v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Cash and Cash Equivalents $ 46,755 $ 30,334
Restricted Cash [1],[2] 94,363 114,753
Accounts Receivable [1],[2] 11,947 7,545
Borrower Loans, at Fair Value [1],[2] 309,737 461,785
Receivable from Credit Card Partner, at Fair Value [1],[2] 99,865 104,153
Property and Equipment, Net 45,097 44,273
Prepaid and Other Assets [1],[2] 30,263 25,362
Credit Card Derivative 48,290 38,739
Servicing Assets 17,402 13,718
Goodwill 36,368 36,368
Total Assets 740,087 877,030
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Accounts Payable and Accrued Liabilities 73,692 58,558
Payable to Investors 77,604 91,945
Notes, at Fair Value 243,900 283,030
Notes Issued by Securitization Trusts [1],[2] 149,902 258,960
Term Loan 74,759 73,857
Other Liabilities [1],[2] 34,778 33,749
Convertible Preferred Stock Warrant Liability 230,060 261,249
Total Liabilities 884,695 1,061,348
Commitments and Contingencies (see Note 17)
Stockholders' Deficit:    
Common Stock – $0.01 par value; 625,000,000 shares authorized; 79,138,710 shares issued and 78,202,775 shares outstanding as of December 31, 2025; 78,401,384 shares issued and 77,465,449 shares outstanding as of December 31, 2024. 307 300
Additional Paid-In Capital 164,240 162,643
Less: Treasury Stock (23,417) (23,417)
Accumulated Deficit (679,913) (644,211)
Total Stockholders' Deficit (538,783) (504,685)
Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit 740,087 877,030
Convertible Preferred Stock Held by Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock (2,381) (2,381)
Consolidated Entity, Excluding Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock 396,556 322,748
VIE, Primary Beneficiary    
Assets:    
Restricted Cash 11,892 17,961
Accounts Receivable 1,376 1,019
Borrower Loans, at Fair Value 64,400 176,208
Receivable from Credit Card Partner, at Fair Value 99,865 104,153
Total Assets 177,533 299,341
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Notes Issued by Securitization Trusts 149,902 258,960
Other Liabilities 2,163 1,570
Total Liabilities 152,065 260,530
VIE, Primary Beneficiary | Convertible Preferred Stock Held by Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock $ (2,381) $ (2,381)
[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.