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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The following tables summarize, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities (i) measured at fair value on a recurring basis, (ii) measured at fair value on a nonrecurring basis, or (iii) disclosed but not carried at fair value in the unaudited condensed consolidated balance sheets as of the dates presented:
| June 30, 2022
|  |  | Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents(1) | $ | 707,302 |  |  | $ | 707,302 |  |  | $ | — |  |  | $ | — |  |  | $ | 707,302 |
Restricted cash and restricted cash equivalents(1) | 291,631 |  |  | 291,631 |  |  | — |  |  | — |  |  | 291,631 |
Investments in AFS debt securities(2)(4) | 197,933 |  |  | 137,388 |  |  | 60,545 |  |  | — |  |  | 197,933 |
Loans at fair value(2) | 7,959,382 |  |  | — |  |  | — |  |  | 7,959,382 |  |  | 7,959,382 |
Loans at amortized cost(1) | 253,112 |  |  | — |  |  | — |  |  | 264,348 |  |  | 264,348 |
Servicing rights(2) | 176,964 |  |  | — |  |  | — |  |  | 176,964 |  |  | 176,964 |
Asset-backed bonds(2)(5) | 193,739 |  |  | — |  |  | 193,739 |  |  | — |  |  | 193,739 |
Residual investments(2)(5) | 94,978 |  |  | — |  |  | — |  |  | 94,978 |  |  | 94,978 |
Non-securitization investments – other(3) | 22,780 |  |  | — |  |  | — |  |  | 22,780 |  |  | 22,780 |
Third party warrants(2)(6) | 766 |  |  | — |  |  | — |  |  | 766 |  |  | 766 |
Derivative assets(2)(7)(8) | 2,243 |  |  | 2,243 |  |  | — |  |  | — |  |  | 2,243 |
Purchase price earn-out(2)(9) | 625 |  |  | — |  |  | — |  |  | 625 |  |  | 625 |
IRLCs(2)(10) | 1,120 |  |  | — |  |  | — |  |  | 1,120 |  |  | 1,120 |
Interest rate caps(2)(8) | 3,987 |  |  | — |  |  | 3,987 |  |  | — |  |  | 3,987 |
Digital assets safeguarding asset(2)(11) | 112,010 |  |  | — |  |  | 112,010 |  |  | — |  |  | 112,010 |
Total assets | $ | 10,018,572 |  |  | $ | 1,138,564 |  |  | $ | 370,281 |  |  | $ | 8,520,963 |  |  | $ | 10,029,808 |
Liabilities |  |  |  |  |  |  |  |  |
Time deposits(1) | $ | 18,474 |  |  | $ | — |  |  | $ | 18,455 |  |  | $ | — |  |  | $ | 18,455 |
Debt(1) | 3,723,561 |  |  | 783,600 |  |  | 2,556,006 |  |  | — |  |  | 3,339,606 |
Residual interests classified as debt(2) | 54,436 |  |  | — |  |  | — |  |  | 54,436 |  |  | 54,436 |
Derivative liabilities(2)(7)(8) | 25,716 |  |  | 259 |  |  | 25,457 |  |  | — |  |  | 25,716 |
Student loan commitments(2)(10) | 254 |  |  | — |  |  | — |  |  | 254 |  |  | 254 |
Digital assets safeguarding liability(2)(11) | 112,010 |  |  | — |  |  | 112,010 |  |  | — |  |  | 112,010 |
Total liabilities | $ | 3,934,451 |  |  | $ | 783,859 |  |  | $ | 2,711,928 |  |  | $ | 54,690 |  |  | $ | 3,550,477 |
| December 31, 2021
|  |  | Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents(1) | $ | 494,711 |  |  | $ | 494,711 |  |  | $ | — |  |  | $ | — |  |  | $ | 494,711 |
Restricted cash and restricted cash equivalents(1) | 273,726 |  |  | 273,726 |  |  | — |  |  | — |  |  | 273,726 |
Investments in AFS debt securities(2)(4) | 194,907 |  |  | 129,835 |  |  | 65,072 |  |  | — |  |  | 194,907 |
Loans at fair value(2) | 5,952,972 |  |  | — |  |  | — |  |  | 5,952,972 |  |  | 5,952,972 |
Loans at amortized cost(1) | 115,912 |  |  | — |  |  | — |  |  | 118,412 |  |  | 118,412 |
Servicing rights(2) | 168,259 |  |  | — |  |  | — |  |  | 168,259 |  |  | 168,259 |
Asset-backed bonds(2)(5) | 253,669 |  |  | — |  |  | 253,669 |  |  | — |  |  | 253,669 |
Residual investments(2)(5) | 121,019 |  |  | — |  |  | — |  |  | 121,019 |  |  | 121,019 |
Non-securitization investments – ETFs(2) | 1,486 |  |  | 1,486 |  |  | — |  |  | — |  |  | 1,486 |
Non-securitization investments – other(3) | 6,054 |  |  | — |  |  | — |  |  | 6,054 |  |  | 6,054 |
Third party warrants(2)(6) | 1,369 |  |  | — |  |  | — |  |  | 1,369 |  |  | 1,369 |
Derivative assets(2)(7)(8) | 5,444 |  |  | — |  |  | 5,444 |  |  | — |  |  | 5,444 |
