ALPHAFORGE RESEARCH · COMPANY FILE · FINANCIALS & FINTECH

$UPST

Upstart Holdings, Inc. · Nasdaq · SIC 6199 · CIK 1647639 · revision 5 as of 2026-09-19

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Business

Upstart earns referral, platform, servicing and loan-sale fees from a lending marketplace while retaining some credit and funding exposure on its balance sheet. Origination activity and product contribution determine fee profit; fair values, loan settlement and financing determine retained cash.

Three drivers

Originations, mixed fee realization and secured-product contribution
Credit performance and loan funding availability
HFS settlement, investing assets and debt repayment

Thesis

Our view

The central test is whether fee growth can translate into cash after funding loans. The model separates profitable unsecured contribution from the newer secured products and retains balance-sheet credit exposure.

What changes it

Watch monthly activity, contribution margins, fair-value marks and net loan investment together; a funding commitment is not corporate cash.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	162.1¹	219.0†²	213.4³	257.3⁴	277.1¹	296.1†²	308.2³	364.7⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	-45.2⁵	-4.8†⁶	-4.5⁷	4.5⁸	23.7⁵	18.9†⁶	-7.5⁷	14.6⁸
Net income ($M)	-6.8⁹	-2.8†¹⁰	-2.4¹¹	5.6¹²	31.8⁹	18.6†¹⁰	-6.6¹¹	16.5¹²
EPS, diluted ($)	-0.07¹³	—	-0.03¹⁴	0.05¹⁵	0.23¹³	—	-0.07¹⁴	0.16¹⁵
Diluted shares (M)	90.1¹⁶	—	94.3¹⁷	102.9¹⁸	109.7¹⁶	—	96.9¹⁷	109.7¹⁸
Cash ($M)	—	788.4¹⁹	599.8²⁰	395.9²¹	489.8²²	652.4²³	472.9²⁴	456.0²³
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	179.3†²⁵	-110.9†²⁶	-13.5²⁷	-120.2†²⁸	-122.6†²⁵	108.6†²⁶	-133.3²⁷	-136.6†²⁸
Capex ($M)	0.1†²⁹	0.0†³⁰	0.0³¹	0.1†³²	0.1†²⁹	0.2†³⁰	2.8³¹	2.1†³²
Free cash flow ($M)	179.2†³³	-110.9†³⁴	-13.5†³⁵	-120.3†³⁶	-122.7†³³	108.4†³⁴	-136.0†³⁵	-138.7†³⁶

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	354.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	373.1	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	383.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	420.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Fee generation, credit exposure and the cash cost of loan settlement

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Drive unsecured fees from origination activity and a mixed fee-realization factor; model secured fees and contribution margin separately. Q3 volume includes reported July and August and a September desk estimate. Base H2 fees, consolidated revenue and adjusted EBITDA reconcile to annual outlook. Bridge adjusted EBITDA to GAAP operating earnings using the disclosed reconciliation, then model cash before loan settlement, net held-for-sale funding within CFO, and investing loan/beneficial-asset cash separately. No new bank deposits or optional financing are assumed.

Reported anchors and guidance

Measure	Period	Value	Basis
July facilitated principal	July 2026	1,397.40	reported. Preliminary company originations; USD millions, not revenue. Source · 2026-08-03
August facilitated principal	August 2026	1,342.10	reported. Preliminary company originations; USD millions, not revenue. Source · 2026-09-03
FY2026 revenue outlook midpoint	FY2026	1,400.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 fee outlook midpoint	FY2026	1,300.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 adjusted EBITDA outlook midpoint	FY2026	294.00	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 adjusted EBITDA reconstruction	H1 2026	117.37	derived. Net other income is after convertible interest; reconciliation adds that expense back.
H1 net operating loan funding	H1 2026	406.96	derived. Loan purchases less sale/principal collections, including consolidated securitized principal receipts.
H1 CFO excluding operating loan settlement	H1 2026	137.03	derived. Analytical adjustment only; still contains other nonrecurring and working-capital movements.
H1 cfo	H1 2026	-269.93	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
H1 lending investment	H1 2026	23.47	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
H1 asset cash	H1 2026	131.67	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
H1 cash after lending and capital claims	H1 2026	-543.01	derived. No duplicate deduction of HFS loan settlement.
cash	June 2026	455.96	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
restricted cash	June 2026	526.32	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
loan fair value	June 2026	1,064.24	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
beneficial assets	June 2026	545.94	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
debt face	June 2026	2,031.58	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
august note	June 2026	66.54	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04

Downside scenario

Period	CFO after HFS loan settlement ($M)	Fee revenue ($M)	Cash PP&E and software ($M)	Total revenue ($M)	Share repurchase cash ($M)	Adjusted EBITDA proxy ($M)	Other lending/beneficial asset receipts ($M)	Fee contribution profit ($M)	Debt principal cash ($M)	GAAP operating income proxy ($M)	Cash after lending and capital claims ($M)	Net HFI loan investment ($M)
2026Q3	-168.95	285.00	8.00	292.00	0.00	23.05	20.00	136.05	73.54	-34.95	-270.49	40.00
2026Q4	-171.62	295.00	9.00	297.00	0.00	19.38	20.00	140.38	7.00	-42.12	-212.62	45.00
2027Q1	-131.30	290.00	10.00	291.00	0.00	11.70	20.00	135.70	7.00	-53.30	-168.30	40.00
2027Q2	-137.15	315.00	11.00	319.00	0.00	20.85	20.00	146.85	7.00	-47.65	-180.15	45.00
FY2026	-610.50	1,205.08	30.24	1,261.92	100.06	159.80	171.67	606.83	348.53	-69.95	-1,026.13	108.47
FY2027	-572.75	1,295.00	46.00	1,316.00	0.00	88.25	80.00	602.25	28.00	-192.75	-746.75	180.00

Base scenario

Period	CFO after HFS loan settlement ($M)	Fee revenue ($M)	Cash PP&E and software ($M)	Total revenue ($M)	Share repurchase cash ($M)	Adjusted EBITDA proxy ($M)	Other lending/beneficial asset receipts ($M)	Fee contribution profit ($M)	Debt principal cash ($M)	GAAP operating income proxy ($M)	Cash after lending and capital claims ($M)	Net HFI loan investment ($M)
2026Q3	-12.00	328.00	8.00	354.00	0.00	85.00	30.00	179.30	73.54	27.00	-83.54	20.00
2026Q4	-16.53	346.92	9.00	373.08	0.00	91.63	30.00	187.90	7.00	30.13	-27.53	25.00
2027Q1	4.60	355.00	10.00	383.00	0.00	85.60	30.00	189.60	7.00	20.60	-7.40	25.00
2027Q2	-11.50	390.00	11.00	420.00	0.00	91.50	30.00	206.50	7.00	23.00	-29.50	30.00
FY2026	-298.46	1,300.00	30.24	1,400.00	100.06	294.00	191.67	697.61	348.53	64.25	-654.09	68.47
FY2027	-46.25	1,620.00	46.00	1,741.00	0.00	376.75	120.00	850.75	28.00	95.75	-130.25	130.00

Upside scenario

Period	CFO after HFS loan settlement ($M)	Fee revenue ($M)	Cash PP&E and software ($M)	Total revenue ($M)	Share repurchase cash ($M)	Adjusted EBITDA proxy ($M)	Other lending/beneficial asset receipts ($M)	Fee contribution profit ($M)	Debt principal cash ($M)	GAAP operating income proxy ($M)	Cash after lending and capital claims ($M)	Net HFI loan investment ($M)
2026Q3	74.64	350.00	8.00	388.00	0.00	119.64	40.00	206.64	73.54	61.64	18.10	15.00
2026Q4	68.98	385.00	9.00	426.00	0.00	125.98	40.00	224.98	7.00	64.48	72.98	20.00
2027Q1	86.58	420.00	10.00	464.00	0.00	134.58	40.00	242.58	7.00	69.58	89.58	20.00
2027Q2	86.90	465.00	11.00	511.00	0.00	145.90	40.00	264.90	7.00	77.40	83.90	25.00
FY2026	-126.31	1,360.08	30.24	1,486.92	100.06	362.99	211.67	762.02	348.53	133.24	-451.93	58.47
FY2027	360.41	1,985.00	46.00	2,175.00	0.00	603.41	160.00	1,122.41	28.00	322.41	336.41	110.00

