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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):

			September 30, 2024																		December 31, 2023
			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Cash equivalents:
Money market funds			$	1,204,695					$	—					$	—					$	960,705					$	—					$	—
U.S. government securities			148,331						—						—						29,788						—						—
Commercial paper			—						496						—						—						4,993						—
Corporate bonds			—						—						—						—						699						—
Restricted cash:
Money market funds			197,075						—						—						291,374						—						—
Customer funds:
Money market funds			4,645						—						—						4,042						—						—
Reverse repurchase agreement			900,646						—						—						1,028,754						—						—
Short-term debt securities:
U.S. government securities			332,322						—						—						539,998						—						—
Corporate bonds			—						137,464						—						—						215,227						—
U.S. agency securities			—						33,772						—						—						67,515						—
Certificates of deposit			—						738						—						—						3,856						—
Commercial paper			—						598						—						—						15,159						—
Municipal securities			—						92						—						—						9,165						—
Foreign government securities			—						—						—						—						981						—
Long-term debt securities:
U.S. government securities			202,443						—						—						153,387						—						—
Corporate bonds			—						186,785						—						—						95,328						—
U.S. agency securities			—						39,034						—						—						—						—
Certificates of deposit			—						515						—						—						—						—
Municipal securities			—						3,399						—						—						2,412						—
Other:
Investment in marketable equity securities			1,527						—						—						8,267						—						—
Bitcoin investment (i)			529,581						—						—						339,898						—						—
Safeguarding asset related to bitcoin held for other parties			—						1,412,948						—						—						1,038,585						—
Safeguarding obligation liability related to bitcoin held for other parties			—						(1,412,948)						—						—						(1,038,585)						—
Total assets (liabilities) measured at fair value			$	3,521,265					$	402,893					$	—					$	3,356,213					$	415,335					$	—

(i) The Company holds an immaterial amount of bitcoin for operating purposes and, given the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the fair value approximates carrying value. Refer to Note 11, Bitcoin for more details.

The Company estimates the fair value of its convertible and senior notes based on their last actively traded prices (Level 1) or market observable inputs (Level 2). The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):

			September 30, 2024												December 31, 2023
			Carrying Value						Fair Value (Level 2)						Carrying Value						Fair Value (Level 2)
2026 Senior Notes			$	995,309					$	965,320					$	993,208					$	938,105
2031 Senior Notes			990,617						904,869						989,567						879,913
2032 Senior Notes			1,974,377						2,058,228						—						—
2025 Convertible Notes			998,727						977,824						996,437						979,776
2026 Convertible Notes			572,293						528,988						571,014						501,910
2027 Convertible Notes			570,866						493,086						569,865						468,475
Total			$	6,102,189					$	5,928,315					$	4,120,091					$	3,768,179

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):

			September 30, 2024												December 31, 2023
			Carrying Value						Fair Value (Level 3)						Carrying Value						Fair Value (Level 3)
Loans held for sale			$	1,008,312					$	1,012,996					$	775,424					$	783,464
Loans held for investment			260,718						272,530						247,631						258,684
Total			$	1,269,030					$	1,285,526					$	1,023,055					$	1,042,148

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- References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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