictions | 49 | |
| Tax Credits | ||
| Research and Development tax credits | (2,792) | |
| Nontaxable or nondeductible items | ||
| 162(m) - executive compensation | 2,454 | |
| Changes in Unrecognized tax benefits | 117 | |
| Income Tax Expense (Benefit) | $ 53 | $ 850 |
| Percentage | ||
| U.S. Federal Statutory Tax Rate | 21.00% | 21.00% |
| State and local tax | 0.00% | 0.61% |
| Changes in Valuation Allowances | (17.35%) | |
| Other | (2.33%) | |
| Other foreign jurisdictions | (0.03%) | 0.81% |
| Tax Credits | ||
| Research and Development tax credits | 1.68% | 0.09% |
| Nontaxable or nondeductible items | ||
| 162(m) - executive compensation | (1.48%) | |
| Changes in Unrecognized tax benefits | (0.07%) | |
| Effective Tax Rate | (0.03%) | (0.41%) |
| UK | ||
| Amount | ||
| Changes in Valuation Allowances | $ 6,391 | |
| Other | $ 428 | |
| Percentage | ||
| Changes in Valuation Allowances | (3.85%) | |
| Other | (0.26%) | |
| United States | ||
| Amount | ||
| Changes in Valuation Allowances | $ 27,134 | |
| Other | $ 1,094 | |
| Percentage | ||
| Changes in Valuation Allowances | (16.36%) | |
| Other | (0.66%) | |
Income Taxes - Schedule of Effective Tax Rate Reconciliation, Prior to Adoption of ASU 2023-09 (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Income Tax Disclosure [Abstract] | ||
| US federal statutory corporate tax rate | 21.00% | 21.00% |
| State and local tax | 0.00% | 0.61% |
| Stock-based compensation | (3.27%) | |
| Fair value of warrants | 0.09% | |
| Others | (2.33%) | |
| Foreign tax rate differential | (0.03%) | 0.81% |
| R&D tax credit | 1.68% | 0.09% |
| Unrecognized tax benefits | (0.06%) | |
| Change in valuation allowance | (17.35%) | |
| Effective Tax Rate | (0.03%) | (0.41%) |
Income Taxes - Schedule of Deferred Income Tax Assets and Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred Income Tax Assets | ||
| Net operating loss | $ 351,027 | $ 372,712 |
| Reserves | 5,172 | 5,110 |
| Loan repurchase reserve | 1,256 | 1,969 |
| Restructuring reserve | 2,716 | 2,376 |
| Accruals | 84 | 174 |
| Internal use software | 0 | 12,221 |
| Other | 396 | 587 |
| Total Deferred Income Tax Assets | 360,651 | 395,149 |
| Deferred Income Tax Liabilities | ||
| Non-qualified stock options | (9,378) | (10,182) |
| Intangible assets | (2,162) | (467) |
| Depreciation | (3,525) | (939) |
| Internal use software | (3,705) | 0 |
| Total Deferred Income Tax Liabilities | (18,770) | (11,588) |
| Net Deferred Tax Asset before Valuation Allowance | 341,881 | 383,561 |
| Less: Valuation Allowance | (341,645) | (383,362) |
| Deferred Income Tax Assets, Net | $ 236 | $ 199 |
Income Taxes - Schedule of Income Tax Paid (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Income Tax Paid, by Individual Jurisdiction [Line Items] | ||
| U.S. federal | $ 2,315 | |
| Total Income Tax Paid (net of refunds received) | 1,707 | $ (677) |
| California | ||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | ||
| U.S. state and local | 1,357 | |
| Colorado | ||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | ||
| U.S. state and local | (797) | |
| Georgia | ||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | ||
| U.S. state and local | (870) | |
| Indiana | ||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | ||
| U.S. state and local | (110) | |
| Other | ||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | ||
| U.S. state and local | (78) | |
| India | ||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | ||
| Foreign | 411 | |
| UK | ||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | ||
| Foreign | $ (521) | |
