Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents assets and liabilities measured at fair value and categorized in accordance with the fair value hierarchy:



	Level	December 31, 2025		September 30, 2026
Assets
Loans	3	$	984,552	$	940,747
Beneficial interest assets	3	396,216		613,652
Notes receivable and residual certificates	3	97,416		144,613
Line of credit receivable	3	112,742		110,110
Loan servicing assets	3	40,941		67,973
Interest rate cap	2	225		78
Total assets		$	1,632,092	$	1,877,173
Liabilities
Payable to securitization note holders	3	$	46,542	$	25,505
Beneficial interest liabilities	3	5,075		20,550
Loan servicing liabilities	3	4,383		7,173
Trailing fee liabilities	3	5,761		6,783
Total liabilities		$	61,761	$	60,011

Schedule of Fair Value by Classes of Loans Held by the Company

The following table presents the fair value of loans held on the Company’s condensed consolidated balance sheets by classification:


	December 31, 2025		September 30, 2026

Loans held-for-sale	$	393,159	$	659,324
Loans held-for-investment	537,631		252,535
Loans held in consolidated securitization	53,762		28,888
Total	$	984,552	$	940,747

Schedule of Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loans held-for-investment and held-for-sale, excluding loans held in the consolidated securitization:


	December 31, 2025						September 30, 2026
	Minimum		Maximum		Weighted-Average(1)		Minimum		Maximum		Weighted-Average(1)
Discount rate	5.00	%	14.78	%	9.51	%	5.94	%	13.42	%	9.97	%
Credit risk rate	0.01	%	91.50	%	15.52	%	0.02	%	92.21	%	17.56	%
Prepayment rate	0.45	%	99.75	%	43.41	%	1.07	%	99.61	%	42.70	%

_________

(1)Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs implied for the Company’s Level 3 fair value measurements for loans held in the consolidated securitization:


	December 31, 2025						September 30, 2026
	Minimum		Maximum		Weighted-Average(1)		Minimum		Maximum		Weighted-Average(1)
Discount rate	6.99	%	15.00	%	10.43	%	11.19	%	15.00	%	11.74	%
Credit risk rate	0.67	%	35.68	%	16.12	%	0.67	%	36.03	%	16.34	%
Prepayment rate	6.73	%	89.84	%	40.50	%	7.00	%	89.33	%	39.12	%

_________

(1)Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to the line of credit receivable:


	December 31, 2025			September 30, 2026
	Minimum	Maximum	Weighted-Average	Minimum		Maximum		Weighted-Average
Discount rate	6.50%	6.50%	6.50%	6.50	%	6.50	%	6.50	%

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to notes receivable, residual certificates, and payable to securitization note holders:


	December 31, 2025						September 30, 2026
	Minimum		Maximum		Weighted-Average(1)		Minimum		Maximum		Weighted-Average(1)
Notes receivable and residual certificates
Discount rate	5.75	%	12.78	%	10.72	%	6.24	%	13.13	%	11.03	%
Credit risk rate	0.38	%	50.28	%	21.10	%	0.38	%	60.37	%	22.19	%
Prepayment rate	4.11	%	95.77	%	33.04	%	4.11	%	94.74	%	33.99	%
Payable to securitization note holders
Discount rate	6.99	%	10.40	%	9.65	%	11.19	%	11.19	%	11.19	%
Credit risk rate	0.67	%	35.68	%	16.12	%	0.67	%	36.03	%	16.34	%
Prepayment rate	6.73	%	89.84	%	40.50	%	7.00	%	89.33	%	39.12	%

_________

(1)Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs used for the Company’s fair value measurements of beneficial interests as of December 31, 2025 and September 30, 2026:


	December 31, 2025						September 30, 2026
	Minimum		Maximum		Weighted-Average(1)		Minimum		Maximum		Weighted-Average(1)
Beneficial interest assets
Discount rate	6.50	%	14.50	%	12.90	%	6.50	%	14.50	%	12.38	%
Credit risk rate spread(2)	(7.59)	%	13.42	%	0.89	%	(10.37)	%	15.51	%	1.05	%
Prepayment rate spread(3)	(7.56)	%	15.50	%	3.60	%	(3.27)	%	19.84	%	3.76	%
Beneficial interest liabilities
Discount rate	13.25	%	13.25	%	13.25	%	11.50	%	12.75	%	12.57	%
Credit risk rate spread(2)	(5.45)	%	9.18	%	1.90	%	(7.98)	%	28.57	%	4.20	%
Prepayment rate spread(3)	(1.89)	%	8.36	%	1.89	%	(9.93)	%	28.50	%	2.24	%

_________

(1)Unobservable inputs were weighted by relative fair value.

