v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Cash and cash equivalents $ 1,527,880 $ 1,354,455
Restricted cash 566,692 401,968
Securities available for sale at fair value 723,375 871,425
Loans held for sale 6 0
Loans held for investment 8,773,542 7,025,534
Allowance for credit losses (478,103) (396,929)
Loans held for investment, net 8,295,439 6,628,606
Accounts receivable, net 268,177 426,177
Property, equipment and software, net 639,891 572,637
Goodwill 533,441 534,156
Intangible assets 12,619 12,935
Commercial agreement assets 44,395 57,210
Other assets 344,986 295,360
Total assets 12,956,899 11,154,929
Liabilities and stockholders’ equity    
Accounts payable 57,228 82,820
Payable to third-party loan owners 130,327 211,700
Accrued interest payable 28,784 24,465
Accrued expenses and other liabilities 184,459 157,272
Convertible senior notes, net 1,127,658 1,153,000
Funding debt 3,046,846 1,622,808
Total liabilities 9,410,038 8,085,919
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Additional paid in capital 6,410,335 6,140,893
Accumulated deficit (2,846,538) (3,056,818)
Accumulated other comprehensive loss (16,939) (15,069)
Total stockholders’ equity 3,546,861 3,069,009
Total liabilities and stockholders’ equity 12,956,899 11,154,929
Assets of consolidated VIEs, included in total assets above    
Cash and cash equivalents 1,527,880 1,354,455
Restricted cash 566,692 401,968
Securities available for sale at fair value 723,375 871,425
Loans held for sale 6 0
Loans held for investment 8,773,542 7,025,534
Allowance for credit losses (478,103) (396,929)
Loans held for investment, net 8,295,439 6,628,606
Accounts receivable, net 268,177 426,177
Property, equipment and software, net 639,891 572,637
Goodwill 533,441 534,156
Intangible assets 12,619 12,935
Commercial agreement assets 44,395 57,210
Other assets 344,986 295,360
Total assets 12,956,899 11,154,929
Liabilities of consolidated VIEs, included in total liabilities above    
Accounts payable 57,228 82,820
Payable to third-party loan owners 130,327 211,700
Accrued interest payable 28,784 24,465
Accrued expenses and other liabilities 184,459 157,272
Convertible senior notes, net 1,127,658 1,153,000
Funding debt 3,046,846 1,622,808
Total liabilities 9,410,038 8,085,919
Consolidated Variable Interest Entities    
Restricted cash 310,298 192,638
Loans held for investment 8,516,063 6,828,758
Allowance for credit losses (444,137) (365,656)
Loans held for investment, net 8,071,926 6,463,101
Accounts receivable, net 3,152 3,032
Other assets 1,222 2,558
Total assets 8,386,598 6,661,329
Liabilities and stockholders’ equity    
Accounts payable 0 2,833
Accrued interest payable 28,464 23,998
Accrued expenses and other liabilities 1,659 2,797
Notes issued by securitization trusts 4,834,736 4,833,855
Funding debt 3,033,546 1,592,139
Total liabilities 7,898,405 6,455,621
Assets of consolidated VIEs, included in total assets above    
Restricted cash 310,298 192,638
Loans held for investment 8,516,063 6,828,758
Allowance for credit losses (444,137) (365,656)
Loans held for investment, net 8,071,926 6,463,101
Accounts receivable, net 3,152 3,032
Other assets 1,222 2,558
Total assets 8,386,598 6,661,329
Liabilities of consolidated VIEs, included in total liabilities above    
Accounts payable 0 2,833
Accrued interest payable 28,464 23,998
Accrued expenses and other liabilities 1,659 2,797
Notes issued by securitization trusts 4,834,736 4,833,855
Funding debt 3,033,546 1,592,139
Total liabilities 7,898,405 6,455,621
Total net assets of consolidated VIEs 488,193 205,707
Class A common stock    
Stockholders’ equity:    
Common stock 2 2
Class B common stock    
Stockholders’ equity:    
Common stock 1 1
Notes Issued By Securitization Trusts    
Liabilities and stockholders’ equity    
Notes issued by securitization trusts 4,834,736 4,833,855
Liabilities of consolidated VIEs, included in total liabilities above    
Notes issued by securitization trusts $ 4,834,736 $ 4,833,855