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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures its cash equivalents, customer funds, short-term and long-term marketable debt securities, marketable equity investments, and bitcoin investment at fair value. The Company classifies these investments within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
June 30, 2026December 31, 2025
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$350,598 $— $— $608,807 $— $— 
U.S. government securities— — — 4,963 — — 
Commercial paper— — — — 64,805 — 
Corporate bonds— 492 — — 276 — 
Restricted cash:
Money market funds278,590 — — 293,514 — — 
Customer funds:
Reverse repurchase agreement1,187,068 — — 1,108,097 — — 
Short-term debt securities:
U.S. government securities184,244 — — 344,627 — — 
Corporate bonds— 93,016 — — 59,119 — 
U.S. agency securities— 14,004 — — 19,035 — 
Certificates of deposit— 2,072 — — 2,211 — 
Commercial paper— 17,509 — — 92,655 — 
Municipal securities— — — — 130 — 
Long-term debt securities:
U.S. government securities143,387 — — 100,467 — — 
Corporate bonds— 71,557 — — 81,469 — 
U.S. agency securities— 994 — — — — 
Municipal securities— 9,503 — — 6,951 — 
Other:
Bitcoin investment533,866 — — 777,515 — — 
Investment in marketable equity securities— — — 5,225 — — 
Total
$2,677,753 $209,147 $— $3,243,215 $326,651 $— 

The carrying amounts of certain financial instruments, including settlements receivable, consumer receivables, accounts payable, customers payable, accrued expenses, and settlements payable, approximate their fair values due to their short-term nature. The carrying amounts of the Company's warehouse funding facilities approximate their fair values.
The Company estimates the fair value of its convertible and senior notes based on their last actively traded prices (Level 1) or market observable inputs (Level 2). The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
June 30, 2026December 31, 2025
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$— $— $998,827 $993,144 
2030 Senior Notes1,186,913 1,191,269 1,185,533 1,209,528 
2031 Senior Notes993,068 914,357 992,372 932,095 
2032 Senior Notes1,979,158 2,022,343 1,977,734 2,057,081 
2033 Senior Notes988,228 995,244 987,581 1,013,732 
2026 Convertible Notes— — 574,432 566,103 
2027 Convertible Notes573,202 544,255 572,539 530,171 
Total$5,720,569 $5,667,468 $7,289,018 $7,301,854 

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
June 30, 2026December 31, 2025
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$701,362 $727,013 $782,966 $812,658 
Loans held for investment3,749,254 3,824,260 3,382,957 3,445,631 
Total$4,450,616 $4,551,273 $4,165,923 $4,258,289 

If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs. During the three and six months ended June 30, 2026 and June 30, 2025, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.