v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 94,298 $ 61,412
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion, net 10,146 3,287
Provision for credit losses 2,638 2,450
Deferred income tax expense 30,418 19,418
Income from accretion of discount associated with Loans at amortized cost, net (14,228) (13,409)
Income from merchant fees associated with Loans at fair value (87,612) (96,123)
Changes in fair value of loans 761,804 395,122
Change in bank partner fees carried at fair value (8,786) 2,135
Amortization of debt issuance costs 12,989 8,088
Stock-based compensation costs 4,197 1,818
Changes in assets and liabilities:    
Decrease in lease liability (2,569) (1,530)
Increase in uncollected fees on earning assets (265,243) (144,630)
Increase (decrease) in income tax liability 1,858 (659)
Increase in accounts payable and accrued expenses 17,583 40,603
Other 5,779 (13,722)
Net cash provided by operating activities 563,272 264,260
Investing activities    
Proceeds from recoveries on charged off receivables 50,385 32,221
Investments in earning assets (3,059,089) (1,549,730)
Proceeds from earning assets 2,588,578 1,001,912
Purchases and development of property (318) (4,822)
Net cash used in investing activities (420,444) (520,419)
Financing activities    
Noncontrolling interests contributions 63 78
Proceeds from issuance of common stock 0 11,589
Proceeds from issuance of Series B preferred stock, net of issuance costs 12 3,470
Preferred stock and preferred unit dividends (4,616) (7,831)
Proceeds from exercise of stock options 3,578 405
Purchase and retirement of outstanding stock and preferred units (3,886) (53,161)
Proceeds from issuance of Senior notes, net of issuance costs 4,335 25,282
Proceeds from borrowings 2,067,361 894,686
Repayment of borrowings (2,331,902) (634,760)
Net cash (used in) provided by financing activities (265,055) 239,758
Net decrease in cash and cash equivalents and restricted cash and cash equivalents (122,227) (16,401)
Cash and cash equivalents and restricted cash equivalents at beginning of period 767,407 499,636
Cash and cash equivalents and restricted cash equivalents at end of period 645,180 483,235
Cash and cash equivalents, and restricted cash and cash equivalents at end of period    
Cash and cash equivalents 555,215 329,421
Restricted cash and cash equivalents 89,965 153,814
Cash and cash equivalents, and restricted cash and cash equivalents at end of period 645,180 483,235
Supplemental cash flow information    
Cash paid for interest 238,891 90,300
Cash paid for income taxes, net of refunds (1,718) 843
Decrease in accrued and unpaid preferred stock and preferred unit dividends $ 0 $ (2,035)