v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 46,471 $ 34,965
Adjustments to reconcile net income to net cash used in operating activities    
Change in fair value of loans 110,989 (83,448)
Change in fair value of servicing assets 17,753 12,795
Change in fair value of servicing liabilities (4,514) (1,009)
Change in fair value of beneficial interest assets (15,386) (16,205)
Change in fair value of beneficial interest liabilities 17,726 18,813
Change in fair value of other financial instruments (473) (5,529)
Stock-based compensation 119,232 99,497
Gain on loan servicing rights, net (37,481) (20,376)
Gain on debt extinguishment 0 (7,246)
Depreciation and amortization 19,103 18,374
Loan premium amortization (32,833) (33,560)
Non-cash interest expense and other 11,982 5,219
Net changes in operating assets and liabilities:    
Purchases and originations of loans held-for-sale (9,721,430) (6,410,254)
Proceeds from sale of loans held-for-sale 9,038,098 5,994,691
Principal payments received for loans held-for-sale 142,001 138,545
Principal payments received for loans held by consolidated securitization 21,540 29,772
Settlements of beneficial interest liabilities, net (2,251) (15,716)
Proceeds from beneficial interest assets (derivatives) 14,167 4,096
Settlements of beneficial interest assets (derivatives) (5,331) (1,659)
Other assets (9,422) 3,825
Operating lease liability and right-of-use asset (669) (918)
Accrued expenses and other liabilities (18,953) (20,949)
Net cash used in operating activities (289,681) (256,277)
Cash flows from investing activities    
Purchases and originations of loans held-for-investment (870,246) (666,049)
Proceeds from sale of loans held-for-investment 628,324 51,195
Principal payments received for loans held-for-investment 244,315 221,996
Principal payments received for notes receivable and repayments of residual certificates 45,456 12,895
Acquisition and settlements of beneficial interest assets (hybrid instruments) (10,138) (1,608)
Proceeds from beneficial interest assets (hybrid instruments) 191,038 94,229
Issuance of line of credit receivable (721) (7,862)
Repayments of line of credit receivable 2,791 783
Purchases of property and equipment (5,672) (190)
Capitalized software costs (13,003) (14,298)
Net cash provided by (used in) investing activities 212,144 (308,909)
Cash flows from financing activities    
Proceeds from borrowings 771,672 212,848
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender 0 678,270
Payment of debt issuance costs to third parties 0 (3,144)
Repayments of borrowings (511,831) (207,494)
Repurchases and repayments of convertible notes (66,544) (224,154)
Purchase of capped calls, net 0 (54,636)
Principal payments made on securitization notes (20,640) (32,023)
Payable to investors 59,070 33,227
Net proceeds related to stock-based award activities 17,323 22,934
Repurchases of stock (100,057) 0
Net cash provided by financing activities 148,993 425,828
Change in cash, cash equivalents and restricted cash 71,456 (139,358)
Cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at beginning of period 1,057,012 976,263
Cash, cash equivalents and restricted cash at end of period 1,128,468 836,905
Supplemental disclosures of cash flow information    
Cash paid for interest 20,285 34,514
Cash paid for income taxes, net 2,484 572
Supplemental disclosures of non-cash investing and financing activities    
Beneficial interests obtained in connection with loan sales 391,786 218,204
Securities retained under unconsolidated securitization transactions 91,755 65,880
Capitalized stock-based compensation expense 5,636 7,740
Issuance of line of credit receivable 7,255 51,430
Cash and Restricted Cash    
Cash and cash equivalents 461,484  
Restricted cash 666,984  
Total cash, cash equivalents and restricted cash $ 1,128,468 $ 836,905