Prosper Marketplace 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 12, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	333-225797-01
Entity Registrant Name	PROSPER MARKETPLACE, INC.
Entity Central Index Key	0001416265
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1733867
Entity Address, Address Line One	221 Main Street
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	593-5400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		68,455,641
Prosper Funding LLC
Entity Information [Line Items]
Entity File Number	333-225797
Entity Registrant Name	PROSPER FUNDING LLC
Entity Central Index Key	0001542574
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4526070
Entity Address, Address Line One	221 Main Street
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	593-5400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and Cash Equivalents		$ 52,829	$ 64,635
Restricted Cash (1)	[1]	141,504	155,773
Accounts Receivable (1)	[1]	1,032	1,695
Loans Held for Sale, at Fair Value (1)	[1]	153,236	142,026
Borrower Loans, at Fair Value	[1]	522,404	634,019
Property, Plant, And Equipment And Finance Lease Right-Of-Use Asset, After Accumulated Depreciation And Amortization		31,369	31,296
Prepaid and Other Assets (1)	[1]	5,480	5,694
Servicing Assets		11,742	12,602
Goodwill		36,368	36,368
Intangible Assets, Net		664	720
Total Assets		956,628	1,084,828
Liabilities, Convertible Preferred Stock and Stockholders' Deficit
Accounts Payable and Accrued Liabilities		14,297	19,937
Payable to Investors		87,928	101,092
Notes, at Fair Value		225,491	244,171
Notes Issued by Securitization Trust (1)	[1]	286,296	347,662
Certificates Issued by Securitization Trust, at Fair Value	[1]	35,316	52,168
Warehouse Lines (1)	[1]	154,388	131,583
Other Liabilities		20,184	21,726
Convertible Preferred Stock Warrant Liability		94,547	149,996
Total Liabilities		918,447	1,068,335
Commitments and Contingencies (see Note 17)
Convertible Preferred Stock – $0.01 par value; 444,760,848 shares authorized as of March 31, 2020 and December 31, 2019; 209,613,570 issued and outstanding as of March 31, 2020 and December 31, 2019. Aggregate liquidation preference of $370,456 as of March 31, 2020 and December 31, 2019.		322,748	322,748
Stockholders' Deficit
Common Stock – $0.01 par value; 625,000,000 shares authorized; 69,391,576 shares issued and 68,455,641 shares outstanding, as of March 31, 2020; 69,387,836 shares issued and 68,451,901 shares outstanding, as of December 31, 2019.		208	208
Additional Paid-In Capital		151,974	151,416
Less: Treasury Stock		(23,417)	(23,417)
Accumulated Deficit		(413,332)	(434,462)
Total Stockholders' Deficit		(284,567)	(306,255)
Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit		956,628	1,084,828
Prosper Funding LLC
Assets
Cash and Cash Equivalents		10,473	7,462
Restricted Cash (1)		105,200	110,399
Borrower Loans, at Fair Value		227,659	245,137
Servicing Assets		13,690	14,888
Other Assets		540	749
Total Assets		364,577	386,184
Liabilities, Convertible Preferred Stock and Stockholders' Deficit
Accounts Payable and Accrued Liabilities		2,388	2,133
Payable to Related Party		12,838	2,679
Payable to Investors		90,852	105,287
Notes, at Fair Value		225,491	244,171
Other Liabilities		3,273	3,727
Total Liabilities		334,842	357,997
Stockholders' Deficit
Member's Equity		15,904	15,904
Accumulated Deficit		13,831	12,283
Total Stockholders' Deficit		29,735	28,187
Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit		364,577	386,184
Primary Beneficiary
Assets
Restricted Cash (1)	[2]	39,958	39,118
Accounts Receivable (1)	[2]	0	73
Loans Held for Sale, at Fair Value (1)	[2]	153,236	142,026
Borrower Loans, at Fair Value	[2]	294,745	388,882
Prepaid and Other Assets (1)	[2]	2,705	2,928
Total Assets	[2]	490,644	573,027
Liabilities, Convertible Preferred Stock and Stockholders' Deficit
Notes Issued by Securitization Trust (1)	[2]	286,296	347,662
Certificates Issued by Securitization Trust, at Fair Value	[2]	35,316	52,168
Warehouse Lines (1)	[2]	154,388	131,583
Total Liabilities	[2]	$ 476,000	$ 531,413
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.
[2]	The following table presents the assets and liabilities of consolidated variable interest entities (VIEs), which are included in the condensed consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. See Note 6, Securitizations, and Note 10, Debt, to our Notes to Condensed Consolidated Financial Statements for add itional information.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Sep. 20, 2017
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized (in shares)	444,760,848		444,760,848
Convertible preferred stock, shares issued (in shares)	209,613,570
Convertible preferred stock, shares outstanding (in shares)	209,613,570
Convertible preferred stock, aggregate liquidation preference	$ 370,456	$ 370,456
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	625,000,000	625,000,000	625,000,000
Common stock, shares issued (in shares)	69,391,576	69,387,836
Common stock, shares outstanding (in shares)	68,455,641	68,451,901

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Revenues
Revenues	$ 29,226	$ 26,482
Gain (Loss) on Sale of Borrower Loans	1,744	2,697
Fair Value of Warrants Vested on Sale of Borrower Loans	0	(9,747)
Interest Income
Interest Income on Borrower Loans and Loans Held for Sale	27,644	18,428
Interest Expense on Financial Instruments	(16,683)	(13,120)
Net Interest Income	10,961	5,308
Change in Fair Value of Financial Instruments, Net	(36,942)	(1,713)
Total Net Revenue	3,245	30,077
Expenses
Origination and Servicing	8,446	8,161
Sales and Marketing	11,242	16,341
General and Administrative	18,162	18,768
Restructuring Charges, Net	0	82
Change in Fair Value of Convertible Preferred Stock Warrants	(55,449)	10,058
Other Income, Net	(320)	(648)
Total Expenses	(17,919)	52,762
Net Income (Loss) Before Taxes	21,164	(22,685)
Income Tax Expense	34	29
Net Income (Loss)	21,130	(22,714)
Less: Net Income Allocated to Participating Securities	(15,755)	0
Net Income (Loss) Attributable to Common Stockholders	$ 5,375	$ (22,714)
Net Income (Loss) Per Share - Basic (in shares)	$ 0.08	$ (0.32)
Net Income (Loss) Per Share - Diluted (in shares)	$ 0.02	$ (0.32)
Weighted-Average Shares - Basic (in shares)	68,454,103	70,487,006
Weighted-Average Shares - Diluted (in shares)	281,955,876	70,487,006
Prosper Funding LLC
Operating Revenues
Revenues	$ 14,474	$ 16,850
Gain (Loss) on Sale of Borrower Loans	2,000	(6,827)
Interest Income
Interest Income on Borrower Loans and Loans Held for Sale	9,838	10,331
Interest Expense on Financial Instruments	(9,216)	(9,649)
Net Interest Income	622	682
Change in Fair Value on Borrower Loans, Loans Held for Sale and Notes, Net	63	(87)
Total Net Revenue	15,159	17,445
Expenses
Administration Fee - Related Party	12,364	14,991
Servicing	1,193	1,067
General and Administrative	54	96
Total Expenses	13,611	16,154
Income Tax Expense	0	0
Net Income (Loss)	1,548	1,291
Administration Fee Revenue - Related Party | Prosper Funding LLC
Operating Revenues
Revenues	5,835	16,975
Transaction Fees, Net
Operating Revenues
Revenues	20,413	26,294
Servicing Fees, Net
Operating Revenues
Revenues	6,057	6,202
Servicing Fees, Net | Prosper Funding LLC
Operating Revenues
Revenues	6,459	6,645
Other Revenue
Operating Revenues
Revenues	1,012	1,036
Other Revenue | Prosper Funding LLC
Operating Revenues
Revenues	$ 180	$ 57

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Other Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 21,130	$ (22,714)
Other Comprehensive Income
Change in Net Unrealized Gain on Available for Sale Investments, at Fair Value	0	10
Other Comprehensive Income, Before Tax	0	10
Income Tax Effect	0	0
Other Comprehensive Income, Net of Tax	0	10
Comprehensive Income (Loss), Net of Tax	$ 21,130	$ (22,704)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Prosper Funding LLC	Prosper Funding LLCRetained Earnings (Accumulated Deficit)	Prosper Funding LLCMember's Equity
Beginning balance (in shares) at Dec. 31, 2018		214,637,925
Beginning balance at Dec. 31, 2018		$ 323,793
Ending balance (in shares) at Mar. 31, 2019		214,637,925
Ending balance at Mar. 31, 2019		$ 323,793
Beginning balance (in shares) at Dec. 31, 2018			75,652,445	(5,177,235)
Beginning balance at Dec. 31, 2018	$ (298,466)		$ 229	$ (23,417)	$ 145,486	$ (13)	$ (420,751)	$ 31,245	$ 6,341	$ 24,904
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of vested stock options (in shares)			16,085
Exercise of vested stock options	4				4
Stock-based Compensation Expense	1,714				1,714
Change in net unrealized loss on available for sale investments, at fair value	10					10
Net Income (Loss)	(22,714)						(22,714)	1,291	1,291
Ending balance (in shares) at Mar. 31, 2019			75,668,530	(5,177,235)
Ending balance at Mar. 31, 2019	(319,452)		$ 229	$ (23,417)	147,204	$ (3)	(443,465)	32,536	7,632	24,904
Beginning balance (in shares) at Dec. 31, 2019		209,613,570
Beginning balance at Dec. 31, 2019	$ 322,748	$ 322,748
Ending balance (in shares) at Mar. 31, 2020	209,613,570	209,613,570
Ending balance at Mar. 31, 2020	$ 322,748	$ 322,748
Beginning balance (in shares) at Dec. 31, 2019			73,629,136	(5,177,235)
Beginning balance at Dec. 31, 2019	(306,255)		$ 208	$ (23,417)	151,416		(434,462)	28,187	12,283	15,904
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of vested stock options (in shares)			3,740
Exercise of vested stock options	1				1
Stock-based Compensation Expense	557				557
Net Income (Loss)	21,130						21,130	1,548	1,548
Ending balance (in shares) at Mar. 31, 2020			73,632,876	(5,177,235)
Ending balance at Mar. 31, 2020	$ (284,567)		$ 208	$ (23,417)	$ 151,974		$ (413,332)	$ 29,735	$ 13,831	$ 15,904

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from Operating Activities:
Net Income (Loss)	$ 21,130	$ (22,714)
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Change in Fair Value of Financial Instruments, Net	36,938	2,214
Depreciation and Amortization	2,006	1,870
Amortization of Operating Lease Right-of-use Asset	901	809
Gain on Sales of Borrower Loans	(1,974)	(2,742)
Change in Fair Value of Servicing Rights	2,834	3,246
Stock-Based Compensation Expense	505	1,614
Fair Value of Warrants Vested on Sale of Borrower Loans	0	9,747
Change in Fair Value of Convertible Preferred Stock Warrants	(55,449)	10,058
Other, Net	1,073	(252)
Changes in Operating Assets and Liabilities:
Purchase of Loans Held for Sale at Fair Value	(399,550)	(490,855)
Proceeds from Sales and Principal Payments of Loans Held for Sale at Fair Value	392,244	464,660
Accounts Receivable	663	4,132
Prepaid and Other Assets	214	(701)
Accounts Payable and Accrued Liabilities	(5,151)	(2,167)
Payable to Investors	(13,164)	(9,862)
Other Liabilities	(1,496)	(679)
Net Cash Used in Operating Activities	(18,276)	(31,622)
Cash Flows from Investing Activities:
Purchase of Borrower Loans Held at Fair Value	(41,301)	(44,225)
Principal Payments of Borrower Loans Held at Fair Value	80,928	45,155
Purchases of Property and Equipment	(3,362)	(2,830)
Maturities of Available for Sale Investments	0	18,010
Net Cash Provided by Investing Activities	36,265	16,110
Cash Flows from Financing Activities:
Proceeds from Issuance of Notes Held at Fair Value	40,575	44,939
Payments of Notes Held at Fair Value	(40,587)	(44,117)
Principal Payments on Notes Issued by Securitization Trust	(61,969)	(6,766)
Principal Payments on Certificates Issued by Securitization Trust	(4,833)	(1,133)
Proceeds from Securitization Issuance	0	1,177
Proceeds from Warehouse Lines	22,749	31,751
Payment for Debt Issuance Costs		(4,417)
Proceeds from Exercise of Warrants and Stock Options	1	5
Net Cash (Used in) Provided by Financing Activities	(44,064)	21,439
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(26,075)	5,927
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period	220,408	207,059
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	194,333	212,986
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Interest	15,993	13,295
Non-Cash Investing Activity - Accrual for Property and Equipment, Net	218	293
Non-Cash Financing Activity - Issuance of Securitization Notes and Certificates	0	191,591
Non-Cash Financing Activity - Derecognition of Warehouse Line debt	0	(100,422)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total Cash, Cash Equivalents and Restricted Cash	194,333	212,986
Prosper Funding LLC
Cash flows from Operating Activities:
Net Income (Loss)	1,548	1,291
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Change in Fair Value of Financial Instruments, Net	(63)	87
Other Non-Cash Changes in Borrower Loans, Loans Held for Sale and Notes	(47)	(516)
Depreciation and Amortization	1,025	1,097
Gain on Sales of Borrower Loans	(2,196)	(2,966)
Change in Fair Value of Servicing Rights	3,394	3,337
Changes in Operating Assets and Liabilities:
Purchase of Loans Held for Sale at Fair Value	(399,550)	(490,855)
Proceeds from Sales and Principal Payments of Loans Held for Sale at Fair Value	399,550	490,855
Other Assets	209	(105)
Accounts Payable and Accrued Liabilities	255	(2,348)
Payable to Investors	(14,435)	(9,727)
Net Related Party Receivable/Payable	10,251	(802)
Other Liabilities	(454)	2,819
Net Cash Used in Operating Activities	(513)	(7,833)
Cash Flows from Investing Activities:
Purchase of Borrower Loans Held at Fair Value	(41,301)	(44,223)
Principal Payments of Borrower Loans Held at Fair Value	40,222	42,172
Purchases of Property and Equipment	(583)	(1,598)
Net Cash Provided by Investing Activities	(1,662)	(3,649)
Cash Flows from Financing Activities:
Proceeds from Issuance of Notes Held at Fair Value	40,575	44,939
Payments of Notes Held at Fair Value	(40,588)	(44,117)
Net Cash (Used in) Provided by Financing Activities	(13)	822
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(2,188)	(10,660)
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period	117,861	147,181
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	115,673	136,521
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Interest	9,366	10,250
Non-Cash Investing Activity - Accrual for Property and Equipment, Net	154	446
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total Cash, Cash Equivalents and Restricted Cash	$ 115,673	$ 136,521

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Basis of Presentation	Basis of Presentation Prosper Marketplace, Inc. (“PMI”) was incorporated in the state of Delaware on March 22, 2005. Except as the context requires otherwise, as used in these notes to the condensed consolidated financial statements of PMI, “Prosper,” “we,” “us,” and “our” refer to PMI and its wholly-owned subsidiaries, on a consolidated basis. The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and disclosure requirements for interim financial information and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date. Management believes these unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The preparation of Prosper’s condensed consolidated financial statements and related disclosures in conformity with US GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in Prosper’s financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of certain assets and liabilities. These judgments, estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions. The accompanying interim condensed consolidated financial statements include the accounts of PMI, its wholly-owned subsidiaries and consolidated variable interest entities (“VIEs”). All intercompany balances have been eliminated in consolidation. Securitization Notes are notes held by certain third party investors pursuant to Prosper’s securitization transactions, and are distinguishable from the borrower payment dependent Notes available to investors through our Note Channel.
Prosper Funding LLC
Entity Information [Line Items]
Basis of Presentation	Basis of Presentation Prosper Funding LLC (“PFL”) was formed in the state of Delaware in February 2012 as a limited liability company with the Prosper Marketplace, Inc. (“PMI”) as its sole equity member. Except as the context otherwise requires, as used in these Notes to the condensed consolidated financial statements of Prosper Funding LLC, “Prosper Funding,” “we,” “us,” and “our” refers to PFL and its wholly owned subsidiary, Prosper Depositor LLC, a Delaware limited liability company, on a consolidated basis. The unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) and disclosure requirements for interim financial information and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date. Management believes these unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Prosper Funding did not have any items of other comprehensive income (loss) for any of the periods presented in the condensed consolidated financial statements as of and for the three months ended March 31, 2020 and March 31, 2019. The preparation of Prosper Funding's condensed consolidated financial statements and related disclosures in conformity with US GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in its condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of certain assets and liabilities. These judgments, estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions, and the differences could be material.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Prosper’s significant accounting policies are included in Note 2, Summary of Significant Accounting Policies, in Prosper’s Annual Report on Form 10-K for the year ended December 31, 2019. There have been no changes to these accounting policies during the first three months of 2020 unless noted below. Fair Value Measurements Financial instruments measured at fair value consist principally of Borrower Loans, Loans Held for Sale, Servicing Assets, Notes, Certifications Issued by Securitization Trust and Convertible Preferred Stock Warrant Liability. The estimated fair values of other financial instruments, including Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Accrued Liabilities, and Payable to Investors approximate their carrying values because of their short-term nature. The estimated fair values of Notes Issued by Securitization Trust and Warehouse Lines do not approximate their carrying values due primarily to differences in the stated and market rates associated with these instruments. Refer to Note 7 for additional fair value disclosures. Restricted Cash Restricted Cash consists primarily of cash deposits, money market funds and short term certificate of deposit accounts held as collateral as required for long term leases, loan funding and servicing activities, and cash that investors have on our marketplace that has not yet been invested in Borrower Loans or disbursed to the investor. Borrower Loans, Loans Held for Sale, Notes and Certificates Issued by Securitization Trust Borrower Loans are funded either through the Note Channel or through the Whole Loan Channel. Through the Note Channel, Prosper purchases Borrower Loans from WebBank, then issues Notes and holds the Borrower Loans until maturity. The obligation to repay a series of Notes issued through the Note Channel is dependent upon the repayment of the associated Borrower Loan. Borrower Loans funded and Notes issued through the Note Channel are carried on Prosper’s condensed consolidated balance sheets as assets and liabilities, respectively. In 2019, Prosper began refinancing the purchase of Borrower Loans through the Whole Loan Channel through securitization transactions, which issue senior notes, risk retention interests, and residual certificates. Associated securitization trusts are deemed consolidated VIEs, and as a result the Borrower Loans held in the securitization trusts are included in “Borrower Loans, at Fair Value”, senior notes sold to third party investors in “Notes Issued by Securitization Trust”, and the risk retention interest and residual certificates held by third party investors in “Certificates Issued by Securitization Trust, at Fair Value” in the Consolidated Balance Sheets. Refer to Note 6, Securitization for additional disclosures. Prosper uses Warehouse Lines to purchase Loans Held for Sale that may be subsequently contributed to securitization transactions or sold to investors. Loans Held for Sale are included in “Loans Held for Sale, at Fair Value” in the Consolidated Balance Sheets. See Note 10, Debt for more details on Warehouse Lines. Borrower Loans and Loans Held for Sale are purchased from WebBank. Prosper places Borrower Loans and Loans Held for Sale on non-accrual status when they are 120 days past due. When a loan is placed on non-accrual status, Prosper stops accruing interest and reverses all accrued but unpaid interest as of such date. Additionally, Prosper charges-off Borrower Loans and Loans Held for Sale when they are 120 days past due. The fair value of loans 120 or more days past due generally consists of the expected recovery from debt sales in subsequent periods. Prosper has elected the fair value option for Borrower Loans, Loans Held for Sale, Notes, and Certificates Issued by Securitization Trust. Changes in fair value of Borrower Loans funded through the Note Channel are largely offset by the changes in fair value of Notes due to the borrower payment-dependent design of the Notes. Changes in fair value of Borrower Loans held in consolidated securitization trusts are partially offset by changes in fair value of the Certificates Issued by Securitization Trust. Changes in fair value of Loans Held for Sale are recorded through Proper's earnings and Prosper collects interest on Loans Held for Sale. Changes in fair value of Borrower Loans, Loans Held for Sale, Notes, and Certificates Issued by Securitization Trust are included in “Change in Fair Value of Financial Instruments, Net” on the Consolidated Statements of Operations. Prosper primarily uses a discounted cash flow model to estimate the fair value of Borrower Loans, Loans Held for Sale, Notes, and Certificates Issued by Securitization Trust. The key assumptions used in the valuation include default rates and prepayment rates derived primarily from historical performance and discount rates based on estimates of the rates of return that investors would require when investing in financial instruments with similar characteristics. Leases Management determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are included on the Consolidated Balance Sheets in Property and Equipment, Net and in Other Liabilities, respectively. For certain leases with original terms of twelve months or less, PMI recognizes the lease expense as incurred and does not recognize ROU assets and lease liabilities. If a contract contains a lease, management evaluates whether it should be classified as an operating or finance lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of PMI's leases do not provide an implicit rate, management uses an incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The operating lease ROU assets are evaluated for impairment utilizing the same impairment model used for Property and Equipment.. Consolidation of Variable Interest Entities The determination of whether to consolidate a VIE in which we have a variable interest requires a significant amount of analysis and judgment regarding whether we are the primary beneficiary of a VIE due to our holding a controlling financial interest in the VIE. A controlling financial interest in a VIE exists if we have both the power to direct the VIE’s activities that most significantly affect the VIE’s economic performance and a potentially significant economic interest in the VIE. The determination of whether an entity is a VIE considers factors, such as (i) whether the entity’s equity investment at risk is insufficient to allow the entity to finance its activities without additional subordinated financial support and (ii) whether a holder’s equity investment at risk lacks any of the following characteristics of a controlling financial interest: the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the entity’s success, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the legal entity. Management regularly reviews and reconsiders its previous conclusions regarding the status of an entity as a VIE and whether we are required to consolidate such VIE in the consolidated financial statements. Recent Accounting Pronouncements Accounting Standards Adopted In The Current Period In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which is effective for interim and annual periods beginning after December 15, 2019. Prosper adopted the standard in the first quarter of 2020. For loans accounted for at amortized cost, the guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. Because Prosper accounts for Borrower Loans at fair value through net income there was no impact on Prosper loan portfolios upon adoption. For certain available for sale investments, the guidance requires recognition of expected credit losses through recording an allowance for credit losses. The recognition of this allowance is limited to the difference between the security’s amortized cost basis and fair value. The amendments to the available for sale debt securities impairment model did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” Prior to ASU No. 2017-04, the goodwill impairment test was a two-step assessment, if indicators of impairment existed. The standard eliminates Step 2 from the goodwill impairment test, which requires a hypothetical purchase price allocation. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The standard is effective for interim and annual periods beginning after December 15, 2019 and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Prosper adopted the guidance on a prospective basis in the first quarter of 2020, and there was no impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” Entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. Prosper adopted the guidance in the first quarter of 2020. The guidance only affects disclosures in the notes to the consolidated financial statements and it had no effect on Prosper’s balance sheet or statement of operations. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year and early adoption is permitted. The Company adopted the new guidance in the first quarter of 2020, and will prospectively capitalize all eligible costs related to cloud computing arrangements starting January 1, 2020. There was, however, no impact on the Company’s consolidated financial statements for the first quarter of 2020. Accounting Standards Issued, to be Adopted by the Company in Future Periods In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by removing certain exceptions related to the incremental approach for intraperiod tax allocation, the requirement to recognize or derecognize deferred tax liabilities related to equity method investments that are also foreign subsidiaries and the methodology for calculating income taxes in an interim period. The guidance also clarifies and simplifies other aspects of the accounting for income taxes, including a modification in the guidance for franchise taxes that are partially based on income and recognizing deferred taxes for a subsequent step-up in the tax basis of goodwill. This ASU is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact this new standard will have on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP on contract modifications and hedge accounting, in order to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative referenced rates, such as the Secured Overnight Financing Rate. This ASU can be adopted after its issuance date through December 31, 2022. The Company is currently evaluating the impact reference rate reform will have on its contracts that reference LIBOR in order to determine whether to adopt this guidance.
Prosper Funding LLC
Entity Information [Line Items]
Summary of Significant Accounting Policies	Significant Accounting Policies Prosper Funding's significant accounting policies are included in Note 2, Summary of Significant Accounting Policies, in Prosper Funding’s Annual Report on Form 10-K for the year ended December 31, 2019. There have been no changes to these accounting policies during the first three months of 2020. Fair Value Measurements Financial instruments consist principally of Cash and Cash Equivalents, Restricted Cash, Borrower Loans, Loans Held for Sale, Accounts Receivable, Accounts Payable and Accrued Liabilities, Payable to Investors and Notes. The estimated fair values of Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Accrued Liabilities, and Payable to Investors approximate their carrying values because of their short term nature. Refer to Note 7 for additional fair value disclosures. Restricted Cash Restricted cash consists primarily of cash deposits, money market funds and short term certificate of deposit accounts held as collateral as required for long term leases, loan funding and servicing activities, and cash that investors have on our marketplace that has not yet been invested in Borrower Loans or disbursed to the investor. Borrower Loans, Loans Held for Sale and Notes With respect to the Note Channel, Prosper Funding purchases Borrower Loans from WebBank, then issues Notes and holds the Borrower Loans until maturity. The obligation to repay a series of Notes funded through the Note Channel is dependent upon the repayment of the associated Borrower Loan. Borrower Loans and Notes funded through the Note Channel are carried on Prosper Funding’s condensed consolidated balance sheets as assets and liabilities, respectively. Prosper Funding places Borrower Loans and Loans Held for Sale on non-accrual status when they are 120 days past due. When a loan is placed on non-accrual status, Prosper stops accruing interest and reverses all accrued but unpaid interest as of such date. Additionally, Prosper charges-off Borrower Loans and Loans Held for Sale when they are 120 days past due. The fair value of loans 120 days past due generally consists of the expected recovery from debt sales in subsequent periods. Management has elected the fair value option for Borrower Loans, Loans Held for Sale, and Notes. Changes in fair value of Borrower Loans are largely offset by the changes in fair value of Notes due to the borrower payment-dependent design of the Notes. Changes in fair value of Borrower Loans, Loans Held for Sale and Notes are included in “Change in Fair Value of Borrower Loans, Loans Held for Sale and Notes, Net” on the Consolidated Statements of Operations. Prosper Funding primarily uses a discounted cash flow model to estimate the fair value of Borrower Loans, Loans Held for Sale and Notes. The key assumptions used in the valuation include default rates and prepayment rates derived primarily from historical performance and discount rates based on estimates of the rates of return that investors would require when investing in financial instruments with similar characteristics. Recent Accounting Pronouncements Accounting Standards Adopted In The Current Period In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820); Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The guidance only affects disclosures in the notes to the consolidated financial statements and has no effect on Prosper Funding’s balance sheet or statements of operations. Accounting Standards Issued, To Be Adopted By Prosper Funding In Future Periods No issued and pending accounting standards were identified that are expected to have an impact on Prosper Funding.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Property and Equipment, Net	Property and Equipment, Net Property and Equipment consists of the following at the dates presented (in thousands): March 31, 2020 December 31, 2019 Operating lease right-of-use assets $ 16,213 $ 16,213 Computer equipment 13,677 13,420 Internal-use software and website development costs 29,998 28,904 Office equipment and furniture 2,999 2,999 Leasehold improvements 7,158 7,158 Assets not yet placed in service 3,980 2,445 Property and equipment 74,025 71,139 Less: Accumulated depreciation and amortization (42,656) (39,843) Total Property and Equipment, Net $ 31,369 $ 31,296 Depreciation and amortization expense for Property and Equipment for the three months ended March 31, 2020 and March 31, 2019 was $2.0 million and $1.8 million, respectively. These charges are included in General and Administrative expenses on the condensed consolidated statements of operations. Prosper capitalized internal-use software and website development costs in the amount of $2.7 million and $2.1 million for the three months ended March 31, 2020 and March 31, 2019, respectively. Additionally, disclosures ar ound the operating lease right-of-use ass ets are included in Note 16.
Prosper Funding LLC
Entity Information [Line Items]
Property and Equipment, Net	Property and Equipment Property and equipment consist of the following (in thousands): March 31, 2020 December 31, 2019 Internal-use software and web site development costs $ 25,381 $ 24,930 Less accumulated depreciation and amortization (18,366) (17,381) Total property and equipment, net $ 7,015 $ 7,549

