v3.24.0.1
Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (179,951) $ (77,744)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 54,885 47,533
Goodwill impairment 0 108,472
Fair value adjustment, net 596,839 218,842
Origination fees for loans receivable at fair value, net (23,360) (26,845)
Gain on loan sales (8,481) (5,703)
Stock-based compensation expense 18,593 27,620
Other, net (53,195) 30,336
Originations of loans sold and held for sale (56,603) (52,742)
Proceeds from sale of loans 65,088 58,844
Changes in operating assets and liabilities (21,050) (80,738)
Net cash provided by operating activities 392,765 247,875
Cash flows from investing activities    
Originations and purchases of loans held for investment (1,580,134) (2,762,828)
Proceeds from loan sales originated as held for investment 4,055 249,271
Repayments of loan principal 1,322,601 1,396,896
Capitalization of system development costs (31,261) (48,892)
Other, net (1,442) (5,995)
Net cash used in investing activities (286,181) (1,171,548)
Cash flows from financing activities    
Borrowings under secured financing 245,700 1,972,000
Repayments of secured financing (274,751) (2,050,000)
Borrowings under asset-backed notes at fair value 0 1,262,059
Repayments of asset-backed notes at fair value (707,619) (232,675)
Borrowings under asset-backed borrowings at amortized cost 626,405 0
Repayments of asset-backed borrowings at amortized cost (33,615) 0
Borrowings under acquisition and corporate financing 73,355 0
Repayments of acquisition and corporate financing (28,442) 0
Payments of deferred financing costs (2,719) (8,189)
Net payments related to stock-based activities (2,699) (8,665)
Net cash provided by (used in) financing activities (104,385) 934,530
Net increase in cash and cash equivalents and restricted cash 2,199 10,857
Cash and cash equivalents and restricted cash, beginning of period 203,817 192,960
Cash and cash equivalents and restricted cash, end of period 206,016 203,817
Supplemental disclosure of cash flow information    
Cash and cash equivalents 91,187 98,817
Restricted cash 114,829 105,000
Total cash and cash equivalents and restricted cash 206,016 203,817
Cash paid for income taxes, net of refunds (1,860) (3,457)
Cash paid for interest 183,973 85,775
Cash paid for amounts included in the measurement of operating lease liabilities 14,070 15,696
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations 1,835 4,161
Non-cash investment in capitalized assets (305) 2,672
Non-cash financing activities $ 17,807 $ 1,550

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