v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Type of Service
The Company disaggregates revenue from fees by type of service for the periods presented as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Revenue from fees, net:
Platform and referral fees, net$98,595 $202,845 $202,454 $353,820 
Servicing and other fees, net31,937 37,932 66,146 72,432 
Total revenue from fees, net$130,532 $240,777 $268,600 $426,252 
Schedule of Customers Accounting for Greater Than 10% of Total Revenue
Customers accounting for greater than 10% of total revenue were as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Customer A*35%*31%
Customer B25%22%25%22%
Customer C35%10%37%*
Customer D10%*10%*
__________
* Less than 10%

Customers accounting for greater than 10% of accounts receivable were as follows:

December 31,June 30,
20242025
Customer E15%23%
Schedule of Collection Agency and Borrower Fees
The following table presents the components of servicing and other fees, net as part of revenue from fees, net in the Company’s condensed consolidated statements of operations and comprehensive income (loss):

Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Servicing fees$21,951 $23,426 $45,193 $46,238 
Borrower fees6,356 6,664 13,515 13,324 
Collection agency fees4,117 3,714 8,713 7,506 
Other fees115 833 213 931 
Net gain (loss) on servicing rights and fair value adjustments(602)3,295 (1,488)4,433 
Total servicing and other fees, net$31,937 $37,932 $66,146 $72,432 
Schedule of Components of Interest Income and Fair Value Adjustments, Net
The following table presents components of the interest income, interest expense, and fair value adjustments, net presented in the Company’s condensed consolidated statements of operations and comprehensive income (loss):

Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Interest income(1)
$52,883 $45,623 $104,054 $86,191 
Interest expense(1)
(11,470)(7,772)(22,184)(14,792)
Fair value and other adjustments, net:
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(1)
(31,949)(18,878)(61,542)(40,204)
Realized gain (loss) on sale of loans, net
(4,511)3,829 (11,615)1,838 
Fair value adjustments and realized gains (losses) on beneficial interests, net
(7,855)(6,288)(21,889)11,377 
Total fair value and other adjustments, net
(44,315)(21,337)(95,046)(26,989)
Total interest income, interest expense, and fair value adjustments, net$(2,902)$16,514 $(13,176)$44,410 
__________
(1) Includes interest income, interest expense and unrealized loss on loans, loan charge-offs, and other fair value adjustments, net related to the consolidated securitization as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202520242025
Interest income, interest expense, and fair value adjustments, net related to consolidated securitization:
Interest income$7,714 $4,465 $16,338 $9,577 
Interest expense(2,514)(1,668)(5,274)(3,517)
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(9,266)(3,238)(19,917)(7,018)
Total interest income, interest expense, and fair value adjustments, net$(4,066)$(441)$(8,853)$(958)