v3.26.3
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 33,812 $ 21,842
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,655 31,943
Fair value adjustment, net 250,139 219,947
Origination fees for loans receivable at fair value, net (21,623) (29,317)
Gain on loan sales (4,174) (4,447)
Stock-based compensation expense 10,349 8,027
Other, net 22,998 40,771
Originations of loans sold and held for sale (88,198) (110,333)
Proceeds from sale of loans 92,372 116,320
Changes in operating assets and liabilities 9,624 9,793
Net cash provided by operating activities 331,954 304,546
Cash flows from investing activities    
Originations and purchases of loans held for investment (1,120,575) (1,195,252)
Repayments of loan principal 971,458 1,033,404
Capitalization of system development costs (18,511) (18,128)
Other, net (422) (516)
Net cash used in investing activities (168,050) (180,492)
Cash flows from financing activities    
Borrowings under secured financing 312,965 801,049
Repayments of secured financing (64,113) (1,174,446)
Repayments of asset-backed notes at fair value (173,537) (743,711)
Borrowings under asset-backed borrowings at amortized cost 482,702 1,393,006
Repayments of asset-backed borrowings at amortized cost (631,154) (355,256)
Repayments of corporate financing (30,000) (33,759)
Payments of deferred financing costs (34) (1,207)
Net payments related to stock-based activities (1,311) (399)
Net cash used in financing activities (104,482) (114,723)
Net increase in cash and cash equivalents and restricted cash 59,422 9,331
Cash and cash equivalents and restricted cash, beginning of period 198,934 214,625
Cash and cash equivalents and restricted cash, end of period 258,356 223,956
Supplemental disclosure of cash flow information    
Cash and cash equivalents 181,174 104,611
Restricted cash 77,182 119,345
Total cash and cash equivalents and restricted cash 258,356 223,956
Cash paid for income taxes, net of refunds 6,396 1,781
Cash paid for interest 133,163 147,602
Cash paid for amounts included in the measurement of operating lease liabilities 5,102 8,400
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations 4,272 2,836
Non-cash investments in capitalized assets 355 575
Non-cash financing activities $ 23,135 $ 46,910

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