Income Taxes - Schedule of Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Unrecognized Tax Benefits [Roll Forward] | ||
| Unrecognized tax benefits - January 1 | $ 1,353 | $ 1,353 |
| Gross increases - tax positions in prior period | 0 | 0 |
| Gross decreases - tax positions in prior period | 0 | 0 |
| Gross increases - tax positions in current period | 48 | 0 |
| Settlement | 0 | 0 |
| Lapse of statute of limitations | 0 | 0 |
| Unrecognized tax benefits - December 31 | $ 1,401 | $ 1,353 |
Segment Reporting - Schedule of Revenues and Significant Expenses by Segment (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Revenues: | ||
| Gain on loans, net | $ 136,148 | $ 78,098 |
| Other revenue | 11,299 | 12,888 |
| Net interest income | ||
| Interest income | 60,269 | 38,990 |
| Interest expense | (42,844) | (21,488) |
| Net interest income | 17,425 | 17,502 |
| Total net revenues | 164,872 | 108,488 |
| Expenses: | ||
| Compensation and benefits | 174,226 | 141,089 |
| General and administrative | 45,323 | 52,230 |
| Technology | 27,874 | 26,110 |
| Marketing and advertising | 38,356 | 33,984 |
| Loan origination expense | 14,499 | 9,864 |
| Depreciation and amortization | 14,069 | 33,227 |
| Other expenses/(income) | 16,344 | 17,424 |
| Income tax expense | 53 | 850 |
| Net loss | (165,872) | (206,290) |
| Total Assets | 1,505,434 | 913,057 |
| Home Finance | Operating Segments | ||
| Revenues: | ||
| Gain on loans, net | 136,148 | 78,098 |
| Other revenue | 11,101 | 12,318 |
| Net interest income | ||
| Interest income | 31,860 | 33,537 |
| Interest expense | (21,847) | (18,927) |
| Net interest income | 10,013 | 14,610 |
| Total net revenues | 157,262 | 105,026 |
| Expenses: | ||
| Compensation and benefits | 161,503 | 131,103 |
| General and administrative | 41,602 | 48,359 |
| Technology | 25,772 | 23,459 |
| Marketing and advertising | 38,293 | 33,982 |
| Loan origination expense | 14,499 | 9,864 |
| Depreciation and amortization | 13,250 | 32,752 |
| Other expenses/(income) | 2,246 | 15,389 |
| Income tax expense | 525 | 981 |
| Net loss | (140,428) | (190,863) |
| Total Assets | 640,556 | 712,159 |
| Banking | Operating Segments | ||
| Revenues: | ||
| Gain on loans, net | 0 | 0 |
| Other revenue | 198 | 570 |
| Net interest income | ||
| Interest income | 28,409 | 5,453 |
| Interest expense | (20,997) | (2,561) |
| Net interest income | 7,412 | 2,892 |
| Total net revenues | 7,610 | 3,462 |
| Expenses: | ||
| Compensation and benefits | 12,723 | 9,986 |
| General and administrative | 3,721 | 3,871 |
| Technology | 2,102 | 2,651 |
| Marketing and advertising | 63 | 2 |
| Loan origination expense | 0 | 0 |
| Depreciation and amortization | 819 | 475 |
| Other expenses/(income) | 14,098 | 2,035 |
| Income tax expense | (472) | (131) |
| Net loss | (25,444) | (15,427) |
| Total Assets | $ 864,878 | $ 200,898 |
Segment Reporting - Schedule of Revenue and Assets From Geographical Location (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total net revenues | $ 164,872 | $ 108,488 |
| United States | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total net revenues | 138,828 | 86,652 |
| International | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total net revenues | $ 26,044 | $ 21,836 |
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Jan. 09, 2026
USD ($)
shares
|
Sep. 26, 2025
USD ($)
$ / shares
|
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
|
| SHAREHOLDERS' EQUITY | ||||
| Common stock, authorized (in shares) | shares | 66,000,000 | 66,000,000 | ||
| Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
