v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following table presents financial information, including Contribution Profit, for the Company’s Unsecured Lending segment:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202620252026
Unsecured Lending(1)
Revenue from fees, net$253,192 $329,939 $672,254 $921,634 
Borrower acquisition costs(2)
(61,771)(76,280)(164,161)(241,371)
Borrower verification and servicing costs(3)
(34,445)(41,522)(96,085)(118,924)
Contribution Profit for Unsecured Lending$156,976 $212,137 $412,008 $561,339 
_______
(1)Beginning in the second quarter of 2026, the Company renamed its Personal Lending operating segment to Unsecured Lending. The name change was administrative in nature and had no impact to the segment results or the Company’s condensed consolidated financial statements.
(2)Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.
(3)Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.

The following table presents a reconciliation of total Contribution Profit to Net income before income taxes:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202620252026
Contribution Profit - Unsecured Lending$156,976 $212,137 $412,008 $561,339 
Reconciling items:
Contribution Profit/(Loss) - Other Segments(1)
(9,570)5,833 (21,687)(12,964)
Sales and marketing, net of borrower acquisition costs(2)
(11,582)(10,883)(34,160)(35,309)
Customer operations, net of borrower verification and servicing costs(3)
(5,919)(8,476)(18,826)(24,754)
Engineering and product development(64,026)(92,652)(190,689)(266,624)
General, administrative, and other(60,779)(76,452)(185,910)(232,900)
Interest income, interest expense, and fair value adjustments, net18,566 6,492 62,976 54,332 
Other income, net1,017 1,244 4,209 4,714 
Gain on debt extinguishment7,246 — 7,246 — 
Net income before income taxes$31,929 $37,243 $35,167 $47,834 
_________
(1)Includes Auto Lending and Other operating segments, which did not meet the separate reporting or aggregation criteria under GAAP.
(2)Borrower acquisition costs were $67.3 million and $91.2 million for the three months ended September 30, 2025 and 2026, respectively, and were $176.8 million and $285.7 million for the nine months ended September 30, 2025 and 2026, respectively. Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.
(3)Borrower verification and servicing costs were $43.9 million and $54.9 million for the three months ended September 30, 2025 and 2026, respectively, and were $117.7 million and $155.0 million for the nine months ended September 30, 2025 and 2026, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.