v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets:    
Cash and Cash Equivalents $ 74,059 $ 46,755
Restricted Cash [1] 147,800 94,363
Accounts Receivable 10,882 11,947
Prepaid and Other Assets [1] 12,655 30,263
Borrower Loans, at Fair Value 215,711 309,737
Receivable from Credit Card Partner, at Fair Value [1] 398,414 99,865
Property and Equipment, Net 44,738 45,097
Credit Card Derivative 28,833 48,290
Servicing Assets 21,382 17,402
Goodwill 36,368 36,368
Total Assets 990,842 740,087
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Accounts Payable and Accrued Liabilities 75,548 73,692
Payable to Investors 134,841 77,604
Notes, at Fair Value 212,396 243,900
Notes Issued by Securitization Trusts [1] 320,350 149,902
Term Loan 74,788 74,759
Other Liabilities 29,878 34,778
Convertible Preferred Stock Warrant Liability 648 230,060
Total Liabilities 848,449 884,695
Commitments and Contingencies (Note $17)
Stockholders' Deficit:    
Common Stock – $0.01 par value; 625,000,000 shares authorized; 81,116,014 shares issued and 79,935,949 shares outstanding, as of September 30, 2026; 79,138,710 shares issued and 78,202,775 shares outstanding, as of December 31, 2025 323 307
Additional Paid-In Capital 165,367 164,240
Less: Treasury Stock (23,417) (23,417)
Accumulated Deficit (566,801) (679,913)
Total Stockholders' Deficit (424,528) (538,783)
Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit 990,842 740,087
Convertible Preferred Stock Held by Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock (2,450) (2,381)
Consolidated Entity, Excluding Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock 569,371 396,556
VIE, Primary Beneficiary    
Assets:    
Restricted Cash 9,009 11,892
Accounts Receivable 3,967 1,376
Borrower Loans, at Fair Value 0 64,400
Receivable from Credit Card Partner, at Fair Value 398,414 99,865
Total Assets 411,390 177,533
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Notes Issued by Securitization Trusts 320,350 149,902
Other Liabilities 8,273 2,163
Total Liabilities 328,623 152,065
VIE, Primary Beneficiary | Convertible Preferred Stock Held by Consolidated VIE    
Liabilities, Convertible Preferred Stock and Stockholders' Deficit:    
Convertible preferred stock $ (2,450) $ (2,381)
[1] Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.`
The following table presents the assets and liabilities of consolidated VIEs, which are included in the condensed consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. Refer to Note 7, Securitizations, and Note 11, Debt, within the notes to the condensed consolidated financial statements for additional information.

September 30, 2026December 31, 2025
Assets of consolidated VIEs, included in total assets above:
Restricted Cash$9,009 $11,892 
Accounts Receivable3,967 1,376 
Borrower Loans, at Fair Value— 64,400 
Receivable from Credit Card Partner, at Fair Value398,414 99,865 
Total assets of consolidated VIEs$411,390 $177,533 
Liabilities of consolidated VIEs, included in total liabilities above:
Notes Issued by Securitization Trust$320,350 $149,902 
Other Liabilities8,273 2,163 
Total liabilities of consolidated VIEs$328,623 $152,065