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	672.92 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 fees h1_fees	H1 2026 / shared	625.08 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 contribution h1_contribution	H1 2026 / shared	330.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 adj ebitda h1_adj_ebitda	H1 2026 / shared	117.37 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 operating income h1_operating_income	H1 2026 / shared	7.12 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 cfo h1_cfo	H1 2026 / shared	-269.93 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 ppe h1_ppe	H1 2026 / shared	4.81 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 software h1_software	H1 2026 / shared	8.43 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 lending investment h1_lending_investment	H1 2026 / shared	23.47 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 asset cash h1_asset_cash	H1 2026 / shared	131.67 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 debt principal h1_debt_principal	H1 2026 / shared	267.98 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 buybacks h1_buybacks	H1 2026 / shared	100.06 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 sbc related h1_sbc_related	H1 2026 / shared	81.99 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 sbc h1_sbc	H1 2026 / shared	79.28 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 da h1_da	H1 2026 / shared	12.98 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 reorg h1_reorg	H1 2026 / shared	1.68 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 convert interest h1_convert_interest	H1 2026 / shared	10.13 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 net other income h1_net_other_income	H1 2026 / shared	3.47 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 hfs purchases h1_hfs_purchases	H1 2026 / shared	6,049.88 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 hfs sales h1_hfs_sales	H1 2026 / shared	5,532.14 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 hfs principal h1_hfs_principal	H1 2026 / shared	95.63 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 securitized principal receipts h1_securitized_principal_receipts	H1 2026 / shared	15.14 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 cash capital expenditure h1_capex	H1 2026 / shared	13.24 USD_millions	derived: Includes software investment. Formula: sum(h1_ppe, h1_software).
H1 HFS/securitized loan cash receipts h1_hfs_cash_in	H1 2026 / shared	5,642.91 USD_millions	derived: All four loan-settlement lines classified within CFO. Formula: sum(h1_hfs_sales, h1_hfs_principal, h1_securitized_principal_receipts).
H1 net operating loan funding h1_hfs_funding	H1 2026 / shared	406.96 USD_millions	derived: Loan purchases less sale/principal collections, including consolidated securitized principal receipts. Formula: subtract(h1_hfs_purchases, h1_hfs_cash_in).
H1 CFO excluding operating loan settlement h1_cash_before_settlement	H1 2026 / shared	137.03 USD_millions	derived: Analytical adjustment only; still contains other nonrecurring and working-capital movements. Formula: sum(h1_cfo, h1_hfs_funding).
CFO plus other asset receipts h1_cash_available	H1 2026 / shared	-138.26 USD_millions	derived: Other asset cash = net beneficial investment receipts, notes/residual collections and credit-line repayments. Formula: sum(h1_cfo, h1_asset_cash).
Investment and capital claims h1_cash_uses	H1 2026 / shared	404.75 USD_millions	derived: Before new borrowing, investor payables and equity receipts. Formula: sum(h1_capex, h1_lending_investment, h1_debt_principal, h1_buybacks).
H1 cash after lending and capital claims h1_cash_after_claims	H1 2026 / shared	-543.01 USD_millions	derived: No duplicate deduction of HFS loan settlement. Formula: subtract(h1_cash_available, h1_cash_uses).
H1 adjusted EBITDA reconstruction h1_ebitda_bridge	H1 2026 / shared	117.37 USD_millions	derived: Net other income is after convertible interest; reconciliation adds that expense back. Formula: sum(h1_operating_income, h1_net_other_income, h1_sbc_related, h1_da, h1_reorg, h1_convert_interest).
q2 volume q2_volume	June 2026 / shared	4,227.17 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
q2 unsecured fee q2_unsecured_fee	June 2026 / shared	326.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
q2 secured fee q2_secured_fee	June 2026 / shared	21.72 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
cash cash	June 2026 / shared	455.96 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
restricted cash restricted_cash	June 2026 / shared	526.32 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
loan fair value loan_fair_value	June 2026 / shared	1,064.24 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
beneficial assets beneficial_assets	June 2026 / shared	545.94 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
debt face debt_face	June 2026 / shared	2,031.58 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
august note august_note	June 2026 / shared	66.54 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
July facilitated principal july_volume	July 2026 / shared	1,397.40 USD_millions	reported: Preliminary company originations; USD millions, not revenue. Primary source · 2026-08-03
August facilitated principal august_volume	August 2026 / shared	1,342.10 USD_millions	reported: Preliminary company originations; USD millions, not revenue. Primary source · 2026-09-03
FY2026 revenue outlook low fy26_revenue_low	FY2026 / shared	1,400.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 revenue outlook high fy26_revenue_high	FY2026 / shared	1,400.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2026 revenue outlook endpoint sum fy26_revenue_sum	FY2026 / shared	2,800.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_revenue_low, fy26_revenue_high).
FY2026 revenue outlook midpoint fy26_revenue	FY2026 / shared	1,400.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_revenue_sum, two).
FY2026 fee outlook low fy26_fees_low	FY2026 / shared	1,300.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 fee outlook high fy26_fees_high	FY2026 / shared	1,300.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 fee outlook endpoint sum fy26_fees_sum	FY2026 / shared	2,600.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_fees_low, fy26_fees_high).
FY2026 fee outlook midpoint fy26_fees	FY2026 / shared	1,300.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_fees_sum, two).
FY2026 adjusted EBITDA outlook low fy26_ebitda_low	FY2026 / shared	294.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 adjusted EBITDA outlook high fy26_ebitda_high	FY2026 / shared	294.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 adjusted EBITDA outlook endpoint sum fy26_ebitda_sum	FY2026 / shared	588.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_ebitda_low, fy26_ebitda_high).
FY2026 adjusted EBITDA outlook midpoint fy26_ebitda	FY2026 / shared	294.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_ebitda_sum, two).
September principal estimate downside_2026q3_september_volume	2026Q3 / downside	1,150.00 USD_millions	assumption: Desk assumption; not company guidance.
Facilitated principal downside_2026q3_volume	2026Q3 / downside	3,889.50 USD_millions	derived: Two reported months plus one desk forecast. Formula: sum(july_volume, august_volume, downside_2026q3_september_volume).
Activity versus Q2 downside_2026q3_activity	2026Q3 / downside	92.0% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(downside_2026q3_volume, q2_volume).
Mixed fee realization versus Q2 downside_2026q3_fee_realization	2026Q3 / downside	87.3% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue downside_2026q3_unsecured_fee	2026Q3 / downside	262.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, downside_2026q3_activity, downside_2026q3_fee_realization).
Secured fee revenue downside_2026q3_secured_fee	2026Q3 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue downside_2026q3_fees	2026Q3 / downside	285.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(downside_2026q3_unsecured_fee, downside_2026q3_secured_fee).
Unsecured contribution margin downside_2026q3_unsecured_cm	2026Q3 / downside	55.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution downside_2026q3_unsecured_contribution	2026Q3 / downside	144.10 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(downside_2026q3_unsecured_fee, downside_2026q3_unsecured_cm).
Secured contribution margin downside_2026q3_secured_cm	2026Q3 / downside	-35.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution downside_2026q3_secured_contribution	2026Q3 / downside	-8.05 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(downside_2026q3_secured_fee, downside_2026q3_secured_cm).
Fee contribution profit downside_2026q3_contribution	2026Q3 / downside	136.05 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(downside_2026q3_unsecured_contribution, downside_2026q3_secured_contribution).
Net credit/fair-value revenue loss downside_2026q3_fair_value_loss	2026Q3 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest downside_2026q3_funding_interest	2026Q3 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income downside_2026q3_loan_interest	2026Q3 / downside	58.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs downside_2026q3_balance_cost	2026Q3 / downside	51.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(downside_2026q3_funding_interest, downside_2026q3_fair_value_loss).
Net balance-sheet revenue downside_2026q3_net_balance_revenue	2026Q3 / downside	7.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(downside_2026q3_loan_interest, downside_2026q3_balance_cost).
Total revenue downside_2026q3_revenue	2026Q3 / downside	292.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(downside_2026q3_fees, downside_2026q3_net_balance_revenue).
Contribution plus balance-sheet revenue downside_2026q3_contribution_plus_balance	2026Q3 / downside	143.05 USD_millions	derived: Direct fee costs already removed. Formula: sum(downside_2026q3_contribution, downside_2026q3_net_balance_revenue).
Fixed adjusted expense allowance downside_2026q3_fixed_adjusted_cost	2026Q3 / downside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2026q3_adj_ebitda	2026Q3 / downside	23.05 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(downside_2026q3_contribution_plus_balance, downside_2026q3_fixed_adjusted_cost).
SBC expense downside_2026q3_sbc	2026Q3 / downside	43.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment downside_2026q3_payroll	2026Q3 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization downside_2026q3_da	2026Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest downside_2026q3_convert_interest	2026Q3 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest downside_2026q3_net_other_income	2026Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions downside_2026q3_ebitda_exclusions	2026Q3 / downside	58.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(downside_2026q3_sbc, downside_2026q3_payroll, downside_2026q3_da, downside_2026q3_convert_interest, downside_2026q3_net_other_income).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-34.95 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(downside_2026q3_adj_ebitda, downside_2026q3_ebitda_exclusions).
Operating result plus noncash adjustments downside_2026q3_operating_noncash_bridge	2026Q3 / downside	50.05 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_fair_value_loss).
Cash tax downside_2026q3_cash_tax	2026Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest downside_2026q3_corporate_net_interest_cash	2026Q3 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use downside_2026q3_working_capital_use	2026Q3 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing downside_2026q3_cash_timing	2026Q3 / downside	19.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(downside_2026q3_cash_tax, downside_2026q3_corporate_net_interest_cash, downside_2026q3_working_capital_use).
Cash before operating loan settlement downside_2026q3_cash_before_settlement	2026Q3 / downside	31.05 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(downside_2026q3_operating_noncash_bridge, downside_2026q3_cash_timing).
Net operating loan-settlement funding downside_2026q3_hfs_funding	2026Q3 / downside	200.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement downside_2026q3_cfo	2026Q3 / downside	-168.95 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(downside_2026q3_cash_before_settlement, downside_2026q3_hfs_funding).
Cash PP&E and software downside_2026q3_capex	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment downside_2026q3_lending_investment	2026Q3 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts downside_2026q3_asset_cash	2026Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Other asset-backed principal downside_2026q3_other_principal	2026Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Debt principal payment downside_2026q3_debt_principal	2026Q3 / downside	73.54 USD_millions	derived: Assumes August note cash settlement; actual post-maturity confirmation pending. Formula: sum(august_note, downside_2026q3_other_principal).
Optional repurchases downside_2026q3_buybacks	2026Q3 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts downside_2026q3_available_cash	2026Q3 / downside	-148.95 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(downside_2026q3_cfo, downside_2026q3_asset_cash).
Loan investment capex and capital claims downside_2026q3_investment_and_claims	2026Q3 / downside	121.54 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(downside_2026q3_capex, downside_2026q3_lending_investment, downside_2026q3_debt_principal, downside_2026q3_buybacks).
Cash after lending and capital claims downside_2026q3_cash_after_claims	2026Q3 / downside	-270.49 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(downside_2026q3_available_cash, downside_2026q3_investment_and_claims).
Facilitated principal downside_2026q4_volume	2026Q4 / downside	3,650.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 downside_2026q4_activity	2026Q4 / downside	86.3% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(downside_2026q4_volume, q2_volume).
Mixed fee realization versus Q2 downside_2026q4_fee_realization	2026Q4 / downside	95.8% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue downside_2026q4_unsecured_fee	2026Q4 / downside	270.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, downside_2026q4_activity, downside_2026q4_fee_realization).
Secured fee revenue downside_2026q4_secured_fee	2026Q4 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue downside_2026q4_fees	2026Q4 / downside	295.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(downside_2026q4_unsecured_fee, downside_2026q4_secured_fee).
Unsecured contribution margin downside_2026q4_unsecured_cm	2026Q4 / downside	55.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution downside_2026q4_unsecured_contribution	2026Q4 / downside	148.50 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(downside_2026q4_unsecured_fee, downside_2026q4_unsecured_cm).
Secured contribution margin downside_2026q4_secured_cm	2026Q4 / downside	-32.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution downside_2026q4_secured_contribution	2026Q4 / downside	-8.12 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(downside_2026q4_secured_fee, downside_2026q4_secured_cm).
Fee contribution profit downside_2026q4_contribution	2026Q4 / downside	140.38 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(downside_2026q4_unsecured_contribution, downside_2026q4_secured_contribution).
Net credit/fair-value revenue loss downside_2026q4_fair_value_loss	2026Q4 / downside	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest downside_2026q4_funding_interest	2026Q4 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income downside_2026q4_loan_interest	2026Q4 / downside	57.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs downside_2026q4_balance_cost	2026Q4 / downside	55.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(downside_2026q4_funding_interest, downside_2026q4_fair_value_loss).
Net balance-sheet revenue downside_2026q4_net_balance_revenue	2026Q4 / downside	2.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(downside_2026q4_loan_interest, downside_2026q4_balance_cost).
Total revenue downside_2026q4_revenue	2026Q4 / downside	297.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(downside_2026q4_fees, downside_2026q4_net_balance_revenue).
Contribution plus balance-sheet revenue downside_2026q4_contribution_plus_balance	2026Q4 / downside	142.38 USD_millions	derived: Direct fee costs already removed. Formula: sum(downside_2026q4_contribution, downside_2026q4_net_balance_revenue).
Fixed adjusted expense allowance downside_2026q4_fixed_adjusted_cost	2026Q4 / downside	123.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2026q4_adj_ebitda	2026Q4 / downside	19.38 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(downside_2026q4_contribution_plus_balance, downside_2026q4_fixed_adjusted_cost).
SBC expense downside_2026q4_sbc	2026Q4 / downside	46.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment downside_2026q4_payroll	2026Q4 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization downside_2026q4_da	2026Q4 / downside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest downside_2026q4_convert_interest	2026Q4 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest downside_2026q4_net_other_income	2026Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions downside_2026q4_ebitda_exclusions	2026Q4 / downside	61.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(downside_2026q4_sbc, downside_2026q4_payroll, downside_2026q4_da, downside_2026q4_convert_interest, downside_2026q4_net_other_income).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-42.12 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(downside_2026q4_adj_ebitda, downside_2026q4_ebitda_exclusions).
Operating result plus noncash adjustments downside_2026q4_operating_noncash_bridge	2026Q4 / downside	49.38 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_fair_value_loss).
Cash tax downside_2026q4_cash_tax	2026Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest downside_2026q4_corporate_net_interest_cash	2026Q4 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use downside_2026q4_working_capital_use	2026Q4 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing downside_2026q4_cash_timing	2026Q4 / downside	21.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(downside_2026q4_cash_tax, downside_2026q4_corporate_net_interest_cash, downside_2026q4_working_capital_use).
Cash before operating loan settlement downside_2026q4_cash_before_settlement	2026Q4 / downside	28.38 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(downside_2026q4_operating_noncash_bridge, downside_2026q4_cash_timing).
Net operating loan-settlement funding downside_2026q4_hfs_funding	2026Q4 / downside	200.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement downside_2026q4_cfo	2026Q4 / downside	-171.62 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(downside_2026q4_cash_before_settlement, downside_2026q4_hfs_funding).
Cash PP&E and software downside_2026q4_capex	2026Q4 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment downside_2026q4_lending_investment	2026Q4 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts downside_2026q4_asset_cash	2026Q4 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity downside_2026q4_debt_principal	2026Q4 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases downside_2026q4_buybacks	2026Q4 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts downside_2026q4_available_cash	2026Q4 / downside	-151.62 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(downside_2026q4_cfo, downside_2026q4_asset_cash).
Loan investment capex and capital claims downside_2026q4_investment_and_claims	2026Q4 / downside	61.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(downside_2026q4_capex, downside_2026q4_lending_investment, downside_2026q4_debt_principal, downside_2026q4_buybacks).
Cash after lending and capital claims downside_2026q4_cash_after_claims	2026Q4 / downside	-212.62 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(downside_2026q4_available_cash, downside_2026q4_investment_and_claims).
Facilitated principal downside_2027q1_volume	2027Q1 / downside	3,600.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 downside_2027q1_activity	2027Q1 / downside	85.2% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(downside_2027q1_volume, q2_volume).
Mixed fee realization versus Q2 downside_2027q1_fee_realization	2027Q1 / downside	94.3% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue downside_2027q1_unsecured_fee	2027Q1 / downside	262.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, downside_2027q1_activity, downside_2027q1_fee_realization).
Secured fee revenue downside_2027q1_secured_fee	2027Q1 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue downside_2027q1_fees	2027Q1 / downside	290.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(downside_2027q1_unsecured_fee, downside_2027q1_secured_fee).
Unsecured contribution margin downside_2027q1_unsecured_cm	2027Q1 / downside	55.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution downside_2027q1_unsecured_contribution	2027Q1 / downside	144.10 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(downside_2027q1_unsecured_fee, downside_2027q1_unsecured_cm).
Secured contribution margin downside_2027q1_secured_cm	2027Q1 / downside	-30.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution downside_2027q1_secured_contribution	2027Q1 / downside	-8.40 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(downside_2027q1_secured_fee, downside_2027q1_secured_cm).
Fee contribution profit downside_2027q1_contribution	2027Q1 / downside	135.70 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(downside_2027q1_unsecured_contribution, downside_2027q1_secured_contribution).
