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Balance Sheet Components
 6 Months Ended
Jun. 30, 2026
Other Assets [Abstract]  
Balance Sheet Components Balance Sheet Components
Other Assets

Other assets consisted of the following:
December 31,
2025		June 30,
2026
Receivables$46,647 $58,187 
Loan servicing assets (at fair value)(1)
40,941 54,842 
Prepaid expenses39,658 32,543 
Other assets17,379 15,334 
Intangible assets, net(2)
8,289 7,718 
Deposits5,057 1,782 
Total other assets$157,971 $170,406 
_________
(1)Refer to “Note 5. Fair Value Measurement” for further information.
(2)Refer to “Note 6. Goodwill and Intangible Assets” for further information.

Receivables represent amounts recognized as revenue but not yet collected in relation to servicing and other agreements with institutional investors and lending partners.
Property, Equipment, and Software, Net

Property, equipment, and software, net consisted of the following:
December 31,
2025		June 30,
2026
Internally developed software$95,923 $108,009 
Leasehold improvements15,519 19,231 
Computer and networking equipment6,358 6,689 
Furniture and fixtures4,795 6,021 
Total property, equipment, and software122,595 139,950 
Accumulated depreciation and amortization(78,421)(90,529)
Total property, equipment, and software, net$44,174 $49,421 

For the three and six months ended June 30, 2025, depreciation and amortization expense on property, equipment, and software was $5.6 million and $11.7 million, respectively, and immaterial and $12.4 million for the three and six months ended June 30, 2026, respectively.

Capitalized internally developed software balances, net of accumulated amortization, were $38.5 million and $41.6 million as of December 31, 2025 and June 30, 2026, respectively. The Company recognized immaterial impairment charges to internally developed software during the three and six months ended June 30, 2025 and no impairment charges to internally developed software during the three and six months ended June 30, 2026.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:

December 31,
2025		June 30,
2026
Accrued expenses$68,232 $64,424 
Accounts payable31,981 39,387 
Accrued payroll49,275 27,842 
Other liabilities6,788 14,354 
Beneficial interest liabilities (at fair value)(1)
5,075 10,158 
Loan servicing liabilities (at fair value)(1)
4,383 8,409 
Trailing fee liability (at fair value)(1)
5,761 6,400 
Total accrued expenses and other liabilities$171,495 $170,974 
_________
(1)Refer to “Note 5. Fair Value Measurement” for further information.