As of March 31, 2024, our loan portfolio consisted of (i) loans held for sale, including personal loans and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including senior secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:


	March 31, 2024		December 31, 2023
Loans held for sale
Personal loans(1)	$	15,057,005	$	15,330,573

Home loans	59,477		66,198
Total loans held for sale, at fair value	15,116,482		15,396,771
Loans held for investment(2)
Student loans(3)	6,834,161		6,725,484
Total loans held for investment, at fair value	6,834,161		6,725,484
Senior secured loans	845,794		446,463
Credit card	272,931		272,628
Commercial and consumer banking:
Commercial real estate	122,612		106,326
Commercial and industrial	5,522		6,075
Residential real estate and other consumer	3,372		4,667
Total commercial and consumer banking	131,506		117,068
Total loans held for investment, at amortized cost	1,250,231		836,159
Total loans held for investment	8,084,392		7,561,643
Total loans	$	23,200,874	$	22,958,414


	Personal Loans		Student Loans		Home Loans		Total
March 31, 2024
Unpaid principal	$	14,332,874	$	6,559,211	$	58,304	$	20,950,389
Accumulated interest	116,366		27,414		22		143,802
Cumulative fair value adjustments	607,765		247,536		1,151		856,452
Total fair value of loans(1)	$	15,057,005	$	6,834,161	$	59,477	$	21,950,643
December 31, 2023
Unpaid principal	$	14,498,629	$	6,445,586	$	67,406	$	21,011,621
Accumulated interest	114,541		34,357		92		148,990
Cumulative fair value adjustments	717,403		245,541		(1,300)		961,644
Total fair value of loans(1)	$	15,330,573	$	6,725,484	$	66,198	$	22,122,255

(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.

The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.


	Personal Loans		Student Loans		Home Loans		Total
March 31, 2024
Unpaid principal balance	$	102,581	$	8,735	$	198	$	111,514
Accumulated interest	4,313		184		11		4,508
Cumulative fair value adjustments(1)	(87,603)		(5,397)		(99)		(93,099)
Fair value of loans 90 days or more delinquent (2)	$	19,291	$	3,522	$	110	$	22,923
December 31, 2023
Unpaid principal balance	$	81,591	$	8,446	$	495	$	90,532
Accumulated interest	4,023		187		6		4,216
Cumulative fair value adjustments(1)	(70,191)		(5,021)		(248)		(75,460)
Fair value of loans 90 days or more delinquent (2)	$	15,423	$	3,612	$	253	$	19,288

__________________

(1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. As such, the $93.1 million fair value adjustment as of March 31, 2024 has been recorded in noninterest income—loan origination, sales, and securitizations in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred. See our Annual Report on Form 10-K for further discussion of the policies for determining the fair value of our loan portfolios.

(2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off.

We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. When a transfer of financial assets qualifies as a sale, in many instances we have continuing involvement as the servicer of those financial assets. As we expect the benefits of servicing to be more than just adequate, we recognize a servicing asset. Further, in the case of securitization-related transfers that qualify as sales, we have additional continuing involvement as an investor, albeit at insignificant levels relative to the expected gains and losses of the securitization. In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not

recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization. In whole loan sales, we do not have a residual financial interest in the loans, nor do we have any other power over the loans that would constrain us from recognizing a sale. Additionally, we generally have no repurchase requirements related to transfers of personal loans, student loans and non-GSE home loans other than standard origination representations and warranties, for which we record a liability based on expected repurchase obligations. For GSE home loans, we have customary GSE repurchase requirements, which do not constrain sale treatment but result in a liability for the expected repurchase requirement.

The following table summarizes our personal loan securitization transfers qualifying for sale accounting treatment during the three months ended March 31, 2024. There were no loan securitization transfers qualifying for sale accounting treatment during the three months ended March 31, 2023.


