v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Cash and Cash Equivalents $ 55,064 $ 46,755
Restricted Cash [1] 160,323 94,363
Accounts Receivable 12,994 11,947
Prepaid and Other Assets [1] 36,375 30,263
Borrower Loans, at Fair Value 258,205 309,737
Receivable from Credit Card Partner, at Fair Value [1] 99,328 99,865
Property and Equipment, Net 44,416 45,097
Credit Card Derivative 56,027 48,290
Servicing Assets 19,659 17,402
Goodwill 36,368 36,368
Total Assets 778,759 740,087
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Accounts Payable and Accrued Liabilities 76,921 73,692
Payable to Investors 148,189 77,604
Notes, at Fair Value 221,070 243,900
Notes Issued by Securitization Trust [1] 122,518 149,902
Term Loan 74,778 74,759
Other Liabilities 34,264 34,778
Convertible Preferred Stock Warrant Liability 696 230,060
Total Liabilities 678,436 884,695
Commitments and Contingencies (Note $17)
Stockholders' Deficit:    
Common Stock – $0.01 par value; 625,000,000 shares authorized; 80,871,884 shares issued and 79,935,949 shares outstanding, as of June 30, 2026; 79,138,710 shares issued and 78,202,775 shares outstanding, as of December 31, 2025 323 307
Additional Paid-In Capital 165,023 164,240
Less: Treasury Stock (23,417) (23,417)
Accumulated Deficit (608,527) (679,913)
Total Stockholders' Deficit (466,598) (538,783)
Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit 778,759 740,087
Convertible Preferred Stock Held by Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock (2,450) (2,381)
Consolidated Entity, Excluding Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock 569,371 396,556
VIE, Primary Beneficiary    
Assets:    
Restricted Cash 9,280 11,892
Accounts Receivable 1,255 1,376
Borrower Loans, at Fair Value 35,439 64,400
Receivable from Credit Card Partner, at Fair Value 99,328 99,865
Total Assets 145,302 177,533
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Notes Issued by Securitization Trust 122,518 149,902
Other Liabilities 1,900 2,163
Total Liabilities 124,418 152,065
VIE, Primary Beneficiary | Convertible Preferred Stock Held by Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock $ (2,450) $ (2,381)
[1] Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.`
The following table presents the assets and liabilities of consolidated VIEs, which are included in the condensed consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. Refer to Note 7, Securitizations, and Note 11, Debt, within the notes to the condensed consolidated financial statements for additional information.

June 30, 2026December 31, 2025
Assets of consolidated VIEs, included in total assets above:
Restricted Cash$9,280 $11,892 
Accounts Receivable1,255 1,376 
Borrower Loans, at Fair Value35,439 64,400 
Receivable from Credit Card Partner, at Fair Value99,328 99,865 
Total assets of consolidated VIEs$145,302 $177,533 
Liabilities of consolidated VIEs, included in total liabilities above:
Notes Issued by Securitization Trust$122,518 $149,902 
Other Liabilities1,900 2,163 
Total liabilities of consolidated VIEs$124,418 $152,065