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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

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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- 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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