| Change in fair value of warrants and equity related liabilities | $ 69 | $ (924) | ||
| Notes receivable from stockholders | 0 | 9,158 | ||
| Proceeds from issuance of common stock under at-the-market offering | 29,221 | 0 | ||
| At the Market Offering Program | ||||
| SHAREHOLDERS' EQUITY | ||||
| Sale of stock, commission of gross sales price of shares entitled to agent, percent | 2.00% | |||
| Offering costs | 600 | |||
| Sale of stock, available for issuance, shares | 45,200 | |||
| At the Market Offering Program | Subsequent event | ||||
| SHAREHOLDERS' EQUITY | ||||
| Sale of stock, available for issuance, shares | $ 33,300 | |||
| Notes Receivables from Stockholders | ||||
| SHAREHOLDERS' EQUITY | ||||
| Loss on interest receivables from promissory notes | 400 | |||
| Notes receivable from stockholders | 0 | 9,200 | ||
| Private And Public Warrants | ||||
| SHAREHOLDERS' EQUITY | ||||
| Convertible preferred stock warrants | 1,200 | 1,300 | ||
| Change in fair value of warrants and equity related liabilities | 200 | (600) | ||
| Sponsor locked-up shares | ||||
| SHAREHOLDERS' EQUITY | ||||
| Convertible preferred stock warrants | 300 | 100 | ||
| Change in fair value of warrants and equity related liabilities | $ (200) | $ (300) | ||
| Class A | ||||
| SHAREHOLDERS' EQUITY | ||||
| Common stock, authorized (in shares) | shares | 36,000,000 | 36,000,000 | ||
| Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | |||
| Ordinary shares, votes per share | vote | 1 | |||
| Class A | At the Market Offering Program | ||||
| SHAREHOLDERS' EQUITY | ||||
| Sale of stock, price per share | $ / shares | $ 0.0001 | |||
| Sale of stock, consideration received on transaction | $ 75,000 | |||
| Sale of stock, number of shares issued in transaction | shares | 547,260 | |||
| Proceeds from issuance of common stock under at-the-market offering | $ 29,800 | |||
| Class A | At the Market Offering Program | Subsequent event | ||||
| SHAREHOLDERS' EQUITY | ||||
| Sale of stock, consideration received on transaction | $ 11,700 | |||
| Sale of stock, number of shares issued in transaction | shares | 328,030 | |||
| Proceeds from issuance of common stock under at-the-market offering | $ 11,900 | |||
| Offering costs | $ 200 | |||
| Class B | ||||
| SHAREHOLDERS' EQUITY | ||||
| Common stock, authorized (in shares) | shares | 14,000,000 | 14,000,000 | ||
| Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | |||
| Ordinary shares, votes per share | vote | 3 | |||
| Class C | ||||
| SHAREHOLDERS' EQUITY | ||||
| Common stock, authorized (in shares) | shares | 16,000,000 | 16,000,000 | ||
| Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | |||
Stockholders' Equity - Schedule of Classes of Common Stock (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| SHAREHOLDERS' EQUITY | ||
| Shares Authorized (in shares) | 66,000,000 | 66,000,000 |
| Shares Issued (in shares) | 15,996,907 | 15,168,795 |
| Shares Outstanding (in shares) | 15,996,907 | 15,168,795 |
| Par Value | $ 2 | $ 2 |
| Common A Stock | ||
| SHAREHOLDERS' EQUITY | ||
| Shares Authorized (in shares) | 36,000,000 | 36,000,000 |
| Shares Issued (in shares) | 10,183,248 | 9,193,901 |
| Shares Outstanding (in shares) | 10,183,248 | 9,193,901 |
| Par Value | $ 2 | $ 2 |
| Common B Stock | ||
| SHAREHOLDERS' EQUITY | ||
| Shares Authorized (in shares) | 14,000,000 | 14,000,000 |
| Shares Issued (in shares) | 4,376,114 | 4,537,349 |
| Shares Outstanding (in shares) | 4,376,114 | 4,537,349 |
| Par Value | $ 0 | $ 0 |
| Common C Stock | ||
| SHAREHOLDERS' EQUITY | ||
| Shares Authorized (in shares) | 16,000,000 | 16,000,000 |
| Shares Issued (in shares) | 1,437,545 | 1,437,545 |
