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Share-Based Compensation (Tables)
 6 Months Ended
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,
2026202520262025
Technology and product development$25,764 $21,977 $53,744 $45,884 
Sales and marketing5,540 5,296 10,701 10,648 
Cost of operations5,502 3,343 9,477 6,768 
General and administrative40,059 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 PriceWeighted Average Remaining Contractual Term
(in years)
Outstanding as of January 1, 202613,748,914 $7.95 2.2
Exercised(374,725)6.93 
Outstanding as of June 30, 202613,374,189 $7.98 1.7
Exercisable as of June 30, 202613,374,189 $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, 202645,221,279 $11.57 
Granted17,710,762 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, 202610,343,841 $11.50 
Granted2,093,352 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, 2026December 31, 2025
RangeWeighted AverageRangeWeighted 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, 2026December 31, 2025
RangeWeighted AverageRangeWeighted 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, 2026December 31, 2025
RangeWeighted AverageRangeWeighted 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, 2026December 31, 2025
RangeWeighted AverageRangeWeighted 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,
Input20262025
Risk-free interest rate3.6%3.9%
Expected volatility61.3%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,
Input20262025
Risk-free interest rate3.8%4.3%
Expected term (in years)0.50.5
Expected volatility57.4%61.9%
Fair value of common stock

$23.23$14.70
Dividend yield—%—%