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v3.26.1

Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Share-based compensation expense related to stock options, RSUs, PSUs and the ESPP is presented within the following line items in the condensed consolidated statements of operations and comprehensive income:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Technology and product development | $ | 25,764 |  |  | $ | 21,977 |  |  | $ | 53,744 |  |  | $ | 45,884 |
Sales and marketing | 5,540 |  |  | 5,296 |  |  | 10,701 |  |  | 10,648 |
Cost of operations | 5,502 |  |  | 3,343 |  |  | 9,477 |  |  | 6,768 |
General and administrative | 40,059 |  |  | 32,640 |  |  | 74,955 |  |  | 63,712 |
Total | $ | 76,865 |  |  | $ | 63,256 |  |  | $ | 148,877 |  |  | $ | 127,012 |
Schedule of Stock Option Activity | The following is a summary of stock option activity:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years)
Outstanding as of January 1, 2026 | 13,748,914 |  |  | $ | 7.95 |  |  | 2.2
Exercised | (374,725) |  |  | 6.93 |  |  |
Outstanding as of June 30, 2026 | 13,374,189 |  |  | $ | 7.98 |  |  | 1.7
Exercisable as of June 30, 2026 | 13,374,189 |  |  | $ | 7.98 |  |  | 1.7
Schedule of Restricted Stock Unit Activity | The following table summarizes RSU activity:
| Number of RSUs |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2026 | 45,221,279 |  |  | $ | 11.57 |
Granted | 17,710,762 |  |  | 18.01 |
Vested(1) | (15,117,902) |  |  | 10.69 |
Forfeited | (2,343,332) |  |  | 11.56 |
Outstanding as of June 30, 2026 | 45,470,807 |  | $ | 14.37 |
________________________ (1)The total fair value, based on grant date fair value, of RSUs that vested during the six months ended June 30, 2026 was $161.7 million.
Schedule of Performance Stock Unit Activity | The following table summarizes PSU activity:
| Number of PSUs |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2026 | 10,343,841 |  |  | $ | 11.50 |
Granted | 2,093,352 |  |  | 20.76 |
Forfeited | (7,918,836) |  |  | 9.33 |
Outstanding as of June 30, 2026 | 4,518,357 |  |  | $ | 16.13 |
Schedule of Valuation Inputs and Assumptions | The following key unobservable assumptions were used in the fair value measurement of our loans:
| June 30, 2026 |  | December 31, 2025 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Personal loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 15.4% – 32.1% |  | 25.8% |  | 18.3% – 30.7% |  | 26.9% |  |  |  |
Annual default rate | 4.0% – 18.3% |  | 4.8% |  | 3.7% – 37.9% |  | 4.5% |  |  |  |
Discount rate | 4.9% – 6.9% |  | 5.0% |  | 4.4% – 6.6% |  | 4.5% |  |  |  |
Student loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 9.3% – 12.8% |  | 11.0% |  | 9.6% – 12.9% |  | 11.2% |  |  |  |
Annual default rate | 0.4% – 6.8% |  | 0.7% |  | 0.4% – 6.4% |  | 0.7% |  |  |  |
Discount rate | 4.1% – 8.2% |  | 4.3% |  | 3.7% – 8.2% |  | 3.9% |  |  |  |
Home loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 8.2% – 14.9% |  | 14.9% |  | 6.2% – 20.7% |  | 13.6% |  |  |  |
Annual default rate | 0.5% – 1.0% |  | 0.5% |  | 0.1% – 7.4% |  | 0.6% |  |  |  |
Discount rate | 6.0% – 6.1% |  | 6.0% |  | 4.9% – 8.5% |  | 5.9% |  |  |  |
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
| June 30, 2026 |  | December 31, 2025 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Personal loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.2% – 1.4% |  | 0.3% |  | 0.1% – 1.1% |  | 0.3% |  |  |  |
Conditional prepayment rate | 15.6% – 37.6% |  | 24.9% |  | 15.0% – 39.4% |  | 24.3% |  |  |  |