Net credit/fair-value revenue loss downside_2027q1_fair_value_loss	2027Q1 / downside	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest downside_2027q1_funding_interest	2027Q1 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income downside_2027q1_loan_interest	2027Q1 / downside	57.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs downside_2027q1_balance_cost	2027Q1 / downside	56.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(downside_2027q1_funding_interest, downside_2027q1_fair_value_loss).
Net balance-sheet revenue downside_2027q1_net_balance_revenue	2027Q1 / downside	1.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(downside_2027q1_loan_interest, downside_2027q1_balance_cost).
Total revenue downside_2027q1_revenue	2027Q1 / downside	291.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(downside_2027q1_fees, downside_2027q1_net_balance_revenue).
Contribution plus balance-sheet revenue downside_2027q1_contribution_plus_balance	2027Q1 / downside	136.70 USD_millions	derived: Direct fee costs already removed. Formula: sum(downside_2027q1_contribution, downside_2027q1_net_balance_revenue).
Fixed adjusted expense allowance downside_2027q1_fixed_adjusted_cost	2027Q1 / downside	125.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q1_adj_ebitda	2027Q1 / downside	11.70 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(downside_2027q1_contribution_plus_balance, downside_2027q1_fixed_adjusted_cost).
SBC expense downside_2027q1_sbc	2027Q1 / downside	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment downside_2027q1_payroll	2027Q1 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization downside_2027q1_da	2027Q1 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest downside_2027q1_convert_interest	2027Q1 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest downside_2027q1_net_other_income	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions downside_2027q1_ebitda_exclusions	2027Q1 / downside	65.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(downside_2027q1_sbc, downside_2027q1_payroll, downside_2027q1_da, downside_2027q1_convert_interest, downside_2027q1_net_other_income).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-53.30 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_ebitda_exclusions).
Operating result plus noncash adjustments downside_2027q1_operating_noncash_bridge	2027Q1 / downside	41.70 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_fair_value_loss).
Cash tax downside_2027q1_cash_tax	2027Q1 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest downside_2027q1_corporate_net_interest_cash	2027Q1 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use downside_2027q1_working_capital_use	2027Q1 / downside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing downside_2027q1_cash_timing	2027Q1 / downside	23.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(downside_2027q1_cash_tax, downside_2027q1_corporate_net_interest_cash, downside_2027q1_working_capital_use).
Cash before operating loan settlement downside_2027q1_cash_before_settlement	2027Q1 / downside	18.70 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(downside_2027q1_operating_noncash_bridge, downside_2027q1_cash_timing).
Net operating loan-settlement funding downside_2027q1_hfs_funding	2027Q1 / downside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement downside_2027q1_cfo	2027Q1 / downside	-131.30 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(downside_2027q1_cash_before_settlement, downside_2027q1_hfs_funding).
Cash PP&E and software downside_2027q1_capex	2027Q1 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment downside_2027q1_lending_investment	2027Q1 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts downside_2027q1_asset_cash	2027Q1 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity downside_2027q1_debt_principal	2027Q1 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases downside_2027q1_buybacks	2027Q1 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts downside_2027q1_available_cash	2027Q1 / downside	-111.30 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(downside_2027q1_cfo, downside_2027q1_asset_cash).
Loan investment capex and capital claims downside_2027q1_investment_and_claims	2027Q1 / downside	57.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(downside_2027q1_capex, downside_2027q1_lending_investment, downside_2027q1_debt_principal, downside_2027q1_buybacks).
Cash after lending and capital claims downside_2027q1_cash_after_claims	2027Q1 / downside	-168.30 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(downside_2027q1_available_cash, downside_2027q1_investment_and_claims).
Facilitated principal downside_2027q2_volume	2027Q2 / downside	3,900.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 downside_2027q2_activity	2027Q2 / downside	92.3% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(downside_2027q2_volume, q2_volume).
Mixed fee realization versus Q2 downside_2027q2_fee_realization	2027Q2 / downside	94.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue downside_2027q2_unsecured_fee	2027Q2 / downside	283.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, downside_2027q2_activity, downside_2027q2_fee_realization).
Secured fee revenue downside_2027q2_secured_fee	2027Q2 / downside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue downside_2027q2_fees	2027Q2 / downside	315.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(downside_2027q2_unsecured_fee, downside_2027q2_secured_fee).
Unsecured contribution margin downside_2027q2_unsecured_cm	2027Q2 / downside	55.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution downside_2027q2_unsecured_contribution	2027Q2 / downside	155.65 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(downside_2027q2_unsecured_fee, downside_2027q2_unsecured_cm).
Secured contribution margin downside_2027q2_secured_cm	2027Q2 / downside	-27.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution downside_2027q2_secured_contribution	2027Q2 / downside	-8.80 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(downside_2027q2_secured_fee, downside_2027q2_secured_cm).
Fee contribution profit downside_2027q2_contribution	2027Q2 / downside	146.85 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(downside_2027q2_unsecured_contribution, downside_2027q2_secured_contribution).
Net credit/fair-value revenue loss downside_2027q2_fair_value_loss	2027Q2 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest downside_2027q2_funding_interest	2027Q2 / downside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income downside_2027q2_loan_interest	2027Q2 / downside	58.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs downside_2027q2_balance_cost	2027Q2 / downside	54.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(downside_2027q2_funding_interest, downside_2027q2_fair_value_loss).
Net balance-sheet revenue downside_2027q2_net_balance_revenue	2027Q2 / downside	4.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(downside_2027q2_loan_interest, downside_2027q2_balance_cost).
Total revenue downside_2027q2_revenue	2027Q2 / downside	319.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(downside_2027q2_fees, downside_2027q2_net_balance_revenue).
Contribution plus balance-sheet revenue downside_2027q2_contribution_plus_balance	2027Q2 / downside	150.85 USD_millions	derived: Direct fee costs already removed. Formula: sum(downside_2027q2_contribution, downside_2027q2_net_balance_revenue).
Fixed adjusted expense allowance downside_2027q2_fixed_adjusted_cost	2027Q2 / downside	130.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q2_adj_ebitda	2027Q2 / downside	20.85 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(downside_2027q2_contribution_plus_balance, downside_2027q2_fixed_adjusted_cost).
SBC expense downside_2027q2_sbc	2027Q2 / downside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment downside_2027q2_payroll	2027Q2 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization downside_2027q2_da	2027Q2 / downside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest downside_2027q2_convert_interest	2027Q2 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest downside_2027q2_net_other_income	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions downside_2027q2_ebitda_exclusions	2027Q2 / downside	68.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(downside_2027q2_sbc, downside_2027q2_payroll, downside_2027q2_da, downside_2027q2_convert_interest, downside_2027q2_net_other_income).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-47.65 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_ebitda_exclusions).
Operating result plus noncash adjustments downside_2027q2_operating_noncash_bridge	2027Q2 / downside	47.85 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_fair_value_loss).
Cash tax downside_2027q2_cash_tax	2027Q2 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest downside_2027q2_corporate_net_interest_cash	2027Q2 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use downside_2027q2_working_capital_use	2027Q2 / downside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing downside_2027q2_cash_timing	2027Q2 / downside	25.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(downside_2027q2_cash_tax, downside_2027q2_corporate_net_interest_cash, downside_2027q2_working_capital_use).
Cash before operating loan settlement downside_2027q2_cash_before_settlement	2027Q2 / downside	22.85 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(downside_2027q2_operating_noncash_bridge, downside_2027q2_cash_timing).
Net operating loan-settlement funding downside_2027q2_hfs_funding	2027Q2 / downside	160.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement downside_2027q2_cfo	2027Q2 / downside	-137.15 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(downside_2027q2_cash_before_settlement, downside_2027q2_hfs_funding).
Cash PP&E and software downside_2027q2_capex	2027Q2 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment downside_2027q2_lending_investment	2027Q2 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts downside_2027q2_asset_cash	2027Q2 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity downside_2027q2_debt_principal	2027Q2 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases downside_2027q2_buybacks	2027Q2 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts downside_2027q2_available_cash	2027Q2 / downside	-117.15 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(downside_2027q2_cfo, downside_2027q2_asset_cash).
Loan investment capex and capital claims downside_2027q2_investment_and_claims	2027Q2 / downside	63.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(downside_2027q2_capex, downside_2027q2_lending_investment, downside_2027q2_debt_principal, downside_2027q2_buybacks).
Cash after lending and capital claims downside_2027q2_cash_after_claims	2027Q2 / downside	-180.15 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(downside_2027q2_available_cash, downside_2027q2_investment_and_claims).
Facilitated principal downside_2027q3_volume	2027Q3 / downside	4,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 downside_2027q3_activity	2027Q3 / downside	99.4% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(downside_2027q3_volume, q2_volume).
Mixed fee realization versus Q2 downside_2027q3_fee_realization	2027Q3 / downside	93.8% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue downside_2027q3_unsecured_fee	2027Q3 / downside	304.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, downside_2027q3_activity, downside_2027q3_fee_realization).
Secured fee revenue downside_2027q3_secured_fee	2027Q3 / downside	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue downside_2027q3_fees	2027Q3 / downside	340.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(downside_2027q3_unsecured_fee, downside_2027q3_secured_fee).
Unsecured contribution margin downside_2027q3_unsecured_cm	2027Q3 / downside	55.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution downside_2027q3_unsecured_contribution	2027Q3 / downside	167.20 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(downside_2027q3_unsecured_fee, downside_2027q3_unsecured_cm).
Secured contribution margin downside_2027q3_secured_cm	2027Q3 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution downside_2027q3_secured_contribution	2027Q3 / downside	-9.00 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(downside_2027q3_secured_fee, downside_2027q3_secured_cm).
Fee contribution profit downside_2027q3_contribution	2027Q3 / downside	158.20 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(downside_2027q3_unsecured_contribution, downside_2027q3_secured_contribution).
Net credit/fair-value revenue loss downside_2027q3_fair_value_loss	2027Q3 / downside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest downside_2027q3_funding_interest	2027Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income downside_2027q3_loan_interest	2027Q3 / downside	59.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs downside_2027q3_balance_cost	2027Q3 / downside	52.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(downside_2027q3_funding_interest, downside_2027q3_fair_value_loss).
Net balance-sheet revenue downside_2027q3_net_balance_revenue	2027Q3 / downside	7.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(downside_2027q3_loan_interest, downside_2027q3_balance_cost).
Total revenue downside_2027q3_revenue	2027Q3 / downside	347.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(downside_2027q3_fees, downside_2027q3_net_balance_revenue).
Contribution plus balance-sheet revenue downside_2027q3_contribution_plus_balance	2027Q3 / downside	165.20 USD_millions	derived: Direct fee costs already removed. Formula: sum(downside_2027q3_contribution, downside_2027q3_net_balance_revenue).
Fixed adjusted expense allowance downside_2027q3_fixed_adjusted_cost	2027Q3 / downside	138.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q3_adj_ebitda	2027Q3 / downside	27.20 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(downside_2027q3_contribution_plus_balance, downside_2027q3_fixed_adjusted_cost).
SBC expense downside_2027q3_sbc	2027Q3 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment downside_2027q3_payroll	2027Q3 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization downside_2027q3_da	2027Q3 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest downside_2027q3_convert_interest	2027Q3 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest downside_2027q3_net_other_income	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions downside_2027q3_ebitda_exclusions	2027Q3 / downside	72.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(downside_2027q3_sbc, downside_2027q3_payroll, downside_2027q3_da, downside_2027q3_convert_interest, downside_2027q3_net_other_income).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-44.80 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_ebitda_exclusions).
Operating result plus noncash adjustments downside_2027q3_operating_noncash_bridge	2027Q3 / downside	51.20 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_fair_value_loss).
Cash tax downside_2027q3_cash_tax	2027Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest downside_2027q3_corporate_net_interest_cash	2027Q3 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use downside_2027q3_working_capital_use	2027Q3 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing downside_2027q3_cash_timing	2027Q3 / downside	27.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(downside_2027q3_cash_tax, downside_2027q3_corporate_net_interest_cash, downside_2027q3_working_capital_use).
Cash before operating loan settlement downside_2027q3_cash_before_settlement	2027Q3 / downside	24.20 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(downside_2027q3_operating_noncash_bridge, downside_2027q3_cash_timing).
Net operating loan-settlement funding downside_2027q3_hfs_funding	2027Q3 / downside	170.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement downside_2027q3_cfo	2027Q3 / downside	-145.80 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(downside_2027q3_cash_before_settlement, downside_2027q3_hfs_funding).
Cash PP&E and software downside_2027q3_capex	2027Q3 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment downside_2027q3_lending_investment	2027Q3 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts downside_2027q3_asset_cash	2027Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity downside_2027q3_debt_principal	2027Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases downside_2027q3_buybacks	2027Q3 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts downside_2027q3_available_cash	2027Q3 / downside	-125.80 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(downside_2027q3_cfo, downside_2027q3_asset_cash).
Loan investment capex and capital claims downside_2027q3_investment_and_claims	2027Q3 / downside	64.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(downside_2027q3_capex, downside_2027q3_lending_investment, downside_2027q3_debt_principal, downside_2027q3_buybacks).
Cash after lending and capital claims downside_2027q3_cash_after_claims	2027Q3 / downside	-189.80 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(downside_2027q3_available_cash, downside_2027q3_investment_and_claims).
Facilitated principal downside_2027q4_volume	2027Q4 / downside	4,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 downside_2027q4_activity	2027Q4 / downside	101.7% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(downside_2027q4_volume, q2_volume).
Mixed fee realization versus Q2 downside_2027q4_fee_realization	2027Q4 / downside	93.4% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue downside_2027q4_unsecured_fee	2027Q4 / downside	310.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, downside_2027q4_activity, downside_2027q4_fee_realization).
Secured fee revenue downside_2027q4_secured_fee	2027Q4 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue downside_2027q4_fees	2027Q4 / downside	350.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(downside_2027q4_unsecured_fee, downside_2027q4_secured_fee).
Unsecured contribution margin downside_2027q4_unsecured_cm	2027Q4 / downside	55.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution downside_2027q4_unsecured_contribution	2027Q4 / downside	170.50 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(downside_2027q4_unsecured_fee, downside_2027q4_unsecured_cm).
Secured contribution margin downside_2027q4_secured_cm	2027Q4 / downside	-22.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution downside_2027q4_secured_contribution	2027Q4 / downside	-9.00 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(downside_2027q4_secured_fee, downside_2027q4_secured_cm).
Fee contribution profit downside_2027q4_contribution	2027Q4 / downside	161.50 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(downside_2027q4_unsecured_contribution, downside_2027q4_secured_contribution).
Net credit/fair-value revenue loss downside_2027q4_fair_value_loss	2027Q4 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest downside_2027q4_funding_interest	2027Q4 / downside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income downside_2027q4_loan_interest	2027Q4 / downside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs downside_2027q4_balance_cost	2027Q4 / downside	51.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(downside_2027q4_funding_interest, downside_2027q4_fair_value_loss).
Net balance-sheet revenue downside_2027q4_net_balance_revenue	2027Q4 / downside	9.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(downside_2027q4_loan_interest, downside_2027q4_balance_cost).
Total revenue downside_2027q4_revenue	2027Q4 / downside	359.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(downside_2027q4_fees, downside_2027q4_net_balance_revenue).
Contribution plus balance-sheet revenue downside_2027q4_contribution_plus_balance	2027Q4 / downside	170.50 USD_millions	derived: Direct fee costs already removed. Formula: sum(downside_2027q4_contribution, downside_2027q4_net_balance_revenue).
Fixed adjusted expense allowance downside_2027q4_fixed_adjusted_cost	2027Q4 / downside	142.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q4_adj_ebitda	2027Q4 / downside	28.50 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(downside_2027q4_contribution_plus_balance, downside_2027q4_fixed_adjusted_cost).
SBC expense downside_2027q4_sbc	2027Q4 / downside	58.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment downside_2027q4_payroll	2027Q4 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization downside_2027q4_da	2027Q4 / downside	9.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest downside_2027q4_convert_interest	2027Q4 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest downside_2027q4_net_other_income	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions downside_2027q4_ebitda_exclusions	2027Q4 / downside	75.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(downside_2027q4_sbc, downside_2027q4_payroll, downside_2027q4_da, downside_2027q4_convert_interest, downside_2027q4_net_other_income).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-47.00 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_ebitda_exclusions).
Operating result plus noncash adjustments downside_2027q4_operating_noncash_bridge	2027Q4 / downside	50.50 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_fair_value_loss).
Cash tax downside_2027q4_cash_tax	2027Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest downside_2027q4_corporate_net_interest_cash	2027Q4 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use downside_2027q4_working_capital_use	2027Q4 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing downside_2027q4_cash_timing	2027Q4 / downside	29.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(downside_2027q4_cash_tax, downside_2027q4_corporate_net_interest_cash, downside_2027q4_working_capital_use).
Cash before operating loan settlement downside_2027q4_cash_before_settlement	2027Q4 / downside	21.50 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(downside_2027q4_operating_noncash_bridge, downside_2027q4_cash_timing).