Borrower Loans, Loans Held for

Borrower Loans, Loans Held for Sale, and Notes Held at Fair Value	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Borrower Loans, Loans Held for Sale, and Notes Held at Fair Value	Borrower Loans, Loans Held for Sale, and Notes, Held at Fair Value The aggregate principal balances outstanding and fair values of Borrower Loans, Loans Held for Sale, and Notes as of March 31, 2020 and December 31, 2019, are presented in the following table (in thousands): Borrower Loans Loans Held for Sale Notes March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Aggregate principal balance outstanding $ 571,981 $ 647,209 $ 166,634 $ 143,261 $ (244,046) $ (250,281) Fair value adjustments (49,577) (13,190) (13,398) (1,235) 18,555 6,110 Fair value $ 522,404 $ 634,019 $ 153,236 $ 142,026 $ (225,491) $ (244,171) Borrower Loans At March 31, 2020, outstanding Borrower Loans had original terms to maturity of either 36 or 60 months, had monthly payments with fixed interest rates ranging from 5.31% to 31.92% , and had various maturity dates through March 2025. At December 31, 2019, outstanding Borrower Loans had original maturities of either 36 or 60 months, had mont hly payments with fixed interest rates ranging from 5.31% to 31.92%, and had various maturity dates through December 2024. As of March 31, 2020, Borrower Loans that were 90 days or more delinquent had an aggregate principal amount of $6.5 million and a fair value of $0.6 million. As of December 31, 2019, Borrower Loans that were 90 days or more delinquent had an aggregate principal amount of $6.5 million and a fair value of $1.9 million . Prosper places loans on non-accrual status when they are over 120 days past due. As of March 31, 2020 and December 31, 2019, Borrower Loans in non-accrual status had a fair value of $0.7 million a nd $0.7 million, respectively. Loans Held for Sale At March 31, 2020, outstanding Loans Held for Sale had original terms to maturity between 36 months and 60 months, had monthly payments with fixed interest rates ranging from 5.31% to 31.82% and had various maturity dates through March 2025. At December 31, 2019, outstanding Loans Held for Sale had original terms to maturity between 36 months and 60 months , had monthly payments with fixed interest rates ranging from 5.31% to 31.82% and had various maturity dates through December 2024. Fair value adjustments recorded in earnings on loans invested in by us resulted in net losses of $14.3 million and $1.3 million for the three months ended March 31, 2020 and 2019, respectively. Interest income earned on Loans Held for Sale by us was $4.8 million and $4.0 million for the three months e nded March 31, 2020 and March 31, 2019, respectively. As of March 31, 2020, Loans Held for Sale that were 90 days or more delinquent had an aggregate principal amount of $0.8 million and a fair value of $0.1 million . As of December 31, 2019, Loans Held for S ale that were 90 days or more delinquent had an aggregate principal amount of $0.7 million and a fair value of $0.2 million . Prosper places loans on non-accrual status when they are over 120 days past due. As of March 31, 2020 and December 31, 2019, Loans Held for Sale in non-accrual status had a fair value of $0.1 million (for both periods).
Prosper Funding LLC
Entity Information [Line Items]
Borrower Loans, Loans Held for Sale, and Notes Held at Fair Value	Borrower Loans and Notes Held at Fair Value The aggregate principal balances outstanding and fair values of Borrower Loans and Notes as of March 31, 2020 and December 31, 2019, are presented in the following table (in thousands): Borrower Loans Notes March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Aggregate principal balance outstanding $ 243,525 $ 248,702 $ (244,046) $ (250,281) Fair value adjustments (15,866) (3,565) 18,555 6,110 Fair value $ 227,659 $ 245,137 $ (225,491) $ (244,171) At March 31, 2020, outstanding Borrower Loans had original terms to maturity of either 36 or 60 months, had monthly payments with fixed interest rates ranging from 5.31% to 31.92% and had various maturity dates through March 2025. At December 31, 2019, outstanding Borrower Loans had original maturities of either 36 or 60 months, monthly payments with fixed interest rates ranging from 5.31% to 31.92%, and had various maturity da tes through December 2024. As of March 31, 2020, Borrower Loans that were 90 days or more delinquent had an aggregate principal amount of $2.2 million and a fair value of $0.2 million . As of December 31, 2019, Borrower Loans that were 90 days or more delinquent had an aggregate principal amount of $2.6 million and a fair value of $0.8 million. Prosper Funding places loans on non-accrual status when they are over 120 days past due. As of March 31, 2020 and December 31, 2019, Borrower Loans in non-accrual status had a fair value of $0.2 million a nd $0.3 million, respectively.

Loan Servicing Assets

Loan Servicing Assets	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Loan Servicing Assets	Loan Servicing Assets Prosper accounts for Servicing Assets at their estimated fair values with changes in fair values recorded in Servicing Fees. The initial asset or liability is recognized when Prosper sells Borrower Loans to unrelated third-party buyers through the Whole Loan Channel and the servicing rights are retained. The Servicing Assets are measured at fair value throughout the servicing period. The total gain recognized on the sale of such Borrower Loans for the three months ended March 31, 2020 was $1.7 million recognized in Gain on Sale of Borrower Loans on the condensed consolidated statement of operations . The total gains and losses recognized on the sale of such Borrower Loans for the three months ended March 31, 2019 consisted of a gain of $2.7 million recognized in Gain on Sale of Borrower Loans and a loss of $9.7 million recognized in Fair Value of Warrants Vested on the Sale of Borrower Loans on the condensed consolidated statement of operations. As of March 31, 2020, Borrower Loans that were sold but for which Prosper retained servicing rights had a total outstanding principal balance of $2.9 billion, original terms of either 36 or 60 months, monthly payments with fixed interest rates ranging from 5.31% to 31.92%, and various maturity dates through March 2025. A t December 31, 2019, Borrower Loans that were sold but for which Prosper retained servicing rights had a total outstanding principal balance of $3.1 billion, original terms of either 36 or 60 months, monthly payments with fixed interest rates ranging from 5.31% to 31.92%, and various maturity dates through December 2024. Contractually-specified servicing fees and ancillary fees totaling $9.2 million and $10.1 million for the three months ended March 31, 2020 and March 31, 2019, respectively, are included on the condensed consolidated statements of operations in Servicing Fees, Net. Fair Value Valuation Method Prosper uses a discounted cash flow valuation methodology generally consisting of developing an estimate of future cash flows that are expected to occur over the life of a financial instrument and then discounting those cash flows at a rate of return that results in the fair value amount. Significant unobservable inputs presented in the table within Note 7 below are those that Prosper considers significant to the estimated fair values of the Level 3 Servicing Assets. The following is a description of the significant unobservable inputs provided in the table. Market Servicing Rate Prosper estimates adequate market servicing rates that would fairly compensate a substitute servicer should one be required, which includes the profit that would be demanded in the marketplace. This rate is stated as a fixed percentage of outstanding principal balance on a per annum basis. Prosper estimated these market servicing rates based on observable market rates for other loan types in the industry and bids from subservicing providers, adjusted for the unique loan attributes that are present in the specific loans that Prosper sells and services and information from backup service providers. Discount Rate The discount rate is a rate of return used to discount future expected cash flows to arrive at a present value, which represents the fair value of the loan servicing rights. We used a range of discount rates for the Servicing Assets based on comparable observed valuations of similar assets and publicly available disclosures related to servicing valuations, with comparability adjustments made to account for differences with Prosper’s servicing assets. Default Rate The default rate presented in Note 7 is an annualized, average estimate considering all Borrower Loan categories (i.e., risk ratings and duration), and represents an aggregate of conditional default rate curves for each credit grade or Borrower Loan category. Each point on a particular Borrower Loan category’s curve represents the percentage of principal expected to default per period based on the term and age of the underlying Borrower Loans. The assumption regarding defaults directly reduces servicing revenues because the amount of servicing revenues received is based on the amount collected each period. Prepayment Rate The prepayment rate presented in Note 7 is an annualized, average estimate considering all Borrower Loan categories (i.e., risk ratings and duration), and represents an aggregate of conditional prepayment rate curves for each credit grade or Borrower Loan category. Each point on a particular Borrower Loan category’s curve represents the percentage of principal expected to prepay per period based on the term and age of the underlying Borrower Loans. Prepayments reduce servicing revenues as they shorten the period over which we expect to collect fees on the Borrower Loans, which is used to project future servicing revenues.
Prosper Funding LLC
Entity Information [Line Items]
Loan Servicing Assets	Loan Servicing Assets Prosper Funding accounts for Servicing Assets at their estimated fair values with changes in fair values recorded in Servicing Fees, Net on the condensed consolidated statements of operations. The initial asset or liability is recognized when Prosper Funding sells Borrower Loans to unrelated third-party buyers through the Whole Loa n Channel and the servicing rights are retained. The total recognized gains and losses on the sale of such Borrower Loans were a $2.0 million gain and a $6.8 million loss for the three months ended March 31, 2020 and March 31, 2019, respectively. As of March 31, 2020, Borrower Loans that were sold, but for which Prosper Funding retained servicing rights, had a total outstanding principal balance of $3.4 billion, original terms of either 36 or 60 months , monthly payments with fixed interest rates ranging from 5.31% to 31.92% , and various maturity dates th rough March 2025. At December 31, 2019, Borrower Loans that were sold, but for which Prosper Funding retained servicing rights, had a total outstanding principal balance of $3.7 billion, original terms of either 36 or 60 months, monthly payments with fixed interest rates ranging from 5.31% to 31.92%, and various maturity dates through December 2024. Contractually-specified servicing fees and ancillary fees of $8.5 million and $10.8 million for the three months ended March 31, 2020 and March 31, 2019, respectively, are included on our condensed consolidated statements of operations in Servicing Fees, Net. Fair Value Valuation Method Prosper Funding uses a discounted cash flow valuation methodology generally consisting of developing an estimate of future cash flows that are expected to occur over the life of a financial instrument and then discounting those cash flows at a rate of return that results in the fair value amount.. Significant unobservable inputs presented in the table within Note 7 are those that Prosper Funding considers significant to the estimated fair values of the Level 3 Servicing Assets. The following is a description of the significant unobservable inputs provided in the table. Market Servicing Rate Prosper Funding estimates adequate market servicing rates that would fairly compensate a substitute servicer should one be required, which includes the profit that would be demanded in the marketplace. This rate is stated as a fixed percentage of outstanding principal balance on a per annum basis. Prosper Funding estimates these market servicing rates based on observable market rates for other loan types in the industry and bids from sub-servicing providers, adjusted for the unique loan attributes that are present in the specific loans that Prosper Funding sells and services and information from backup service providers. Discount Rate The discount rate is a rate of return used to discount future expected cash flows to arrive at a present value, which represents the fair value of the loan servicing rights. Management used a range of discount rates for the Servicing Assets based on comparable observed valuations of similar assets and publicly available disclosures related to servicing valuations, with comparability adjustments made to account for differences with Prosper Funding’s Servicing Assets. Default Rate The default rate presented in Note 7 is an annualized, average estimate considering all Borrower Loan categories (i.e., risk ratings and duration), and represents an aggregate of conditional default rate curves for each credit grade or Borrower Loan category. Each point on a particular Borrower Loan category’s curve represents the percentage of principal expected to default per period based on the term and age of the underlying Borrower Loans. The assumption regarding defaults directly reduces servicing revenues because the amount of servicing revenues received is based on the amount collected each period. Prepayment Rate The prepayment rate presented in Note 7 is an annualized, average estimate considering all Borrower Loan categories (i.e., risk ratings and duration), and represents an aggregate of conditional prepayment rate curves for each credit grade or Borrower Loan category. Each point on a particular Borrower Loan category’s curve represents the percentage of principal expected to prepay per period based on the term and age of the underlying Borrower Loans. Prepayments reduce servicing revenues as they shorten the period over which Prosper Funding expects to collect fees on the Borrower Loans, which is used to project future servicing revenues.

Securitization

Securitization	3 Months Ended
	Mar. 31, 2020
Transfers and Servicing [Abstract]
Securitization	Securitizations In 2019, Prosper co-sponsored securitizations of unsecured personal whole loans facilitated through our marketplace with an aggregate outstanding principal balance of $573.0 million through three securitization trusts (PMIT 2019-1, PMIT 2019-2, and PMIT 2019-4). Each securitization trust issued senior notes, a risk retention interest and residual certificates to finance the purchase of Borrower Loans. The risk retention interest represents the right to receive 5.0% of all amounts collected on the Borrower Loans held by the securitization trusts. The resulting senior notes were sold to third party investors. Prosper retained 65.5%, 16.4%, and 19.6% of the residual certificates issued by PMIT 2019-1, PMIT 2019-2, and PMIT 2019-4, respectively. The remaining residual certificates and all the risk retention interests are held by third-party investors. In addition to the retained residual certificates, Prosper's continued involvement includes loan servicing responsibilities over the life of the underlying loans. PMIT 2019-1, 2019-2 and 2019-4 are deemed VIEs. Prosper consolidated the VIEs as the primary beneficiary because Prosper, through its role as the servicer, has both the power to direct the activities that most significantly affect the VIEs' economic performance and a variable interest that could potentially be significant to the VIEs through holding the retained residual certificates. In evaluating whether Prosper is the primary beneficiary, management considers both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. Management assesses whether Prosper is the primary beneficiary of the VIEs on an on-going basis. For these VIEs, the creditors have no recourse to the general credit of Prosper and the liabilities of the VIEs can only be settled by the respective VIEs' assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. Because Prosper consolidates the securitization trusts, the loans held in the securitization trusts are included in “Borrower Loans, at Fair Value”, the notes sold to third party investors recorded in “Notes Issued by Securitization Trust”, and the risk retention interests and residual certificates held by third party investors in “Certificates Issued by Securitization Trust, at Fair Value” in the Consolidated Balance Sheets. PMIT 2019-1 The notes under the PMIT 2019-1 securitization were issued in three classes: Class A in the amount of $127.3 million, Class B in the amount of $25.0 million and Class C in the amount of $19.3 million (collectively, the “2019-1 Notes”). The Class A, Class B and Class C notes bear interest at a fixed rate of 3.54%, 4.03% and 5.27%, respectively. Principal and interest payments began in March 2019 and are payable monthly. These notes are recorded at amortized cost on the balance sheet. The associated debt issuance costs of $2.3 million are deferred and amortized into interest expense over the contractual life of the notes. The notes held by third-party investors and the unamortized debt issuance costs are included in “Notes Issued by Securitization Trust” with a balance of $75.4 million on the condensed consolidated balance sheets as of March 31, 2020 and are secured by Borrower Loans at fair value of $76.2 million included in “Borrower Loans, at Fair Value” on the condensed consolidated balance sheets as of March 31, 2020. The risk retention and residual certificates held by third party investors at fair value of $6.6 million are included in “Certificates Issued by Securitization Trust, at Fair Value” in the Consolidated Balance sheets as of March 31, 2020. PMIT 2019-2 The notes under the PMIT 2019-2 securitization were issued in three classes: Class A in the amount of $110.1 million, Class B in the amount of $31.4 million and Class C in the amount of $32.7 million (collectively, the “2019-2 Notes”). The Class A, Class B and Class C notes bear interest at a fixed rate of 3.20%, 3.69% and 5.05%, respectively. Principal and interest payments began in July 2019 and are payable monthly. These notes are recorded at amortized cost on the balance sheet. The associated debt issuance costs of $1.9 million are deferred and amortized into interest expense over the contractual life of the notes. The notes held by third-party investors and the unamortized debt issuance costs are included in “Notes Issued by Securitization Trust” with a balance of $101.1 million on the condensed consolidated balance sheets as of March 31, 2020 and are secured by Borrower Loans at fair value of $103.7 million of included in “Borrower Loans, at Fair Value” on the condensed consolidated balance sheets as of March 31, 2020. The risk retention and residual certificates held by third party investors at fair value of $13.4 million are included in “Certificates Issued by Securitization Trust, at Fair Value” in the Consolidated Balance Sheets as of March 31, 2020. PMIT 2019-4 The notes under the PMIT 2019-4 securitization were issued in three classes: Class A in the amount of $102.6 million, Class B in the amount of $19.5 million and Class C in the amount of $16.8 million (collectively, the “2019-4 Notes”). The Class A, Class B and Class C notes bear interest at a fixed rate of 2.48%, 3.2% and 4.95% respectively. Principal and interest payments began in December 2019 and are payable monthly. These notes are recorded at amortized cost on the balance sheet. The associated debt issuance costs of $1.2 million are deferred and amortized into interest expense over the contractual life of the notes. The notes held by third-party investors and the unamortized debt issuance costs are included in Notes Issued by Securitization Trust with a balance of $109.8 million and are secured by Borrower Loans with a fair value of $114.9 million as of March 31, 2020. The risk retention interest and residual certificates held by third party investors at fair value of $15.4 million are included in “Certificates Issued by Securitization Trust, at Fair Value” in the Consolidated Balance sheets as of March 31, 2020.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Prosper measures the fair value of assets and liabilities in accordance with its fair value hierarchy which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. The Company applies this framework whenever other standards require (or permit) assets or liabilities to be measured at fair value. Assets and liabilities carried at fair value on the balance sheets are classified among three levels based on the observability of the inputs used to determine fair value: Level 1 — The valuation is based on quoted prices in active markets for identical instruments. Level 2 — The valuation is based on observable inputs such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation methodologies for which all significant assumptions are observable in the market. Level 3 — The valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the instrument. Level 3 valuations are typically performed using pricing models, discounted cash flow methodologies, or similar methodologies, which incorporate management’s own estimates of assumptions that market participants would use in pricing the instrument or valuations that require significant management judgment or estimation. Fair values of assets or liabilities are determined based on the fair value hierarchy, which requires an entity to maximize the use of quoted prices and observable inputs and to minimize the use of unobservable inputs when measuring fair value. Various valuation methodologies are utilized, depending on the nature of the financial instrument, including the use of market prices for identical or similar instruments, or discounted cash flow models. When possible, active and observable market data for identical or similar financial instruments are utilized. Alternatively, fair value is determined using assumptions that management believes a market participant would use in pricing the asset or liability. Prosper did not transfer any assets or liabilities in or out of Level 3 for the three months ended March 31, 2020 or 2019. Financial Instruments Recorded at Fair Value The fair value of the Borrower Loans, Loans Held for Sale, Notes, Certificates Issued by Securitization Trust, Servicing Rights and loan trailing fee liability are estimated using discounted cash flow methodologies based upon a set of valuation assumptions. The primary assumptions used in the discounted cash flow model include default and prepayment rates primarily derived from historical performance and discount rates applied to each credit grade based on the perceived credit risk of each credit grade. The Convertible Preferred Stock Warrant Liability is valued using a Black-Scholes option pricing model. Refer to Note 12 for further details. The following tables present the fair value hierarchy for assets and liabilities measured at fair value (in thousands): March 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Borrower Loans $ — $ — $ 522,404 $ 522,404 Loans Held for Sale — — 153,236 153,236 Servicing Assets — — 11,742 11,742 Total Assets $ — $ — $ 687,382 $ 687,382 Liabilities: Notes $ — $ — $ 225,491 $ 225,491 Certificates Issued by Securitization Trust, at Fair Value — — 35,316 35,316 Convertible Preferred Stock Warrant Liability — — 94,547 94,547 Loan Trailing Fee Liability — — 2,646 2,646 Total Liabilities $ — $ — $ 358,000 $ 358,000 December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Borrower Loans $ — $ — $ 634,019 $ 634,019 Loans Held for Sale — — 142,026 142,026 Servicing Assets — — 12,602 12,602 Total Assets $ — $ — $ 788,647 $ 788,647 Liabilities: Notes $ — $ — $ 244,171 $ 244,171 Certificates Issued by Securitization Trust — — 52,168 52,168 Convertible Preferred Stock Warrant Liability — — 149,996 149,996 Loan Trailing Fee Liability — — 2,997 2,997 Total Liabilities $ — $ — $ 449,332 $ 449,332 As Prosper’s Borrower Loans, Loans Held for Sale, Notes, Certificates Issued by Securitization Trust, Convertible Preferred Stock Warrant Liability, servicing rights and loan trailing fee liability do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. Financial instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. These fair value estimates may also include observable, actively quoted components derived from external sources. As a result, gains and losses for assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable and unobservable inputs. Significant Unobservable Inputs The following tables present quantitative information about the ranges of significant unobservable inputs used for the Company’s Level 3 fair value measurements at March 31, 2020 and December 31, 2019: Range Borrower Loans, Loans Held for Sale and Notes March 31, 2020 December 31, 2019 Discount rate 7.1% - 14.7% 4.4% - 12.2% Default rate 2.3% - 23.1% 2.1% - 18.6% Range Certificates Issued by Securitization Trust March 31, 2020 December 31, 2019 Discount rate 7.0% - 20.0% 4.0% - 15.0% Default rate 3.0% - 18.0% 2.0% - 17.0% Prepayment rate 12.0% - 33.0% 14.5% - 33.0% Range Servicing Assets March 31, 2020 December 31, 2019 Discount rate 15.0% - 25.0% 15.0% - 25.0% Default rate 1.9% - 19.6% 1.7% - 18.8% Prepayment rate 15.3% - 28.3% 16.5% - 28.1% Market servicing rate (1) 0.625 % 0.625 % (1) Excludes collection fees that would be passed on to a hypothetical third-party servicer. As of March 31, 2020 and December 31, 2019 , the market rate for collection fees and non-sufficient fund fees was assumed to be 7 basis points and 6 basis points, respectively, for a weighted-average total market servicing rate of 69.5 basis points and 68.5 basis points respectively. Range Loan Trailing Fee Liability March 31, 2020 December 31, 2019 Discount rate 15.0% - 25.0% 15.0% - 25.0% Default rate 1.9% - 19.6% 1.7% - 18.8% Prepayment rate 15.3% - 28.3% 16.5% - 28.1% At March 31, 2020 and December 31, 2019, the discounted cash flow methodology used to estimate the Notes fair values used the same projected cash flows as the related Borrower Loans. Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis The following tables present additional information about Level 3 Borrower Loans, Loans Held for Sale and Notes measured at fair value on a recurring basis (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Liabilities Borrower Loans Loans Held For Sale Notes Certificates Issued by Securitization Trust Total Balance at January 1, 2020 $ 634,019 $ 142,026 $ (244,171) $ (52,168) $ 479,706 Purchase of Borrower Loans/Issuance of Notes 41,301 399,551 (40,575) — 400,277 Principal repayments (96,715) (18,560) 40,588 4,833 (69,854) Borrower Loans sold to third parties (2,263) (355,634) — — (357,897) Other changes (742) 105 138 38 (461) Change in fair value (53,196) (14,252) 18,529 11,981 (36,938) Balance at March 31, 2020 $ 522,404 $ 153,236 $ (225,491) $ (35,316) $ 414,833 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Liabilities Borrower Loans Loans Held for Sale Notes Certificates Issued by Securitization Trust Total Balance at January 1, 2019 $ 263,522 $ 183,788 $ (264,003) $ — $ 183,307 Purchase of Borrower Loans/Issuance of Notes 135,259 490,855 (44,939) (20,616) 560,559 Transfers in (Transfer out) 114,316 (114,316) — — — Principal repayments (56,629) (14,739) 44,117 1,133 (26,118) Borrower Loans sold to third parties (974) (437,473) — — (438,447) Other changes 139 (166) 601 (167) 407 Change in fair value (6,923) (1,309) 5,502 516 (2,214) Balance at March 31, 2019 $ 448,710 $ 106,640 $ (258,722) $ (19,134) $ 277,494 The following tables present additional information about Level 3 Servicing Assets measured at fair value on a recurring basis for the period ending March 31, 2020 and 2019 (in thousands): Servicing Fair Value at January 1, 2020 $ 12,602 Additions 1,974 Less: Changes in fair value (2,834) Fair Value at March 31, 2020 $ 11,742 Servicing Fair Value at January 1, 2019 $ 14,687 Additions 2,742 Derecognition (364) Less: Changes in fair value (3,251) Fair Value at March 31, 2019 $ 13,814 The following table presents additional information about Level 3 Convertible Preferred Stock Warrant Liability measured at fair value on a recurring basis (in thousands): Convertible Preferred Stock Balance as of January 1, 2020 $ 149,996 Change in fair value (55,449) Balance as of March 31, 2020 $ 94,547 Convertible Preferred Stock Balance as of January 1, 2019 $ 143,679 Issuance of Stock Warrants 9,747 Change in fair value 10,057 Balance as of March 31, 2019 $ 163,483 Loan Trailing Fee The fair value of the Loan Trailing Fee represents the present value of the expected monthly Loan Trailing Fee payments, which takes into consideration certain assumptions related to expected prepayment rates and default rates using a discounted cash flow model. The assumptions used are the same as those used for the valuation of Servicing Assets, as described below. The following table presents additional information about Level 3 Loan Trailing Fee Liability measured at fair value on a recurring basis (in thousands): Loan Trailing Fee Balance at January 1, 2020 $ 2,997 Issuances 385 Cash Payment of Loan Trailing Fee (675) Change in Fair Value (61) Balance at March 31, 2020 $ 2,646 Loan Trailing Fee Liability Balance at January 1, 2019 $ 3,118 Issuances 566 Cash Payment of Loan Trailing Fee (658) Change in Fair Value 58 Balance at March 31, 2019 $ 3,084 Significant Recurring Level 3 Fair Value Input Sensitivity Key economic assumptions and the sensitivity of the fair value to immediate changes in those assumptions at March 31, 2020 and December 31, 2019 for Borrower Loans and Loans Held for Sale are presented in the following table (in thousands, except percentages). Borrower Loans and Loans Held for Sale March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 675,640 $ 776,045 Weighted-average discount rate 11.79 % 7.00 % Weighted-average default rate 14.66 % 12.63 % Fair value resulting from: 100 basis point increase in discount rate $ 669,775 $ 768,924 200 basis point increase in discount rate $ 664,042 $ 761,971 Fair value resulting from: 100 basis point decrease in discount rate $ 681,645 $ 783,344 200 basis point decrease in discount rate $ 687,792 $ 790,823 Fair value resulting from: 100 basis point increase in default rate $ 667,800 $ 765,894 200 basis point increase in default rate $ 660,000 $ 756,007 Fair value resulting from: 100 basis point decrease in default rate $ 683,522 $ 786,541 200 basis point decrease in default rate $ 691,449 $ 797,065 Key economic assumptions and the sensitivity of the fair value to immediate changes in those assumptions at March 31, 2020 and December 31, 2019 for Notes are presented in the following table (in thousands, except percentages). Notes March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 225,491 $ 244,171 Weighted-average discount rate 10.66 % 6.43 % Weighted-average default rate 14.82 % 13.68 % Fair value resulting from: 100 basis point increase in discount rate $ 223,530 $ 241,927 200 basis point increase in discount rate $ 221,614 $ 239,737 Fair value resulting from: 100 basis point decrease in discount rate $ 227,497 $ 246,471 200 basis point decrease in discount rate $ 229,552 $ 248,828 Fair value resulting from: 100 basis point increase in default rate $ 222,871 $ 240,958 200 basis point increase in default rate $ 220,265 $ 237,831 Fair value resulting from: 100 basis point decrease in default rate $ 228,124 $ 247,489 200 basis point decrease in default rate $ 230,773 $ 250,817 Key economic assumptions and the sensitivity of the fair value to immediate changes in those assumptions at March 31, 2020 and December 31, 2019 for Certificates Issued by Securitization Trust are presented in the following table (in thousands, except percentages). Certificates Issued by Securitization Trust March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 35,316 $ 52,168 Weighted-average discount rate 14.59 % 9.59 % Weighted-average default rate 12.68 % 10.12 % Weighted-average prepayment rate 20.77 % 21.41 % Fair value resulting from: 100 basis point increase in discount rate $ 35,014 $ 51,813 200 basis point increase in discount rate $ 34,719 $ 51,466 Fair value resulting from: 100 basis point decrease in discount rate $ 35,626 $ 52,533 200 basis point decrease in discount rate $ 35,944 $ 52,909 Fair value resulting from: 100 basis point increase in default rate $ 32,999 $ 48,986 200 basis point increase in default rate $ 30,675 $ 45,926 Fair value resulting from: 100 basis point decrease in default rate $ 37,651 $ 55,369 200 basis point decrease in default rate $ 39,998 $ 58,613 Fair value resulting from: 100 basis point increase in prepayment rate $ 35,258 $ 52,085 200 basis point increase in prepayment rate $ 35,195 $ 52,008 Fair value resulting from: 100 basis point decrease in prepayment rate $ 35,381 $ 52,253 200 basis point decrease in prepayment rate $ 35,445 $ 52,340 Key economic assumptions and the sensitivity of the fair value to immediate changes in those assumptions at March 31, 2020 and December 31, 2019 for Servicing Assets is presented in the following table (in thousands, except percentages). Servicing Assets March 31, 2020 December 31, 2019 Fair value, using the following assumptions $ 11,742 $ 12,602 Market servicing rate 0.625 % 0.625 % Weighted-average prepayment rate 20.37 % 20.99 % Weighted-average default rate 14.03 % 12.67 % Fair value resulting from: Market servicing rate increase to 0.65% $ 11,019 $ 11,825 Market servicing rate decrease to 0.60% $ 12,464 $ 13,387 Fair value resulting from: Applying a 1.1 multiplier to prepayment rate $ 11,507 $ 12,348 Applying a 0.9 multiplier to prepayment rate $ 11,978 $ 12,868 Fair value resulting from: Applying a 1.1 multiplier to default rate $ 11,573 $ 12,377 Applying a 0.9 multiplier to default rate $ 11,911 $ 12,840 These sensitivities are hypothetical and should be evaluated with care. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Assets and Liabilities Not Recorded at Fair Value The following table presents the fair value hierarchy for assets, and liabilities not recorded at fair value (in thousands): March 31, 2020 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and Cash Equivalents $ 52,829 $ 52,829 $ — $ — $ 52,829 Restricted Cash 141,504 — 141,504 — 141,504 Accounts Receivable 1,032 — 1,032 — 1,032 Total Assets $ 195,365 $ 52,829 $ 142,536 $ — $ 195,365 Liabilities: Accounts Payable and Accrued Liabilities $ 14,297 $ — $ 14,297 $ — $ 14,297 Payable to Investors 87,928 — 87,928 — 87,928 Notes Issued by Securitization Trust 286,296 — 279,931 — 279,931 Warehouse Lines 154,388 — 150,996 — 150,996 Total Liabilities $ 542,909 $ — $ 533,152 $ — $ 533,152
Prosper Funding LLC
Entity Information [Line Items]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Prosper Funding has elected to record certain financial instruments at fair value on the balance sheet. Prosper Funding classifies Borrower Loans, Loans Held for Sale and Notes as financial instruments and assesses their fair value each on a quarterly basis for financial statement presentation purposes. Gains and losses on these financial instruments are shown separately on the condensed consolidated statements of operations. At March 31, 2020 and December 31, 2019, the discounted cash flow methodology used to estimate the Notes fair values used the same projected cash flows as the related Borrower Loans. As demonstrated in the table below, the fair value adjustments for Borrower Loans were largely offset by the fair value adjustments of the Notes due to the borrower payment dependent design of the Notes and because the principal balances of the Borrower Loans approximated the principal balances of the Notes. Assets and liabilities carried at fair value on the balance sheets are classified among three levels based on the observability of the inputs used to determine fair value: Level 1 — The valuation is based on quoted prices in active markets for identical instruments. Level 2 — The valuation is based on observable inputs such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation methodologies for which all significant assumptions are observable in the market. Level 3 — The valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the instrument. Level 3 valuations are typically performed using pricing models, discounted cash flow methodologies, or similar methodologies, which incorporate management’s own estimates of assumptions that market participants would use in pricing the instrument or valuations that require significant management judgment or estimation. Fair values of assets or liabilities are determined based on the fair value hierarchy, which requires an entity to maximize the use of quoted prices and observable inputs and to minimize the use of unobservable inputs when measuring fair value. Various valuation methodologies are utilized, depending on the nature of the financial instrument, including the use of market prices for identical or similar instruments, or discounted cash flow models. When possible, active and observable market data for identical or similar financial instruments are utilized. Alternatively, fair value is determined using assumptions that management believes a market participant would use in pricing the asset or liability. Prosper Funding did not transfer any assets or liabilities in or out of Level 3 for the three months ended March 31, 2020 or 2019. Financial Instruments Recorded at Fair Value The fair value of the Borrower Loans and Notes are estimated using discounted cash flow methodologies based upon a set of valuation assumptions. The primary cash flow assumptions used to value such Borrower Loans and Notes include default and prepayment rates derived primarily from historical performance and discount rates that reflect estimates of the rates of return that investors would require when investing in financial instruments with similar characteristics. The following tables present the fair value hierarchy for assets and liabilities measured at fair value (in thousands): March 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Borrower Loans $ — $ — $ 227,659 $ 227,659 Servicing Assets — — 13,690 13,690 Total Assets $ — $ — $ 241,349 $ 241,349 Liabilities: Notes $ — $ — $ 225,491 $ 225,491 Loan Trailing Fee Liability — — 2,646 2,646 Total Liabilities $ — $ — $ 228,137 $ 228,137 December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Borrower Loans $ — $ — $ 245,137 $ 245,137 Servicing Assets — — 14,888 14,888 Total Assets $ — $ — $ 260,025 $ 260,025 Liabilities: Notes $ — $ — $ 244,171 $ 244,171 Loan Trailing Fee Liability — — 2,997 2,997 Total Liabilities $ — $ — $ 247,168 $ 247,168 As Prosper Funding’s Borrower Loans, Notes, Servicing Assets and loan trailing fee liability do not trade in an active market with readily observable prices, Prosper Funding uses significant unobservable inputs to measure the fair value of these assets and liabilities. Financial instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. These fair value estimates may also include observable, actively quoted components derived from external sources. As a result, the realized and unrealized gains and losses for assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable and unobservable inputs. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs used for Prosper Funding’s Level 3 fair value measurements at the dates presented: Range Borrower Loans and Notes March 31, 2020 December 31, 2019 Discount rate 7.1% - 14.4% 4.4% - 12.1% Default rate 3.3% - 23.1% 2.4% - 17.7% Range Servicing Assets March 31, 2020 December 31, 2019 Discount rate 15.0% - 25.0% 15.0% - 25.0% Default rate 1.9% - 19.6% 1.7% - 18.8% Prepayment rate 15.3% - 28.3% 16.5% - 28.1% Market servicing rate (1) 0.625 % 0.625 % (1) Excludes collection fees that would be passed on to a hypothetical third-party servicer. As of March 31, 2020 and December 31, 2019, the market rate for collection fees and non-sufficient fund fees was assumed to be 7 basis points and 6 basis points, respectively, for a weighted-average total market servicing rate of 69.5 basis points and 68.5 basis points respectively. Range Loan Trailing Fee Liability March 31, 2020 December 31, 2019 Discount rate 15.0% - 25.0% 15.0% - 25.0% Default rate 1.9% - 19.6% 1.7% - 18.8% Prepayment rate 15.3% - 28.3% 16.5% - 28.1% Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis The following tables present additional information about Level 3 Borrower Loans, Loans Held for Sale and Notes measured at fair value on a recurring basis for three months ended March 31, 2020 and 2019 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Liabilities Borrower Loans Loans Held for Sale Notes Total Balance at January 1, 2020 $ 245,137 $ — $ (244,171) $ 966 Originations 41,301 399,550 (40,575) 400,276 Principal repayments (39,340) — 40,588 1,248 Borrower Loans sold to third parties (882) (399,550) — (400,432) Other changes (91) — 138 47 Change in fair value (18,466) — 18,529 63 Balance at March 31, 2020 $ 227,659 $ — $ (225,491) $ 2,168 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Liabilities Borrower Loans Loans Held for Sale Notes Total Balance at January 1, 2019 $ 263,522 $ — $ (264,003) $ (481) Originations 44,223 490,855 (44,939) 490,139 Principal repayments (41,198) — 44,117 2,919 Borrower Loans sold to third parties (974) (490,855) — (491,829) Other changes (85) — 601 516 Change in fair value (5,589) — 5,502 (87) Balance at March 31, 2019 $ 259,899 $ — $ (258,722) $ 1,177 The following tables present additional information about Level 3 Servicing Assets recorded at fair value (in thousands): Servicing Assets Fair Value at January 1, 2020 $ 14,888 Additions 2,196 Less: Changes in fair value (3,394) Fair Value at March 31, 2020 $ 13,690 Servicing Assets Fair Value at January 1, 2019 $ 15,550 Additions 2,966 Less: Changes in fair value (3,342) Fair Value at March 31, 2019 $ 15,174 Loan Trailing Fee Liability The fair value of the Loan Trailing Fee Liability represents the present value of the expected monthly Loan Trailing Fee payments, which takes into consideration certain assumptions related to expected prepayment rates and default rates using a discounted cash flow model. The assumptions used are the same as those used for the valuation of Servicing Assets, as described below. The following tables present additional information about Level 3 Loan Trailing Fee Liability measured at fair value on a recurring basis (in thousands): Loan Trailing Fee Liability Fair Value at January 1, 2020 $ 2,997 Issuances 385 Cash payment of Loan Trailing Fee (675) Change in fair value (61) Fair Value at March 31, 2020 $ 2,646 Loan Trailing Fee Liability Fair Value at January 1, 2019 $ 3,118 Issuances 566 Cash payment of Loan Trailing Fee (658) Change in fair value 58 Fair Value at March 31, 2019 $ 3,084 Significant Recurring Level 3 Fair Value Asset and Liability Input Sensitivity Key economic assumptions are used to compute the fair value of Borrower Loans. The sensitivity of the fair value to immediate changes in assumptions at March 31, 2020 and December 31, 2019 for Borrower Loans are presented in the following table (in thousands, except percentages). Borrower Loans March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 227,659 $ 245,137 Weighted-average discount rate 10.66 % 6.43 % Weighted-average default rate 14.82 % 13.68 % Fair value resulting from: 100 basis point increase in discount rate $ 225,683 $ 242,888 200 basis point increase in discount rate 223,751 240,691 Fair value resulting from: 100 basis point decrease in discount rate $ 229,683 $ 247,442 200 basis point decrease in discount rate 231,754 249,805 Fair value resulting from: 100 basis point increase in default rate $ 225,017 $ 241,930 200 basis point increase in default rate 222,389 238,807 Fair value resulting from: 100 basis point decrease in default rate $ 230,315 $ 248,453 200 basis point decrease in default rate 232,986 251,777 Key economic assumptions are used to compute the fair value of Notes. The sensitivity of the fair value to immediate changes in assumptions at March 31, 2020 and December 31, 2019 for Notes funded through the Note Channel are presented in the following table (in thousands, except percentages). Notes March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 225,491 $ 244,171 Weighted-average discount rate 10.66 % 6.43 % Weighted-average default rate 14.82 % 13.68 % Fair value resulting from: 100 basis point increase in discount rate $ 223,530 $ 241,927 200 basis point increase in discount rate 221,614 239,737 Fair value resulting from: 100 basis point decrease in discount rate $ 227,497 $ 246,471 200 basis point decrease in discount rate 229,552 248,828 Fair value resulting from: 100 basis point increase in default rate $ 222,871 $ 240,958 200 basis point increase in default rate 220,265 237,831 Fair value resulting from: 100 basis point decrease in default rate $ 228,124 $ 247,489 200 basis point decrease in default rate 230,773 250,817 Key economic assumptions are used to compute the fair value of Servicing Assets. The sensitivity of the current fair value to immediate changes in assumptions at March 31 2020 and December 31, 2019 for Servicing Assets are presented in the following table (in thousands, except percentages). Servicing Assets March 31, 2020 December 31, 2019 Fair Value at March 31, 2020 $ 13,690 $ 14,888 Market servicing rate 0.625 % 0.625 % Weighted-average prepayment rate 20.37 % 20.99 % Weighted-average default rate 14.03 % 12.67 % Fair value resulting from: Market servicing rate increase to 0.65% $ 12,848 $ 13,966 Market servicing rate decrease to 0.60% 14,532 15,811 Fair value resulting from: Applying a 1.1 multiplier to prepayment rate $ 13,417 $ 14,583 Applying a 0.9 multiplier to prepayment rate 13,966 15,197 Fair value resulting from: Applying a 1.1 multiplier to default rate $ 13,493 $ 14,618 Applying a 0.9 multiplier to default rate 13,888 15,165 These sensitivities are hypothetical and should be evaluated with care. The effect on fair value of a 10% variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill Prosper’s goodwill balance of $36.4 million at December 31, 2019 did not change during the three months ended March 31, 2020. We did not record goodwill impa irment expense for the three months ended March 31, 2020 and 2019. Other Intangible Assets The following table presents the detail of other intangible assets subject to amortization for the period presented (dollars in thousands): March 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value Remaining Useful Life (In Years) Developed technology $ 3,060 $ (3,060) $ — — User base and customer relationships 5,050 (4,386) 664 5.1 Brand name 60 (60) — — Total Intangible Assets Subject to Amortization $ 8,170 $ (7,506) $ 664 Prosper’s intangible asset balance w as $0.7 million at both March 31, 2020 and December 31, 2019. The user base and customer relationships intangible assets are being amortized on an accelerated basis over a three ten Amortization expense for the three months ended March 31, 2020 and March 31, 2019 was $0.1 million and $0.1 million, respectively. Estimated amortization of purchased intangible assets for future periods is as follows (in thousands): Year Ending December 31, 2020 (remainder thereof) $ 164 2021 172 2022 136 2023 107 2024 85 Total $ 664

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2020
Other Liabilities [Abstract]
Other Liabilities	Other Liabilities Other Liabilities consist of the following (in thousands): March 31, 2020 December 31, 2019 Loan trailing fee $ 2,646 $ 2,997 Deferred revenue 184 241 Deferred income tax liability 438 405 Operating lease liability 16,387 17,507 Other 529 576 Total Other Liabilities $ 20,184 $ 21,726 Additionally, disclosures around the operating lease liabilities are included in Note 16.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt PWIT Warehouse Trust Agreements Prosper’s consolidated VIEs, PWIT and PWIIT (together, “Warehouse VIEs”), each entered into an agreement (together, “Warehouse Agreements”) with certain lenders for committed revolving lines of credit (“Warehouse Lines”) during 2019 and 2018. In connection with the Warehouse Agreements, the Warehouse VIEs each entered into a security agreement with a bank as administrative agent and a national banking association as collateral trustee and paying agent. Proceeds under the Warehouse Lines may only be used to purchase certain unsecured consumer loans and related rights and documents from Prosper and to pay fees and expenses related to the Warehouse Lines. Both Warehouse VIEs are consolidated because Prosper is the primary beneficiary of the VIEs. The creditors of the Warehouse Lines have no recourse to the general credit of Prosper. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. The loans held in the Warehouse VIEs are included in Loans Held for Sale, at Fair Value and Warehouse Lines are in Warehouse Lines in the condensed consolidated balance sheets. Both Warehouse Agreements contain the same certain covenants including restrictions on each Warehouse VIE's ability to incur indebtedness, pledge assets, merge or consolidate and enter into certain affiliate transactions. Each Warehouse Agreement also requires Prosper to maintain a minimum tangible net worth of $25 million, minimum net liquidity of $15 million and a maximum leverage ratio of 5:1. Tangible net worth is defined as the sum of (i) (A) Convertible Preferred Stock, (B) total Stockholders’ Deficit and (C) Convertible Preferred Stock Warrant Liability, less the sum of (ii) (A) goodwill and (B) intangible assets. Net liquidity is defined as the sum of cash, cash equivalents and Available for Sale Investments. The leverage ratio is defined as the ratio of total consolidated indebtedness other than non-recourse securitization indebtedness, non-recourse or limited recourse warehouse indebtedness and borrower dependent notes, to tangible net worth. As of March 31, 2020, Prosper was in compliance with the covenants under each Warehouse Agreement. PWIT Warehouse Line On January 19, 2018, through PWIT, Prosper entered into a Warehouse Agreement for a Warehouse Line. Effective June 12, 2018, the Warehouse Agreement was amended. The amendments included increasing the committed line of credit from $100 million to $200 million, extending the term of the PWIT Warehouse Line (including the final maturity date), amending the monthly unused commitment fee and reducing the rate at which the PWIT Warehouse Line bears interest. Subsequently the Warehouse Agreement was amended on June 20, 2019 to extend the facility, to reduce the interest rate and unused commitment fee and to expand the eligibility criteria for unsecured consumer loans that can be financed through the PWIT Warehouse Line. Under the amended agreement, proceeds of loans made under the PWIT Warehouse Line may be borrowed, repaid and reborrowed until the earlier of June 20, 2021 and at the occurrence of any accelerated amortization event or event of default. Repayment of any outstanding proceeds will be made over the 24 month period ending June 20, 2023, excluding the occurrence of any accelerated amortization event or event of default. Under the amended agreement, the PWIT Warehouse Line bears interest at a rate of LIBOR plus 2.9% and has an advance rate of 89%. Additionally, the PWIT Warehouse Line bears a monthly unused commitment fee, depending on utilization, of 0.50% per annum on the undrawn portion available under the PWIT Warehouse Line. As of March 31, 2020, Prosper had $100.4 million in debt and accrued interest outstanding under the PWIT Warehouse Line. This debt is secured by an aggregate outstanding principal balance of $105.1 million included in “Loans Held for Sale, at Fair Value” on the Consolidated Balance Sheets. At March 31, 2020 the undrawn portion available under the Warehouse Line was $99.6 million. Prosper incurred $1.8 million of deferred debt issuance costs, which are included in “Prepaids and Other Assets” and amortized to interest expense over the term of the revolving arrangement. Prosper purchased a swaption to limit the Company's exposure to increases in LIBOR. The swaptions are recorded on the consolidated balance sheet at fair value in Prepaids and Other Assets. Any changes in the fair value are recorded in the Change in Fair Value of Financial Instruments, Net on the Consolidated Statement of Operations. The fair value of the swaption was not material at March 31, 2020. PWIIT Warehouse Line On March 28, 2019, through PWIIT, Prosper entered into a second Warehouse Agreement for a $300 million Warehouse Line with a national banking association different than that of PWIT. Under the PWIIT Warehouse Agreement, proceeds of loans made under the PWIIT Warehouse Line may be borrowed, repaid, and reborrowed until the earlier of March 28, 2021 and at the occurrence of any accelerated amortization event or event of default. Repayment of any outstanding proceeds will be made over the 24 month period ending March 28, 2023, excluding the occurrence of any accelerated amortization event or event of default. Under the agreement, the PWIIT Warehouse Line bears interest at a rate of LIBOR, or the lender's asset-backed commercial paper rate, plus a spread of 2.9%. The spread increases by 0.375% during the first twelve months immediately following the termination of the revolving period with an additional increase of 0.375% one year later. The PWIIT Warehouse Line has an advance rate of 90%. Additionally, the PWIIT Warehouse Line bears a monthly unused commitment fee of 0.50% per annum on the undrawn portion available under the PWIIT Warehouse Line. As of March 31, 2020, Prosper had $54.0 million in debt and accrued interest outstanding under the PWIIT Warehouse Line. This debt is secured by an aggregate outstanding principal balance of $60.4 million included in Loans Held for Sale, at Fair Value on the Consolidated Balance Sheets. At March 31, 2020 the undrawn portion available under the PWIIT Warehouse Line was $246.0 million. Prosper incurred $2.1 million of deferred debt issuance costs, which are included in Prepaids and Other Assets and amortized to interest expense over the term of the revolving arrangement.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Prosper computes Net Income (Loss) Per Share in accordance with ASC Topic 260, Earnings Per Share (“ASC Topic 260”). Under ASC Topic 260, basic Net Income (Loss) Per Share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Proper computes its earnings (loss) per share (“EPS”) using the two-class method in ASC Topic 260. The two-class method allocates earnings that otherwise would have been available to common shareholders to holders of participating securities. Management considers all series of our Convertible Preferred Stock to be participating securities due to their rights to participate in dividends with Common Stock. As such, earnings allocated to these participating securities, which include participation rights in undistributed earnings, are subtracted from net income to determine total undistributed earnings to be allocated to common stockholders. All participating securities are excluded from basic weighted-average common shares outstanding. Prior to any conversion to common shares, each series of Prosper’s Convertible Preferred Stock was entitled to participate on an if-converted basis in distributions of earnings, when and if declared by the board of directors, that were made to common stockholders and consequently, these shares were considered participating securities. During the periods ended March 31, 2020 and 2019, certain shares issued as a result of the early exercise of stock options which are subject to a repurchase right by PMI were entitled to receive non-forfeitable dividends during the vesting period and consequently, are considered participating securities. The weighted average shares used in calculating basic and diluted Net Income (Loss) Per Share excludes certain shares that are disclosed as outstanding shares in the Consolidated Balance Sheets because such shares are restricted as they were associated with options that were early exercised and continue to remain unvested. Basic and diluted net income (loss) per share was calculated as follows (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Numerator: Net Income (Loss) $ 21,130 $ (22,714) Less: net income allocated to participating securities (15,755) — Net income (loss) available to common stockholders $ 5,375 $ (22,714) Denominator: Weighted average shares used in computing net income (loss) per share - basic 68,454,103 70,487,006 Effect of dilutive securities: Stock options 236,928 — Convertible preferred stock warrants 213,264,845 — Weighted average shares used in computing diluted net income (loss) per share - diluted 281,955,876 70,487,006 Net income (loss) per share - basic $ 0.08 $ (0.32) Net income (loss) per share - diluted $ 0.02 $ (0.32) The following common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2020 2019 (shares) (shares) Excluded securities: Convertible preferred stock issued and outstanding 209,613,570 214,637,925 Stock options issued and outstanding 72,195,596 70,384,625 Warrants issued and outstanding 1,080,349 1,080,349 Series E-1 convertible preferred stock warrants — 35,544,141 Series F convertible preferred stock warrants — 177,720,704 Total common stock equivalents excluded from diluted net income (loss) per common share computation 282,889,515 499,367,744

Convertible Preferred Stock, Wa

Convertible Preferred Stock, Warrant Liability and Stockholders’ Deficit	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Convertible Preferred Stock, Warrant Liability and Stockholders’ Deficit	Convertible Preferred Stock, Warrant Liability and Stockholders’ Deficit Convertible Preferred Stock and Warrants Under PMI’s amended and restated certificate of incorporation, preferred stock is issuable in series, and the Board of Directors is authorized to determine the rights, preferences, and terms of each series. The number of authorized, issued and outstanding shares, their par value and liquidation preference for each series of convertible preferred stock as of March 31, 2020 are disclosed in the table below (amounts in thousands except share and par value amounts): Convertible Preferred Stock Par Value Authorized Shares Outstanding and Issued Shares Liquidation Preference (Outstanding Shares) Series A $ 0.01 68,558,220 66,428,185 $ 19,160 Series A-1 $ 0.01 24,760,915 22,515,315 45,031 Series B $ 0.01 35,775,880 35,127,160 21,190 Series C $ 0.01 24,404,770 24,404,770 70,075 Series D $ 0.01 23,888,640 23,888,640 165,000 Series E-1 $ 0.01 35,544,141 — — Series E-2 $ 0.01 16,858,078 — — Series F $ 0.01 177,720,707 3 — Series G $ 0.01 37,249,497 37,249,497 50,000 444,760,848 209,613,570 $ 370,456 Dividends Dividends on shares of the Series A, Series B, Series C, Series D, Series E-1, Series E-2, Series F and Series G convertible preferred stock are payable only when, as, and if declared by the Board of Directors. No dividends will be paid with respect to the common stock until any declared dividends on the Series A, Series B, Series C, Series D, Series E-1, Series E-2, Series F, and Series G convertible preferred stock have been paid or set aside for payment to the Series A, Series B, Series C, Series D, Series E-1, Series E-2, Series F, and Series G convertible preferred stockholders. After payment of any such dividends, any additional dividends or distributions will be distributed among all holders of common stock and preferred stock in proportion to the number of shares of common stock that would be held by each such holder if all shares of preferred stock were converted to common stock at the then-effective conversion rate. The Series A-1 convertible preferred shares have no dividend rights. To date, no dividends have been declared on any of PMI’s preferred stock or common stock. Conversion Under the terms of PMI’s amended and restated certificate of incorporation, the holders of preferred stock have the right to convert such preferred stock into common stock at any time. In addition, all preferred stock automatically converts into common stock (i) immediately prior to the closing of an initial public offering that values Prosper at least at $2 billion and that results in aggregate proceeds to Prosper of at least $100 million or (ii) upon a written request from the holders of at least 60% of the voting power of the outstanding preferred stock (on an as-converted basis), provided that (i) the Series A-1 convertible preferred stock shall not be converted without at least 14% of the voting power of the outstanding Series A-1 convertible preferred stock; (ii) the Series D shall not be converted without at least 60% of the voting power of the outstanding Series D; (iii) the Series E-1 and Series E-2 shall not be converted without at least 60% of the voting power of the outstanding Series E-1 and Series E-2, voting together as a single class; (iv) the Series F shall not be converted without at least 60% of the voting power of the outstanding Series F, and (v) the shares of Series G Preferred Stock will not be automatically converted unless the holders of at least 60% of the outstanding shares of Series G Preferred Stock approve such conversion. In addition, if a holder of the Series A convertible preferred stock has converted any of the Series A convertible preferred stock, then all of such holder’s shares of Series A-1 convertible preferred stock also will be converted upon a liquidation event. In lieu of any fractional shares of common stock to which a holder would otherwise be entitled, PMI shall pay such holder cash in an amount equal to the fair market value of such fractional shares, as determined by its Board of Directors. At present, each of the Series A, Series B, Series C, Series D, Series E-1, Series E-2, and Series F convertible preferred stock converts into PMI common stock at a 1:1 ratio. The Series A-1 convertible preferred stock converts into common stock at a 1,000,000:1 ratio and the Series G convertible preferred stock converts into common stock at a 1:1.36 ratio. The Series G convertible preferred stock conversion ratio reflects the Series G true-up that occurred at end of the vesting period for the Series E-2 and Series F Preferred Stock warrants. For the Series G true-up, the conversion price of the Series G Convertible Preferred Stock was reduced to a number equal to the Series G Preferred Stock original issuance price, divided by the quotient obtained by dividing the Series G true-up amount by the total number of Series G Preferred Stock issued as of the Series G closing date. The Series G true-up amount means the aggregate number of shares of Series G Preferred Stock that would have been issued to the purchasers of the Series G Preferred Stock on the Series G closing date, if warrants to purchase shares of Series E-2 Preferred Stock or Series F Preferred Stock that were exercisable or exercised as of the true-up time (end of vesting period) had been exercisable or exercised as of such Series G closing date. Liquidation Rights PMI’s convertible preferred stock has been classified as temporary equity on the condensed consolidated balance sheets. The preferred stock is not redeemable; however, in the event of a voluntary or involuntary liquidation, dissolution, change in control or winding up of PMI, holders of the convertible preferred stock may have the right to receive its liquidation preference under the terms of PMI’s certificate of incorporation. Each holder of Series E-1, Series E-2, and Series F convertible preferred stock is entitled to receive prior and in preference to any distribution of proceeds from a liquidation event to the holders of Series A, Series B, Series C, Series D, Series G and Series A-1 convertible preferred stock or common stock, an amount per share for (i) each share of Series E-1 convertible preferred stock equal to the sum of the liquidation preference specified for such share and all declared but unpaid dividends, if any, on such share, (ii) each share of Series E-2 convertible preferred stock equal to the sum of two-thirds the liquidation preference specified for such share and all declared but unpaid dividends, if any, on such share, and (iii) each share of Series F convertible preferred stock equal to the sum of two-thirds of the liquidation preference specified for such share and all declared but unpaid dividends, if any, on such share. After the payment or setting aside for payment to the holders of Series E-1, Series E-2, and Series F convertible preferred stock, each holder of Series A, Series B, Series C and Series D, Series E-2, Series F, and Series G convertible preferred stock is entitled to receive, on a pari passu basis, prior to and in preference to any distribution of proceeds from a liquidation event to the holders of Series A-1 convertible preferred stock or common stock, (i) an amount per share for each share of Series E-2 and Series F convertible preferred stock equal to the sum of one-third of the liquidation preference specified for such share and all declared but unpaid dividends, if any, on such share, and (ii) an amount per share for each share of Series A, Series B, Series C, Series D and Series G convertible preferred stock equal to the sum of the liquidation preference specified for such share and all declared but unpaid dividends, if any, on such share. After the payment or setting aside for payment to the holders of Series A, Series B, Series C, Series D, Series E-1, Series E-2, Series F, and Series G convertible preferred stock, the holders of Series A-1 convertible preferred stock are entitled to receive, prior and in preference to any distribution of proceeds to the holders of common stock, an amount per share for each such share of Series A-1 convertible preferred stock equal to the sum of the liquidation preference specified for such share and all declared but unpaid dividends, if any, on such share. After the payment or setting aside for payment to the holders of Series A, Series B, Series C, Series D, Series E-1, Series E-2, Series F, Series G, and Series A-1 convertible preferred stock, the entire remaining proceeds legally available for distribution will be distributed pro rata to the holders of Series A convertible preferred stock and common stock in proportion to the number of shares of common stock held by them assuming the Series A convertible preferred stock has been converted into shares of common stock at the then effective conversion rate, provided that the maximum aggregate amount per share of Series A convertible preferred stock which the holders of Series A convertible preferred stock shall be entitled to receive is three times the original issue price for the Series A convertible preferred stock. At present, the liquidation preferences are equal to $0.29 per share for the Series A convertible preferred stock, $2.00 per share for the Series A-1 convertible preferred stock, $0.60 per share for the Series B convertible preferred stock, $2.87 per share for the Series C convertible preferred stock, $6.91 per share for the Series D convertible preferred stock, $0.84 per share for the Series E-1 convertible preferred stock, $0.84 per share for the Series E-2 convertible preferred stock, $0.84 per share for the Series F convertible preferred stock and $1.34 per share for the Series G convertible preferred stock. Voting Each holder of shares of convertible preferred stock is entitled to the number of votes equal to the number of shares of common stock into which such shares of convertible preferred stock could be converted and has voting rights and powers equal to the voting rights and powers of the common stock. The holders of convertible preferred stock and the holders of common stock vote together as a single class (except with respect to certain matters that require separate votes or as required by law), and are entitled to notice of any stockholders’ meeting in accordance with the Bylaws of PMI. Convertible Preferred Stock Warrant Liability Series E-1 Warrants In connection with the Settlement and Release Agreement dated November 17, 2016 among PMI, PFL and Colchis, on December 16, 2016, PMI issued the First Series E-1 Warrant. The Second Series E-1 Warrant for an additional 15,277,006 shares of Series E-1 convertible preferred stock was granted on the signing of the Consortium Purchase Agreement (as defined in Note 15) on February 27, 2017. The warrants expire ten years from the dat e of issuance. For the three months ended March 31, 2020 and 2019, Prosper recognized $9.2 million of income and $2.1 million of expense, respectively, from the re-measurement of the fair value of the warrants. The income or expense resulted from the remeasurement of the fair value of the warrants is recorded through Change in Fair Value of Convertible Preferred Stock Warrants in the condensed consolidated statements of operations. To determine the fair value of the Series E-1 Warrants, the Company first determined the value of a share of a Series E-1 Convertible Preferred Stock. To determine the fair value of the Convertible Preferred Stock, the Company first derived the business enterprise value (“BEV”) of the Company using a variety of valuation methods, including discounted cash flow models and market based methods, as deemed appropriate under the circumstances applicable at the valuation date. Once the Company determined an estimated BEV, the option pricing method ("OPM") was used to allocate the BEV to the various classes of our equity, including our preferred stock. The concluded per share value for the Series E-1 Convertible Preferred Stock was utilized as an input to the Black-Scholes option pricing model. The Company determined the fair value of the outstanding Series E-1 Warrants utilizing the following assumptions as of the following dates: March 31, 2020 December 31, 2019 Volatility 68.0% 46.0% Risk-free interest rate 0.30% 1.60% Expected term (in years) 2.75 2.75 Dividend yield 0% 0% The above assumptions were determined as follows: Volatility . The volatility is derived from historical volatilities of several unrelated publicly listed peer companies over a period approximately equal to the term of the warrant as the Company has limited information on the volatility of its preferred stock since there is currently no trading history. When making the selections of industry peer companies to be used in the volatility calculation, the Company considered the size, operational, and economic similarities to the Company’s principal business operations. Risk-Free Interest Rate . The risk-free interest rate is based on the U.S. Treasury yield in effect as of the period end date and for zero coupon U.S. Treasury notes with maturities approximately equal to the term of the warrant. Expected Term . The expected term is the period of time for which the warrants are expected to be outstanding. Dividend Yield . The expected dividend assumption is based on the Company’s current expectations about the Company’s anticipated dividend policy. Series F Warrants In connection with the Consortium Purchase Agreement (as described in Note 15), PMI issued warrants to purchase up to 177,720,706 shares of PMI's Series F convertible preferred stock at $0.01 per share. For the three months ended March 31, 2020, and 2019, Prosper recognized $46.2 million of income and $7.9 million of expense, respectively, from the re-measurement of the fair value of the warrants. The income resulting from changes in the fair value of the warrant is recorded through Change in Fair Value of Convertible Preferred Stock Warrants in the condensed consolidated statements of operations . To determine the fair value of the Series F Warrants, the Company first determined the value of a share of a Series F Convertible Preferred Stock. To determine the fair value of the Convertible Preferred Stock, the Company first derived the BEV using valuation methods, including a combination of methods, as deemed appropriate under the circumstances applicable at the valuation date. Once the Company determined an estimated BEV, the OPM was used to allocate the BEV to the various classes of Prosper's equity, including our preferred stock. The concluded per share value for the Series F Convertible Preferred Stock warrants utilized the Black-Scholes option pricing model. The Company determined the fair value of the outstanding Series F Warrants utilizing the following assumptions as of the following dates: March 31, 2020 December 31, 2019 Volatility 68.0% 46.0% Risk-free interest rate 0.30% 1.60% Expected term (in years) 2.75 2.75 Dividend yield 0% 0% The above assumptions were determined using the same criteria described above for the Series E-1 Warrants. The combined activity of the Convertible Preferred Stock Warrant Liability for the three months ended March 31, 2020 and 2019 are as follows (in thousands): Warrant Activity Balance at January 1, 2020 $ 149,996 Change in Fair Value (55,449) Balance at March 31, 2020 $ 94,547 Warrant Activity Balance at January 1, 2019 $ 143,679 Warrants Vested 9,747 Change in Fair Value 10,058 Balance at March 31, 2019 $ 163,484 Common Stock PMI, through its Amended and Restated Certificate of Incorporation, is the sole issuer of common stock and related options, restricted stock units ("RSUs") and warrants. On February 16, 2016, PMI amended and restated its Certificate of Incorporation to, among other things, effect a 5-for-1 forward stock split. On September 20, 2017, PMI further amended its Amended and Restated Certificate of Incorporation to increase the number of shares of common stock authorized for issuance. The total number of shares of stock which PMI has the authority to issue is 1,069,760,848, consisting of 625,000,000 shares of common stock, $0.01 par value per share, and 444,760,848 shares of preferred stock, $0.01 par value per share. As of March 31, 2020, 69,391,576 shares of common stock were issued and 68,455,641 shares of common stock were outstanding. As of December 31, 2019, 69,387,836 shares of common stock were issued and 68,451,901 shares of common stock were outstanding. Each holder of common stock is entitled to one vote for each share of common stock held. Common Stock Issued upon Exercise of Stock Options

Share Based Incentive Plan and

Share Based Incentive Plan and Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share Based Incentive Plan and Compensation	Share Based Incentive Plan and CompensationPMI grants equity awards primarily through its Amended and Restated 2005 Stock Option Plan (the “2005 Plan”), which was approved as amended and restated by its stockholders on December 1, 2010; and its 2015 Equity Incentive Plan, which was approved by its stockholders on April 7, 2015 and subsequently amended by an Amendment No. 1, Amendment No. 2 and Amendment No. 3, which were approved by PMI's stockholders effective as of February 15, 2016, May 31, 2016, and September 5, 2018 respectively (as amended, the "2015 Plan"). In March 2015, the 2005 Plan expired, except that any awards granted under the 2005 Plan prior to its expiration remain in effect pursuant to their terms. Stock Option Reprice On May 3, 2016, the Compensation Committee of the Board of Directors of PMI approved a stock option repricing program (the “2016 Reprice”), authorizing PMI’s officers to reprice certain outstanding stock options held by employees and directors that have exercise prices above the current fair market value of PMI’s common stock. The repricing was effected on May 16, 2016 for eligible directors and employees located in the United States and on May 19, 2016 for eligible employees located in Israel. On March 17, 2017, the Compensation Committee of the Board of Directors of PMI approved a stock option repricing program (the “2017 Reprice” and together with the 2016 Reprice, the "Repricings"), authorizing PMI’s officers to reprice certain outstanding stock options held by employees and directors that have exercise prices above the current fair market value of PMI’s common stock. The repricing was effected on March 17, 2017 for eligible directors and employees. Prosper believes that the Repricings will encourage the continued service of valued employees and directors, and motivate such service providers to perform at high levels, both of which are critical to Prosper’s continued success. Prosper expects to incur additional stock based compensation charges as a result of the Repricings. The financial statement impact of the above Repricings was not material in the three months ended March 31, 2020, and the unamortized Repricings amount (net of forfeitures) is also not material as of March 31, 2020. Stock Option Activity Stock option activity under the 2005 Plan and 2015 Plan is summarized for the three months ended March 31, 2020 below: Options Issued and Outstanding Weighted- Average Exercise Price Balance as of January 1, 2020 76,236,757 $ 0.31 Options issued 3,856,400 $ 0.15 Options exercised (3,740) $ 0.38 Options forfeited (3,018,124) $ 0.41 Options expired (3,318,260) $ 0.13 Balance as of March 31, 2020 73,753,033 $ 0.30 Options vested and expected to vest as of March 31, 2020 60,558,411 $ 0.30 Options vested and exercisable at March 31, 2020 48,558,546 $ 0.29 Other Information Regarding Stock Options The weighted-average remaining life for options outstanding as of March 31, 2020 was 7.60 years . The fair value of options granted to employees is estimated on the grant date using the Black-Scholes option valuation model. This valuation model for stock-based compensation expense requires Prosper to make assumptions and judgments about the variables used in the calculation, including the fair value of PMI’s common stock, the expected term (the period of time that the options granted are expected to be outstanding), the volatility of PMI’s common stock, a risk-free interest rate, and expected dividends. Given the absence of a publicly traded market, Prosper considered numerous objective and subjective factors to determine the fair value of PMI’s common stock at each grant date. These factors included, but were not limited to: (i) contemporaneous valuations of common stock performed by unrelated third-party specialists, (ii) the prices for PMI’s preferred stock sold to outside investors, (iii) the rights, preferences and privileges of PMI’s preferred stock relative to PMI’s common stock, (iv) the lack of marketability of PMI’s common stock, (v) developments in the business, (vi) secondary transactions of PMI’s common and preferred shares, and (vii) the likelihood of achieving a liquidity event, such as an initial public offering or a merger or acquisition of Prosper, given prevailing market conditions. As PMI’s stock is not publicly traded, volatility for stock options is based on an average of the historical volatilities of the common stock of several entities with characteristics similar to those of Prosper. The expected term assumptions were determined based on the vesting terms, exercise terms and contractual lives of the options using the simplified method. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Prosper uses an expected dividend yield of zero as it does not anticipate paying any dividends in the foreseeable future. Prosper also estimates forfeitures of unvested stock options. Expected forfeitures are based on Prosper’s historical experience. To the extent actual forfeitures differ from the estimates, the difference will be recorded as a cumulative adjustment in the period estimates are revised. No compensation cost is recorded for options that do not vest. The fair value of PMI’s stock option awards granted during the three months ended March 31, 2020 was estimated at the date of grant using the Black-Scholes model with the following average assumptions: Three Months Ended March 31, 2020 Volatility of common stock 47.41 % Risk-free interest rate 0.68 % Expected life 6.0 years Dividend yield — % No stock options were granted for the three months ended March 31, 2019. Restricted Stock Unit Activity During the three months ended March 31, 2020, PMI did not grant any RSUs to employees. In previous reporting periods, PMI granted certain employees RSUs that are subject to three four The following table summarizes the number of PMI’s outstanding RSUs and their weighted-average grant date fair value during the three months ended March 31, 2020: Number of Shares Weighted-Average Grant Date Fair Value Unvested - January 1, 2020 4,803,141 $ 0.95 Forfeited (140,000) $ 2.18 Unvested - March 31, 2020 4,663,141 $ 0.91 The following table presents the amount of stock-based compensation related to stock-based awards granted to employees recognized in Prosper’s condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended March 31, 2020 2019 Origination and servicing $ 38 $ 196 Sales and marketing 11 83 General and administrative 456 1,335 Total stock based compensation $ 505 $ 1,614 Prosper capitalized stock-based compensation as internal-use software and website development costs of $0.1 million for both the three months ended March 31, 2020 and March 31, 2019. As of March 31, 2020 , the unamortized stock- based compensation expense adjusted for forfeiture estimates related to our employees’ unvested stock-based awards was approximately $3.0 million, which will be recognized over the remaining weighted-average vesting period of approximately 2.2 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Income Taxes	Income Taxes For the three months ended March 31, 2020 and March 31, 2019, Prosper reco gnized $34 thousand and $29 thousand of income tax expense, respectively. The income tax expense relates to state income tax expense and the amortization of tax deductible goodwill which gives rise to an indefinite-lived deferred tax liability. No other income tax expense or benefit was recorded for the three month periods ended March 31, 2020 and March 31, 2019 due to a full valuation allowance recorded against our deferred tax assets . Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize our existing deferred tax assets. On the basis of this evaluation, it is not more likely than not that our deferred tax assets will be realized and therefore a full valuation allowance has been recorded.
Prosper Funding LLC
Entity Information [Line Items]
Income Taxes	Income TaxesProsper Funding incurred no income tax provision for the three months ended March 31, 2020 and March 31, 2019. Prosper Funding is a U.S. disregarded entity and its income and loss are included in the income tax reporting of its parent, PMI. Since PMI is in a cumulative loss position, is not currently subject to income taxes, and has fully reserved against its deferred tax asset, the net effective tax rate for Prosper Funding is 0%.

Consortium Purchase Agreement

Consortium Purchase Agreement	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Consortium Purchase Agreement	Consortium Purchase Agreement On February 27, 2017, Prosper entered into a series of agreements (the “Consortium Purchase Agreement”) with a consortium of investors (the "Consortium"), pursuant to which the Consortium agreed to purchase Borrower Loans in an aggregate principal amount of up to $5.0 billion (including certain loans purchased by one of the investors prior to the date of the Consortium Purchase Agreement). PFL was obligated to offer for purchase minimum monthly volumes of eligible loans to the Consortium, for the Consortium to elect to purchase. The obligation to offer for purchase minimum monthly volumes of eligible loans and the related vesting ended upon the expiration of the Consortium Purchase Agreement in May 2019. In connection with the Consortium Purchase Agreement, PMI issued to the Consortium three warrants to purchase up to an aggregate 177,720,706 shares of PMI’s Series F Preferred Stock at an exercise price of $0.01 per share (the “Warrant Shares”). The Consortium's right to exercise these Series F Warrants was subject to monthly vesting and was fully vested in May 2019. On vesting of the Series F Warrants, Prosper recorded a liability as Convertible Preferred Stock Warrant Liability on the condensed consolidated balance sheets at fair value and a corresponding amount as Fair Value of Warrants Vested on Sale of Borrower Loans on the condensed consolidated statement of operations. Subsequent changes in the fair value of the vested warrants are recorded in Change in Fair Value of Convertible Preferred Stock Warrants on the condensed consolidated statement of operations. Additionally, in connection with the execution of the Consortium Purchase Agreement, certain previously issued rebates were settled by an issuance of vested Series F Convertible Preferred Stock Warrants. The difference in fair value of these warrants over the cash settlement price is recorded in Change in Fair Value of Convertible Preferred Stock Warrants on the condensed consolidated statement of operations. Through its expiration in May 2019, $3.3 billion in loans were acquired and 177.7 million warrants vested under the Consortium Purchase Agreement. In addition to the $3.3 billion of loans acquired above, warrants vested on signing of the Consortium Purchase Agreement were issued to settle certain rebates on $0.3 billion of whole loan purchases by members of the Consortium prior to the signing of the Consortium Purchase Agreement. This $0.3 billion also reduced the up to $5.0 billion aggregate amount under the Consortium Purchase Agreement.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases Prosper has operating leases for corporate offices and datacenters. Our leases have remaining lease terms of one year to seven years. Some of the lease agreem ents include options to extend the lease term for up to an additional five $1.5 million and $1.3 million for the three months ended March 31, 2020 and March 31, 2019, respectively. Additionally, Prosper subleases certain leased office space to third parties when it determines there is excess leased capacity. Sublease income from operating lease arrangements was $0.2 million and $0.3 million for the three months ended March 31, 2020 and March 31, 2019, respectively. Operating Lease Right-of-Use (“ROU”) Assets The following represents the operating lease right-of-use assets as of March 31, 2020, which are included in "Property and Equipment, Net" on the condensed consolidated balance sheets. March 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value ROU Assets - Office buildings $ 15,921 $ 4,103 $ 11,818 ROU Assets - Other 292 292 — Total right-of-use assets subject to amortization $ 16,213 $ 4,395 $ 11,818 Lease Liabilities Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows (in thousands). The present value of the future minimum lease payments represent our lease liabilities as of March 31, 2020 and are included in "Other Liabilities" on the condensed consolidated balance sheets. Minimum Lease Payments Remainder of 2020 $ 3,885 2021 5,130 2022 5,014 2023 1,562 2024 871 Thereafter 1,820 Total future minimum lease payments $ 18,282 Less imputed interest (1,895) Present value of future minimum lease payments $ 16,387 Because the rate implicit in each lease is not readily determinable, we use our incremental borrowing rate to determine the present value of the lease payments. Other information related to leases was as follows ($ in thousands): March 31, 2020 Cash paid for operating leases year-to-date $ 1,351 Right of use assets obtained in exchange for new operating lease obligations $ — Weighted average remaining lease term (in years) 3.97 Weighted average discount rate 5.54 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Commitments and Contingencies	Commitments and Contingencies In the normal course of its operations, Prosper becomes involved in various legal actions. Prosper maintains provisions it considers to be adequate for such actions. Prosper does not believe it is probable that the ultimate liability, if any, arising out of any such matters will have a material effect on Prosper's financial condition, results of operations or cash flows. Operating Commitments Prosper entered into an agreement with WebBank, under which all Borrower Loans originated through the marketplace are made by WebBank under its bank charter. Pursuant to the agreement, the marketing fee that Prosper receives in connection with the origination of each loan is partially reduced by an amount (the “Designated Amount”) calculated as a percentage of the principal amount of such loan based on the aggregate principal amount of loans originated for the applicable month. To the extent the aggregate Designated Amount for all loans originated during any month is less than $143,500, Prosper is required to pay WebBank an amount equal to such deficiency. Accordingly, the minimum fee for the remaining nine months of 2020 is $1.3 million. The minimum fees are $1.7 million and $0.1 million for the years 2021 and 2022, respectively. Additionally, under the agreement with WebBank, Prosper is required to maintain minimum net liquidity of $15.0 million at all times during the term of the agreement. Net liquidity is defined as the sum of Cash, Cash Equivalents and Available for Sale Investments. Violation of this covenan t can result in termination of the contract with WebBank. As of March 31, 2020, Prosper was in compliance with the covenant. Loan Purchase Commitments Prosper entered into an agreement with WebBank to purchase $4.9 million of Borrower Loans that WebBank originated during the last two business days of the quarter ended March 31, 2020. Prosper will purchase these Borrower Loans within the first three business days of the quarter ending June 30, 2020. Repurchase Obligation Under the terms of the loan purchase agreements between Prosper and investors that participate in the Whole Loan Channel, Prosper may, in certain circumstances, become obligated to repurchase a Borrower Loan from an investor. Generally, these circumstances include the occurrence of verifiable identity theft, the failure to properly follow loan listing or bidding protocols or a violation of the applicable federal, state or local lending laws. Prosper recognizes a liability at fair value for the repurchase obligation when the Borrower Loans are sold. The fair value of the repurchase obligation is estimated based on historical experience. Repurchased Borrower Loans associated with violations of federal, state or local lending laws or verifiable identity theft are written off at the time of repurchase. The maximum potential amount of future payments associated under this obligation is the outstanding balances of the Borrower Loans issued through the Whole Loan Channel, which at March 31, 2020 is $2.9 billion . Pros per has accrued $0.4 million as of both March 31, 2020 and December 31, 2019, in regard to this obligation. Regulatory Contingencies Prosper accrues for contingencies when a loss from such contingencies is probable and the amount of loss can be reasonably estimated. In determining whether a loss is probable and if it is possible to quantify the amount of the estimated loss, Prosper reviews and evaluates its litigation and regulatory matters on at least a quarterly basis in light of potentially relevant factual and legal developments. If Prosper determines that an unfavorable outcome is not probable or that the amount of a loss cannot be reasonably estimated, Prosper does not accrue for a potential litigation loss. If an unfavorable outcome is probable and Prosper can estimate a range of outcomes, an amount is recorded which management considers to be the best estimate within the range of potential losses that are both probable and estimable; however, if management cannot quantify the amount of the estimated loss, then the low end of the range of the potential losses is recorded. SEC Inquiry In April 2017, we became aware of an error in the annualized net return and seasoned annualized net return numbers displayed to Note investors. Prosper was advised by the SEC that it was investigating whether violations of federal securities laws had occurred in connection with the error. On April 19, 2019, the SEC accepted an offer of settlement from PFL to resolve the matter. Under the settlement, the SEC alleged a violation of Section 17(a)(2) of the Securities Act and ordered PFL to cease and desist from any future violations of that provision. PFL neither admitted nor denied any wrongdoing, and agreed to pay a civil monetary penalty of $3.0 million. The penalty of $3.0 million was paid in full in April 2019. West Virginia Matter In January 2018, the Attorney General of the State of West Virginia (the “Attorney General”) initiated discussions regarding certain acts and practices of PMI and PFL that the Attorney General asserts may have violated the West Virginia Consumer Credit and Protection Act (the “Consumer Act”), to which Prosper responded with such information as was requested by the Attorney General. Following a period of more than a year with limited to no communication, in February 2020, Prosper received a proposed Assurance of Discontinuance (an “AOD”) from the Attorney General requesting that, without in any way admitting that any of its prior practices were in violation of the Consumer Act, Prosper agree to certain terms and conditions regarding its past and potential future conduct of its business with respect to customers in West Virginia, including a release by the Attorney General of any claims it may have related to the matters identified in the AOD. Prosper is evaluating and intends to discuss the proposed terms in the AOD with the Attorney General. We cannot predict the outcome of the matter and any potential fines or penalties, if any, that may arise from the matter. Further, we are unable to estimate a range of outcomes and as a result no accrual has been made. No loans have been originated through the Prosper platform to West Virginians since June 2016.
Prosper Funding LLC
Entity Information [Line Items]
Commitments and Contingencies	Commitments and Contingencies Operating Commitments Prosper entered into an agreement with WebBank, under which all Borrower Loans originated through the marketplace are made by WebBank under its bank charter. Pursuant to the agreement, the marketing fee that Prosper receives in connection with the origination of each loan is partially reduced by an amount (the “Designated Amount”) calculated as a percentage of the principal amount of such loan based on the aggregate principal amount of loans originated for the applicable month. To the extent the aggregate Designated Amount for all loans originated during any month is less than $143,500, Prosper is required to pay WebBank an amount equal to such deficiency. Accordingly, the minimum fee for the remaining nine months of 2020 is $1.3 million . The minimum fees are $1.7 million and $0.1 million for the years 2021 and 2022, respectively. Additionally, under the agreement with WebBank, Prosper is required to maintain minimum net liquidity of $15 million at all times during the term of the agreement. Net liquidity is defined as the sum of Cash, Cash Equivalents and Available for Sale Investments. Violation of this covenant can result in termination of the contract with WebBank. As of March 31, 2020, we were in compliance with the covenant. Loan Purchase Commitments Under the terms of Prosper Funding’s agreement with WebBank, Prosper Funding is committed to purchase $4.9 million of Borrower Loans that WebBank originated during the last two business days of the quarter ended March 31, 2020. Prosper Funding will purchase these Borrower Loans within the first three business days of the quarter ending June 30, 2020. Repurchase Obligation Under the terms of the loan purchase agreements between Prosper Funding and investors that participate in the Whole Loan Channel, Prosper Funding may, in certain circumstances, become obligated to repurchase a Borrower Loan from an investor. Generally, these circumstances include the occurrence of verifiable identity theft, the failure to properly follow loan listing or bidding protocols, or a violation of the applicable federal, state, or local lending laws. The fair value of the indemnification and repurchase obligation is estimated based on historical experience. Prosper Funding recognizes a liability for the repurchase and indemnification obligation when the Borrower Loans are issued. Indemnified or repurchased Borrower Loans associated with violations of federal, state, or local lending laws or verifiable identity theft are written off at the time of repurchase or at the time an indemnification payment is made. The maximum potential amount of future payments associated under this obligation is the outstanding balances of the Borrower Loans issued through the Whole Loan Channel, which as of March 31, 2020 is $3.4 billion. P rosper Funding has acc rued $0.4 million as of both March 31, 2020 and December 31, 2019 in regard to this obligation. Regulatory Contingencies Prosper accrues for contingencies when a loss from such contingencies is probable and the amount of loss can be reasonably estimated. In determining whether a loss is probable and if it is possible to quantify the amount of the estimated loss, Prosper reviews and evaluates its litigation and regulatory matters on at least a quarterly basis in light of potentially relevant factual and legal developments. If Prosper determines that an unfavorable outcome is not probable or that the amount of a loss cannot be reasonably estimated, Prosper does not accrue for a potential litigation loss. If an unfavorable outcome is probable and Prosper can estimate a range of outcomes, we record the amount we consider to be the best estimate within the range of potential losses that are both probable and estimable; however, if we cannot quantify the amount of the estimated loss, then we record the low end of the range of those potential losses. SEC Inquiry In April 2017, we became aware of an error in the annualized net return and seasoned annualized net return numbers displayed to Note investors. Prosper was advised by the SEC that it was investigating whether violations of federal securities laws had occurred in connection with the error. On April 19, 2019, the SEC accepted an offer of settlement from PFL to resolve the matter. Under the settlement, the SEC alleged a violation of Section 17(a)(2) of the Securities Act and ordered PFL to cease and desist from any future violations of that provision. PFL neither admitted nor denied any wrongdoing, and agreed to pay a civil monetary penalty of $3.0 million. The penalty of $3.0 million was paid in full in April 2019. West Virginia Matter In January 2018, the Attorney General of the State of West Virginia (the “Attorney General”) initiated discussions regarding certain acts and practices of PMI and PFL that the Attorney General asserts may have violated the West Virginia Consumer Credit and Protection Act (the “Consumer Act”), to which Prosper responded with such information as was requested by the Attorney General. Following a period of more than a year with limited to no communication, in February 2020, Prosper received a proposed Assurance of Discontinuance (an “AOD”) from the Attorney General requesting that, without in any way admitting that any of its prior practices were in violation of the Consumer Act, Prosper agree to certain terms and conditions regarding its past and potential future conduct of its business with respect to customers in West Virginia, including a release by the Attorney General of any claims it may have related to the matters identified in the AOD. Prosper is evaluating and intends to discuss the proposed terms in the AOD with the Attorney General. We cannot predict the outcome of the matter and any potential fines or penalties, if any, that may arise from the matter. Further, we are unable to estimate a range of outcomes and as a result no accrual has been made. No loans have been originated through the Prosper platform to West Virginians since June 2016.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Related Parties	Related Parties Since Prosper’s inception, it has engaged in various transactions with its directors, executive officers, and holders of more than 10% of its voting securities, and immediate family members and other affiliates of its directors, executive officers, and 10% stockholders. Prosper believes that all of the transactions described below were made on terms no less favorable to Prosper than could have been obtained from unaffiliated third parties. Prosper’s executive officers, directors who are not executive officers, and certain affiliates participate in its marketplace by placing bids and purchasing Notes and Borrower Loans. The aggregate amount of the Notes and Borrower Loans purchased and the income earned by parties deemed to be affiliates and related parties of Prosper for the three and three months ended March 31, 2020 and March 31, 2019, as well as the Notes and Borrower Loans outstanding as of March 31, 2020 and December 31, 2019 are summarized below (in thousands): Aggregate Amount of Interest Earned on Related Party 2020 2019 2020 2019 Executive officers and management $ 6 $ 6 $ 1 $ 1 Directors (excluding executive officers and management) 122 109 15 12 Total $ 128 $ 115 $ 16 $ 13 Notes Balance as of Related Party March 31, 2020 December 31, 2019 Executive officers and management $ 36 $ 35 Directors (excluding executive officers and management) 691 682 $ 727 $ 717
Prosper Funding LLC
Entity Information [Line Items]
Related Parties	Related Parties Since inception, Prosper Funding has engaged in various transactions with its directors, executive officers, sole member, and immediate family members and other affiliates of its directors, executive officers, and sole member. Prosper Funding believes that all of the transactions described below were made on terms no less favorable to Prosper Funding than could have been obtained from unaffiliated third parties. Prosper Funding’s executive officers and directors who are not executive officers participate in its marketplace by placing bids and purchasing Notes and Borrower Loans. The aggregate amount of the Notes and Borrower Loans purchased and the income earned by parties deemed to be related parties of Prosper Funding for the three months ended March 31, 2020 and March 31, 2019 are summarized below (in thousands): Aggregate Purchases Interest Earned Three Months Ended March 31, Three Months Ended March 31, Related Party 2020 2019 2020 2019 Executive officers and management $ 6 $ 6 $ 1 $ 1 Directors (excluding executive officers and management) — — — — Total $ 6 $ 6 $ 1 $ 1 The balance of Notes held by officers and directors who are not executive officers are as follows (in thousands): Related Party March 31, 2020 December 31, 2019 Executive officers and management $ 36 $ 35 Directors (excluding executive officers and management) — — $ 36 $ 35

Significant Concentrations

Significant Concentrations	3 Months Ended
	Mar. 31, 2020
Risks and Uncertainties [Abstract]
Significant Concentrations	Significant Concentrations Prosper is dependent on third party funding sources such as banks, asset managers, and investment funds to provide the funds to allow WebBank to originate Borrower Loans that the third party funding sources will later purchase. Of all Borrower Loans originated in the three months ended March 31, 2020, one party purchased 16.6% of such loans. For the three months ended March 31, 2019, two parties purchased 14.8% and 14.4% of such loans, respectively. Further, a significant portion of our business is dependent on funding through the Whole Loan Channel, through which 91% and 93% of Borrower Loans were originated in the three months ended March 31, 2020 and March 31, 2019, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Paycheck Protection Program (“PPP”), established by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and sponsored by the U.S. Small Business Administration (“SBA”), is providing small businesses – sole proprietors, independent contractors, and, with certain industry exceptions, businesses with fewer than 500 employees – the opportunity to apply for a loan of up to $10 million to cover up to eight weeks of payroll costs, including benefits. Funds may also be used to cover interest on mortgage obligations, leases, and utilities incurred or in place before February 15, 2020. PPP loan payments are deferred for six months, and, based on SBA guidance, will be forgiven as long as (i) loan proceeds are used for covered expenses, (ii) full-time employee headcount is maintained during the eight-week period covered by the PPP loan and (iii) compensation for employees who earned less than $100,000 on an annualized basis in 2019 is not reduced by more than 25% during the covered period. For purposes of calculating maximum loan eligibility, payroll costs per employee are capped at $100,000 on an annualized basis. Due to anticipated high PPP participation rates, the SBA expects that not more than 25% of any forgiven loan amount may be for non-payroll costs. In April 2020, the Company obtained an $8.4 million loan under the PPP. The Company plans to use the PPP Loan proceeds to cover payroll costs, rent and utilities in accordance with the relevant terms and conditions of the CARES Act.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Basis of Presentation	Basis of Presentation Prosper Marketplace, Inc. (“PMI”) was incorporated in the state of Delaware on March 22, 2005. Except as the context requires otherwise, as used in these notes to the condensed consolidated financial statements of PMI, “Prosper,” “we,” “us,” and “our” refer to PMI and its wholly-owned subsidiaries, on a consolidated basis. The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and disclosure requirements for interim financial information and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date. Management believes these unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The preparation of Prosper’s condensed consolidated financial statements and related disclosures in conformity with US GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in Prosper’s financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of certain assets and liabilities. These judgments, estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions. The accompanying interim condensed consolidated financial statements include the accounts of PMI, its wholly-owned subsidiaries and consolidated variable interest entities (“VIEs”). All intercompany balances have been eliminated in consolidation. Securitization Notes are notes held by certain third party investors pursuant to Prosper’s securitization transactions, and are distinguishable from the borrower payment dependent Notes available to investors through our Note Channel.
Fair Value Measurements	Fair Value Measurements Financial instruments measured at fair value consist principally of Borrower Loans, Loans Held for Sale, Servicing Assets, Notes, Certifications Issued by Securitization Trust and Convertible Preferred Stock Warrant Liability. The estimated fair values of other financial instruments, including Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Accrued Liabilities, and Payable to Investors approximate their carrying values because of their short-term nature. The estimated fair values of Notes Issued by Securitization Trust and Warehouse Lines do not approximate their carrying values due primarily to differences in the stated and market rates associated with these instruments. Refer to Note 7 for additional fair value disclosures.
Restricted Cash	Restricted Cash Restricted Cash consists primarily of cash deposits, money market funds and short term certificate of deposit accounts held as collateral as required for long term leases, loan funding and servicing activities, and cash that investors have on our marketplace that has not yet been invested in Borrower Loans or disbursed to the investor.
Borrower Loans, Loans Held for Sale, Notes and Certificates Issued by Securitization Trust	Borrower Loans, Loans Held for Sale, Notes and Certificates Issued by Securitization Trust Borrower Loans are funded either through the Note Channel or through the Whole Loan Channel. Through the Note Channel, Prosper purchases Borrower Loans from WebBank, then issues Notes and holds the Borrower Loans until maturity. The obligation to repay a series of Notes issued through the Note Channel is dependent upon the repayment of the associated Borrower Loan. Borrower Loans funded and Notes issued through the Note Channel are carried on Prosper’s condensed consolidated balance sheets as assets and liabilities, respectively. In 2019, Prosper began refinancing the purchase of Borrower Loans through the Whole Loan Channel through securitization transactions, which issue senior notes, risk retention interests, and residual certificates. Associated securitization trusts are deemed consolidated VIEs, and as a result the Borrower Loans held in the securitization trusts are included in “Borrower Loans, at Fair Value”, senior notes sold to third party investors in “Notes Issued by Securitization Trust”, and the risk retention interest and residual certificates held by third party investors in “Certificates Issued by Securitization Trust, at Fair Value” in the Consolidated Balance Sheets. Refer to Note 6, Securitization for additional disclosures. Prosper uses Warehouse Lines to purchase Loans Held for Sale that may be subsequently contributed to securitization transactions or sold to investors. Loans Held for Sale are included in “Loans Held for Sale, at Fair Value” in the Consolidated Balance Sheets. See Note 10, Debt for more details on Warehouse Lines. Borrower Loans and Loans Held for Sale are purchased from WebBank. Prosper places Borrower Loans and Loans Held for Sale on non-accrual status when they are 120 days past due. When a loan is placed on non-accrual status, Prosper stops accruing interest and reverses all accrued but unpaid interest as of such date. Additionally, Prosper charges-off Borrower Loans and Loans Held for Sale when they are 120 days past due. The fair value of loans 120 or more days past due generally consists of the expected recovery from debt sales in subsequent periods. Prosper has elected the fair value option for Borrower Loans, Loans Held for Sale, Notes, and Certificates Issued by Securitization Trust. Changes in fair value of Borrower Loans funded through the Note Channel are largely offset by the changes in fair value of Notes due to the borrower payment-dependent design of the Notes. Changes in fair value of Borrower Loans held in consolidated securitization trusts are partially offset by changes in fair value of the Certificates Issued by Securitization Trust. Changes in fair value of Loans Held for Sale are recorded through Proper's earnings and Prosper collects interest on Loans Held for Sale. Changes in fair value of Borrower Loans, Loans Held for Sale, Notes, and Certificates Issued by Securitization Trust are included in “Change in Fair Value of Financial Instruments, Net” on the Consolidated Statements of Operations. Prosper primarily uses a discounted cash flow model to estimate the fair value of Borrower Loans, Loans Held for Sale, Notes, and Certificates Issued by Securitization Trust. The key assumptions used in the valuation include default rates and prepayment rates derived primarily from historical performance and discount rates based on estimates of the rates of return that investors would require when investing in financial instruments with similar characteristics.
Leases	Leases Management determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are included on the Consolidated Balance Sheets in Property and Equipment, Net and in Other Liabilities, respectively. For certain leases with original terms of twelve months or less, PMI recognizes the lease expense as incurred and does not recognize ROU assets and lease liabilities. If a contract contains a lease, management evaluates whether it should be classified as an operating or finance lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of PMI's leases do not provide an implicit rate, management uses an incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The operating lease ROU assets are evaluated for impairment utilizing the same impairment model used for Property and Equipment..
Consolidation of Variable Interest Entities	Consolidation of Variable Interest Entities The determination of whether to consolidate a VIE in which we have a variable interest requires a significant amount of analysis and judgment regarding whether we are the primary beneficiary of a VIE due to our holding a controlling financial interest in the VIE. A controlling financial interest in a VIE exists if we have both the power to direct the VIE’s activities that most significantly affect the VIE’s economic performance and a potentially significant economic interest in the VIE. The determination of whether an entity is a VIE considers factors, such as (i) whether the entity’s equity investment at risk is insufficient to allow the entity to finance its activities without additional subordinated financial support and (ii) whether a holder’s equity investment at risk lacks any of the following characteristics of a controlling financial interest: the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the entity’s success, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the legal entity. Management regularly reviews and reconsiders its previous conclusions regarding the status of an entity as a VIE and whether we are required to consolidate such VIE in the consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Adopted In The Current Period In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which is effective for interim and annual periods beginning after December 15, 2019. Prosper adopted the standard in the first quarter of 2020. For loans accounted for at amortized cost, the guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. Because Prosper accounts for Borrower Loans at fair value through net income there was no impact on Prosper loan portfolios upon adoption. For certain available for sale investments, the guidance requires recognition of expected credit losses through recording an allowance for credit losses. The recognition of this allowance is limited to the difference between the security’s amortized cost basis and fair value. The amendments to the available for sale debt securities impairment model did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” Prior to ASU No. 2017-04, the goodwill impairment test was a two-step assessment, if indicators of impairment existed. The standard eliminates Step 2 from the goodwill impairment test, which requires a hypothetical purchase price allocation. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The standard is effective for interim and annual periods beginning after December 15, 2019 and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Prosper adopted the guidance on a prospective basis in the first quarter of 2020, and there was no impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” Entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. Prosper adopted the guidance in the first quarter of 2020. The guidance only affects disclosures in the notes to the consolidated financial statements and it had no effect on Prosper’s balance sheet or statement of operations. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year and early adoption is permitted. The Company adopted the new guidance in the first quarter of 2020, and will prospectively capitalize all eligible costs related to cloud computing arrangements starting January 1, 2020. There was, however, no impact on the Company’s consolidated financial statements for the first quarter of 2020. Accounting Standards Issued, to be Adopted by the Company in Future Periods In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by removing certain exceptions related to the incremental approach for intraperiod tax allocation, the requirement to recognize or derecognize deferred tax liabilities related to equity method investments that are also foreign subsidiaries and the methodology for calculating income taxes in an interim period. The guidance also clarifies and simplifies other aspects of the accounting for income taxes, including a modification in the guidance for franchise taxes that are partially based on income and recognizing deferred taxes for a subsequent step-up in the tax basis of goodwill. This ASU is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact this new standard will have on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP on contract modifications and hedge accounting, in order to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative referenced rates, such as the Secured Overnight Financing Rate. This ASU can be adopted after its issuance date through December 31, 2022. The Company is currently evaluating the impact reference rate reform will have on its contracts that reference LIBOR in order to determine whether to adopt this guidance.
Prosper Funding LLC
Entity Information [Line Items]
Basis of Presentation	Basis of Presentation Prosper Funding LLC (“PFL”) was formed in the state of Delaware in February 2012 as a limited liability company with the Prosper Marketplace, Inc. (“PMI”) as its sole equity member. Except as the context otherwise requires, as used in these Notes to the condensed consolidated financial statements of Prosper Funding LLC, “Prosper Funding,” “we,” “us,” and “our” refers to PFL and its wholly owned subsidiary, Prosper Depositor LLC, a Delaware limited liability company, on a consolidated basis. The unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) and disclosure requirements for interim financial information and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date. Management believes these unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Prosper Funding did not have any items of other comprehensive income (loss) for any of the periods presented in the condensed consolidated financial statements as of and for the three months ended March 31, 2020 and March 31, 2019. The preparation of Prosper Funding's condensed consolidated financial statements and related disclosures in conformity with US GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in its condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of certain assets and liabilities. These judgments, estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions, and the differences could be material.
Fair Value Measurements	Fair Value Measurements Financial instruments consist principally of Cash and Cash Equivalents, Restricted Cash, Borrower Loans, Loans Held for Sale, Accounts Receivable, Accounts Payable and Accrued Liabilities, Payable to Investors and Notes. The estimated fair values of Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Accrued Liabilities, and Payable to Investors approximate their carrying values because of their short term nature. Refer to Note 7 for additional fair value disclosures.
Restricted Cash	Restricted Cash Restricted cash consists primarily of cash deposits, money market funds and short term certificate of deposit accounts held as collateral as required for long term leases, loan funding and servicing activities, and cash that investors have on our marketplace that has not yet been invested in Borrower Loans or disbursed to the investor.
Borrower Loans, Loans Held for Sale, Notes and Certificates Issued by Securitization Trust	Borrower Loans, Loans Held for Sale and Notes With respect to the Note Channel, Prosper Funding purchases Borrower Loans from WebBank, then issues Notes and holds the Borrower Loans until maturity. The obligation to repay a series of Notes funded through the Note Channel is dependent upon the repayment of the associated Borrower Loan. Borrower Loans and Notes funded through the Note Channel are carried on Prosper Funding’s condensed consolidated balance sheets as assets and liabilities, respectively. Prosper Funding places Borrower Loans and Loans Held for Sale on non-accrual status when they are 120 days past due. When a loan is placed on non-accrual status, Prosper stops accruing interest and reverses all accrued but unpaid interest as of such date. Additionally, Prosper charges-off Borrower Loans and Loans Held for Sale when they are 120 days past due. The fair value of loans 120 days past due generally consists of the expected recovery from debt sales in subsequent periods. Management has elected the fair value option for Borrower Loans, Loans Held for Sale, and Notes. Changes in fair value of Borrower Loans are largely offset by the changes in fair value of Notes due to the borrower payment-dependent design of the Notes. Changes in fair value of Borrower Loans, Loans Held for Sale and Notes are included in “Change in Fair Value of Borrower Loans, Loans Held for Sale and Notes, Net” on the Consolidated Statements of Operations. Prosper Funding primarily uses a discounted cash flow model to estimate the fair value of Borrower Loans, Loans Held for Sale and Notes. The key assumptions used in the valuation include default rates and prepayment rates derived primarily from historical performance and discount rates based on estimates of the rates of return that investors would require when investing in financial instruments with similar characteristics.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Adopted In The Current Period In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820); Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The guidance only affects disclosures in the notes to the consolidated financial statements and has no effect on Prosper Funding’s balance sheet or statements of operations. Accounting Standards Issued, To Be Adopted By Prosper Funding In Future Periods

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Property and Equipment, Net	Property and Equipment consists of the following at the dates presented (in thousands): March 31, 2020 December 31, 2019 Operating lease right-of-use assets $ 16,213 $ 16,213 Computer equipment 13,677 13,420 Internal-use software and website development costs 29,998 28,904 Office equipment and furniture 2,999 2,999 Leasehold improvements 7,158 7,158 Assets not yet placed in service 3,980 2,445 Property and equipment 74,025 71,139 Less: Accumulated depreciation and amortization (42,656) (39,843) Total Property and Equipment, Net $ 31,369 $ 31,296
Prosper Funding LLC
Entity Information [Line Items]
Property and Equipment, Net	Property and equipment consist of the following (in thousands): March 31, 2020 December 31, 2019 Internal-use software and web site development costs $ 25,381 $ 24,930 Less accumulated depreciation and amortization (18,366) (17,381) Total property and equipment, net $ 7,015 $ 7,549

Borrower Loans, Loans Held fo_2

Borrower Loans, Loans Held for Sale, and Notes Held at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Aggregate Principal Balances Outstanding and Fair Values of Borrower Loans, Notes and Loans Held for Sale	The aggregate principal balances outstanding and fair values of Borrower Loans, Loans Held for Sale, and Notes as of March 31, 2020 and December 31, 2019, are presented in the following table (in thousands): Borrower Loans Loans Held for Sale Notes March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Aggregate principal balance outstanding $ 571,981 $ 647,209 $ 166,634 $ 143,261 $ (244,046) $ (250,281) Fair value adjustments (49,577) (13,190) (13,398) (1,235) 18,555 6,110 Fair value $ 522,404 $ 634,019 $ 153,236 $ 142,026 $ (225,491) $ (244,171)
Prosper Funding LLC
Entity Information [Line Items]
Aggregate Principal Balances Outstanding and Fair Values of Borrower Loans, Notes and Loans Held for Sale	The aggregate principal balances outstanding and fair values of Borrower Loans and Notes as of March 31, 2020 and December 31, 2019, are presented in the following table (in thousands): Borrower Loans Notes March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Aggregate principal balance outstanding $ 243,525 $ 248,702 $ (244,046) $ (250,281) Fair value adjustments (15,866) (3,565) 18,555 6,110 Fair value $ 227,659 $ 245,137 $ (225,491) $ (244,171)

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value	The following tables present the fair value hierarchy for assets and liabilities measured at fair value (in thousands): March 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Borrower Loans $ — $ — $ 522,404 $ 522,404 Loans Held for Sale — — 153,236 153,236 Servicing Assets — — 11,742 11,742 Total Assets $ — $ — $ 687,382 $ 687,382 Liabilities: Notes $ — $ — $ 225,491 $ 225,491 Certificates Issued by Securitization Trust, at Fair Value — — 35,316 35,316 Convertible Preferred Stock Warrant Liability — — 94,547 94,547 Loan Trailing Fee Liability — — 2,646 2,646 Total Liabilities $ — $ — $ 358,000 $ 358,000 December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Borrower Loans $ — $ — $ 634,019 $ 634,019 Loans Held for Sale — — 142,026 142,026 Servicing Assets — — 12,602 12,602 Total Assets $ — $ — $ 788,647 $ 788,647 Liabilities: Notes $ — $ — $ 244,171 $ 244,171 Certificates Issued by Securitization Trust — — 52,168 52,168 Convertible Preferred Stock Warrant Liability — — 149,996 149,996 Loan Trailing Fee Liability — — 2,997 2,997 Total Liabilities $ — $ — $ 449,332 $ 449,332
Quantitative Information About Significant Unobservable Inputs	The following tables present quantitative information about the ranges of significant unobservable inputs used for the Company’s Level 3 fair value measurements at March 31, 2020 and December 31, 2019: Range Borrower Loans, Loans Held for Sale and Notes March 31, 2020 December 31, 2019 Discount rate 7.1% - 14.7% 4.4% - 12.2% Default rate 2.3% - 23.1% 2.1% - 18.6% Range Certificates Issued by Securitization Trust March 31, 2020 December 31, 2019 Discount rate 7.0% - 20.0% 4.0% - 15.0% Default rate 3.0% - 18.0% 2.0% - 17.0% Prepayment rate 12.0% - 33.0% 14.5% - 33.0% Range Servicing Assets March 31, 2020 December 31, 2019 Discount rate 15.0% - 25.0% 15.0% - 25.0% Default rate 1.9% - 19.6% 1.7% - 18.8% Prepayment rate 15.3% - 28.3% 16.5% - 28.1% Market servicing rate (1) 0.625 % 0.625 % (1) Excludes collection fees that would be passed on to a hypothetical third-party servicer. As of March 31, 2020 and December 31, 2019 , the market rate for collection fees and non-sufficient fund fees was assumed to be 7 basis points and 6 basis points, respectively, for a weighted-average total market servicing rate of 69.5 basis points and 68.5 basis points respectively. Range Loan Trailing Fee Liability March 31, 2020 December 31, 2019 Discount rate 15.0% - 25.0% 15.0% - 25.0% Default rate 1.9% - 19.6% 1.7% - 18.8% Prepayment rate 15.3% - 28.3% 16.5% - 28.1%
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present additional information about Level 3 Borrower Loans, Loans Held for Sale and Notes measured at fair value on a recurring basis (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Liabilities Borrower Loans Loans Held For Sale Notes Certificates Issued by Securitization Trust Total Balance at January 1, 2020 $ 634,019 $ 142,026 $ (244,171) $ (52,168) $ 479,706 Purchase of Borrower Loans/Issuance of Notes 41,301 399,551 (40,575) — 400,277 Principal repayments (96,715) (18,560) 40,588 4,833 (69,854) Borrower Loans sold to third parties (2,263) (355,634) — — (357,897) Other changes (742) 105 138 38 (461) Change in fair value (53,196) (14,252) 18,529 11,981 (36,938) Balance at March 31, 2020 $ 522,404 $ 153,236 $ (225,491) $ (35,316) $ 414,833 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Liabilities Borrower Loans Loans Held for Sale Notes Certificates Issued by Securitization Trust Total Balance at January 1, 2019 $ 263,522 $ 183,788 $ (264,003) $ — $ 183,307 Purchase of Borrower Loans/Issuance of Notes 135,259 490,855 (44,939) (20,616) 560,559 Transfers in (Transfer out) 114,316 (114,316) — — — Principal repayments (56,629) (14,739) 44,117 1,133 (26,118) Borrower Loans sold to third parties (974) (437,473) — — (438,447) Other changes 139 (166) 601 (167) 407 Change in fair value (6,923) (1,309) 5,502 516 (2,214) Balance at March 31, 2019 $ 448,710 $ 106,640 $ (258,722) $ (19,134) $ 277,494
Schedule of Servicing Assets and Liabilities Measured at Fair Value	The following tables present additional information about Level 3 Servicing Assets measured at fair value on a recurring basis for the period ending March 31, 2020 and 2019 (in thousands): Servicing Fair Value at January 1, 2020 $ 12,602 Additions 1,974 Less: Changes in fair value (2,834) Fair Value at March 31, 2020 $ 11,742 Servicing Fair Value at January 1, 2019 $ 14,687 Additions 2,742 Derecognition (364) Less: Changes in fair value (3,251) Fair Value at March 31, 2019 $ 13,814 The following table presents additional information about Level 3 Convertible Preferred Stock Warrant Liability measured at fair value on a recurring basis (in thousands): Convertible Preferred Stock Balance as of January 1, 2020 $ 149,996 Change in fair value (55,449) Balance as of March 31, 2020 $ 94,547 Convertible Preferred Stock Balance as of January 1, 2019 $ 143,679 Issuance of Stock Warrants 9,747 Change in fair value 10,057 Balance as of March 31, 2019 $ 163,483
Fair Value, Liabilities Measured on Recurring Basis	The following table presents additional information about Level 3 Loan Trailing Fee Liability measured at fair value on a recurring basis (in thousands): Loan Trailing Fee Balance at January 1, 2020 $ 2,997 Issuances 385 Cash Payment of Loan Trailing Fee (675) Change in Fair Value (61) Balance at March 31, 2020 $ 2,646 Loan Trailing Fee Liability Balance at January 1, 2019 $ 3,118 Issuances 566 Cash Payment of Loan Trailing Fee (658) Change in Fair Value 58 Balance at March 31, 2019 $ 3,084
Fair Value Assumptions for Loans Held for Sale, Borrower Loans and Notes	Key economic assumptions and the sensitivity of the fair value to immediate changes in those assumptions at March 31, 2020 and December 31, 2019 for Borrower Loans and Loans Held for Sale are presented in the following table (in thousands, except percentages). Borrower Loans and Loans Held for Sale March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 675,640 $ 776,045 Weighted-average discount rate 11.79 % 7.00 % Weighted-average default rate 14.66 % 12.63 % Fair value resulting from: 100 basis point increase in discount rate $ 669,775 $ 768,924 200 basis point increase in discount rate $ 664,042 $ 761,971 Fair value resulting from: 100 basis point decrease in discount rate $ 681,645 $ 783,344 200 basis point decrease in discount rate $ 687,792 $ 790,823 Fair value resulting from: 100 basis point increase in default rate $ 667,800 $ 765,894 200 basis point increase in default rate $ 660,000 $ 756,007 Fair value resulting from: 100 basis point decrease in default rate $ 683,522 $ 786,541 200 basis point decrease in default rate $ 691,449 $ 797,065 Key economic assumptions and the sensitivity of the fair value to immediate changes in those assumptions at March 31, 2020 and December 31, 2019 for Notes are presented in the following table (in thousands, except percentages). Notes March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 225,491 $ 244,171 Weighted-average discount rate 10.66 % 6.43 % Weighted-average default rate 14.82 % 13.68 % Fair value resulting from: 100 basis point increase in discount rate $ 223,530 $ 241,927 200 basis point increase in discount rate $ 221,614 $ 239,737 Fair value resulting from: 100 basis point decrease in discount rate $ 227,497 $ 246,471 200 basis point decrease in discount rate $ 229,552 $ 248,828 Fair value resulting from: 100 basis point increase in default rate $ 222,871 $ 240,958 200 basis point increase in default rate $ 220,265 $ 237,831 Fair value resulting from: 100 basis point decrease in default rate $ 228,124 $ 247,489 200 basis point decrease in default rate $ 230,773 $ 250,817 Key economic assumptions and the sensitivity of the fair value to immediate changes in those assumptions at March 31, 2020 and December 31, 2019 for Certificates Issued by Securitization Trust are presented in the following table (in thousands, except percentages). Certificates Issued by Securitization Trust March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 35,316 $ 52,168 Weighted-average discount rate 14.59 % 9.59 % Weighted-average default rate 12.68 % 10.12 % Weighted-average prepayment rate 20.77 % 21.41 % Fair value resulting from: 100 basis point increase in discount rate $ 35,014 $ 51,813 200 basis point increase in discount rate $ 34,719 $ 51,466 Fair value resulting from: 100 basis point decrease in discount rate $ 35,626 $ 52,533 200 basis point decrease in discount rate $ 35,944 $ 52,909 Fair value resulting from: 100 basis point increase in default rate $ 32,999 $ 48,986 200 basis point increase in default rate $ 30,675 $ 45,926 Fair value resulting from: 100 basis point decrease in default rate $ 37,651 $ 55,369 200 basis point decrease in default rate $ 39,998 $ 58,613 Fair value resulting from: 100 basis point increase in prepayment rate $ 35,258 $ 52,085 200 basis point increase in prepayment rate $ 35,195 $ 52,008 Fair value resulting from: 100 basis point decrease in prepayment rate $ 35,381 $ 52,253 200 basis point decrease in prepayment rate $ 35,445 $ 52,340
Schedule of Prosper's and Prosper Funding's Estimated Fair Value of Servicing Assets and Liabilities	Key economic assumptions and the sensitivity of the fair value to immediate changes in those assumptions at March 31, 2020 and December 31, 2019 for Servicing Assets is presented in the following table (in thousands, except percentages). Servicing Assets March 31, 2020 December 31, 2019 Fair value, using the following assumptions $ 11,742 $ 12,602 Market servicing rate 0.625 % 0.625 % Weighted-average prepayment rate 20.37 % 20.99 % Weighted-average default rate 14.03 % 12.67 % Fair value resulting from: Market servicing rate increase to 0.65% $ 11,019 $ 11,825 Market servicing rate decrease to 0.60% $ 12,464 $ 13,387 Fair value resulting from: Applying a 1.1 multiplier to prepayment rate $ 11,507 $ 12,348 Applying a 0.9 multiplier to prepayment rate $ 11,978 $ 12,868 Fair value resulting from: Applying a 1.1 multiplier to default rate $ 11,573 $ 12,377 Applying a 0.9 multiplier to default rate $ 11,911 $ 12,840
Financial Instruments, Assets And Liabilities Not Recorded At Fair Value	The following table presents the fair value hierarchy for assets, and liabilities not recorded at fair value (in thousands): March 31, 2020 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and Cash Equivalents $ 52,829 $ 52,829 $ — $ — $ 52,829 Restricted Cash 141,504 — 141,504 — 141,504 Accounts Receivable 1,032 — 1,032 — 1,032 Total Assets $ 195,365 $ 52,829 $ 142,536 $ — $ 195,365 Liabilities: Accounts Payable and Accrued Liabilities $ 14,297 $ — $ 14,297 $ — $ 14,297 Payable to Investors 87,928 — 87,928 — 87,928 Notes Issued by Securitization Trust 286,296 — 279,931 — 279,931 Warehouse Lines 154,388 — 150,996 — 150,996 Total Liabilities $ 542,909 $ — $ 533,152 $ — $ 533,152 December 31, 2019 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and Cash Equivalents $ 64,635 $ 64,635 $ — $ — $ 64,635 Restricted Cash 155,773 — 155,773 — 155,773 Accounts Receivable 1,695 — 1,695 — 1,695 Total Assets $ 222,103 $ 64,635 $ 157,468 $ — $ 222,103 Liabilities: Accounts Payable and Accrued Liabilities $ 19,937 $ — $ 19,937 $ — $ 19,937 Payable to Investors 101,092 — 101,092 — 101,092 Notes Issued by Securitization Trust 347,662 — 353,028 — 353,028 Warehouse Lines 131,583 — 131,090 — 131,090 Total Liabilities $ 600,274 $ — $ 605,147 $ — $ 605,147
Prosper Funding LLC
Entity Information [Line Items]
Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value	The following tables present the fair value hierarchy for assets and liabilities measured at fair value (in thousands): March 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Borrower Loans $ — $ — $ 227,659 $ 227,659 Servicing Assets — — 13,690 13,690 Total Assets $ — $ — $ 241,349 $ 241,349 Liabilities: Notes $ — $ — $ 225,491 $ 225,491 Loan Trailing Fee Liability — — 2,646 2,646 Total Liabilities $ — $ — $ 228,137 $ 228,137 December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Borrower Loans $ — $ — $ 245,137 $ 245,137 Servicing Assets — — 14,888 14,888 Total Assets $ — $ — $ 260,025 $ 260,025 Liabilities: Notes $ — $ — $ 244,171 $ 244,171 Loan Trailing Fee Liability — — 2,997 2,997 Total Liabilities $ — $ — $ 247,168 $ 247,168
Quantitative Information About Significant Unobservable Inputs	The following tables present quantitative information about the significant unobservable inputs used for Prosper Funding’s Level 3 fair value measurements at the dates presented: Range Borrower Loans and Notes March 31, 2020 December 31, 2019 Discount rate 7.1% - 14.4% 4.4% - 12.1% Default rate 3.3% - 23.1% 2.4% - 17.7% Range Servicing Assets March 31, 2020 December 31, 2019 Discount rate 15.0% - 25.0% 15.0% - 25.0% Default rate 1.9% - 19.6% 1.7% - 18.8% Prepayment rate 15.3% - 28.3% 16.5% - 28.1% Market servicing rate (1) 0.625 % 0.625 % (1) Excludes collection fees that would be passed on to a hypothetical third-party servicer. As of March 31, 2020 and December 31, 2019, the market rate for collection fees and non-sufficient fund fees was assumed to be 7 basis points and 6 basis points, respectively, for a weighted-average total market servicing rate of 69.5 basis points and 68.5 basis points respectively. Range Loan Trailing Fee Liability March 31, 2020 December 31, 2019 Discount rate 15.0% - 25.0% 15.0% - 25.0% Default rate 1.9% - 19.6% 1.7% - 18.8% Prepayment rate 15.3% - 28.3% 16.5% - 28.1%
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present additional information about Level 3 Borrower Loans, Loans Held for Sale and Notes measured at fair value on a recurring basis for three months ended March 31, 2020 and 2019 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Liabilities Borrower Loans Loans Held for Sale Notes Total Balance at January 1, 2020 $ 245,137 $ — $ (244,171) $ 966 Originations 41,301 399,550 (40,575) 400,276 Principal repayments (39,340) — 40,588 1,248 Borrower Loans sold to third parties (882) (399,550) — (400,432) Other changes (91) — 138 47 Change in fair value (18,466) — 18,529 63 Balance at March 31, 2020 $ 227,659 $ — $ (225,491) $ 2,168 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Liabilities Borrower Loans Loans Held for Sale Notes Total Balance at January 1, 2019 $ 263,522 $ — $ (264,003) $ (481) Originations 44,223 490,855 (44,939) 490,139 Principal repayments (41,198) — 44,117 2,919 Borrower Loans sold to third parties (974) (490,855) — (491,829) Other changes (85) — 601 516 Change in fair value (5,589) — 5,502 (87) Balance at March 31, 2019 $ 259,899 $ — $ (258,722) $ 1,177
Schedule of Servicing Assets and Liabilities Measured at Fair Value	The following tables present additional information about Level 3 Servicing Assets recorded at fair value (in thousands): Servicing Assets Fair Value at January 1, 2020 $ 14,888 Additions 2,196 Less: Changes in fair value (3,394) Fair Value at March 31, 2020 $ 13,690 Servicing Assets Fair Value at January 1, 2019 $ 15,550 Additions 2,966 Less: Changes in fair value (3,342) Fair Value at March 31, 2019 $ 15,174 Loan Trailing Fee Liability The fair value of the Loan Trailing Fee Liability represents the present value of the expected monthly Loan Trailing Fee payments, which takes into consideration certain assumptions related to expected prepayment rates and default rates using a discounted cash flow model. The assumptions used are the same as those used for the valuation of Servicing Assets, as described below. The following tables present additional information about Level 3 Loan Trailing Fee Liability measured at fair value on a recurring basis (in thousands): Loan Trailing Fee Liability Fair Value at January 1, 2020 $ 2,997 Issuances 385 Cash payment of Loan Trailing Fee (675) Change in fair value (61) Fair Value at March 31, 2020 $ 2,646 Loan Trailing Fee Liability Fair Value at January 1, 2019 $ 3,118 Issuances 566 Cash payment of Loan Trailing Fee (658) Change in fair value 58 Fair Value at March 31, 2019 $ 3,084
Fair Value Assumptions for Loans Held for Sale, Borrower Loans and Notes	Key economic assumptions are used to compute the fair value of Borrower Loans. The sensitivity of the fair value to immediate changes in assumptions at March 31, 2020 and December 31, 2019 for Borrower Loans are presented in the following table (in thousands, except percentages). Borrower Loans March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 227,659 $ 245,137 Weighted-average discount rate 10.66 % 6.43 % Weighted-average default rate 14.82 % 13.68 % Fair value resulting from: 100 basis point increase in discount rate $ 225,683 $ 242,888 200 basis point increase in discount rate 223,751 240,691 Fair value resulting from: 100 basis point decrease in discount rate $ 229,683 $ 247,442 200 basis point decrease in discount rate 231,754 249,805 Fair value resulting from: 100 basis point increase in default rate $ 225,017 $ 241,930 200 basis point increase in default rate 222,389 238,807 Fair value resulting from: 100 basis point decrease in default rate $ 230,315 $ 248,453 200 basis point decrease in default rate 232,986 251,777 Key economic assumptions are used to compute the fair value of Notes. The sensitivity of the fair value to immediate changes in assumptions at March 31, 2020 and December 31, 2019 for Notes funded through the Note Channel are presented in the following table (in thousands, except percentages). Notes March 31, 2020 December 31, 2019 Fair value, using the following assumptions: $ 225,491 $ 244,171 Weighted-average discount rate 10.66 % 6.43 % Weighted-average default rate 14.82 % 13.68 % Fair value resulting from: 100 basis point increase in discount rate $ 223,530 $ 241,927 200 basis point increase in discount rate 221,614 239,737 Fair value resulting from: 100 basis point decrease in discount rate $ 227,497 $ 246,471 200 basis point decrease in discount rate 229,552 248,828 Fair value resulting from: 100 basis point increase in default rate $ 222,871 $ 240,958 200 basis point increase in default rate 220,265 237,831 Fair value resulting from: 100 basis point decrease in default rate $ 228,124 $ 247,489 200 basis point decrease in default rate 230,773 250,817
Schedule of Prosper's and Prosper Funding's Estimated Fair Value of Servicing Assets and Liabilities	Key economic assumptions are used to compute the fair value of Servicing Assets. The sensitivity of the current fair value to immediate changes in assumptions at March 31 2020 and December 31, 2019 for Servicing Assets are presented in the following table (in thousands, except percentages). Servicing Assets March 31, 2020 December 31, 2019 Fair Value at March 31, 2020 $ 13,690 $ 14,888 Market servicing rate 0.625 % 0.625 % Weighted-average prepayment rate 20.37 % 20.99 % Weighted-average default rate 14.03 % 12.67 % Fair value resulting from: Market servicing rate increase to 0.65% $ 12,848 $ 13,966 Market servicing rate decrease to 0.60% 14,532 15,811 Fair value resulting from: Applying a 1.1 multiplier to prepayment rate $ 13,417 $ 14,583 Applying a 0.9 multiplier to prepayment rate 13,966 15,197 Fair value resulting from: Applying a 1.1 multiplier to default rate $ 13,493 $ 14,618 Applying a 0.9 multiplier to default rate 13,888 15,165

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Other Intangible Assets for the Period Presented	The following table presents the detail of other intangible assets subject to amortization for the period presented (dollars in thousands): March 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value Remaining Useful Life (In Years) Developed technology $ 3,060 $ (3,060) $ — — User base and customer relationships 5,050 (4,386) 664 5.1 Brand name 60 (60) — — Total Intangible Assets Subject to Amortization $ 8,170 $ (7,506) $ 664
Summary of Estimated Amortization of Purchased Intangible Assets	Estimated amortization of purchased intangible assets for future periods is as follows (in thousands): Year Ending December 31, 2020 (remainder thereof) $ 164 2021 172 2022 136 2023 107 2024 85 Total $ 664

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Other Liabilities [Abstract]
Schedule of Other Liabilities	Other Liabilities consist of the following (in thousands): March 31, 2020 December 31, 2019 Loan trailing fee $ 2,646 $ 2,997 Deferred revenue 184 241 Deferred income tax liability 438 405 Operating lease liability 16,387 17,507 Other 529 576 Total Other Liabilities $ 20,184 $ 21,726

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Net Loss Per Share	Basic and diluted net income (loss) per share was calculated as follows (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Numerator: Net Income (Loss) $ 21,130 $ (22,714) Less: net income allocated to participating securities (15,755) — Net income (loss) available to common stockholders $ 5,375 $ (22,714) Denominator: Weighted average shares used in computing net income (loss) per share - basic 68,454,103 70,487,006 Effect of dilutive securities: Stock options 236,928 — Convertible preferred stock warrants 213,264,845 — Weighted average shares used in computing diluted net income (loss) per share - diluted 281,955,876 70,487,006 Net income (loss) per share - basic $ 0.08 $ (0.32) Net income (loss) per share - diluted $ 0.02 $ (0.32)
Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share	The following common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2020 2019 (shares) (shares) Excluded securities: Convertible preferred stock issued and outstanding 209,613,570 214,637,925 Stock options issued and outstanding 72,195,596 70,384,625 Warrants issued and outstanding 1,080,349 1,080,349 Series E-1 convertible preferred stock warrants — 35,544,141 Series F convertible preferred stock warrants — 177,720,704 Total common stock equivalents excluded from diluted net income (loss) per common share computation 282,889,515 499,367,744

Convertible Preferred Stock, _2

Convertible Preferred Stock, Warrant Liability and Stockholders’ Deficit (Tables)	3 Months Ended
	Mar. 31, 2020
Class of Stock [Line Items]
Summary of Shares Authorized, Issued, Outstanding, Par Value and Liquidation Preference of Convertible Preferred Stock	The number of authorized, issued and outstanding shares, their par value and liquidation preference for each series of convertible preferred stock as of March 31, 2020 are disclosed in the table below (amounts in thousands except share and par value amounts): Convertible Preferred Stock Par Value Authorized Shares Outstanding and Issued Shares Liquidation Preference (Outstanding Shares) Series A $ 0.01 68,558,220 66,428,185 $ 19,160 Series A-1 $ 0.01 24,760,915 22,515,315 45,031 Series B $ 0.01 35,775,880 35,127,160 21,190 Series C $ 0.01 24,404,770 24,404,770 70,075 Series D $ 0.01 23,888,640 23,888,640 165,000 Series E-1 $ 0.01 35,544,141 — — Series E-2 $ 0.01 16,858,078 — — Series F $ 0.01 177,720,707 3 — Series G $ 0.01 37,249,497 37,249,497 50,000 444,760,848 209,613,570 $ 370,456
Schedule of Stockholders' Equity Note, Warrants or Rights	The combined activity of the Convertible Preferred Stock Warrant Liability for the three months ended March 31, 2020 and 2019 are as follows (in thousands): Warrant Activity Balance at January 1, 2020 $ 149,996 Change in Fair Value (55,449) Balance at March 31, 2020 $ 94,547 Warrant Activity Balance at January 1, 2019 $ 143,679 Warrants Vested 9,747 Change in Fair Value 10,058 Balance at March 31, 2019 $ 163,484
Series E-1 Preferred Stock
Class of Stock [Line Items]
Schedule of Assumptions Used	The Company determined the fair value of the outstanding Series E-1 Warrants utilizing the following assumptions as of the following dates: March 31, 2020 December 31, 2019 Volatility 68.0% 46.0% Risk-free interest rate 0.30% 1.60% Expected term (in years) 2.75 2.75 Dividend yield 0% 0%
Series F convertible preferred stock warrants (in shares)
Class of Stock [Line Items]
Schedule of Assumptions Used	The Company determined the fair value of the outstanding Series F Warrants utilizing the following assumptions as of the following dates: March 31, 2020 December 31, 2019 Volatility 68.0% 46.0% Risk-free interest rate 0.30% 1.60% Expected term (in years) 2.75 2.75 Dividend yield 0% 0%

Share Based Incentive Plan an_2

Share Based Incentive Plan and Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summarized Option Activity under Option Plan	Stock option activity under the 2005 Plan and 2015 Plan is summarized for the three months ended March 31, 2020 below: Options Issued and Outstanding Weighted- Average Exercise Price Balance as of January 1, 2020 76,236,757 $ 0.31 Options issued 3,856,400 $ 0.15 Options exercised (3,740) $ 0.38 Options forfeited (3,018,124) $ 0.41 Options expired (3,318,260) $ 0.13 Balance as of March 31, 2020 73,753,033 $ 0.30 Options vested and expected to vest as of March 31, 2020 60,558,411 $ 0.30 Options vested and exercisable at March 31, 2020 48,558,546 $ 0.29
Fair Value of Stock Option Awards	The fair value of PMI’s stock option awards granted during the three months ended March 31, 2020 was estimated at the date of grant using the Black-Scholes model with the following average assumptions: Three Months Ended March 31, 2020 Volatility of common stock 47.41 % Risk-free interest rate 0.68 % Expected life 6.0 years Dividend yield — %
Summarized Activities for RSU's	The following table summarizes the number of PMI’s outstanding RSUs and their weighted-average grant date fair value during the three months ended March 31, 2020: Number of Shares Weighted-Average Grant Date Fair Value Unvested - January 1, 2020 4,803,141 $ 0.95 Forfeited (140,000) $ 2.18 Unvested - March 31, 2020 4,663,141 $ 0.91
Stock Based Compensation Included in Consolidated Statements of Operations	The following table presents the amount of stock-based compensation related to stock-based awards granted to employees recognized in Prosper’s condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended March 31, 2020 2019 Origination and servicing $ 38 $ 196 Sales and marketing 11 83 General and administrative 456 1,335 Total stock based compensation $ 505 $ 1,614

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Operating Lease Right-of-Use Assets	The following represents the operating lease right-of-use assets as of March 31, 2020, which are included in "Property and Equipment, Net" on the condensed consolidated balance sheets. March 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value ROU Assets - Office buildings $ 15,921 $ 4,103 $ 11,818 ROU Assets - Other 292 292 — Total right-of-use assets subject to amortization $ 16,213 $ 4,395 $ 11,818
Future Minimum Lease Payments Under Topic 842	Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows (in thousands). The present value of the future minimum lease payments represent our lease liabilities as of March 31, 2020 and are included in "Other Liabilities" on the condensed consolidated balance sheets. Minimum Lease Payments Remainder of 2020 $ 3,885 2021 5,130 2022 5,014 2023 1,562 2024 871 Thereafter 1,820 Total future minimum lease payments $ 18,282 Less imputed interest (1,895) Present value of future minimum lease payments $ 16,387
Other Information Related to Leases	Other information related to leases was as follows ($ in thousands): March 31, 2020 Cash paid for operating leases year-to-date $ 1,351 Right of use assets obtained in exchange for new operating lease obligations $ — Weighted average remaining lease term (in years) 3.97 Weighted average discount rate 5.54 %

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2020
Entity Information [Line Items]
Aggregate Amount of Notes Purchased and the Income Earned	The aggregate amount of the Notes and Borrower Loans purchased and the income earned by parties deemed to be affiliates and related parties of Prosper for the three and three months ended March 31, 2020 and March 31, 2019, as well as the Notes and Borrower Loans outstanding as of March 31, 2020 and December 31, 2019 are summarized below (in thousands): Aggregate Amount of Interest Earned on Related Party 2020 2019 2020 2019 Executive officers and management $ 6 $ 6 $ 1 $ 1 Directors (excluding executive officers and management) 122 109 15 12 Total $ 128 $ 115 $ 16 $ 13 Notes Balance as of Related Party March 31, 2020 December 31, 2019 Executive officers and management $ 36 $ 35 Directors (excluding executive officers and management) 691 682 $ 727 $ 717
Prosper Funding LLC
Entity Information [Line Items]
Aggregate Amount of Notes Purchased and the Income Earned	The aggregate amount of the Notes and Borrower Loans purchased and the income earned by parties deemed to be related parties of Prosper Funding for the three months ended March 31, 2020 and March 31, 2019 are summarized below (in thousands): Aggregate Purchases Interest Earned Three Months Ended March 31, Three Months Ended March 31, Related Party 2020 2019 2020 2019 Executive officers and management $ 6 $ 6 $ 1 $ 1 Directors (excluding executive officers and management) — — — — Total $ 6 $ 6 $ 1 $ 1 The balance of Notes held by officers and directors who are not executive officers are as follows (in thousands): Related Party March 31, 2020 December 31, 2019 Executive officers and management $ 36 $ 35 Directors (excluding executive officers and management) — — $ 36 $ 35

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2020		Dec. 31, 2019		Mar. 31, 2019	Dec. 31, 2018
Entity Information [Line Items]
Cash and Cash Equivalents	$ 52,829		$ 64,635		$ 64,188
Restricted Cash	141,504	[1]	155,773	[1]	148,798
Total Cash, Cash Equivalents and Restricted Cash	194,333		220,408		212,986	$ 207,059
Prosper Funding LLC
Entity Information [Line Items]
Cash and Cash Equivalents	10,473		7,462		13,216
Restricted Cash	105,200		110,399		123,305
Total Cash, Cash Equivalents and Restricted Cash	$ 115,673		$ 117,861		$ 136,521	$ 147,181
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment	$ 74,025	$ 71,139
Less: Accumulated depreciation and amortization	(42,656)	(39,843)
Total Property and Equipment, Net	31,369	31,296
Prosper Funding LLC
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation and amortization	(18,366)	(17,381)
Total Property and Equipment, Net	7,015	7,549
Operating lease right-of-use assets
Property, Plant and Equipment [Line Items]
Operating lease right-of-use assets	16,213	16,213
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment	13,677	13,420
Internal-use software and website development costs
Property, Plant and Equipment [Line Items]
Property and equipment	29,998	28,904
Internal-use software and website development costs | Prosper Funding LLC
Property, Plant and Equipment [Line Items]
Property and equipment	25,381	24,930
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment	2,999	2,999
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	7,158	7,158
Assets not yet placed in service
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,980	$ 2,445

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and Amortization	$ 2,006	$ 1,870
Prosper Funding LLC
Property, Plant and Equipment [Line Items]
Depreciation and Amortization	1,025	1,097
Property Plant And Equipment
Property, Plant and Equipment [Line Items]
Depreciation and Amortization	2,000	1,800
Internal-use software and website development costs
Property, Plant and Equipment [Line Items]
Capitalized internal-use software and website development costs	$ 2,700	$ 2,100

Borrower Loans, Loans Held fo_3

Borrower Loans, Loans Held for Sale, and Notes Held at Fair Value - Aggregate Principal Balances Outstanding and Fair Values of Borrower Loans, Notes and Loans Held for Sale (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Borrower Loans, at Fair Value	[1]	$ 522,404	$ 634,019
Loans held-for-sale, at fair value	[1]	153,236	142,026
Notes, at Fair Value		(225,491)	(244,171)
Prosper Funding LLC
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Borrower Loans, at Fair Value		227,659	245,137
Notes, at Fair Value		(225,491)	(244,171)
Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Aggregate principal balance outstanding, Notes			(244,046)	$ (250,281)
Fair value adjustments, Notes		18,555	6,110
Notes, at Fair Value		(225,491)	(244,171)
Senior Notes | Prosper Funding LLC
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Aggregate principal balance outstanding, Notes			(244,046)	(250,281)
Fair value adjustments, Notes		18,555	6,110
Notes, at Fair Value		(225,491)	(244,171)
Borrower Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Aggregate principal balance outstanding			571,981	647,209
Fair value adjustments		(49,577)	(13,190)
Borrower Loans, at Fair Value		522,404	634,019
Borrower Loans | Prosper Funding LLC
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Aggregate principal balance outstanding			243,525	248,702
Fair value adjustments		(15,866)	(3,565)
Borrower Loans, at Fair Value		227,659	245,137
Loans Held for Sale
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value adjustments		(13,398)	(1,235)
Aggregate principal balance outstanding, Loans Held for Sale			166,634	$ 143,261
Loans held-for-sale, at fair value		$ 153,236	$ 142,026
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.

Borrower Loans, Loans Held fo_4

Borrower Loans, Loans Held for Sale, and Notes Held at Fair Value - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest income	$ 10,961	$ 5,308
Loans Held for Sale
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value adjustments	(13,398)		$ (1,235)
Prosper Funding LLC
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest income	$ 622	682
Minimum number of days for which loans originated were delinquent	90 days		90 days
Aggregate principal amount of loans originated that are 90 days or more delinquent	$ 2,200		$ 2,600
Fair value of loans originated that are 90 days or more delinquent	$ 200		800
Non accrual status past due date	120 days
Loans in non-accrual status	$ 200		$ 300
Outstanding Borrower Loans and Underlying Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fixed interest rate, minimum	5.31%		5.31%
Fixed interest rate, maximum	31.92%		31.92%
Minimum number of days for which loans originated were delinquent	90 days		90 days
Aggregate principal amount of loans originated that are 90 days or more delinquent	$ 6,500		$ 6,500
Fair value of loans originated that are 90 days or more delinquent	$ 600		1,900
Non accrual status past due date	120 days
Loans in non-accrual status	$ 700		$ 700
Loans Held For Sale Borrower Loans And Underlying Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fixed interest rate, minimum	5.31%		5.31%
Fixed interest rate, maximum	31.82%		31.82%
Interest income	$ 4,800	4,000
Minimum number of days for which loans originated were delinquent			90 days
Aggregate principal amount of loans originated that are 90 days or more delinquent	800		$ 700
Fair value of loans originated that are 90 days or more delinquent	$ 100		200
Non accrual status past due date	120 days
Loans in non-accrual status	$ 100		$ 100
Fair value adjustments	$ 14,300	$ 1,300
Loans Held For Sale Borrower Loans And Underlying Notes | Prosper Funding LLC
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fixed interest rate, minimum	5.31%		5.31%
Fixed interest rate, maximum	31.92%		31.92%
Minimum | Outstanding Borrower Loans and Underlying Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Maturity, in months	36 months		36 months
Minimum | Loans Held For Sale Borrower Loans And Underlying Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Maturity, in months	36 months		36 months
Minimum | Loans Held For Sale Borrower Loans And Underlying Notes | Prosper Funding LLC
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Maturity, in months	36 months		36 months
Maximum | Outstanding Borrower Loans and Underlying Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Maturity, in months	60 months		60 months
Maximum | Loans Held For Sale Borrower Loans And Underlying Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Maturity, in months	60 months		60 months
Maximum | Loans Held For Sale Borrower Loans And Underlying Notes | Prosper Funding LLC
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Maturity, in months	60 months		60 months

Loan Servicing Assets (Details)

Loan Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Servicing Assets And Liabilities Fair Value [Line Items]
Gain (loss) on sale of borrower loans	$ 1,744	$ 2,697
Fair value of warrants vested on sale of borrower loans	0	9,747
Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Gain (loss) on sale of borrower loans	2,000	(6,827)
Borrower Loans
Servicing Assets And Liabilities Fair Value [Line Items]
Outstanding principle	$ 2,900,000		$ 3,100,000
Fixed interest rate, minimum	5.31%		5.31%
Fixed interest rate, maximum	31.92%		31.92%
Contractually specified servicing fees, late charges and ancillary fees	$ 9,200	10,100
Borrower Loans | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Outstanding principle	$ 3,400,000		$ 3,700,000
Fixed interest rate, minimum	5.31%		5.31%
Fixed interest rate, maximum	31.92%		31.92%
Contractually specified servicing fees, late charges and ancillary fees	$ 8,500	$ 10,800
Minimum | Borrower Loans
Servicing Assets And Liabilities Fair Value [Line Items]
Maturity, in months	36 months		36 months
Minimum | Borrower Loans | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Maturity, in months	36 months		36 months
Maximum | Borrower Loans
Servicing Assets And Liabilities Fair Value [Line Items]
Maturity, in months	60 months		60 months
Maximum | Borrower Loans | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Maturity, in months	60 months		60 months

Securitization - Additional Inf

Securitization - Additional Information (Details) - USD ($) $ in Thousands		May 23, 2019	Feb. 07, 2019	Mar. 31, 2020	Dec. 31, 2019	Nov. 06, 2019
Variable Interest Entity [Line Items]
Notes Issued by Securitization Trust (1)	[1]			$ 286,296	$ 347,662
Borrower Loans, at Fair Value	[1]			522,404	634,019
Risk retention interest and residual certificates held by third party investors at fair value	[1]			35,316	52,168
Primary Beneficiary
Variable Interest Entity [Line Items]
Notes Issued by Securitization Trust (1)	[2]			286,296	347,662
Borrower Loans, at Fair Value	[2]			294,745	388,882
Risk retention interest and residual certificates held by third party investors at fair value	[2]			35,316	52,168
PMIT 2019 Securitization Trusts [Member] | Primary Beneficiary
Variable Interest Entity [Line Items]
Securitization amount					$ 573,000
Securtization Trust PMT2019-1 | Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage			65.50%
Debt issuance costs			$ 2,300
Unamortized debt issuance costs				75,400
Borrower Loans, at Fair Value				76,200
Risk retention interest and residual certificates held by third party investors at fair value				6,600
2019-1, Class A Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Notes Issued by Securitization Trust (1)			$ 127,300
Interest rate			3.54%
2019-1, Class B Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Notes Issued by Securitization Trust (1)			$ 25,000
Interest rate			4.03%
2019-1, Class C Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Notes Issued by Securitization Trust (1)			$ 19,300
Interest rate			5.27%
Securitization Trust 2019-2 | Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage		16.40%
Debt issuance costs		$ 1,900
Unamortized debt issuance costs				101,100
Borrower Loans, at Fair Value				103,700
Risk retention interest and residual certificates held by third party investors at fair value				$ 13,400
2019-2, Class A Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Notes Issued by Securitization Trust (1)		$ 110,100
Interest rate		3.20%
2019-2, Class B Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Notes Issued by Securitization Trust (1)		$ 31,400
Interest rate		3.69%
2019-2, Class C Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Notes Issued by Securitization Trust (1)		$ 32,700
Interest rate		5.05%
Securtization Trust PMT2019-4 [Member] | Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage				19.60%
Debt issuance costs						$ 1,200
Unamortized debt issuance costs				$ 109,800
Borrower Loans, at Fair Value				114,900
Risk retention interest and residual certificates held by third party investors at fair value				$ 15,400
2019-4, Class A Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Securitization amount						$ 102,600
Interest rate						2.48%
2019-4, Class B Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Securitization amount						$ 19,500
Interest rate						3.20%
2019-4, Class C Notes | Primary Beneficiary
Variable Interest Entity [Line Items]
Securitization amount						$ 16,800
Interest rate						4.95%
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.
[2]	The following table presents the assets and liabilities of consolidated variable interest entities (VIEs), which are included in the condensed consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. See Note 6, Securitizations, and Note 10, Debt, to our Notes to Condensed Consolidated Financial Statements for add itional information.

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Assets:
Borrower Loans	[1]	$ 522,404	$ 634,019
Loans held-for-sale, at fair value	[1]	153,236	142,026
Servicing Assets		11,742	12,602
Total Assets		687,382	788,647
Liabilities:
Notes		225,491	244,171
Certificates Issued by Securitization Trust, at Fair Value	[1]	35,316	52,168
Convertible Preferred Stock Warrant Liability		94,547	149,996
Loan Trailing Fee Liability		2,646	2,997
Total Liabilities		358,000	449,332
Prosper Funding LLC
Assets:
Borrower Loans		227,659	245,137
Servicing Assets		13,690	14,888
Total Assets		241,349	260,025
Liabilities:
Notes		225,491	244,171
Loan Trailing Fee Liability		2,646	2,997
Total Liabilities		228,137	247,168
Level 1 Inputs
Assets:
Borrower Loans		0	0
Loans held-for-sale, at fair value		0	0
Servicing Assets		0	0
Total Assets		0	0
Liabilities:
Notes		0	0
Certificates Issued by Securitization Trust, at Fair Value		0	0
Convertible Preferred Stock Warrant Liability		0	0
Loan Trailing Fee Liability		0	0
Total Liabilities		0	0
Level 1 Inputs | Prosper Funding LLC
Assets:
Borrower Loans		0	0
Servicing Assets		0	0
Total Assets		0	0
Liabilities:
Notes		0	0
Loan Trailing Fee Liability		0	0
Total Liabilities		0	0
Level 2 Inputs
Assets:
Borrower Loans		0	0
Loans held-for-sale, at fair value		0	0
Servicing Assets		0	0
Total Assets		0	0
Liabilities:
Notes		0	0
Certificates Issued by Securitization Trust, at Fair Value		0	0
Convertible Preferred Stock Warrant Liability		0	0
Loan Trailing Fee Liability		0	0
Total Liabilities		0	0
Level 2 Inputs | Prosper Funding LLC
Assets:
Borrower Loans		0	0
Servicing Assets		0	0
Total Assets		0	0
Liabilities:
Notes		0	0
Loan Trailing Fee Liability		0	0
Total Liabilities		0	0
Level 3 Inputs
Assets:
Borrower Loans		522,404	634,019
Loans held-for-sale, at fair value		153,236	142,026
Servicing Assets		11,742	12,602
Total Assets		687,382	788,647
Liabilities:
Notes		225,491	244,171
Certificates Issued by Securitization Trust, at Fair Value		35,316	52,168
Convertible Preferred Stock Warrant Liability		94,547	149,996
Loan Trailing Fee Liability		2,646	2,997
Total Liabilities		358,000	449,332
Level 3 Inputs | Prosper Funding LLC
Assets:
Borrower Loans		227,659	245,137
Servicing Assets		13,690	14,888
Total Assets		241,349	260,025
Liabilities:
Notes		225,491	244,171
Loan Trailing Fee Liability		2,646	2,997
Total Liabilities		$ 228,137	$ 247,168
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Borrower Loans, Loans Held For Sale and Notes - Quantitative Information about the Significant Unobservable Inputs (Details)	Mar. 31, 2020	Dec. 31, 2019
Discount rate | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.071	0.044
Discount rate | Minimum | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.150	0.150
Discount rate | Minimum | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.071	0.044
Discount rate | Minimum | Prosper Funding LLC | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.150	0.150
Discount rate | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.147	0.122
Discount rate | Maximum | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.250	0.250
Discount rate | Maximum | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.144	0.121
Discount rate | Maximum | Prosper Funding LLC | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.250	0.250
Default rate | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.023	0.021
Default rate | Minimum | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.019	0.017
Default rate | Minimum | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.033	0.024
Default rate | Minimum | Prosper Funding LLC | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.019	0.017
Default rate | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.231	0.186
Default rate | Maximum | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.196	0.188
Default rate | Maximum | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.231	0.177
Default rate | Maximum | Prosper Funding LLC | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.196	0.188
Prepayment rate | Minimum | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.153	0.165
Prepayment rate | Minimum | Prosper Funding LLC | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.153	0.165
Prepayment rate | Maximum | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.283	0.281
Prepayment rate | Maximum | Prosper Funding LLC | Obligations
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value measurement inputs	0.283	0.281

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Certificates Issued by Securitzation Trust (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	7.00%	4.00%
Default rate	3.00%	2.00%
Prepayment rate	12.00%	14.50%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	20.00%	15.00%
Default rate	18.00%	17.00%
Prepayment rate	33.00%	33.00%

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Servicing Rights - Quantitative Information about the Significant Unobservable Inputs (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Servicing Rights at Fair Value [Line Items]
Market servicing rate	0.625%	0.625%
Collection fee market rate	700.00%	0.06%
Weighted-average market servicing rate	6950.00%	0.685%
Prosper Funding LLC
Servicing Rights at Fair Value [Line Items]
Market servicing rate	0.625%	0.625%
Collection fee market rate	0.07%	0.06%
Weighted-average market servicing rate	0.695%	0.685%
Minimum
Servicing Rights at Fair Value [Line Items]
Discount rate	15.00%	15.00%
Default rate	1.90%	1.70%
Prepayment rate	15.30%	16.50%
Minimum | Prosper Funding LLC
Servicing Rights at Fair Value [Line Items]
Discount rate	15.00%	15.00%
Default rate	1.90%	1.70%
Prepayment rate	15.30%	16.50%
Maximum
Servicing Rights at Fair Value [Line Items]
Discount rate	25.00%	25.00%
Default rate	19.60%	18.80%
Prepayment rate	28.30%	28.10%
Maximum | Prosper Funding LLC
Servicing Rights at Fair Value [Line Items]
Discount rate	25.00%	25.00%
Default rate	19.60%	18.80%
Prepayment rate	28.30%	28.10%

Fair Value of Assets and Liab_7

Fair Value of Assets and Liabilities - Loan Trailing Fee Liability (Details)	Mar. 31, 2020	Dec. 31, 2019
Discount rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.071	0.044
Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.147	0.122
Discount rate | Prosper Funding LLC | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.071	0.044
Discount rate | Prosper Funding LLC | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.144	0.121
Discount rate | Obligations | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.150	0.150
Discount rate | Obligations | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.250	0.250
Discount rate | Obligations | Prosper Funding LLC | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.150	0.150
Discount rate | Obligations | Prosper Funding LLC | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.250	0.250
Default rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.023	0.021
Default rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.231	0.186
Default rate | Prosper Funding LLC | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.033	0.024
Default rate | Prosper Funding LLC | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.231	0.177
Default rate | Obligations | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.019	0.017
Default rate | Obligations | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.196	0.188
Default rate | Obligations | Prosper Funding LLC | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.019	0.017
Default rate | Obligations | Prosper Funding LLC | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.196	0.188
Prepayment rate | Obligations | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.153	0.165
Prepayment rate | Obligations | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.283	0.281
Prepayment rate | Obligations | Prosper Funding LLC | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.153	0.165
Prepayment rate | Obligations | Prosper Funding LLC | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement inputs	0.283	0.281

Fair Value of Assets and Liab_8

Fair Value of Assets and Liabilities - Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Asset And Liability [Roll Forward]
Beginning balance, Total	$ 479,706	$ 183,307
Purchase of Borrower Loans/Issuance of Notes	400,277	560,559
Transfers in (Transfers out)		0
Principal repayments	(69,854)	(26,118)
Borrower Loans sold to third parties	(357,897)	(438,447)
Other changes	(461)	407
Change in fair value	(36,938)	(2,214)
Ending balance, Total	414,833	277,494
Prosper Funding LLC
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Asset And Liability [Roll Forward]
Beginning balance, Total	966	(481)
Originations	400,276	490,139
Principal repayments	1,248	2,919
Borrower Loans sold to third parties	(400,432)	(491,829)
Other changes	47	516
Change in fair value	63	(87)
Ending balance, Total	2,168	1,177
Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, Liabilities	(244,171)	(264,003)
Purchase of Borrower Loans/Issuance of Notes	(40,575)	(44,939)
Transfers in (Transfers out)		0
Principal repayments	40,588	44,117
Borrower Loans sold to third parties	0	0
Other changes	138	601
Change in fair value	18,529	5,502
Ending balance, Liabilities	(225,491)	(258,722)
Notes | Prosper Funding LLC
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, Liabilities	(244,171)	(264,003)
Originations	(40,575)	(44,939)
Principal repayments	40,588	44,117
Borrower Loans sold to third parties	0	0
Other changes	138	601
Change in fair value	18,529	5,502
Ending balance, Liabilities	(225,491)	(258,722)
Certificates Issued by Securitization Trust
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, Liabilities	(52,168)	0
Purchase of Borrower Loans/Issuance of Notes	0	(20,616)
Transfers in (Transfers out)		0
Principal repayments	4,833	1,133
Borrower Loans sold to third parties	0	0
Other changes	38	(167)
Change in fair value	11,981	516
Ending balance, Liabilities	(35,316)	(19,134)
Borrower Loans
Changes in Level 3 assets measured at fair value on a recurring basis [Abstract]
Beginning balance, Assets	634,019	263,522
Purchases	41,301	135,259
Transfers in (Transfers out)		114,316
Principal repayments	(96,715)	(56,629)
Borrower loans sold to third parties	(2,263)	(974)
Other changes	(742)	139
Change in fair value	(53,196)	(6,923)
Ending balance, Assets	522,404	448,710
Borrower Loans | Prosper Funding LLC
Changes in Level 3 assets measured at fair value on a recurring basis [Abstract]
Beginning balance, Assets	245,137	263,522
Originations	41,301	44,223
Principal repayments	(39,340)	(41,198)
Borrower loans sold to third parties	(882)	(974)
Other changes	(91)	(85)
Change in fair value	(18,466)	(5,589)
Ending balance, Assets	227,659	259,899
Loans Held for Sale
Changes in Level 3 assets measured at fair value on a recurring basis [Abstract]
Beginning balance, Assets	142,026	183,788
Purchases	399,551	490,855
Transfers in (Transfers out)		(114,316)
Principal repayments	(18,560)	(14,739)
Borrower loans sold to third parties	(355,634)	(437,473)
Other changes	105	(166)
Change in fair value	(14,252)	(1,309)
Ending balance, Assets	153,236	106,640
Loans Held for Sale | Prosper Funding LLC
Changes in Level 3 assets measured at fair value on a recurring basis [Abstract]
Beginning balance, Assets	0	0
Originations	399,550	490,855
Principal repayments	0	0
Borrower loans sold to third parties	(399,550)	(490,855)
Other changes	0	0
Change in fair value	0	0
Ending balance, Assets	$ 0	$ 0