Purchase price earn-out(2)(9) | 4,272 |  |  | — |  |  | — |  |  | 4,272 |  |  | 4,272 |
IRLCs(2)(10) | 3,759 |  |  | — |  |  | — |  |  | 3,759 |  |  | 3,759 |
Student loan commitments(2)(10) | 2,220 |  |  | — |  |  | — |  |  | 2,220 |  |  | 2,220 |
Interest rate caps(2)(8) | 493 |  |  | — |  |  | 493 |  |  | — |  |  | 493 |
Total assets | $ | 7,600,272 |  |  | $ | 899,758 |  |  | $ | 324,678 |  |  | $ | 6,378,336 |  |  | $ | 7,602,772 |
Liabilities |  |  |  |  |  |  |  |  |
Debt(1) | $ | 3,947,983 |  |  | $ | 1,240,560 |  |  | $ | 2,807,253 |  |  | $ | — |  |  | $ | 4,047,813 |
Residual interests classified as debt(2) | 93,682 |  |  | — |  |  | — |  |  | 93,682 |  |  | 93,682 |
Derivative liabilities(2)(7)(8) | 864 |  |  | 196 |  |  | 668 |  |  | — |  |  | 864 |
Total liabilities | $ | 4,042,529 |  |  | $ | 1,240,756 |  |  | $ | 2,807,921 |  |  | $ | 93,682 |  |  | $ | 4,142,359 |
_____________________ (1)Disclosed but not carried at fair value. The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes issued in October 2021 was classified as Level 1, as it was based on an observable market quote. The fair values of our warehouse facility debt, revolving credit facility debt and credit card loans were based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. The fair value of our commercial and consumer banking loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. The fair value of our time-based deposits is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities. (2)Measured at fair value on a recurring basis. (3)Measured at fair value on a nonrecurring basis. (4)Investments in AFS debt securities were classified as Level 1 or Level 2. The Level 1 investments utilize quoted prices in actively traded markets. The Level 2 investments rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 3 for additional information. (5)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. As we do not provide financial support beyond our initial equity investment, our maximum exposure to loss as a result of our involvement with nonconsolidated VIEs is limited to the investment amount. See Note 5 for additional information. (6)The key unobservable assumption used in the fair value measurement of the third party warrants is the price of the stock underlying the warrants. The fair value is measured as the difference between the stock price and the strike price of the warrants. As the strike price is insignificant, we concluded that the impact of time value on the fair value measure was immaterial. (7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 1 for additional information. (8)Derivative liabilities classified as Level 1 are based on broker quotes in active markets and represent economic hedges of either loans or securitization investment fair values. Interest rate swaps and interest rate caps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of June 30, 2022, interest rate swaps and interest rate caps were valued using the overnight Secured Overnight Financing Rate (“SOFR”) curve and the implied volatilities suggested by the SOFR rate curve. As of December 31, 2021, interest rate swaps were valued using the three-month LIBOR swap yield curve. These were determined to be observable inputs from active markets. (9)The purchase price earn-out provision is classified as Level 3 because of our reliance on unobservable inputs, such as conditional prepayment rates, annual default rates and discount rates. (10)IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date. (11)The digital assets safeguarding liability and corresponding safeguarding asset are classified as Level 2, because they do not trade in active markets, and are valued using quoted prices on an active exchange that has been identified as the principal market for the underlying digital assets that are being held by our third-party custodians for the benefit of our members.