(2)Expressed as a percentage of cumulative net loss expectations as of the valuation date compared to the initial expectations.

(3)Expressed as a percentage of cumulative principal prepayment expectations as of the valuation date compared to the initial expectations.

Schedule of Sensitivity Analysis of Fair Value

The following table presents the sensitivity of the fair value of loans held-for-sale and held-for-investment, excluding loans held in the consolidated securitization, to adverse changes in the significant assumptions used in the valuation model. Adverse changes in prepayment rates do not result in a material impact to the fair value of loans held-for-sale and held-for-investment as of December 31, 2025 and September 30, 2026.


	December 31, 2025		September 30, 2026

Fair value of loans held-for-sale and held-for-investment	$	930,790	$	911,859
Discount rates
100 basis point increase	(12,006)		(10,707)
200 basis point increase	(23,623)		(21,062)
Expected credit loss rates on underlying loans
10% adverse change	(10,465)		(8,271)
20% adverse change	(20,397)		(16,223)

The following table presents the sensitivity of beneficial interest assets and liabilities to adverse changes in significant assumptions used in the valuation model as of December 31, 2025 and September 30, 2026. The Company adversely shocks the credit risk rate and prepayment rate on the underlying loan portfolios rather than the spreads. Adverse changes in discount rates and prepayment rates do not result in a material impact to the fair value of beneficial interest liabilities as of December 31, 2025 and September 30, 2026.

Significant Recurring Level 3 Fair Value Input Sensitivity



	December 31, 2025		September 30, 2026
Fair value of beneficial interest assets	$	396,216	$	613,652
Discount rate
100 basis point increase	(4,912)		(6,632)
200 basis point increase	(9,676)		(13,062)
Expected credit risk rate on underlying loans
10% adverse change	(80,110)		(114,803)
20% adverse change	(158,190)		(226,892)
Expected prepayment rate on underlying loans
10% adverse change	(7,798)		(9,638)
20% adverse change	(15,244)		(19,747)

Fair value of beneficial interest liabilities	$	5,075	$	20,550



Expected credit risk rate on underlying loans
10% adverse change	22,409		27,319
20% adverse change	44,420		53,369

Schedule of Rollforward of Level 3 Assets

The following tables present a rollforward of loans classified within Level 3 of the fair value hierarchy:


	Loans Held-for-Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at June 30, 2025	$	445,787	$	497,867	$	75,850	$	1,019,504


Purchases and originations of loans(1)	560,563		288,100		—		848,663
Sale of loans(1)	(421,618)		(29,945)		—		(451,563)
Purchase of loans for immediate resale(1)	1,885,786		—		—		1,885,786
Immediate resale of loans(1)	(1,885,786)		—		—		(1,885,786)
Repayments received(1)	(56,756)		(90,705)		(9,840)		(157,301)
Charge-offs and changes in fair value recorded in earnings	(7,354)		(36,514)		(1,945)		(45,813)
Other changes	1,121		15,365		—		16,486
Fair value at September 30, 2025	$	521,743	$	644,168	$	64,065	$	1,229,976

_________

(1)Represents the principal balance.


	Loans Held-for-Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at December 31, 2024	$	405,812	$	297,543	$	102,949	$	806,304


Purchases and originations of loans(1)	1,832,372		665,998		—		2,498,370
Sale of loans(1)	(1,541,321)		(49,633)		—		(1,590,954)
Purchase of loans for immediate resale(1)	4,594,319		—		—		4,594,319
Immediate resale of loans(1)	(4,594,319)		—		—		(4,594,319)
Repayments received(1)	(143,058)		(217,483)		(29,772)		(390,313)
Charge-offs and changes in fair value recorded in earnings	(32,037)		(87,916)		(9,112)		(129,065)
Other changes	(25)		35,659		—		35,634
Fair value at September 30, 2025	$	521,743	$	644,168	$	64,065	$	1,229,976

_________

(1)Represents the principal balance.


