v3.26.1
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 $ 69,650 $ 31,870
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in fair value of finance receivables 123,582 91,655
Depreciation and amortization 2,100 3,262
Debt issuance cost amortization 1,335 1,687
Stock-based compensation expense 4,749 6,352
Loss on disposition of equipment 0 2
Impairment of right of use asset 0 155
Deferred income taxes 2,606 1,328
Tax receivable agreement liability adjustment (146) 47
Change in fair value of warrant liabilities (21,496) 54,911
Income from equity method investment (1,933) (2,197)
Distributions received from equity method investment 1,051 2,817
Changes in assets and liabilities:    
Accrued interest receivable (4,944) (2,916)
Settlement receivable 0 (2,001)
Operating lease, net (171) (120)
Other assets 8,370 (4,045)
Accounts payable (1,647) 1,852
Accrued expenses (294) (5,302)
Net cash provided by operating activities 182,812 179,357
Cash flows from investing activities:    
Finance receivables acquired (555,455) (599,173)
Finance receivables repayments 486,747 492,642
Purchases of equipment and capitalized technology (9,773) (9,030)
Net cash used in investing activities (78,481) (115,561)
Cash flows from financing activities:    
Member distributions (22,814) (47,863)
Borrowings of senior debt - revolving lines of credit 91,523 236,117
Payments of senior debt - revolving lines of credit (136,423) (219,048)
Payments of senior debt - term loan 0 (30,000)
Payments for debt issuance costs (203) (3,197)
Proceeds from employee stock purchase plan 253 91
Exercise of warrants 0 4
Exercise of stock options 0 1
Payments of tax withholding on vesting of restricted stock units (1,887) (2,469)
Payments on tax receivable agreement liability (25,003) (1,041)
Purchase of treasury stock (11,194) 0
Dividend paid on common stock 0 (6,414)
Net cash used in financing activities (105,748) (73,819)
Net decrease in cash and restricted cash (1,417) (10,023)
Cash and restricted cash    
Beginning 93,263 88,288
Ending 91,846 78,265
Supplemental disclosure of cash flow information:    
Interest paid on borrowed funds 15,390 18,135
Income taxes paid 1,852 3,658
Supplemental disclosure of noncash activities:    
Adjustments to additional paid-in capital as a result of tax receivable agreement (21) (9,433)
Adjustments to additional paid-in capital as a result of adjustment to deferred tax asset 7,716 11,353
Adjustments to additional paid-in capital as a result of the Up-C collapse 254,988 0
Adjustments to additional paid-in capital as a result of tax receivable agreement settlement $ 58,927 $ 0