SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Changes To Prior Periods Condensed Consolidated Statements of Operations, Consolidated Balance Sheets And Consolidated Statements Of Cash Flows

The following tables present the impact to the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and Condensed Consolidated Statements of Cash Flows as a result of this change for the six months ended June 30, 2025.


	Three Months Ended June 30, 2025
Condensed Consolidated Statements of Operations	As Reported		Adjustment		Recast
Interest income	$	16,032	$	(4,066)	$	11,966
Gain on sale of loans, net	36,312		—		36,312
Marketable securities income, net	—		4,066		4,066


	Six Months Ended June 30, 2025
Condensed Consolidated Statements of Operations	As Reported		Adjustment		Recast
Interest income	$	32,638	$	(9,448)	$	23,190
Gain on sale of loans, net	68,335		(2,231)		66,104
Marketable securities income, net	—		11,679		11,679


	Six Months Ended June 30, 2025
Condensed Consolidated Statements of Cash Flows	As Reported		Adjustment		Recast
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of loans, net	$	(68,335)	$	2,231	$	(66,104)
Change in fair value of marketable securities	—		(2,231)		(2,231)

The following table presents the impact to the Condensed Consolidated Statements of Cash Flows as a result of this change for the six months ended June 30, 2025.


	Six months ended June 30, 2025
Condensed Consolidated Statements of Cash Flows	As Reported		Adjustment		Recast
Adjustments to reconcile net income to net cash provided by operating activities:
Accounts payable and other liabilities	$	18,694	$	(3,201)	$	15,493
Financing activities:
Net changes in customer deposit liabilities	—		3,201		3,201

The following table presents the impact to the Condensed Consolidated Statements of Cash Flows as a result of this change to the six months ended June 30, 2025; there was no impact to the Condensed Consolidated Statements of Cash Flows beyond the line items shown below.


	Six Months Ended June 30, 2025
	As Reported		Adjustment		Recast
Operating activities:
Loss on digital assets, net	$	1,819	$	(11)	$	1,808
Investing activities:
Purchases of digital assets	$	(5,759)	$	3,533	$	(2,226)
Proceeds from sales of digital assets	6,386		(3,284)		3,102

The following table presents the impact to the Condensed Consolidated Statements of Cash Flows as a result of the correction for the six months ended June 30, 2025; there was no impact to the Condensed Consolidated Statements of Cash Flows beyond the line items shown below.


	Six Months Ended June 30, 2025
	As Reported		Adjustment		As Corrected
Operating activities:
Proceeds from loan sales, net of repurchases	$	2,708,378	$	(32,365)	$	2,676,013
Purchases of marketable securities	(68,593)		68,593		—

Principal payments on marketable securities	19,137		(19,137)		—
Net cash provided by operating activities(A)	62,210		17,091		79,301
Investing activities:
Purchases of marketable securities	—		(36,228)		(36,228)

Principal payments on marketable securities	—		19,137		19,137
Net cash used in investing activities(B)	$	(12,838)	$	(17,091)	$	(29,929)

Non-cash investing and financing activities:
Marketable securities retained in securitization transactions	$	—	$	(32,365)	$	(32,365)

(A) Net cash provided by operating activities “As Corrected” represents the impact from this adjustment only and does not tie to the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 as it does not include the impact from the customer deposit liability and payment stablecoin presentation changes disclosed in “—Change in Financial Statement Presentation” and “—Change in Accounting Principle”, respectively, above.

(B) Net cash used in investing activities “As Corrected” represents the impact from this adjustment only and does not tie to the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 as it does not include the impact from the payment stablecoin presentation change disclosed in “—Change in Accounting Principle” above.

Schedule of Derivative Assets and Liabilities

The Company records derivative assets and liabilities within “Other current liabilities” and “Other current assets” in the Condensed Consolidated Balance Sheets. As of June 30, 2026 and December 31, 2025 we recorded the following balances:


	June 30, 2026				December 31, 2025
	Notional		Balance		Notional		Balance
Other current asset:
Treasury note futures	$	—	$	—	$	159,800	$	442
Other current liability:
Treasury note futures	$	790,000	$	2,122	$	—	$	—

Schedule of Reconciliation of Cash And Cash Equivalents And Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:


	June 30, 2026		December 31, 2025
Cash and cash equivalents, excluding payment stablecoins	$	1,388,443	$	1,159,597
Payment stablecoins	49,068		38,544
Restricted cash	95,887		68,637
Total cash, cash equivalents and restricted cash	$	1,533,398	$	1,266,778

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table presents the components of “Accounts receivable, net” reported in the Condensed Consolidated Balance Sheets:


	June 30, 2026		December 31, 2025
Trade accounts receivable	$	44,464	$	30,627
Interest receivable	4,554		4,440
Subservicer receivable(A)	12,789		6,914
Other accounts receivable	27,129		10,355
Less: Allowance for credit losses	(409)		(320)
Accounts receivable, net	$	88,527	$	52,016

(A) Subservicer receivable consists of loan principal and interest payments collected on behalf of the Company by a subservicer that have not yet been remitted to the Company.

Schedule of Components of Ecosystem and Technology Fees

The following table presents the components of “Ecosystem and technology fees” in the Condensed Consolidated Statements of Operations:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Technology offering fees(A)	$	29,176	$	10,855	$	46,472	$	18,750
Ecosystem fees(B)	36,768		14,938		61,187		20,150

Program fees(C)	6,921		2,348		12,512		4,854
Total ecosystem and technology fees	$	72,865	$	28,141	$	120,171	$	43,754

(A) Technology offering fees include fees that are accounted under ASC 606 as well as $12.2 million and $20.1 million for the three and six months ended June 30, 2026, respectively, and $4.3 million and $6.8 million for the three and six months ended June 30, 2025, respectively, that are in the scope of ASC 310.

(B) Ecosystem fees include fees that are accounted for under ASC 606 as well as $15.0 million and $24.7 million for the three and six months ended June 30, 2026, respectively, and $7.1 million and $9.6 million for the three and six months ended June 30, 2025, respectively, that are in the scope of ASC 310.

Schedule of Amortization of Capitalized Costs over the Estimated Useful Lives

The Company amortizes internally-developed software capitalized costs within “Technology and product development” expense in the Condensed Consolidated Statements of Operations as follows:


	Estimated Useful Life (Years)	June 30, 2026		December 31, 2025
Internally developed software	3	$	118,249	$	101,873
Accumulated amortization(A)		(82,685)		(73,704)
Net		$	35,564	$	28,169

(A) The Company amortized $4.3 million and $9.0 million of capitalized internally-developed software costs during the three and six months ended June 30, 2026, respectively and $4.1 million and $8.1 million, respectively, during the three and six months ended June 30, 2025.