Fair Value of Financial Assets and Liabilities (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | | Cash and cash equivalents: | | | | | | | | | | Money market funds | | $ | 237,815 | | | $ | — | | | $ | — | | | $ | 237,815 | | | | | | | | | | | | | | | | | | | | | Commercial paper | | — | | | 25,979 | | | — | | | 25,979 | | | Government bonds - US | | — | | | 5,987 | | | — | | | 5,987 | | | Securities, available for sale: | | | | | | | | | | Certificates of deposit | | — | | | 71,857 | | | — | | | 71,857 | | | Corporate bonds | | — | | | 316,840 | | | — | | | 316,840 | | | Commercial paper | | — | | | 197,114 | | | — | | | 197,114 | | | Agency bonds | | — | | | — | | | — | | | — | | | Municipal bonds | | — | | | 8,655 | | | — | | | 8,655 | | | Government bonds: | | | | | | | | | | Non-US | | — | | | 2,169 | | | — | | | 2,169 | | | US | | — | | | 296,344 | | | — | | | 296,344 | | | Securitization notes receivable and residual trust certificates | | — | | | — | | | 68,358 | | | 68,358 | | | Residual interests in structured transactions | | — | | | — | | | 5,582 | | | 5,582 | | | Other | | 773 | | | — | | | 5,723 | | | 6,496 | | | Servicing assets | | — | | | — | | | 821 | | | 821 | | | Interest rate derivatives | | — | | | 3,849 | | | — | | | 3,849 | | | Risk sharing asset | | — | | | — | | | 30,301 | | | 30,301 | | | Total assets | | $ | 238,588 | | | $ | 928,794 | | | $ | 110,785 | | | $ | 1,278,167 | | | Liabilities: | | | | | | | | | | | | | | | | | | | Performance fee liability | | — | | | — | | | 2,459 | | | 2,459 | | | Profit share liability | | — | | | — | | | 1,056 | | | 1,056 | | | | | | | | | | | | Interest rate derivatives | | — | | | 65 | | | — | | | 65 | | | Total liabilities | | $ | — | | | $ | 65 | | | $ | 3,515 | | | $ | 3,580 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | | Cash and cash equivalents: | | | | | | | | | | Money market funds | | $ | 70,920 | | | $ | — | | | $ | — | | | $ | 70,920 | | | Agency Bonds | | — | | | 3,493 | | | — | | | 3,493 | | | Commercial paper | | — | | | 12,564 | | | — | | | 12,564 | | | Government bonds- US | | — | | | 4,995 | | | — | | | 4,995 | | | Securities, available for sale: | | | | | | | | | | Certificates of deposit | | — | | | 39,008 | | | — | | | 39,008 | | | Corporate bonds | | — | | | 264,199 | | | — | | | 264,199 | | | Commercial paper | | — | | | 126,761 | | | — | | | 126,761 | | | Agency bonds | | — | | | 7,854 | | | — | | | 7,854 | | | Municipal bonds | | — | | | 6,076 | | | — | | | 6,076 | | | Government bonds: | | | | | | | | | | Non-US | | — | | | 5,340 | | | — | | | 5,340 | | | US | | — | | | 344,434 | | | — | | | 344,434 | | | Securitization notes receivable and residual trust certificates | | — | | | — | | | 75,469 | | | 75,469 | | | Residual interests in structured transactions | | — | | | — | | | 2,284 | | | 2,284 | | | Servicing assets | | — | | | — | | | 906 | | | 906 | | | Interest rate derivatives | | — | | | 2,644 | | | — | | | 2,644 | | | Risk sharing asset | | — | | | — | | | 43,179 | | | 43,179 | | | Total assets | | $ | 70,920 | | | $ | 817,368 | | | $ | 121,838 | | | $ | 1,010,126 | | | Liabilities: | | | | | | | | | | Servicing liabilities | | $ | — | | | $ | — | | | $ | 41 | | | $ | 41 | | | Performance fee liability | | — | | | — | | | 1,870 | | | 1,870 | | | Profit share liability | | — | | | — | | | 9,323 | | | 9,323 | | | Risk sharing liability | | — | | | — | | | 90 | | | 90 | | | Interest rate derivatives | | — | | | 15 | | | — | | | 15 | | | Total liabilities | | $ | — | | | $ | 15 | | | $ | 11,324 | | | $ | 11,339 | |
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| Schedule of Servicing Assets at Fair Value |
The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Fair value at beginning of period | | $ | 906 | | | $ | 574 | | | Initial transfers of financial assets | | 505 | | | 484 | | | Subsequent changes in fair value | | (590) | | | (152) | | | Fair value at end of period | | $ | 821 | | | $ | 906 | |
