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Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Fair Value Measured on Recurring Basis

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and June 30, 2024 (in thousands):

						December 31, 2024
						Level 1						Level 2						Level 3						Total
Assets:
Cash and cash equivalents:
Money market funds						$	115,063					$	—					$	—					$	115,063
Commercial paper						—						—						—						—
Securities, available for sale:
Certificates of deposit						—						17,347						—						17,347
Corporate bonds						—						204,294						—						204,294
Commercial paper						—						51,293						—						51,293
Agency bonds						—						13,319						—						13,319
Municipal bonds						—						5,195						—						5,195
Government bonds:
Non-US						—						3,156						—						3,156
US						—						303,029						—						303,029
Securitization notes receivable and residual trust certificates						—						—						69,051						69,051
Servicing assets						—						—						806						806
Derivative instruments						—						7,676						—						7,676
Risk sharing asset						—						—						44,969						44,969
Total assets						$	115,063					$	605,309					$	114,826					$	835,198
Liabilities:
Servicing liabilities						$	—					$	—					$	237					$	237
Performance fee liability						—						—						1,773						1,773
Profit share liability						—						—						6,111						6,111
Risk sharing liability						—						—						1,498						1,498
Derivative instruments						—						186						—						186
Total liabilities						$	—					$	186					$	9,619					$	9,805

						June 30, 2024
						Level 1						Level 2						Level 3						Total
Assets:
Cash and cash equivalents:
Money market funds						$	63,389					$	—					$	—					$	63,389
Commercial paper						—						57,964						—						57,964
Government bonds- US						—						3,492						—						3,492
Securities, available for sale:
Certificates of deposit						—						34,473						—						34,473
Corporate bonds						—						242,660						—						242,660
Commercial paper						—						239,882						—						239,882
Agency bonds						—						15,159						—						15,159
Municipal bonds						—						3,953						—						3,953
Government bonds:
Non-US						—						5,275						—						5,275
US						—						538,556						—						538,556
Securitization notes receivable and residual trust certificates						—						—						51,670						51,670
Servicing assets						—						—						574						574
Derivative instruments						—						17,207						—						17,207
Risk sharing asset						—						—						33,884						33,884
Total assets						$	63,389					$	1,158,621					$	86,128					$	1,308,138
Liabilities:
Servicing liabilities						$	—					$	—					$	743					$	743
Performance fee liability						—						—						1,503						1,503
Profit share liability						—						—						1,974						1,974
Risk sharing liability						—						—						918						918
Derivative Instruments						—						38						—						38
Total liabilities						$	—					$	38					$	5,138					$	5,176

Schedule of Servicing Assets at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):

						Three Months Ended December 31,												Six Months Ended December 31,
						2024						2023						2024						2023
Fair value at beginning of period						$	435					$	569					$	574					$	880
Initial transfers of financial assets						230						—						230						—
Subsequent changes in fair value						141						(204)						2						(515)
Fair value at end of period						$	806					$	365					$	806					$	365

Schedule of Servicing Liabilities at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):

						Three Months Ended December 31,												Six Months Ended December 31,
						2024						2023						2024						2023
Fair value at beginning of period						$	438					$	1,851					$	743					$	1,392
Initial transfers of financial liabilities						—						1,702						—						3,091
Subsequent changes in fair value						(201)						(1,022)						(506)						(1,952)
Fair value at end of period						$	237					$	2,531					$	237					$	2,531

Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of December 31, 2024 and June 30, 2024:

												December 31, 2024
						Unobservable Input						Minimum						Maximum						Weighted Average (3)
Servicing assets						Discount rate						30.00		%				30.00		%				30.00		%
						Adequate compensation (1)						2.00		%				2.00		%				2.00		%
						Gross default rate (2)						9.20		%				15.20		%				11.32		%
Servicing liabilities						Discount rate						30.00		%				30.00		%				30.00		%
						Adequate compensation (1)						2.00		%				2.00		%				2.00		%
						Gross default rate (2)						3.22		%				4.65		%				3.89		%

												June 30, 2024
						Unobservable Input						Minimum						Maximum						Weighted Average (3)
Servicing assets						Discount rate						30.00		%				30.00		%				30.00		%
						Adequate compensation (1)						2.00		%				2.00		%				2.00		%
						Gross default rate (2)						9.89		%				22.72		%				10.84		%
Servicing liabilities						Discount rate						30.00		%				30.00		%				30.00		%
						Adequate compensation (1)						2.00		%				2.00		%				2.00		%
						Gross default rate (2)						2.58		%				4.12		%				3.00		%

(1)Estimated annual cost of servicing a loan as a percentage of unpaid principal balance. 

(2)Annualized estimated gross charge-offs as a percentage of unpaid principal balance.

(3)Unobservable inputs were weighted by relative fair value.

