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 (Loss) $ 71,032 $ (7,352)
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Change in Fair Value of Financial Instruments 43 22,113
Depreciation and Amortization 7,854 5,964
Amortization of Operating Lease Right-of-use Asset 1,214 1,020
Gain on Sale of Borrower Loans (9,006) (6,185)
Change in Fair Value of Servicing Rights 7,473 4,483
Stock-Based Compensation Expense 795 676
Change in Fair Value of Convertible Preferred Stock Warrants (58,008) 2,133
Amortization of Debt Discount and Debt Issuance Costs 893 1,612
Other, Net 431 372
Changes in Operating Assets and Liabilities:    
Purchase of Loans Held for Sale, at Fair Value (1,467,833) (1,194,264)
Proceeds from Sales of Loans Held for Sale, at Fair Value 1,494,287 1,254,924
Accounts Receivable (1,047) (2,239)
Prepaid and Other Assets (6,112) (813)
Credit Card Derivative 2,785 (7,351)
Accounts Payable and Accrued Liabilities 4,493 10,804
Payable to Investors 70,585 18,810
Other Liabilities (1,220) 929
Interest payable (102) (212)
Net Cash Provided by Operating Activities 118,557 105,424
Cash Flows from Investing Activities:    
Purchase of Borrower Loans, at Fair Value (73,639) (85,833)
Proceeds from Principal Payments and Sales of Borrower Loans, at Fair Value 84,487 95,670
Purchases of Credit Card Receivables from Credit Card Partner (33,176) (39,249)
Principal Payments on Credit Card Receivable from Credit Card Partner 25,738 34,198
Purchases of Property and Equipment (9,547) (6,524)
Net Cash Used in Investing Activities (6,137) (1,738)
Cash Flows from Financing Activities:    
Proceeds from Issuance of Notes, at Fair Value 71,984 84,582
Payments of Notes, at Fair Value (83,623) (94,781)
Principal Payments on Notes Issued by Securitization Trusts (28,156) (65,915)
Principal Payments on Term Loan 0 (5,000)
Proceeds from Exercises of Stock Options 33 17
Proceeds from Exercises of Series E-1 and Series F Convertible Preferred Stock Warrants (Note 13) 1,611 0
Net Cash Used in Financing Activities (38,151) (81,097)
Net Increase in Cash, Cash Equivalents and Restricted Cash 74,269 22,589
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period 141,118 145,087
Cash, Cash Equivalents and Restricted Cash at End of the Period 215,387 167,676
Supplemental Disclosure of Cash Flow Information:    
Cash Paid for Interest, Net 27,757 37,206
Cash Paid for Income Taxes 29 365
Cash Paid for Operating Leases Included in the Measurement of Lease Liabilities 2,313 2,148
Non-Cash Investing Activity - Accrual for Property and Equipment, Net 1,323 4,070
Reconciliation to Amounts on Condensed Consolidated Balance Sheets:    
Cash and Cash Equivalents 55,064 38,154
Restricted Cash 160,323 [1] 129,522
Total Cash, Cash Equivalents and Restricted Cash $ 215,387 $ 167,676
[1] Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.`
The following table presents the assets and liabilities of consolidated VIEs, which are included in the condensed consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. Refer to Note 7, Securitizations, and Note 11, Debt, within the notes to the condensed consolidated financial statements for additional information.

June 30, 2026December 31, 2025
Assets of consolidated VIEs, included in total assets above:
Restricted Cash$9,280 $11,892 
Accounts Receivable1,255 1,376 
Borrower Loans, at Fair Value35,439 64,400 
Receivable from Credit Card Partner, at Fair Value99,328 99,865 
Total assets of consolidated VIEs$145,302 $177,533 
Liabilities of consolidated VIEs, included in total liabilities above:
Notes Issued by Securitization Trust$122,518 $149,902 
Other Liabilities1,900 2,163 
Total liabilities of consolidated VIEs$124,418 $152,065