	Loans Held-for-Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at June 30, 2026	$	787,154	$	240,758	$	36,327	$	1,064,239


Purchases and originations of loans(1)(2)	868,498		243,041		—		1,111,539
Sale of loans(1)	(912,448)		(146,480)		—		(1,058,928)
Purchase of loans for immediate resale(1)	2,820,538		—		—		2,820,538
Immediate resale of loans(1)	(2,820,538)		—		—		(2,820,538)
Repayments received(1)	(60,800)		(71,870)		(6,398)		(139,068)
Charge-offs and changes in fair value recorded in earnings	(21,811)		(23,479)		(1,041)		(46,331)
Other changes	(1,269)		10,565		—		9,296
Fair value at September 30, 2026	$	659,324	$	252,535	$	28,888	$	940,747

_________

(1)Represents the principal balance.

(2)Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the three months ended September 30, 2026.


	Loans Held-for-Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at December 31, 2025	$	393,159	$	537,631	$	53,762	$	984,552

Reclassification of loans(1)(2)	306,159		(306,159)		—		—
Purchases and originations of loans(1)(3)	2,215,116		860,153		—		3,075,269
Sale of loans(1)	(2,040,031)		(581,421)		—		(2,621,452)
Purchase of loans for immediate resale(1)	7,534,552		—		—		7,534,552
Immediate resale of loans(1)	(7,534,552)		—		—		(7,534,552)
Repayments received(1)	(170,106)		(216,210)		(21,540)		(407,856)
Charge-offs and changes in fair value recorded in earnings	(47,438)		(72,321)		(3,334)		(123,093)
Other changes	2,465		30,862		—		33,327
Fair value at September 30, 2026	$	659,324	$	252,535	$	28,888	$	940,747

_________

(1)Represents the principal balance.

(2)Effective March 31, 2026, the Company reclassified $314.0 million of HELOCs and auto retail loans to held-for-sale as we have both the intent and ability to sell these loans prior to maturity. Effective April 1, 2026, the Company reclassified $7.8 million of personal loans to held-for-investment as they are held as collateral in connection with committed capital and co-investment arrangements and are ineligible to be sold.

(3)Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the nine months ended September 30, 2026.

The following tables present a rollforward of the line of credit receivable classified by the Company within Level 3 of the fair value hierarchy:


	Line of Credit Receivable
Fair value at June 30, 2025	$	107,456
Issuances	9,453
Repayments	(2,375)
Changes in fair value recorded in earnings	236
Changes in accrued interest	76
Fair value at September 30, 2025	$	114,846


	Line of Credit Receivable
Fair value at December 31, 2024	$	56,269
Issuances	59,292
Repayments	(2,375)
Changes in fair value recorded in earnings	1,299
Changes in accrued interest	361
Fair value at September 30, 2025	$	114,846


	Line of Credit Receivable




Fair value at June 30, 2026	$	111,772
Issuances	2,297
Repayments	(3,719)
Changes in fair value recorded in earnings	(233)
Changes in accrued interest	(7)
Fair value at September 30, 2026	$	110,110


	Line of Credit Receivable




Fair value at December 31, 2025	$	112,742
Issuances	7,976
Repayments	(10,046)
Changes in fair value recorded in earnings	(528)
Changes in accrued interest	(34)
Fair value at September 30, 2026	$	110,110

The following tables present a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy:


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at June 30, 2025	$	54,708	$	65,152
Additions	27,525		—
Repayments and settlements	(6,374)		(10,002)
Changes in fair value recorded in earnings	902		25
Fair value at September 30, 2025	$	76,761	$	55,175


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at December 31, 2024	$	22,055	$	87,321
Additions	65,880		—
Repayments and settlements	(12,895)		(32,023)
Changes in fair value recorded in earnings	1,721		(123)
Fair value at September 30, 2025	$	76,761	$	55,175


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at June 30, 2026	$	120,375	$	32,122
Additions	42,914		—
Repayments and settlements	(18,402)		(6,491)
Changes in fair value recorded in earnings	(274)		(126)
Fair value at September 30, 2026	$	144,613	$	25,505


