v3.25.0.1
Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (78,682) $ (179,951)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 51,157 54,885
Fair value adjustment, net 468,413 596,839
Origination fees for loans receivable at fair value, net (32,796) (23,360)
Gain on loan sales (6,010) (8,481)
Stock-based compensation expense 12,989 18,593
Other, net 4,197 (53,195)
Originations of loans sold and held for sale (119,551) (56,603)
Proceeds from sale of loans 124,068 65,088
Changes in operating assets and liabilities (30,263) (21,050)
Net cash provided by operating activities 393,522 392,765
Cash flows from investing activities    
Originations and purchases of loans held for investment (1,525,656) (1,580,134)
Proceeds from loan sales originated as held for investment 54,491 4,055
Repayments of loan principal 1,297,549 1,322,601
Capitalization of system development costs (19,187) (31,261)
Other, net (886) (1,442)
Net cash used in investing activities (193,689) (286,181)
Cash flows from financing activities    
Borrowings under secured financing 742,066 245,700
Repayments of secured financing (493,812) (274,751)
Borrowings under asset-backed notes at fair value 0 0
Repayments of asset-backed notes at fair value (771,403) (707,619)
Borrowings under asset-backed borrowings at amortized cost 771,420 626,405
Repayments of asset-backed borrowings at amortized cost (364,035) (33,615)
Borrowings under acquisition and corporate financing 223,243 73,355
Repayments of acquisition and corporate financing (285,663) (28,442)
Payments of deferred financing costs (12,768) (2,719)
Net payments related to stock-based activities (272) (2,699)
Net cash used in financing activities (191,224) (104,385)
Net increase in cash and cash equivalents and restricted cash 8,609 2,199
Cash and cash equivalents and restricted cash, beginning of period 206,016 203,817
Cash and cash equivalents and restricted cash, end of period 214,625 206,016
Supplemental disclosure of cash flow information    
Cash and cash equivalents 59,968 91,187
Restricted cash 154,657 114,829
Total cash and cash equivalents and restricted cash 214,625 206,016
Cash paid for income taxes, net of refunds 1,043 (1,860)
Cash paid for interest 213,973 183,973
Cash paid for amounts included in the measurement of operating lease liabilities 12,518 14,070
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations (4,413) 1,835
Non-cash investment in capitalized assets 1,354 (305)
Non-cash financing activities $ 58,729 $ 17,807

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