v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Operating activities      
Net income $ 166,731 $ 71,116  
Adjustments to reconcile net income to net cash used in operating activities:      
Share-based compensation expense 72,012 63,756  
Depreciation and amortization 67,578 55,283  
Deferred debt issuance and discount expense 2,898 2,443  
Provision for credit losses 8,895 5,678  
Deferred income taxes 28,897 8,794  
Fair value changes in loans held for investment (39,715) (98,987)  
Fair value changes in securitization investments (220) (884)  
Other (3,402) 3,878  
Changes in loans held for sale, net (2,661,367) (586,098)  
Changes in accrued interest on loans (24,317) (3,108)  
Changes in loans previously classified as held for sale, net 227,274 233,198  
Changes in servicing assets 10,275 (47,652)  
Changes in other assets (136,682) 213,066  
Changes in other liabilities (33,851) 101,019  
Net cash (used in) provided by operating activities (2,314,994) 21,502  
Investing activities      
Purchases of property, equipment and software (67,551) (52,604)  
Capitalized software development costs (1,226) (1,644)  
Purchases of available-for-sale investments (1,379,614) (338,795)  
Proceeds from sales of available-for-sale investments 605,815 0  
Proceeds from maturities and paydowns of available-for-sale investments 167,321 120,123  
Purchases of loans held for investment (86,908) (200,069)  
Other changes in loans held for investment, net (1,649,112) (961,388)  
Proceeds from securitization investments 24,135 11,525  
Proceeds from non-securitization investments 956 2,294  
Purchases of non-securitization investments (8,150) (19,662)  
Net cash used in investing activities (2,394,334) (1,440,220)  
Financing activities      
Net change in deposits 3,034,493 1,480,574  
Proceeds from issuance of common stock 87,387 0  
Payment of common stock issuance costs (115) 0  
Net change in debt facilities 0 (30,952)  
Repayment of other debt (3,204) (17,987)  
Payment of debt issuance costs (250) (300)  
Taxes paid related to net share settlement of share-based awards (5,895) (5,592)  
Proceeds from stock option exercises 2,366 195  
Finance lease principal payments (202) (175)  
Net cash provided by financing activities 3,114,580 1,425,763  
Effect of exchange rates on cash and cash equivalents (774) (269)  
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (1,595,522) 6,776  
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 5,356,773 2,709,360 $ 2,709,360
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 3,761,251 2,716,136 5,356,773
Reconciliation to amounts on condensed consolidated balance sheets (as of period end)      
Cash and cash equivalents 3,401,020 2,085,697 4,929,452
Restricted cash and restricted cash equivalents 360,231 630,439 427,321
Total cash, cash equivalents, restricted cash and restricted cash equivalents 3,761,251 2,716,136 $ 5,356,773
Supplemental non-cash investing and financing activities      
Deposits credited but not yet received in cash 451,808 268,064  
Share-based compensation capitalized related to internally-developed software $ 13,333 $ 12,712