v3.26.1
Segment Reporting - Schedule of Segment Reporting Information by Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income:        
Interest income $ 268,935 $ 237,097 $ 530,142 $ 469,156
Interest expense (89,918) (82,848) (174,891) (164,950)
Net interest income 179,017 154,249 355,251 304,206
Non-interest income:        
Gain on sales of loans [1] 21,461 13,540 37,730 25,742
Net fair value adjustments [1] (121,145) (27,869) (210,070) (57,120)
Other non-interest income 6,626 4,542 12,098 6,653
Total non-interest income 83,838 94,186 159,855 161,940
Total net revenue 262,855 248,435 515,106 466,146
Provision for credit losses 10,917 (39,733) 10,527 (97,882)
Non-interest expense:        
Compensation and benefits (68,221) (61,989) (133,735) (120,378)
Marketing (62,580) (33,580) (117,995) (62,819)
Equipment and software (15,846) (14,495) (31,139) (29,139)
Depreciation and amortization (18,152) (15,460) (33,971) (29,369)
Professional services (11,989) (10,300) (23,756) (20,064)
Occupancy (4,982) (4,787) (11,373) (9,132)
Other non-interest expense (16,345) (14,107) (30,679) (27,684)
Total non-interest expense (198,115) (154,718) (382,648) (298,585)
Income tax expense (17,509) (15,806) (33,234) (19,830)
Net income 58,148 38,178 109,751 49,849
Origination fees        
Non-interest income:        
Fees [1] 164,006 87,578 294,094 157,522
Servicing fees        
Non-interest income:        
Fees [1] 12,890 16,395 26,003 29,143
Operating Segments        
Interest income:        
Interest income 268,935 237,097 530,142 469,156
Interest expense (89,918) (82,848) (174,891) (164,950)
Net interest income 179,017 154,249 355,251 304,206
Non-interest income:        
Gain on sales of loans 21,461 13,540 37,730 25,742
Net fair value adjustments (121,145) (27,869) (210,070) (57,120)
Other non-interest income 12,994 15,884 26,252 30,816
Total non-interest income 88,101 99,297 169,124 172,234
Total net revenue 267,118 253,546 524,375 476,440
Provision for credit losses 10,917 (39,733) 10,527 (97,882)
Non-interest expense:        
Compensation and benefits (68,221) (61,989) (133,735) (120,378)
Marketing (62,580) (33,580) (117,995) (62,819)
Equipment and software (15,846) (14,495) (31,139) (29,139)
Depreciation and amortization (18,152) (15,460) (33,971) (29,369)
Professional services (11,989) (10,300) (23,756) (20,064)
Occupancy (4,982) (4,787) (11,373) (9,132)
Other non-interest expense (20,608) (19,218) (39,948) (37,978)
Total non-interest expense (202,378) (159,829) (391,917) (308,879)
Income tax expense (17,509) (15,806) (33,234) (19,830)
Net income 58,148 38,178 109,751 49,849
Capital expenditures 27,967 90,694 53,751 103,760
Operating Segments | Happen Bank        
Interest income:        
Interest income 268,709 236,958 529,654 468,713
Interest expense (89,918) (82,848) (174,891) (164,950)
Net interest income 178,791 154,110 354,763 303,763
Non-interest income:        
Gain on sales of loans 21,461 13,540 37,730 25,742
Net fair value adjustments (121,594) (30,202) (211,260) (60,325)
Other non-interest income 11,317 14,095 22,447 27,036
Total non-interest income 80,478 87,519 153,541 152,670
Total net revenue 259,269 241,629 508,304 456,433
Provision for credit losses 10,917 (39,733) 10,527 (97,882)
Non-interest expense:        
Compensation and benefits (66,728) (60,207) (130,823) (117,070)
Marketing (62,580) (33,580) (117,995) (62,819)
Equipment and software (15,814) (14,474) (31,107) (29,093)
Depreciation and amortization (17,742) (14,251) (32,734) (26,794)
Professional services (11,759) (10,019) (23,446) (19,656)
Occupancy (3,639) (2,845) (7,610) (5,246)
Other non-interest expense (16,928) (15,557) (34,224) (30,004)
Total non-interest expense (195,190) (150,933) (377,939) (290,682)
Income tax expense (17,174) (13,534) (32,069) (18,406)
Net income 57,822 37,429 108,823 49,463
Capital expenditures 27,967 90,694 53,751 103,760
Operating Segments | Happen, Inc. (Parent only)        
Interest income:        
Interest income 226 139 488 443
Interest expense 0 0 0 0
Net interest income 226 139 488 443
Non-interest income:        
Gain on sales of loans 0 0 0 0
Net fair value adjustments 449 2,333 1,190 3,205
Other non-interest income 1,677 1,789 3,805 3,780
Total non-interest income 7,623 11,778 15,583 19,564
Total net revenue 7,849 11,917 16,071 20,007
Provision for credit losses 0 0 0 0
Non-interest expense:        
Compensation and benefits (1,493) (1,782) (2,912) (3,308)
Marketing 0 0 0 0
Equipment and software (32) (21) (32) (46)
Depreciation and amortization (410) (1,209) (1,237) (2,575)
Professional services (230) (281) (310) (408)
Occupancy (1,343) (1,942) (3,763) (3,886)
Other non-interest expense (3,680) (3,661) (5,724) (7,974)
Total non-interest expense (7,188) (8,896) (13,978) (18,197)
Income tax expense (335) (2,272) (1,165) (1,424)
Net income 326 749 928 386
Capital expenditures 0 0 0 0
Operating Segments | Origination fees        
Non-interest income:        
Fees 164,006 87,578 294,094 157,522
Operating Segments | Origination fees | Happen Bank        
Non-interest income:        
Fees 163,656 87,574 293,644 157,507
Operating Segments | Origination fees | Happen, Inc. (Parent only)        
Non-interest income:        
Fees 350 4 450 15
Operating Segments | Servicing fees        
Non-interest income:        
Fees 10,785 10,164 21,118 15,274
Operating Segments | Servicing fees | Happen Bank        
Non-interest income:        
Fees 5,638 2,512 10,980 2,710
Operating Segments | Servicing fees | Happen, Inc. (Parent only)        
Non-interest income:        
Fees 5,147 7,652 10,138 12,564
Intercompany Eliminations        
Non-interest income:        
Total net revenue $ (4,263) $ (5,111) $ (9,269) $ (10,294)
[1] Prior period amounts have been reclassified to conform to the current period presentation. See “Note 1. Summary of Significant Accounting Policies” for additional information.