| Shares Outstanding (in shares) | 1,437,545 | 1,437,545 |
| Par Value | $ 0 | $ 0 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Aug. 22, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Share reserve increase (in shares) | 303,376 | ||
| Cost not yet recognized, stock options | $ 100 | ||
| Intrinsic value of stock options exercised | $ 70 | $ 90 | |
| Weighted average grant-date fair value of stock options granted (in dollars per share) | $ 0 | ||
| Grant date fair value of stock options vested | $ 9,400 | 10,500 | |
| Share-based payment arrangement, expense | $ 20,432 | $ 26,753 | |
| Stock options | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Cost not yet recognized, period for recognition | 10 months 24 days | ||
| RSUs | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Cost not yet recognized, period for recognition | 2 years 2 months 26 days | ||
| Vesting period | 4 years | ||
| RSUs granted (in dollars per share) | $ 18.57 | ||
| Share-based payment arrangement, expense | $ 15,200 | ||
| Cost not yet recognized, other awards | $ 10,700 | ||
| PSUs | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| RSUs granted (in dollars per share) | $ 69.10 | ||
| Share-based payment arrangement, expense | $ 4,100 | ||
| PSUs, market based | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Cost not yet recognized, period for recognition | 3 years 9 months 21 days | ||
| Cost not yet recognized, other awards | $ 38,000 | ||
| PSUs, performance based | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Cost not yet recognized, period for recognition | 3 years 10 months 2 days | ||
| Cost not yet recognized, other awards | $ 43,000 | ||
| 2023 Equity Incentive Plan | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Common stock, reserved for issuance (in shares) | 255,205 | ||
| Shares issuable (in shares) | 1,956,375 | ||
| 2023 Initial Share Reserve | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Common stock, reserved for issuance (in shares) | 1,772,533 | ||
| Initial reserve, automatic increase, percentage | 5.00% | ||
| Common stock, reserved for issuance, maximum (in shares) | 12,286,879 | ||
| 2023 Equity Incentive Plan, ESPP Share Reserve | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Common stock, reserved for issuance (in shares) | 322,279 | ||
| Initial reserve, automatic increase, percentage | 1.00% | ||
| Common stock, reserved for issuance, maximum (in shares) | 2,417,091 | ||
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Number of Options | ||
| Outstanding, beginning balance (in shares) | 656,221 | |
| Options granted (in shares) | 0 | |
| Options exercised (in shares) | (1,515) | |
| Options cancelled or forfeited (in shares) | (19,246) | |
| Options expired (in shares) | (26,047) | |
| Outstanding, ending balance (in shares) | 609,413 | 656,221 |
| Vested and exercisable (in shares) | 606,708 | |
| Options expected to vest (in shares) | 2,705 | |
| Options vested and expected to vest (in shares) | 609,413 | |
| Weighted Average Exercise Price | ||
| Outstanding, beginning balance (in dollars per share) | $ 77.37 | |
| Options granted (in dollars per share) | 0 | |
| Options exercised (in dollars per share) | 10.43 | |
| Options cancelled or forfeited (in dollars per share) | 61.25 | |
| Options expired (in dollars per share) | 61.33 | |
| Outstanding, ending balance (in dollars per share) | 78.74 | $ 77.37 |
| Vested and exercisable (in dollars per share) | 78.76 | |
| Options expected to vest (in dollars per share) | 75.20 | |
| Options vested and expected to vest (in dollars per share) | $ 78.74 | |
