v3.26.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 10,881 $ 16,644
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,823 21,783
Fair value adjustment, net 171,557 142,929
Origination fees for loans receivable at fair value, net (7,358) (20,930)
Gain on loan sales (2,753) (2,979)
Stock-based compensation expense 7,082 5,539
Other, net 11,215 23,380
Originations of loans sold and held for sale (51,703) (72,249)
Proceeds from sale of loans 54,456 76,768
Changes in operating assets and liabilities 1,844 14,620
Net cash provided by operating activities 213,044 205,505
Cash flows from investing activities    
Originations and purchases of loans held for investment (684,852) (772,912)
Repayments of loan principal 655,793 677,443
Capitalization of system development costs (12,773) (12,011)
Other, net (309) (382)
Net cash used in investing activities (42,141) (107,862)
Cash flows from financing activities    
Borrowings under secured financing 167,900 590,529
Repayments of secured financing (64,113) (794,396)
Repayments of asset-backed notes at fair value (128,480) (474,041)
Borrowings under asset-backed borrowings at amortized cost 482,560 857,279
Repayments of asset-backed borrowings at amortized cost (583,980) (248,050)
Repayments of corporate financing (30,000) (13,759)
Payments of deferred financing costs (34) (1,207)
Net payments related to stock-based activities (1,261) (401)
Net cash used in financing activities (157,408) (84,046)
Net increase in cash and cash equivalents and restricted cash 13,495 13,597
Cash and cash equivalents and restricted cash, beginning of period 198,934 214,625
Cash and cash equivalents and restricted cash, end of period 212,429 228,222
Supplemental disclosure of cash flow information    
Cash and cash equivalents 139,590 96,816
Restricted cash 72,839 131,406
Total cash and cash equivalents and restricted cash 212,429 228,222
Cash paid for income taxes, net of refunds 1,643 1,395
Cash paid for interest 91,882 100,364
Cash paid for amounts included in the measurement of operating lease liabilities 3,721 5,608
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations 3,795 1,929
Non-cash investments in capitalized assets 142 370
Non-cash financing activities $ 17,439 $ 33,259

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