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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities:    
Net income (loss) $ 19,915 $ (52,443)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:    
Gain on servicing asset, net (32,637) (22,083)
Gain on sale of loans, net (140,353) (50,343)
Gain on sale of digital assets (10,381) (4,689)
Income (loss) from fund and equity method investments (3,466) 8,189
Amortization of deferred financing costs 1,035 330
Amortization of internally developed software 17,113 19,384
Impairment of internally developed software costs 8,591 0
Impairment of digital assets 5,859 572
Other asset impairment charge 4,970 0
Services exchanged for issuance of warrants 6,584 0
Noncash dissolution of subsidiary 0 402
Stock-based compensation expense 38,726 13,450
Losses on repurchased loans 8,218 10,148
Net change in operating assets and liabilities:    
Proceeds from loan sales, net of repurchases 4,782,838 3,297,216
Originations of loans held for sale (3,164,966) (1,981,195)
Purchases of loans held for sale (1,974,701) (1,541,757)
Principal payments on loans held for sale 422,910 315,274
Purchases of marketable securities (141,557) (42,061)
Proceeds from sale of marketable securities 872 602
Principal payments on marketable securities 15,347 3,882
Accounts receivable, net (3,697) (7,102)
Other assets (11,382) 7,741
Accounts payable and accrued liabilities 17,078 (1,459)
Lease liability (2,931) (2,926)
Net cash used in operating activities (136,015) (28,868)
Investing activities:    
Capitalization of internally developed software costs (16,628) (17,262)
Investment in fund (3,314) 0
Purchases of digital assets (26,785) (817)
Proceeds from sales of digital assets 16,092 0
Loan receivable issued to related parties (2,030) (4,028)
Payment on note receivable from related parties 809 0
Sale of internally developed software 1,000 0
Net cash used in investing activities (30,856) (22,107)
Financing activities:    
Proceeds from debt 4,623,817 2,781,230
Principal payments on debt (4,438,785) (2,768,598)
Payments of deferred financing costs (2,083) (616)
Payables due to third-party loan owners 81,881 52,974
Proceeds from issuance of preferred stock 73,292 0
Issuance costs of preferred stock (1,517) 0
Proceeds from note payable, related party 0 10,000
Repayment of note payable, related party 0 (10,000)
Distributions to shareholders (2,765) 0
Dividends and redemptions from the REIT (42) (345)
External noncontrolling interest in fund 290 0
Common stock repurchase and retirement (1,001) 0
Proceeds from exercises of stock options 3,037 1,143
Net cash provided by financing activities 336,124 65,788
Net increase in cash, cash equivalents, and restricted cash 169,253 14,813
Cash, cash equivalents, and restricted cash, beginning of year 175,780 160,967
Cash, cash equivalents, and restricted cash, end of year 345,033 175,780
Supplemental Cash Flow Information    
Cash paid during the period for interest 55,107 44,833
Cash paid during the period for income taxes 48 30
Supplemental disclosures of non-cash investing and financing activities    
Stock-based compensation included in capitalized internally developed software 530 0
Contribution from related party 1,500 0
Distribution of noncontrolling interest in fund 25 0
Distributions from Onshore Solana Fund 547 0
Transfers from held for investment to held for sale 58,835 53,241
Transfers from held for sale to held for investment 0 22,279
Other capital contributions 2,958 0
Other capital charges 4,970 0
Noncash dissolution of subsidiary $ 0 $ 399