Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net loss		$ (2,447)	$ (64,598)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Change in fair value of loans		7,062	54,017
Change in fair value of servicing assets		4,090	4,286
Change in fair value of servicing liabilities		(285)	(454)
Change in fair value of beneficial interest assets		(17,600)	(4,481)
Change in fair value of beneficial interest liabilities		(65)	4,973
Change in fair value of other financial instruments		(33)	1,551
Stock-based compensation		29,831	35,777
Gain on loan servicing rights, net		(4,945)	(2,946)
Depreciation and amortization		6,400	5,632
Loan premium amortization		(8,352)	(2,539)
Non-cash interest expense and other		1,325	768
Net changes in operating assets and liabilities:
Purchases of loans held-for-sale		(1,345,253)	(796,543)
Proceeds from sale of loans held-for-sale		1,316,696	772,690
Principal payments received for loans held-for-sale		38,252	52,841
Principal payments received for loans held by consolidated securitization		10,280	12,338
Settlements of beneficial interest liabilities		(5,992)	(710)
Proceeds from beneficial interest assets (derivatives)		731	0
Settlements of beneficial interest assets (derivatives)		(485)	0
Other assets		6,437	(825)
Operating lease liability and right-of-use asset		(306)	(202)
Payable to investors for beneficial interest assets	[1]	0	(1,392)
Accrued expenses and other liabilities		(48,827)	(25,846)
Net cash provided by (used in) operating activities		(13,486)	44,337
Cash flows from investing activities
Purchases and originations of loans held-for-investment		(149,916)	(46,152)
Proceeds from sale of loans held-for-investment		1,647	0
Principal payments received for loans held-for-investment		57,417	27,242
Principal payments received for notes receivable and repayments of residual certificates		2,685	1,225
Settlements of beneficial interest assets (hybrid instruments)		(312)	0
Purchases of property and equipment		0	(684)
Capitalized software costs		(6,159)	(1,065)
Acquisition of beneficial interest assets		(305)	(18,113)
Proceeds from beneficial interest assets (hybrid instruments)		16,374	0
Net cash used in investing activities		(78,569)	(37,547)
Cash flows from financing activities
Proceeds from warehouse borrowings		53,655	74,260
Payment of debt issuance costs to third party		(443)	0
Repayments of warehouse borrowings		(122,285)	(110,175)
Principal payments made on securitization notes		(11,444)	(13,564)
Payable to investors	[1]	22,941	8,285
Proceeds from issuance of common stock under employee stock purchase plan		4,692	4,565
Proceeds from exercise of stock options		8,209	1,204
Taxes paid related to net share settlement of equity awards		(5)	(1)
Net cash used in financing activities		(44,680)	(35,426)
Change in cash, cash equivalents and restricted cash		(136,735)	(28,636)
Supplemental disclosures of cash flow information
Cash paid for interest		7,378	12,463
Cash paid for income taxes, net		96	88
Supplemental disclosures of non-cash investing and financing activities
Beneficial interests obtained in connection with loan sale		38,133	13,555
Capitalized stock-based compensation expense		3,144	546
Issuance of line of credit receivable		24,856	0
Beneficial interest assets included in payable to investors		0	4,400
Cash and Restricted Cash
Cash and cash equivalents		599,778
Restricted cash		239,750
Total cash, cash equivalents and restricted cash		$ 839,528	$ 439,151

[1] During 2024, the Company elected to change the presentation of changes in the payable to investors balance on the condensed consolidated statement of cash flows, refer to “Note 1. Description of Business and Significant Accounting Policies” for further details.