Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

The following table presents financial information, including Contribution Profit, for the Company’s Personal Lending segment:


	Year Ended December 31,
		2023		2024		2025
Personal Lending
Revenue from fees, net		$	552,447	$	624,832	$	929,218
Borrower acquisition costs(2)		(85,599)		(115,198)		(235,371)
Borrower verification and servicing costs(3)		(99,906)		(107,388)		(130,284)
Contribution Profit for Personal Lending		$	366,942	$	402,246	$	563,563

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(1)Beginning in the third quarter of 2025, the Company reclassified auto secured personal loans from Personal Lending to Auto Lending operating segment. Prior period segment information reflects the change, which was immaterial to the Company’s consolidated financial statements.

(2)Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.

(3)Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.

The following table presents a reconciliation of total Contribution Profit to Net income (loss) before income taxes:


	Year Ended December 31,
	2023		2024		2025
Contribution Profit:
Personal Lending	$	366,942	$	402,246	$	563,563
Reconciling items:
Other Contribution Profit/(Loss)(1)	(13,648)		(20,713)		(32,469)
Sales and marketing, net of borrower acquisition costs(2)	(36,626)		(41,783)		(45,270)
Customer operations, net of borrower verification and servicing costs(3)	(33,798)		(29,080)		(25,697)
Engineering and product development	(280,138)		(253,653)		(257,602)
General, administrative, and other	(212,388)		(230,935)		(253,740)
Interest income, interest expense, and fair value adjustments, net	(46,869)		1,062		93,846
Other income, net	21,206		18,793		24,324
Expense on convertible notes	(4,706)		(7,694)		(19,872)

Gain on debt extinguishment	—		33,361		7,246
Net income (loss) before income taxes	$	(240,025)	$	(128,396)	$	54,329

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(1)Includes Auto Lending and Other operating segments, which did not meet the separate reporting or aggregation criteria under GAAP.

(2)Borrower acquisition costs were $90.5 million, $125.0 million and $256.2 million for the years ended December 31, 2023, 2024 and 2025, respectively. Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.

(3)Borrower verification and servicing costs were $116.6 million, $128.9 million and $162.7 million for the years ended December 31, 2023, 2024 and 2025, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.