v3.26.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following table presents assets and liabilities measured at fair value and categorized in accordance with the fair value hierarchy:
Level December 31, 2025March 31, 2026
Assets
Loans3$984,552 $1,014,089 
Beneficial interest assets
3396,216 474,796 
Line of credit receivable3112,742 111,916 
Loan servicing assets340,941 45,437 
Notes receivable and residual certificates397,416 105,066 
Interest rate cap
2225 109 
Total assets$1,632,092 $1,751,413 
Liabilities
Payable to securitization note holders3$46,542 $39,188 
Beneficial interest liabilities35,075 3,235 
Trailing fee liabilities35,761 5,980 
Loan servicing liabilities34,383 6,646 
Total liabilities$61,761 $55,049 
Schedule of Fair Value by Classes of Loans Held by the Company The following table presents the fair value of loans held on the Company’s condensed consolidated balance sheets by classification:
December 31, 2025March 31, 2026
Loans held-for-sale$393,159 $723,855 
Loans held-for-investment537,631 245,378 
Loans held in consolidated securitization53,762 44,856 
Total$984,552 $1,014,089 
Schedule of Significant Unobservable Inputs
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loans held-for-investment and held-for-sale, excluding loans held in the consolidated securitization:
December 31, 2025March 31, 2026
MinimumMaximum
Weighted-Average (1)
MinimumMaximum
Weighted-Average (1)
Discount rate5.00 %14.78 %9.51 %5.48 %15.05 %9.88 %
Credit risk rate
0.01 %91.50 %15.52 %0.01 %91.50 %16.92 %
Prepayment rate
0.45 %99.75 %43.41 %0.45 %99.75 %41.98 %
_________
(1) Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs implied for the Company’s Level 3 fair value measurements for loans held in the consolidated securitization:
December 31, 2025March 31, 2026
MinimumMaximum
Weighted-Average (1)
MinimumMaximum
Weighted-Average (1)
Discount rate6.99 %15.00 %10.43 %6.90 %15.00 %11.04 %
Credit risk rate
0.67 %35.68 %16.12 %0.67 %35.68 %16.20 %
Prepayment rate
6.73 %89.84 %40.50 %6.73 %89.84 %40.25 %
_________
(1) Unobservable inputs were weighted by relative fair value.
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to the line of credit receivable:

December 31, 2025March 31, 2026
MinimumMaximum
Weighted-Average
MinimumMaximum
Weighted-Average
Discount rate6.50%6.50%6.50%6.50 %6.50 %6.50 %
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to notes receivable, residual certificates, and payable to securitization note holders:
December 31, 2025March 31, 2026
MinimumMaximum
Weighted-Average (1)
MinimumMaximum
Weighted-Average (1)
Notes receivable and residual certificates
Discount rate5.75 %12.78 %10.72 %6.08 %15.05 %10.43 %
Credit risk rate
0.38 %50.28 %21.10 %0.38 %44.74 %21.27 %
Prepayment rate
4.11 %95.77 %33.04 %4.11 %93.44 %33.56 %
Payable to securitization note holders
Discount rate6.99 %10.40 %9.65 %6.90 %10.60 %10.32 %
Credit risk rate
0.67 %35.68 %16.12 %0.67 %35.68 %16.20 %
Prepayment rate
6.73 %89.84 %40.50 %6.73 %89.84 %40.25 %
_________
(1)Unobservable inputs were weighted by relative fair value.
The following table presents quantitative information about the significant unobservable inputs used for the Company’s fair value measurements of beneficial interests as of December 31, 2025 and March 31, 2026:
December 31, 2025March 31, 2026
MinimumMaximum
Weighted-Average(1)
MinimumMaximum
Weighted-Average(1)
Beneficial interest assets
Discount rate6.50 %14.50 %12.90 %6.50 %14.50 %12.44 %
Credit risk rate spread(2)
(7.59)%13.42 %0.89 %(9.13)%12.73 %1.81 %
Prepayment rate spread(3)
(7.56)%15.50 %3.60 %(8.51)%16.58 %3.17 %
Beneficial interest liabilities
Discount rate13.25 %13.25 %13.25 %10.40 %12.75 %12.72 %
Credit risk rate spread(2)
(5.45)%9.18 %1.90 %(5.51)%7.92 %2.28 %
_________
(1) Unobservable inputs were weighted by relative fair value.
(2) Expressed as a percentage of cumulative net loss expectations as of the valuation date compared to the initial expectations.
(3) Expressed as a percentage of cumulative principal prepayment expectations as of the valuation date compared to the initial expectations.
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for trailing fee liabilities:

December 31, 2025March 31, 2026
MinimumMaximum
Weighted-Average (1)
MinimumMaximum
Weighted-Average (1)
Discount rate5.00 %14.78 %10.15 %5.48 %15.05 %10.03 %
Credit risk rate
0.04 %67.59 %19.48 %0.02 %67.59 %19.62 %
Prepayment rate
1.52 %95.77 %34.59 %0.89 %95.53 %34.65 %
_________
(1) Unobservable inputs were weighted by relative fair value.
Schedule of Sensitivity Analysis of Fair Value
The following table presents the sensitivity of the fair value of loans held-for-sale and held-for-investment, excluding loans held in the consolidated securitization, to adverse changes in the significant assumptions used in the valuation model. Adverse changes in prepayment rates do not result in a material impact to the fair value of loans held-for-sale and held-for-investment as of December 31, 2025 and March 31, 2026.
December 31, 2025March 31, 2026
Fair value of loans held-for-sale and held-for-investment$930,790 $969,233 
Discount rates
100 basis point increase(12,006)(12,670)
200 basis point increase(23,623)(25,349)
Expected credit loss rates on underlying loans
10% adverse change(10,465)(11,619)
20% adverse change(20,397)(22,701)
The following table presents the sensitivity of beneficial interest assets and liabilities to adverse changes in significant assumptions used in the valuation model as of December 31, 2025 and March 31, 2026. The Company adversely shocks the credit risk rate and prepayment rate on the underlying loan portfolios rather than the spreads. Adverse changes in discount rates and prepayment rates do not result in a material impact to the fair value of beneficial interest liabilities as of December 31, 2025 and March 31, 2026.
Significant Recurring Level 3 Fair Value Input Sensitivity
December 31, 2025March 31, 2026
Fair value of beneficial interest assets$396,216 $474,796 
Discount rate
100 basis point increase(4,912)(5,902)
200 basis point increase(9,676)(11,624)
Expected credit risk rate on underlying loans
10% adverse change(80,110)(99,319)
20% adverse change(158,190)(196,247)
Expected prepayment rate on underlying loans
10% adverse change(7,798)(9,045)
20% adverse change(15,244)(18,873)
Fair value of beneficial interest liabilities$5,075 $3,235 
Expected credit risk rate on underlying loans
10% adverse change22,409 12,891 
20% adverse change44,420 26,108 
Schedule of Rollforward of Level 3 Assets
The following tables present a rollforward of loans classified within Level 3 of the fair value hierarchy:
Loans Held-for-SaleLoans Held-for-InvestmentLoans Held in Consolidated SecuritizationTotal
Fair value at December 31, 2024
$405,812 $297,543 $102,949 $806,304 
Purchases and originations of loans(1)
570,654 149,883 — 720,537 
Sale of loans(1)
(571,696)(1,618)— (573,314)
Purchase of loans for immediate resale(1)
774,632 — — 774,632 
Immediate resale of loans(1)
(774,632)— — (774,632)
Repayments received(1)
(39,904)(55,765)(10,280)(105,949)
Charge-offs and changes in fair value recorded in earnings(15,722)(20,973)(3,753)(40,448)
Other changes(1,395)8,942 — 7,547 
Fair value at March 31, 2025$347,749 $378,012 $88,916 $814,677 
_________
(1)    Represents the principal balance.

