v3.26.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Type of Service
The Company disaggregates revenue from fees by type of service for the periods presented as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202620252026
Revenue from fees, net:
Platform and referral fees, net$216,882 $283,139 $570,702 $791,823 
Servicing and other fees, net41,657 69,807 114,089 173,726 
Loan sales fees(1)
— 11,084 — 23,563 
Total revenue from fees, net$258,539 $364,030 $684,791 $989,112 
__________
(1)Beginning in the second quarter of 2026, loan sales fees, which were previously included within servicing and other fees, net, are presented as a separate component of revenue from fees, net. Amounts for the three months ended March 31, 2026 have been reclassified to conform to the current-period presentation.
Schedule of Customers Accounting for Greater Than 10% of Total Revenue
Customers accounting for 10% or more of total revenue were as follows:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202620252026
Customer A37%41%33%35%
Customer B16%13%20%16%
Customer C*12%**
Customer D11%*10%*
__________
* Less than 10%


Customers accounting for 10% or more of accounts receivable were as follows:

December 31,
2025		September 30,
2026
Customer E16%*
Customer F16%*
__________
* Less than 10%
Schedule of Collection Agency and Borrower Fees
The following table presents the components of servicing and other fees, net as part of revenue from fees, net in the Company’s condensed consolidated statements of operations and comprehensive income:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202620252026
Servicing fees$25,780 $39,483 $72,018 $105,438 
Borrower fees7,601 11,333 20,925 30,756 
Collection agency fees3,508 3,802 11,014 11,222 
Other fees612 822 1,542 2,068 
Net gain on servicing rights and fair value adjustments4,156 14,367 8,590 24,242 
Total servicing and other fees, net$41,657 $69,807 $114,089 $173,726 
Schedule of Components of Interest Income and Fair Value Adjustments, Net
The following table presents components of the interest income, interest expense, and fair value adjustments, net presented in the Company’s condensed consolidated statements of operations and comprehensive income:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202620252026
Interest income(1)
$57,203 $56,561 $143,394 $169,673 
Interest expense(1)
(8,794)(12,879)(23,586)(35,780)
Fair value and other adjustments, net:
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(1)
(15,545)(26,864)(55,749)(60,637)
Fair value adjustments and realized losses on beneficial interests, net(13,985)(7,067)(2,608)(2,340)
Realized gain (loss) on sale of loans, net(313)(3,259)1,525 (16,584)
Total fair value and other adjustments, net
(29,843)(37,190)(56,832)(79,561)
Total interest income, interest expense, and fair value adjustments, net$18,566 $6,492 $62,976 $54,332 
__________
(1)Includes interest income, interest expense and unrealized loss on loans, loan charge-offs, and other fair value adjustments, net, respectively, related to the consolidated securitization as follows:


Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202620252026
Interest income, interest expense, and fair value adjustments, net related to consolidated securitization:
Interest income$3,876 $1,818 $13,453 $6,705 
Interest expense(1,489)(809)(5,006)(2,963)
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(1,970)(914)(8,988)(2,933)
Total interest income, interest expense, and fair value adjustments, net$417 $95 $(541)$809