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at December 31, 2025	$	97,416	$	46,542
Additions	91,755		—
Repayments and settlements	(45,456)		(20,640)
Changes in fair value recorded in earnings	898		(397)
Fair value at September 30, 2026	$	144,613	$	25,505

The following tables present a rollforward of beneficial interest assets and liabilities:


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2025	$	266,761	$	10,532
Acquisitions of beneficial interests	109,529		—
Settlement of beneficial interests	(52,812)		(4,052)
Changes in fair value recorded in earnings	(7,279)		6,706
Fair value at September 30, 2025	$	316,199	$	13,186


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at December 31, 2024	$	176,848	$	10,089
Acquisitions of beneficial interests	219,399		—
Settlement of beneficial interests	(96,253)		(15,716)
Changes in fair value recorded in earnings	16,205		18,813
Fair value at September 30, 2025	$	316,199	$	13,186


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2026	$	545,938	$	10,158
Acquisition of beneficial interests	144,926		—
Settlement of beneficial interests, net	(83,312)		(2,775)
Changes in fair value recorded in earnings	6,100		13,167
Fair value at September 30, 2026	$	613,652	$	20,550


	Beneficial Interest Assets		Beneficial Interest Liabilities





Fair value at December 31, 2025	$	396,216	$	5,075
Acquisition of beneficial interests	397,661		—
Settlement of beneficial interests, net	(195,611)		(2,251)

Changes in fair value recorded in earnings	15,386		17,726
Fair value at September 30, 2026	$	613,652	$	20,550

Schedule of Aggregate Fair Value and Principal Outstanding of All Loans And Loans 90 Days or More Past Due

The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due included in the condensed consolidated balance sheets:


	Loans				Loans > 90 Days Past Due
	December 31,		September 30,		December 31,		September 30,
	2025		2026		2025		2026
Outstanding principal balance	$	1,038,521	$	987,630	$	17,685	$	15,475
Net fair value and accrued interest adjustments	(53,969)		(46,883)		(13,094)		(11,014)
Fair value(1)(2)	$	984,552	$	940,747	$	4,591	$	4,461

_________

(1)Includes $367.4 million and $391.4 million of auto loans at fair value as of December 31, 2025 and September 30, 2026, respectively, of which immaterial amounts are 90 days or more past due. Also includes $149.5 million and $156.5 million of HELOCs at fair value as of December 31, 2025 and September 30, 2026, respectively, of which immaterial amounts are 90 days or more past due.

(2)The fair value of loans in nonaccrual status was immaterial as of December 31, 2025 and September 30, 2026.

Schedule of Rollforward of Level 3 Liabilities


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at June 30, 2025	$	54,708	$	65,152
Additions	27,525		—
Repayments and settlements	(6,374)		(10,002)
Changes in fair value recorded in earnings	902		25
Fair value at September 30, 2025	$	76,761	$	55,175


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at December 31, 2024	$	22,055	$	87,321
Additions	65,880		—
Repayments and settlements	(12,895)		(32,023)
Changes in fair value recorded in earnings	1,721		(123)
Fair value at September 30, 2025	$	76,761	$	55,175


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at June 30, 2026	$	120,375	$	32,122
Additions	42,914		—
Repayments and settlements	(18,402)		(6,491)
Changes in fair value recorded in earnings	(274)		(126)
Fair value at September 30, 2026	$	144,613	$	25,505


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at December 31, 2025	$	97,416	$	46,542
Additions	91,755		—
Repayments and settlements	(45,456)		(20,640)
Changes in fair value recorded in earnings	898		(397)
Fair value at September 30, 2026	$	144,613	$	25,505

The following tables present a rollforward of beneficial interest assets and liabilities:


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2025	$	266,761	$	10,532
Acquisitions of beneficial interests	109,529		—
Settlement of beneficial interests	(52,812)		(4,052)
Changes in fair value recorded in earnings	(7,279)		6,706
Fair value at September 30, 2025	$	316,199	$	13,186


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at December 31, 2024	$	176,848	$	10,089
Acquisitions of beneficial interests	219,399		—
Settlement of beneficial interests	(96,253)		(15,716)
Changes in fair value recorded in earnings	16,205		18,813
Fair value at September 30, 2025	$	316,199	$	13,186


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2026	$	545,938	$	10,158
Acquisition of beneficial interests	144,926		—
Settlement of beneficial interests, net	(83,312)		(2,775)
Changes in fair value recorded in earnings	6,100		13,167
Fair value at September 30, 2026	$	613,652	$	20,550


