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 (loss) $ 132,483 $ 29,381
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Gain on servicing asset, net (41,960) (2,170)
Gain on sale of loans, net (106,928) (66,104)
Gain on sale of equity method investments (5,934) 0
Loss on digital assets, net 4,475 1,808
Change in fair value of marketable securities 4,839 (2,231)
Loss from fund and equity method investments 533 1,602
Interest expense paid in YLDS 20,047 0
Amortization of deferred financing costs 801 322
Amortization of internally developed software 8,981 8,077
Services exchanged for issuance of warrants 0 5,404
Stock-based compensation expense, net of capitalization 51,976 5,261
Losses on repurchased loans 1,597 3,700
Deferred income taxes, net (30,786) 0
Other non-cash adjustments 931 0
Net change in operating assets and liabilities:    
Proceeds from loan sales, net of repurchases 4,638,228 2,676,013
Originations of loans held for sale (2,686,831) (1,488,206)
Purchases of loans held for sale (2,432,718) (1,302,388)
Principal payments on loans held for sale 389,014 209,521
Accounts receivable, net (37,858) (16,350)
Other assets (25,875) (3,044)
Accounts payable and other liabilities 42,016 15,493
Net cash (used in) provided by operating activities (72,969) 76,089
Investing activities:    
Capitalization of internally developed software costs (12,673) (9,871)
Investment contributions (4,040) (1,264)
Purchases of digital assets (2,696) (2,226)
Proceeds from sale of equity method investments 5,984 0
Proceeds from sales of digital assets 2,692 3,102
Realized gains (losses) on futures 7,273 (3,127)
Purchases of marketable securities (127,993) (36,228)
Principal payments on marketable securities 36,613 19,137
Deconsolidation of subsidiary (11,737) 0
Partner prefunding (13,034) 0
Partner prefunding repayment 44,034 0
Other investing activities 316 797
Net cash used in investing activities (75,261) (29,680)
Financing activities:    
Payments of deferred financing costs (2,317) (530)
Proceeds from servicing activity on behalf of third-party loan owners 121,502 67,901
Net changes in customer deposit liabilities (11,774) 3,201
Common stock repurchase (9,700) 0
Proceeds from exercises of stock options and warrants 23,752 1,045
Taxes paid related to net share settlement of equity awards (18,075) 0
Other financing activities 201 92
Net cash provided by financing activities 414,850 50,720
Net increase in cash, cash equivalents, and restricted cash 266,620 97,129
Cash, cash equivalents, and restricted cash, beginning of period 1,266,778 347,447
Cash, cash equivalents, and restricted cash, end of period 1,533,398 444,576
Supplemental cash flow disclosure:    
Cash paid during the period for interest 15,419 24,429
Cash paid during the period for income taxes 26,646 1,920
Non-cash investing and financing activities:    
Receipt of liquidity pool tokens (360,361) 0
Sale of liquidity pool tokens 362,452 0
Right of use assets obtained in exchange for operating lease liabilities 0 1,245
Non-cash partner prefunding in YLDS (74,324) 0
Distributions from Domestic Solana Fund 521 (1,128)
Stock-based compensation included in capitalized internally developed software (3,704) 212
Marketable securities retained in securitization transactions 0 (32,365)
Non-cash payments issued through debt (1,699) 0
Nonrelated Party    
Financing activities:    
Proceeds from debt 4,625,607 2,499,513
Principal payments on debt (4,429,043) (2,520,502)
Related Party    
Financing activities:    
Proceeds from debt 283,390 0
Principal payments on debt $ (168,693) $ 0