SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Accounting Policies [Abstract] |
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| Schedule of Changes To Prior Periods Consolidated Balance Sheets And Consolidated Statements Of Cash Flows |
The following table presents the impact to the Consolidated Balance Sheets as a result of this change to the prior period: | | | | | | | | | | | | | | | | | | | December 31, 2024 | | As Reported | | Adjustment | | Recast | | Cash and cash equivalents | $ | 287,256 | | | $ | 2,414 | | | $ | 289,670 | | | Digital assets | 77,862 | | | (2,414) | | | 75,448 | | | Total assets | $ | 1,159,578 | | | $ | — | | | $ | 1,159,578 | |
The following table presents the impact to the Consolidated Statements of Cash Flows as a result of this change to the year ended December 31, 2024; there was no impact to the Consolidated Statements of Cash Flows beyond the line items shown below. There was no impact to the year ended December 31, 2023. | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | As Reported | | Adjustment | | Recast | | Investing activities: | | | | | | | Purchases of digital assets | $ | (26,785) | | | $ | 15,227 | | | $ | (11,558) | | | Proceeds from sales of digital assets | 16,092 | | | (12,813) | | | 3,279 | |
The following table presents the impact to the Consolidated Statements of Cash Flows as a result of the correction for the years ended December 31, 2024 and 2023; there was no impact to the Consolidated Statements of Cash Flows beyond the line items shown below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | As Reported | | Adjustment | | As Corrected | | As Reported | | Adjustment | | As Corrected | | Operating activities: | | | | | | | | | | | | | Proceeds from loan sales, net of repurchases | $ | 4,782,838 | | | $ | (116,335) | | | $ | 4,666,503 | | | $ | 3,297,216 | | | $ | (42,061) | | | $ | 3,255,155 | | | Purchases of marketable securities | (141,557) | | | 141,557 | | | — | | | (42,061) | | | 42,061 | | | — | | | Proceeds from sale of marketable securities | 872 | | | (872) | | | — | | | 602 | | | (602) | | | — | | | Principal payments on marketable securities | 15,347 | | | (15,347) | | | — | | | 3,882 | | | (3,882) | | | — | | | Net cash provided by (used in) operating activities | (136,015) | | | 9,003 | | | (127,012) | | | (28,868) | | | (4,484) | | | (33,352) | | | Investing activities: | | | | | | | | | | | | | Purchases of marketable securities | — | | | (25,222) | | | (25,222) | | | — | | | — | | | — | | | Proceeds from sale of marketable securities | — | | | 872 | | | 872 | | | — | | | 602 | | | 602 | | | Principal payments on marketable securities | — | | | 15,347 | | | 15,347 | | | — | | | 3,882 | | | 3,882 | | Net cash used in investing activities(A) | (30,856) | | | (9,003) | | | (39,859) | | | (22,107) | | | 4,484 | | | (17,623) | | | | | | | | | | | | | | | Non-cash investing and financing activities: | | | | | | | | | | | | | Marketable securities retained in securitization transactions | $ | — | | | $ | (116,335) | | | $ | (116,335) | | | $ | — | | | $ | (42,061) | | | $ | (42,061) | |
(A) Net cash used in investing activities “As Corrected” represents the impact from this adjustment only and does not tie to the Consolidated Statements of Cash Flows for the year ended December 31, 2024 as it does not include the impact from the presentation change disclosed in “Change in Accounting Principle” in Note 2.