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| Schedule of Servicing Liabilities at Fair Value |
The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Fair value at beginning of period | | $ | 41 | | | $ | 743 | | | Initial transfers of financial liabilities | | — | | | — | | | Subsequent changes in fair value | | (41) | | | (702) | | | Fair value at end of period | | $ | — | | | $ | 41 | |
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| Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement |
The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2026 and June 30, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Servicing assets | | Discount Rate | | 30.00 | % | | 30.00 | % | | 30.00 | % | | | Adequate Compensation | | 2.00 | % | | 2.00 | % | | 2.00 | % | | | Default Rate | | 10.48 | % | | 18.44 | % | | 13.89 | % | Servicing liabilities (2) | | Discount Rate | | 30.00 | % | | 30.00 | % | | 30.00 | % | | | Adequate Compensation | | 2.00 | % | | 2.00 | % | | 2.00 | % | | | Default Rate | | — | % | | — | % | | — | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Servicing assets | | Discount Rate | | 30.00 | % | | 30.00 | % | | 30.00 | % | | | Adequate Compensation | | 2.00 | % | | 2.00 | % | | 2.00 | % | | | Default Rate | | 10.24 | % | | 15.68 | % | | 12.04 | % | Servicing liabilities (2) | | Discount Rate | | 30.00 | % | | 30.00 | % | | 30.00 | % | | | Adequate Compensation | | 2.00 | % | | 2.00 | % | | 2.00 | % | | | Default Rate | | 3.71 | % | | 7.89 | % | | 5.26 | % |
(1)Unobservable inputs were weighted by relative fair value. (2)For certain servicing agreements, the contractual servicing fee equals the adequate compensation assumption, resulting in a fair value of zero. These agreements are included in the sensitivity analysis to demonstrate the impact of changes in the adequate compensation rate. For such agreements, if the adequate compensation rate is held constant, fluctuations in the default rate or the discount rate would not impact the valuation. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of June 30, 2026 and June 30, 2025:
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Discount Rate | | 6.06% | | 10.00% | | 8.53% | | Refund Rate | | 1.50% | | 1.50% | | 1.50% | | Loss Rate | | 0.73% | | 4.65% | | 3.21% |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Discount Rate | | 7.25% | | 10.00% | | 9.23% | | Refund Rate | | 1.50% | | 1.50% | | 1.50% | | Loss Rate | | 0.87% | | 4.65% | | 3.07% |
(1)Unobservable inputs were weighted by remaining principal balances. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the notes receivable and residual trust certificates as of June 30, 2026 and June 30, 2025:
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (2) | | Discount Rate | | 0.82% | | 22.60% | | 5.14% | Default Rate(1) | | 5.37% | | 9.98% | | 9.65% | | Prepayment Rate | | 20.17% | | 26.52% | | 25.48% |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (2) | | Discount Rate | | 2.86% | | 30.29% | | 6.89% | Default Rate(1) | | 0.94% | | 8.40% | | 7.65% | | Prepayment Rate | | 21.46% | | 24.85% | | 23.14% |
(1)The cumulative loss relative to the outstanding balance as of June 30, 2026 and June 30, 2025 (2)Unobservable inputs were weighted by relative fair value The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual interests in structured transactions as of June 30, 2026 and June 30, 2025:
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Discount Rate | | 20.00% | | 20.00% | | 20.00% | | Default Rate | | 10.42% | | 10.42% | | 10.42% | | Prepayment Rate | | 45.61% | | 45.61% | | 45.61% |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Discount Rate | | 20.00% | | 20.00% | | 20.00% | | Default Rate | | 8.88% | | 8.88% | | 8.88% | | Prepayment Rate | | 48.85% | | 48.85% | | 48.85% |
(1)Unobservable inputs were weighted by relative fair value. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of June 30, 2026 and June 30, 2025:
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Discount Rate | | 30.00% | | 30.00% | | 30.00% | | Program Profitability | | 0.89% | | 2.43% | | 2.31% |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Discount Rate | | 30.00% | | 30.00% | | 30.00% | | Program Profitability | | 0.23% | | 3.28% | | 2.86% |
(1)Unobservable inputs were weighted by relative fair value. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of June 30, 2026 and June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Risk sharing assets | | Discount Rate | | 7.00% | | 20.00% | | 17.95% | | | Loss Rate | | 3.35% | | 4.96% | | 4.16% | | | Prepayment Rate | | 17.72% | | 22.13% | | 19.80% | | Risk sharing liabilities | | Discount Rate | | —% | | —% | | —% | | | Loss Rate | | —% | | —% | | —% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Unobservable Input | | Minimum | | Maximum | | Weighted Average (1) | | Risk sharing assets | | Discount Rate | | 20.00% | | 20.00% | | 20.00% | | | Loss Rate | | 3.32% | | 4.91% | | 4.13% | | | Prepayment Rate | | 19.84% | | 22.89% | | 21.34% | | Risk sharing liabilities | | Discount Rate | | 20.00% | | 20.00% | | 20.00% | | | Loss Rate | | 3.47% | | 5.35% | | 4.42% |
(1)Unobservable inputs were weighted by principal balance of loans sold under each cohort. The following table summarizes the effect that adverse changes in estimates would have on the fair value of the risk sharing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):
| | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Risk sharing assets | | | | | | Prepayment Rate assumption: | | | | | | Prepayment Rate decrease of 25% | | $ | (1,638) | | | $ | (1,896) | | | Prepayment Rate decrease of 50% | | $ | (3,382) | | | $ | (3,923) | | | Loss Rate assumption: | | | | | | Loss Rate increase of 25% | | $ | (13,647) | | | $ | (15,150) | | | Loss Rate increase of 50% | | $ | (27,292) | | | $ | (30,277) | | | Discount Rate assumption: | | | | | | Discount Rate increase of 25% | | $ | (554) | | | $ | (903) | | | Discount Rate increase of 50% | | $ | (1,072) | | | $ | (1,745) | | | Risk sharing liabilities | | | | | | Loss Rate assumption: | | | | | | Loss Rate increase of 25% | | $ | — | | | $ | 16,946 | | | Loss Rate increase of 50% | | $ | — | | | $ | 24,676 | | | Discount Rate assumption: | | | | | | Discount Rate increase of 25% | | $ | — | | | $ | — | | | Discount Rate increase of 50% | | $ | — | | | $ | — | |
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| Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities |
The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Servicing assets | | | | | | Default Rate assumption: | | | | | | Default Rate increase of 25% | | $ | 1 | | | $ | 1 | | | Default Rate increase of 50% | | $ | 2 | | | $ | 2 | | | Adequate Compensation assumption: | | | | | | Adequate Compensation increase of 10% | | $ | (1,255) | | | $ | (1,439) | | | Adequate Compensation increase of 20% | | $ | (2,509) | | | $ | (2,879) | | | Discount Rate assumption: | | | | | | Discount Rate increase of 25% | | $ | (30) | | | $ | (35) | | | Discount Rate increase of 50% | | $ | (58) | | | $ | (66) | | Servicing liabilities (1) | | | | | | Default Rate assumption: | | | | | | Default Rate increase of 25% | | $ | — | | | $ | — | | | Default Rate increase of 50% | | $ | — | | | $ | — | | | Adequate Compensation assumption: | | | | | | Adequate Compensation increase of 10% | | $ | 6,405 | | | $ | 4,593 | | | Adequate Compensation increase of 20% | | $ | 12,810 | | | $ | 9,186 | | | Discount Rate assumption: | | | | | | Discount Rate increase of 25% | | $ | — | | | $ | (1) | | | Discount Rate increase of 50% | | $ | — | | | $ | (1) | |
(1)For certain servicing agreements, the contractual servicing fee equals the adequate compensation assumption, resulting in a fair value of zero. These agreements are included in the sensitivity analysis to demonstrate the impact of changes in the adequate compensation rate. For such agreements, if the adequate compensation rate is held constant, fluctuations in the default rate or the discount rate would not impact the valuation.
