v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities      
Net income (loss) $ (73,742) $ 58,185  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Provision for loss on receivables and retained interests in securitization trusts 4,541 3,812  
Depreciation and amortization 179 167  
Amortization of financing costs 3,781 4,147  
Equity-based expenses 17,814 9,825  
Equity method investments 138,472 (69,491)  
Non-cash gain on securitization (16,990) (5,347)  
Loss on debt extinguishment 18,818 0  
Changes in receivables held-for-sale 27,350 (23,719)  
Changes in accounts payable, accrued expenses, and other (72,895) 8,534  
Change in accrued interest on receivables and debt securities (22,762) (20,810)  
Cash received (paid) upon hedge settlement 1,901 0  
Other (10,853) (2,424)  
Net cash provided by (used in) operating activities 15,614 (37,121)  
Cash flows from investing activities      
Equity method investments (291,732) (247,714)  
Equity method investment distributions received 6,205 7,642  
Purchases of and investments in receivables ($19 million and $46 million related to equity method investees, respectively) (198,915) (137,596)  
Principal collections from receivables ($95 million and $10 million from equity method investees, respectively) 244,291 40,455  
Proceeds from sales of receivables 0 8,344  
Purchases of debt securities and retained interests in securitization trusts (7,457) 0  
Collateral provided to hedge counterparties 0 (1,060)  
Collateral received from hedge counterparties 0 3,050  
Other 63,472 3,214  
Net cash provided by (used in) investing activities (184,136) (323,665)  
Cash flows from financing activities      
Proceeds from credit facilities 60,000 25,000  
Principal payments on credit facilities (105,000) (25,000)  
Principal payments on term loan (4,629) (5,437)  
Proceeds from (repayments of) commercial paper notes (225,500) 331,000  
Proceeds from issuance of senior notes 399,240 0  
Redemption of senior notes (450,000) 0  
Proceeds from issuances of junior subordinated notes 600,000 0  
Net proceeds of common stock issuances 0 46,614  
Payments of dividends and distributions (56,817) (50,397)  
Redemption premium and fees paid (17,942) 0  
Payment of financing costs (12,105) (634)  
Collateral provided to hedge counterparties (11,260) (45,270)  
Collateral received from hedge counterparties 5,000 27,000  
Other (2,208) (4,253)  
Net cash provided by (used in) financing activities 174,353 294,275  
Increase (decrease) in cash, cash equivalents, and restricted cash 5,831 (66,511)  
Cash, cash equivalents, and restricted cash at beginning of period 145,223 150,156 $ 150,156
Cash, cash equivalents, and restricted cash at end of period 151,054 83,645 $ 145,223
Interest paid 102,924 61,963  
Supplemental disclosure of non-cash activity      
Interests retained from securitization transactions 17,288 7,313  
Removal of deferred financing obligation upon securitization 50,882 0  
Non-recourse debt      
Cash flows from financing activities      
Principal payments on non-recourse debt $ (4,426) $ (4,348)