v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income including noncontrolling interests $ 66,495 $ 19,055
Adjustments to reconcile net income to net cash used in operating activities:    
Equity method and other investments (income) loss (485) 2,446
Depreciation and amortization 7,777 15,315
Share-based compensation 15,765 31,400
Fair value adjustment to warrant liability (3,948) 1,578
(Gains) and losses on investments in loans and securities [1] 80,314 45,915
Amortization of deferred costs [1] 11,619 5,347
(Gains) and losses from extinguishment of debt [1] (1,504) 496
Write-off of capitalized software and other assets [1] 7,447 1,924
Losses on foreign exchange 157 1,311
Change in operating assets and liabilities:    
Fee receivables [1] (41,076) (22,356)
Accrued interest on investments (25,194) (15,246)
Right-of-use assets 3,254 3,035
Other assets [1] (8,245) 7,928
Accounts payable 770 2,108
Accrued expenses and other liabilities 5,210 (5,842)
Operating lease liability (3,739) (3,001)
Income taxes 3,270 364
Net cash provided by operating activities 117,887 91,777
Cash flows from investing activities    
Proceeds from the maturity and prepayment of investments in loans and securities [1] 345,703 97,963
Proceeds from the sales of investments in loans and securities [1] 19,394 31,387
Proceeds from equity method and other investments 2,700 0
Acquisition of Theorem Technology, Inc., net of cash acquired 0 159
Purchases of investments in loans and securities (496,019) (274,125)
Purchases of property, equipment and software (6,625) (7,576)
Net cash used in investing activities (134,847) (152,192)
Cash flows from financing activities    
Proceeds from secured borrowing 185,230 244,894
Proceeds from revolving credit facility 114,700 0
Proceeds from exercise of stock options, warrants and contributions to ESPP 902 3,977
Distributions made to noncontrolling interests (18,213) (8,420)
Payments made to revolving credit facility (114,700) 0
Payments made to secured borrowing (127,489) (156,924)
Payments made to long-term debt (9,461) (8,875)
Net cash provided by financing activities 30,969 74,652
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 2,065 1,279
Net increase in cash and cash equivalents, and restricted cash and cash equivalents 16,074 15,516
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period 288,349 226,518
Cash and cash equivalents, and restricted cash and cash equivalents, end of period 304,423 242,034
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents within the unaudited condensed consolidated balance sheet to the amounts shown in the statements of cash flow above:    
Cash and cash equivalents 249,257 182,986
Restricted cash and cash equivalents 55,166 59,048
Total cash and cash equivalents, and restricted cash and cash equivalents $ 304,423 $ 242,034
[1] Prior period amounts have been reclassified to conform to the current period’s presentation.