v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
20252026
Revenue from fees, net:
Platform and referral fees, net$150,975 $224,618 
Servicing and other fees, net34,500 52,445 
Total revenue from fees, net$185,475 $277,063 
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 March 31,
20252026
Customer A27%27%
Customer B21%18%
Customers accounting for greater than 10% of accounts receivable were as follows:

December 31, 2025March 31, 2026
Customer C16%15%
Customer D16%*
__________
* Less than 10%
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 loss:

Three Months Ended March 31,
20252026
Servicing fees$22,812 $32,333 
Borrower fees6,660 10,093 
Collection agency fees3,792 3,912 
Other fees97 3,874 
Net gain on servicing rights and fair value adjustments1,139 2,233 
Total servicing and other fees, net$34,500 $52,445 
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 loss:

Three Months Ended March 31,
20252026
Interest income(1)
$40,568 $56,061 
Interest expense(1)
(7,020)(10,370)
Fair value and other adjustments, net:
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(1)
(21,326)(18,187)
Fair value adjustments and realized gains on beneficial interests, net
17,665 13,134 
Realized loss on sale of loans, net
(1,991)(9,487)
Total fair value and other adjustments, net
(5,652)(14,540)
Total interest income, interest expense, and fair value adjustments, net$27,896 $31,151 
__________
(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 March 31,
20252026
Interest income, interest expense, and fair value adjustments, net related to consolidated securitization:
Interest income$5,112 $2,668 
Interest expense(1,849)(1,158)
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(3,780)(736)
Total interest income, interest expense, and fair value adjustments, net$(517)$774