v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 9,893 $ 3,160
Adjustments to reconcile net income to net cash used in operating activities    
Change in fair value of loans 74,118 (21,064)
Change in fair value of servicing assets 12,535 8,640
Change in fair value of servicing liabilities (1,566) (623)
Change in fair value of beneficial interest assets (9,286) (23,484)
Change in fair value of beneficial interest liabilities 4,559 12,107
Change in fair value of other financial instruments (1,227) (2,384)
Stock-based compensation 79,277 65,342
Gain on loan servicing rights, net (20,844) (12,451)
Depreciation and amortization 12,984 12,243
Loan premium amortization (23,126) (19,176)
Non-cash interest expense and other 8,217 3,003
Net changes in operating assets and liabilities:    
Purchases and originations of loans held-for-sale (6,049,875) (3,969,799)
Proceeds from sale of loans held-for-sale 5,532,144 3,723,733
Principal payments received for loans held-for-sale 95,627 83,138
Principal payments received for loans held by consolidated securitization 15,142 19,933
Settlements of beneficial interest liabilities, net 524 (11,664)
Proceeds from beneficial interest assets (derivatives) 10,536 806
Settlements of beneficial interest assets (derivatives) (3,123) (1,023)
Other assets (5,083) 4,064
Operating lease liability and right-of-use asset (1,170) (610)
Accrued expenses and other liabilities (10,185) (7,539)
Net cash used in operating activities (269,929) (133,648)
Cash flows from investing activities    
Purchases and originations of loans held-for-investment (617,215) (377,940)
Proceeds from sale of loans held-for-investment 435,726 20,247
Principal payments received for loans held-for-investment 158,019 129,941
Principal payments received for notes receivable and repayments of residual certificates 27,054 6,521
Acquisition and settlements of beneficial interest assets (hybrid instruments) (3,197) (1,576)
Proceeds from beneficial interest assets (hybrid instruments) 107,165 44,929
Issuance of line of credit receivable (721) 0
Repayments of line of credit receivable 1,369 0
Purchases of property and equipment (4,808) (115)
Capitalized software costs (8,434) (10,410)
Net cash provided by (used in) investing activities 94,958 (188,403)
Cash flows from financing activities    
Proceeds from borrowings 424,550 176,356
Payment of debt issuance costs to third parties 0 (443)
Repayments of borrowings (253,833) (152,691)
Principal payments made on securitization notes (14,149) (22,021)
Payable to investors 37,549 31,496
Net proceeds related to stock-based award activities 6,176 14,551
Repurchases of stock (100,057) 0
Net cash provided by financing activities 100,236 47,248
Change in cash, cash equivalents and restricted cash (74,735) (274,803)
Cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at beginning of period 1,057,012 976,263
Cash, cash equivalents and restricted cash at end of period 982,277 701,460
Supplemental disclosures of cash flow information    
Cash paid for interest 14,395 22,110
Cash paid for income taxes, net 1,344 550
Supplemental disclosures of non-cash investing and financing activities    
Beneficial interests obtained in connection with loan sales 251,817 109,564
Securities retained under unconsolidated securitization transactions 48,841 38,355
Capitalized stock-based compensation expense 3,652 5,739
Issuance of line of credit receivable 4,958 49,839
Cash and Restricted Cash    
Cash and cash equivalents 455,957  
Restricted cash 526,320  
Total cash, cash equivalents and restricted cash $ 982,277 $ 701,460