v3.26.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 2,345 $ 9,767
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,000 11,068
Fair value adjustment, net 85,894 72,672
Origination fees for loans receivable at fair value, net (258) (11,836)
Gain on loan sales (1,394) (1,500)
Stock-based compensation expense 4,143 2,831
Other, net 7,482 9,990
Originations of loans sold and held for sale (25,819) (32,352)
Proceeds from sale of loans 27,213 35,392
Changes in operating assets and liabilities (4,877) 4,945
Net cash provided by operating activities 103,729 100,977
Cash flows from investing activities    
Originations and purchases of loans held for investment (318,127) (381,907)
Repayments of loan principal 332,772 332,208
Capitalization of system development costs (6,510) (5,578)
Other, net (153) (243)
Net cash provided by (used in) investing activities 7,982 (55,520)
Cash flows from financing activities    
Borrowings under secured financing 76,700 325,441
Repayments of secured financing (64,113) (415,707)
Repayments of asset-backed notes at fair value (70,890) (224,715)
Borrowings under asset-backed borrowings at amortized cost 482,239 419,929
Repayments of asset-backed borrowings at amortized cost (524,228) (127,287)
Repayments of corporate financing 0 (6,259)
Payments of deferred financing costs (34) 0
Net payments related to stock-based activities (465) (511)
Net cash used in financing activities (100,791) (29,109)
Net increase in cash and cash equivalents and restricted cash 10,920 16,348
Cash and cash equivalents and restricted cash, beginning of period 198,934 214,625
Cash and cash equivalents and restricted cash, end of period 209,854 230,973
Supplemental disclosure of cash flow information    
Cash and cash equivalents 130,384 78,542
Restricted cash 79,470 152,431
Total cash and cash equivalents and restricted cash 209,854 230,973
Cash paid for income taxes, net of refunds 512 317
Cash paid for interest 44,954 50,447
Cash paid for amounts included in the measurement of operating lease liabilities 2,337 2,818
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations 2,056 537
Non-cash investments in capitalized assets 143 197
Non-cash financing activities $ 10,003 $ 17,097

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