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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
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):
| March 31, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 1,159,181 |  |  | $ | — |  |  | $ | — |  |  | $ | 857,196 |  |  | $ | — |  |  | $ | — |
U.S. government securities | 32,890 |  |  | — |  |  | — |  |  | 26,951 |  |  | — |  |  | — |
Commercial paper | — |  |  | 483 |  |  | — |  |  | — |  |  | 509 |  |  | — |
Corporate bonds | — |  |  | 69 |  |  | — |  |  | — |  |  |  |  | — |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |
Money market funds | 89,017 |  |  | — |  |  | — |  |  | 319,800 |  |  | — |  |  | — |
Customer funds: |  |  |  |  |  |  |  |  |  |  |
Money market funds | 4,645 |  |  | — |  |  | — |  |  | 4,645 |  |  | — |  |  | — |
Reverse repurchase agreement | 932,412 |  |  | — |  |  | — |  |  | 982,974 |  |  | — |  |  | — |
Short-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 221,484 |  |  | — |  |  | — |  |  | 206,785 |  |  | — |  |  | — |
Corporate bonds | — |  |  | 99,283 |  |  | — |  |  | — |  |  | 160,390 |  |  | — |
U.S. agency securities | — |  |  | 31,996 |  |  | — |  |  | — |  |  | 34,468 |  |  | — |
Certificates of deposit | — |  |  | 1,188 |  |  | — |  |  | — |  |  | 1,051 |  |  | — |
Commercial paper | — |  |  | 585 |  |  | — |  |  | — |  |  | 333 |  |  | — |
Municipal securities | — |  |  | 305 |  |  | — |  |  | — |  |  | 399 |  |  | — |
Long-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 157,543 |  |  | — |  |  | — |  |  | 223,258 |  |  | — |  |  | — |
Corporate bonds | — |  |  | 72,677 |  |  | — |  |  | — |  |  | 195,344 |  |  | — |
U.S. agency securities | — |  |  | 39,081 |  |  | — |  |  | — |  |  | 49,030 |  |  | — |
Municipal securities | — |  |  | 4,313 |  |  | — |  |  | — |  |  | 4,345 |  |  | — |
Other: |  |  |  |  |  |  |  |  |  |  |
Bitcoin investment (i) | 708,450 |  |  | — |  |  | — |  |  | 792,282 |  |  | — |  |  | — |
Investment in marketable equity securities | 4,532 |  |  | — |  |  | — |  |  | 5,407 |  |  | — |  |  | — |
Total | $ | 3,310,154 |  |  | $ | 249,980 |  |  | $ | — |  |  | $ | 3,419,298 |  |  | $ | 445,869 |  |  | $ | — |
(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):
| March 31, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value (Level 2) |  | Carrying Value |  | Fair Value (Level 2)
2026 Senior Notes | $ | 996,708 |  |  | $ | 968,970 |  |  | $ | 996,017 |  |  | $ | 960,589 |
2031 Senior Notes | 991,316 |  |  | 873,884 |  |  | 990,971 |  |  | 873,868 |
2032 Senior Notes | 1,975,686 |  |  | 2,009,470 |  |  | 1,975,026 |  |  | 1,999,220 |
2025 Convertible Notes | — |  |  | — |  |  | 999,497 |  |  | 991,941 |
2026 Convertible Notes | 573,144 |  |  | 546,493 |  |  | 572,723 |  |  | 533,154 |
2027 Convertible Notes | 571,531 |  |  | 504,662 |  |  | 571,202 |  |  | 497,517 |
Total | $ | 5,108,385 |  |  | $ | 4,903,479 |  |  | $ | 6,105,436 |  |  | $ | 5,856,289 |
The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
| March 31, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value (Level 3) |  | Carrying Value |  | Fair Value (Level 3)
Loans held for sale | $ | 1,322,049 |  |  | $ | 1,339,906 |  |  | $ | 1,111,107 |  |  | $ | 1,112,746 |
Loans held for investment | 402,561 |  |  | 421,609 |  |  | 365,062 |  |  | 382,542 |
Total | $ | 1,724,610 |  |  | $ | 1,761,515 |  |  | $ | 1,476,169 |  |  | $ | 1,495,288 |

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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 + Details
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