XML 54 R32.htm IDEA: XBRL DOCUMENT v3.23.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the components of our debt:
Borrowing Description
March 31, 2023December 31, 2022
Total Collateral(1)
Stated Interest Rate(2)
Termination/
Maturity(3)
Total Capacity
Total Outstanding(4)
Total Outstanding
Debt Facilities
Personal loan warehouse facilities

$1,845,226 

5.00% – 6.71%

June 2023 – January 2032

$4,100,000 

$1,539,865 

$1,452,085 
Student loan warehouse facilities2,737,906 
5.42% – 6.66%
April 2023 – June 2025
4,180,000 1,868,019 1,504,926 
Credit card warehouse facility— 6.26%August 2024100,000 — — 
Risk retention warehouse facilities(5)
117,157 
6.37% – 7.19%
January 2024 – October 2027
200,000 95,196 101,964 
Revolving credit facility(6)
5.86%

September 2023560,000 486,000 486,000 
Other Debt






Convertible senior notes(7)

—%October 20261,200,000 

1,200,000 
Other financing(8)
28,735 23,955 — 

— 
Securitizations


Personal loan securitizations
955,674 
0.49% – 6.21%
September 2030 – May 2031
738,588 

529,132 
Student loan securitizations
210,040 
1.83% – 9.29%
April 2023 – July 2040
231,927 

246,856 








Total, before unamortized debt issuance costs, premiums and discounts
$6,159,595 

$5,520,963 
Less: unamortized debt issuance costs, premiums and discounts
(34,094)(35,081)
Total debt
$6,125,501 

$5,485,882 
_________________
(1)As of March 31, 2023, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility.
(2)For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of March 31, 2023. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of March 31, 2023 included one-month London Inter-Bank Offered Rate (“LIBOR”), three-month LIBOR, overnight Secured Overnight Financing Rate (“SOFR”), one-month SOFR, three-month SOFR, prime rate and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 65 basis points (“bps”) on our various warehouse facilities are recognized within noninterest expense—general and administrative in our condensed consolidated statements of operations and comprehensive income (loss).
(3)For securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made.
(4)There were no debt discounts or premiums issued during the three months ended March 31, 2023.
(5)For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date.
(6)As of March 31, 2023, $6.0 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure a letter of credit. Refer to our letter of credit disclosures in Note 15. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on prime rate. In April 2023, the Company amended and restated the terms of the revolving credit facility. See Note 18. Subsequent Events to the Notes to Condensed Consolidated Financial Statements for additional information.
(7)The original issue discount and debt issuance costs related to the convertible senior notes are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the three months ended March 31, 2023 and 2022, total interest expense on the convertible notes was $1,272 and $1,267, respectively, related to amortization of debt discount and issuance costs, and the effective interest rate was 0.11% and 0.11%, respectively. As of March 31, 2023 and December 31, 2022, unamortized debt discount and issuance costs were $18.1 million and $19.4 million, respectively, and the net carrying amount was $1.18 billion and $1.18 billion, respectively.
(8)Includes $28.7 million of loans pledged as collateral to secure $19.0 million of available borrowing capacity with the Federal Home Loan Bank (“FHLB”), of which $13.7 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 15. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $5.0 million with correspondent banks.
Schedule of Maturities of Borrowings
Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
March 31, 2023
Remainder of 2023$486,000 
2024— 
2025— 
20261,200,000 
2027— 
Thereafter— 
Total$1,686,000