Net operating loan-settlement funding downside_2027q4_hfs_funding	2027Q4 / downside	180.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement downside_2027q4_cfo	2027Q4 / downside	-158.50 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(downside_2027q4_cash_before_settlement, downside_2027q4_hfs_funding).
Cash PP&E and software downside_2027q4_capex	2027Q4 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment downside_2027q4_lending_investment	2027Q4 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts downside_2027q4_asset_cash	2027Q4 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity downside_2027q4_debt_principal	2027Q4 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases downside_2027q4_buybacks	2027Q4 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts downside_2027q4_available_cash	2027Q4 / downside	-138.50 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(downside_2027q4_cfo, downside_2027q4_asset_cash).
Loan investment capex and capital claims downside_2027q4_investment_and_claims	2027Q4 / downside	70.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(downside_2027q4_capex, downside_2027q4_lending_investment, downside_2027q4_debt_principal, downside_2027q4_buybacks).
Cash after lending and capital claims downside_2027q4_cash_after_claims	2027Q4 / downside	-208.50 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(downside_2027q4_available_cash, downside_2027q4_investment_and_claims).
Total revenue ($M) downside_fy2026_revenue	FY2026 / downside	1,261.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Fee revenue ($M) downside_fy2026_fees	FY2026 / downside	1,205.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fees, downside_2026q3_fees, downside_2026q4_fees).
Fee contribution profit ($M) downside_fy2026_contribution	FY2026 / downside	606.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_contribution, downside_2026q3_contribution, downside_2026q4_contribution).
Adjusted EBITDA proxy ($M) downside_fy2026_adj_ebitda	FY2026 / downside	159.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, downside_2026q3_adj_ebitda, downside_2026q4_adj_ebitda).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-69.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
CFO after HFS loan settlement ($M) downside_fy2026_cfo	FY2026 / downside	-610.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash PP&E and software ($M) downside_fy2026_capex	FY2026 / downside	30.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
Net HFI loan investment ($M) downside_fy2026_lending_investment	FY2026 / downside	108.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lending_investment, downside_2026q3_lending_investment, downside_2026q4_lending_investment).
Other lending/beneficial asset receipts ($M) downside_fy2026_asset_cash	FY2026 / downside	171.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_cash, downside_2026q3_asset_cash, downside_2026q4_asset_cash).
Debt principal cash ($M) downside_fy2026_debt_principal	FY2026 / downside	348.53 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, downside_2026q3_debt_principal, downside_2026q4_debt_principal).
Share repurchase cash ($M) downside_fy2026_buybacks	FY2026 / downside	100.06 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, downside_2026q3_buybacks, downside_2026q4_buybacks).
Cash after lending and capital claims ($M) downside_fy2026_cash_after_claims	FY2026 / downside	-1,026.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2026q3_cash_after_claims, downside_2026q4_cash_after_claims).
Total revenue ($M) downside_fy2027_revenue	FY2027 / downside	1,316.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Fee revenue ($M) downside_fy2027_fees	FY2027 / downside	1,295.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fees, downside_2027q2_fees, downside_2027q3_fees, downside_2027q4_fees).
Fee contribution profit ($M) downside_fy2027_contribution	FY2027 / downside	602.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_contribution, downside_2027q2_contribution, downside_2027q3_contribution, downside_2027q4_contribution).
Adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda	FY2027 / downside	88.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-192.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
CFO after HFS loan settlement ($M) downside_fy2027_cfo	FY2027 / downside	-572.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash PP&E and software ($M) downside_fy2027_capex	FY2027 / downside	46.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Net HFI loan investment ($M) downside_fy2027_lending_investment	FY2027 / downside	180.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_lending_investment, downside_2027q2_lending_investment, downside_2027q3_lending_investment, downside_2027q4_lending_investment).
Other lending/beneficial asset receipts ($M) downside_fy2027_asset_cash	FY2027 / downside	80.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_asset_cash, downside_2027q2_asset_cash, downside_2027q3_asset_cash, downside_2027q4_asset_cash).
Debt principal cash ($M) downside_fy2027_debt_principal	FY2027 / downside	28.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_debt_principal, downside_2027q2_debt_principal, downside_2027q3_debt_principal, downside_2027q4_debt_principal).
Share repurchase cash ($M) downside_fy2027_buybacks	FY2027 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_buybacks, downside_2027q2_buybacks, downside_2027q3_buybacks, downside_2027q4_buybacks).
Cash after lending and capital claims ($M) downside_fy2027_cash_after_claims	FY2027 / downside	-746.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
September principal estimate base_2026q3_september_volume	2026Q3 / base	1,350.00 USD_millions	assumption: Desk assumption; not company guidance.
Facilitated principal base_2026q3_volume	2026Q3 / base	4,089.50 USD_millions	derived: Two reported months plus one desk forecast. Formula: sum(july_volume, august_volume, base_2026q3_september_volume).
Activity versus Q2 base_2026q3_activity	2026Q3 / base	96.7% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(base_2026q3_volume, q2_volume).
Mixed fee realization versus Q2 base_2026q3_fee_realization	2026Q3 / base	96.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue base_2026q3_unsecured_fee	2026Q3 / base	303.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, base_2026q3_activity, base_2026q3_fee_realization).
Secured fee revenue base_2026q3_secured_fee	2026Q3 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue base_2026q3_fees	2026Q3 / base	328.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(base_2026q3_unsecured_fee, base_2026q3_secured_fee).
Unsecured contribution margin base_2026q3_unsecured_cm	2026Q3 / base	60.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution base_2026q3_unsecured_contribution	2026Q3 / base	181.80 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(base_2026q3_unsecured_fee, base_2026q3_unsecured_cm).
Secured contribution margin base_2026q3_secured_cm	2026Q3 / base	-10.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution base_2026q3_secured_contribution	2026Q3 / base	-2.50 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(base_2026q3_secured_fee, base_2026q3_secured_cm).
Fee contribution profit base_2026q3_contribution	2026Q3 / base	179.30 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(base_2026q3_unsecured_contribution, base_2026q3_secured_contribution).
Net credit/fair-value revenue loss base_2026q3_fair_value_loss	2026Q3 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest base_2026q3_funding_interest	2026Q3 / base	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income base_2026q3_loan_interest	2026Q3 / base	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs base_2026q3_balance_cost	2026Q3 / base	34.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(base_2026q3_funding_interest, base_2026q3_fair_value_loss).
Net balance-sheet revenue base_2026q3_net_balance_revenue	2026Q3 / base	26.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(base_2026q3_loan_interest, base_2026q3_balance_cost).
Total revenue base_2026q3_revenue	2026Q3 / base	354.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(base_2026q3_fees, base_2026q3_net_balance_revenue).
Contribution plus balance-sheet revenue base_2026q3_contribution_plus_balance	2026Q3 / base	205.30 USD_millions	derived: Direct fee costs already removed. Formula: sum(base_2026q3_contribution, base_2026q3_net_balance_revenue).
Fixed adjusted expense allowance base_2026q3_fixed_adjusted_cost	2026Q3 / base	120.30 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2026q3_adj_ebitda	2026Q3 / base	85.00 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(base_2026q3_contribution_plus_balance, base_2026q3_fixed_adjusted_cost).
SBC expense base_2026q3_sbc	2026Q3 / base	43.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment base_2026q3_payroll	2026Q3 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization base_2026q3_da	2026Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest base_2026q3_convert_interest	2026Q3 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest base_2026q3_net_other_income	2026Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions base_2026q3_ebitda_exclusions	2026Q3 / base	58.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(base_2026q3_sbc, base_2026q3_payroll, base_2026q3_da, base_2026q3_convert_interest, base_2026q3_net_other_income).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	27.00 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(base_2026q3_adj_ebitda, base_2026q3_ebitda_exclusions).
Operating result plus noncash adjustments base_2026q3_operating_noncash_bridge	2026Q3 / base	97.00 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_da, base_2026q3_fair_value_loss).
Cash tax base_2026q3_cash_tax	2026Q3 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest base_2026q3_corporate_net_interest_cash	2026Q3 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use base_2026q3_working_capital_use	2026Q3 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing base_2026q3_cash_timing	2026Q3 / base	19.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(base_2026q3_cash_tax, base_2026q3_corporate_net_interest_cash, base_2026q3_working_capital_use).
Cash before operating loan settlement base_2026q3_cash_before_settlement	2026Q3 / base	78.00 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(base_2026q3_operating_noncash_bridge, base_2026q3_cash_timing).
Net operating loan-settlement funding base_2026q3_hfs_funding	2026Q3 / base	90.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement base_2026q3_cfo	2026Q3 / base	-12.00 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(base_2026q3_cash_before_settlement, base_2026q3_hfs_funding).
Cash PP&E and software base_2026q3_capex	2026Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment base_2026q3_lending_investment	2026Q3 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts base_2026q3_asset_cash	2026Q3 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other asset-backed principal base_2026q3_other_principal	2026Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Debt principal payment base_2026q3_debt_principal	2026Q3 / base	73.54 USD_millions	derived: Assumes August note cash settlement; actual post-maturity confirmation pending. Formula: sum(august_note, base_2026q3_other_principal).
Optional repurchases base_2026q3_buybacks	2026Q3 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts base_2026q3_available_cash	2026Q3 / base	18.00 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(base_2026q3_cfo, base_2026q3_asset_cash).
Loan investment capex and capital claims base_2026q3_investment_and_claims	2026Q3 / base	101.54 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(base_2026q3_capex, base_2026q3_lending_investment, base_2026q3_debt_principal, base_2026q3_buybacks).
Cash after lending and capital claims base_2026q3_cash_after_claims	2026Q3 / base	-83.54 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(base_2026q3_available_cash, base_2026q3_investment_and_claims).
Facilitated principal base_2026q4_volume	2026Q4 / base	4,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 base_2026q4_activity	2026Q4 / base	99.4% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(base_2026q4_volume, q2_volume).
Mixed fee realization versus Q2 base_2026q4_fee_realization	2026Q4 / base	97.8% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue base_2026q4_unsecured_fee	2026Q4 / base	316.92 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, base_2026q4_activity, base_2026q4_fee_realization).
Secured fee revenue base_2026q4_secured_fee	2026Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue base_2026q4_fees	2026Q4 / base	346.92 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(base_2026q4_unsecured_fee, base_2026q4_secured_fee).
Unsecured contribution margin base_2026q4_unsecured_cm	2026Q4 / base	60.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution base_2026q4_unsecured_contribution	2026Q4 / base	190.15 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(base_2026q4_unsecured_fee, base_2026q4_unsecured_cm).
Secured contribution margin base_2026q4_secured_cm	2026Q4 / base	-7.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution base_2026q4_secured_contribution	2026Q4 / base	-2.25 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(base_2026q4_secured_fee, base_2026q4_secured_cm).
Fee contribution profit base_2026q4_contribution	2026Q4 / base	187.90 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(base_2026q4_unsecured_contribution, base_2026q4_secured_contribution).
Net credit/fair-value revenue loss base_2026q4_fair_value_loss	2026Q4 / base	20.84 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest base_2026q4_funding_interest	2026Q4 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income base_2026q4_loan_interest	2026Q4 / base	62.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs base_2026q4_balance_cost	2026Q4 / base	35.84 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(base_2026q4_funding_interest, base_2026q4_fair_value_loss).
Net balance-sheet revenue base_2026q4_net_balance_revenue	2026Q4 / base	26.16 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(base_2026q4_loan_interest, base_2026q4_balance_cost).
Total revenue base_2026q4_revenue	2026Q4 / base	373.08 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(base_2026q4_fees, base_2026q4_net_balance_revenue).
Contribution plus balance-sheet revenue base_2026q4_contribution_plus_balance	2026Q4 / base	214.06 USD_millions	derived: Direct fee costs already removed. Formula: sum(base_2026q4_contribution, base_2026q4_net_balance_revenue).
Fixed adjusted expense allowance base_2026q4_fixed_adjusted_cost	2026Q4 / base	122.43 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2026q4_adj_ebitda	2026Q4 / base	91.63 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(base_2026q4_contribution_plus_balance, base_2026q4_fixed_adjusted_cost).
SBC expense base_2026q4_sbc	2026Q4 / base	46.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment base_2026q4_payroll	2026Q4 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization base_2026q4_da	2026Q4 / base	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest base_2026q4_convert_interest	2026Q4 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest base_2026q4_net_other_income	2026Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions base_2026q4_ebitda_exclusions	2026Q4 / base	61.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(base_2026q4_sbc, base_2026q4_payroll, base_2026q4_da, base_2026q4_convert_interest, base_2026q4_net_other_income).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	30.13 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(base_2026q4_adj_ebitda, base_2026q4_ebitda_exclusions).
Operating result plus noncash adjustments base_2026q4_operating_noncash_bridge	2026Q4 / base	104.47 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_fair_value_loss).
Cash tax base_2026q4_cash_tax	2026Q4 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest base_2026q4_corporate_net_interest_cash	2026Q4 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use base_2026q4_working_capital_use	2026Q4 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing base_2026q4_cash_timing	2026Q4 / base	21.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(base_2026q4_cash_tax, base_2026q4_corporate_net_interest_cash, base_2026q4_working_capital_use).
Cash before operating loan settlement base_2026q4_cash_before_settlement	2026Q4 / base	83.47 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(base_2026q4_operating_noncash_bridge, base_2026q4_cash_timing).
Net operating loan-settlement funding base_2026q4_hfs_funding	2026Q4 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement base_2026q4_cfo	2026Q4 / base	-16.53 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(base_2026q4_cash_before_settlement, base_2026q4_hfs_funding).
Cash PP&E and software base_2026q4_capex	2026Q4 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment base_2026q4_lending_investment	2026Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts base_2026q4_asset_cash	2026Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity base_2026q4_debt_principal	2026Q4 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases base_2026q4_buybacks	2026Q4 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts base_2026q4_available_cash	2026Q4 / base	13.47 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(base_2026q4_cfo, base_2026q4_asset_cash).
Loan investment capex and capital claims base_2026q4_investment_and_claims	2026Q4 / base	41.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(base_2026q4_capex, base_2026q4_lending_investment, base_2026q4_debt_principal, base_2026q4_buybacks).
Cash after lending and capital claims base_2026q4_cash_after_claims	2026Q4 / base	-27.53 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(base_2026q4_available_cash, base_2026q4_investment_and_claims).
Facilitated principal base_2027q1_volume	2027Q1 / base	4,250.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 base_2027q1_activity	2027Q1 / base	100.5% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(base_2027q1_volume, q2_volume).
Mixed fee realization versus Q2 base_2027q1_fee_realization	2027Q1 / base	97.2% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue base_2027q1_unsecured_fee	2027Q1 / base	319.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, base_2027q1_activity, base_2027q1_fee_realization).
Secured fee revenue base_2027q1_secured_fee	2027Q1 / base	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue base_2027q1_fees	2027Q1 / base	355.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(base_2027q1_unsecured_fee, base_2027q1_secured_fee).
Unsecured contribution margin base_2027q1_unsecured_cm	2027Q1 / base	60.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution base_2027q1_unsecured_contribution	2027Q1 / base	191.40 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(base_2027q1_unsecured_fee, base_2027q1_unsecured_cm).
Secured contribution margin base_2027q1_secured_cm	2027Q1 / base	-5.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution base_2027q1_secured_contribution	2027Q1 / base	-1.80 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(base_2027q1_secured_fee, base_2027q1_secured_cm).
Fee contribution profit base_2027q1_contribution	2027Q1 / base	189.60 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(base_2027q1_unsecured_contribution, base_2027q1_secured_contribution).
Net credit/fair-value revenue loss base_2027q1_fair_value_loss	2027Q1 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest base_2027q1_funding_interest	2027Q1 / base	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income base_2027q1_loan_interest	2027Q1 / base	64.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs base_2027q1_balance_cost	2027Q1 / base	36.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(base_2027q1_funding_interest, base_2027q1_fair_value_loss).
Net balance-sheet revenue base_2027q1_net_balance_revenue	2027Q1 / base	28.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(base_2027q1_loan_interest, base_2027q1_balance_cost).
Total revenue base_2027q1_revenue	2027Q1 / base	383.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(base_2027q1_fees, base_2027q1_net_balance_revenue).
Contribution plus balance-sheet revenue base_2027q1_contribution_plus_balance	2027Q1 / base	217.60 USD_millions	derived: Direct fee costs already removed. Formula: sum(base_2027q1_contribution, base_2027q1_net_balance_revenue).
Fixed adjusted expense allowance base_2027q1_fixed_adjusted_cost	2027Q1 / base	132.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q1_adj_ebitda	2027Q1 / base	85.60 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(base_2027q1_contribution_plus_balance, base_2027q1_fixed_adjusted_cost).
SBC expense base_2027q1_sbc	2027Q1 / base	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment base_2027q1_payroll	2027Q1 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization base_2027q1_da	2027Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest base_2027q1_convert_interest	2027Q1 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest base_2027q1_net_other_income	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions base_2027q1_ebitda_exclusions	2027Q1 / base	65.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(base_2027q1_sbc, base_2027q1_payroll, base_2027q1_da, base_2027q1_convert_interest, base_2027q1_net_other_income).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	20.60 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_ebitda_exclusions).
Operating result plus noncash adjustments base_2027q1_operating_noncash_bridge	2027Q1 / base	97.60 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_fair_value_loss).
