v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Share-based compensation expense related to stock options, RSUs, PSUs and the ESPP is presented within the following line items in the condensed consolidated statements of operations and comprehensive income:
Three Months Ended March 31,
20262025
Technology and product development$27,980 $23,907 
Sales and marketing5,161 5,352 
Cost of operations3,975 3,425 
General and administrative34,896 31,072 
Total$72,012 

$63,756 
Schedule of Stock Option Activity
The following is a summary of stock option activity:
Number of
Stock Options		Weighted Average Exercise PriceWeighted Average Remaining Contractual Term
(in years)
Outstanding as of January 1, 202613,748,914 $7.95 2.2
Exercised(335,647)7.05 
Outstanding as of March 31, 202613,413,267 $7.97 2.0
Exercisable as of March 31, 202613,413,267 $7.97 2.0
Schedule of Restricted Stock Unit Activity
The following table summarizes RSU activity:
Number of
RSUs		Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202645,221,279 $11.57 
Granted12,271,947 18.44 
Vested(1)
(7,627,684)9.96 
Forfeited(836,665)11.67 
Outstanding as of March 31, 2026
49,028,877$13.54 
________________________
(1)The total fair value, based on grant date fair value, of RSUs that vested during the three months ended March 31, 2026 was $75.9 million.
Schedule of Performance Stock Unit Activity The following table summarizes PSU activity:
Number of
PSUs		Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202610,343,841 $11.50 
Granted2,093,352 20.76 
Outstanding as of March 31, 2026
12,437,193 $13.04 
Schedule of Valuation Inputs and Assumptions
The following key unobservable assumptions were used in the fair value measurement of our loans:
March 31, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
17.8% – 29.5%
25.5%
18.3% – 30.7%
26.9%
Annual default rate
4.1% – 16.7%
4.6%
3.7% – 37.9%
4.5%
Discount rate
4.6% – 6.7%
4.6%
4.4% – 6.6%
4.5%
Student loans
Conditional prepayment rate
9.7% – 12.6%
11.1%
9.6% – 12.9%
11.2%
Annual default rate
0.3% – 6.7%
0.7%
0.4% – 6.4%
0.7%
Discount rate
3.8% – 8.2%
4.0%
3.7% – 8.2%
3.9%
Home loans
Conditional prepayment rate
6.0% – 23.6%
14.2%
6.2% – 20.7%
13.6%
Annual default rate
0.1% – 7.4%
0.5%
0.1% – 7.4%
0.6%
Discount rate
5.1% – 8.5%
6.0%
4.9% – 8.5%
5.9%
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
March 31, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
Personal loans
Market servicing costs
0.1% – 1.2%
0.3%
0.1% – 1.1%
0.3%
Conditional prepayment rate
14.7% – 35.6%
25.4%
15.0% – 39.4%
24.3%
Annual default rate
1.0% – 21.0%
5.0%
1.0% – 18.0%
5.0%
Discount rate
8.5% – 19.2%
10.3%
8.5% – 19.0%
10.1%
Student loans
Market servicing costs
0.1% – 0.3%
0.2%
0.1% – 0.3%
0.2%
Conditional prepayment rate
7.8% – 15.6%
12.9%
6.4% – 15.1%
12.5%
Annual default rate
0.3% – 13.8%
0.9%
0.3% – 3.7%
0.9%
Discount rate
8.5% – 8.5%
8.5%
8.5% – 8.5%
8.5%
Home loans
Market servicing costs
0.7% – 0.9%
0.7%
0.1% – 0.2%
0.1%
Conditional prepayment rate
4.5% – 14.7%
8.8%
4.7% – 21.5%
8.7%
Annual default rate
0.1% – 0.4%
0.1%
0.0% – 0.1%
0.0%
Discount rate
9.2% – 13.0%
9.3%
9.3% – 10.0%
9.3%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
March 31, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
Residual investments
Conditional prepayment rate
11.5% – 35.6%
22.1%
11.9% – 36.5%
21.2%
Annual default rate
0.7% – 8.7%
3.9%
0.7% – 8.6%
3.5%
Discount rate
5.3% – 30.0%
13.5%
5.1% – 30.0%
11.9%
Residual interests classified as debt
Conditional prepayment rate
12.0% – 12.0%
12.0%
12.0% – 12.0%
12.0%
Annual default rate
1.1% – 1.1%
1.1%
1.1% – 1.1%
1.1%
Discount rate
9.5% – 9.5%
9.5%
9.5% – 9.5%
9.5%
The following key unobservable inputs were used in the fair value measurements of our IRLCs, student loan commitments and personal loan commitments:
March 31, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
IRLCs
Loan funding probability(1)
57.4% – 85.3%
74.7%
58.6% – 75.6%
69.7%
Student loan commitments
Loan funding probability(1)
89.0% – 99.0%
93.5%
89.0% – 99.0%
94.5%
Personal loan commitments
Loan funding probability(1)
93.7% – 99.4%
95.2%
n/m
n/m
___________________
(1)The aggregate amount of student loans we committed to fund was $310,479 and $437,470 as of March 31, 2026 and December 31, 2025, respectively. The aggregate amount of personal loans we committed to fund was $92,516 as of March 31, 2026. As of December 31, 2025, we had no personal loan commitments. See Note 10. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
Three Months Ended March 31,
Input20262025
Risk-free interest rate3.6%3.9%
Expected volatility61.3%64.3%
Fair value of common stock$18.53$11.26
Dividend yield—%—%
The table below presents the fair value assumptions used for the period indicated:
Three Months Ended March 31,
Input20262025
Risk-free interest rate4.0%4.3%
Expected term (in years)0.50.5
Expected volatility60.5%49.6%
Fair value of common stock

$20.51$15.57
Dividend yield—%—%