	Beneficial Interest Assets		Beneficial Interest Liabilities





Fair value at December 31, 2025	$	396,216	$	5,075
Acquisition of beneficial interests	397,661		—
Settlement of beneficial interests, net	(195,611)		(2,251)

Changes in fair value recorded in earnings	15,386		17,726
Fair value at September 30, 2026	$	613,652	$	20,550

Schedule of Level 3 Fair Value Assumptions for Loan Servicing Assets and Liabilities

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loan servicing assets and liabilities:


	December 31, 2025						September 30, 2026
	Minimum		Maximum		Weighted-Average(1)		Minimum		Maximum		Weighted-Average(1)
Discount rate	13.00	%	20.00	%	17.32	%	13.00	%	16.00	%	15.25	%
Credit risk rate	0.01	%	61.96	%	17.01	%	0.10	%	77.30	%	18.78	%
Market-servicing rate(2)(3)	0.62	%	2.69	%	0.65	%	0.60	%	2.69	%	0.66	%
Prepayment rate	1.96	%	96.90	%	36.50	%	0.27	%	96.86	%	35.33	%

_________

(1)Unobservable inputs were weighted by relative fair value.

(2)Excludes ancillary fees that would be passed on to a third-party servicer.

(3)Expressed as a percentage of the outstanding principal balance of 1.16% - 2.69% for auto loans and 0.62% - 2.00% for personal loans as of December 31, 2025 and 0.60% - 2.69% for auto loans and 0.60% - 2.00% for personal loans as of September 30, 2026.

Schedule of Fair Value Sensitivity of Loan Servicing Assets and Liabilities to Adverse Changes in Key Assumptions

The table below presents the fair value sensitivity of loan servicing assets to adverse changes in market-servicing rates. The fair value of loan servicing assets and liabilities are not sensitive to adverse changes in discount rates, credit risk rates, and prepayment rates as such changes do not result in a material impact on the fair value as of December 31, 2025 and September 30, 2026. Adverse changes in market-servicing rates do not result in a material impact to the fair value of loan servicing liabilities as of December 31, 2025 and September 30, 2026.



	December 31, 2025		September 30, 2026
Fair value of loan servicing assets	$	40,941	$	67,973
Expected market-servicing rates
10% market-servicing rates increase	(8,402)		(11,148)
20% market-servicing rates increase	(16,746)		(21,973)

Schedule of Servicing Assets at Fair Value Rollforward

The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2025	$	32,443	$	1,750
Sale of loans	8,495		570
Changes in fair value recorded in earnings	(4,155)		(386)
Fair value at September 30, 2025	$	36,783	$	1,934


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2024	$	27,439	$	1,180
Sale of loans	22,139		1,763
Changes in fair value recorded in earnings	(12,795)		(1,009)
Fair value at September 30, 2025	$	36,783	$	1,934


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2026	$	54,842	$	8,409
Sale of loans	18,349		1,712
Changes in fair value recorded in earnings	(5,218)		(2,948)
Fair value at September 30, 2026	$	67,973	$	7,173


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2025	$	40,941	$	4,383
Sale of loans	44,785		7,304
Changes in fair value recorded in earnings	(17,753)		(4,514)
Fair value at September 30, 2026	$	67,973	$	7,173

Schedule of Servicing Liabilities at Fair Value Rollforward

The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2025	$	32,443	$	1,750
Sale of loans	8,495		570
Changes in fair value recorded in earnings	(4,155)		(386)
Fair value at September 30, 2025	$	36,783	$	1,934


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2024	$	27,439	$	1,180
Sale of loans	22,139		1,763
Changes in fair value recorded in earnings	(12,795)		(1,009)
Fair value at September 30, 2025	$	36,783	$	1,934


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2026	$	54,842	$	8,409
Sale of loans	18,349		1,712
Changes in fair value recorded in earnings	(5,218)		(2,948)
Fair value at September 30, 2026	$	67,973	$	7,173


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2025	$	40,941	$	4,383
Sale of loans	44,785		7,304
Changes in fair value recorded in earnings	(17,753)		(4,514)
Fair value at September 30, 2026	$	67,973	$	7,173