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| Schedule of Fair Value Hierarchy Measurement Inputs For Assets and Liabilities |
| | | | | | | | | | Level | | Measurement | | 1 | | Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | | 2 | | Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the asset or liability. | | 3 | | Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. |
| | | | | | | | | | | | | | | | Level | | Assets and Liabilities | | Measurement | | 1 | | Cash, cash equivalents and restricted cash | | Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs. | | | Digital assets and digital asset collateral held | | Estimates of fair value are measured using observable, quoted digital asset prices within the Company’s principal market at the time of measurement as Level 1 inputs. | | | Treasury Note Futures | | Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs. | | 2 | | Cash equivalents | | Estimates of fair value are based on quoted prices of similar assets. | | | Marketable securities | | Estimates of fair value are measured based upon observable market data of similar instruments. | | | Certificate repayment obligation | | Estimates of fair value are measured based upon observable market data of similar instruments. | | | | | | | | | | | | | | | | | 3 | | Marketable Securities —Residual Interest Securities | | Estimates of fair value are measured based upon discounted expected future cash flows arising from the securitization collateral cash flows after payments of principal and interest to senior noteholders and other fees, incorporating assumptions of scheduled principal and interest collections; prepayment and default rates; and debt-to-income and loan-to-value ratios. | | | Loans | | Estimates of fair value are measured based upon discounted expected future contractual loan cash flows, incorporating assumptions of scheduled principal and interest collections; prepayment and default rates; and debt-to-income and loan-to-value ratios. | | | Loan servicing assets | | Estimates of fair value are measured based upon discounted expected future cash flows arising from the market fees earned to service underlying similar loans, net of market servicing costs, of the forecasted loan balances, incorporating scheduled principal and interest collections as well as prepayment and default rates. |
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| Schedule of Derivative Assets and Liabilities |
The Company records derivative assets and liabilities within “Other current liabilities” and “Other current assets” in the Consolidated Balance Sheets. As of December 31, 2025 and December 31, 2024, we recorded the following balances, respectively: | | | | | | | | | | | | | | | | | | | | | | | Notional | | December 31, 2025 | | December 31, 2024 | | | | | | Other current asset: | | | | | | | | | | | Treasury note futures | $ | 159,800 | | | $ | 442 | | | $ | 329 | | | | | | | Other current liability: | | | | | | | | | | | Treasury note futures | $ | — | | | — | | | — | | | | | | | Net | | | $ | 442 | | | $ | 329 | | | | | |
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| Schedule of Reconciliation of Cash And Cash Equivalents And Restricted Cash |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the same amounts shown in the Consolidated Statements of Cash Flows: | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Cash and cash equivalents | $ | 1,159,597 | | | $ | 287,256 | | | Payment stablecoins | 38,544 | | | 2,414 | | | Restricted cash | 68,637 | | | 57,777 | | | Total cash, cash equivalents and restricted cash | $ | 1,266,778 | | | $ | 347,447 | |
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| Schedule of Accounts, Notes, Loans and Financing Receivable |
The following table presents the components of “Accounts receivable, net” reported in the Consolidated Balance Sheets: | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Trade accounts receivable | $ | 30,627 | | | $ | 2,159 | | | Interest receivable | 4,440 | | | 3,214 | | Subservicer receivable(A) | 6,914 | | | 5,313 | | | Other accounts receivable | 10,355 | | | 10,312 | | | Less: Allowance for credit losses | (320) | | | — | | | Accounts receivable, net | $ | 52,016 | | | $ | 20,998 | |
(A) Subservicer receivable consists of loan principal and interest payments collected on behalf of the Company by a subservicer that have not yet been remitted to the Company.
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| Schedule of Components of Ecosystem and Technology Fees |
The following table presents the components of “Ecosystem and technology fees” in the Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2025 | | 2024 | | 2023 | | Ecosystem and technology fees: | | | | | | Technology offering fees(A) | $ | 50,646 | | | $ | 20,188 | | | $ | 10,215 | | Ecosystem fees(B) | 56,817 | | | 122 | | | — | | | 107,463 | | | 20,310 | | | 10,215 | | Program fees(C) | 13,345 | | | 8,004 | | | 413 | | | Total ecosystem and technology fees | $ | 120,808 | | | $ | 28,314 | | | $ | 10,628 | |
(A) Technology offering fees include fees that are accounted under ASC 606 as well as $20.6 million for the year ended December 31, 2025 that are in the scope of ASC 310. All technology fees recorded for the years ended December 31, 2024 and 2023 were within the scope of ASC 606. (B) Ecosystem fees include fees that are accounted for under ASC 606 as well as $26.9 million for the year ended December 31, 2025 that are in the scope of ASC 310. All ecosystem fees recorded for the years ended December 31, 2024 and 2023 were within the scope of ASC 606. (C) Program fees are not in the scope of ASC 606.
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| Schedule of Amortization of Capitalized Costs over the Estimated Useful Lives |
Once internally-developed software is substantively complete and ready for intended use or upon release of software for external use, the Company amortizes capitalized costs over the estimated useful lives on a straight-line basis within “Technology and product development” expense in the Consolidated Statements of Operations as follows: | | | | | | | | | | | | | | | | | | | Estimated Useful Life (Years) | | December 31, 2025 | | December 31, 2024 | | Internally developed software | 3 | | $ | 101,873 | | | $ | 80,664 | | Accumulated amortization(A) | | | (73,704) | | | (57,503) | | | Net | | | $ | 28,169 | | | $ | 23,161 | |
(A) The Company amortized $16.3 million, $17.1 million, and $19.4 million of capitalized internally-developed software costs during the years ended December 31, 2025, 2024 and 2023, respectively.
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