v3.25.4
Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net income (loss) $ 25,246 $ (78,682)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 41,412 51,157
Fair value adjustment, net 319,345 468,413
Origination fees for loans receivable at fair value, net (37,592) (32,796)
Gain on loan sales (5,640) (6,010)
Stock-based compensation expense 10,686 12,989
Other, net 55,066 4,197
Originations of loans sold and held for sale (140,347) (119,551)
Proceeds from sale of loans 147,527 124,068
Changes in operating assets and liabilities (2,294) (30,263)
Net cash provided by operating activities 413,409 393,522
Cash flows from investing activities    
Originations and purchases of loans held for investment (1,762,766) (1,525,656)
Proceeds from loan sales originated as held for investment 0 54,491
Repayments of loan principal 1,418,342 1,297,549
Capitalization of system development costs (24,330) (19,187)
Other, net (971) (886)
Net cash used in investing activities (369,725) (193,689)
Cash flows from financing activities    
Borrowings under secured financing 1,038,112 742,066
Repayments of secured financing (1,372,482) (493,812)
Repayments of asset-backed notes at fair value (834,711) (771,403)
Borrowings under asset-backed borrowings at amortized cost 1,831,802 771,420
Repayments of asset-backed borrowings at amortized cost (647,184) (364,035)
Borrowings under acquisition and corporate financing 0 223,243
Repayments of acquisition and corporate financing (71,259) (285,663)
Payments of deferred financing costs (3,253) (12,768)
Net payments related to stock-based activities (400) (272)
Net cash used in financing activities (59,375) (191,224)
Net increase (decrease) in cash and cash equivalents and restricted cash (15,691) 8,609
Cash and cash equivalents and restricted cash, beginning of period 214,625 206,016
Cash and cash equivalents and restricted cash, end of period 198,934 214,625
Supplemental disclosure of cash flow information    
Cash and cash equivalents 105,525 59,968
Restricted cash 93,409 154,657
Total cash and cash equivalents and restricted cash 198,934 214,625
Cash paid for income taxes, net of refunds 2,848 1,043
Cash paid for interest 194,720 213,973
Cash paid for amounts included in the measurement of operating lease liabilities 11,223 12,518
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations 3,622 (4,413)
Non-cash investments in capitalized assets 664 1,354
Non-cash financing activities $ 59,598 $ 58,729

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