v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income    
Loans and securitizations $ 932,184 $ 712,876
Other 68,812 50,936
Total interest income 1,000,996 763,812
Interest expense    
Securitizations and warehouses 10,051 28,144
Deposits 287,229 225,399
Corporate borrowings 10,651 11,428
Other 77 115
Total interest expense 308,008 265,086
Net interest income 692,988 498,726
Noninterest income    
Loan origination, sales, securitizations and servicing 142,209 52,805
Technology products and solutions 49,351 86,437
Loan platform fees 138,255 92,750
Crypto transaction revenue 121,593 0
Cost of crypto transaction revenue (120,741) 0
Net crypto transaction revenue 852 0
Other 76,713 41,041
Total noninterest income 407,380 273,033
Total net revenue 1,100,368 771,759
Provision for credit losses 8,895 5,678
Noninterest expense    
Technology and product development 187,675 156,206
Sales and marketing 335,539 238,176
Cost of operations 171,123 135,520
General and administrative 197,584 156,397
Total noninterest expense 891,921 686,299
Income before income taxes 199,552 79,782
Income tax expense (32,821) (8,666)
Net income 166,731 71,116
Other comprehensive income    
Unrealized gains (losses) on available-for-sale securities, net (12,948) 11,462
Foreign currency translation adjustments, net (774) (269)
Total other comprehensive income (loss) (13,722) 11,193
Comprehensive income $ 153,009 $ 82,309
Earnings per share (Note 15)    
Earnings per share - basic (in dollars per share) $ 0.13 $ 0.06
Earnings per share - diluted (in dollars per share) $ 0.12 $ 0.06
Weighted average common stock outstanding - basic (in shares) 1,276,328,000 1,097,994,000
Weighted average common stock outstanding - diluted (in shares) 1,378,011,000 1,185,466,000