| Outstanding, intrinsic value | $ 639,000 | $ 34,000 |
| Vested and exercisable, intrinsic value | 639,000 | |
| Options expected to vest, intrinsic value | 0 | |
| Options vested and expected to vest, intrinsic value | $ 639,000 | |
| Outstanding, weighted average remaining term | 3 years 6 months 25 days | 5 years 3 days |
| Vested and exercisable, weighted average remaining term | 3 years 6 months 21 days | |
| Options expected to vest, weighted average remaining term | 6 years 11 months 4 days | |
| Options vested and expected to vest, weighted average remaining term | 3 years 6 months 21 days | |
Stock-Based Compensation - Schedule of RSU Activity (Details) - RSUs |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
$ / shares
shares
| |
| Number of Shares | |
| Unvested, beginning balance (in shares) | 329,096 |
| RSUs granted (in shares) | 732,356 |
| RSUs vested (in shares) | (469,035) |
| RSUs cancelled or forfeited (in shares) | (50,569) |
| Unvested, ending balance (in shares) | 541,848 |
| Weighted Average Grant Date Fair Value | |
| Unvested, beginning balance (in dollars per share) | $ / shares | $ 49.13 |
| RSUs granted (in dollars per share) | $ / shares | 18.57 |
| RSUs vested (in dollars per share) | $ / shares | 32.46 |
| RSUs cancelled or forfeited (in dollars per share) | $ / shares | 30.37 |
| Unvested, ending balance (in dollars per share) | $ / shares | $ 24.01 |
| Vested, issuance deferred by election of participant | 12,618 |
Stock-Based Compensation - Schedule of Performance- Based and Market-Based RSU Activity (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
$ / shares
shares
| |
| Performance-Based And Marked-Based RSUs | |
| Number of Shares | |
| Unvested, beginning balance (in shares) | 158,870 |
| RSUs granted (in shares) | 1,224,019 |
| Unvested, ending balance (in shares) | 1,382,889 |
| Weighted Average Grant Date Fair Value | |
| Unvested, beginning balance (in dollars per share) | $ / shares | $ 22.41 |
| RSUs granted (in dollars per share) | $ / shares | 69.10 |
| Unvested, ending balance (in dollars per share) | $ / shares | $ 63.73 |
| PSUs | |
| Number of Shares | |
| Unvested, beginning balance (in shares) | 158,870 |
| RSUs granted (in shares) | 1,224,019 |
| Unvested, ending balance (in shares) | 158,870 |
| Weighted Average Grant Date Fair Value | |
| RSUs granted (in dollars per share) | $ / shares | $ 69.10 |
| PSUs | Four Distinct Price Threshold Levels | |
| Number of Shares | |
| RSUs granted (in shares) | 44,519 |
| PSUs | Two Distinct Price Threshold Levels | |
| Number of Shares | |
| RSUs granted (in shares) | 589,750 |
| PSUs | Revenue-Based Performance Milestones | |
| Number of Shares | |
| RSUs granted (in shares) | 589,750 |
Stock-Based Compensation - Schedule of Fair Value Assumptions (Details) - PSUs |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Weighted average expected term (years) | 4 years | 2 years 10 months 24 days |
| Weighted average expected volatility | 72.00% | 63.20% |
| Risk-free interest rate | 3.80% | 4.50% |
| Dividend yield | 0.00% | 0.00% |
Stock-Based Compensation - Schedule of Recognized Stock-Based Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Share-Based Payment Arrangement [Abstract] | ||
| Total stock-based compensation expense | $ 20,432 | $ 26,753 |
| Capitalization of stock-based compensation related to internal use software | $ 1,419 | $ 1,781 |
Subsequent Events (Details) |
Feb. 17, 2026
shares
|
|---|---|
| Class A | Subsequent event | |
| Subsequent Event [Line Items] | |
| Class of warrant purchased (in shares) | 211,312 |