CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income (loss) including noncontrolling interests		$ 42,328	$ (188,572)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity method loss		7,086	699
Depreciation and amortization		22,951	20,475
Share-based compensation		44,982	45,852
Fair value adjustment to warrant liability		6,486	(358)
(Gains) and losses on investments in loans and securities	[1]	65,473	157,513
Amortization of deferred costs		8,250	2,065
Loss from extinguishment of debt		18,585	0
Write-off of capitalized software and other assets		4,741	3,145
Loss on foreign exchange		1,092	4,178
Other non-cash items		0	367
Change in operating assets and liabilities:
Fees receivables	[1]	(28,178)	(14,627)
Accrued interest on investments	[1]	(28,467)	(16,818)
Right-of-use assets		4,598	1,462
Other assets		1,438	(8,213)
Accounts payable		4,597	4,607
Accrued expenses and other liabilities		2,737	4,121
Operating lease liability		(4,669)	(441)
Income taxes		(15,207)	4,442
Net cash provided by operating activities		158,823	19,897
Proceeds from the sale/maturity/prepayment of:
Investments in loans and securities	[1]	178,196	104,465
Equity method and other investments		0	31
Payments for the purchase of:
Investments in loans and securities		(361,070)	(538,727)
Property, equipment and software		(10,816)	(13,761)
Equity method and other investments		0	(125)
Other assets	[2]	(16,000)	0
Acquisition of Theorem Technology, Inc., net of cash acquired		159	0
Net cash used in investing activities		(209,531)	(448,117)
Cash flows from financing activities
Proceeds from sale of ordinary shares, net of issuance costs		0	89,956
Proceeds from long-term debt		500,000	244,725
Proceeds from secured borrowing		263,484	254,895
Proceeds received from noncontrolling interests		0	2,815
Proceeds from revolving credit facility		0	59,000
Proceeds from exercise of stock options and stock purchase plan		6,545	3,160
Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement		0	11,865
Distributions made to noncontrolling interests		(11,972)	(7,892)
Payments made to revolving credit facility		0	(134,000)
Payments made to secured borrowing		(310,844)	(117,883)
Payments made to long-term debt		(347,643)	(9,563)
Payments for debt issuance costs		(12,660)	(7,974)
Payments for deferred offering costs		0	(1,198)
Net cash provided by financing activities		86,910	387,906
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents		2,047	(1,180)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents		38,249	(41,494)
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period		226,518	222,541
Cash and cash equivalents, and restricted cash and cash equivalents, end of period		264,767	181,047
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents within the unaudited condensed consolidated balance sheet to the amounts shown in the statements of cash flow above:
Cash and cash equivalents		218,314	147,099
Restricted cash and cash equivalents		46,453	33,948
Total cash and cash equivalents, and restricted cash and cash equivalents		$ 264,767	$ 181,047

[1] Accrued interest receivable previously reported within “Fee and other receivables” in the prior period has been reclassified to “Investment in loans and securities” to conform to the current period’s presentation.

[2] Represents an investment in an affiliate by settling its third-party debt using restricted cash collateralized on the Company's balance sheet.