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Debt (Tables) | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the components of our debt:
|  | June 30, 2026 |  | December 31, 2025
Borrowing Description |  | Total Collateral(1) |  | Stated Interest Rate(2) |  | Termination/Maturity(3) |  | Total Capacity |  | Total Outstanding(4) |  | Total Outstanding
Debt Facilities |  |  |  |  |  |  |  |  |  |  |  |
Personal loan warehouse facilities |  | $ | 880,039 |  |  | 4.28% – 4.88% |  | June 2027 – October 2028 |  | $ | 3,700,000 |  |  | $ | 736,684 |  |  | $ | — |
Student loan warehouse facilities |  | 879,611 |  |  | 4.18% – 4.82% |  | May 2027 – April 2029 |  | 3,480,000 |  |  | 751,623 |  |  | — |
Revolving credit facility(5) |  |  |  | 5.25% |  | April 2028 |  | 645,000 |  |  | 486,000 |  |  | 486,000 |
Other Debt |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes, due 2026(6) |  |  |  | —% |  | October 2026 |  |  |  | 428,022 |  |  | 428,022 |
Convertible senior notes, due 2029(7) |  |  |  | 1.25% |  | March 2029 |  |  |  | 862,500 |  |  | 862,500 |
Other financing(8) |  | 1,810,956 |  |  |  |  |  |  | 1,253,245 |  |  | — |  |  | — |
Securitizations |  |  |  |  |  |  |  |  |  |  |  |
Student loan securitizations |  | 56,248 |  |  | 3.09% – 3.73% |  | August 2048 |  |  |  | 48,111 |  |  | 54,107 |
Total, before unamortized debt issuance costs, premiums and discounts |  |  |  |  |  |  |  |  |  | $ | 3,312,940 |  |  | $ | 1,830,629 |
Less: unamortized debt issuance costs, premiums and discounts(9) |  |  |  |  |  |  |  |  |  | (12,396) |  |  | (15,467) |
Total debt |  |  |  |  |  |  |  |  |  | $ | 3,300,544 |  |  | $ | 1,815,162 |
_________________ (1)As of June 30, 2026, 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 June 30, 2026. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of June 30, 2026 included overnight SOFR, one-month SOFR 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 50 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our condensed consolidated statements of operations and comprehensive income. (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 issued during the six months ended June 30, 2026. (5)As of June 30, 2026, $11.4 million of the revolving credit facility total capacity was not available for general borrowing purposes because 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. 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 the prime rate. (6)The original issue discount and debt issuance costs related to the convertible senior notes due 2026 are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income using the effective interest method over the contractual term of the notes. For the three and six months ended June 30, 2026, total interest expense on the convertible notes was $0.5 million and $0.9 million, respectively. For the three and six months ended June 30, 2025, total interest expense on the convertible notes was $0.5 million and $0.9 million, respectively. For all periods, interest expense was related to amortization of debt discount and issuance costs. For the three and six months ended June 30, 2026, the effective interest rate was 0.43% and 0.43%, respectively. For the three and six months ended June 30, 2025, the effective interest rate was 0.43% and 0.43%, respectively. As of June 30, 2026 and December 31, 2025, unamortized debt discount and issuance costs were $0.5 million and $1.5 million, respectively, and the net carrying amount was $427.5 million and $426.6 million, respectively. (7)The original issue discount and debt issuance costs related to the convertible senior notes due 2029 are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income using the effective interest method over the contractual term of the notes. For the three and six months ended June 30, 2026, total interest expense on the convertible notes was $3.8 million and $7.5 million, respectively, which was composed of $2.7 million and $5.4 million, respectively, of contractual interest expense and $1.1 million and $2.2 million, respectively, of amortization of discounts and issuance costs; and the effective interest rate was 1.75% and 1.76%, respectively. For the three and six months ended June 30, 2025, total interest expense on the convertible notes was $3.8 million and $7.5 million, respectively, which was composed of $2.7 million and $5.4 million, respectively, of contractual interest expense and $1.1 million and $2.1 million, respectively, of amortization of discounts and issuance costs; and the effective interest rate was 1.75% and 1.76%, respectively. As of June 30, 2026 and December 31, 2025, unamortized debt discount and issuance costs were $11.9 million and $14.0 million, respectively, and the net carrying amount was $850.6 million and $848.5 million, respectively. (8)As of June 30, 2026, includes $1.3 billion of loans and $472.0 million of investment securities pledged as collateral to secure $1.2 billion of available borrowing capacity with the FHLB, of which $46.7 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 $50.0 million with correspondent banks. (9)As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs related to revolving debt of $0.8 million and $1.0 million, respectively, was reported in other assets in the condensed consolidated balance sheets.
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:
| June 30, 2026
Remainder of 2026 | $ | 428,022 |
2027 | — |
2028 | 486,000 |
2029 | 862,500 |
2030 | — |
Thereafter | — |
Total | $ | 1,776,522 |

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