Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

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,
	2021		2022		2021		2022
Revenue from fees, net:
Platform and referral fees, net	$	169,080	$	211,610	$	276,033	$	483,422
Servicing and other fees, net	18,217		46,735		27,434		88,905
Total revenue from fees, net	$	187,297	$	258,345	$	303,467	$	572,327

Customers accounting for greater than 10% of accounts receivable

Customers accounting for greater than 10% of total revenue were as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2022	2021	2022
Customer A	63%	50%	62%	48%
Customer B	22%	28%	23%	30%

Customers accounting for greater than 10% of accounts receivable were as follows:

	December 31,	June 30,
	2021	2022
Customer C	33%	*
Customer D	25%	28%

* Less than 10%

Gain (loss) on loan servicing rights

The Company recognized a net gain related to loan servicing rights upon loan sales for the periods presented as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2022		2021		2022
Net gain related to loan servicing rights	$	2,169	$	9,027	$	2,102	$	17,732

Schedule of collection agency and borrower fees

The Company recognized collection agency fees and borrower fees, which are included in servicing and other fees, net for the periods presented as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2022		2021		2022
Collection agency fees	$	991	$	2,565	$	1,854	$	4,555
Borrower fees	$	1,095	$	5,890	$	1,980	$	11,120

Components of interest income and fair value adjustments, net

The table below presents components of the interest income and fair value adjustments, net presented in the Company’s condensed consolidated statements of operations and comprehensive income:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2022		2021		2022
Interest income and fair value adjustments, net:
Interest income	$	3,545	$	28,974	$	6,951	$	44,108
Interest expense	(1,497)		(2,313)		(2,527)		(3,272)
Fair value and other adjustments, net(1)(2)	4,601		(56,844)		7,400		(74,865)
Total interest income and fair value adjustments, net	$	6,649	$	(30,183)	$	11,824	$	(34,029)

_________

1.Includes $1.4 million and $4.3 million of realized gains on sale of loans for the three and six months ended June 30, 2021, respectively, and $(25.4) million and $(24.1) million of realized losses on sale of loans for the three and six months ended June 30, 2022, respectively.

2.Includes $1.4 million and $2.5 million of income from capital market programs, net for the three and six months ended June 30, 2021, respectively. Income from capital market programs was immaterial for both the three and six months ended June 30, 2022.