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Fair Value of Financial Instruments (Tables)

3 Months Ended

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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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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