BALANCE SHEET COMPONENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Property, Equipment, and Software, Net |
Useful lives by asset category are as follows: | | | | | | | | | | Computer and software | | 3 to 7 years | | Furniture and equipment | | 3 to 7 years | | Internal-use software | | 2 years | | Leasehold improvements | | Shorter of remaining lease term or estimated useful life |
Property, equipment and software, net, consist of the following as of December 31, 2025 and 2024 (in thousands): | | | | | | | | | | | | | December 31, | | December 31, | | 2025 | | 2024 | | Internal-use software | $ | 101,945 | | | $ | 85,808 | | | Computer and software | 6,860 | | | 5,406 | | | Furniture and equipment | 938 | | | 878 | | | Leasehold improvements | 1,112 | | | 1,080 | | | Property, equipment and software, gross | 110,855 | | | 93,172 | | | Less: accumulated depreciation and amortization | (80,634) | | | (55,198) | | | Property, equipment and software, net | $ | 30,221 | | | $ | 37,974 | |
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| Schedule of Finite-Lived Intangible Assets |
The gross and net carrying values and accumulated amortization are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value | | Investment management agreements | $ | 6,200 | | | $ | (3,014) | | | $ | 3,186 | | | $ | 6,200 | | | $ | (387) | | | $ | 5,813 | | | License | 5,500 | | | (2,292) | | | 3,208 | | | 5,500 | | | (458) | | | 5,042 | | | Developed technology | 5,500 | | | (4,413) | | | 1,087 | | | 5,500 | | | (3,813) | | | 1,687 | | | Trade name | 1,700 | | | (1,520) | | | 180 | | | 1,700 | | | (1,421) | | | 279 | | | Total intangible assets | $ | 18,900 | | | $ | (11,239) | | | $ | 7,661 | | | $ | 18,900 | | | $ | (6,079) | | | $ | 12,821 | |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Expected future amortization expense for intangible assets is as follows (in thousands): | | | | | | | December 31, 2025 | | 2026 | $ | 5,719 | | | 2027 | 1,942 | | | | | | | | | Total | $ | 7,661 | |
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| Schedule of Other Assets |
Other assets, consist of the following as of December 31, 2025 and 2024 (in thousands):
| | | | | | | | | | | | | December 31, | | December 31, | | 2025 | | 2024 | | Prepaid expenses | $ | 6,930 | | | $ | 7,557 | | | Related party assets (1) | 42,558 | | | 14,637 | | | Other assets | 4,677 | | | 4,171 | | | Total other assets | $ | 54,165 | | | $ | 26,365 | |
(1) Related party assets include $13.0 million of contract assets as of December 31, 2025. No such contract assets existed as of December 31, 2024.
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| Schedule of Accrued Expenses and Other Liabilities |
Accrued expenses and other liabilities consist of the following as of December 31, 2025 and 2024 (in thousands):
| | | | | | | | | | | | | December 31, | | December 31, | | 2025 | | 2024 | | Employee payables | $ | 17,381 | | | $ | 16,327 | | | Related party payables (1) | 10,610 | | | 2,969 | | | Interest payables | 22,896 | | | 7,171 | | | Contingent consideration from the Theorem acquisition | 183 | | | 6,090 | | | Other liabilities | 23,565 | | | 12,805 | | | Total accrued expenses and other liabilities | $ | 74,635 | | | $ | 45,362 | |
(1) Related party payables include $8.0 million of contract liabilities as of December 31, 2025. No such contract liabilities existed as of December 31, 2024.
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