v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from Operating Activities:    
Net Income (Loss) $ 112,758 $ (36,844)
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Change in Fair Value of Financial Instruments (15,098) 25,577
Depreciation and Amortization 11,518 9,139
Amortization of Operating Lease Right-of-use Asset 1,856 1,573
Gain on Sale of Borrower Loans (14,510) (9,703)
Change in Fair Value of Servicing Rights 5,982 6,352
Stock-Based Compensation Expense 1,093 993
Change in Fair Value of Convertible Preferred Stock Warrants (58,056) 37,254
Amortization of Debt Issuance Costs and Debt Discounts 1,882 2,337
Other, Net 2,053 1,652
Changes in Operating Assets and Liabilities:    
Purchases of Loans Held for Sale, at Fair Value (2,342,129) (1,836,165)
Proceeds from Sales of Loans Held for Sale, at Fair Value 2,372,885 1,920,008
Accounts Receivable 1,065 (2,261)
Prepaid and Other Assets 10,717 (2,956)
Credit Card Derivative 6,269 (9,201)
Accounts Payable and Accrued Liabilities 2,740 13,368
Payable to Investors 57,237 33,608
Other Liabilities (338) 1,453
Interest payable 1,269 (269)
Net Cash Provided by Operating Activities 159,193 155,915
Cash Flows from Investing Activities:    
Purchases of Borrower Loans, at Fair Value (109,434) (128,165)
Proceeds from Principal Payments and Sales of Borrower Loans, at Fair Value 152,088 142,000
Purchases of Credit Card Principal Receivables from Credit Card Partner (307,735) (57,129)
Principal Payments on Credit Card Receivable from Credit Card Partner 46,563 48,604
Purchases of Property and Equipment (13,749) (12,019)
Net Cash Used in Investing Activities (232,267) (6,709)
Cash Flows from Financing Activities:    
Proceeds from Issuance of Notes, at Fair Value 107,162 126,900
Payments of Notes, at Fair Value (122,317) (141,344)
Proceeds from Issuance of Securitized Notes (Note 7) 322,009 0
Principal Payments on Notes Issued by Securitization Trusts (151,011) (91,300)
Principal Payments on Term Loan 0 (7,500)
Payments of Debt Issuance Costs (3,672) 0
Proceeds from Exercises of Stock Options 33 44
Proceeds from Exercises of Series E-1 and Series F Convertible Preferred Stock Warrants (Note 13) 1,611 516
Net Cash Provided by (Used in) Financing Activities 153,815 (112,684)
Net Increase in Cash, Cash Equivalents and Restricted Cash 80,741 36,522
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 221,859 181,609
Supplemental Disclosure of Cash Flow Information:    
Cash Paid for Interest, Net 40,021 54,379
Cash Paid for Income Taxes 1,586 504
Cash Paid for Operating Leases Included in the Measurement of Lease Liabilities 3,481 3,282
Non-Cash Investing Activity - Accrual for Property and Equipment, Net 1,703 1,928
Reconciliation to Amounts on Condensed Consolidated Balance Sheets:    
Cash and Cash Equivalents 74,059 38,962
Restricted Cash 147,800 [1] 142,647
Total Cash, Cash Equivalents and Restricted Cash $ 221,859 $ 181,609
[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.

September 30, 2026December 31, 2025
Assets of consolidated VIEs, included in total assets above:
Restricted Cash$9,009 $11,892 
Accounts Receivable3,967 1,376 
Borrower Loans, at Fair Value— 64,400 
Receivable from Credit Card Partner, at Fair Value398,414 99,865 
Total assets of consolidated VIEs$411,390 $177,533 
Liabilities of consolidated VIEs, included in total liabilities above:
Notes Issued by Securitization Trust$320,350 $149,902 
Other Liabilities8,273 2,163 
Total liabilities of consolidated VIEs$328,623 $152,065