Cash tax base_2027q1_cash_tax	2027Q1 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest base_2027q1_corporate_net_interest_cash	2027Q1 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use base_2027q1_working_capital_use	2027Q1 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing base_2027q1_cash_timing	2027Q1 / base	23.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(base_2027q1_cash_tax, base_2027q1_corporate_net_interest_cash, base_2027q1_working_capital_use).
Cash before operating loan settlement base_2027q1_cash_before_settlement	2027Q1 / base	74.60 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(base_2027q1_operating_noncash_bridge, base_2027q1_cash_timing).
Net operating loan-settlement funding base_2027q1_hfs_funding	2027Q1 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement base_2027q1_cfo	2027Q1 / base	4.60 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(base_2027q1_cash_before_settlement, base_2027q1_hfs_funding).
Cash PP&E and software base_2027q1_capex	2027Q1 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment base_2027q1_lending_investment	2027Q1 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts base_2027q1_asset_cash	2027Q1 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity base_2027q1_debt_principal	2027Q1 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases base_2027q1_buybacks	2027Q1 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts base_2027q1_available_cash	2027Q1 / base	34.60 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(base_2027q1_cfo, base_2027q1_asset_cash).
Loan investment capex and capital claims base_2027q1_investment_and_claims	2027Q1 / base	42.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(base_2027q1_capex, base_2027q1_lending_investment, base_2027q1_debt_principal, base_2027q1_buybacks).
Cash after lending and capital claims base_2027q1_cash_after_claims	2027Q1 / base	-7.40 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(base_2027q1_available_cash, base_2027q1_investment_and_claims).
Facilitated principal base_2027q2_volume	2027Q2 / base	4,700.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 base_2027q2_activity	2027Q2 / base	111.2% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(base_2027q2_volume, q2_volume).
Mixed fee realization versus Q2 base_2027q2_fee_realization	2027Q2 / base	95.4% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue base_2027q2_unsecured_fee	2027Q2 / base	346.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, base_2027q2_activity, base_2027q2_fee_realization).
Secured fee revenue base_2027q2_secured_fee	2027Q2 / base	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue base_2027q2_fees	2027Q2 / base	390.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(base_2027q2_unsecured_fee, base_2027q2_secured_fee).
Unsecured contribution margin base_2027q2_unsecured_cm	2027Q2 / base	60.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution base_2027q2_unsecured_contribution	2027Q2 / base	207.60 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(base_2027q2_unsecured_fee, base_2027q2_unsecured_cm).
Secured contribution margin base_2027q2_secured_cm	2027Q2 / base	-2.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution base_2027q2_secured_contribution	2027Q2 / base	-1.10 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(base_2027q2_secured_fee, base_2027q2_secured_cm).
Fee contribution profit base_2027q2_contribution	2027Q2 / base	206.50 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(base_2027q2_unsecured_contribution, base_2027q2_secured_contribution).
Net credit/fair-value revenue loss base_2027q2_fair_value_loss	2027Q2 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest base_2027q2_funding_interest	2027Q2 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income base_2027q2_loan_interest	2027Q2 / base	67.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs base_2027q2_balance_cost	2027Q2 / base	37.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(base_2027q2_funding_interest, base_2027q2_fair_value_loss).
Net balance-sheet revenue base_2027q2_net_balance_revenue	2027Q2 / base	30.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(base_2027q2_loan_interest, base_2027q2_balance_cost).
Total revenue base_2027q2_revenue	2027Q2 / base	420.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(base_2027q2_fees, base_2027q2_net_balance_revenue).
Contribution plus balance-sheet revenue base_2027q2_contribution_plus_balance	2027Q2 / base	236.50 USD_millions	derived: Direct fee costs already removed. Formula: sum(base_2027q2_contribution, base_2027q2_net_balance_revenue).
Fixed adjusted expense allowance base_2027q2_fixed_adjusted_cost	2027Q2 / base	145.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q2_adj_ebitda	2027Q2 / base	91.50 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(base_2027q2_contribution_plus_balance, base_2027q2_fixed_adjusted_cost).
SBC expense base_2027q2_sbc	2027Q2 / base	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment base_2027q2_payroll	2027Q2 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization base_2027q2_da	2027Q2 / base	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest base_2027q2_convert_interest	2027Q2 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest base_2027q2_net_other_income	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions base_2027q2_ebitda_exclusions	2027Q2 / base	68.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(base_2027q2_sbc, base_2027q2_payroll, base_2027q2_da, base_2027q2_convert_interest, base_2027q2_net_other_income).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	23.00 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_ebitda_exclusions).
Operating result plus noncash adjustments base_2027q2_operating_noncash_bridge	2027Q2 / base	103.50 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_fair_value_loss).
Cash tax base_2027q2_cash_tax	2027Q2 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest base_2027q2_corporate_net_interest_cash	2027Q2 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use base_2027q2_working_capital_use	2027Q2 / base	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing base_2027q2_cash_timing	2027Q2 / base	25.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(base_2027q2_cash_tax, base_2027q2_corporate_net_interest_cash, base_2027q2_working_capital_use).
Cash before operating loan settlement base_2027q2_cash_before_settlement	2027Q2 / base	78.50 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(base_2027q2_operating_noncash_bridge, base_2027q2_cash_timing).
Net operating loan-settlement funding base_2027q2_hfs_funding	2027Q2 / base	90.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement base_2027q2_cfo	2027Q2 / base	-11.50 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(base_2027q2_cash_before_settlement, base_2027q2_hfs_funding).
Cash PP&E and software base_2027q2_capex	2027Q2 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment base_2027q2_lending_investment	2027Q2 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts base_2027q2_asset_cash	2027Q2 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity base_2027q2_debt_principal	2027Q2 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases base_2027q2_buybacks	2027Q2 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts base_2027q2_available_cash	2027Q2 / base	18.50 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(base_2027q2_cfo, base_2027q2_asset_cash).
Loan investment capex and capital claims base_2027q2_investment_and_claims	2027Q2 / base	48.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(base_2027q2_capex, base_2027q2_lending_investment, base_2027q2_debt_principal, base_2027q2_buybacks).
Cash after lending and capital claims base_2027q2_cash_after_claims	2027Q2 / base	-29.50 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(base_2027q2_available_cash, base_2027q2_investment_and_claims).
Facilitated principal base_2027q3_volume	2027Q3 / base	5,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 base_2027q3_activity	2027Q3 / base	120.6% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(base_2027q3_volume, q2_volume).
Mixed fee realization versus Q2 base_2027q3_fee_realization	2027Q3 / base	93.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue base_2027q3_unsecured_fee	2027Q3 / base	366.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, base_2027q3_activity, base_2027q3_fee_realization).
Secured fee revenue base_2027q3_secured_fee	2027Q3 / base	54.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue base_2027q3_fees	2027Q3 / base	420.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(base_2027q3_unsecured_fee, base_2027q3_secured_fee).
Unsecured contribution margin base_2027q3_unsecured_cm	2027Q3 / base	60.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution base_2027q3_unsecured_contribution	2027Q3 / base	219.60 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(base_2027q3_unsecured_fee, base_2027q3_unsecured_cm).
Secured contribution margin base_2027q3_secured_cm	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution base_2027q3_secured_contribution	2027Q3 / base	0.00 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(base_2027q3_secured_fee, base_2027q3_secured_cm).
Fee contribution profit base_2027q3_contribution	2027Q3 / base	219.60 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(base_2027q3_unsecured_contribution, base_2027q3_secured_contribution).
Net credit/fair-value revenue loss base_2027q3_fair_value_loss	2027Q3 / base	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest base_2027q3_funding_interest	2027Q3 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income base_2027q3_loan_interest	2027Q3 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs base_2027q3_balance_cost	2027Q3 / base	39.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(base_2027q3_funding_interest, base_2027q3_fair_value_loss).
Net balance-sheet revenue base_2027q3_net_balance_revenue	2027Q3 / base	31.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(base_2027q3_loan_interest, base_2027q3_balance_cost).
Total revenue base_2027q3_revenue	2027Q3 / base	451.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(base_2027q3_fees, base_2027q3_net_balance_revenue).
Contribution plus balance-sheet revenue base_2027q3_contribution_plus_balance	2027Q3 / base	250.60 USD_millions	derived: Direct fee costs already removed. Formula: sum(base_2027q3_contribution, base_2027q3_net_balance_revenue).
Fixed adjusted expense allowance base_2027q3_fixed_adjusted_cost	2027Q3 / base	154.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q3_adj_ebitda	2027Q3 / base	96.60 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(base_2027q3_contribution_plus_balance, base_2027q3_fixed_adjusted_cost).
SBC expense base_2027q3_sbc	2027Q3 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment base_2027q3_payroll	2027Q3 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization base_2027q3_da	2027Q3 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest base_2027q3_convert_interest	2027Q3 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest base_2027q3_net_other_income	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions base_2027q3_ebitda_exclusions	2027Q3 / base	72.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(base_2027q3_sbc, base_2027q3_payroll, base_2027q3_da, base_2027q3_convert_interest, base_2027q3_net_other_income).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	24.60 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_ebitda_exclusions).
Operating result plus noncash adjustments base_2027q3_operating_noncash_bridge	2027Q3 / base	109.60 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_fair_value_loss).
Cash tax base_2027q3_cash_tax	2027Q3 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest base_2027q3_corporate_net_interest_cash	2027Q3 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use base_2027q3_working_capital_use	2027Q3 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing base_2027q3_cash_timing	2027Q3 / base	27.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(base_2027q3_cash_tax, base_2027q3_corporate_net_interest_cash, base_2027q3_working_capital_use).
Cash before operating loan settlement base_2027q3_cash_before_settlement	2027Q3 / base	82.60 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(base_2027q3_operating_noncash_bridge, base_2027q3_cash_timing).
Net operating loan-settlement funding base_2027q3_hfs_funding	2027Q3 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement base_2027q3_cfo	2027Q3 / base	-17.40 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(base_2027q3_cash_before_settlement, base_2027q3_hfs_funding).
Cash PP&E and software base_2027q3_capex	2027Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment base_2027q3_lending_investment	2027Q3 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts base_2027q3_asset_cash	2027Q3 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity base_2027q3_debt_principal	2027Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases base_2027q3_buybacks	2027Q3 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts base_2027q3_available_cash	2027Q3 / base	12.60 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(base_2027q3_cfo, base_2027q3_asset_cash).
Loan investment capex and capital claims base_2027q3_investment_and_claims	2027Q3 / base	54.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(base_2027q3_capex, base_2027q3_lending_investment, base_2027q3_debt_principal, base_2027q3_buybacks).
Cash after lending and capital claims base_2027q3_cash_after_claims	2027Q3 / base	-41.40 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(base_2027q3_available_cash, base_2027q3_investment_and_claims).
Facilitated principal base_2027q4_volume	2027Q4 / base	5,500.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 base_2027q4_activity	2027Q4 / base	130.1% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(base_2027q4_volume, q2_volume).
Mixed fee realization versus Q2 base_2027q4_fee_realization	2027Q4 / base	91.6% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue base_2027q4_unsecured_fee	2027Q4 / base	389.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, base_2027q4_activity, base_2027q4_fee_realization).
Secured fee revenue base_2027q4_secured_fee	2027Q4 / base	66.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue base_2027q4_fees	2027Q4 / base	455.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(base_2027q4_unsecured_fee, base_2027q4_secured_fee).
Unsecured contribution margin base_2027q4_unsecured_cm	2027Q4 / base	60.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution base_2027q4_unsecured_contribution	2027Q4 / base	233.40 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(base_2027q4_unsecured_fee, base_2027q4_unsecured_cm).
Secured contribution margin base_2027q4_secured_cm	2027Q4 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution base_2027q4_secured_contribution	2027Q4 / base	1.65 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(base_2027q4_secured_fee, base_2027q4_secured_cm).
Fee contribution profit base_2027q4_contribution	2027Q4 / base	235.05 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(base_2027q4_unsecured_contribution, base_2027q4_secured_contribution).
Net credit/fair-value revenue loss base_2027q4_fair_value_loss	2027Q4 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest base_2027q4_funding_interest	2027Q4 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income base_2027q4_loan_interest	2027Q4 / base	73.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs base_2027q4_balance_cost	2027Q4 / base	41.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(base_2027q4_funding_interest, base_2027q4_fair_value_loss).
Net balance-sheet revenue base_2027q4_net_balance_revenue	2027Q4 / base	32.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(base_2027q4_loan_interest, base_2027q4_balance_cost).
Total revenue base_2027q4_revenue	2027Q4 / base	487.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(base_2027q4_fees, base_2027q4_net_balance_revenue).
Contribution plus balance-sheet revenue base_2027q4_contribution_plus_balance	2027Q4 / base	267.05 USD_millions	derived: Direct fee costs already removed. Formula: sum(base_2027q4_contribution, base_2027q4_net_balance_revenue).
Fixed adjusted expense allowance base_2027q4_fixed_adjusted_cost	2027Q4 / base	164.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q4_adj_ebitda	2027Q4 / base	103.05 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(base_2027q4_contribution_plus_balance, base_2027q4_fixed_adjusted_cost).
SBC expense base_2027q4_sbc	2027Q4 / base	58.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment base_2027q4_payroll	2027Q4 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization base_2027q4_da	2027Q4 / base	9.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest base_2027q4_convert_interest	2027Q4 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest base_2027q4_net_other_income	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions base_2027q4_ebitda_exclusions	2027Q4 / base	75.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(base_2027q4_sbc, base_2027q4_payroll, base_2027q4_da, base_2027q4_convert_interest, base_2027q4_net_other_income).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	27.55 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_ebitda_exclusions).
Operating result plus noncash adjustments base_2027q4_operating_noncash_bridge	2027Q4 / base	117.05 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_fair_value_loss).
Cash tax base_2027q4_cash_tax	2027Q4 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest base_2027q4_corporate_net_interest_cash	2027Q4 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use base_2027q4_working_capital_use	2027Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing base_2027q4_cash_timing	2027Q4 / base	29.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(base_2027q4_cash_tax, base_2027q4_corporate_net_interest_cash, base_2027q4_working_capital_use).
Cash before operating loan settlement base_2027q4_cash_before_settlement	2027Q4 / base	88.05 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(base_2027q4_operating_noncash_bridge, base_2027q4_cash_timing).
Net operating loan-settlement funding base_2027q4_hfs_funding	2027Q4 / base	110.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement base_2027q4_cfo	2027Q4 / base	-21.95 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(base_2027q4_cash_before_settlement, base_2027q4_hfs_funding).
Cash PP&E and software base_2027q4_capex	2027Q4 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment base_2027q4_lending_investment	2027Q4 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts base_2027q4_asset_cash	2027Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity base_2027q4_debt_principal	2027Q4 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases base_2027q4_buybacks	2027Q4 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts base_2027q4_available_cash	2027Q4 / base	8.05 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(base_2027q4_cfo, base_2027q4_asset_cash).
Loan investment capex and capital claims base_2027q4_investment_and_claims	2027Q4 / base	60.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(base_2027q4_capex, base_2027q4_lending_investment, base_2027q4_debt_principal, base_2027q4_buybacks).
Cash after lending and capital claims base_2027q4_cash_after_claims	2027Q4 / base	-51.95 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(base_2027q4_available_cash, base_2027q4_investment_and_claims).
Total revenue ($M) base_fy2026_revenue	FY2026 / base	1,400.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Fee revenue ($M) base_fy2026_fees	FY2026 / base	1,300.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fees, base_2026q3_fees, base_2026q4_fees).
Fee contribution profit ($M) base_fy2026_contribution	FY2026 / base	697.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_contribution, base_2026q3_contribution, base_2026q4_contribution).
Adjusted EBITDA proxy ($M) base_fy2026_adj_ebitda	FY2026 / base	294.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, base_2026q3_adj_ebitda, base_2026q4_adj_ebitda).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	64.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
CFO after HFS loan settlement ($M) base_fy2026_cfo	FY2026 / base	-298.46 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash PP&E and software ($M) base_fy2026_capex	FY2026 / base	30.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
Net HFI loan investment ($M) base_fy2026_lending_investment	FY2026 / base	68.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lending_investment, base_2026q3_lending_investment, base_2026q4_lending_investment).
Other lending/beneficial asset receipts ($M) base_fy2026_asset_cash	FY2026 / base	191.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_cash, base_2026q3_asset_cash, base_2026q4_asset_cash).
Debt principal cash ($M) base_fy2026_debt_principal	FY2026 / base	348.53 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, base_2026q3_debt_principal, base_2026q4_debt_principal).
Share repurchase cash ($M) base_fy2026_buybacks	FY2026 / base	100.06 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, base_2026q3_buybacks, base_2026q4_buybacks).
Cash after lending and capital claims ($M) base_fy2026_cash_after_claims	FY2026 / base	-654.09 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2026q3_cash_after_claims, base_2026q4_cash_after_claims).
Total revenue ($M) base_fy2027_revenue	FY2027 / base	1,741.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Fee revenue ($M) base_fy2027_fees	FY2027 / base	1,620.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fees, base_2027q2_fees, base_2027q3_fees, base_2027q4_fees).
Fee contribution profit ($M) base_fy2027_contribution	FY2027 / base	850.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_contribution, base_2027q2_contribution, base_2027q3_contribution, base_2027q4_contribution).
Adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda	FY2027 / base	376.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	95.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
CFO after HFS loan settlement ($M) base_fy2027_cfo	FY2027 / base	-46.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash PP&E and software ($M) base_fy2027_capex	FY2027 / base	46.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Net HFI loan investment ($M) base_fy2027_lending_investment	FY2027 / base	130.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_lending_investment, base_2027q2_lending_investment, base_2027q3_lending_investment, base_2027q4_lending_investment).
Other lending/beneficial asset receipts ($M) base_fy2027_asset_cash	FY2027 / base	120.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_asset_cash, base_2027q2_asset_cash, base_2027q3_asset_cash, base_2027q4_asset_cash).
Debt principal cash ($M) base_fy2027_debt_principal	FY2027 / base	28.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_debt_principal, base_2027q2_debt_principal, base_2027q3_debt_principal, base_2027q4_debt_principal).
Share repurchase cash ($M) base_fy2027_buybacks	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_buybacks, base_2027q2_buybacks, base_2027q3_buybacks, base_2027q4_buybacks).
Cash after lending and capital claims ($M) base_fy2027_cash_after_claims	FY2027 / base	-130.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
September principal estimate upside_2026q3_september_volume	2026Q3 / upside	1,500.00 USD_millions	assumption: Desk assumption; not company guidance.
Facilitated principal upside_2026q3_volume	2026Q3 / upside	4,239.50 USD_millions	derived: Two reported months plus one desk forecast. Formula: sum(july_volume, august_volume, upside_2026q3_september_volume).
Activity versus Q2 upside_2026q3_activity	2026Q3 / upside	100.3% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(upside_2026q3_volume, q2_volume).
Mixed fee realization versus Q2 upside_2026q3_fee_realization	2026Q3 / upside	98.4% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue upside_2026q3_unsecured_fee	2026Q3 / upside	322.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, upside_2026q3_activity, upside_2026q3_fee_realization).
Secured fee revenue upside_2026q3_secured_fee	2026Q3 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue upside_2026q3_fees	2026Q3 / upside	350.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(upside_2026q3_unsecured_fee, upside_2026q3_secured_fee).
Unsecured contribution margin upside_2026q3_unsecured_cm	2026Q3 / upside	64.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution upside_2026q3_unsecured_contribution	2026Q3 / upside	206.08 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(upside_2026q3_unsecured_fee, upside_2026q3_unsecured_cm).
Secured contribution margin upside_2026q3_secured_cm	2026Q3 / upside	2.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution upside_2026q3_secured_contribution	2026Q3 / upside	0.56 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(upside_2026q3_secured_fee, upside_2026q3_secured_cm).
Fee contribution profit upside_2026q3_contribution	2026Q3 / upside	206.64 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(upside_2026q3_unsecured_contribution, upside_2026q3_secured_contribution).
Net credit/fair-value revenue loss upside_2026q3_fair_value_loss	2026Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest upside_2026q3_funding_interest	2026Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income upside_2026q3_loan_interest	2026Q3 / upside	63.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs upside_2026q3_balance_cost	2026Q3 / upside	25.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(upside_2026q3_funding_interest, upside_2026q3_fair_value_loss).
Net balance-sheet revenue upside_2026q3_net_balance_revenue	2026Q3 / upside	38.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(upside_2026q3_loan_interest, upside_2026q3_balance_cost).
Total revenue upside_2026q3_revenue	2026Q3 / upside	388.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(upside_2026q3_fees, upside_2026q3_net_balance_revenue).
Contribution plus balance-sheet revenue upside_2026q3_contribution_plus_balance	2026Q3 / upside	244.64 USD_millions	derived: Direct fee costs already removed. Formula: sum(upside_2026q3_contribution, upside_2026q3_net_balance_revenue).
Fixed adjusted expense allowance upside_2026q3_fixed_adjusted_cost	2026Q3 / upside	125.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2026q3_adj_ebitda	2026Q3 / upside	119.64 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(upside_2026q3_contribution_plus_balance, upside_2026q3_fixed_adjusted_cost).
SBC expense upside_2026q3_sbc	2026Q3 / upside	43.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment upside_2026q3_payroll	2026Q3 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization upside_2026q3_da	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest upside_2026q3_convert_interest	2026Q3 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest upside_2026q3_net_other_income	2026Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions upside_2026q3_ebitda_exclusions	2026Q3 / upside	58.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(upside_2026q3_sbc, upside_2026q3_payroll, upside_2026q3_da, upside_2026q3_convert_interest, upside_2026q3_net_other_income).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	61.64 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(upside_2026q3_adj_ebitda, upside_2026q3_ebitda_exclusions).
Operating result plus noncash adjustments upside_2026q3_operating_noncash_bridge	2026Q3 / upside	123.64 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_fair_value_loss).
Cash tax upside_2026q3_cash_tax	2026Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest upside_2026q3_corporate_net_interest_cash	2026Q3 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use upside_2026q3_working_capital_use	2026Q3 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing upside_2026q3_cash_timing	2026Q3 / upside	19.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(upside_2026q3_cash_tax, upside_2026q3_corporate_net_interest_cash, upside_2026q3_working_capital_use).
Cash before operating loan settlement upside_2026q3_cash_before_settlement	2026Q3 / upside	104.64 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(upside_2026q3_operating_noncash_bridge, upside_2026q3_cash_timing).
Net operating loan-settlement funding upside_2026q3_hfs_funding	2026Q3 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement upside_2026q3_cfo	2026Q3 / upside	74.64 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(upside_2026q3_cash_before_settlement, upside_2026q3_hfs_funding).
Cash PP&E and software upside_2026q3_capex	2026Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment upside_2026q3_lending_investment	2026Q3 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts upside_2026q3_asset_cash	2026Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Other asset-backed principal upside_2026q3_other_principal	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Debt principal payment upside_2026q3_debt_principal	2026Q3 / upside	73.54 USD_millions	derived: Assumes August note cash settlement; actual post-maturity confirmation pending. Formula: sum(august_note, upside_2026q3_other_principal).
Optional repurchases upside_2026q3_buybacks	2026Q3 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts upside_2026q3_available_cash	2026Q3 / upside	114.64 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(upside_2026q3_cfo, upside_2026q3_asset_cash).
Loan investment capex and capital claims upside_2026q3_investment_and_claims	2026Q3 / upside	96.54 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(upside_2026q3_capex, upside_2026q3_lending_investment, upside_2026q3_debt_principal, upside_2026q3_buybacks).
Cash after lending and capital claims upside_2026q3_cash_after_claims	2026Q3 / upside	18.10 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(upside_2026q3_available_cash, upside_2026q3_investment_and_claims).
Facilitated principal upside_2026q4_volume	2026Q4 / upside	4,600.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 upside_2026q4_activity	2026Q4 / upside	108.8% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(upside_2026q4_volume, q2_volume).
Mixed fee realization versus Q2 upside_2026q4_fee_realization	2026Q4 / upside	98.3% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue upside_2026q4_unsecured_fee	2026Q4 / upside	349.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, upside_2026q4_activity, upside_2026q4_fee_realization).
Secured fee revenue upside_2026q4_secured_fee	2026Q4 / upside	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue upside_2026q4_fees	2026Q4 / upside	385.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(upside_2026q4_unsecured_fee, upside_2026q4_secured_fee).
Unsecured contribution margin upside_2026q4_unsecured_cm	2026Q4 / upside	64.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution upside_2026q4_unsecured_contribution	2026Q4 / upside	223.36 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(upside_2026q4_unsecured_fee, upside_2026q4_unsecured_cm).
Secured contribution margin upside_2026q4_secured_cm	2026Q4 / upside	4.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution upside_2026q4_secured_contribution	2026Q4 / upside	1.62 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(upside_2026q4_secured_fee, upside_2026q4_secured_cm).
Fee contribution profit upside_2026q4_contribution	2026Q4 / upside	224.98 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(upside_2026q4_unsecured_contribution, upside_2026q4_secured_contribution).
Net credit/fair-value revenue loss upside_2026q4_fair_value_loss	2026Q4 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest upside_2026q4_funding_interest	2026Q4 / upside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income upside_2026q4_loan_interest	2026Q4 / upside	67.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs upside_2026q4_balance_cost	2026Q4 / upside	26.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(upside_2026q4_funding_interest, upside_2026q4_fair_value_loss).
Net balance-sheet revenue upside_2026q4_net_balance_revenue	2026Q4 / upside	41.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(upside_2026q4_loan_interest, upside_2026q4_balance_cost).
Total revenue upside_2026q4_revenue	2026Q4 / upside	426.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(upside_2026q4_fees, upside_2026q4_net_balance_revenue).
Contribution plus balance-sheet revenue upside_2026q4_contribution_plus_balance	2026Q4 / upside	265.98 USD_millions	derived: Direct fee costs already removed. Formula: sum(upside_2026q4_contribution, upside_2026q4_net_balance_revenue).
Fixed adjusted expense allowance upside_2026q4_fixed_adjusted_cost	2026Q4 / upside	140.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2026q4_adj_ebitda	2026Q4 / upside	125.98 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(upside_2026q4_contribution_plus_balance, upside_2026q4_fixed_adjusted_cost).
SBC expense upside_2026q4_sbc	2026Q4 / upside	46.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment upside_2026q4_payroll	2026Q4 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization upside_2026q4_da	2026Q4 / upside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest upside_2026q4_convert_interest	2026Q4 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest upside_2026q4_net_other_income	2026Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions upside_2026q4_ebitda_exclusions	2026Q4 / upside	61.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(upside_2026q4_sbc, upside_2026q4_payroll, upside_2026q4_da, upside_2026q4_convert_interest, upside_2026q4_net_other_income).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	64.48 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(upside_2026q4_adj_ebitda, upside_2026q4_ebitda_exclusions).
Operating result plus noncash adjustments upside_2026q4_operating_noncash_bridge	2026Q4 / upside	129.98 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_fair_value_loss).
Cash tax upside_2026q4_cash_tax	2026Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest upside_2026q4_corporate_net_interest_cash	2026Q4 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use upside_2026q4_working_capital_use	2026Q4 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing upside_2026q4_cash_timing	2026Q4 / upside	21.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(upside_2026q4_cash_tax, upside_2026q4_corporate_net_interest_cash, upside_2026q4_working_capital_use).
Cash before operating loan settlement upside_2026q4_cash_before_settlement	2026Q4 / upside	108.98 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(upside_2026q4_operating_noncash_bridge, upside_2026q4_cash_timing).
Net operating loan-settlement funding upside_2026q4_hfs_funding	2026Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement upside_2026q4_cfo	2026Q4 / upside	68.98 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(upside_2026q4_cash_before_settlement, upside_2026q4_hfs_funding).
Cash PP&E and software upside_2026q4_capex	2026Q4 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment upside_2026q4_lending_investment	2026Q4 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts upside_2026q4_asset_cash	2026Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity upside_2026q4_debt_principal	2026Q4 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases upside_2026q4_buybacks	2026Q4 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts upside_2026q4_available_cash	2026Q4 / upside	108.98 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(upside_2026q4_cfo, upside_2026q4_asset_cash).
Loan investment capex and capital claims upside_2026q4_investment_and_claims	2026Q4 / upside	36.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(upside_2026q4_capex, upside_2026q4_lending_investment, upside_2026q4_debt_principal, upside_2026q4_buybacks).
Cash after lending and capital claims upside_2026q4_cash_after_claims	2026Q4 / upside	72.98 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(upside_2026q4_available_cash, upside_2026q4_investment_and_claims).
Facilitated principal upside_2027q1_volume	2027Q1 / upside	4,900.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 upside_2027q1_activity	2027Q1 / upside	115.9% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(upside_2027q1_volume, q2_volume).
Mixed fee realization versus Q2 upside_2027q1_fee_realization	2027Q1 / upside	98.9% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue upside_2027q1_unsecured_fee	2027Q1 / upside	374.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, upside_2027q1_activity, upside_2027q1_fee_realization).
Secured fee revenue upside_2027q1_secured_fee	2027Q1 / upside	46.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue upside_2027q1_fees	2027Q1 / upside	420.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(upside_2027q1_unsecured_fee, upside_2027q1_secured_fee).
Unsecured contribution margin upside_2027q1_unsecured_cm	2027Q1 / upside	64.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution upside_2027q1_unsecured_contribution	2027Q1 / upside	239.36 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(upside_2027q1_unsecured_fee, upside_2027q1_unsecured_cm).
Secured contribution margin upside_2027q1_secured_cm	2027Q1 / upside	7.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution upside_2027q1_secured_contribution	2027Q1 / upside	3.22 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(upside_2027q1_secured_fee, upside_2027q1_secured_cm).
Fee contribution profit upside_2027q1_contribution	2027Q1 / upside	242.58 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(upside_2027q1_unsecured_contribution, upside_2027q1_secured_contribution).
Net credit/fair-value revenue loss upside_2027q1_fair_value_loss	2027Q1 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest upside_2027q1_funding_interest	2027Q1 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income upside_2027q1_loan_interest	2027Q1 / upside	72.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs upside_2027q1_balance_cost	2027Q1 / upside	28.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(upside_2027q1_funding_interest, upside_2027q1_fair_value_loss).
Net balance-sheet revenue upside_2027q1_net_balance_revenue	2027Q1 / upside	44.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(upside_2027q1_loan_interest, upside_2027q1_balance_cost).
Total revenue upside_2027q1_revenue	2027Q1 / upside	464.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(upside_2027q1_fees, upside_2027q1_net_balance_revenue).
Contribution plus balance-sheet revenue upside_2027q1_contribution_plus_balance	2027Q1 / upside	286.58 USD_millions	derived: Direct fee costs already removed. Formula: sum(upside_2027q1_contribution, upside_2027q1_net_balance_revenue).
Fixed adjusted expense allowance upside_2027q1_fixed_adjusted_cost	2027Q1 / upside	152.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q1_adj_ebitda	2027Q1 / upside	134.58 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(upside_2027q1_contribution_plus_balance, upside_2027q1_fixed_adjusted_cost).
SBC expense upside_2027q1_sbc	2027Q1 / upside	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment upside_2027q1_payroll	2027Q1 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization upside_2027q1_da	2027Q1 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest upside_2027q1_convert_interest	2027Q1 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest upside_2027q1_net_other_income	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions upside_2027q1_ebitda_exclusions	2027Q1 / upside	65.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(upside_2027q1_sbc, upside_2027q1_payroll, upside_2027q1_da, upside_2027q1_convert_interest, upside_2027q1_net_other_income).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	69.58 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_ebitda_exclusions).
Operating result plus noncash adjustments upside_2027q1_operating_noncash_bridge	2027Q1 / upside	139.58 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_fair_value_loss).
Cash tax upside_2027q1_cash_tax	2027Q1 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest upside_2027q1_corporate_net_interest_cash	2027Q1 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use upside_2027q1_working_capital_use	2027Q1 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing upside_2027q1_cash_timing	2027Q1 / upside	23.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(upside_2027q1_cash_tax, upside_2027q1_corporate_net_interest_cash, upside_2027q1_working_capital_use).
Cash before operating loan settlement upside_2027q1_cash_before_settlement	2027Q1 / upside	116.58 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(upside_2027q1_operating_noncash_bridge, upside_2027q1_cash_timing).
Net operating loan-settlement funding upside_2027q1_hfs_funding	2027Q1 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement upside_2027q1_cfo	2027Q1 / upside	86.58 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(upside_2027q1_cash_before_settlement, upside_2027q1_hfs_funding).
Cash PP&E and software upside_2027q1_capex	2027Q1 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment upside_2027q1_lending_investment	2027Q1 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts upside_2027q1_asset_cash	2027Q1 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity upside_2027q1_debt_principal	2027Q1 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases upside_2027q1_buybacks	2027Q1 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts upside_2027q1_available_cash	2027Q1 / upside	126.58 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(upside_2027q1_cfo, upside_2027q1_asset_cash).
Loan investment capex and capital claims upside_2027q1_investment_and_claims	2027Q1 / upside	37.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(upside_2027q1_capex, upside_2027q1_lending_investment, upside_2027q1_debt_principal, upside_2027q1_buybacks).
Cash after lending and capital claims upside_2027q1_cash_after_claims	2027Q1 / upside	89.58 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(upside_2027q1_available_cash, upside_2027q1_investment_and_claims).
Facilitated principal upside_2027q2_volume	2027Q2 / upside	5,500.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 upside_2027q2_activity	2027Q2 / upside	130.1% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(upside_2027q2_volume, q2_volume).
Mixed fee realization versus Q2 upside_2027q2_fee_realization	2027Q2 / upside	95.4% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue upside_2027q2_unsecured_fee	2027Q2 / upside	405.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, upside_2027q2_activity, upside_2027q2_fee_realization).
Secured fee revenue upside_2027q2_secured_fee	2027Q2 / upside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue upside_2027q2_fees	2027Q2 / upside	465.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(upside_2027q2_unsecured_fee, upside_2027q2_secured_fee).
Unsecured contribution margin upside_2027q2_unsecured_cm	2027Q2 / upside	64.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution upside_2027q2_unsecured_contribution	2027Q2 / upside	259.20 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(upside_2027q2_unsecured_fee, upside_2027q2_unsecured_cm).
Secured contribution margin upside_2027q2_secured_cm	2027Q2 / upside	9.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution upside_2027q2_secured_contribution	2027Q2 / upside	5.70 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(upside_2027q2_secured_fee, upside_2027q2_secured_cm).
Fee contribution profit upside_2027q2_contribution	2027Q2 / upside	264.90 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(upside_2027q2_unsecured_contribution, upside_2027q2_secured_contribution).
