v3.26.1
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Assets:        
Digital assets $ 30,539 $ 35,942    
Marketable securities 354,007 273,151    
Loans held for sale, at fair value 597,400 404,337 $ 333,629 $ 395,922
Loan servicing asset, at fair value 155,024 113,064 90,667 88,497
Carrying Value        
Assets:        
Digital assets 30,539 35,942 $ 17,978 $ 19,207
Level 3        
Assets:        
Loans held for sale, at fair value 597,400 404,337    
Fair Value, Recurring | Carrying Value        
Assets:        
Cash and cash equivalents 1,437,511 1,198,141    
Restricted cash 95,887 68,637    
Digital assets 51,664 88,511    
Distressed asset claims 513 3,068    
Marketable securities 354,007 273,151    
Loans held for sale, at fair value 597,400 404,337    
Loan servicing asset, at fair value 155,024 113,064    
Total assets 2,692,006 2,149,351    
Liabilities:        
Digital asset collateral repayment obligation 21,125 52,569    
Certificate repayment obligation 544,745 266,654    
Total liabilities 567,992 319,223    
Fair Value, Recurring | Carrying Value | Treasury note futures        
Assets:        
Treasury note futures   442    
Liabilities:        
Treasury note futures 2,122      
Fair Value, Recurring | Estimate of Fair Value Measurement        
Assets:        
Cash and cash equivalents 1,437,511 1,198,141    
Restricted cash 95,887 68,637    
Digital assets 51,664 88,511    
Distressed asset claims 513 3,068    
Marketable securities 354,007 273,151    
Loans held for sale, at fair value 597,400 404,337    
Loan servicing asset, at fair value 155,024 113,064    
Total assets 2,692,006 2,149,351    
Liabilities:        
Digital asset collateral repayment obligation 21,125 52,569    
Certificate repayment obligation 544,745 266,654    
Total liabilities 567,992 319,223    
Fair Value, Recurring | Estimate of Fair Value Measurement | Treasury note futures        
Assets:        
Treasury note futures   442    
Liabilities:        
Treasury note futures 2,122      
Fair Value, Recurring | Level 1 | Estimate of Fair Value Measurement        
Assets:        
Cash and cash equivalents 1,155,150 955,200    
Restricted cash 95,887 68,637    
Digital assets 51,664 88,511    
Distressed asset claims 0 0    
Marketable securities 0 0    
Loans held for sale, at fair value 0 0    
Loan servicing asset, at fair value 0 0    
Total assets 1,302,701 1,112,790    
Liabilities:        
Digital asset collateral repayment obligation 21,125 52,569    
Certificate repayment obligation 0 0    
Total liabilities 23,247 52,569    
Fair Value, Recurring | Level 1 | Estimate of Fair Value Measurement | Treasury note futures        
Assets:        
Treasury note futures   442    
Liabilities:        
Treasury note futures 2,122      
Fair Value, Recurring | Level 2 | Estimate of Fair Value Measurement        
Assets:        
Cash and cash equivalents 282,361 242,941    
Restricted cash 0 0    
Digital assets 0 0    
Distressed asset claims 0 0    
Marketable securities 319,220 232,985    
Loans held for sale, at fair value 0 0    
Loan servicing asset, at fair value 0 0    
Total assets 601,581 475,926    
Liabilities:        
Digital asset collateral repayment obligation 0 0    
Certificate repayment obligation 544,745 266,654    
Total liabilities 544,745 266,654    
Fair Value, Recurring | Level 2 | Estimate of Fair Value Measurement | Treasury note futures        
Assets:        
Treasury note futures   0    
Liabilities:        
Treasury note futures 0      
Fair Value, Recurring | Level 3 | Estimate of Fair Value Measurement        
Assets:        
Cash and cash equivalents 0 0    
Restricted cash 0 0    
Digital assets 0 0    
Distressed asset claims 513 3,068    
Marketable securities 34,787 40,166    
Loans held for sale, at fair value 597,400 404,337    
Loan servicing asset, at fair value 155,024 113,064    
Total assets 787,724 560,635    
Liabilities:        
Digital asset collateral repayment obligation 0 0    
Certificate repayment obligation 0 0    
Total liabilities 0 0    
Fair Value, Recurring | Level 3 | Estimate of Fair Value Measurement | Treasury note futures        
Assets:        
Treasury note futures   $ 0    
Liabilities:        
Treasury note futures $ 0