v3.25.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) $ 9,767 $ (26,439)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 11,068 13,198
Fair value adjustment, net 72,672 116,850
Origination fees for loans receivable at fair value, net (11,836) (1,597)
Gain on loan sales (1,500) (1,501)
Stock-based compensation expense 2,831 3,982
Other, net 9,990 (2,693)
Originations of loans sold and held for sale (32,352) (22,235)
Proceeds from sale of loans 35,392 23,355
Changes in operating assets and liabilities 4,945 (17,038)
Net cash provided by operating activities 100,977 85,882
Cash flows from investing activities    
Originations and purchases of loans held for investment (381,907) (298,139)
Proceeds from loan sales originated as held for investment 0 1,393
Repayments of loan principal 332,208 336,428
Capitalization of system development costs (5,578) (3,097)
Other, net (243) (124)
Net cash provided by (used in) investing activities (55,520) 36,461
Cash flows from financing activities    
Borrowings under secured financing 325,441 0
Repayments of secured financing (415,707) (218,246)
Repayments of asset-backed notes at fair value (224,715) (105,273)
Borrowings under asset-backed borrowings at amortized cost 419,929 260,265
Repayments of asset-backed borrowings at amortized cost (127,287) (48,746)
Repayments of acquisition and corporate financing (6,259) (17,147)
Payments of deferred financing costs 0 (2,427)
Net payments related to stock-based activities (511) (232)
Net cash used in financing activities (29,109) (131,806)
Net increase (decrease) in cash and cash equivalents and restricted cash 16,348 (9,463)
Cash and cash equivalents and restricted cash, beginning of period 214,625 206,016
Cash and cash equivalents and restricted cash, end of period 230,973 196,553
Supplemental disclosure of cash flow information    
Cash and cash equivalents 78,542 69,200
Restricted cash 152,431 127,353
Total cash and cash equivalents and restricted cash 230,973 196,553
Cash paid for income taxes, net of refunds 317 (680)
Cash paid for interest 50,447 56,657
Cash paid for amounts included in the measurement of operating lease liabilities 2,818 3,328
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations 537 164
Non-cash investments in capitalized assets 197 739
Non-cash financing activities $ 17,097 $ (1,649)

Source