Marketplace Revenue Q1 2024

-42% " " "

The steep decline was driven by a 190% increase in net fair value adjustments and a 26% drop in servicing fees, as lower loan balances serviced for others reduced fee income compared to Q1 2023. " " "

Interest Income Q1 2024

+2% " " "

A modest 2% increase was achieved principally due to an 806% surge in interest on securities available for sale and a 155% boost in interest on loans held for sale, which counterbalanced declines in other interest streams. " " "

Interest Expense Q1 2024

+52% " " "

Interest expense rose sharply by 52%, mainly due to a 58% hike in deposit funding costs that reflected higher interest rates on deposits compared to the previous year. " " "

Provision for Credit Losses Q1 2024

-55% " " "

A 55% reduction in the provision for credit losses indicates improved credit risk metrics or adjustments in loan loss estimations, which positively contributed to net revenue despite declining marketplace income. " " "

Non-Interest Income Q1 2024

-42% " " "

The decline in non-interest income, falling by 42%, was largely a consequence of the drop in marketplace revenue components such as origination and servicing fees. " " "

Net Interest Income Q1 2025

+22% " " "

In Q1 2025, net interest income surged by 22% due to higher yields and volumes in loans held for sale (up 48%) and securities available for sale (up 59%), reflecting improved asset performance and lower deposit costs compared to Q1 2024. " " "

Provision for Credit Losses Q1 2025

+82% " " "

The provision for credit losses increased 82% as the company anticipated higher credit losses amid changing macroeconomic conditions and shifts in borrower credit quality relative to the lower provisions recorded in Q1 2024. " " "

Loan Originations Q1 2025

+21% " "

Total loan originations grew by 21% from $1.65 billion to $1.99 billion, predominantly driven by a 136% increase in originations held for investment, reflecting a rebound from the 28% decline seen in Q1 2024. " " " "

Marketplace Revenue Q1 2025

+17% " " "

Despite a sequential drop of 9% due to lower servicing fees, marketplace revenue improved by 17% YoY owing to better loan sales pricing, a 12% rise in gain on sales, and a 35% improvement in net fair value adjustments compared to Q1 2024. " " "

Net Income Q1 2024

-10% " " " "

The 10% decline in net income in Q1 2024 was impacted by reduced marketplace revenue and net interest income, partially offset by lower non-interest expenses and a significant reduction in credit loss provisions. " " " "

Net Income Q1 2025

-5% YoY " " " "

In Q1 2025, net income fell by 5% YoY as the substantial increase in credit loss provisions overshadowed gains in net interest income and marketplace revenue, although a 20% sequential improvement from Q4 2024 signaled some operational recovery. " " " "