v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 31,122 $ 25,819
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion, net 1,600 1,251
Provision for credit losses 1,068 2,944
Deferred income tax expense 9,652 6,919
Income from accretion of discount associated with Loans at amortized cost, net (6,680) (6,211)
Income from merchant fees associated with Loans at fair value (33,577) (24,264)
Changes in fair value of loans 178,345 159,171
Change in bank partner fees carried at fair value 514 0
Amortization of debt issuance costs 3,550 2,171
Stock-based compensation costs 870 940
Changes in assets and liabilities:    
Decrease in lease liability (762) (747)
Increase in uncollected fees on earning assets (62,324) (42,766)
Increase in income tax liability 55 125
Increase (decrease) in accounts payable and accrued expenses 10,553 (2,417)
Other (2,414) (4,139)
Net cash provided by operating activities 131,572 118,796
Investing activities    
Proceeds from recoveries on charged off receivables 12,458 11,854
Investments in earning assets (620,899) (559,768)
Proceeds from earning assets 496,227 480,443
Purchases and development of property (2,679) (64)
Net cash used in investing activities (114,893) (67,535)
Financing activities    
Noncontrolling interests contributions 78 3
Noncontrolling interests distributions 0 (148)
Proceeds from issuance of common stock 11,588 0
Proceeds from issuance of Series B preferred stock, net of issuance costs 313 1,071
Preferred stock and preferred unit dividends (5,621) (6,259)
Proceeds from exercise of stock options 335 0
Purchase and retirement of outstanding stock and preferred units (51,246) (543)
Proceeds from issuance of Senior notes, net of issuance costs 17,356 54,560
Proceeds from borrowings 282,994 107,356
Repayment of borrowings (310,663) (108,651)
Net cash (used in) provided by financing activities (54,866) 47,389
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (38,187) 98,650
Cash and cash equivalents and restricted cash equivalents at beginning of period 499,636 383,653
Cash and cash equivalents and restricted cash equivalents at end of period 461,449 482,303
Cash and cash equivalents, and restricted cash and cash equivalents at end of period    
Unrestricted cash and cash equivalents 350,390 444,809
Restricted cash and cash equivalents 111,059 37,494
Cash and cash equivalents, and restricted cash and cash equivalents at end of period 461,449 482,303
Supplemental cash flow information    
Cash paid for interest 43,077 33,262
Cash paid for income taxes, net of refunds 39 (42)
Accretion of discount associated with issuance of subsidiary equity 0 75
Decrease in accrued and unpaid preferred stock and preferred unit dividends $ (2,047) $ (42)