Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:


	As of June 30, 2026			As of December 31, 2025
	Level 1		Level 2	Total	Level 1	Level 2	Total
Assets:
Investments:
Asset-backed debt securities - available-for-sale	$	100	1,578,240	1,578,340	100	1,304,888	1,304,988
Equity securities	24,659		—	24,659	22,107	—	22,107
Equity securities measured at net asset value (a)				98,393			87,541
Total investments	24,759		1,578,240	1,701,392	22,207	1,304,888	1,414,636
Derivative instruments	—		2,776	2,776	—	614	614
Total assets	$	24,759	1,581,016	1,704,168	22,207	1,305,502	1,415,250
Liabilities:
Derivative instruments	$	—	295	295	—	1,727	1,727
Total liabilities	$	—	295	295	—	1,727	1,727

(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

Schedule of Fair Value of Financial Instruments

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2025 Annual Report.


	As of June 30, 2026
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	9,718,535	9,259,416	—	—	9,718,535
Accrued loan interest receivable	542,799		542,799	—	542,799	—
Cash and cash equivalents	172,430		172,430	172,430	—	—
Investments at fair value	1,701,392		1,701,392	24,759	1,578,240	—
Investments - held-to-maturity asset-backed securities	214,973		210,908	—	214,973	—
Notes receivable	41,772		41,772	—	41,772	—
Beneficial interest in loan securitizations	202,812		188,852	—	—	202,812
Restricted cash	285,845		285,845	285,845	—	—
Restricted cash – due to customers	508,039		508,039	508,039	—	—

Derivative instruments	2,776		2,776	—	2,776	—
Financial liabilities:
Bonds and notes payable	7,065,938		7,043,156	—	7,065,938	—
Accrued interest payable	16,265		16,265	—	16,265	—
Bank deposits	2,206,275		2,219,249	1,187,152	1,019,123	—
Due to customers	839,910		839,910	839,910	—	—
Derivative instruments	295		295	—	295	—


	As of December 31, 2025
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	9,978,262	9,477,759	—	—	9,978,262
Accrued loan interest receivable	528,936		528,936	—	528,936	—
Cash and cash equivalents	295,983		295,983	295,983	—	—
Investments at fair value	1,414,636		1,414,636	22,207	1,304,888	—
Investments - held-to-maturity asset-backed securities	215,722		211,299	—	215,722	—
Notes receivable	32,085		32,085	—	32,085	—
Beneficial interest in loan securitizations	211,398		194,830	—	—	211,398
Restricted cash	357,639		357,639	357,639	—	—
Restricted cash – due to customers	319,924		319,924	319,924	—	—

Derivative instruments	614		614	—	614	—
Financial liabilities:
Bonds and notes payable	7,784,936		7,780,927	—	7,784,936	—
Accrued interest payable	20,426		20,426	—	20,426	—
Bank deposits	1,658,675		1,669,173	1,040,077	618,598	—
Due to customers	457,844		457,844	457,844	—	—
Derivative instruments	1,727		1,727	—	1,727	—