Schedule of Valuation Inputs and Assumptions | The following key unobservable assumptions were used in the fair value measurement of our loans as of the dates indicated:
| June 30, 2022 |  | December 31, 2021 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Student loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 16.9% – 25.3% |  | 20.2% |  | 16.5% – 26.3% |  | 19.2% |  |  |  |
Annual default rate | 0.2% – 4.4% |  | 0.4% |  | 0.2% – 4.2% |  | 0.4% |  |  |  |
Discount rate | 3.2% – 8.0% |  | 3.6% |  | 1.9% – 7.1% |  | 2.9% |  |  |  |
Home loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 2.5% – 7.9% |  | 7.3% |  | 4.8% – 16.4% |  | 12.4% |  |  |  |
Annual default rate | 0.1% – 0.4% |  | 0.1% |  | 0.1% – 0.2% |  | 0.1% |  |  |  |
Discount rate | 4.5% – 13.0% |  | 4.8% |  | 2.5% – 13.0% |  | 2.6% |  |  |  |
Personal loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 16.1% – 43.8% |  | 19.1% |  | 18.4% – 37.7% |  | 20.5% |  |  |  |
Annual default rate | 4.3% – 35.1% |  | 4.6% |  | 4.2% – 30.0% |  | 4.4% |  |  |  |
Discount rate | 5.1% – 9.4% |  | 5.4% |  | 3.9% – 7.0% |  | 4.0% |  |  |  |
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights as of the dates presented:
| June 30, 2022 |  | December 31, 2021 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Student loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.1% – 0.2% |  | 0.1% |  | 0.1% – 0.2% |  | 0.1% |  |  |  |
Conditional prepayment rate | 15.1% – 23.3% |  | 19.1% |  | 15.2% – 25.6% |  | 20.4% |  |  |  |
Annual default rate | 0.2% – 4.3% |  | 0.4% |  | 0.2% – 4.3% |  | 0.4% |  |  |  |
Discount rate | 7.3% – 7.3% |  | 7.3% |  | 7.3% – 7.3% |  | 7.3% |  |  |  |
Home loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.1% – 0.1% |  | 0.1% |  | 0.1% – 0.1% |  | 0.1% |  |  |  |
Conditional prepayment rate | 5.0% – 11.2% |  | 5.2% |  | 10.0% – 16.4% |  | 11.5% |  |  |  |
Annual default rate | 0.1% – 0.1% |  | 0.1% |  | 0.1% – 0.2% |  | 0.1% |  |  |  |
Discount rate | 8.0% – 8.0% |  | 8.0% |  | 7.5% – 7.5% |  | 7.5% |  |  |  |
Personal loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.2% – 1.3% |  | 0.3% |  | 0.2% – 1.1% |  | 0.2% |  |  |  |
Conditional prepayment rate | 17.0% – 44.0% |  | 25.1% |  | 22.5% – 41.4% |  | 26.0% |  |  |  |
Annual default rate | 3.3% – 7.0% |  | 4.5% |  | 3.2% – 7.0% |  | 4.4% |  |  |  |
Discount rate | 7.3% – 7.3% |  | 7.3% |  | 7.3% – 7.3% |  | 7.3% |  |  |  |
The following key inputs were used in the fair value measurement of our asset-backed bonds as of the dates indicated:
| June 30, 2022 |  |  |  | December 31, 2021 |  |
Discount rate (range) | 1.6% – 5.0% |  |  |  | 0.6% – 3.7% |  |
Conditional prepayment rate (range) | 19.4% – 33.0% |  |  |  | 19.5% – 32.2% |  |
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt as of the dates indicated:
| June 30, 2022 |  | December 31, 2021 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Residual investments |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 19.2% – 35.6% |  | 21.6% |  | 19.5% – 33.6% |  | 23.0% |  |  |  |
Annual default rate | 0.3% – 5.3% |  | 0.9% |  | 0.3% – 5.7% |  | 0.9% |  |  |  |
Discount rate | 3.9% – 10.5% |  | 5.4% |  | 2.6% – 10.5% |  | 4.4% |  |  |  |
Residual interests classified as debt |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 19.1% – 50.7% |  | 30.2% |  | 20.0% – 41.8% |  | 31.5% |  |  |  |
