v3.26.1
Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party TransactionsOn September 14, 2022, the Company entered into the Original Credit Agreement to borrow $150.0 million through a senior secured term loan. On March 10, 2023, the Company upsized and amended the Original Credit Agreement and borrowed an additional $75.0 million over four separate tranches from March 10, 2023 to June 30, 2023. In connection with the amendment of the Original Credit Agreement, the Company issued warrants to the lenders with each tranche to purchase a total of 4,193,453 shares of its common stock at an exercise price of $0.01 per share. On October 23, 2024, the Company entered into the Credit Agreement with certain affiliates of Neuberger and McLaren Harbor LLC, pursuant to which the Company borrowed $235 million through a senior secured term loan. Upon the closing of the Term Loan, the Company repaid all amounts due under the Original Credit Agreement in full. In connection with the Credit Agreement, the lenders retained the previously issued warrants and the Company issued the Neuberger affiliated lenders additional warrants to purchase a total of 2,426,503 shares of its common stock at an exercise price of $0.01 per share. Accordingly, Neuberger is deemed to be a beneficial owner of greater than ten percent of the Company's outstanding stock pursuant to generally accepted accounting principles. During the year ended December 31, 2025, 3,937,168 warrants were exercised by Neuberger to purchase common stock, and 94,413 warrants were exercised during the six months ended June 30, 2026. As of June 30, 2026 and December 31, 2025, Neuberger held outstanding and exercisable detachable warrants of 2,588,375 and 2,682,788, respectively. See Note 8, Borrowings for additional information on the Corporate financing facility and Note 10, Stockholders' Equity for additional information on the warrants.
On June 16, 2023, the Company entered into a forward flow whole loan sale agreement with Neuberger to sell up to $300.0 million of its personal loan originations over the subsequent twelve months. On April 26, 2024, the agreement was amended to extend the term and revised the commitment amount to $370.9 million of personal loan originations. The Company has fulfilled its commitment under the agreement and will continue to service these loans. As part of this agreement, during the six months ended June 30, 2026, and as of December 31, 2025, no loans were transferred.

In addition, on April 2, 2025, the Company entered into a loan and security agreement with Neuberger, and certain other lenders, which was amended on October 8, 2025. The amended PLW III facility has a two-year revolving period with a final maturity of April 1, 2028 and a borrowing capacity of $187.5 million. See Note 8, Borrowings, for additional information regarding our secured financings

The following table represents the interest income earned from our loans receivable portfolio and interest expense on our debt instruments recorded on the Company’s Condensed Consolidated Statements of Operations (Unaudited) related to transactions with Neuberger.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Interest income
Secured borrowings
5,228 13,691 11,474 29,960 
Total interest income
$5,228 $13,691 $11,474 $29,960 
Interest expense
Corporate financing$7,701 $5,107 $11,486 $10,340 
Secured borrowings
(3,368)5,419 (3,351)11,842 
Secured financing
462 419 667 419 
Total interest expense
$4,795 $10,945 $8,802 $22,601 

As of June 30, 2026 and December 31, 2025, Loans Receivable at Fair Value underlying the Secured borrowing were $57.4 million and $103.5 million, respectively, and Loans Receivable at Fair Value underlying the Secured financing were $14.9 million and $8.1 million respectively. The Company had Asset-backed borrowings at amortized cost of $65.8 million, Corporate financing of $119.9 million, and Secured financing of $13.2 million due to Neuberger as of June 30, 2026 and $116.9 million, $71.8 million and $7.2 million, respectively, due as of December 31, 2025. The Company also had an insignificant amount of Interest and fee receivable, net and Other liabilities in its Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2026, related to these transactions.
The Company believes that it has executed all the transactions described herein on terms no less favorable to it than it could have obtained from unaffiliated third parties.