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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Loans Receivable and Asset-Backed Notes | The table below compares the fair value of loans receivable and asset-backed notes to their contractual balances for the periods shown:
|  | March 31, 2025 |  | December 31, 2024
(in thousands) |  | Unpaid Principal Balance |  | Fair Value |  | Unpaid Principal Balance |  | Fair Value
Assets |  |  |  |  |  |  |  |
Loans Receivable at Fair Value |  | $ | 2,696,587 |  |  | $ | 2,770,486 |  |  | $ | 2,716,992 |  |  | $ | 2,778,523 |
Liabilities |  |  |  |  |  |  |  |
Asset-backed notes |  | $ | 878,286 |  |  | $ | 863,859 |  |  | $ | 1,103,002 |  |  | $ | 1,080,690 |
Schedule of Quantitative Information About Significant Unobservable Inputs | The following tables present quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for Loans Receivable at Fair Value. The personal loans receivable balance at fair value as of March 31, 2025, consists of $2,569.7 million of unsecured personal loans receivable and $200.8 million of secured personal loans receivable.
|  | March 31, 2025 |  | December 31, 2024
Personal Loans Receivable |  | Minimum |  | Maximum |  | Weighted Average (2) |  | Minimum |  | Maximum |  | Weighted Average (2)
Remaining cumulative charge-offs (1) |  | 9.20% |  | 53.50% |  | 11.83% |  | 8.92% |  | 54.72% |  | 11.68%
Remaining cumulative prepayments (1) |  | 0.00% |  | 37.23% |  | 25.33% |  | 0.00% |  | 34.55% |  | 24.70%
Average life (years) |  | 0.28 |  | 1.65 |  | 1.10 |  | 0.29 |  | 1.74 |  | 1.11
Discount rate |  | 7.69% |  | 7.69% |  | 7.69% |  | 7.92% |  | 7.92% |  | 7.92%
(1) Figure disclosed as a percentage of outstanding principal balance. (2) Unobservable inputs were weighted by outstanding principal balance, which are grouped by risk (type of customer, original loan maturity terms). The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for derivative instruments presented within Other Assets in the Condensed Consolidated Balance Sheets (Unaudited):
|  | March 31, 2025 |  | December 31, 2024
|  | Low |  | High |  | Weighted Average |  | Low |  | High |  | Weighted Average
Remaining cumulative charge-offs |  | —% |  | 59.24% |  | 15.75% |  | —% |  | 30.92% |  | 10.43%
Remaining cumulative prepayments |  | 2.04% |  | 26.23% |  | 14.81% |  | 1.53% |  | 42.63% |  | 21.16%
Average life (years) |  | 0.37 |  | 1.77 |  | 1.56 |  | 0.44 |  | 2.05 |  | 1.45
Discount rate |  | 16.11% |  | 16.11% |  | 16.11% |  | 17.29% |  | 17.29% |  | 17.29%
Schedule of Reconciliation of Loans Receivable at Fair Value Using Significant Unobservable Inputs | The table below presents a reconciliation of Loans Receivable at Fair Value on a recurring basis using significant unobservable inputs:
|  | Three Months Ended March 31, |  |
(in thousands) |  | 2025 |  | 2024 |  |  |  |
Balance – beginning of period |  | $ | 2,778,523 |  |  | $ | 2,962,352 |  |  |  |  |
Principal disbursements |  | 659,398 |  |  | 584,162 |  |  |  |  |
Principal and interest payments from members |  | (581,607) |  |  | (596,033) |  |  |  |  |
Other loan sales |  | — |  |  | (34,857) |  |  |  |  |
Gross charge-offs |  | (98,197) |  |  | (103,037) |  |  |  |  |
Net increase (decrease) in fair value |  | 12,369 |  |  | 28,938 |  |  |  |  |
Balance – end of period |  | $ | 2,770,486 |  |  | $ | 2,841,525 |  |  |  |  |
Schedule of Carry Value and Estimated Fair Values of Financial Assets and Liabilities | The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy:
|  | March 31, 2025
|  | Carrying value |  | Estimated fair value |  | Estimated fair value
(in thousands) | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 78,542 |  |  | $ | 78,542 |  |  | $ | 78,542 |  |  | $ | — |  |  | $ | — |
Restricted cash |  | 152,431 |  |  | 152,431 |  |  | 152,431 |  |  | — |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Accounts payable |  | 6,781 |  |  | 6,781 |  |  | 6,781 |  |  | — |  |  | — |
Secured financing (Note 8) |  | 448,937 |  |  | 446,226 |  |  | — |  |  | 446,226 |  |  | — |
Asset-backed borrowings at amortized cost (Note 8) |  | 1,280,960 |  |  | 1,282,845 |  |  | — |  |  | 854,464 |  |  | 428,381 |
Corporate financing (Note 8) |  | 230,000 |  |  | 228,798 |  |  | — |  |  | 228,798 |  |  | — |
|  | December 31, 2024
|  | Carrying value |  | Estimated fair value |  | Estimated fair value
(in thousands) | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 59,968 |  |  | $ | 59,968 |  |  | $ | 59,968 |  |  | $ | — |  |  | $ | — |
Restricted cash |  | 154,657 |  |  | 154,657 |  |  | 154,657 |  |  | — |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Accounts payable |  | 6,586 |  |  | 6,586 |  |  | 6,586 |  |  | — |  |  | — |
Secured financing (Note 8) |  | 539,204 |  |  | 537,646 |  |  | — |  |  | 537,646 |  |  | — |
Asset-backed borrowings at amortized cost (Note 8) |  | 982,582 |  |  | 984,687 |  |  | — |  |  | 481,655 |  |  | 503,032 |
Corporate financing (Note 8) |  | 235,768 |  |  | 236,105 |  |  | — |  |  | 236,105 |  |  | — |

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