v3.25.2
Balance Sheet Components
 6 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
Balance Sheet Components Balance Sheet Components
Other Assets

Other assets consisted of the following:
December 31, 2024June 30, 2025
Line of credit receivable (at fair value)(1)
$56,269 $107,456 
Notes receivable and residual certificates (at fair value)(1)(3)
22,055 54,708 
Receivables48,233 44,682 
Loan servicing assets (at fair value)(1)
27,439 32,443 
Prepaid expenses28,830 26,950 
Other assets19,321 20,554 
Intangible assets, net(2)
9,431 8,860 
Deposits5,185 4,616 
Total other assets$216,763 $300,269 
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(1)Refer to “Note 5. Fair Value Measurement” for further information.
(2)Refer to “Note 6. Goodwill and Intangible Assets” for further information.
(3)Refer to “Note 8. Borrowings” for further information on securitization notes pledged as collateral as part of the risk retention financing facility.

Receivables represent amounts recognized as revenue but not yet collected in relation to servicing and other agreements with institutional investors and lending partners.
Property, Equipment, and Software, Net

Property, equipment, and software, net consisted of the following:
December 31, 2024June 30, 2025
Internally developed software$68,481 $84,630 
Leasehold improvements15,069 15,138 
Computer and networking equipment6,069 6,115 
Furniture and fixtures4,795 4,795 
Total property, equipment, and software94,414 110,678 
Accumulated depreciation and amortization(55,401)(66,736)
Total property, equipment, and software, net$39,013 $43,942 

For the three and six months ended June 30, 2024, depreciation and amortization expense on property, equipment, and software was $4.5 million and $9.1 million, respectively and $5.6 million and $11.7 million for the three and six months ended June 30, 2025, respectively.

Capitalized internally developed software balances, net of accumulated amortization, were $31.0 million and $37.4 million as of December 31, 2024 and June 30, 2025, respectively. The Company recognized immaterial impairment charges to internally developed software during the three and six months ended June 30, 2024 and 2025.
Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:
December 31, 2024June 30, 2025
Accrued expenses$37,781 $40,394 
Accrued payroll64,514 34,081 
Accounts payable12,381 28,765 
Beneficial interest liabilities (at fair value)10,089 10,532 
Other liabilities3,241 6,245 
Trailing fee liability (at fair value)4,614 4,958 
Loan servicing liabilities (at fair value)1,180 1,750 
Total accrued expenses and other liabilities$133,800 $126,725