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Balance Sheet Components
 9 Months Ended
Sep. 30, 2026
Other Assets [Abstract]  
Balance Sheet Components Balance Sheet Components
Other Assets

Other assets consisted of the following:
December 31,
2025		September 30,
2026
Loan servicing assets (at fair value)(1)
$40,941 $67,973 
Receivables46,647 53,379 
Prepaid expenses39,658 41,040 
Other assets17,379 13,888 
Intangible assets, net(2)
8,289 7,433 
Deposits5,057 1,629 
Total other assets$157,971 $185,342 
_________
(1)Refer to “Note 5. Fair Value Measurement” for further information.
(2)Refer to “Note 6. Goodwill and Intangible Assets” for further information.

Receivables represent amounts recognized as revenue but not yet collected in relation to servicing and other agreements with institutional investors and lending partners.
Property, Equipment, and Software, Net

Property, equipment, and software, net consisted of the following:
December 31,
2025		September 30,
2026
Internally developed software$95,923 $114,562 
Leasehold improvements15,519 19,589 
Computer and networking equipment6,358 6,820 
Furniture and fixtures4,795 6,471 
Total property, equipment, and software122,595 147,442 
Accumulated depreciation and amortization(78,421)(96,315)
Total property, equipment, and software, net$44,174 $51,127 

For the three and nine months ended September 30, 2025, depreciation and amortization expense on property, equipment, and software was immaterial and $17.5 million, respectively, and immaterial and $18.2 million for the three and nine months ended September 30, 2026, respectively.

Capitalized internally developed software balances, net of accumulated amortization, were $38.5 million and $43.1 million as of December 31, 2025 and September 30, 2026, respectively. The Company recognized no impairment charges to internally developed software during the three months ended September 30, 2025. Impairment charges were immaterial during the nine months ended September 30, 2025 and the three and nine months ended September 30, 2026.
Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:

December 31,
2025		September 30,
2026
Accrued expenses$68,232 $65,489 
Accrued payroll49,275 34,484 
Accounts payable31,981 22,721 
Beneficial interest liabilities (at fair value)(1)
5,075 20,550 
Other liabilities6,788 13,875 
Loan servicing liabilities (at fair value)(1)
4,383 7,173 
Trailing fee liability (at fair value)(1)
5,761 6,783 
Total accrued expenses and other liabilities$171,495 $171,075 
_________
(1)Refer to “Note 5. Fair Value Measurement” for further information.