Revenue (Tables)

12 Months Ended

Dec. 31, 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 years presented as follows:

	Year Ended December 31,
	2020		2021		2022
Revenue from fees, net:
Platform and referral fees, net	$	200,257	$	726,161	$	732,237
Servicing and other fees, net	28,343		75,114		175,035
Total revenue from fees, net	$	228,600	$	801,275	$	907,272

Customers accounting for greater than 10% of accounts receivable

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

	Year Ended December 31,
	2020	2021	2022
Customer A	63%	56%	45%
Customer B	18%	27%	28%

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

	December 31,	December 31,
	2021	2022
Customer C	25%	23%
Customer D	33%	*

* 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 years presented as follows:

	Year Ended December 31,
	2020		2021		2022
Net gain related to loan servicing rights	$	1,530	$	6,916	$	28,739

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 years presented as follows:

	Year Ended December 31,
	2020		2021		2022
Collection agency fees	$	2,777	$	4,473	$	10,519
Borrower fees	$	2,093	$	7,289	$	25,208

Components of interest income and fair value adjustments, net

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

	Year Ended December 31,
	2020		2021		2022
Interest income	26,408		$	20,634	$	105,580
Interest expense	(8,026)		(3,274)		(10,843)
Fair value and other adjustments
Unrealized gain (loss), charge-offs, and other adjustments, net	(11,459)		1,894		(101,422)
Realized gain (loss) on sale of loans, net(1)	(2,107)		28,060		(58,143)
Total fair value and other adjustments	(13,566)		29,954		(159,565)
Total interest income and fair value adjustments, net	$	4,816	$	47,314	$	(64,828)

_________

1.Includes $(2.1) million and $28.1 million of income (loss) from capital market programs, net for the year ended December 31, 2020 and 2021, respectively. There was no income (loss) recognized from capital market programs, net for the year ended December 31, 2022.