v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income (loss) $ 3,160 $ (119,068)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Change in fair value of loans (21,064) 103,778
Change in fair value of servicing assets 8,640 8,201
Change in fair value of servicing liabilities (623) (817)
Change in fair value of beneficial interest assets (23,484) (1,067)
Change in fair value of beneficial interest liabilities 12,107 9,344
Change in fair value of other financial instruments (2,384) (4,316)
Stock-based compensation 65,342 69,986
Gain on loan servicing rights, net (12,451) (5,897)
Depreciation and amortization 12,243 10,460
Loan premium amortization (19,176) (6,084)
Non-cash interest expense and other 3,003 1,541
Net changes in operating assets and liabilities:    
Purchases of loans held-for-sale (3,969,799) (1,570,013)
Proceeds from sale of loans held-for-sale 3,723,733 1,491,994
Principal payments received for loans held-for-sale 83,138 115,335
Principal payments received for loans held by consolidated securitization 19,933 24,714
Settlements of beneficial interest liabilities (11,664) (2,367)
Proceeds from beneficial interest assets (derivatives) 806 0
Settlements of beneficial interest assets (derivatives) (1,023) 0
Other assets 4,064 5,722
Operating lease liability and right-of-use asset (610) (400)
Accrued expenses and other liabilities (7,539) (13,129)
Net cash provided by (used in) operating activities (133,648) 117,917
Cash flows from investing activities    
Purchases and originations of loans held-for-investment (377,940) (110,941)
Proceeds from sale of loans held-for-investment 20,247 0
Principal payments received for loans held-for-investment 129,941 60,207
Principal payments received for notes receivable and repayments of residual certificates 6,521 2,681
Acquisition of beneficial interest assets (305) (63,246)
Proceeds from beneficial interest assets (hybrid instruments) 44,929 1,729
Settlements of beneficial interest assets (hybrid instruments) (1,271) 0
Purchases of property and equipment (115) (721)
Capitalized software costs (10,410) (3,356)
Net cash used in investing activities (188,403) (113,647)
Cash flows from financing activities    
Proceeds from borrowings 176,356 247,510
Payment of debt issuance costs to third party (443) 0
Repayments of borrowings (152,691) (154,999)
Principal payments made on securitization notes (22,021) (28,446)
Payable to investors 31,496 17,714
Proceeds from issuance of common stock under employee stock purchase plan 4,692 4,565
Proceeds from exercise of stock options 9,866 2,219
Taxes paid related to net share settlement of equity awards (7) (2)
Net cash provided by financing activities 47,248 88,561
Change in cash, cash equivalents and restricted cash (274,803) 92,831
Supplemental disclosures of cash flow information    
Cash paid for interest 22,110 24,510
Cash paid for income taxes, net 550 213
Supplemental disclosures of non-cash investing and financing activities    
Beneficial interests obtained in connection with loan sale 109,564 13,555
Issuance of line of credit receivable 49,839 8,261
Securities retained under unconsolidated securitization transactions 38,355 0
Capitalized stock-based compensation expense 5,739 1,705
Settlement of borrowings in connection with loan sale 0 221,749
Cash and Restricted Cash    
Cash and cash equivalents 395,940  
Restricted cash 305,520  
Total cash, cash equivalents and restricted cash $ 701,460 $ 560,618