XML 59 R40.htm IDEA: XBRL DOCUMENT v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
December 31, 2025December 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$608,807 $— $— $857,196 $— $— 
U.S. government securities4,963 — — 26,951 — — 
Commercial paper— 64,805 — — 509 — 
Corporate bonds— 276 — — — — 
Restricted Cash:
Money market funds293,514 — — 319,800 — — 
Customer funds:
Money market funds— — — 4,645 — — 
Reverse repurchase agreement1,108,097 — — 982,974 — — 
Short-term debt securities:
U.S. government securities344,627 — — 206,785 — — 
Corporate bonds— 59,119 — — 160,390 — 
U.S. agency securities— 19,035 — — 34,468 — 
Commercial paper— 92,655 — — 333 — 
Municipal securities— 130 — — 399 — 
Certificates of deposit— 2,211 — — 1,051 — 
Long-term debt securities:
U.S. government securities100,467 — — 223,258 — — 
Corporate bonds— 81,469 — — 195,344 — 
U.S. agency securities— — — — 49,030 — 
Municipal securities— 6,951 — — 4,345 — 
Other:
Bitcoin investment
777,515 — — 792,282 — — 
Investment in marketable equity securities5,225 — — 5,407 — — 
Total$3,243,215 $326,651 $— $3,419,298 $445,869 $— 
The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
December 31, 2025December 31, 2024
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$998,827 $993,144 $996,017 $960,589 
2030 Senior Notes1,185,533 1,209,528 — — 
2031 Senior Notes992,372 932,095 990,971 873,868 
2032 Senior Notes1,977,734 2,057,081 1,975,026 1,999,220 
2033 Senior Notes987,581 1,013,732 — — 
2025 Convertible Notes— — 999,497 991,941 
2026 Convertible Notes574,432 566,103 572,723 533,154 
2027 Convertible Notes572,539 530,171 571,202 497,517 
Total$7,289,018 $7,301,854 $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):
December 31, 2025December 31, 2024
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$782,966 $812,658 $1,111,107 $1,112,746 
Loans held for investment3,382,957 3,445,631 365,062 382,542 
Total$4,165,923 $4,258,289 $1,476,169 $1,495,288