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| Schedule of Activity for Liabilities With Significant Unobservable Inputs for Fair Value |
The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Fair value at beginning of period | | $ | 1,870 | | | $ | 1,503 | | | Purchases of loans | | 3,396 | | | 2,367 | | | Settlements paid | | (2,864) | | | (2,111) | | | Subsequent changes in fair value | | 57 | | | 111 | | | Fair value at end of period | | $ | 2,459 | | | $ | 1,870 | |
The following table summarizes the activity related to the fair value of the notes receivable and residual trust certificates (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Fair value at beginning of period | | $ | 75,469 | | | $ | 51,670 | | | Additions | | 76,094 | | | 84,718 | | | Cash received (due to payments) | | (88,301) | | | (65,560) | | | Change in unrealized gain (loss) | | 92 | | | (447) | | | Accrued interest | | 4,279 | | | 5,368 | | | Reversals of (additions to) allowance for expected credit losses | | 725 | | | (280) | | | Fair value at end of period | | $ | 68,358 | | | $ | 75,469 | |
The following table summarizes the activity related to the fair value of the profit share liability (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Fair value at beginning of period | | $ | 9,323 | | | $ | 1,974 | | | Facilitation of loans | | 4,423 | | | 12,967 | | | Actual performance | | (13,208) | | | (13,649) | | | Subsequent changes in fair value | | 518 | | | 8,031 | | | Fair value at end of period | | $ | 1,056 | | | $ | 9,323 | |
The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Fair value at beginning of period | | $ | 90 | | | $ | 918 | | | Cash settlements | | (90) | | | (1,599) | | | Subsequent changes in fair value | | — | | | 771 | | | Fair value at end of period | | $ | — | | | $ | 90 | |
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| Schedule Sensitivity Analysis of Fair Value, Residual Trust Certificates |
The following table summarizes the effect that adverse changes in estimates would have on the fair value of the notes receivable and residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Discount Rate assumption: | | | | | | Discount Rate increase of 25% | | $ | (518) | | | $ | (727) | | | Discount Rate increase of 50% | | $ | (1,013) | | | $ | (1,427) | | | Default Rate assumption: | | | | | | Default Rate increase of 25% | | $ | (2,806) | | | $ | (2,688) | | | Default Rate increase of 50% | | $ | (3,526) | | | $ | (3,698) | | | Prepayment Rate assumption: | | | | | | Prepayment Rate change of 25% | | $ | (155) | | | $ | (130) | | | Prepayment Rate change of 50% | | $ | (313) | | | $ | (259) | |
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| Schedule of Activity for Promote Amount Asset With Significant Unobservable Inputs for Fair Value |
The following table summarizes the activity related to the fair value of the assets (in thousands):
| | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Fair value at beginning of period | | $ | 2,284 | | | $ | — | | | Capital contribution | | 4,094 | | | 2,173 | | | Cash distribution received | | (1,659) | | | — | | | Accrued Interest | | 338 | | | — | | | Subsequent changes in fair value | | 525 | | | 111 | | | Fair value at the end of period | | 5,582 | | | 2,284 | |
