Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Other Assets

Other assets consisted of the following:


	December 31,		March 31,
	2022		2023
Servicing fees and other receivables	$	46,652	$	42,943
Loan servicing assets (at fair value)	36,467		34,650
Prepaid expenses	16,740		22,032
Deposits	10,002		9,839
Notes receivable and residual certificates (at fair value)	6,181		5,009
Other assets	22,678		19,926
Total other assets	$	138,720	$	134,399

Servicing fees and other receivables represent amounts recognized as revenue but not yet collected in relation to servicing and other agreements with institutional investors and lending partners.

Property, Equipment, and Software, Net

Property, equipment, and software, net consisted of the following:


	December 31,		March 31,
	2022		2023
Internally developed software	$	37,783	$	44,788
Leasehold improvements	13,074		13,919
Computer and networking equipment	6,049		6,054
Furniture and fixtures	4,421		4,690
Total property, equipment, and software	61,327		69,451
Accumulated depreciation and amortization	(17,159)		(22,474)
Total property, equipment, and software, net	$	44,168	$	46,977

Depreciation and amortization expense on property, equipment, and software was immaterial for the three months ended March 31, 2022 and was $6.4 million for the three months ended March 31, 2023. Capitalized internally developed software balances, net of accumulated amortization, were $27.4 million and $29.9 million as of December 31, 2022 and March 31, 2023, respectively. The Company also recognized impairment charges to internally developed software of $2.6 million for the three months ended March 31, 2023 as a result of the January 2023 Plan. Refer to “Note 14. Reorganization Expenses” for more information.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:


	December 31,		March 31,
	2022		2023
Accrued expenses	$	23,506	$	19,600
Accrued payroll	21,825		12,824


Loan servicing liabilities (at fair value)	3,968		3,142
Trailing fee liability (at fair value)	4,852		4,449


Other liabilities	12,795		6,976
Total accrued expenses and other liabilities	$	66,946	$	46,991