Annual default rate | 0.5% – 5.8% |  | 2.7% |  | 0.5% – 5.6% |  | 3.2% |  |  |  |
Discount rate | 6.0% – 9.5% |  | 6.4% |  | 5.0% – 9.5% |  | 5.7% |  |  |  |
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments as of the dates indicated:
| June 30, 2022 |  | December 31, 2021 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
IRLCs |  |  |  |  |  |  |  |  |  |  |
Loan funding probability(1) | 26.0% – 56.0% |  | 53.9% |  | 75.0% – 75.0% |  | 75.0% |  |  |  |
Student loan commitments |  |  |  |  |  |  |  |  |  |  |
Loan funding probability(1) | 95.0% – 95.0% |  | 95.0% |  | 95.0% – 95.0% |  | 95.0% |  |  |  |
___________________ (1)The probability of honoring IRLCs and student loan commitments, which reflects the percentage likelihood that an approved loan application will close based on historical experience. A significant difference between the actual funded rate and the assumed funded rate at the measurement date could result in a significantly higher or lower fair value measurement of our IRLCs and student loan commitments. The aggregate amount of student loans we committed to fund was $34,668 as of June 30, 2022. See Note 1 under “Derivative Financial Instruments” for the aggregate notional amount associated with IRLCs. Our key valuation inputs were as follows as of the dates indicated:
Purchase Price Earn-Out |  | June 30, 2022 |  | December 31, 2021
Conditional prepayment rate |  | 22.7% |  | 22.9%
Annual default rate |  | 35.6% |  | 30.0%
Discount rate |  | 25.0% |  | 25.0%
The following table summarizes the inputs used for estimating the fair value of PSUs granted during the period indicated:
Input |  | Six Months Ended June 30, 2022
Risk-free interest rate |  | 1.6%
Expected volatility |  | 37.7%
Fair value of common stock |  | $12.06
Dividend yield |  | —%
Schedule of Sensitivity Analysis for Servicing Rights | The following table presents the estimated decrease to the fair value of our servicing rights as of the dates indicated if the key assumptions had each of the below adverse changes:
| June 30, 2022 |  |  |  | December 31, 2021 |  |
Market servicing costs |  |  |  |  |  |  |
2.5 basis points increase | $ | (11,074) |  |  |  |  | $ | (10,822) |  |  |
5.0 basis points increase | (22,191) |  |  |  |  | (21,644) |  |  |
Conditional prepayment rate |  |  |  |  |  |  |
10% increase | $ | (5,442) |  |  |  |  | $ | (6,260) |  |  |
20% increase | (10,780) |  |  |  |  | (12,031) |  |  |
Annual default rate |  |  |  |  |  |  |
10% increase | $ | (215) |  |  |  |  | $ | (205) |  |  |
20% increase | (428) |  |  |  |  | (408) |  |  |
Discount rate |  |  |  |  |  |  |
100 basis points increase | $ | (4,810) |  |  |  |  | $ | (3,782) |  |  |
200 basis points increase | (9,408) |  |  |  |  | (7,349) |  |  |
Schedule of Servicing Rights at Fair Value | The following table presents the changes in the Company’s servicing rights, which are measured at fair value on a recurring basis:
| Student Loans |  | Home Loans |  | Personal Loans |  | Total
Three Months Ended June 30, 2022 |  |  |  |  |  |  |
Fair value as of March 31, 2022 | $ | 85,957 |  |  | $ | 59,585 |  |  | $ | 27,963 |  |  | $ | 173,505 |
Recognition of servicing from transfers of financial assets | 2,991 |  |  | 4,482 |  |  | 7,659 |  |  | 15,132 |
Servicing rights assumed from third parties | — |  |  | — |  |  | 1,317 |  |  | 1,317 |