Loans Held-for-SaleLoans Held-for-InvestmentLoans Held in Consolidated SecuritizationTotal
Fair value at December 31, 2025
$393,159 $537,631 $53,762 $984,552 
Reclassification of loans(1)(2)
313,969 (313,969)— — 
Purchases and originations of loans(1)(3)
372,859 438,262 — 811,121 
Sale of loans(1)
(301,900)(319,573)— (621,473)
Purchase of loans for immediate resale(1)
2,090,945 — — 2,090,945 
Immediate resale of loans(1)
(2,090,945)— — (2,090,945)
Repayments received(1)
(42,480)(75,621)(8,031)(126,132)
Charge-offs and changes in fair value recorded in earnings(11,884)(33,668)(875)(46,427)
Other changes132 12,316 — 12,448 
Fair value at March 31, 2026
$723,855 $245,378 $44,856 $1,014,089 
_________
(1)    Represents the principal balance.
(2)    Effective March 31, 2026, the Company reclassified HELOCs and auto retail loans as they now meet the definition of loans held-for-sale based on our intent and ability to sell these loans prior to maturity.
(3)    Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the three months ended March 31, 2026.
The following tables present a rollforward of the line of credit receivable classified by the Company within Level 3 of the fair value hierarchy:

Line of Credit Receivable
Fair value at December 31, 2024$56,269 
Issuances
24,856 
Changes in fair value recorded in earnings500 
Changes in accrued interest155 
Fair value at March 31, 2025$81,780 

Line of Credit Receivable
Fair value at December 31, 2025$112,742 
Issuances
539 
Repayments(1,908)
Changes in fair value recorded in earnings(62)
Changes in accrued interest605 
Fair value at March 31, 2026
$111,916 
The following tables present a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy:

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at December 31, 2024$22,055 $87,321 
Repayments and settlements(2,685)(11,444)
Changes in fair value recorded in earnings101 27 
Fair value at March 31, 2025$19,471 $75,904 
Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at December 31, 2025$97,416 $46,542 
Additions18,806 — 
Repayments and settlements(11,743)(7,215)
Changes in fair value recorded in earnings587 (139)
Fair value at March 31, 2026$105,066 $39,188 
The following tables presents a rollforward of beneficial interest assets and liabilities:

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at December 31, 2024$176,848 $10,089 
Acquisition of beneficial interests
38,438 — 
Settlement of beneficial interests, net
(16,308)(5,992)
Changes in fair value recorded in earnings17,600 (65)
Fair value at March 31, 2025$216,578 $4,032 

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at December 31, 2025
$396,216 $5,075 
Acquisition of beneficial interests
114,072 — 
Settlement of beneficial interests, net
(45,705)1,081 
Changes in fair value recorded in earnings10,213 (2,921)
Fair value at March 31, 2026$474,796 $3,235 
Schedule of Aggregate Fair Value and Principal Outstanding of All Loans And Loans 90 Days or More Past Due
The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due included in the condensed consolidated balance sheets:

LoansLoans > 90 Days Past Due
December 31,March 31,December 31,March 31,
2025202620252026
Outstanding principal balance$1,038,521 $1,061,410 $17,685 $14,861 
Net fair value and accrued interest adjustments(53,969)(47,321)(13,094)(10,989)
Fair value(1)(2)
$984,552 $1,014,089 $4,591 $3,872 
_________
(1)     Includes $367.4 million and $311.8 million of auto loans at fair value as of December 31, 2025 and March 31, 2026, respectively, of which an immaterial amount are 90 days or more past due. Also includes $149.5 million and $171.8 million of HELOCs at fair value as of December 31, 2025 and March 31, 2026, respectively, of which immaterial amounts are 90 days or more past due.
(2)     The fair value of loans in nonaccrual status was immaterial as of December 31, 2025 and March 31, 2026.
Schedule of Rollforward of Level 3 Liabilities
The following tables present a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy:

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at December 31, 2024$22,055 $87,321 
Repayments and settlements(2,685)(11,444)
Changes in fair value recorded in earnings101 27 
Fair value at March 31, 2025$19,471 $75,904 
Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at December 31, 2025$97,416 $46,542 
Additions18,806 — 
Repayments and settlements(11,743)(7,215)
Changes in fair value recorded in earnings587 (139)
Fair value at March 31, 2026$105,066 $39,188 
The following tables presents a rollforward of beneficial interest assets and liabilities:

