XML 125 R22.htm IDEA: XBRL DOCUMENT
v3.25.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Accounting Policies [Abstract] |
Schedule of Fair Value Hierarchy Measurement Inputs For Assets and Liabilities |
Level |  | Measurement
1 |  | Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
2 |  | Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the asset or liability.
3 |  | Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.
The following summarizes the Company’s assets and liabilities within the fair value hierarchy at September 30, 2025 and December 31, 2024:
Level |  | Assets and Liabilities |  | Measurement
1 |  | Cash and cash equivalents and restricted cash |  | Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.
|  | Digital assets |  | Estimates of fair value are measured using observable, quoted digital asset prices within the Company’s principal market at the time of measurement as Level 1 inputs.
2 |  | Marketable securities |  | Estimates of fair value are measured based upon observable market data of similar instruments.
|  | Publicly-traded face-amount certificates |  | Estimates of fair value are measured based upon observable market data of similar instruments.
3 |  | Marketable Securities —Residual Interest Securities |  | Estimates of fair value are measured based upon discounted expected future cash flows arising from the securitization collateral cash flows after payments of principal and interest to senior noteholders and other fees, incorporating assumptions of scheduled principal and interest collections; prepayment and default rates; and debt-to-income and loan-to-value ratios.
|  | Loans |  | Estimates of fair value are measured based upon discounted expected future contractual loan cash flows, incorporating assumptions of scheduled principal and interest collections; prepayment and default rates; and debt-to-income and loan-to-value ratios.
|  | Loan servicing assets |  | Estimates of fair value are measured based upon discounted expected future cash flows arising from the market fees earned to service underlying similar loans, net of market servicing costs, of the forecasted loan balances, incorporating scheduled principal and interest collections as well as prepayment and default rates.
Schedule of Derivative Assets and Liabilities | The Company records derivative assets and liabilities within “Other current liabilities” and “Other current assets” in the Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, we recorded the following balances, respectively:
| Notional |  | September 30, 2025 |  | December 31, 2024 |  |  |  |
Other current assets |  |  |  |  |  |  |  |  |
Treasury note futures | $ | 213,700 |  |  | $ | 11 |  |  | $ | 329 |  |  |  |  |
Schedule of Reconciliation of Cash And Cash Equivalents And Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
|  | September 30, 2025 |  | December 31, 2024
Cash and cash equivalents |  | $ | 1,097,123 |  |  | $ | 287,256 |
Restricted cash |  | 64,590 |  |  | 57,777 |
Total cash, cash equivalents and restricted cash |  | $ | 1,161,713 |  |  | $ | 345,033 |
Schedule of Components of Ecosystem and Technology Fees | The following table presents the components of “Ecosystem and technology fees” in the Condensed Consolidated Statements of Operations:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Ecosystem and technology fees |  |  |  |  |  |  |  |
Technology offering fees(A) |  | $ | 15,548 |  |  | $ | 5,179 |  |  | $ | 35,195 |  |  | $ | 15,332 |
Ecosystem fees(B) |  | 16,248 |  |  | — |  |  | 35,501 |  |  | — |
|  | 31,796 |  |  | 5,179 |  |  | 70,696 |  |  | 15,332 |
Program fees(C) |  | 3,895 |  |  | 2,144 |  |  | 8,749 |  |  | 4,498 |
Total ecosystem and technology fees |  | $ | 35,691 |  |  | $ | 7,323 |  |  | $ | 79,445 |  |  | $ | 19,830 |
(A) Technology offering fees include fees that are accounted for under ASC 606, as well as $6.7 million and $13.5 million for the three and nine months ended September 30, 2025 that are in the scope of ASC 310. All technology fees recorded for the three and nine months ended September 30, 2024 were within the scope of ASC 606. (B) Ecosystem fees include fees that are accounted for under ASC 606, as well as $8.5 million and $17.5 million for the three and nine months ended September 30, 2025 that are in the scope of ASC 310. The Company did not earn ecosystem fees for the three and nine months ended September 30, 2024. (C) Program fees are not in the scope of ASC 606.
Schedule of Amortization of Capitalized Costs over the Estimated Useful Lives |
| Estimated Useful Life (Years) |  | September 30, 2025 |  | December 31, 2024
Internally developed software | 3 |  | $ | 96,741 |  |  | $ | 80,664 |
Accumulated amortization(A) |  |  | (69,885) |  |  | (57,503) |
Net |  |  | $ | 26,856 |  |  | $ | 23,161 |
(A) The Company amortized $4.3 million and $12.4 million of capitalized internally-developed software costs during the three and nine months ended September 30, 2025, respectively, and $3.8 million and $13.3 million, respectively, during the three and nine months ended September 30, 2024.

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

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
Name: | us-gaap_ScheduleOfAcquiredFiniteLivedIntangibleAssetsByMajorClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration