v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net loss $ (70,311) $ (50,557)
Net loss discontinued operations (20,961) (4,585)
Net loss from continuing operations (49,350) (45,972)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation of property and equipment 244 409
Impairment charges, net (87) 139
Amortization of internal use software and other intangible assets 2,753 3,364
Gain on sale of loans, net (44,064) (21,278)
Non-cash interest and amortization of debt issuance costs and discounts 0 1,700
Change in fair value of warrants and equity related liabilities 6,202 (228)
Stock-based compensation 23,795 4,033
Provision (Recovery) of loan repurchase reserve 638 (2,127)
Provision for credit losses 584 (88)
Change in fair value of derivatives (2,282) (1,061)
Change in fair value of mortgage loans held for sale (4,905) (5,343)
Gain on disposal of assets held for sale (1,000) 0
Change in operating lease of right-of-use assets 217 (4,171)
Originations of mortgage loans held for sale (1,616,945) (875,348)
Proceeds from sale of mortgage loans held for sale 1,568,508 887,694
Change in operating assets and liabilities:    
Other receivables, net (5,418) 313
Prepaid expenses and other assets (6,161) (735)
Operating lease liabilities (246) 3,432
Accounts payable and accrued expenses (1,973) 8,389
Escrow payable and other customer accounts 2,198 662
Other liabilities 2,497 (59)
Net cash used in operating activities-continuing operations (124,795) (46,275)
Net cash used in operating activities-discontinued operations (381) (10,912)
Net cash used in operating activities (125,176) (57,187)
Cash Flows from Investing Activities:    
Purchase of property and equipment (378) (202)
Proceeds of sale of assets held for sale 2,371 0
Capitalization of internal use software (2,348) (2,339)
Net cash used in investing activities-continuing operations (355) (2,541)
Net cash used in investing activities-discontinued operations (11,238) (156,302)
Net cash used in investing activities (11,593) (158,843)
Cash Flows from Financing Activities:    
Net borrowings (repayments) on warehouse lines of credit 95,719 (8,114)
Proceeds from issuance of common stock under at-the-market offering 11,686 0
Proceeds from issuance of stock options 0 2
Proceeds from exercise of warrants 5,732 0
Net investment in discontinued operations 0 (45,248)
Net cash provided by/(used in) financing activities-continuing operations 113,137 (53,360)
Net cash (used in)/provided by financing activities-discontinued operations (7,900) 172,181
Net cash provided by financing activities 105,237 118,821
Effects of currency translation on cash, cash equivalents, and restricted cash (803) 598
Net decrease in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale (12,816) (101,578)
Less: net change in cash, cash equivalents and restricted cash classified within assets held for sale 1,790 289
Cash, cash equivalents, and restricted cash—Beginning of period 88,283 218,043
Cash, cash equivalents, and restricted cash—End of period 73,677 116,754
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash and cash equivalents, end of period 64,265 95,112
Restricted cash, end of period 9,412 21,642
Total cash, cash equivalents and restricted cash, end of period 73,677 116,754
Supplemental Disclosure of Cash Flow Information:    
Interest paid on continuing operations 5,730 2,793
Interest paid on discontinued operations 4,911 131
Income taxes paid/(refunded) 128 (680)
Non-Cash Investing and Financing Activities:    
Capitalization of stock-based compensation related to internal use software 1,024 410
Vesting of common stock issued via notes receivable from stockholders 0 2
Tax withholding upon vesting of restricted stock units $ 3,365 $ 87