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at December 31, 2024$176,848 $10,089 
Acquisition of beneficial interests
38,438 — 
Settlement of beneficial interests, net
(16,308)(5,992)
Changes in fair value recorded in earnings17,600 (65)
Fair value at March 31, 2025$216,578 $4,032 

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at December 31, 2025
$396,216 $5,075 
Acquisition of beneficial interests
114,072 — 
Settlement of beneficial interests, net
(45,705)1,081 
Changes in fair value recorded in earnings10,213 (2,921)
Fair value at March 31, 2026$474,796 $3,235 
Schedule of Level 3 Fair Value Assumptions for Loan Servicing Assets and Liabilities
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loan servicing assets and liabilities:
December 31, 2025March 31, 2026
MinimumMaximum
Weighted-Average (1)
MinimumMaximum
Weighted-Average (1)
Discount rate13.00 %20.00 %17.32 %13.00 %20.00 %17.31 %
Credit risk rate
0.01 %61.96 %17.01 %0.01 %73.91 %17.03 %
Market-servicing rate (2)(3)
0.62 %2.69 %0.65 %0.62 %2.69 %0.66 %
Prepayment rate
1.96 %96.90 %36.50 %0.73 %96.90 %36.22 %
_________
(1)Unobservable inputs were weighted by relative fair value.
(2)Excludes ancillary fees that would be passed on to a third-party servicer.
(3)Expressed as a percentage of the outstanding principal balance of 1.16% - 2.69% for auto loans and 0.62% - 2.00% for personal loans as of December 31, 2025 and March 31, 2026.
Schedule of Fair Value Sensitivity of Loan Servicing Assets and Liabilities to Adverse Changes in Key Assumptions
The table below presents the fair value sensitivity of loan servicing assets to adverse changes in market-servicing rates. The fair value of loan servicing assets and liabilities are not sensitive to adverse changes in discount rates, credit risk rates, and prepayment rates as such changes do not result in a material impact on the fair value as of December 31, 2025 and March 31, 2026. Adverse changes in market-servicing rates do not result in a material impact to the fair value of loan servicing liabilities as of December 31, 2025 and March 31, 2026.
December 31, 2025March 31, 2026
Fair value of loan servicing assets$40,941 $45,437 
Expected market-servicing rates
10% market-servicing rates increase(8,402)(8,949)
20% market-servicing rates increase(16,746)(17,684)
Schedule of Servicing Assets at Fair Value Rollforward
The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2024
$27,439 $1,180 
Sale of loans5,537 592 
Changes in fair value recorded in earnings
(4,090)(285)
Fair value at March 31, 2025$28,886 $1,487 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2025$40,941 $4,383 
Sale of loans10,079 2,605 
Changes in fair value recorded in earnings
(5,583)(342)
Fair value at March 31, 2026$45,437 $6,646 
Schedule of Servicing Liabilities at Fair Value Rollforward
The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2024
$27,439 $1,180 
Sale of loans5,537 592 
Changes in fair value recorded in earnings
(4,090)(285)
Fair value at March 31, 2025$28,886 $1,487 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2025$40,941 $4,383 
Sale of loans10,079 2,605 
Changes in fair value recorded in earnings
(5,583)(342)
Fair value at March 31, 2026$45,437 $6,646 
Schedule of Rollforward of Level 3 Liabilities
The following tables present a rollforward of trailing fee liabilities classified by the Company within Level 3 of the fair value hierarchy:
Trailing Fee Liabilities
Fair value at December 31, 2024$4,614 
Issuances700 
Repayments and settlements(603)
Changes in fair value recorded in earnings(137)
Fair value at March 31, 2025$4,574 
Trailing Fee Liabilities
Fair value at December 31, 2025$5,761 
Issuances1,175 
Repayments and settlements(848)
Changes in fair value recorded in earnings    (108)
Fair value at March 31, 2026$5,980