v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
Effective in the fourth quarter of 2025, the Company updated its operating and reportable segments to align with strategic business and management reporting changes. This realignment is reflected in the periodic financial reports provided to the Company’s Chief Executive Officer, who serves as the chief operating decision maker (“CODM”), for the purposes of evaluating performance, making operating decisions and allocating resources. As a result of these changes, the Company’s former Home Equity segment was eliminated and the related products and services are now combined with the Personal Loan segment, which includes both Personal Loan products and services, as well as general corporate expenses. The Company now has two reportable and operating segments: Personal Loan and Credit Card. Segment information presented for the three months ended June 30, 2025, has been recast to conform to the current reportable segment presentation.
The CODM evaluates the financial performance of the Company’s segments based upon segment revenues, as well as segment Adjusted EBITDA, a non-GAAP profitability measure. The Company does not prepare segment assets for the CODM to use to allocate resources or to assess performance of the segments and, therefore, total segment assets have not been disclosed.
The tables below present segment Total Net Revenue, significant segment operating expenses, and segment Adjusted EBITDA reconciled to Net Income (Loss) Before Taxes, as well as interest income and expense included in segment Adjusted EBITDA, for the periods indicated (in thousands).
Three Months Ended June 30, 2026
Personal LoanCredit CardTotal
Total Net Revenue$60,843 $10,515 $71,358 
Impact of interest rates on fair value of loans held in consolidated trusts18 — 18 
Less: Segment Operating Expenses (1)
Compensation and Benefits (2)
(18,440)(3,003)(21,443)
Marketing and Advertising(13,976)(5,722)(19,698)
Transaction Costs(1,631)(3,366)(4,997)
Other Expenses (3)
(7,253)(295)(7,548)
Segment Adjusted EBITDA$19,561 $(1,871)$17,690 
Depreciation expense:
Origination and Servicing(3,374)
General and Administrative - Other(176)
Stock-based compensation(331)
Change in Fair Value of Convertible Preferred Stock Warrants(5,941)
Impact of interest rates on fair value of loans held in consolidated trusts(18)
Interest income on cash and cash equivalents826 
Interest Expense on Term Loan(1,995)
Net Income Before Income Taxes$6,681 
Interest Income (Expense) Included in Segment Adjusted EBITDA
Interest Income on Financial Instruments$10,149 $5,570 $15,719 
Interest Expense on Financial Instruments(9,732)(2,047)(11,779)
Total Interest Income, Net$417 $3,523 $3,940 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. These amounts exclude items that are adjusted out of Net Income (Loss) for the purposes of calculating Adjusted EBITDA.
(2) Compensation and Benefits includes costs related to certain outsourced headcount in operations.
(3) Other Expenses include, but are not limited to, costs related to professional services, insurance, facilities, software licenses, Cloud platform, and outsourced services in engineering and marketing.
Three Months Ended June 30, 2025
Personal LoanCredit CardTotal
Total Net Revenue$50,309 $1,341 $51,650 
Impact of interest rates on fair value of loans held in consolidated trusts1,069 — 1,069 
Less: Segment Operating Expenses (1)
Compensation and Benefits (2)
(17,187)(2,556)(19,743)
Marketing and Advertising(11,557)(1,842)(13,399)
Transaction Costs(1,835)(2,698)(4,533)
Other Expenses (3)
(6,555)(151)(6,706)
Segment Adjusted EBITDA$14,244 $(5,906)$8,338 
Depreciation expense:
Origination and Servicing(2,785)
General and Administrative - Other(232)
Stock-based compensation(349)
Change in Fair Value of Convertible Preferred Stock Warrants(59,359)
Impact of interest rates on fair value of loans held in consolidated trusts(1,069)
Interest income on cash and cash equivalents736 
Interest Expense on Term Loan(2,979)
Net Loss Before Income Taxes$(57,699)
Interest Income (Expense) Included in Segment Adjusted EBITDA
Interest Income on Borrower Loans and Loans Held for Sale$14,822 $6,244 $21,066 
Interest Expense on Financial Instruments(13,415)(2,017)(15,432)
Total Interest Income, Net Included in Segment Adjusted EBITDA$1,407 $4,227 $5,634 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. These amounts exclude items that are adjusted out of Net Income (Loss) for the purposes of calculating Adjusted EBITDA.