Derecognition of servicing via loan purchases | (31) |  |  | — |  |  | (146) |  |  | (177) |
Change in valuation inputs or other assumptions | 5,707 |  |  | 1,202 |  |  | 2,189 |  |  | 9,098 |
Realization of expected cash flows and other changes | (9,705) |  |  | (3,103) |  |  | (9,103) |  |  | (21,911) |
Fair value as of June 30, 2022 | $ | 84,919 |  |  | $ | 62,166 |  |  | $ | 29,879 |  |  | $ | 176,964 |
Three Months Ended June 30, 2021 |  |  |  |  |  |  |
Fair value as of March 31, 2021 | $ | 106,338 |  |  | $ | 32,038 |  |  | $ | 22,864 |  |  | $ | 161,240 |
Recognition of servicing from transfers of financial assets | 6,110 |  |  | 9,367 |  |  | 6,316 |  |  | 21,793 |
Derecognition of servicing via loan purchases | (392) |  |  | — |  |  | (188) |  |  | (580) |
Change in valuation inputs or other assumptions | (387) |  |  | (1,783) |  |  | 1,946 |  |  | (224) |
Realization of expected cash flows and other changes | (12,068) |  |  | (2,065) |  |  | (8,329) |  |  | (22,462) |
Fair value as of June 30, 2021 | $ | 99,601 |  |  | $ | 37,557 |  |  | $ | 22,609 |  |  | $ | 159,767 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |
Fair value as of January 1, 2022 | $ | 90,003 |  |  | $ | 50,533 |  |  | $ | 27,723 |  |  | $ | 168,259 |
Recognition of servicing from transfers of financial assets | 8,815 |  |  | 8,720 |  |  | 14,083 |  |  | 31,618 |
Servicing rights assumed from third parties | — |  |  | — |  |  | 1,946 |  |  | 1,946 |
Derecognition of servicing via loan purchases | (1,072) |  |  | — |  |  | (515) |  |  | (1,587) |
Change in valuation inputs or other assumptions | 6,999 |  |  | 8,942 |  |  | 4,737 |  |  | 20,678 |
Realization of expected cash flows and other changes | (19,826) |  |  | (6,029) |  |  | (18,095) |  |  | (43,950) |
Fair value as of June 30, 2022 | $ | 84,919 |  |  | $ | 62,166 |  |  | $ | 29,879 |  |  | $ | 176,964 |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |
Fair value as of January 1, 2021 | $ | 100,637 |  |  | $ | 23,914 |  |  | $ | 25,046 |  |  | $ | 149,597 |
Recognition of servicing from transfers of financial assets | 39,699 |  |  | 15,906 |  |  | 12,319 |  |  | 67,924 |
Derecognition of servicing via loan purchases | (392) |  |  | — |  |  | (188) |  |  | (580) |
Change in valuation inputs or other assumptions | (16,115) |  |  | 1,546 |  |  | 2,236 |  |  | (12,333) |
Realization of expected cash flows and other changes | (24,228) |  |  | (3,809) |  |  | (16,804) |  |  | (44,841) |
Fair value as of June 30, 2021 | $ | 99,601 |  |  | $ | 37,557 |  |  | $ | 22,609 |  |  | $ | 159,767 |
Schedule of Changes in Residual Investments, Residual Interests and Interest Rate Lock and Student Loan Commitments | The following table presents the changes in our loans measured at fair value on a recurring basis:
| Student Loans |  | Home Loans |  | Personal Loans |  | Total
Three Months Ended June 30, 2022 |  |  |  |  |  |  |
Fair value as of March 31, 2022 | $ | 3,737,439 |  |  | $ | 146,658 |  |  | $ | 3,118,788 |  |  | $ | 7,002,885 |
Origination of loans | 398,722 |  |  | 332,047 |  |  | 2,471,849 |  |  | 3,202,618 |
Principal payments | (167,049) |  |  | (701) |  |  | (461,178) |  |  | (628,928) |
Sales of loans | (259,690) |  |  | (342,780) |  |  | (1,123,898) |  |  | (1,726,368) |
Purchases(1) | 5,274 |  |  | 330 |  |  | 67,189 |  |  | 72,793 |
Change in accumulated interest | (139) |  |  | (23) |  |  | 5,162 |  |  | 5,000 |