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of December 31, 2024 and June 30, 2024:

						December 31, 2024
Unobservable Input						Minimum						Maximum						Weighted Average (1)
Discount rate						7.75%						10.00%						9.53%
Refund rate						1.50%						1.50%						1.50%
Default rate						1.18%						4.65%						3.02%

						June 30, 2024
Unobservable Input						Minimum						Maximum						Weighted Average (1)
Discount rate						8.50%						10.00%						9.81%
Refund rate						1.50%						1.50%						1.50%
Default rate						1.38%						4.65%						2.94%

(1)Unobservable inputs were weighted by remaining principal balances. 

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the notes receivable and residual trust certificates as of December 31, 2024 and June 30, 2024:

						December 31, 2024
Unobservable Input						Minimum						Maximum						Weighted Average (1)
Discount rate						4.73%						30.29%						6.84%
Loss rate						1.17%						9.47%						7.53%
Prepayment rate						13.58%						23.00%						20.94%

						June 30, 2024
Unobservable Input						Minimum						Maximum						Weighted Average (1)
Discount rate						5.73%						41.41%						8.93%
Loss rate						0.95%						6.98%						6.17%
Prepayment rate						12.40%						27.70%						23.33%

(1)Unobservable inputs were weighted by relative fair value

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of December 31, 2024 and June 30, 2024:

						December 31, 2024
Unobservable Input						Minimum						Maximum						Weighted Average (1)
Discount rate						30.00%						30.00%						30.00%
Program profitability						0.97%						2.02%						1.94%

						June 30, 2024
Unobservable Input						Minimum						Maximum						Weighted Average (1)
Discount rate						30.00%						30.00%						30.00%
Program profitability						0.32%						1.01%						0.96%

(1)Unobservable inputs were weighted by relative fair value.

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of December 31, 2024:

												December 31, 2024
						Unobservable Input						Minimum						Maximum						Weighted Average (1)
Risk sharing assets						Discount rate						20.00%						20.00%						20.00%
						Loss rate						3.28%						4.87%						4.01%
						Prepayment rate						20.81%						27.21%						24.73%
Risk sharing liabilities						Discount rate						20.00%						20.00%						20.00%
						Loss rate						3.39%						5.17%						4.37%

												June 30, 2024
						Unobservable Input						Minimum						Maximum						Weighted Average (1)
Risk sharing assets						Discount rate						20.00%						20.00%						20.00%
						Loss rate						3.00%						4.69%						3.66%
						Prepayment rate						23.36%						33.29%						28.48%
Risk sharing liabilities						Discount rate						20.00%						20.00%						20.00%
						Loss rate						3.25%						5.29%						4.28%

(1)Unobservable inputs were weighted by principal balance of loans sold under each cohort.

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the risk sharing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):

						December 31, 2024						June 30, 2024
Risk sharing assets (1)
Prepayment rate assumption:
Prepayment rate increase of 25%						$	1,235					$	572
Prepayment rate increase of 50%						$	2,364					$	1,131
Loss rate assumption:
Loss rate increase of 25%						$	(11,331)					$	(7,315)
Loss rate increase of 50%						$	(22,585)					$	(14,528)
Discount rate assumption:
Discount rate increase of 25%						$	(1,120)					$	(1,211)
Discount rate increase of 50%						$	(2,156)					$	(2,323)
Risk sharing liabilities (1)
Loss rate assumption:
Loss rate increase of 25%						$	28,276					$	22,333
Loss rate increase of 50%						$	40,334					$	41,677
Discount rate assumption:
Discount rate increase of 25%						$	(7)					$	(19)
Discount rate increase of 50%						$	(13)					$	(37)

Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):

						December 31, 2024						June 30, 2024
Servicing assets
Gross default rate assumption:
Gross default rate increase of 25%						$	1					$	1
Gross default rate increase of 50%						$	2					$	1
Adequate compensation assumption:
Adequate compensation increase of 10%						$	(1,367)					$	(980)
Adequate compensation increase of 20%						$	(2,734)					$	(1,961)
Discount rate assumption:
Discount rate increase of 25%						$	(32)					$	(23)
Discount rate increase of 50%						$	(62)					$	(44)
Servicing liabilities
Gross default rate assumption:
Gross default rate increase of 25%						$	—					$	(1)
Gross default rate increase of 50%						$	—					$	(1)
Adequate compensation assumption:
Adequate compensation increase of 10%						$	3,820					$	3,153
Adequate compensation increase of 20%						$	7,639					$	6,305
Discount rate assumption:
Discount rate increase of 25%						$	(5)					$	(19)
Discount rate increase of 50%						$	(9)					$	(37)

Summary of Activity for Liabilities With Significant Unobservable Inputs for Fair Value

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):

						Three Months Ended December 31,												Six Months Ended December 31,
						2024						2023						2024						2023
Fair value at beginning of period						$	1,541					$	1,427					$	1,503					$	1,581
Purchases of loans						566						493						1,089						869
Settlements paid						(501)						(508)						(978)						(992)
Subsequent changes in fair value						167						182						159						136
Fair value at end of period						$	1,773					$	1,594					$	1,773					$	1,594

The following table summarizes the activity related to the fair value of the notes and residual trust certificates (in thousands):