Net credit/fair-value revenue loss upside_2027q2_fair_value_loss	2027Q2 / upside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest upside_2027q2_funding_interest	2027Q2 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income upside_2027q2_loan_interest	2027Q2 / upside	76.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs upside_2027q2_balance_cost	2027Q2 / upside	30.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(upside_2027q2_funding_interest, upside_2027q2_fair_value_loss).
Net balance-sheet revenue upside_2027q2_net_balance_revenue	2027Q2 / upside	46.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(upside_2027q2_loan_interest, upside_2027q2_balance_cost).
Total revenue upside_2027q2_revenue	2027Q2 / upside	511.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(upside_2027q2_fees, upside_2027q2_net_balance_revenue).
Contribution plus balance-sheet revenue upside_2027q2_contribution_plus_balance	2027Q2 / upside	310.90 USD_millions	derived: Direct fee costs already removed. Formula: sum(upside_2027q2_contribution, upside_2027q2_net_balance_revenue).
Fixed adjusted expense allowance upside_2027q2_fixed_adjusted_cost	2027Q2 / upside	165.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q2_adj_ebitda	2027Q2 / upside	145.90 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(upside_2027q2_contribution_plus_balance, upside_2027q2_fixed_adjusted_cost).
SBC expense upside_2027q2_sbc	2027Q2 / upside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment upside_2027q2_payroll	2027Q2 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization upside_2027q2_da	2027Q2 / upside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest upside_2027q2_convert_interest	2027Q2 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest upside_2027q2_net_other_income	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions upside_2027q2_ebitda_exclusions	2027Q2 / upside	68.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(upside_2027q2_sbc, upside_2027q2_payroll, upside_2027q2_da, upside_2027q2_convert_interest, upside_2027q2_net_other_income).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	77.40 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_ebitda_exclusions).
Operating result plus noncash adjustments upside_2027q2_operating_noncash_bridge	2027Q2 / upside	151.90 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_fair_value_loss).
Cash tax upside_2027q2_cash_tax	2027Q2 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest upside_2027q2_corporate_net_interest_cash	2027Q2 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use upside_2027q2_working_capital_use	2027Q2 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing upside_2027q2_cash_timing	2027Q2 / upside	25.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(upside_2027q2_cash_tax, upside_2027q2_corporate_net_interest_cash, upside_2027q2_working_capital_use).
Cash before operating loan settlement upside_2027q2_cash_before_settlement	2027Q2 / upside	126.90 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(upside_2027q2_operating_noncash_bridge, upside_2027q2_cash_timing).
Net operating loan-settlement funding upside_2027q2_hfs_funding	2027Q2 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement upside_2027q2_cfo	2027Q2 / upside	86.90 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(upside_2027q2_cash_before_settlement, upside_2027q2_hfs_funding).
Cash PP&E and software upside_2027q2_capex	2027Q2 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment upside_2027q2_lending_investment	2027Q2 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts upside_2027q2_asset_cash	2027Q2 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity upside_2027q2_debt_principal	2027Q2 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases upside_2027q2_buybacks	2027Q2 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts upside_2027q2_available_cash	2027Q2 / upside	126.90 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(upside_2027q2_cfo, upside_2027q2_asset_cash).
Loan investment capex and capital claims upside_2027q2_investment_and_claims	2027Q2 / upside	43.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(upside_2027q2_capex, upside_2027q2_lending_investment, upside_2027q2_debt_principal, upside_2027q2_buybacks).
Cash after lending and capital claims upside_2027q2_cash_after_claims	2027Q2 / upside	83.90 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(upside_2027q2_available_cash, upside_2027q2_investment_and_claims).
Facilitated principal upside_2027q3_volume	2027Q3 / upside	6,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 upside_2027q3_activity	2027Q3 / upside	146.7% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(upside_2027q3_volume, q2_volume).
Mixed fee realization versus Q2 upside_2027q3_fee_realization	2027Q3 / upside	92.4% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue upside_2027q3_unsecured_fee	2027Q3 / upside	442.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, upside_2027q3_activity, upside_2027q3_fee_realization).
Secured fee revenue upside_2027q3_secured_fee	2027Q3 / upside	78.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue upside_2027q3_fees	2027Q3 / upside	520.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(upside_2027q3_unsecured_fee, upside_2027q3_secured_fee).
Unsecured contribution margin upside_2027q3_unsecured_cm	2027Q3 / upside	64.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution upside_2027q3_unsecured_contribution	2027Q3 / upside	282.88 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(upside_2027q3_unsecured_fee, upside_2027q3_unsecured_cm).
Secured contribution margin upside_2027q3_secured_cm	2027Q3 / upside	12.0% ratio	assumption: Desk assumption; not company guidance.
Secured contribution upside_2027q3_secured_contribution	2027Q3 / upside	9.36 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(upside_2027q3_secured_fee, upside_2027q3_secured_cm).
Fee contribution profit upside_2027q3_contribution	2027Q3 / upside	292.24 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(upside_2027q3_unsecured_contribution, upside_2027q3_secured_contribution).
Net credit/fair-value revenue loss upside_2027q3_fair_value_loss	2027Q3 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest upside_2027q3_funding_interest	2027Q3 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income upside_2027q3_loan_interest	2027Q3 / upside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs upside_2027q3_balance_cost	2027Q3 / upside	32.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(upside_2027q3_funding_interest, upside_2027q3_fair_value_loss).
Net balance-sheet revenue upside_2027q3_net_balance_revenue	2027Q3 / upside	48.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(upside_2027q3_loan_interest, upside_2027q3_balance_cost).
Total revenue upside_2027q3_revenue	2027Q3 / upside	568.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(upside_2027q3_fees, upside_2027q3_net_balance_revenue).
Contribution plus balance-sheet revenue upside_2027q3_contribution_plus_balance	2027Q3 / upside	340.24 USD_millions	derived: Direct fee costs already removed. Formula: sum(upside_2027q3_contribution, upside_2027q3_net_balance_revenue).
Fixed adjusted expense allowance upside_2027q3_fixed_adjusted_cost	2027Q3 / upside	184.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q3_adj_ebitda	2027Q3 / upside	156.24 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(upside_2027q3_contribution_plus_balance, upside_2027q3_fixed_adjusted_cost).
SBC expense upside_2027q3_sbc	2027Q3 / upside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment upside_2027q3_payroll	2027Q3 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization upside_2027q3_da	2027Q3 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest upside_2027q3_convert_interest	2027Q3 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest upside_2027q3_net_other_income	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions upside_2027q3_ebitda_exclusions	2027Q3 / upside	72.00 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(upside_2027q3_sbc, upside_2027q3_payroll, upside_2027q3_da, upside_2027q3_convert_interest, upside_2027q3_net_other_income).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	84.24 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_ebitda_exclusions).
Operating result plus noncash adjustments upside_2027q3_operating_noncash_bridge	2027Q3 / upside	163.24 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_fair_value_loss).
Cash tax upside_2027q3_cash_tax	2027Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest upside_2027q3_corporate_net_interest_cash	2027Q3 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use upside_2027q3_working_capital_use	2027Q3 / upside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing upside_2027q3_cash_timing	2027Q3 / upside	27.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(upside_2027q3_cash_tax, upside_2027q3_corporate_net_interest_cash, upside_2027q3_working_capital_use).
Cash before operating loan settlement upside_2027q3_cash_before_settlement	2027Q3 / upside	136.24 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(upside_2027q3_operating_noncash_bridge, upside_2027q3_cash_timing).
Net operating loan-settlement funding upside_2027q3_hfs_funding	2027Q3 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement upside_2027q3_cfo	2027Q3 / upside	91.24 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(upside_2027q3_cash_before_settlement, upside_2027q3_hfs_funding).
Cash PP&E and software upside_2027q3_capex	2027Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment upside_2027q3_lending_investment	2027Q3 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts upside_2027q3_asset_cash	2027Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity upside_2027q3_debt_principal	2027Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases upside_2027q3_buybacks	2027Q3 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts upside_2027q3_available_cash	2027Q3 / upside	131.24 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(upside_2027q3_cfo, upside_2027q3_asset_cash).
Loan investment capex and capital claims upside_2027q3_investment_and_claims	2027Q3 / upside	49.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(upside_2027q3_capex, upside_2027q3_lending_investment, upside_2027q3_debt_principal, upside_2027q3_buybacks).
Cash after lending and capital claims upside_2027q3_cash_after_claims	2027Q3 / upside	82.24 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(upside_2027q3_available_cash, upside_2027q3_investment_and_claims).
Facilitated principal upside_2027q4_volume	2027Q4 / upside	6,900.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity versus Q2 upside_2027q4_activity	2027Q4 / upside	163.2% ratio	derived: Total principal proxy for fee-generating activity. Formula: divide(upside_2027q4_volume, q2_volume).
Mixed fee realization versus Q2 upside_2027q4_fee_realization	2027Q4 / upside	90.5% ratio	assumption: Desk assumption; not company guidance.
Unsecured fee revenue upside_2027q4_unsecured_fee	2027Q4 / upside	482.00 USD_millions	derived: Includes servicing and loan-sale economics; not a contractual origination fee. Formula: multiply(q2_unsecured_fee, upside_2027q4_activity, upside_2027q4_fee_realization).
Secured fee revenue upside_2027q4_secured_fee	2027Q4 / upside	98.00 USD_millions	assumption: Desk assumption; not company guidance.
Total fee revenue upside_2027q4_fees	2027Q4 / upside	580.00 USD_millions	derived: Product group fee perimeter matches reported fee total. Formula: sum(upside_2027q4_unsecured_fee, upside_2027q4_secured_fee).
Unsecured contribution margin upside_2027q4_unsecured_cm	2027Q4 / upside	64.0% ratio	assumption: Desk assumption; not company guidance.
Unsecured contribution upside_2027q4_unsecured_contribution	2027Q4 / upside	308.48 USD_millions	derived: After direct acquisition/servicing expense. Formula: multiply(upside_2027q4_unsecured_fee, upside_2027q4_unsecured_cm).
Secured contribution margin upside_2027q4_secured_cm	2027Q4 / upside	14.5% ratio	assumption: Desk assumption; not company guidance.
Secured contribution upside_2027q4_secured_contribution	2027Q4 / upside	14.21 USD_millions	derived: Newer products may have negative contribution. Formula: multiply(upside_2027q4_secured_fee, upside_2027q4_secured_cm).
Fee contribution profit upside_2027q4_contribution	2027Q4 / upside	322.69 USD_millions	derived: Contribution excludes balance-sheet interest and fair-value revenue. Formula: sum(upside_2027q4_unsecured_contribution, upside_2027q4_secured_contribution).
Net credit/fair-value revenue loss upside_2027q4_fair_value_loss	2027Q4 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Balance-sheet funding interest upside_2027q4_funding_interest	2027Q4 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Loan interest income upside_2027q4_loan_interest	2027Q4 / upside	86.00 USD_millions	assumption: Desk assumption; not company guidance.
Funding and fair-value costs upside_2027q4_balance_cost	2027Q4 / upside	34.00 USD_millions	derived: Funding interest is already deducted from revenue. Formula: sum(upside_2027q4_funding_interest, upside_2027q4_fair_value_loss).
Net balance-sheet revenue upside_2027q4_net_balance_revenue	2027Q4 / upside	52.00 USD_millions	derived: No second deduction of balance-sheet interest below operating earnings. Formula: subtract(upside_2027q4_loan_interest, upside_2027q4_balance_cost).
Total revenue upside_2027q4_revenue	2027Q4 / upside	632.00 USD_millions	derived: Fee revenue plus net interest/fair-value revenue. Formula: sum(upside_2027q4_fees, upside_2027q4_net_balance_revenue).
Contribution plus balance-sheet revenue upside_2027q4_contribution_plus_balance	2027Q4 / upside	374.69 USD_millions	derived: Direct fee costs already removed. Formula: sum(upside_2027q4_contribution, upside_2027q4_net_balance_revenue).
Fixed adjusted expense allowance upside_2027q4_fixed_adjusted_cost	2027Q4 / upside	208.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q4_adj_ebitda	2027Q4 / upside	166.69 USD_millions	derived: Base annual target is calibrated to company outlook; cost allowance follows its adjusted perimeter. Formula: subtract(upside_2027q4_contribution_plus_balance, upside_2027q4_fixed_adjusted_cost).
SBC expense upside_2027q4_sbc	2027Q4 / upside	58.00 USD_millions	assumption: Desk assumption; not company guidance.
Equity payroll adjustment upside_2027q4_payroll	2027Q4 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation and amortization upside_2027q4_da	2027Q4 / upside	9.50 USD_millions	assumption: Desk assumption; not company guidance.
Convertible GAAP interest upside_2027q4_convert_interest	2027Q4 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net other income after convertible interest upside_2027q4_net_other_income	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
GAAP bridge exclusions upside_2027q4_ebitda_exclusions	2027Q4 / upside	75.50 USD_millions	derived: Other income and convertible interest reproduce reported reconciliation; no reorganization assumed. Formula: sum(upside_2027q4_sbc, upside_2027q4_payroll, upside_2027q4_da, upside_2027q4_convert_interest, upside_2027q4_net_other_income).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	91.19 USD_millions	derived: SBC remains a GAAP cost. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_ebitda_exclusions).
Operating result plus noncash adjustments upside_2027q4_operating_noncash_bridge	2027Q4 / upside	174.69 USD_millions	derived: Fair-value loss assumed noncash; product-level settlements can differ. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_fair_value_loss).
Cash tax upside_2027q4_cash_tax	2027Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate cash interest upside_2027q4_corporate_net_interest_cash	2027Q4 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Other working-capital and settlement use upside_2027q4_working_capital_use	2027Q4 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax corporate interest and other timing upside_2027q4_cash_timing	2027Q4 / upside	29.00 USD_millions	derived: Balance-sheet interest remains inside revenue; no repeated subtraction. Formula: sum(upside_2027q4_cash_tax, upside_2027q4_corporate_net_interest_cash, upside_2027q4_working_capital_use).
Cash before operating loan settlement upside_2027q4_cash_before_settlement	2027Q4 / upside	145.69 USD_millions	derived: Analytical cash measure, not reported CFO or FCF. Formula: subtract(upside_2027q4_operating_noncash_bridge, upside_2027q4_cash_timing).
Net operating loan-settlement funding upside_2027q4_hfs_funding	2027Q4 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO after operating loan settlement upside_2027q4_cfo	2027Q4 / upside	95.69 USD_millions	derived: Deduct HFS loan investment once, inside CFO. Formula: subtract(upside_2027q4_cash_before_settlement, upside_2027q4_hfs_funding).
Cash PP&E and software upside_2027q4_capex	2027Q4 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net HFI investment upside_2027q4_lending_investment	2027Q4 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other lending and beneficial-asset receipts upside_2027q4_asset_cash	2027Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Asset-backed principal sensitivity upside_2027q4_debt_principal	2027Q4 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Optional repurchases upside_2027q4_buybacks	2027Q4 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO plus asset receipts upside_2027q4_available_cash	2027Q4 / upside	135.69 USD_millions	derived: Receipts outside CFO remain separate. Formula: sum(upside_2027q4_cfo, upside_2027q4_asset_cash).
Loan investment capex and capital claims upside_2027q4_investment_and_claims	2027Q4 / upside	55.00 USD_millions	derived: Excludes new borrowing and equity issuance. Formula: sum(upside_2027q4_capex, upside_2027q4_lending_investment, upside_2027q4_debt_principal, upside_2027q4_buybacks).
Cash after lending and capital claims upside_2027q4_cash_after_claims	2027Q4 / upside	80.69 USD_millions	derived: Pre-financing surplus or funding gap; not a projected cash balance. Formula: subtract(upside_2027q4_available_cash, upside_2027q4_investment_and_claims).
Total revenue ($M) upside_fy2026_revenue	FY2026 / upside	1,486.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Fee revenue ($M) upside_fy2026_fees	FY2026 / upside	1,360.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fees, upside_2026q3_fees, upside_2026q4_fees).
Fee contribution profit ($M) upside_fy2026_contribution	FY2026 / upside	762.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_contribution, upside_2026q3_contribution, upside_2026q4_contribution).
Adjusted EBITDA proxy ($M) upside_fy2026_adj_ebitda	FY2026 / upside	362.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, upside_2026q3_adj_ebitda, upside_2026q4_adj_ebitda).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	133.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
CFO after HFS loan settlement ($M) upside_fy2026_cfo	FY2026 / upside	-126.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash PP&E and software ($M) upside_fy2026_capex	FY2026 / upside	30.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
Net HFI loan investment ($M) upside_fy2026_lending_investment	FY2026 / upside	58.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lending_investment, upside_2026q3_lending_investment, upside_2026q4_lending_investment).
Other lending/beneficial asset receipts ($M) upside_fy2026_asset_cash	FY2026 / upside	211.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_cash, upside_2026q3_asset_cash, upside_2026q4_asset_cash).
Debt principal cash ($M) upside_fy2026_debt_principal	FY2026 / upside	348.53 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, upside_2026q3_debt_principal, upside_2026q4_debt_principal).
Share repurchase cash ($M) upside_fy2026_buybacks	FY2026 / upside	100.06 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, upside_2026q3_buybacks, upside_2026q4_buybacks).
Cash after lending and capital claims ($M) upside_fy2026_cash_after_claims	FY2026 / upside	-451.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2026q3_cash_after_claims, upside_2026q4_cash_after_claims).
Total revenue ($M) upside_fy2027_revenue	FY2027 / upside	2,175.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Fee revenue ($M) upside_fy2027_fees	FY2027 / upside	1,985.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fees, upside_2027q2_fees, upside_2027q3_fees, upside_2027q4_fees).
Fee contribution profit ($M) upside_fy2027_contribution	FY2027 / upside	1,122.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_contribution, upside_2027q2_contribution, upside_2027q3_contribution, upside_2027q4_contribution).
Adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda	FY2027 / upside	603.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	322.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
CFO after HFS loan settlement ($M) upside_fy2027_cfo	FY2027 / upside	360.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash PP&E and software ($M) upside_fy2027_capex	FY2027 / upside	46.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Net HFI loan investment ($M) upside_fy2027_lending_investment	FY2027 / upside	110.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_lending_investment, upside_2027q2_lending_investment, upside_2027q3_lending_investment, upside_2027q4_lending_investment).
Other lending/beneficial asset receipts ($M) upside_fy2027_asset_cash	FY2027 / upside	160.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_asset_cash, upside_2027q2_asset_cash, upside_2027q3_asset_cash, upside_2027q4_asset_cash).
Debt principal cash ($M) upside_fy2027_debt_principal	FY2027 / upside	28.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_debt_principal, upside_2027q2_debt_principal, upside_2027q3_debt_principal, upside_2027q4_debt_principal).
Share repurchase cash ($M) upside_fy2027_buybacks	FY2027 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_buybacks, upside_2027q2_buybacks, upside_2027q3_buybacks, upside_2027q4_buybacks).
Cash after lending and capital claims ($M) upside_fy2027_cash_after_claims	FY2027 / upside	336.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).

