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Balance Sheet Components
 3 Months Ended
Mar. 31, 2026
Other Assets [Abstract]  
Balance Sheet Components Balance Sheet Components
Other Assets

Other assets consisted of the following:
December 31, 2025March 31, 2026
Receivables46,647 46,068 
Loan servicing assets (at fair value)(1)
40,941 45,437 
Prepaid expenses39,658 40,588 
Other assets17,379 12,844 
Intangible assets, net(2)
8,289 8,004 
Deposits5,057 1,620 
Total other assets$157,971 $154,561 
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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.

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, 2025March 31, 2026
Internally developed software$95,923 $101,884 
Leasehold improvements15,519 18,134 
Computer and networking equipment6,358 6,484 
Furniture and fixtures4,795 5,306 
Total property, equipment, and software122,595 131,808 
Accumulated depreciation and amortization(78,421)(83,806)
Total property, equipment, and software, net$44,174 $48,002 

For the three months ended March 31, 2025 and 2026, depreciation and amortization expense on property, equipment, and software was $6.1 million and immaterial, respectively.

Capitalized internally developed software balances, net of accumulated amortization, were $38.5 million and $40.2 million as of December 31, 2025 and March 31, 2026, respectively. The Company recognized no impairment charges to internally developed software during the three months ended March 31, 2025 and 2026.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:
December 31, 2025March 31, 2026
Accrued expenses$68,232 $58,865 
Accounts payable31,981 22,719 
Accrued payroll49,275 16,217 
Other liabilities6,788 10,929 
Loan servicing liabilities (at fair value)4,383 6,646 
Trailing fee liability (at fair value)5,761 5,980 
Beneficial interest liabilities (at fair value)5,075 3,235 
Total accrued expenses and other liabilities$171,495 $124,591