						Three Months Ended December 31,												Six Months Ended December 31,
						2024						2023						2024						2023
Fair value at beginning of period						$	38,926					$	13,983					$	51,670					$	18,913
Additions						41,943						22,187						41,943						22,187
Cash received (due to payments)						(12,036)						(4,094)						(26,419)						(9,355)
Change in unrealized gain (loss)						(510)						80						(541)						265
Accrued interest						931						439						2,976						611
Reversal of (impairment on) securities available for sale						(203)						(184)						(578)						(210)
Fair value at end of period						$	69,051					$	32,411					$	69,051					$	32,411

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):

						Three Months Ended December 31,												Six Months Ended December 31,
						2024						2023						2024						2023
Fair value at beginning of period						$	2,015					$	1,079					$	1,974					$	1,832
Facilitation of loans						4,238						1,160						5,465						2,088
Actual performance						(3,271)						(1,166)						(6,299)						506
Subsequent changes in fair value						3,129						471						4,971						(2,882)
Fair value at end of period						$	6,111					$	1,544					$	6,111					$	1,544

The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands):

						Three Months Ended December 31,												Six Months Ended December 31,
						2024						2023						2024						2023
Fair value at beginning of period						$	1,801					$	471					$	918					$	—
Cash settlements						(445)						—						(445)						—
Subsequent changes in fair value						142						41						1,025						512
Fair value at end of period						$	1,498					$	512					$	1,498					$	512

Schedule of Sensitivity Analysis of Fair Value, Residual Trust Certificates

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the notes receivable and residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands):

						December 31, 2024						June 30, 2024
Discount rate assumption:
Discount rate increase of 25%						$	(723)					$	(623)
Discount rate increase of 50%						$	(1,421)					$	(1,223)
Loss rate assumption:
Loss rate increase of 25%						$	(1,761)					$	(705)
Loss rate increase of 50%						$	(2,665)					$	(1,321)
Prepayment rate assumption:
Prepayment rate decrease of 25%						$	124					$	58
Prepayment rate decrease of 50%						$	249					$	116

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands):

						Three Months Ended December 31,												Six Months Ended December 31,
						2024						2023						2024						2023
Fair value at beginning of period						$	45,330					$	3,814					$	33,884					$	—
Initial transfers of financial assets						5,191						10,749						15,568						14,563
Cash settlements						(5,824)						—						(5,824)						—
Subsequent changes in fair value						272						2,127						1,341						2,127
Fair value at end of period						$	44,969					$	16,690					$	44,969					$	16,690

Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Held at Amortized Cost

The following table presents the fair value and our assessment of the classification of this measurement within the fair value hierarchy for financial assets and liabilities held at amortized cost as of December 31, 2024 and June 30, 2024 (in thousands):

						December 31, 2024
						Carrying Amount						Level 1						Level 2						Level 3						Balance at Fair Value
Assets:
Loans held for investment, net						6,432,336						—						—						6,828,132						6,828,132
Other assets (1)						29,582						—						29,582						—						29,582
Total assets						$	6,461,918					$	—					$	29,582					$	6,828,132					$	6,857,714
Liabilities:
Convertible senior notes, net (2)						$	1,151,048					$	—					$	1,116,902					$	—					$	1,116,902
Notes issued by securitization trusts						3,988,887						—						—						4,014,587						4,014,587
Funding debt (3)						2,178,508						—						—						2,178,655						2,178,655
Total liabilities						$	7,318,443					$	—					$	1,116,902					$	6,193,242					$	7,310,144

						June 30, 2024
						Carrying Amount						Level 1						Level 2						Level 3						Balance at Fair Value
Assets:
Loans held for sale (1)						$	36					$	—					$	36					$	—					$	36
Loans held for investment, net						5,360,959						—						—						5,616,973						5,616,973
Other assets (1)						43,212						—						43,212						—						43,212
Total assets						$	5,404,207					$	—					$	43,248					$	5,616,973					$	5,660,221
Liabilities:
Convertible senior notes, net (2)						$	1,341,430					$	—					$	1,124,773					$	—					$	1,124,773
Notes issued by securitization trusts						3,236,873						—						—						2,506,929						2,506,929
Funding debt (3)						1,851,699						—						—						1,851,685						1,851,685
Total liabilities						$	6,430,002					$	—					$	1,124,773					$	4,358,614					$	5,483,387

(1)Amortized cost approximates fair value for loans held for sale and other assets.

(2)As of December 31, 2024, includes convertible senior notes due 2026 with a carrying amount and fair value of $247.6 million and $224.6 million, respectively, and convertible senior notes due 2029 with a carrying amount and fair value of $903.5 million and $892.3 million, respectively. As of June 30, 2024, includes convertible senior notes due 2026 with a carrying amount and fair value of $1.3 billion and $1.1 billion, respectively. The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period.

(3)As of December 31, 2024 and June 30, 2024, debt issuance costs in the amount of $11.7 million and $14.8 million, respectively, was included within funding debt.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of information about fair value of asset and liability not measured at fair value.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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