XML 43 R33.htm IDEA: XBRL DOCUMENT
v3.25.3

FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of 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, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 2,268,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 857,196 |  |  | $ | — |  |  | $ | — |
U.S. government securities | 79,582 |  |  | — |  |  | — |  |  | 26,951 |  |  | — |  |  | — |
Commercial paper | — |  |  | 1,564 |  |  | — |  |  | — |  |  | 509 |  |  | — |
Corporate bonds | — |  |  | 76 |  |  | — |  |  | — |  |  | — |  |  | — |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |
Money market funds | 96,641 |  |  | — |  |  | — |  |  | 319,800 |  |  | — |  |  | — |
Customer funds: |  |  |  |  |  |  |  |  |  |  |
Reverse repurchase agreement | 1,139,122 |  |  | — |  |  | — |  |  | 982,974 |  |  | — |  |  | — |
Money market funds | 4,645 |  |  | — |  |  | — |  |  | 4,645 |  |  | — |  |  | — |
Short-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 271,717 |  |  | — |  |  | — |  |  | 206,785 |  |  | — |  |  | — |
Corporate bonds | — |  |  | 65,231 |  |  | — |  |  | — |  |  | 160,390 |  |  | — |
U.S. agency securities | — |  |  | 24,029 |  |  | — |  |  | — |  |  | 34,468 |  |  | — |
Certificates of deposit | — |  |  | 1,246 |  |  | — |  |  | — |  |  | 1,051 |  |  | — |
Commercial paper | — |  |  | 8,418 |  |  | — |  |  | — |  |  | 333 |  |  | — |
Municipal securities | — |  |  | 131 |  |  | — |  |  | — |  |  | 399 |  |  | — |
Long-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 118,679 |  |  | — |  |  | — |  |  | 223,258 |  |  | — |  |  | — |
Corporate bonds | — |  |  | 47,557 |  |  | — |  |  | — |  |  | 195,344 |  |  | — |
U.S. agency securities | — |  |  | 5,005 |  |  | — |  |  | — |  |  | 49,030 |  |  | — |
Municipal securities | — |  |  | 5,543 |  |  | — |  |  | — |  |  | 4,345 |  |  | — |
Other: |  |  |  |  |  |  |  |  |  |  |
Bitcoin investment (i) | 1,001,419 |  |  | — |  |  | — |  |  | 792,282 |  |  | — |  |  | — |
Investment in marketable equity securities | 5,808 |  |  | — |  |  | — |  |  | 5,407 |  |  | — |  |  | — |
Total | $ | 4,986,029 |  |  | $ | 158,800 |  |  | $ | — |  |  | $ | 3,419,298 |  |  | $ | 445,869 |  |  | $ | — |
(i) In addition to the Company's bitcoin investment, an immaterial amount of bitcoin is held 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, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value (Level 2) |  | Carrying Value |  | Fair Value (Level 2)
2026 Senior Notes | $ | 998,117 |  |  | $ | 985,251 |  |  | $ | 996,017 |  |  | $ | 960,589 |
2030 Senior Notes | 1,184,858 |  |  | 1,201,256 |  |  | — |  |  | — |
2031 Senior Notes | 992,018 |  |  | 923,827 |  |  | 990,971 |  |  | 873,868 |
2032 Senior Notes | 1,977,040 |  |  | 2,046,612 |  |  | 1,975,026 |  |  | 1,999,220 |
2033 Senior Notes | 987,265 |  |  | 1,011,473 |  |  | — |  |  | — |
2025 Convertible Notes | — |  |  | — |  |  | 999,497 |  |  | 991,941 |
2026 Convertible Notes | 574,001 |  |  | 558,503 |  |  | 572,723 |  |  | 533,154 |
2027 Convertible Notes | 572,201 |  |  | 521,847 |  |  | 571,202 |  |  | 497,517 |
Total | $ | 7,285,500 |  |  | $ | 7,248,769 |  |  | $ | 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):
| September 30, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value (Level 3) |  | Carrying Value |  | Fair Value (Level 3)
Loans held for sale | $ | 778,039 |  |  | $ | 803,058 |  |  | $ | 1,111,107 |  |  | $ | 1,112,746 |
Loans held for investment | 2,203,273 |  |  | 2,258,882 |  |  | 365,062 |  |  | 382,542 |
Total | $ | 2,981,312 |  |  | $ | 3,061,940 |  |  | $ | 1,476,169 |  |  | $ | 1,495,288 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration