As of March 31, 2022, our loan portfolio consisted of personal loans, student loans and home loans, which are measured at fair value under the fair value option election, and loans measured at amortized cost, including credit card, and commercial and consumer banking loans. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable, as of the dates indicated:


	March 31,		December 31,
	2022		2021
Loans at fair value
Securitized student loans	$	513,378	$	574,328
Securitized personal loans	177,179		234,576
Student loans	3,224,061		2,876,509
Home loans	146,658		212,709
Personal loans	2,941,609		2,054,850
Total loans at fair value	7,002,885		5,952,972
Loans at amortized cost(1)
Credit card	139,388		115,912
Commercial and consumer banking:
Commercial real estate	67,627		—
Commercial and industrial	8,760		—
Residential real estate and other consumer	3,341		—
Total commercial and consumer banking	79,728		—

Total loans at amortized cost	219,116		115,912
Total loans	$	7,222,001	$	6,068,884


	Student Loans		Home Loans		Personal Loans		Total
March 31, 2022
Unpaid principal(1)	$	3,683,512	$	153,222	$	3,006,363	$	6,843,097
Accumulated interest	9,740		182		17,893		27,815
Cumulative fair value adjustments(1)	44,187		(6,746)		94,532		131,973
Total fair value of loans	$	3,737,439	$	146,658	$	3,118,788	$	7,002,885
December 31, 2021
Unpaid principal(1)	$	3,356,344	$	210,111	$	2,188,773	$	5,755,228
Accumulated interest	9,990		190		12,310		22,490
Cumulative fair value adjustments(1)	84,503		2,408		88,343		175,254
Total fair value of loans	$	3,450,837	$	212,709	$	2,289,426	$	5,952,972

The following table summarizes the aggregate fair value of loans 90 days or more delinquent as of the dates indicated. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent. There were no home loans that were 90 days or more delinquent as of the dates presented.


	Student Loans		Personal Loans		Total
March 31, 2022
Unpaid principal	$	1,959	$	4,163	$	6,122
Accumulated interest	26		156		182
Cumulative fair value adjustments	(1,160)		(3,658)		(4,818)
Fair value of loans 90 days or more delinquent	$	825	$	661	$	1,486
December 31, 2021
Unpaid principal	$	1,589	$	4,765	$	6,354
Accumulated interest	32		149		181
Cumulative fair value adjustments	(865)		(4,189)		(5,054)
Fair value of loans 90 days or more delinquent	$	756	$	725	$	1,481


	Student Loans		Home Loans		Personal Loans		Total
Three Months Ended March 31, 2022
Fair value as of January 1, 2022	$	3,450,837	$	212,709	$	2,289,426	$	5,952,972
Origination of loans	983,804		312,383		2,026,004		3,322,191
Principal payments	(227,115)		(4,400)		(372,454)		(603,969)
Sales of loans	(544,150)		(365,370)		(977,920)		(1,887,440)
Purchases(1)	116,433		498		160,748		277,679
Change in accumulated interest	(250)		(8)		5,583		5,325
Change in fair value(2)	(42,120)		(9,154)		(12,599)		(63,873)
Fair value as of March 31, 2022	$	3,737,439	$	146,658	$	3,118,788	$	7,002,885

Three Months Ended March 31, 2021
Fair value as of January 1, 2021	$	2,866,459	$	179,689	$	1,812,920	$	4,859,068
Origination of loans	1,004,685		735,604		805,689		2,545,978
Principal payments	(250,219)		(1,479)		(258,199)		(509,897)
Sales of loans	(936,160)		(677,566)		(779,441)		(2,393,167)
Purchases(1)	71		119		1,001		1,191
Change in accumulated interest	(1,249)		(35)		(2,187)		(3,471)
Change in fair value(2)	(16,794)		(4,429)		(5,875)		(27,098)
Fair value as of March 31, 2021	$	2,666,793	$	231,903	$	1,573,908	$	4,472,604

(1) Purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity during the three months ended March 31, 2022 included securitization clean-up calls (purchases we elect to make when the risk retention period has sunset) of $275,499. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements.

(2) Changes in fair value of loans are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) within noninterest income—loan origination and sales for loans held on the balance sheet prior to transfer to a third party through a sale or to a VIE and within noninterest income—securitizations for loans in a consolidated VIE. Changes in fair value are impacted by valuation assumption changes, as well as sales price execution and amount of time the loans are held prior to sale. The estimated amount of gains included in earnings attributable to changes in instrument-specific credit risk were $6,496 and $6,926 during the three months ended March 31, 2022 and 2021, respectively. The gains attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument.

The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status as of the dates indicated:


			Delinquent Loans
	Current		30–59 Days		60–89 Days		≥ 90 Days(1)		Total Delinquent Loans		Total Loans(2)
March 31, 2022
Credit card	$	143,161	$	3,330	$	2,625	$	4,714	$	10,669	$	153,830
Commercial and consumer banking:
Commercial real estate	68,385		—		—		—		—		68,385
Commercial and industrial	8,946		129		—		—		129		9,075
Residential real estate and other consumer(3)	3,343		—		—		—		—		3,343
Total commercial and consumer banking	80,674		129		—		—		129		80,803
Total loans	$	223,835	$	3,459	$	2,625	$	4,714	$	10,798	$	234,633

December 31, 2021
Credit card	$	115,356	$	1,893	$	1,683	$	2,658	$	6,234	$	121,590

_______________

(1)All of the credit card loans ≥ 90 days past due continued to accrue interest. As of March 31, 2022 and December 31, 2021, there were no credit card loans on nonaccrual status. As of March 31, 2022, commercial and consumer banking loans on nonaccrual status were immaterial, and there were no loans that were 90 days or more past due.

(2)For credit card, the balance is presented before allowance for credit losses of $16,500 and $7,037 as of March 31, 2022 and December 31, 2021, respectively, and accrued interest of $2,058 and $1,359, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $1,366 and accrued interest of $289 as of March 31, 2022.

The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) as of the dates indicated based on FICO scores, which are obtained at the origination of the


FICO	March 31, 2022		December 31, 2021
≥ 800	$	7,532	$	10,016
780 – 799	6,429		8,624
760 – 779	7,968		9,976
740 – 759	9,744		13,581
720 – 739	13,487		18,358
700 – 719	18,763		22,579
680 – 699	22,127		21,736
660 – 679	21,369		14,044
640 – 659	16,352		1,969
< 640	30,059		707
Total credit card	$	153,830	$	121,590

We evaluate the credit quality of our commercial and consumer banking loan portfolio on a quarterly basis based on regulatory risk ratings. Loans are categorized into risk ratings based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. We analyze loans individually by classification based on their associated credit risk, and perform an analysis on an ongoing basis as new information is obtained. Risk rating classifications are further described below. Loans with a lower expectation of credit losses are classified as Pass, while loans with a higher expectation of credit losses are classified as Substandard.

•Special mention — Loans with a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or our credit position at some future date.

•Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the full repayment. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator as of March 31, 2022.


	Term Loans by Origination Year
	2022		2021		2020		2019		2018		Prior		Total Term Loans		Revolving Loans
Commercial real estate
Pass	$	2,856	$	5,827	$	8,153	$	12,437	$	6,994	$	17,638	$	53,905	$	208
Watch	—		1,708		—		2,807		1,143		4,082		9,740		—
Special mention	—		—		—		689		2,269		416		3,374		—
Substandard	—		—		—		—		81		1,077		1,158		—
Total commercial real estate	$	2,856	$	7,535	$	8,153	$	15,933	$	10,487	$	23,213	$	68,177	$	208
Commercial and industrial
Pass	$	—	$	259	$	120	$	—	$	115	$	5,313	$	5,807	$	399
Watch	—		—		—		—		—		296		296		30
Special mention	—		—		—		—		—		763		763		—
Substandard	—		—		—		—		553		1,102		1,655		125
Total commercial and industrial	$	—	$	259	$	120	$	—	$	668	$	7,474	$	8,521	$	554
Residential real estate and other consumer
Pass	$	—	$	—	$	—	$	—	$	—	$	3,234	$	3,234	$	65
Watch	—		—		—		—		—		44		44		—


Total residential real estate and other consumer	$	—	$	—	$	—	$	—	$	—	$	3,278	$	3,278	$	65
Total commercial and consumer banking	$	2,856	$	7,794	$	8,273	$	15,933	$	11,155	$	33,965	$	79,976	$	827