v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (6,646) $ (2,447)
Adjustments to reconcile net loss to net cash used in operating activities    
Change in fair value of loans (62,225) 7,062
Change in fair value of servicing assets 5,583 4,090
Change in fair value of servicing liabilities (342) (285)
Change in fair value of beneficial interest assets (10,213) (17,600)
Change in fair value of beneficial interest liabilities (2,921) (65)
Change in fair value of other financial instruments (894) (33)
Stock-based compensation 34,811 29,831
Gain on loan servicing rights, net (7,474) (4,945)
Depreciation and amortization 5,858 6,400
Loan premium amortization (11,963) (8,352)
Non-cash interest expense and other 3,713 1,325
Net changes in operating assets and liabilities:    
Purchases of loans held-for-sale (2,459,444) (1,345,253)
Proceeds from sale of loans held-for-sale 2,371,308 1,316,696
Principal payments received for loans held-for-sale 41,658 38,252
Principal payments received for loans held by consolidated securitization 8,031 10,280
Settlements of beneficial interest liabilities, net 1,081 (5,992)
Proceeds from beneficial interest assets (derivatives) 3,154 731
Settlements of beneficial interest assets (derivatives) (1,500) (485)
Other assets 4,374 6,437
Operating lease liability and right-of-use asset (796) (306)
Accrued expenses and other liabilities (48,450) (48,827)
Net cash used in operating activities (133,297) (13,486)
Cash flows from investing activities    
Purchases and originations of loans held-for-investment (438,365) (149,916)
Proceeds from sale of loans held-for-investment 313,068 1,647
Principal payments received for loans held-for-investment 76,443 57,417
Principal payments received for notes receivable and repayments of residual certificates 11,743 2,685
Acquisition and settlements of beneficial interest assets (hybrid instruments) (1,734) (617)
Proceeds from beneficial interest assets (hybrid instruments) 45,344 16,374
Repayments of line of credit receivable 1,369 0
Purchases of property and equipment (2,750) 0
Capitalized software costs (4,242) (6,159)
Net cash provided by (used in) investing activities 876 (78,569)
Cash flows from financing activities    
Proceeds from borrowings 123,524 53,655
Payment of debt issuance costs to third parties 0 (443)
Repayments of borrowings (32,626) (122,285)
Principal payments made on securitization notes (7,215) (11,444)
Payable to investors 17,864 22,941
Net proceeds related to stock-based award activities 5,253 12,896
Repurchases of stock (100,057) 0
Net cash provided by (used in) financing activities 6,743 (44,680)
Change in cash, cash equivalents and restricted cash (125,678) (136,735)
Cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at beginning of period 1,057,012 976,263
Cash, cash equivalents and restricted cash at end of period 931,334 839,528
Supplemental disclosures of cash flow information    
Cash paid for interest 3,493 7,378
Cash paid for income taxes, net 79 96
Supplemental disclosures of non-cash investing and financing activities    
Beneficial interests obtained in connection with loan sales 113,631 38,133
Securities retained under unconsolidated securitization transactions 18,806 0
Capitalized stock-based compensation expense 1,719 3,144
Issuance of line of credit receivable 539 24,856
Cash and Restricted Cash    
Cash and cash equivalents 472,934  
Restricted cash 458,400  
Total cash, cash equivalents and restricted cash $ 931,334 $ 839,528