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Revenue (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue by Type of Service | The Company disaggregates revenue from fees by type of service for the periods presented as follows:
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  | 2024 |  | 2025 |  |  |  | 2024 |  | 2025
Revenue from fees, net: |  |  |  |  |  |  |  |  |  |
Platform and referral fees, net |  | $ | 98,595 |  |  | $ | 202,845 |  |  |  |  | $ | 202,454 |  |  | $ | 353,820 |
Servicing and other fees, net |  | 31,937 |  |  | 37,932 |  |  |  |  | 66,146 |  |  | 72,432 |
Total revenue from fees, net |  | $ | 130,532 |  |  | $ | 240,777 |  |  |  |  | $ | 268,600 |  |  | $ | 426,252 |
Schedule of Customers Accounting for Greater Than 10% of Total Revenue | Customers accounting for greater than 10% of total revenue were as follows:
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  | 2024 |  | 2025 |  |  |  | 2024 |  | 2025
Customer A |  | * |  | 35% |  |  |  | * |  | 31%
Customer B |  | 25% |  | 22% |  |  |  | 25% |  | 22%
Customer C |  | 35% |  | 10% |  |  |  | 37% |  | *
Customer D |  | 10% |  | * |  |  |  | 10% |  | *
__________ * Less than 10% Customers accounting for greater than 10% of accounts receivable were as follows:
|  | December 31, |  | June 30,
|  | 2024 |  | 2025
Customer E |  | 15% |  | 23%
Schedule of Collection Agency and Borrower Fees | The following table presents the components of servicing and other fees, net as part of revenue from fees, net in the Company’s condensed consolidated statements of operations and comprehensive income (loss):
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  | 2024 |  | 2025 |  |  |  | 2024 |  | 2025
Servicing fees |  | $ | 21,951 |  |  | $ | 23,426 |  |  |  |  | $ | 45,193 |  |  | $ | 46,238 |
Borrower fees |  | 6,356 |  |  | 6,664 |  |  |  |  | 13,515 |  |  | 13,324 |
Collection agency fees |  | 4,117 |  |  | 3,714 |  |  |  |  | 8,713 |  |  | 7,506 |
Other fees |  | 115 |  |  | 833 |  |  |  |  | 213 |  |  | 931 |
Net gain (loss) on servicing rights and fair value adjustments |  | (602) |  |  | 3,295 |  |  |  |  | (1,488) |  |  | 4,433 |
Total servicing and other fees, net |  | $ | 31,937 |  |  | $ | 37,932 |  |  |  |  | $ | 66,146 |  |  | $ | 72,432 |
Schedule of Components of Interest Income and Fair Value Adjustments, Net | The following table presents components of the interest income, interest expense, and fair value adjustments, net presented in the Company’s condensed consolidated statements of operations and comprehensive income (loss):
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  | 2024 |  | 2025 |  |  |  | 2024 |  | 2025
Interest income(1) |  | $ | 52,883 |  |  | $ | 45,623 |  |  |  |  | $ | 104,054 |  |  | $ | 86,191 |
Interest expense(1) |  | (11,470) |  |  | (7,772) |  |  |  |  | (22,184) |  |  | (14,792) |
Fair value and other adjustments, net: |  |  |  |  |  |  |  |  |  |
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(1) |  | (31,949) |  |  | (18,878) |  |  |  |  | (61,542) |  |  | (40,204) |
Realized gain (loss) on sale of loans, net |  | (4,511) |  |  | 3,829 |  |  |  |  | (11,615) |  |  | 1,838 |
Fair value adjustments and realized gains (losses) on beneficial interests, net |  | (7,855) |  |  | (6,288) |  |  |  |  | (21,889) |  |  | 11,377 |
Total fair value and other adjustments, net |  | (44,315) |  |  | (21,337) |  |  |  |  | (95,046) |  |  | (26,989) |
Total interest income, interest expense, and fair value adjustments, net |  | $ | (2,902) |  |  | $ | 16,514 |  |  |  |  | $ | (13,176) |  |  | $ | 44,410 |
__________ (1) Includes interest income, interest expense and unrealized loss on loans, loan charge-offs, and other fair value adjustments, net related to the consolidated securitization as follows:
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  | 2024 |  | 2025 |  |  |  | 2024 |  | 2025
Interest income, interest expense, and fair value adjustments, net related to consolidated securitization: |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 7,714 |  |  | $ | 4,465 |  |  |  |  | $ | 16,338 |  |  | $ | 9,577 |
Interest expense |  | (2,514) |  |  | (1,668) |  |  |  |  | (5,274) |  |  | (3,517) |
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net |  | (9,266) |  |  | (3,238) |  |  |  |  | (19,917) |  |  | (7,018) |
Total interest income, interest expense, and fair value adjustments, net |  | $ | (4,066) |  |  | $ | (441) |  |  |  |  | $ | (8,853) |  |  | $ | (958) |

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- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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