	Three Months Ended March 31, 2024
Personal loans
Fair value of consideration received:
Cash	$	674,036
Securitization investments	35,615

Servicing assets recognized	27,524
Repurchase liabilities recognized	(280)
Total consideration	736,895
Aggregate unpaid principal balance and accrued interest of loans sold	701,601
Gain from loan sales	$	35,294

Deconsolidation of debt reflects the impacts of previously consolidated VIEs that became deconsolidated during the period because we no longer hold a significant financial interest in the underlying securitization entity, which can fluctuate from period to period. Gains and losses on deconsolidations are presented within noninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2024, we had deconsolidation of debt on student loans of $42.1 million. The impact on earnings from this deconsolidation was immaterial. During the three months ended March 31, 2023, we did not have any deconsolidations of debt.


	Three Months Ended March 31,
		2024		2023
Personal loans
Fair value of consideration received:
Cash		$	499,751	$	—
Receivable		3,036		—
Servicing assets recognized		33,549		—
Repurchase liabilities recognized		(1,800)		—
Total consideration		534,536		—
Aggregate unpaid principal balance and accrued interest of loans sold		503,037		—
Realized gain		$	31,499	$	—
Student loans
Fair value of consideration received:
Cash		$	310,331	$	—
Servicing assets recognized		8,249		—
Repurchase liabilities recognized		(46)		—
Total consideration		318,534		—
Aggregate unpaid principal balance and accrued interest of loans sold		303,578		—
Realized gain		$	14,956	$	—
Home loans
Fair value of consideration received:
Cash		$	344,678	$	77,819
Servicing assets recognized		2,832		954
Repurchase liabilities recognized		(505)		(96)
Total consideration		347,005		78,677
Aggregate unpaid principal balance and accrued interest of loans sold		344,258		77,976
Realized gain		$	2,747	$	701


	Three Months Ended March 31,
	2024
Personal loans
Fair value of consideration received:
Cash	$	5,000
Servicing assets recognized	3,400
Repurchase liabilities recognized	(25)
Total consideration	8,375
Aggregate unpaid principal balance and accrued interest of loans sold(1)	66,411
Realized loss	$	(58,036)

(1) Includes $62.5 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. $43.2 million of the $62.5 million of unpaid principal balance was recorded in prior periods as a write down in noninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss). These loans were sold prior to charge-off during the three months ended March 31, 2024, and otherwise would have been charged off as of March 31, 2024 consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.

For certain transferred loans that qualified for sale accounting and are, therefore, off-balance sheet, we have continuing involvement through our servicing agreements. For such loans, our exposure to loss is generally limited to the extent we would be required to repurchase such a loan due to a breach of representations and warranties associated with the loan transfer or servicing contract.


	Personal Loans		Student Loans		Home Loans		Total
March 31, 2024
Loans in delinquency (30+ days past due)	$	52,858	$	57,556	$	26,017	$	136,431
Total loans in delinquency	87,313		126,247		26,017		239,577
Total transferred loans serviced(1)	3,019,629		6,117,247		5,746,580		14,883,456
December 31, 2023
Loans in delinquency (30+ days past due)	$	52,813	$	60,989	$	24,193	$	137,995
Total loans in delinquency	90,582		137,243		24,193		252,018
Total transferred loans serviced(1)	2,223,785		6,148,800		5,592,793		13,965,378

_____________________

(1)Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated.

The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:


	Three Months Ended March 31,
		2024		2023
Personal loans
Servicing fees collected from transferred loans		$	9,445	$	6,177
Charge-offs, net of recoveries, of transferred loans		85,333		46,115
Student loans
Servicing fees collected from transferred loans		6,146		9,190
Charge-offs, net of recoveries, of transferred loans		10,853		9,153
Home loans
Servicing fees collected from transferred loans		4,039		3,160

Total
Servicing fees collected from transferred loans		$	19,630	$	18,527
Charge-offs, net of recoveries, of transferred loans		96,186		55,268

The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:


