v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net Loss $ (35,702,000) $ (54,079,000) $ (106,462,000)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:      
Change in Fair Value of Financial Instruments 27,926,000 21,739,000 22,910,000
Depreciation and Amortization 12,128,000 10,816,000 10,989,000
Amortization of Operating Lease Right-of-Use Asset 2,147,000 2,285,000 2,408,000
Impairment of Operating Lease Right-of-Use Asset 0 0 196,000
Recognition of Servicing Asset on Sale of Borrower Loans (13,608,000) (10,997,000) (9,239,000)
Change in Fair Value of Servicing Assets and Liability 10,253,000 8,743,000 15,564,000
Stock-Based Compensation Expense 1,307,000 1,616,000 1,575,000
Change in Fair Value of Convertible Preferred Stock Warrants 42,103,000 46,208,000 48,695,000
Amortization of debt discount and debt issuance costs 3,786,000 4,283,000 3,971,000
Accrual of Payment-in-Kind Interest on 2022 Term Loan 0 1,292,000 1,527,000
Other, Net 950,000 1,289,000 370,000
Changes in Operating Assets and Liabilities:      
Purchase of Loans Held for Sale at Fair Value (2,487,702,000) (2,054,646,000) (1,921,129,000)
Proceeds from Sales and Principal Payments of Loans Held for Sale at Fair Value 2,589,232,000 2,235,519,000 1,989,170,000
Accounts Receivable (4,402,000) 3,000 (4,061,000)
Prepaid and Other Assets (4,926,000) (3,868,000) (15,267,000)
Credit Card Derivative (10,252,000) (9,139,000) (561,000)
Accounts Payable and Accrued Liabilities 15,095,000 16,595,000 3,382,000
Payable to Investors (14,342,000) 5,214,000 1,420,000
Other Liabilities 697,000 (868,000) 1,537,000
Interest payable (349,000) (2,054,000) 850,000
Net Cash (Used in) Provided by Operating Activities 134,341,000 219,951,000 47,845,000
Cash Flows from Investing Activities:      
Purchases of Borrower Loans Held at Fair Value (164,625,000) (186,073,000) (232,306,000)
Proceeds from Sales and Principal Payments of Borrower Loans Held at Fair Value 184,864,000 196,567,000 191,077,000
Purchases of Credit Card Receivables from Credit Card Partner (75,181,000) (106,161,000) 0
Principal Payments on Credit Card Receivable from Credit Card Partner 62,311,000 11,885,000 0
Purchases of Property and Equipment (14,789,000) (15,258,000) (15,722,000)
Net Cash Provided by (Used in) Investing Activities (7,420,000) (99,040,000) (56,951,000)
Cash Flows from Financing Activities:      
Proceeds from Issuance of Notes Held at Fair Value 163,892,000 184,200,000 231,520,000
Payments of Notes Held at Fair Value (183,753,000) (195,169,000) (188,670,000)
Principal Payments on Notes Issued by Securitization Trust (110,834,000) (174,326,000) (34,701,000)
Proceeds from 2025 Term Loan (Note 11) 75,000,000 0 0
Principal payments on 2022 Term Loan (Note 11) (75,512,000) (2,500,000) 0
Payment for Debt Issuance Costs (246,000) (4,327,000) (3,937,000)
Proceeds from Issuance of Securitized Notes (Note 7) 0 219,054,000 250,657,000
Proceeds from Warehouse Lines 0 0 48,478,000
Principal payments on Warehouse Lines 0 (28,601,000) (111,732,000)
Extinguishment of Warehouse Line (Note 11) 0 (129,441,000) (223,968,000)
Proceeds from Exercise of Stock Options 47,000 18,000 118,000
Proceeds from exercise of convertible preferred stock warrants 516,000 0 0
Net Cash (Used in) Provided by Financing Activities (130,890,000) (131,092,000) (32,235,000)
Net Decrease in Cash, Cash Equivalents and Restricted Cash (3,969,000) (10,181,000) (41,341,000)
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period 145,087,000 155,268,000 196,609,000
Cash, Cash Equivalents and Restricted Cash at End of the Period 141,118,000 145,087,000 155,268,000
Supplemental Disclosure of Cash Flow Information:      
Cash Paid for Interest 73,841,000 84,461,000 97,431,000
Cash Paid for Income Taxes (Note 15) 509,000 0 0
Cash paid for operating leases included in the measurement of lease liabilities 4,416,000 3,923,000 3,051,000
Non-Cash Investing Activity - Accrual for Property and Equipment, Net 2,587,000 2,525,000 1,468,000
Non-Cash Financing Activity - Accrual for Debt Issuance Costs 0 0 550,000
Reconciliation to Amounts on Consolidated Balance Sheets      
Cash and Cash Equivalents 46,755,000 30,334,000 34,970,000
Restricted Cash 94,363,000 [1],[2] 114,753,000 [1],[2] 120,298,000
Total Cash, Cash Equivalents and Restricted Cash $ 141,118,000 $ 145,087,000 $ 155,268,000
[1]
The following table presents the assets and liabilities of consolidated variable interest entities (“VIEs”), which are included in the Consolidated Balance Sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. Refer to Note 7, Securitizations, and Note 11, Debt, to the notes to the consolidated financial statements for additional information.

December 31,
20252024
Assets of consolidated VIEs, included in total assets above:
Restricted Cash$11,892 $17,961 
Accounts Receivable1,376 1,019 
Borrower Loans, at Fair Value64,400 176,208 
Receivable from Credit Card Partner, at Fair Value99,865 104,153 
Total assets of consolidated VIEs$177,533 $299,341 
Liabilities of consolidated VIEs, included in total liabilities above:
Notes Issued by Securitization Trusts$149,902 $258,960 
Other Liabilities2,163 1,570 
Total liabilities of consolidated VIEs$152,065 $260,530 
[2] (1) Includes amounts in consolidated variable interest entities presented separately in the table below.