v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Type of Service
The Company disaggregates revenue from fees by type of service for the periods presented as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202620252026
Revenue from fees, net:
Platform and referral fees, net$202,845 $284,066 $353,820 $508,684 
Servicing and other fees, net37,932 54,807 72,432 103,919 
Loan sales fees(1)
— 9,146 — 12,479 
Total revenue from fees, net$240,777 $348,019 $426,252 $625,082 
__________
(1)Beginning in the second quarter of 2026, loan sales fees, which were previously included within servicing and other fees, net, are presented as a separate component of revenue from fees, net. Prior-period amounts have been reclassified to conform to the current-period presentation.
Schedule of Customers Accounting for Greater Than 10% of Total Revenue
Customers accounting for greater than 10% of total revenue were as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202620252026
Customer A35%36%31%32%
Customer B22%17%22%17%
Customer C10%***
__________
* Less than 10%


Customers accounting for greater than 10% of accounts receivable were as follows:

December 31,
2025		June 30,
2026
Customer D16%18%
Customer E16%*
__________
* Less than 10%
Schedule of Collection Agency and Borrower Fees
The following table presents the components of servicing and other fees, net as part of revenue from fees, net in the Company’s condensed consolidated statements of operations and comprehensive income:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202620252026
Servicing fees$23,426 $33,622 $46,238 $65,955 
Borrower fees6,664 9,330 13,324 19,423 
Collection agency fees3,714 3,508 7,506 7,420 
Other fees833 705 931 1,246 
Net gain on servicing rights and fair value adjustments3,295 7,642 4,433 9,875 
Total servicing and other fees, net$37,932 $54,807 $72,432 $103,919 
Schedule of Components of Interest Income and Fair Value Adjustments, Net
The following table presents components of the interest income, interest expense, and fair value adjustments, net presented in the Company’s condensed consolidated statements of operations and comprehensive income:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202620252026
Interest income(1)
$45,623 $57,051 $86,191 $113,112 
Interest expense(1)
(7,772)(12,531)(14,792)(22,901)
Fair value and other adjustments, net:
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(1)
(18,878)(15,586)(40,204)(33,773)
Fair value adjustments and realized gains (losses) on beneficial interests, net(6,288)(8,407)11,377 4,727 
Realized gain (loss) on sale of loans, net3,829 (3,838)1,838 (13,325)
Total fair value and other adjustments, net
(21,337)(27,831)(26,989)(42,371)
Total interest income, interest expense, and fair value adjustments, net$16,514 $16,689 $44,410 $47,840 
__________
(1)Includes interest income, interest expense and unrealized loss on loans, loan charge-offs, and other fair value adjustments, net, respectively, related to the consolidated securitization as follows:


Three Months Ended
June 30,		Six Months Ended
June 30,
2025202620252026
Interest income, interest expense, and fair value adjustments, net related to consolidated securitization:
Interest income$4,465 $2,219 $9,577 $4,887 
Interest expense(1,668)(996)(3,517)(2,154)
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(3,238)(1,283)(7,018)(2,019)
Total interest income, interest expense, and fair value adjustments, net$(441)$(60)$(958)$714