			Delinquent Loans
	Current		30–59 Days		60–89 Days		≥ 90 Days(1)		Total Delinquent Loans		Total Loans(2)
March 31, 2024
Senior secured loans	$	844,502	$	—	$	—	$	—	$	—	$	844,502
Credit card	296,182		4,637		4,274		11,878		20,789		316,971
Commercial and consumer banking:
Commercial real estate	123,945		134		—		—		134		124,079
Commercial and industrial	5,022		87		244		433		764		5,786
Residential real estate and other consumer(3)	3,383		—		—		—		—		3,383
Total commercial and consumer banking	132,350		221		244		433		898		133,248
Total loans	$	1,273,034	$	4,858	$	4,518	$	12,311	$	21,687	$	1,294,721
December 31, 2023
Senior secured loans	$	445,733	$	—	$	—	$	—	$	—	$	445,733
Credit card	297,612		5,451		4,829		11,802		22,082		319,694
Commercial and consumer banking:
Commercial real estate	107,757		—		—		—		—		107,757
Commercial and industrial	6,108		1		—		439		440		6,548
Residential real estate and other consumer(3)	4,658		—		—		—		—		4,658
Total commercial and consumer banking	118,523		1		—		439		440		118,963
Total loans	$	861,868	$	5,452	$	4,829	$	12,241	$	22,522	$	884,390

______________

(1)All of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, there were no credit cards on nonaccrual status. As of the dates indicated, commercial and consumer banking loans on nonaccrual status were immaterial.

(2)For credit card, the balance is presented before allowance for credit losses of $49,092 and $52,385 as of March 31, 2024 and December 31, 2023, respectively, and accrued interest of $4,937 and $5,288, respectively. For senior secured loans, the balance is presented before accrued interest of $1,292 and $730 as of March 31, 2024 and December 31, 2023, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,221 and $2,310 as of March 31, 2024 and December 31, 2023, respectively, and accrued interest of $479 and $415, respectively.

The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data.


FICO	March 31, 2024		December 31, 2023
≥ 800	$	29,918	$	29,269
780 – 799	19,954		19,350
760 – 779	21,414		20,740
740 – 759	23,084		23,361
720 – 739	28,157		28,621
700 – 719	34,469		35,528
680 – 699	37,492		38,289
660 – 679	33,366		35,443
640 – 659	23,624		25,836
620 – 639	15,007		15,569
600 – 619	10,004		10,063
≤ 599	40,482		37,625
Total credit card	$	316,971	$	319,694

We analyze loans in our commercial and consumer banking portfolio by classification based on their associated credit risk, and perform an analysis on an ongoing basis as new information is obtained. Risk rating classifications are further described below. Loans with a lower expectation of credit losses are classified as Pass, while loans with a higher expectation of credit losses are classified as Substandard.

•Special mention — Loans with a potential weakness or weaknesses that deserves management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or our credit position at some future date.

•Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the full repayment. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator:


	Term Loans by Origination Year
March 31, 2024	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans
Commercial real estate
Pass	$	18,589	$	23,293	$	29,593	$	5,606	$	4,524	$	25,781	$	107,386	$	183
Watch	—		1,229		8,653		1,639		—		2,939		14,460		—
Special mention	—		—		—		—		—		523		523		—
Substandard	—		—		—		—		—		1,527		1,527		—
Total commercial real estate	18,589		24,522		38,246		7,245		4,524		30,770		123,896		183
Commercial and industrial
Pass	—		51		—		—		59		4,268		4,378		530
Watch	—		44		—		—		—		17		61		—

Substandard	—		—		—		—		—		817		817		—
Total commercial and industrial	—		95		—		—		59		5,102		5,256		530
Residential real estate and other consumer
Pass	—		—		—		—		—		3,111		3,111		233
Watch	—		—		—		—		—		39		39		—


Total residential real estate and other consumer	—		—		—		—		—		3,150		3,150		233
Total commercial and consumer banking	$	18,589	$	24,617	$	38,246	$	7,245	$	4,583	$	39,022	$	132,302	$	946