Model boundaries

The unsecured activity index uses total facilitated principal as a proxy. Servicing and loan-sale fees are included in the unsecured fee baseline; the yield factor is not a pure contractual origination take rate. Secured fees are a separate sensitivity, not an invented GAAP segment.
July/August originations are preliminary company operating metrics, not revenue. September volume, product mix and all FY2027 assumptions are desk estimates. UMI 1.50 is an Upstart-specific credit-risk indicator, not a forecast of the economy or a company loss provision.
Castlelake agreed to purchase up to $4B of platform loans over up to 24 months. This is third-party loan funding, not $4B corporate cash, revenue or guaranteed immediate purchases.
OCC bank approval is conditional; deposit-insurance and holding-company approvals remained pending in the reviewed filing. No bank funding benefit is included.
HFS purchases, sales and principal receipts are already inside reported CFO. They are deducted once; investing HFI and beneficial assets follow below CFO. Analytical cash before settlement is not company FCF.
CFO is a proxy: fair-value/noncash timing and settlements can differ significantly. Future loan-asset proceeds are assumptions, not a liquidation promise. No complete restricted-cash, investor-payable or warehouse borrowing waterfall is modeled.
The $66.544M 2026 convertible was scheduled to mature August 15. Q3 assumes cash settlement; the reviewed pre-maturity filing does not confirm the actual settlement. Other modeled principal is an amortization sensitivity.
No EPS, fully diluted ownership or bank regulatory capital forecast. Negative cash after claims is a pre-financing funding need, not a projected cash balance.

Fee growth must survive the loan-funding cash bridge

Research reviewed 2026-09-19

Can marketplace contribution support growth without persistent balance-sheet funding needs?

H1 fee revenue was $625.1M and contribution $330.4M; adjusted EBITDA was $117.4M versus GAAP operating income $7.1M. Reported CFO was negative $269.9M, including $407.0M net operating loan-settlement funding. Excluding those lines gives an analytical $137.0M, before $13.2M PP&E/software and investing loan assets. June unrestricted cash was $456.0M, separately from $526.3M restricted cash. FY2026 outlook is approximately $1.4B revenue, $1.3B fees and $294M adjusted EBITDA. July/August facilitated principal was $1.397B/$1.342B; September remains a forecast. Castlelake funding supports platform loans, while conditional bank approval does not yet establish funded bank operations.

The competing explanation

Higher approval volumes can coexist with weaker fees, negative secured contribution, adverse credit marks and cash tied up in loans. Adjusted profitability alone does not resolve liquidity or dilution.

Risks to track

Funding partners can reduce purchases or change terms.
Fee mix and credit performance can worsen together.
Secured growth may consume contribution before scale.
Loan-settlement and fair-value timing can dominate CFO.
Bank approvals and post-maturity settlement remain verification items.

Next checkpoints

Monthly volume and credit · Next monthly release (estimated). Compare funded principal, origination days and UMI; do not turn volume directly into revenue.
Loan funding bridge · Q3 results; date unconfirmed (estimated). Reconcile HFS/HFI cash, beneficial assets, restrictions and borrowing.
August debt settlement · Q3 filing (estimated). Confirm actual treatment of the scheduled August 15 convertible maturity.

Data coverage and open work

The unsecured activity index uses total facilitated principal as a proxy. Servicing and loan-sale fees are included in the unsecured fee baseline; the yield factor is not a pure contractual origination take rate. Secured fees are a separate sensitivity, not an invented GAAP segment.
July/August originations are preliminary company operating metrics, not revenue. September volume, product mix and all FY2027 assumptions are desk estimates. UMI 1.50 is an Upstart-specific credit-risk indicator, not a forecast of the economy or a company loss provision.
Castlelake agreed to purchase up to $4B of platform loans over up to 24 months. This is third-party loan funding, not $4B corporate cash, revenue or guaranteed immediate purchases.
OCC bank approval is conditional; deposit-insurance and holding-company approvals remained pending in the reviewed filing. No bank funding benefit is included.
HFS purchases, sales and principal receipts are already inside reported CFO. They are deducted once; investing HFI and beneficial assets follow below CFO. Analytical cash before settlement is not company FCF.
CFO is a proxy: fair-value/noncash timing and settlements can differ significantly. Future loan-asset proceeds are assumptions, not a liquidation promise. No complete restricted-cash, investor-payable or warehouse borrowing waterfall is modeled.
The $66.544M 2026 convertible was scheduled to mature August 15. Q3 assumes cash settlement; the reviewed pre-maturity filing does not confirm the actual settlement. Other modeled principal is an amortization sensitivity.
No EPS, fully diluted ownership or bank regulatory capital forecast. Negative cash after claims is a pre-financing funding need, not a projected cash balance.

This review: Added monthly-volume informed scenarios, product contribution and separate operating/investing loan cash.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed mid-range, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-3.2	+0.1	+3.5	50%
5 sessions	-6.4	-0.1	+6.8	48%
10 sessions	-10.8	-0.7	+13.0	47%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-03 (source: estimated from 10-Q/A filed 2026-08-05 plus 90 days)

Provenance

[1] reported: Revenues, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[2] derived: Revenues, accession 0001647639-26-000027, 10-K filed 2026-02-10; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[3] reported: Revenues, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[4] reported: Revenues, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[5] reported: OperatingIncomeLoss, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[6] derived: OperatingIncomeLoss, accession 0001647639-26-000027, 10-K filed 2026-02-10; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[7] reported: OperatingIncomeLoss, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[8] reported: OperatingIncomeLoss, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[9] reported: NetIncomeLoss, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[10] derived: NetIncomeLoss, accession 0001647639-26-000027, 10-K filed 2026-02-10; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[11] reported: NetIncomeLoss, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[12] reported: NetIncomeLoss, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[13] reported: EarningsPerShareDiluted, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[14] reported: EarningsPerShareDiluted, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[15] reported: EarningsPerShareDiluted, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001647639-26-000027, 10-K filed 2026-02-10; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001647639-25-000049, 10-Q filed 2025-05-06; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001647639-25-000100, 10-Q/A filed 2025-08-06; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[25] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[26] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001647639-26-000027, 10-K filed 2026-02-10; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[27] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[28] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[29] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[30] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001647639-26-000027, 10-K filed 2026-02-10; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[31] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[32] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[33] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001647639-25-000134, 10-Q filed 2025-11-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[34] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001647639-26-000027, 10-K filed 2026-02-10; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[35] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001647639-26-000046, 10-Q filed 2026-05-05; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json
[36] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001647639-26-000063, 10-Q filed 2026-08-04; retrieved 2026-09-19T23:25:51+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001647639.json

What the author read

Q2 filing and loan funding cash classifications · retrieved 2026-09-19
Q2 results and annual outlook · retrieved 2026-09-19
September 3 August volume and credit update · retrieved 2026-09-19
August 3 July volume update · retrieved 2026-09-19
Castlelake forward-flow terms · retrieved 2026-09-19

Compiled 2026-09-19T23:25:51.566981+00:00 · authored 45bb51e30813 · generated f8937ec38075 · JSON

Daily notes · Scorecard