The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Fair value at beginning of period | | $ | 43,179 | | | $ | 33,884 | | | Initial transfers of financial assets | | 20,509 | | | 27,658 | | | Cash settlements | | (39,829) | | | (21,134) | | | Subsequent changes in fair value | | 6,442 | | | 2,771 | | | Fair value at end of period | | $ | 30,301 | | | $ | 43,179 | |
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| Schedule of Sensitivity Analysis of Fair Value, Residual Interests in Structured Transactions |
The following table summarizes the effect that adverse changes in estimates would have on the fair value of the residual interests in structured transactions given hypothetical changes in significant unobservable inputs (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Discount Rate assumption: | | | | | | Discount Rate increase of 20% | | $ | (320) | | | $ | (181) | | | Discount Rate increase of 40% | | $ | (615) | | | $ | (343) | | | Default Rate assumption: | | | | | | Default Rate increase of 20% | | $ | (48) | | | $ | (28) | | | Default Rate increase of 40% | | $ | (89) | | | $ | (50) | | | Prepayment Rate assumption: | | | | | | Prepayment Rate increase of 20% | | $ | (54) | | | $ | (35) | | | Prepayment Rate increase of 40% | | $ | (103) | | | $ | (64) | |
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| Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Not Recorded at Fair Value |
The following table presents the fair value and our assessment of the classification of this measurement within the fair value hierarchy for financial assets and liabilities held at amortized cost as of June 30, 2026 and June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Carrying Amount | | Level 1 | | Level 2 | | Level 3 | | Balance at Fair Value | | Assets: | | | | | | | | | | | | Loans held for sale | | $ | 1 | | | $ | — | | | $ | 1 | | | $ | — | | | $ | 1 | | | Loans held for investment, net | | $ | 8,997,447 | | | $ | — | | | $ | — | | | $ | 9,814,199 | | | $ | 9,814,199 | | | | | | | | | | | | | | Total assets | | $ | 8,997,448 | | | $ | — | | | $ | 1 | | | $ | 9,814,199 | | | $ | 9,814,200 | | | Liabilities: | | | | | | | | | | | Convertible senior notes, net (1) | | 1,129,581 | | | — | | | 1,286,525 | | | — | | | 1,286,525 | | | Notes issued by securitization trusts | | 5,331,229 | | | — | | | — | | | 5,341,418 | | | 5,341,418 | | | Funding debt | | 3,333,248 | | | — | | | — | | | 3,359,290 | | | 3,359,290 | | | Total liabilities | | $ | 9,794,058 | | | $ | — | | | $ | 1,286,525 | | | $ | 8,700,708 | | | $ | 9,987,233 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Carrying Amount | | Level 1 | | Level 2 | | Level 3 | | Balance at Fair Value | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Loans held for investment, net | | 6,628,606 | | | — | | | — | | | 7,085,840 | | | 7,085,840 | | | | | | | | | | | | | | Total assets | | $ | 6,628,606 | | | $ | — | | | $ | — | | | $ | 7,085,840 | | | $ | 7,085,840 | | | Liabilities: | | | | | | | | | | | Convertible senior notes, net (1) | | 1,153,000 | | | — | | | 1,205,287 | | | — | | | 1,205,287 | | | Notes issued by securitization trusts | | 4,833,855 | | | — | | | — | | | 4,868,980 | | | 4,868,980 | | | Funding debt | | 1,622,808 | | | — | | | — | | | 1,640,765 | | | 1,640,765 | | | Total liabilities | | $ | 7,609,663 | | | $ | — | | | $ | 1,205,287 | | | $ | 6,509,745 | | | $ | 7,715,032 | |
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