v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) including noncontrolling interests $ 71,370 $ (445,698) $ (196,739)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Equity method and other investments loss (income) 8,415 4,593 (488)
Depreciation and amortization 30,077 28,753 19,127
Share-based compensation 54,118 61,497 71,055
Fair value adjustment to warrant liability 3,830 (2,349) 1,842
(Gains) and losses on investments in loans and securities [1] 108,907 408,098 134,510
Write-off of capitalized software and other assets 4,919 3,245 2,475
Amortization of deferred costs 11,253 3,739 0
Losses (gains) from extinguishment of debt 17,883 0 0
Losses (gains) on foreign exchange 1,115 4,189 (1,320)
Other non-cash items 0 367 0
Change in operating assets and liabilities:      
Fees receivables [1] (26,283) (23,041) (25,464)
Accrued interest on investments [1] (42,824) (21,738) (26,512)
Right-of-use assets 6,298 1,115 3,854
Other assets (13,350) (9,239) 12,912
Accounts payable 3,420 5,678 (448)
Accrued expenses and other liabilities 28,518 6,861 (17,770)
Operating lease liability (6,517) 522 (3,712)
Income taxes (22,529) 21,159 5,019
Net cash provided by (used in) operating activities 238,620 47,751 (21,659)
Cash flows from investing activities      
Proceeds from the maturity and prepayment of investments in loans and securities [1] 273,039 132,423 203,297
Proceeds from the sales of investments in loans and securities [1] 79,176 114,117 0
Proceeds from equity method and other investments 0 31 0
Cash and restricted cash acquired from Darwin Homes, Inc.     1,608
Purchases of investments in loans and securities (632,182) (693,941) (566,173)
Purchases of property, equipment and software (13,902) (17,737) (20,189)
Purchases of intangible assets 0 (5,500) 0
Purchases of equity method and other investments 0 (175) 0
Purchases of other assets [2] (16,000) 0 0
Acquisition of Theorem Technology, Inc., net of cash acquired 159 (9,094)  
Net cash used in investing activities (309,710) (479,876) (381,457)
Cash flows from financing activities      
Proceeds from sale of ordinary shares, net of issuance costs 0 89,956 0
Proceeds from long-term debt 500,000 341,845 0
Proceeds from exchangeable notes 0 152,000 0
Proceeds from issuance of redeemable convertible preferred shares, net 0 0 74,250
Proceeds from secured borrowing 355,968 265,656 338,472
Proceeds received from noncontrolling interests 0 63,960 19,955
Proceeds from revolving credit facility 0 59,000 130,000
Proceeds from exercise of stock options, warrants and contributions to ESPP 6,923 3,305 4,334
Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement 0 11,865 27,892
Distributions made to noncontrolling interests (25,762) (9,820) (43,767)
Payments made to revolving credit facility 0 (149,000) (55,000)
Payments made to secured borrowing (341,350) (361,428) (206,390)
Payments made to long-term debt (353,690) (14,000) 0
Debt issuance costs (12,488) (16,651) 0
Settlement of share-based compensation in satisfaction of tax withholding requirements 0 0 (650)
Net cash provided by financing activities 129,601 436,688 289,096
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 3,320 (586) (515)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents 61,831 3,977 (114,535)
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period 226,518 222,541 337,076
Cash and cash equivalents, and restricted cash and cash equivalents, end of period 288,349 226,518 222,541
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents within the consolidated balance sheet to the amounts shown in the statements of cash flow above:      
Cash and cash equivalents 235,329 187,921 186,478
Restricted cash and cash equivalents 53,020 38,597 36,063
Total cash and cash equivalents, and restricted cash and cash equivalents 288,349 226,518 222,541
Supplemental disclosures of cash flow information      
Cash paid for income taxes [3] 2,495 4,908 9,174
Cash paid for interest expense 91,794 80,321 17,779
Cash paid for operating leases 13,119 13,056 14,103
Supplemental disclosure of non-cash activities      
Initial recognition (derecognition) of right-of-use assets and operating lease liability (113) (17,737) (1,839)
In-kind distributions 0 0 20,603
Issuance of ordinary shares in connection with acquisitions 0 5,969 18,134
Stock-based compensation included in capitalized internal-use software 3,780 7,149 8,315
Contingent consideration liability in connection with the acquisition of Theorem $ 183 $ 6,090 $ 0
[1] Accrued interest receivable previously reported within “Fee receivables” in the prior periods has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.
[2] Represents an investment in an affiliate by settling its third-party debt using restricted cash collateralized on the Company's balance sheets.
[3] See Note 16 for additional information regarding the income taxes paid by jurisdiction.