v3.26.1
BORROWER LOANS AND NOTES, AT FAIR VALUE
 12 Months Ended
Dec. 31, 2025
Entity Information [Line Items]  
BORROWER LOANS AND NOTES, AT FAIR VALUE BORROWER LOANS AND NOTES, AT FAIR VALUE
The fair values of the Borrower Loans and Notes issued through the Note Channel are estimated using discounted cash flow methodologies based upon a set of valuation assumptions. The primary assumptions used to value such Borrower Loans and Notes include default rates, prepayment rates and recoveries derived from historical performance and discount rates based on the rates of return that investors would require when investing in financial instruments with similar characteristics. The obligation to pay principal and interest on any series of Notes is equal to the payments, if any, received on the corresponding Borrower Loan, net of the servicing fee. As such, the fair value of the Notes is approximately equal to the fair value of the Borrower Loans originated through the Note Channel, adjusted for the servicing fee and the timing of borrower payments subsequently disbursed to the Note holders. The effective interest rate associated with any series of Notes will be less than the interest rate earned on the corresponding Borrower Loan due to the servicing fee.
As of December 31, 2025 and 2024, Borrower Loans and Notes were as follows (in thousands):
 Borrower LoansNotes
 2025202420252024
Aggregate principal balance outstanding
$324,505 $489,289 $256,929 $301,246 
Fair value adjustments(14,768)(27,504)(13,029)(18,216)
Fair value$309,737 $461,785 $243,900 $283,030 
Borrower Loans
As of December 31, 2025, outstanding Borrower Loans had original terms to maturity of 24, 36, 48 or 60 months, had monthly payments with fixed interest rates ranging from 6.00% to 33.00% and had various original maturity dates through December 2030. At December 31, 2024, outstanding Borrower Loans had original terms to maturity of 24, 36, 48 or 60 months, had monthly payments with fixed interest rates ranging from 6.00% to 33.00% and had various original maturity dates through December 2029.
As of December 31, 2025, the Borrower Loans that were 90 days or more delinquent had an aggregate principal amount of $2.9 million and a fair value of $0.6 million. As of December 31, 2024, the Borrower Loans that were 90 days or more delinquent had an aggregate principal amount of $5.4 million and a fair value of $1.1 million. We place loans on non-accrual status when they are over 120 days past due. As of December 31, 2025 and 2024, Borrower Loans in non-accrual status had a fair value of $0.4 million and $0.6 million, respectively.
Prosper Funding LLC  
Entity Information [Line Items]  
BORROWER LOANS AND NOTES, AT FAIR VALUE BORROWER LOANS AND NOTES, AT FAIR VALUE
The fair value of Borrower Loans and Notes issued through the Note Channel is estimated using discounted cash flow methodologies based upon a set of valuation assumptions. The primary assumptions used to value such Borrower Loans and Notes include default and prepayment rates derived from historical performance and discount rates that reflect estimates of the rates of return that investors would require when investing in financial instruments with similar characteristics. The obligation to pay principal and interest on any series of Notes is equal to the payments, if any, received on the corresponding borrower loan, net of the servicing fee. As such, the fair value of Notes is approximately equal to the fair value of Borrower Loans originated through the Note Channel, adjusted for the servicing fee and the timing of borrower payments subsequently disbursed to the note holders. The effective interest rate associated with a series of notes will be less than the interest rate earned on the corresponding borrower loan due to the servicing fee.
The aggregate principal balances outstanding and fair values of Borrower Loans and Notes as of December 31, 2025 and 2024, are presented in the following table (in thousands):
Borrower LoansNotes
 December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Aggregate principal balance outstanding
$255,132 $300,782 $256,929 $301,246 
Fair value adjustments(9,795)(15,204)(13,029)(18,216)
Fair value$245,337 $285,578 $243,900 $283,030 
As of December 31, 2025, outstanding Borrower Loans had original terms to maturity of 24, 36, 48 or 60 months, had monthly payments with fixed interest rates ranging from 6.00% to 33.00% and had various original maturity dates through December 2030. As of December 31, 2024, outstanding Borrower Loans had original maturities of either 24, 36, 48 or 60 months, monthly payments with fixed interest rates ranging from 6.00% to 33.00% and had various original maturity dates through December 2029.
As of December 31, 2025, Borrower Loans that were 90 days or more delinquent had an aggregate principal amount of $2.2 million and a fair value of $0.4 million. As of December 31, 2024, Borrower Loans that were 90 days or more delinquent had an aggregate principal amount of $3.1 million and a fair value of $0.4 million. PFL places loans on non-accrual status when they are over 120 days past due. As of December 31, 2025 and 2024, Borrower Loans in non-accrual status had a fair value of $0.3 million and $0.3 million, respectively.
On March 28, 2024, Prosper completed a securitization of Borrower Loans originated through Prosper’s marketplace platform, PMIT 2024-1. PFL served as the sole sponsor for this securitization. Loans eligible for securitization that were funded through the former PWIT Warehouse Line were contributed to the PMIT 2024-1 securitization. Loans that were not eligible for securitization, with an aggregate outstanding principal balance of $4.5 million and a fair value of $1.6 million, were contributed to PFL, and are included in Borrower Loans, at Fair Value on the accompanying consolidated balance sheets, to the extent they remain outstanding. The fair value of these Borrower Loans was recorded as a deemed Contribution of Borrower Loans from Parent on the consolidated statement of member’s equity and as a non-cash financing activity on the consolidated statement of cash flows.