Customer Deposits

9 Months Ended

Sep. 30, 2025

Deposits [Abstract]

Customer Deposits

9. Customer Deposits

Customer Deposits—In relation to the Company’s banking activities tied to the Company’s acquisition of Birmingham Bank 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 September 30, 2025 and December 31, 2024 was $694.8 million and $134.1 million, respectively, on the condensed consolidated balance sheets.

The following tables present average balances and weighted average rates paid on deposits for the periods indicated:

	Three Months Ended September 30,
	2025				2024
(Amounts in thousands)	Average Balance		Average Rate Paid		Average Balance		Average Rate Paid
Notice	$	142,461	3.71	%	$	9,059	2.58	%
Term	470,405		4.44	%	54,789		3.86	%
Savings	147		2.70	%	3,973		2.07	%
Total deposits	$	613,013	3.62	%	$	67,821	2.84	%

	Nine Months Ended September 30,
	2025				2024
(Amounts in thousands)	Average Balance		Average Rate Paid		Average Balance		Average Rate Paid
Notice	$	90,298	3.74	%	$	4,724	2.76	%
Term	319,129		4.58	%	28,012		3.86	%
Savings	371		2.31	%	4,298		2.16	%
Total deposits	$	409,798	3.54	%	$	37,034	2.93	%

The following table presents maturities of customer deposits:

(Amounts in thousands)	As of September 30, 2025
Demand deposits	$	179,832
Maturing In:
2025	1,449
2026	136,817
2027	163,699
2028	100,601
2029	30,347
Thereafter	82,070
Total	$	694,815

Interest expense on deposits is recorded in interest expense in the condensed consolidated statements of operations and comprehensive loss for the periods indicated as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands)	2025		2024		2025		2024
Notice	$	1,485	$	52	$	2,798	$	97
Term	5,068		587		10,112		856
Savings	6		31		6		89
Total Interest Expense	$	6,559	$	670	$	12,916	1,042

Deposits are for U.K. banking clients and are protected up to £85 thousand ($114.3 thousand) per eligible person by the Financial Services Compensation Scheme in the U.K. Of the total customer deposits as of September 30, 2025, $195.9 million were over the applicable insured amount.