v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income (loss) $ 134,281,000 $ 19,915,000 $ (52,443,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Gain on servicing asset, net (24,567,000) (32,637,000) (22,083,000)
Gain on sale of loans, net (173,732,000) (140,353,000) (50,343,000)
Loss (gain) on sale of digital assets 3,215,000 (10,381,000) (4,689,000)
Income (loss) from fund and equity method investments 1,246,000 (3,466,000) 8,189,000
Amortization of deferred financing costs 1,020,000 1,035,000 330,000
Amortization of internally developed software 16,254,000 17,113,000 19,384,000
Impairment of internally developed software costs 0 8,591,000 0
Impairment of digital assets 0 5,859,000 572,000
Other asset impairment charge 0 4,970,000 0
Services exchanged for issuance of warrants 9,499,000 6,584,000 0
Noncash dissolution of subsidiary 0 0 402,000
Stock-based compensation expense 62,364,000 38,726,000 13,450,000
Losses on repurchased loans 2,425,000 8,218,000 10,148,000
Deferred income taxes, net (26,037,000) 0 0
Net change in operating assets and liabilities:      
Proceeds from loan sales, net of repurchases 6,617,808,000 4,666,503,000 3,255,155,000
Originations of loans held for sale (3,620,890,000) (3,164,966,000) (1,981,195,000)
Purchases of loans held for sale (3,269,400,000) (1,974,701,000) (1,541,757,000)
Principal payments on loans held for sale 429,151,000 422,910,000 315,274,000
Accounts receivable, net (33,042,000) (3,697,000) (7,102,000)
Other assets (28,097,000) (11,382,000) 7,741,000
Accounts payable and other liabilities (38,930,000) 14,147,000 (4,385,000)
Net cash provided by (used in) operating activities 62,568,000 (127,012,000) (33,352,000)
Investing activities:      
Capitalization of internally developed software costs (20,649,000) (16,628,000) (17,262,000)
Investment contributions (2,477,000) (3,314,000) 0
Purchases of digital assets (5,734,000) (11,558,000) (817,000)
Proceeds from sales of digital assets 11,347,000 3,279,000 0
Note receivable issued to related parties 0 (2,030,000) (4,028,000)
Payment on note receivable from related parties 0 809,000 0
Realized losses on futures (6,292,000) 0 0
Purchases of marketable securities (102,174,000) (25,222,000) 0
Proceeds from sale of marketable securities 0 872,000 602,000
Principal payments on marketable securities 63,907,000 15,347,000 3,882,000
Other investing activities 797,000 1,000,000 0
Net cash used in investing activities (61,275,000) (37,445,000) (17,623,000)
Financing activities:      
Payments of deferred financing costs (1,319,000) (2,083,000) (616,000)
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions 663,443,000 0 0
Proceeds from servicing activity on behalf of third-party loan owners 167,202,000 81,881,000 52,974,000
Fees paid in connection with the initial public offering (8,761,000) 0 0
Net Proceeds from issuance of preferred stock 0 71,775,000 0
Distributions to shareholders 0 (2,765,000) 0
Common stock repurchase and retirement 0 (1,001,000) 0
Proceeds from exercises of stock options 12,759,000 3,037,000 1,143,000
Other financing activities (160,000) 248,000 (345,000)
Net cash provided by financing activities 918,038,000 336,124,000 65,788,000
Net increase in cash, cash equivalents, and restricted cash 919,331,000 171,667,000 14,813,000
Cash, cash equivalents, and restricted cash, beginning of period 347,447,000 175,780,000 160,967,000
Cash, cash equivalents, and restricted cash, end of period 1,266,778,000 347,447,000 175,780,000
Supplemental cash flow disclosure:      
Cash paid during the period for interest 49,892,000 55,107,000 44,833,000
Cash paid during the period for income taxes 10,403,000 48,000 30,000
Non-cash investing and financing activities:      
Non-cash principal payments on debt (14,513,000) 0 0
Non-cash principal payments on debt, related parties (286,000) 0 0
Receipt of liquidity pool tokens (25,073,000) 0 0
Sale of liquidity pool tokens 1,554,000 0 0
Related party debt issued at receipt of liquidity pool tokens 14,280,000 0 0
Loan to related party settlement 10,187,000 0 0
Right of use assets obtained in exchange for operating lease liabilities 2,765,000 0 0
Unrealized losses on futures 113,000 0 0
Distributions from Onshore Solana Fund 2,042,000 547,000 0
Stock-based compensation included in capitalized internally developed software 558,000 530,000 0
Marketable securities retained in securitization transactions (54,874,000) (116,335,000) (42,061,000)
Transfers from held for investment to held for sale 0 58,835,000 53,241,000
Other non-cash investing and financing activities 0 25,000 399,000
Contribution from related party 0 1,500,000 0
Other capital contributions 0 2,958,000 0
Other capital charges 0 4,970,000 0
Transfers from held for sale to held for investment 0 0 22,279,000
Nonrelated Party      
Financing activities:      
Proceeds from debt 5,886,495,000 4,623,817,000 2,781,230,000
Principal payments on debt (5,953,760,000) (4,438,785,000) (2,768,598,000)
Related Party      
Financing activities:      
Proceeds from debt 152,139,000 0 10,000,000
Principal payments on debt $ 0 $ 0 $ (10,000,000)