v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating Revenues:        
Loss on Sale of Borrower Loans $ (13,684) $ (15,671) $ (30,959) $ (29,247)
Total Operating Revenues 66,996 55,773 121,946 103,821
Interest Income (Expense):        
Interest Income on Financial Instruments 15,719 21,066 31,968 44,367
Interest Expense on Financial Instruments (11,779) (15,432) (24,145) (31,761)
Total Interest Income, Net 3,940 5,634 7,823 12,606
Change in Fair Value of Financial Instruments 422 (9,757) (43) (22,113)
Total Net Revenue 71,358 51,650 129,726 94,314
Expenses:        
Origination and Servicing 13,472 11,967 27,850 23,642
Sales and Marketing 21,262 14,517 40,281 27,949
General and Administrative 22,954 21,386 46,131 43,480
Change in Fair Value of Convertible Preferred Stock Warrants 5,941 59,359 (58,008) 2,133
Interest Expense on Term Loan 1,995 2,979 3,977 6,055
Other Income, Net (947) (859) (1,875) (1,649)
Total Expenses 64,677 109,349 58,356 101,610
Net Income (Loss) Before Taxes 6,681 (57,699) 71,370 (7,296)
Income Tax Expense (300) (28) (338) (56)
Net Income (Loss) 6,381 (57,727) 71,032 (7,352)
Plus: Return on Share Purchase and Forfeiture 355 0 355 0
Less: Net Income Allocated to Participating Securities (5,356) 0 (54,653) 0
Net Income (Loss) Attributable to Common Stockholders $ 1,380 $ (57,727) $ 16,734 $ (7,352)
Net Income (Loss) Per Share - Basic (in dollars per share) $ 0.02 $ (0.74) $ 0.21 $ (0.09)
Net Income (Loss) Per Share - Diluted (in dollars per share) $ 0.01 $ (0.74) $ 0.07 $ (0.09)
Weighted Average Shares - Basic (in shares) 78,924,011 77,698,227 78,589,166 77,603,124
Weighted Average Shares - Diluted (in shares) 185,183,626 77,698,227 237,292,019 77,603,124
Accumulated Deficit        
Expenses:        
Net Income (Loss) $ 6,381 $ (57,727) $ 71,032 $ (7,352)
Transaction Fees, Net        
Operating Revenues:        
Revenues 71,054 61,252 133,143 113,330
Servicing Fees, Net        
Operating Revenues:        
Revenues 7,816 7,385 16,297 14,742
Other Revenues        
Operating Revenues:        
Revenues $ 1,810 $ 2,807 $ 3,465 $ 4,996