v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax Domestic and Foreign
Components of “Income (loss) before income taxes” in the Consolidated Statements of Operations is attributable to the following for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
U.S.$115,593 $22,092 $(52,341)
Foreign(1,918)— — 
Income (loss) before income taxes $113,675 $22,092 $(52,341)
Schedule of Components of Income Tax Provision The following table details the Company’s income tax (benefit) provision for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
Current:
Federal$1,115 $943 $— 
State4,316 1,234 102 
Foreign— — — 
Total current
$5,431 $2,177 $102 
Deferred:
Federal$(14,538)$— $— 
State(11,499)— — 
Foreign— — — 
Total deferred(26,037)— — 
Total (benefit) provision for income taxes $(20,606)$2,177 $102 
Schedule of Effective Income Tax Rate Reconciliation
The following table is a reconciliation of the income taxes expected at the statutory federal income tax rate and the income tax (benefit) provision for the years ended December 31, 2025, 2024 and 2023:
December 31,
202520242023
Tax at federal statutory rate21.0 %21.0 %21.0 %
State tax, net of federal benefit(4.1)5.8 0.4 
Permanent items0.7 (5.3)— 
Nondeductible officers’ compensation2.0 — — 
Change in valuation allowance(29.5)(6.9)(0.2)
Stock-based compensation(4.6)16.6 (2.2)
Tax credits(5.0)(43.0)(4.1)
Return to provision0.2 18.0 (15.1)
Rate change / state impact(0.2)(10.8)— 
Change in unrecognized tax benefits2.4 12.9 — 
Other(1.0)1.6 — 
Total(18.1)%9.9 %(0.2)%
Schedule of Deferred Tax Assets and Liabilities
The components of the Company’s deferred tax assets and liabilities at December 31, 2025 and 2024 are as follows:
December 31,
20252024
Deferred tax assets:
Net operating losses$51,541 $59,423 
Tax credits5,588 2,897 
Loan sale indemnification reserve1,571 1,520 
Stock-based compensation14,013 10,404 
Intangible assets5,557 5,334 
Research and development capitalization4,472 14,726 
Lease liabilities1,007 695 
Other3,617 823 
Total deferred tax assets$87,366 $95,822 
Deferred tax liabilities:
Servicing asset and other fair value adjustments$(28,718)$(22,982)
Unrealized gains (losses)(A)
(2,486)(2,621)
ROU assets(1,320)(611)
Mark to market(4,161)— 
Total deferred tax liabilities$(36,685)$(26,214)
Valuation allowance(24,644)(69,608)
Net deferred tax assets$26,037 $— 
(A)    Primarily relates to unrealized gains from digital assets held for sale.
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows:
December 31,
202520242023
Unrecognized tax benefits at beginning of year$3,045 $104 $104 
Increases related to current year tax positions1,245 716 — 
Increases related to prior year tax positions2,269 2,225 — 
Decreases related to prior year tax positions(462)— — 
Settlements with tax authorities— — — 
Expiration of the statute of limitations— — — 
Unrecognized tax benefits at end of year$6,097 $3,045 $104