Change in fair value(2) | (182) |  |  | (269) |  |  | 31,833 |  |  | 31,382 |
Fair value as of June 30, 2022 | $ | 3,714,375 |  |  | $ | 135,262 |  |  | $ | 4,109,745 |  |  | $ | 7,959,382 |
Three Months Ended June 30, 2021 |  |  |  |  |  |  |
Fair value as of March 31, 2021 | $ | 2,666,793 |  |  | $ | 231,903 |  |  | $ | 1,573,908 |  |  | $ | 4,472,604 |
Origination of loans | 859,497 |  |  | 792,228 |  |  | 1,294,384 |  |  | 2,946,109 |
Principal payments | (235,889) |  |  | (1,280) |  |  | (247,808) |  |  | (484,977) |
Sales of loans | (610,941) |  |  | (841,642) |  |  | (970,135) |  |  | (2,422,718) |
Purchases(1) | 44,779 |  |  | 422 |  |  | 103,538 |  |  | 148,739 |
Change in accumulated interest | (403) |  |  | 17 |  |  | (153) |  |  | (539) |
Change in fair value(2) | 15,657 |  |  | 665 |  |  | 9,808 |  |  | 26,130 |
Fair value as of June 30, 2021 | $ | 2,739,493 |  |  | $ | 182,313 |  |  | $ | 1,763,542 |  |  | $ | 4,685,348 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |
Fair value as of January 1, 2022 | $ | 3,450,837 |  |  | $ | 212,709 |  |  | $ | 2,289,426 |  |  | $ | 5,952,972 |
Origination of loans | 1,382,526 |  |  | 644,430 |  |  | 4,497,853 |  |  | 6,524,809 |
Principal payments | (394,164) |  |  | (5,101) |  |  | (833,632) |  |  | (1,232,897) |
Sales of loans | (803,840) |  |  | (708,150) |  |  | (2,101,818) |  |  | (3,613,808) |
Purchases(1) | 121,707 |  |  | 828 |  |  | 227,937 |  |  | 350,472 |
Change in accumulated interest | (389) |  |  | (31) |  |  | 10,745 |  |  | 10,325 |
Change in fair value(2) | (42,302) |  |  | (9,423) |  |  | 19,234 |  |  | (32,491) |
Fair value as of June 30, 2022 | $ | 3,714,375 |  |  | $ | 135,262 |  |  | $ | 4,109,745 |  |  | $ | 7,959,382 |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |
Fair value as of January 1, 2021 | $ | 2,866,459 |  |  | $ | 179,689 |  |  | $ | 1,812,920 |  |  | $ | 4,859,068 |
Origination of loans | 1,864,182 |  |  | 1,527,832 |  |  | 2,100,073 |  |  | 5,492,087 |
Principal payments | (486,108) |  |  | (2,759) |  |  | (506,007) |  |  | (994,874) |
Sales of loans | (1,547,101) |  |  | (1,519,208) |  |  | (1,749,576) |  |  | (4,815,885) |
Purchases(1) | 44,850 |  |  | 541 |  |  | 104,539 |  |  | 149,930 |
Change in accumulated interest | (1,652) |  |  | (18) |  |  | (2,340) |  |  | (4,010) |
Change in fair value(2) | (1,137) |  |  | (3,764) |  |  | 3,933 |  |  | (968) |
Fair value as of June 30, 2021 | $ | 2,739,493 |  |  | $ | 182,313 |  |  | $ | 1,763,542 |  |  | $ | 4,685,348 |
__________________ (1) Purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity during the three and six months ended June 30, 2022 included securitization clean-up calls of $60,240 and $335,739, respectively. Additionally, during the three and six months ended June 30, 2022, the Company elected to purchase $7,290 and $7,290, respectively, of previously sold loans from certain investors. Purchase activity during the three and six months ended June 30, 2021 included securitization clean-up calls of $131,372 and $131,372, respectively. Additionally, during the three and six months ended June 30, 2021, the Company elected to purchase $15,185 and $15,185, respectively, of previously sold loans from certain investors. The Company was not required to buy back these loans. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. (2) Changes in fair value of loans are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) within noninterest income—loan origination and sales for loans held on the balance sheet prior to transfer to a third party through a sale or to a VIE and within noninterest income—securitizations for loans in a consolidated VIE. Changes in fair value are impacted by valuation assumption changes, as well as sales price execution and amount of time the loans are held prior to sale. The estimated amount of losses included in earnings attributable to changes in instrument-specific credit risk were $23,221 and $16,725 during the three and six months ended June 30, 2022, respectively, and $9,038 and $2,111 during the three and six months ended June 30, 2021, respectively. The losses attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument. The following table presents the changes in the residual investments and residual interests classified as debt, which are both measured at fair value on a recurring basis. We record changes in fair value within noninterest income—securitizations in the unaudited condensed consolidated statements of operations and comprehensive income (loss), a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—securitizations for residual investments, but does not impact the liability or asset balance, respectively.
| Residual Investments |  | Residual Interests Classified as Debt
Three Months Ended June 30, 2022 |  |  |
Fair value as of March 31, 2022 | $ | 106,677 |  |  | $ | 70,532 |
Change in valuation inputs or other assumptions(1) | 290 |  |  | 2,662 |
Payments | (11,989) |  |  | (18,758) |
Fair value as of June 30, 2022 | $ | 94,978 |  |  | $ | 54,436 |
Three Months Ended June 30, 2021 |  |  |
Fair value as of March 31, 2021 | $ | 150,961 |  |  | $ | 114,882 |
Additions | 11,787 |  |  | 2,170 |
Change in valuation inputs or other assumptions(1) | 3,355 |  |  | 5,717 |
Payments | (23,003) |  |  | (10,224) |
Fair value as of June 30, 2021 | $ | 143,100 |  |  | $ | 112,545 |
Six Months Ended June 30, 2022 |  |  |
Fair value as of January 1, 2022 | $ | 121,019 |  |  | $ | 93,682 |
Change in valuation inputs or other assumptions(1) | 1,052 |  |  | 5,625 |
Payments(2) | (27,093) |  |  | (44,871) |
Fair value as of June 30, 2022 | $ | 94,978 |  |  | $ | 54,436 |
Six Months Ended June 30, 2021 |  |  |
Fair value as of January 1, 2021 | $ | 139,524 |  |  | $ | 118,298 |
Additions | 38,168 |  |  | 2,170 |
Change in valuation inputs or other assumptions(1) | 6,852 |  |  | 13,668 |
Payments(2) | (41,444) |  |  | (21,591) |
Fair value as of June 30, 2021 | $ | 143,100 |  |  | $ | 112,545 |
___________________ (1)For residual investments, the estimated amounts of gains and losses included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. (2)Payments of residual investments included residual investment sales of $220 and $220 during the three and six months ended June 30, 2022, respectively, and $2,676 and $2,676 during the three and six months ended June 30, 2021, respectively. The following table presents the changes in our IRLCs and student loan commitments, which are measured at fair value on a recurring basis. Changes in the fair values of IRLCs and student loan commitments are recorded within noninterest income—loan origination and sales in the unaudited condensed consolidated statements of operations and comprehensive income (loss).
