v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following table presents assets and liabilities measured at fair value and categorized in accordance with the fair value hierarchy:
Level December 31,
2025		June 30,
2026
Assets
Loans3$984,552 $1,064,239 
Beneficial interest assets
3396,216 545,938 
Notes receivable and residual certificates397,416 120,375 
Line of credit receivable3112,742 111,772 
Loan servicing assets340,941 54,842 
Interest rate cap
2225 104 
Total assets$1,632,092 $1,897,270 
Liabilities
Payable to securitization note holders3$46,542 $32,122 
Beneficial interest liabilities35,075 10,158 
Loan servicing liabilities34,383 8,409 
Trailing fee liabilities35,761 6,400 
Total liabilities$61,761 $57,089 
Schedule of Fair Value by Classes of Loans Held by the Company The following table presents the fair value of loans held on the Company’s condensed consolidated balance sheets by classification:
December 31,
2025		June 30,
2026
Loans held-for-sale$393,159 $787,154 
Loans held-for-investment537,631 240,758 
Loans held in consolidated securitization53,762 36,327 
Total$984,552 $1,064,239 
Schedule of Significant Unobservable Inputs
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loans held-for-investment and held-for-sale, excluding loans held in the consolidated securitization:
December 31,
2025		June 30,
2026
MinimumMaximum
Weighted-Average(1)
MinimumMaximum
Weighted-Average(1)
Discount rate5.00 %14.78 %9.51 %5.86 %13.00 %9.99 %
Credit risk rate
0.01 %91.50 %15.52 %0.01 %91.50 %16.54 %
Prepayment rate
0.45 %99.75 %43.41 %1.08 %99.75 %44.55 %
_________
(1)Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs implied for the Company’s Level 3 fair value measurements for loans held in the consolidated securitization:
December 31,
2025		June 30,
2026
MinimumMaximum
Weighted-Average(1)
MinimumMaximum
Weighted-Average(1)
Discount rate6.99 %15.00 %10.43 %10.83 %15.00 %11.45 %
Credit risk rate
0.67 %35.68 %16.12 %0.67 %35.68 %16.25 %
Prepayment rate
6.73 %89.84 %40.50 %7.24 %89.84 %40.02 %
_________
(1)Unobservable inputs were weighted by relative fair value.
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to the line of credit receivable:

December 31,
2025		June 30,
2026
MinimumMaximum
Weighted-Average
MinimumMaximum
Weighted-Average
Discount rate6.50%6.50%6.50%6.50 %6.50 %6.50 %
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to notes receivable, residual certificates, and payable to securitization note holders:
December 31,
2025		June 30,
2026
MinimumMaximum
Weighted-Average(1)
MinimumMaximum
Weighted-Average(1)
Notes receivable and residual certificates
Discount rate5.75 %12.78 %10.72 %6.16 %13.00 %11.09 %
Credit risk rate
0.38 %50.28 %21.10 %0.38 %60.37 %21.46 %
Prepayment rate
4.11 %95.77 %33.04 %4.11 %94.69 %34.10 %
Payable to securitization note holders
Discount rate6.99 %10.40 %9.65 %10.83 %10.83 %10.83 %
Credit risk rate
0.67 %35.68 %16.12 %0.67 %35.68 %16.25 %
Prepayment rate
6.73 %89.84 %40.50 %7.24 %89.84 %40.02 %
_________
(1)Unobservable inputs were weighted by relative fair value.
The following table presents quantitative information about the significant unobservable inputs used for the Company’s fair value measurements of beneficial interests as of December 31, 2025 and June 30, 2026:
December 31,
2025		June 30,
2026
MinimumMaximum
Weighted-Average(1)
MinimumMaximum
Weighted-Average(1)
Beneficial interest assets
Discount rate6.50 %14.50 %12.90 %6.50 %14.50 %12.39 %
Credit risk rate spread(2)
(7.59)%13.42 %0.89 %(9.06)%12.86 %1.05 %
Prepayment rate spread(3)
(7.56)%15.50 %3.60 %(9.30)%18.46 %3.00 %
Beneficial interest liabilities
Discount rate13.25 %13.25 %13.25 %10.40 %12.75 %12.69 %
Credit risk rate spread(2)
(5.45)%9.18 %1.90 %(7.94)%16.80 %2.47 %
Prepayment rate spread(3)
(1.89)%8.36 %1.89 %(2.62)%18.06 %2.39 %
_________
(1)Unobservable inputs were weighted by relative fair value.
(2)Expressed as a percentage of cumulative net loss expectations as of the valuation date compared to the initial expectations.
(3)Expressed as a percentage of cumulative principal prepayment expectations as of the valuation date compared to the initial expectations.
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for trailing fee liabilities:

December 31,
2025		June 30,
2026
MinimumMaximum
Weighted-Average(1)
MinimumMaximum
Weighted-Average(1)
Discount rate5.00 %14.78 %10.15 %5.86 %13.00 %10.61 %
Credit risk rate
0.04 %67.59 %19.48 %0.02 %73.64 %19.86 %
Prepayment rate
1.52 %95.77 %34.59 %0.97 %94.69 %34.52 %
_________
(1)Unobservable inputs were weighted by relative fair value.
Schedule of Sensitivity Analysis of Fair Value
The following table presents the sensitivity of the fair value of loans held-for-sale and held-for-investment, excluding loans held in the consolidated securitization, to adverse changes in the significant assumptions used in the valuation model. Adverse changes in prepayment rates do not result in a material impact to the fair value of loans held-for-sale and held-for-investment as of December 31, 2025 and June 30, 2026.
December 31,
2025		June 30,
2026
Fair value of loans held-for-sale and held-for-investment$930,790 $1,027,912 
Discount rates
100 basis point increase(12,006)(13,633)
200 basis point increase(23,623)(26,797)
Expected credit loss rates on underlying loans
10% adverse change(10,465)(9,951)
20% adverse change(20,397)(19,472)
The following table presents the sensitivity of beneficial interest assets and liabilities to adverse changes in significant assumptions used in the valuation model as of December 31, 2025 and June 30, 2026. The Company adversely shocks the credit risk rate and prepayment rate on the underlying loan portfolios rather than the spreads. Adverse changes in discount rates and prepayment rates do not result in a material impact to the fair value of beneficial interest liabilities as of December 31, 2025 and June 30, 2026.
Significant Recurring Level 3 Fair Value Input Sensitivity
December 31,
2025		June 30,
2026
Fair value of beneficial interest assets$396,216 $545,938 
Discount rate
100 basis point increase(4,912)(6,277)
200 basis point increase(9,676)(12,365)
Expected credit risk rate on underlying loans
10% adverse change(80,110)(104,724)
20% adverse change(158,190)(205,983)
Expected prepayment rate on underlying loans
10% adverse change(7,798)(9,316)
20% adverse change(15,244)(19,305)
Fair value of beneficial interest liabilities$5,075 $10,158 
Expected credit risk rate on underlying loans
10% adverse change22,409 26,744 
20% adverse change44,420 53,186 
Schedule of Rollforward of Level 3 Assets
The following tables present a rollforward of loans classified within Level 3 of the fair value hierarchy:
Loans Held-for-SaleLoans Held-for-InvestmentLoans Held in Consolidated SecuritizationTotal
Fair value at March 31, 2025
$347,749 $378,012 $88,916 $814,677 
Purchases and originations of loans(1)
701,155 228,015 — 929,170 
Sale of loans(1)
(548,007)(18,070)— (566,077)
Purchase of loans for immediate resale(1)
1,933,901 — — 1,933,901 
Immediate resale of loans(1)
(1,933,901)— — (1,933,901)
Repayments received(1)
(46,398)(71,013)(9,652)(127,063)
Charge-offs and changes in fair value recorded in earnings(8,961)(30,429)(3,414)(42,804)
Other changes249 11,352 — 11,601 
Fair value at June 30, 2025
$445,787 $497,867 $75,850 $1,019,504 
_________
(1)Represents the principal balance.
Loans Held-for-SaleLoans Held-for-InvestmentLoans Held in Consolidated SecuritizationTotal
Fair value at December 31, 2024
$405,812 $297,543 $102,949 $806,304 
Purchases and originations of loans(1)
1,271,809 377,898 — 1,649,707 
Sale of loans(1)
(1,119,703)(19,688)— (1,139,391)
Purchase of loans for immediate resale(1)
2,708,533 — — 2,708,533 
Immediate resale of loans(1)
(2,708,533)— — (2,708,533)
Repayments received(1)
(86,302)(126,778)(19,932)(233,012)
Charge-offs and changes in fair value recorded in earnings(24,683)(51,402)(7,167)(83,252)
Other changes(1,146)20,294 — 19,148 
Fair value at June 30, 2025$445,787 $497,867 $75,850 $1,019,504 
_________
(1)Represents the principal balance.
Loans Held-for-SaleLoans Held-for-InvestmentLoans Held in Consolidated SecuritizationTotal
Fair value at March 31, 2026
$723,855 $245,378 $44,856 $1,014,089 
Reclassification of loans(1)(2)
(7,810)7,810 — — 
Purchases and originations of loans(1)
973,759 178,850 — 1,152,609 
Sale of loans(1)
(825,683)(115,368)— (941,051)
Purchase of loans for immediate resale(1)
2,623,069 — — 2,623,069 
Immediate resale of loans(1)
(2,623,069)— — (2,623,069)
Repayments received(1)
(66,826)(68,719)(7,111)(142,656)
Charge-offs and changes in fair value recorded in earnings(13,743)(15,174)(1,418)(30,335)
Other changes3,602 7,981 — 11,583 
Fair value at June 30, 2026
$787,154 $240,758 $36,327 $1,064,239 
_________
(1)Represents the principal balance.
(2)Effective April 1, 2026, the Company reclassified $7.8 million of personal loans to held-for-investment as they are held as collateral in connection with committed capital and co-investment arrangements and are ineligible to be sold.

Loans Held-for-SaleLoans Held-for-InvestmentLoans Held in Consolidated SecuritizationTotal
Fair value at December 31, 2025$393,159 $537,631 $53,762 $984,552 
Reclassification of loans(1)(2)
306,159 (306,159)— — 
Purchases and originations of loans(1)(3)
1,346,618 617,112 — 1,963,730 
Sale of loans(1)
(1,127,583)(434,941)— (1,562,524)
Purchase of loans for immediate resale(1)
4,714,014 — — 4,714,014 
Immediate resale of loans(1)
(4,714,014)— — (4,714,014)
Repayments received(1)
(109,306)(144,340)(15,142)(268,788)
Charge-offs and changes in fair value recorded in earnings(25,627)(48,842)(2,293)(76,762)
Other changes3,734 20,297 — 24,031 
Fair value at June 30, 2026
$787,154 $240,758 $36,327 $1,064,239 
_________
(1)Represents the principal balance.
(2)Effective March 31, 2026, the Company reclassified $314.0 million of HELOCs and auto retail loans to held-for-sale as we have both the intent and ability to sell these loans prior to maturity. Effective April 1, 2026, the Company reclassified $7.8 million of personal loans to held-for-investment as they are held as collateral in connection with committed capital and co-investment arrangements and are ineligible to be sold.
(3)Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the six months ended June 30, 2026.
The following tables present a rollforward of the line of credit receivable classified by the Company within Level 3 of the fair value hierarchy:

Line of Credit Receivable
Fair value at March 31, 2025$81,780 
Issuances
24,983 
Changes in fair value recorded in earnings563 
Changes in accrued interest130 
Fair value at June 30, 2025$107,456 

Line of Credit Receivable
Fair value at December 31, 2024$56,269 
Issuances
49,839 
Changes in fair value recorded in earnings1,063 
Changes in accrued interest285 
Fair value at June 30, 2025$107,456 

Line of Credit Receivable
Fair value at March 31, 2026
$111,916 
Issuances5,140 
Repayments(4,419)
Changes in fair value recorded in earnings(233)
Changes in accrued interest(632)
Fair value at June 30, 2026$111,772 

Line of Credit Receivable
Fair value at December 31, 2025$112,742 
Issuances
5,679 
Repayments(6,327)
Changes in fair value recorded in earnings(295)
Changes in accrued interest(27)
Fair value at June 30, 2026$111,772 
The following tables present a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy:

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at March 31, 2025$19,471 $75,904 
Additions38,355 — 
Repayments and settlements(3,836)(10,577)
Changes in fair value recorded in earnings718 (175)
Fair value at June 30, 2025$54,708 $65,152 

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at December 31, 2024$22,055 $87,321 
Additions38,355 — 
Repayments and settlements(6,521)(22,021)
Changes in fair value recorded in earnings819 (148)
Fair value at June 30, 2025$54,708 $65,152 

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at March 31, 2026$105,066 $39,188 
Additions30,035 — 
Repayments and settlements(15,311)(6,934)
Changes in fair value recorded in earnings585 (132)
Fair value at June 30, 2026$120,375 $32,122 

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at December 31, 2025$97,416 $46,542 
Additions48,841 — 
Repayments and settlements(27,054)(14,149)
Changes in fair value recorded in earnings1,172 (271)
Fair value at June 30, 2026$120,375 $32,122 
The following tables present a rollforward of beneficial interest assets and liabilities:

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at March 31, 2025$216,578 $4,032 
Acquisitions of beneficial interests71,432 — 
Settlement of beneficial interests(27,133)(5,672)
Changes in fair value recorded in earnings5,884 12,172 
Fair value at June 30, 2025$266,761 $10,532 

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at December 31, 2024$176,848 $10,089 
Acquisitions of beneficial interests109,870 — 
Settlement of beneficial interests(43,441)(11,664)
Changes in fair value recorded in earnings23,484 12,107 
Fair value at June 30, 2025$266,761 $10,532 

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at March 31, 2026$474,796 $3,235 
Acquisition of beneficial interests
138,663 — 
Settlement of beneficial interests, net
(66,594)(557)
Changes in fair value recorded in earnings(927)7,480 
Fair value at June 30, 2026$545,938 $10,158 

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at December 31, 2025$396,216 $5,075 
Acquisition of beneficial interests
252,735 — 
Settlement of beneficial interests, net
(112,299)524 
Changes in fair value recorded in earnings9,286 4,559 
Fair value at June 30, 2026$545,938 $10,158 
Schedule of Aggregate Fair Value and Principal Outstanding of All Loans And Loans 90 Days or More Past Due
The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due included in the condensed consolidated balance sheets:

LoansLoans > 90 Days Past Due
December 31,June 30,December 31,June 30,
2025202620252026
Outstanding principal balance$1,038,521 $1,103,863 $17,685 $11,711 
Net fair value and accrued interest adjustments(53,969)(39,624)(13,094)(8,510)
Fair value(1)(2)
$984,552 $1,064,239 $4,591 $3,201 
_________
(1)Includes $367.4 million and $338.1 million of auto loans at fair value as of December 31, 2025 and June 30, 2026, respectively, of which immaterial amounts are 90 days or more past due. Also includes $149.5 million and $229.0 million of HELOCs at fair value as of December 31, 2025 and June 30, 2026, respectively, of which immaterial amounts are 90 days or more past due.
(2)The fair value of loans in nonaccrual status was immaterial as of December 31, 2025 and June 30, 2026.
Schedule of Rollforward of Level 3 Liabilities
The following tables present a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy:

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at March 31, 2025$19,471 $75,904 
Additions38,355 — 
Repayments and settlements(3,836)(10,577)
Changes in fair value recorded in earnings718 (175)
Fair value at June 30, 2025$54,708 $65,152 

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at December 31, 2024$22,055 $87,321 
Additions38,355 — 
Repayments and settlements(6,521)(22,021)
Changes in fair value recorded in earnings819 (148)
Fair value at June 30, 2025$54,708 $65,152 

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at March 31, 2026$105,066 $39,188 
Additions30,035 — 
Repayments and settlements(15,311)(6,934)
Changes in fair value recorded in earnings585 (132)
Fair value at June 30, 2026$120,375 $32,122 

Notes Receivable and Residual Certificates
Payable to Securitization Note Holders
Fair value at December 31, 2025$97,416 $46,542 
Additions48,841 — 
Repayments and settlements(27,054)(14,149)
Changes in fair value recorded in earnings1,172 (271)
Fair value at June 30, 2026$120,375 $32,122 
The following tables present a rollforward of beneficial interest assets and liabilities:

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at March 31, 2025$216,578 $4,032 
Acquisitions of beneficial interests71,432 — 
Settlement of beneficial interests(27,133)(5,672)
Changes in fair value recorded in earnings5,884 12,172 
Fair value at June 30, 2025$266,761 $10,532 

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at December 31, 2024$176,848 $10,089 
Acquisitions of beneficial interests109,870 — 
Settlement of beneficial interests(43,441)(11,664)
Changes in fair value recorded in earnings23,484 12,107 
Fair value at June 30, 2025$266,761 $10,532 

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at March 31, 2026$474,796 $3,235 
Acquisition of beneficial interests
138,663 — 
Settlement of beneficial interests, net
(66,594)(557)
Changes in fair value recorded in earnings(927)7,480 
Fair value at June 30, 2026$545,938 $10,158 

Beneficial Interest Assets
Beneficial Interest Liabilities
Fair value at December 31, 2025$396,216 $5,075 
Acquisition of beneficial interests
252,735 — 
Settlement of beneficial interests, net
(112,299)524 
Changes in fair value recorded in earnings9,286 4,559 
Fair value at June 30, 2026$545,938 $10,158 
Schedule of Level 3 Fair Value Assumptions for Loan Servicing Assets and Liabilities
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loan servicing assets and liabilities:
December 31,
2025		June 30,
2026
MinimumMaximum
Weighted-Average(1)
MinimumMaximum
Weighted-Average(1)
Discount rate13.00 %20.00 %17.32 %13.00 %20.00 %17.28 %
Credit risk rate
0.01 %61.96 %17.01 %0.01 %77.30 %17.42 %
Market-servicing rate(2)(3)
0.62 %2.69 %0.65 %0.60 %2.69 %0.67 %
Prepayment rate
1.96 %96.90 %36.50 %0.33 %96.90 %35.88 %
_________
(1)Unobservable inputs were weighted by relative fair value.
(2)Excludes ancillary fees that would be passed on to a third-party servicer.
(3)Expressed as a percentage of the outstanding principal balance of 1.16% - 2.69% for auto loans and 0.62% - 2.00% for personal loans as of December 31, 2025 and 0.60% - 2.69% for auto loans and 0.62% - 2.00% for personal loans as of June 30, 2026.
Schedule of Fair Value Sensitivity of Loan Servicing Assets and Liabilities to Adverse Changes in Key Assumptions
The table below presents the fair value sensitivity of loan servicing assets to adverse changes in market-servicing rates. The fair value of loan servicing assets and liabilities are not sensitive to adverse changes in discount rates, credit risk rates, and prepayment rates as such changes do not result in a material impact on the fair value as of December 31, 2025 and June 30, 2026. Adverse changes in market-servicing rates do not result in a material impact to the fair value of loan servicing liabilities as of December 31, 2025 and June 30, 2026.
December 31,
2025		June 30,
2026
Fair value of loan servicing assets$40,941 $54,842 
Expected market-servicing rates
10% market-servicing rates increase(8,402)(10,146)
20% market-servicing rates increase(16,746)(20,079)
Schedule of Servicing Assets at Fair Value Rollforward
The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at March 31, 2025$28,886 $1,487 
Sale of loans8,107 601 
Changes in fair value recorded in earnings(4,550)(338)
Fair value at June 30, 2025$32,443 $1,750 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2024
$27,439 $1,180 
Sale of loans13,644 1,193 
Changes in fair value recorded in earnings
(8,640)(623)
Fair value at June 30, 2025$32,443 $1,750 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at March 31, 2026$45,437 $6,646 
Sale of loans16,357 2,987 
Changes in fair value recorded in earnings(6,952)(1,224)
Fair value at June 30, 2026$54,842 $8,409 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2025$40,941 $4,383 
Sale of loans26,436 5,592 
Changes in fair value recorded in earnings
(12,535)(1,566)
Fair value at June 30, 2026$54,842 $8,409 
Schedule of Servicing Liabilities at Fair Value Rollforward
The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at March 31, 2025$28,886 $1,487 
Sale of loans8,107 601 
Changes in fair value recorded in earnings(4,550)(338)
Fair value at June 30, 2025$32,443 $1,750 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2024
$27,439 $1,180 
Sale of loans13,644 1,193 
Changes in fair value recorded in earnings
(8,640)(623)
Fair value at June 30, 2025$32,443 $1,750 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at March 31, 2026$45,437 $6,646 
Sale of loans16,357 2,987 
Changes in fair value recorded in earnings(6,952)(1,224)
Fair value at June 30, 2026$54,842 $8,409 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2025$40,941 $4,383 
Sale of loans26,436 5,592 
Changes in fair value recorded in earnings
(12,535)(1,566)
Fair value at June 30, 2026$54,842 $8,409 
Schedule of Rollforward of Level 3 Liabilities
The following tables present a rollforward of trailing fee liabilities classified by the Company within Level 3 of the fair value hierarchy:

Trailing Fee Liabilities
Fair value at March 31, 2025$4,574 
Issuances1,086 
Repayments and settlements(733)
Changes in fair value recorded in earnings31 
Fair value at June 30, 2025$4,958 
Trailing Fee Liabilities
Fair value at December 31, 2024$4,614 
Issuances1,786 
Repayments and settlements(1,336)
Changes in fair value recorded in earnings(106)
Fair value at June 30, 2025$4,958 
Trailing Fee Liabilities
Fair value at March 31, 2026$5,980 
Issuances1,314 
Repayments and settlements(828)
Changes in fair value recorded in earnings    (66)
Fair value at June 30, 2026$6,400 
Trailing Fee Liabilities
Fair value at December 31, 2025$5,761 
Issuances2,489 
Repayments and settlements(1,676)
Changes in fair value recorded in earnings    (174)
Fair value at June 30, 2026$6,400