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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures its cash equivalents, customer funds, short-term and long-term marketable debt securities, marketable equity investments, and bitcoin investment at fair value. The Company classifies these investments within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
December 31, 2024December 31, 2023
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$857,196 $— $— $960,705 $— $— 
U.S. government securities26,951 — — 29,788 — — 
Commercial paper— 509 — — 4,993 — 
Corporate bonds— — — — 699 — 
Restricted Cash:
Money market funds319,800 — — 291,374 — — 
Customer funds:
Money market funds4,645 — — 4,042 — — 
Reverse repurchase agreement982,974 — — 1,028,754 — — 
Short-term debt securities:
U.S. government securities206,785 — — 539,998 — — 
Corporate bonds— 160,390 — — 215,227 — 
U.S. agency securities— 34,468 — — 67,515 — 
Commercial paper— 333 — — 15,159 — 
Municipal securities— 399 — — 9,165 — 
Certificates of deposit— 1,051 — — 3,856 — 
Foreign government securities— — — — 981 — 
Long-term debt securities:
U.S. government securities223,258 — — 153,387 — — 
Corporate bonds— 195,344 — — 95,328 — 
U.S. agency securities— 49,030 — — — — 
Municipal securities— 4,345 — — 2,412 — 
Other:
Bitcoin investment (i)
792,282 — — 339,898 — — 
Investment in marketable equity securities5,407 — — 8,267 — — 
Total assets (liabilities) measured at fair value    $3,419,298 $445,869 $— $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 1, Description of Business and Summary of Significant Accounting Policies and Note 13, Bitcoin for more details.

The carrying amounts of certain financial instruments, including settlements receivable, consumer receivables, accounts payable, customers payable, accrued expenses, and settlements payable, approximate their fair values due to their short-term nature. The carrying amounts of the Company's warehouse funding facilities approximate their fair values.
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):
December 31, 2024December 31, 2023
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$996,017 $960,589 $993,208 $938,105 
2031 Senior Notes990,971 873,868 989,567 879,913 
2032 Senior Notes1,975,026 1,999,220 — — 
2025 Convertible Notes999,497 991,941 996,437 979,776 
2026 Convertible Notes572,723 533,154 571,014 501,910 
2027 Convertible Notes571,202 497,517 569,865 468,475 
Total$6,105,436 $5,856,289 $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):
December 31, 2024December 31, 2023
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$1,111,107 $1,112,746 $775,424 $783,464 
Loans held for investment365,062 382,542 247,631 258,684 
Total$1,476,169 $1,495,288 $1,023,055 $1,042,148 
    
For the years ended December 31, 2024, 2023, and 2022, the Company recorded incremental charges for the excess of amortized cost over the fair value of the loans of $290.2 million, $111.2 million, and $78.0 million, respectively. To determine the fair value of the loans held for sale, the Company utilizes discounted cash flow valuation modeling, taking into account the probability of default and estimated timing and amounts of periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding, the Company considered other relevant market data in developing such estimates and assumptions. As of December 31, 2024, there were no material changes to the Company's estimates of fair value, and the Company will continue to evaluate facts and circumstances that could impact its estimates and affect its results of operations in future periods.
    
If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs. During the years ended December 31, 2024, 2023, and 2022, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.