Member Notes

6 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

Member Notes

15. Member Notes

During the first quarter of fiscal year 2022, the Company received $10.6 million from certain borrowers for repayment of the outstanding balance, including accrued interest, of partial recourse member notes and $0.8 million for repayment of the outstanding balance, including accrued interest, of full recourse member notes. As partial recourse notes were not reflected in the condensed consolidated financial statements, the repayment of the partial recourse notes was accounted for as an equity issuance of the 1,072,849 LLC units (along with an equal number of shares of Class B common stock).

The Company recognized zero and $1.1 million in stock-based compensation expense during the three and six months ended March 31, 2022, respectively, related to the repayment of partial recourse notes, as the early repayment was considered a modification to the loan term of the partial recourse notes. The Company recognized zero and $0.4 million in unit-based compensation expense during the three and six months ended March 31, 2021, respectively, related to the issuance of partial recourse notes. The total amount due from members on the notes receivable, including interest, was zero and $11.3 million as of March 31, 2022 and September 30, 2021, respectively.