Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value of Loans Receivable and Asset-Backed Notes

The table below compares the fair value of loans receivable and asset-backed notes to their contractual balances for the periods shown:


	June 30, 2026				December 31, 2025
(in thousands)	Unpaid Principal Balance		Fair Value		Unpaid Principal Balance		Fair Value
Assets


Loans Receivable at Fair Value	$	2,648,522	$	2,736,750	$	2,779,608	$	2,874,092

Liabilities
Asset-backed notes	$	139,811	$	137,778	$	268,291	$	263,799

Schedule of Quantitative Information About Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for Loans Receivable at Fair Value. The personal loans receivable balance at fair value as of June 30, 2026, consists of $2,465.0 million of unsecured personal loans receivable and $271.7 million of secured personal loans receivable.


	June 30, 2026			December 31, 2025
Personal Loans Receivable	Minimum	Maximum	Weighted Average (2)	Minimum	Maximum	Weighted Average (2)
Remaining cumulative charge-offs (1)	10.13%	92.90%	12.22%	10.10%	50.58%	12.28%
Remaining cumulative prepayments (1)	3.74%	38.08%	23.67%	0.00%	38.29%	24.90%

Average life (years)	0.39	1.30	1.04	0.28	1.64	1.06
Discount rate	6.30%	6.30%	6.30%	6.26%	6.26%	6.26%

(1) Figure disclosed as a percentage of outstanding principal balance.

(2) Unobservable inputs were weighted by outstanding principal balance, which are grouped by risk (type of customer, original loan maturity terms).

Schedule of Reconciliation of Loans Receivable at Fair Value Using Significant Unobservable Inputs

The table below presents a reconciliation of Loans Receivable at Fair Value on a recurring basis using significant unobservable inputs:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Balance – beginning of period	$	2,771,836	$	2,770,486	$	2,874,092	$	2,778,523

Principal disbursements	687,548		658,955		1,310,532		1,318,353
Principal and interest payments from members	(618,465)		(582,313)		(1,234,805)		(1,163,920)

Gross charge-offs	(98,581)		(100,745)		(206,813)		(198,942)

Net increase (decrease) in fair value	(5,588)		9,087		(6,256)		21,456
Balance – end of period	$	2,736,750	$	2,755,470	$	2,736,750	$	2,755,470

Schedule of Carry Value and Estimated Fair Values of Financial Assets and Liabilities

The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy:


	June 30, 2026
	Carrying value		Estimated fair value		Estimated fair value
(in thousands)					Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	139,590	$	139,590	$	139,590	$	—	$	—
Restricted cash	72,839		72,839		72,839		—		—



Liabilities
Accounts payable	5,882		5,882		5,882		—		—
Secured financing (Note 8)	308,620		308,321		—		308,321		—
Asset-backed borrowings at amortized cost (Note 8)	2,083,494		2,076,972		—		1,950,738		126,234
Corporate financing (Note 8)	135,000		134,053		—		134,053		—


	December 31, 2025
	Carrying value		Estimated fair value		Estimated fair value
(in thousands)					Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	105,525	$	105,525	$	105,525	$	—	$	—
Restricted cash	93,409		93,409		93,409		—		—


Liabilities
Accounts payable	6,273		6,273		6,273		—		—
Secured financing (Note 8)	204,833		205,152		—		205,152		—
Asset-backed borrowings at amortized cost (Note 8)	2,181,902		2,184,392				1,961,525		222,867
Corporate financing (Note 8)	165,000		165,836		—		165,836		—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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