Annual default rate | 1.0% – 17.5% |  | 4.8% |  | 1.0% – 18.0% |  | 5.0% |  |  |  |
Discount rate | 8.5% – 19.3% |  | 10.5% |  | 8.5% – 19.0% |  | 10.1% |  |  |  |
Student loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.1% – 0.4% |  | 0.2% |  | 0.1% – 0.3% |  | 0.2% |  |  |  |
Conditional prepayment rate | 9.7% – 15.4% |  | 13.1% |  | 6.4% – 15.1% |  | 12.5% |  |  |  |
Annual default rate | 0.3% – 3.7% |  | 1.0% |  | 0.3% – 3.7% |  | 0.9% |  |  |  |
Discount rate | 8.5% – 8.5% |  | 8.5% |  | 8.5% – 8.5% |  | 8.5% |  |  |  |
Home loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.7% – 0.9% |  | 0.7% |  | 0.1% – 0.2% |  | 0.1% |  |  |  |
Conditional prepayment rate | 4.4% – 14.5% |  | 9.0% |  | 4.7% – 21.5% |  | 8.7% |  |  |  |
Annual default rate | 0.1% – 0.4% |  | 0.1% |  | 0.0% – 0.1% |  | 0.0% |  |  |  |
Discount rate | 9.0% – 12.8% |  | 9.1% |  | 9.3% – 10.0% |  | 9.3% |  |  |  |
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
| June 30, 2026 |  | December 31, 2025 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Residual investments |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 11.3% – 36.7% |  | 20.9% |  | 11.9% – 36.5% |  | 21.2% |  |  |  |
Annual default rate | 0.7% – 9.1% |  | 3.8% |  | 0.7% – 8.6% |  | 3.5% |  |  |  |
Discount rate | 5.3% – 30.0% |  | 13.2% |  | 5.1% – 30.0% |  | 11.9% |  |  |  |
Residual interests classified as debt |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 11.7% – 11.7% |  | 11.7% |  | 12.0% – 12.0% |  | 12.0% |  |  |  |
Annual default rate | 1.0% – 1.0% |  | 1.0% |  | 1.1% – 1.1% |  | 1.1% |  |  |  |
Discount rate | 9.5% – 9.5% |  | 9.5% |  | 9.5% – 9.5% |  | 9.5% |  |  |  |
The following key unobservable inputs were used in the fair value measurements of our IRLCs, student loan commitments and personal loan commitments:
| June 30, 2026 |  | December 31, 2025 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
IRLCs |  |  |  |  |  |  |  |  |  |  |
Loan funding probability(1) | 64.4% – 78.0% |  | 71.5% |  | 58.6% – 75.6% |  | 69.7% |  |  |  |
Student loan commitments |  |  |  |  |  |  |  |  |  |  |
Loan funding probability(1) | 89.0% – 99.0% |  | 93.9% |  | 89.0% – 99.0% |  | 94.5% |  |  |  |
Personal loan commitments |  |  |  |  |  |  |  |  |  |  |
Loan funding probability(1) | 97.2% – 99.4% |  | 97.8% |  | n/m |  | n/m |  |  |  |
___________________ (1)The aggregate amount of student loans we committed to fund was $592,540 and $437,470 as of June 30, 2026 and December 31, 2025, respectively. The aggregate amount of personal loans we committed to fund was $87,803 as of June 30, 2026. As of December 31, 2025, we had no personal loan commitments. See Note 11. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs. The following table summarizes the inputs used for estimating the fair value of PSUs granted:
|  | Six Months Ended June 30,
Input |  | 2026 |  | 2025
Risk-free interest rate |  | 3.6% |  | 3.9%
Expected volatility |  | 61.3% |  | 64.3%
Fair value of common stock |  | $18.53 |  | $11.26
Dividend yield |  | —% |  | —%
The table below presents the fair value assumptions used for the period indicated:
|  | Six Months Ended June 30,
Input |  | 2026 |  | 2025
Risk-free interest rate |  | 3.8% |  | 4.3%
Expected term (in years) |  | 0.5 |  | 0.5
Expected volatility |  | 57.4% |  | 61.9%
Fair value of common stock |  | $23.23 |  | $14.70
Dividend yield |  | —% |  | —%

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