| IRLCs |  | Student Loan Commitments
Three Months Ended June 30, 2022 |  |  |
Fair value as of March 31, 2022 | $ | (3,039) |  |  | $ | 23 |
Revaluation adjustments | 1,120 |  |  | (254) |
Funded loans(1) | 1,636 |  |  | (19) |
Unfunded loans(1) | 1,403 |  |  | (4) |
Fair value as of June 30, 2022 | $ | 1,120 |  |  | $ | (254) |
Three Months Ended June 30, 2021 |  |  |
Fair value as of March 31, 2021 | $ | 7,118 |  |  | $ | — |
Revaluation adjustments | 7,760 |  |  | — |
Funded loans(1) | (5,275) |  |  | — |
Unfunded loans(1) | (1,843) |  |  | — |
Fair value as of June 30, 2021 | $ | 7,760 |  |  | $ | — |
Six Months Ended June 30, 2022 |  |  |
Fair value as of January 1, 2022 | $ | 3,759 |  |  | $ | 2,220 |
Revaluation adjustments | (1,919) |  |  | (231) |
Funded loans(1) | (565) |  |  | (2,140) |
Unfunded loans(1) | (155) |  |  | (103) |
Fair value as of June 30, 2022 | $ | 1,120 |  |  | $ | (254) |
Six Months Ended June 30, 2021 |  |  |
Fair value as of January 1, 2021 | $ | 15,620 |  |  | $ | — |
Revaluation adjustments | 14,878 |  |  | — |
Funded loans(1) | (15,485) |  |  | — |
Unfunded loans(1) | (7,253) |  |  | — |
Fair value as of June 30, 2021 | $ | 7,760 |  |  | $ | — |
___________________ (1)For each quarter presented, funded and unfunded loan fair value adjustments represent the unpaid principal balance of funded and unfunded loans, respectively, during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. For the year-to-date periods presented, amounts represent the summation of the per-quarter effects. The following table presents the changes in our purchase price earn-out, which is measured at fair value on a recurring basis. Changes in the fair value are recorded within noninterest income—other in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Changes during the three and six months ended June 30, 2021 were immaterial.
| Purchase Price Earn-Out
Three Months Ended June 30, 2022 |
Fair value as of March 31, 2022 | $ | 2,285 |
Payments | (1,872) |
Changes in valuation inputs or assumptions(1) | 212 |
Fair value as of June 30, 2022 | $ | 625 |
Six Months Ended June 30, 2022 |
Fair value as of January 1, 2022 | $ | 4,272 |
Payments | (4,689) |
Changes in valuation inputs or assumptions(1) | 1,042 |
Fair value as of June 30, 2022 | $ | 625 |
___________________ (1)The estimated amount of losses included in earnings attributable to changes in instrument-specific credit risk were immaterial during the three and six months ended June 30, 2022. The losses attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the purchase price earn-out. These assumptions are based on historical performance and performance expectations over the term of the underlying instrument.
Safeguarding Assets and Liabilities | The following table presents the significant digital assets held by our third-party custodians on behalf of our members as of the date indicated:
| June 30, 2022 |  |
Bitcoin (BTC) | $ | 48,143 |  |  |
Ethereum (ETH) | 34,135 |  |  |
Cardano (ADA) | 8,383 |  |  |
Dogecoin (DOGE) | 4,182 |  |  |
Solana (SOL) | 3,778 |  |  |
Ethereum Classic (ETC) | 2,289 |  |  |
All other(1) | 11,100 |  |  |
Digital assets safeguarding liability and corresponding safeguarding asset | $ | 112,010 |  |  |
___________________ (1)Includes 25 digital assets, none of which was determined to be individually significant.

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