(2) Compensation and Benefits includes costs related to certain outsourced headcount in operations.
(3) Other Expenses include, but are not limited to, costs related to professional services, insurance, facilities, software licenses, Cloud platform, and outsourced services in engineering and marketing.
Six Months Ended June 30, 2026
Personal LoanCredit CardTotal
Total Net Revenue$108,202 $21,524 $129,726 
Impact of interest rates on fair value of loans held in consolidated trusts73 — 73 
Less: Segment Operating Expenses (1)
Compensation and Benefits (2)
(36,678)(6,002)(42,680)
Marketing and Advertising(27,279)(9,916)(37,195)
Transaction Costs(3,234)(6,748)(9,982)
Other Expenses (3)
(15,016)(497)(15,513)
Segment Adjusted EBITDA26,068 (1,639)24,429 
Depreciation expense:
Origination and Servicing(7,516)
General and Administrative - Other(338)
Stock-based compensation(795)
Change in Fair Value of Convertible Preferred Stock Warrants58,008 
Impact of interest rates on fair value of loans held in consolidated trusts(73)
Interest income on cash and cash equivalents1,632 
Interest Expense on Term Loan(3,977)
Net Income Before Income Taxes$71,370 
Interest Income (Expense) Included in Segment Adjusted EBITDA
Interest Income on Financial Instruments$21,023 $10,945 $31,968 
Interest Expense on Financial Instruments(20,059)(4,086)(24,145)
Total Interest Income, Net$964 $6,859 $7,823 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. These amounts exclude items that are adjusted out of Net Income (Loss) for the purposes of calculating Adjusted EBITDA.
(2) Compensation and Benefits includes costs related to certain outsourced headcount in operations.
(3) Other Expenses include, but are not limited to, costs related to professional services, insurance, facilities, software licenses, Cloud platform, and outsourced services in engineering and marketing.
Six Months Ended June 30, 2025
Personal LoanCredit CardTotal
Total Net Revenue$91,049 $3,265 $94,314 
Impact of interest rates on fair value of loans held in consolidated trusts343 — 343 
Less: Segment Operating Expenses (1)
Compensation and Benefits (2)
(35,009)(5,407)(40,416)
Marketing and Advertising(21,378)(3,173)(24,551)
Transaction Costs(3,512)(5,840)(9,352)
Other Expenses (3)
(13,585)(282)(13,867)
Segment Adjusted EBITDA17,908 (11,437)6,471 
Depreciation expense:
Origination and Servicing(5,464)
General and Administrative - Other(500)
Stock-based compensation(676)
Change in Fair Value of Convertible Preferred Stock Warrants(2,133)
Impact of interest rates on fair value of loans held in consolidated trusts(343)
Interest income on cash and cash equivalents1,404 
Interest Expense on Term Loan(6,055)
Net Loss Before Income Taxes$(7,296)
Interest Income (Expense) Included in Segment Adjusted EBITDA
Interest Income on Financial Instruments$31,084 $13,283 $44,367 
Interest Expense on Financial Instruments(27,754)(4,007)(31,761)
Total Interest Income, Net$3,330 $9,276 $12,606 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. These amounts exclude items that are adjusted out of Net Income (Loss) for the purposes of calculating Adjusted EBITDA.
(2) Compensation and Benefits includes costs related to certain outsourced headcount in operations.
(3) Other Expenses include, but are not limited to, costs related to professional services, insurance, facilities, software licenses, Cloud platform, and outsourced services in engineering and marketing.