Fair Value of Assets and Liab_9

Fair Value of Assets and Liabilities - Schedule of Servicing Assets and Liabilities, Warrant Liability and Loan Trailing (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Servicing Asset at Fair Value, Amount [Roll Forward]
Servicing Asset at Fair Value, Beginning Balance	$ 12,602
Servicing Asset at Fair Value, Ending Balance	11,742
Prosper Funding LLC
Servicing Asset at Fair Value, Amount [Roll Forward]
Servicing Asset at Fair Value, Beginning Balance	14,888
Servicing Asset at Fair Value, Ending Balance	13,690
March 31, 2020
Servicing Asset at Fair Value, Amount [Roll Forward]
Servicing Asset at Fair Value, Beginning Balance	12,602	$ 14,687
Additions	1,974	2,742
Derecognition		(364)
Less: Changes in fair value	(2,834)	(3,251)
Servicing Asset at Fair Value, Ending Balance	11,742	13,814
March 31, 2020 | Prosper Funding LLC
Servicing Asset at Fair Value, Amount [Roll Forward]
Servicing Asset at Fair Value, Beginning Balance	14,888	15,550
Additions	2,196	2,966
Less: Changes in fair value	(3,394)	(3,342)
Servicing Asset at Fair Value, Ending Balance	13,690	15,174
Mandatorily Redeemable Preferred Stock
Liabilities at Fair Value, Amount [Roll Forward]
Beginning balance	149,996	143,679
Issuances		9,747
Change in fair value	(55,449)	10,057
Ending balance	94,547	163,483
Loan Trailing Fee Liability
Liabilities at Fair Value, Amount [Roll Forward]
Beginning balance	2,997	3,118
Issuances	385	566
Cash payment of Loan Trailing Fee	(675)	(658)
Change in fair value	(61)	58
Ending balance	2,646	3,084
Loan Trailing Fee Liability | Prosper Funding LLC
Liabilities at Fair Value, Amount [Roll Forward]
Beginning balance	2,997	3,118
Issuances	385	566
Cash payment of Loan Trailing Fee	675	658
Change in fair value	(61)	58
Ending balance	2,646	$ 3,084
Level 3 Inputs
Servicing Asset at Fair Value, Amount [Roll Forward]
Servicing Asset at Fair Value, Beginning Balance	12,602
Servicing Asset at Fair Value, Ending Balance	11,742
Level 3 Inputs | Prosper Funding LLC
Servicing Asset at Fair Value, Amount [Roll Forward]
Servicing Asset at Fair Value, Beginning Balance	14,888
Servicing Asset at Fair Value, Ending Balance	$ 13,690

Fair Value of Assets and Lia_10

Fair Value of Assets and Liabilities - Fair Value Assumptions for Borrower Loans, Loans Held for Sale and Notes (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes, at Fair Value		$ 225,491	$ 244,171
Certificates Issued by Securitization Trust, at Fair Value	[1]	35,316	52,168
Level 3 Inputs
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes, at Fair Value		225,491	244,171
Certificates Issued by Securitization Trust, at Fair Value		35,316	52,168
Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes, at Fair Value		225,491	244,171
Prosper Funding LLC | Level 3 Inputs
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes, at Fair Value		225,491	244,171
Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes, at Fair Value		225,491	244,171
Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes, at Fair Value		225,491	244,171
Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes, at Fair Value		675,640	776,045
Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes, at Fair Value		227,659	245,137
Discount rate assumption | 100 basis point increase
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		35,014	51,813
Discount rate assumption | 100 basis point increase | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes		223,530	241,927
Discount rate assumption | 100 basis point increase | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		223,530	241,927
Discount rate assumption | 100 basis point increase | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		669,775	768,924
Discount rate assumption | 100 basis point increase | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		225,683	242,888
Discount rate assumption | 200 basis point incease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		34,719	51,466
Discount rate assumption | 200 basis point incease | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes		221,614	239,737
Discount rate assumption | 200 basis point incease | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		221,614	239,737
Discount rate assumption | 200 basis point incease | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		664,042	761,971
Discount rate assumption | 200 basis point incease | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		223,751	240,691
Discount rate assumption | 100 basis point decrease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		35,626	52,533
Discount rate assumption | 100 basis point decrease | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes		227,497	246,471
Discount rate assumption | 100 basis point decrease | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		227,497	246,471
Discount rate assumption | 100 basis point decrease | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		681,645	783,344
Discount rate assumption | 100 basis point decrease | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		229,683	247,442
Discount rate assumption | 200 basis point decrease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		35,944	52,909
Discount rate assumption | 200 basis point decrease | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes		229,552	248,828
Discount rate assumption | 200 basis point decrease | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		229,552	248,828
Discount rate assumption | 200 basis point decrease | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		687,792	790,823
Discount rate assumption | 200 basis point decrease | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		231,754	249,805
Default rate assumption | 100 basis point increase
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		32,999	48,986
Default rate assumption | 100 basis point increase | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes		222,871	240,958
Default rate assumption | 100 basis point increase | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		222,871	240,958
Default rate assumption | 100 basis point increase | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		667,800	765,894
Default rate assumption | 100 basis point increase | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		225,017	241,930
Default rate assumption | 200 basis point incease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		30,675	45,926
Default rate assumption | 200 basis point incease | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes		220,265	237,831
Default rate assumption | 200 basis point incease | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		220,265	237,831
Default rate assumption | 200 basis point incease | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		660,000	756,007
Default rate assumption | 200 basis point incease | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		222,389	238,807
Default rate assumption | 100 basis point decrease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		37,651	55,369
Default rate assumption | 100 basis point decrease | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes		228,124	247,489
Default rate assumption | 100 basis point decrease | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		228,124	247,489
Default rate assumption | 100 basis point decrease | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		683,522	786,541
Default rate assumption | 100 basis point decrease | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		230,315	248,453
Default rate assumption | 200 basis point decrease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		39,998	58,613
Default rate assumption | 200 basis point decrease | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Notes		230,773	250,817
Default rate assumption | 200 basis point decrease | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		230,773	250,817
Default rate assumption | 200 basis point decrease | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		691,449	797,065
Default rate assumption | 200 basis point decrease | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Borrower loans		232,986	251,777
Prepayment rate assumption | 100 basis point increase
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		35,258	52,085
Prepayment rate assumption | 200 basis point incease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		35,195	52,008
Prepayment rate assumption | 100 basis point decrease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		35,381	52,253
Prepayment rate assumption | 200 basis point decrease
Fair Value Inputs Assets Quantitative Information [Line Items]
Expected fair value with change in assumptions		$ 35,445	$ 52,340
Discount rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Valuation techniques		14.59	9.59
Discount rate | Discount rate assumption | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value assumptions		0.1066	0.0643
Discount rate | Discount rate assumption | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value assumptions		0.1066	0.0643
Discount rate | Discount rate assumption | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value assumptions		0.1179	0.0700
Discount rate | Discount rate assumption | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value assumptions		0.1066	0.0643
Default rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Valuation techniques		12.68	10.12
Default rate | Default rate assumption | Senior Notes
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value assumptions		0.1482	0.1368
Default rate | Default rate assumption | Senior Notes | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value assumptions		0.1482	0.1368
Default rate | Default rate assumption | Borrower loans and loans held for sale
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value assumptions		0.1466	0.1263
Default rate | Default rate assumption | Borrower loans and loans held for sale | Prosper Funding LLC
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value assumptions		0.1482	0.1368
Prepayment rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Valuation techniques		20.77	21.41
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.

Fair Value of Assets and Lia_11

Fair Value of Assets and Liabilities - Fair Value Assumptions for Certificates Issued by Securitization Trust (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Certificates Issued by Securitization Trust, at Fair Value	[1]	$ 35,316	$ 52,168
Discount rate assumption | 100 basis point increase
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		35,014	51,813
Discount rate assumption | 200 basis point incease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		34,719	51,466
Discount rate assumption | 100 basis point decrease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		35,626	52,533
Discount rate assumption | 200 basis point decrease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		35,944	52,909
Default rate assumption | 100 basis point increase
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		32,999	48,986
Default rate assumption | 200 basis point incease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		30,675	45,926
Default rate assumption | 100 basis point decrease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		37,651	55,369
Default rate assumption | 200 basis point decrease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		39,998	58,613
Prepayment rate assumption | 100 basis point increase
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		35,258	52,085
Prepayment rate assumption | 200 basis point incease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		35,195	52,008
Prepayment rate assumption | 100 basis point decrease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		35,381	52,253
Prepayment rate assumption | 200 basis point decrease
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected fair value with change in assumptions		$ 35,445	$ 52,340
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation techniques		14.59	9.59
Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation techniques		12.68	10.12
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation techniques		20.77	21.41
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.

Fair Value of Assets and Lia_12

Fair Value of Assets and Liabilities - Schedule of Prosper's and Prosper Funding's Estimated Fair Value of Servicing Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Servicing Assets And Liabilities Fair Value [Line Items]
Servicing Asset at Fair Value, Amount	$ 11,742	$ 12,602
Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Servicing Asset at Fair Value, Amount	13,690	14,888
March 31, 2020
Servicing Assets And Liabilities Fair Value [Line Items]
Servicing Asset at Fair Value, Amount	11,742	12,602	$ 13,814	$ 14,687
March 31, 2020 | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Servicing Asset at Fair Value, Amount	$ 13,690	$ 14,888	$ 15,174	$ 15,550
Market servicing rate | March 31, 2020 | Market servicing rate increase to 0.65%
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1101900000.00%	1182500000.00%
Market servicing rate | March 31, 2020 | Market servicing rate increase to 0.65% | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1284800000.00%	1396600000.00%
Market servicing rate | March 31, 2020 | Market servicing rate decrease to 0.60%
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1246400000.00%	1338700000.00%
Market servicing rate | March 31, 2020 | Market servicing rate decrease to 0.60% | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1453200000.00%	1581100000.00%
Prepayment rate assumption | March 31, 2020 | Applying a 1.1 multiplier to prepayment rate
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1150700000.00%	1234800000.00%
Prepayment rate assumption | March 31, 2020 | Applying a 1.1 multiplier to prepayment rate | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1341700000.00%	1458300000.00%
Prepayment rate assumption | March 31, 2020 | Applying a 0.9 multiplier to prepayment rate
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1197800000.00%	1286800000.00%
Prepayment rate assumption | March 31, 2020 | Applying a 0.9 multiplier to prepayment rate | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1396600000.00%	1519700000.00%
Default rate assumption | March 31, 2020 | Applying a 1.1 multiplier to default rate
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1157300000.00%	1237700000.00%
Default rate assumption | March 31, 2020 | Applying a 1.1 multiplier to default rate | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1349300000.00%	1461800000.00%
Default rate assumption | March 31, 2020 | Applying a 0.9 multiplier to default rate
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1191100000.00%	1284000000.00%
Default rate assumption | March 31, 2020 | Applying a 0.9 multiplier to default rate | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Expected fair value with change in assumptions	1388800000.00%	1516500000.00%
Market servicing rate | March 31, 2020
Servicing Assets And Liabilities Fair Value [Line Items]
Valuation techniques	0.625%	0.625%
Market servicing rate | March 31, 2020 | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Valuation techniques	0.625%	0.625%
Prepayment rate | March 31, 2020
Servicing Assets And Liabilities Fair Value [Line Items]
Valuation techniques	20.37%	20.99%
Prepayment rate | March 31, 2020 | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Valuation techniques	20.37%	20.99%
Default rate | March 31, 2020
Servicing Assets And Liabilities Fair Value [Line Items]
Valuation techniques	14.03%	12.67%
Default rate | March 31, 2020 | Prosper Funding LLC
Servicing Assets And Liabilities Fair Value [Line Items]
Valuation techniques	14.03%	12.67%

Fair Value of Assets and Lia_13

Fair Value of Assets and Liabilities - Schedule of Prosper's and Prosper Funding's Estimated Fair Value of Servicing Assets and Liabilities Additional Info (Details)	3 Months Ended
	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing rate increase	0.65%
Servicing rate decrease	0.60%
Prepayment rate assumption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepayment rate increase	1.10%
Prepayment rate decrease	0.90%
Default rate assumption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Default rate increase	1.10%
Default rate decrease	0.90%
Prosper Funding LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing rate increase	0.65%
Servicing rate decrease	0.60%
Prosper Funding LLC | Prepayment rate assumption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepayment rate increase	1.10%
Prepayment rate decrease	0.90%
Prosper Funding LLC | Default rate assumption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Default rate increase	1.10%
Default rate decrease	0.90%

Fair Value of Assets and Lia_14

Fair Value of Assets and Liabilities - Financial Instruments, Assets and Liabilities not Recorded at Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2020		Dec. 31, 2019		Mar. 31, 2019
Assets
Cash and Cash Equivalents		$ 52,829		$ 64,635		$ 64,188
Restricted Cash		141,504	[1]	155,773	[1]	$ 148,798
Accounts Receivable (1)	[1]	1,032		1,695
Total Assets		956,628		1,084,828
Liabilities:
Accounts Payable and Accrued Liabilities		14,297		19,937
Payable to Investors		87,928		101,092
Notes Issued by Securitization Trust (1)	[1]	286,296		347,662
Warehouse Lines (1)	[1]	154,388		131,583
Total Liabilities		918,447		1,068,335
Carrying Amount
Assets
Total Assets		195,365		222,103
Liabilities:
Total Liabilities		542,909		600,274
Balance at Fair Value
Assets
Cash and Cash Equivalents		52,829		64,635
Restricted Cash		141,504		155,773
Accounts Receivable (1)		1,032		1,695
Total Assets		195,365		222,103
Liabilities:
Accounts Payable and Accrued Liabilities		14,297		19,937
Payable to Investors		87,928		101,092
Notes Issued by Securitization Trust (1)		279,931		353,028
Warehouse Lines (1)		150,996		131,090
Total Liabilities		533,152		605,147
Level 1 Inputs
Assets
Cash and Cash Equivalents		52,829		64,635
Restricted Cash		0		0
Accounts Receivable (1)		0		0
Total Assets		52,829		64,635
Liabilities:
Accounts Payable and Accrued Liabilities		0		0
Payable to Investors		0		0
Notes Issued by Securitization Trust (1)		0		0
Warehouse Lines (1)		0		0
Total Liabilities		0		0
Level 2 Inputs
Assets
Cash and Cash Equivalents		0		0
Restricted Cash		141,504		155,773
Accounts Receivable (1)		1,032		1,695
Total Assets		142,536		157,468
Liabilities:
Accounts Payable and Accrued Liabilities		14,297		19,937
Payable to Investors		87,928		101,092
Notes Issued by Securitization Trust (1)		279,931		353,028
Warehouse Lines (1)		150,996		131,090
Total Liabilities		533,152		605,147
Level 3 Inputs
Assets
Cash and Cash Equivalents		0		0
Restricted Cash		0		0
Accounts Receivable (1)		0		0
Total Assets		0		0
Liabilities:
Accounts Payable and Accrued Liabilities		0		0
Payable to Investors		0		0
Notes Issued by Securitization Trust (1)		0		0
Warehouse Lines (1)		0		0
Total Liabilities		$ 0		$ 0
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Goodwill And Other Intangible Assets [Line Items]
Goodwill	$ 36,368		$ 36,368
Intangible assets, net	664		$ 720
Amortization of intangible assets	100	$ 100
User base and customer relationships
Goodwill And Other Intangible Assets [Line Items]
Intangible assets, net	$ 664
Intangible assets amortized period	5 years 1 month 6 days
User base and customer relationships | Minimum
Goodwill And Other Intangible Assets [Line Items]
Intangible assets amortized period	3 years
User base and customer relationships | Maximum
Goodwill And Other Intangible Assets [Line Items]
Intangible assets amortized period	10 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Other Intangible Assets for the Period Presented (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 8,170
Accumulated Amortization	(7,506)
Net Carrying Value	664	$ 720
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	3,060
Accumulated Amortization	(3,060)
Net Carrying Value	0
User base and customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	5,050
Accumulated Amortization	(4,386)
Net Carrying Value	$ 664
Remaining Useful Life (In Years)	5 years 1 month 6 days
Brand name
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 60
Accumulated Amortization	(60)
Net Carrying Value	$ 0

Goodwill And Other Intangible_5

Goodwill And Other Intangible Assets - Summary of Estimated Amortization of Purchased Intangible Assets (Details) $ in Thousands	Mar. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020 (remainder thereof)	$ 164
2021	172
2022	136
2023	107
2024	85
Total	$ 664

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities [Abstract]
Loan trailing fee	$ 2,646	$ 2,997
Deferred revenue	184	241
Deferred income tax liability	438	405
Operating lease liability	16,387	17,507
Other	529	576
Total Other Liabilities	$ 20,184	$ 21,726

Debt (Details)

Debt (Details) $ in Thousands		Jun. 20, 2019	Mar. 28, 2019USD ($)	Jun. 12, 2018USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 19, 2018USD ($)
Line of Credit Facility [Line Items]
Loans held-for-sale, at fair value	[1]				$ 153,236	$ 142,026
Warehouse Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Minimum tangible net worth				$ 25,000
Minimum net liquidity				$ 15,000
Maximum leverage ratio				5
PWIT | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 100,000	100,400		$ 200,000
Repayment period				24 months
Advance rate				89.00%
Loans held-for-sale, at fair value					105,100
Undrawn portion					99,600
Capitalized debt issuance cost					1,800
PWIIT | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 300,000
Repayment period			24 months
Advance rate			90.00%
Commitment fee percent			0.50%
Warehouse Line					54,000
Loans held-for-sale, at fair value					60,400
Undrawn portion					246,000
Capitalized debt issuance cost					$ 2,100
LIBOR | PWIT | Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest rate		2.90%
LIBOR | PWIIT | Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest rate			2.90%
Increase to basis spread			0.375%
Minimum | PWIT | Revolving Credit Facility
Line of Credit Facility [Line Items]
Commitment fee percent				0.50%
[1]	(1) Includes amounts in consolidated varia ble interest entities (VIEs) presented separately in the table below.

Net Income (Loss) Per Share - B

Net Income (Loss) Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net Income (Loss)	$ 21,130	$ (22,714)
Less: Net Income Allocated to Participating Securities	(15,755)	0
Net Income (Loss) Attributable to Common Stockholders	$ 5,375	$ (22,714)
Denominator:
Weighted average shares used in computing net income (loss) per share - basic (in shares)	68,454,103	70,487,006
Effect of dilutive securities:
Stock options	236,928	0
Convertible preferred stock warrants	213,264,845	0
Weighted-Average Shares - Diluted (in shares)	281,955,876	70,487,006
Net Income (Loss) Per Share - Basic (in shares)	$ 0.08	$ (0.32)
Net Income (Loss) Per Share - Diluted (in shares)	$ 0.02	$ (0.32)

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents excluded from diluted net loss per common share computation (in shares)	282,889,515	499,367,744
Convertible preferred stock issued and outstanding (in shares)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents excluded from diluted net loss per common share computation (in shares)	209,613,570	214,637,925
Stock options issued and outstanding (in shares)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents excluded from diluted net loss per common share computation (in shares)	72,195,596	70,384,625
Warrants issued and outstanding (in shares)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents excluded from diluted net loss per common share computation (in shares)	1,080,349	1,080,349
Series E-1 convertible preferred stock warrants (in shares)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents excluded from diluted net loss per common share computation (in shares)	0	35,544,141
Series F convertible preferred stock warrants (in shares)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents excluded from diluted net loss per common share computation (in shares)	0	177,720,704

Convertible Preferred Stock, _3

Convertible Preferred Stock, Warrant Liability and Stockholders’ Deficit - Additional Information (Details) $ / shares in Units, $ in Thousands	Dec. 16, 2016	Feb. 16, 2016	Mar. 31, 2020USD ($)time$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019$ / sharesshares	Sep. 20, 2017$ / sharesshares	Feb. 27, 2017$ / sharesshares
Class of Stock [Line Items]
Common and preferred stock, shares authorized (in shares)						1,069,760,848
Common stock, shares authorized (in shares)			625,000,000		625,000,000	625,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)			444,760,848			444,760,848
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01
Common stock, shares issued (in shares)			69,391,576		69,387,836
Common stock, shares outstanding (in shares)			68,455,641		68,451,901
Common Stock
Class of Stock [Line Items]
Stock split conversion ratio of 5-for-1		5
Exercise of stock options (in shares)			3,740
Cash proceeds | $			$ 1
Series B
Class of Stock [Line Items]
IPO value (at least) | $			2,000,000
Aggregate proceeds (at least) | $			$ 100,000
Voting power (at least)			60.00%
Liquidation preference (in dollars per share) | $ / shares			$ 0.60
Preferred stock, shares authorized (in shares)			35,775,880
Series A-1
Class of Stock [Line Items]
Voting power (at least)			14.00%
Conversion ratio			1,000,000
Liquidation preference (in dollars per share) | $ / shares			$ 2
Preferred stock, shares authorized (in shares)			24,760,915
Series D
Class of Stock [Line Items]
Voting power (at least)			60.00%
Liquidation preference (in dollars per share) | $ / shares			$ 6.91
Series E1 and E2 Preferred Stock
Class of Stock [Line Items]
Voting power (at least)			60.00%
Series G
Class of Stock [Line Items]
Voting power (at least)			60.00%
Conversion ratio			1.36
Liquidation preference (in dollars per share) | $ / shares			$ 1.34
Preferred stock, shares authorized (in shares)			37,249,497
Series A
Class of Stock [Line Items]
Conversion ratio			1
Times the original issue | time			3
Liquidation preference (in dollars per share) | $ / shares			$ 0.29
Preferred stock, shares authorized (in shares)			68,558,220
Series C
Class of Stock [Line Items]
Liquidation preference (in dollars per share) | $ / shares			$ 2.87
Preferred stock, shares authorized (in shares)			24,404,770
Series E-1
Class of Stock [Line Items]
Warrant to purchase (in of shares)							15,277,006
Liquidation preference (in dollars per share) | $ / shares			$ 0.84
Warrant expiration period	10 years
Income amount | $			$ 9,200	$ 2,100
Preferred stock, shares authorized (in shares)			35,544,141
Series E-2
Class of Stock [Line Items]
Preferred stock, liquidation preference, conversion basis			0.666666666666667
Preferred stock, liquidation preference, conversion basis, after payment			0.333333333333333
Liquidation preference (in dollars per share) | $ / shares			$ 0.84
Preferred stock, shares authorized (in shares)			16,858,078
Series F
Class of Stock [Line Items]
Exercise price (in dollars per share) | $ / shares							$ 0.01
Voting power (at least)			60.00%
Preferred stock, liquidation preference, conversion basis			0.666666666666667
Preferred stock, liquidation preference, conversion basis, after payment			0.333333333333333
Liquidation preference (in dollars per share) | $ / shares			$ 0.84
Income amount | $			$ 46,200	$ 7,900
Preferred stock, shares authorized (in shares)			177,720,707
Consortium Purchase Agreement | Series F Warrant
Class of Stock [Line Items]
Warrant to purchase (in of shares)							177,720,706
Exercise price (in dollars per share) | $ / shares							$ 0.01

Convertible Preferred Stock, _4

Convertible Preferred Stock, Warrant Liability and Stockholders’ Deficit - Summary of Shares Authorized, Issued, Outstanding, Par Value and Liquidation Preference of Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Sep. 20, 2017
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized (in shares)	444,760,848		444,760,848
Convertible preferred stock, shares outstanding (in shares)	209,613,570
Convertible preferred stock, shares issued (in shares)	209,613,570
Liquidation Preference (Outstanding Shares)	$ 370,456	$ 370,456
Series A
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	68,558,220
Convertible preferred stock, shares outstanding (in shares)	66,428,185
Convertible preferred stock, shares issued (in shares)	66,428,185
Liquidation Preference (Outstanding Shares)	$ 19,160
Series A-1
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	24,760,915
Convertible preferred stock, shares outstanding (in shares)	22,515,315
Convertible preferred stock, shares issued (in shares)	22,515,315
Liquidation Preference (Outstanding Shares)	$ 45,031
Series B
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	35,775,880
Convertible preferred stock, shares outstanding (in shares)	35,127,160
Convertible preferred stock, shares issued (in shares)	35,127,160
Liquidation Preference (Outstanding Shares)	$ 21,190
Series C
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	24,404,770
Convertible preferred stock, shares outstanding (in shares)	24,404,770
Convertible preferred stock, shares issued (in shares)	24,404,770
Liquidation Preference (Outstanding Shares)	$ 70,075
Series D
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	23,888,640
Convertible preferred stock, shares outstanding (in shares)	23,888,640
Convertible preferred stock, shares issued (in shares)	23,888,640
Liquidation Preference (Outstanding Shares)	$ 165,000
Series E-1
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	35,544,141
Convertible preferred stock, shares outstanding (in shares)	0
Convertible preferred stock, shares issued (in shares)	0
Liquidation Preference (Outstanding Shares)	$ 0
Series E-2
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	16,858,078
Convertible preferred stock, shares outstanding (in shares)	0
Convertible preferred stock, shares issued (in shares)	0
Liquidation Preference (Outstanding Shares)	$ 0
Series F
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	177,720,707
Convertible preferred stock, shares outstanding (in shares)	3
Convertible preferred stock, shares issued (in shares)	3
Liquidation Preference (Outstanding Shares)	$ 0
Series G
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)	$ 0.01
Convertible preferred stock, shares authorized (in shares)	37,249,497
Convertible preferred stock, shares outstanding (in shares)	37,249,497
Convertible preferred stock, shares issued (in shares)	37,249,497
Liquidation Preference (Outstanding Shares)	$ 50,000

Convertible Preferred Stock, _5

Convertible Preferred Stock, Warrant Liability and Stockholders’ Deficit - Schedule of Assumptions Used (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Volatility | Series E-1
Class of Stock [Line Items]
Fair value assumptions	0.680	0.460
Volatility | Series F
Class of Stock [Line Items]
Fair value assumptions	0.680	0.460
Risk-free interest rate | Series E-1
Class of Stock [Line Items]
Fair value assumptions	0.0030	0.0160
Risk-free interest rate | Series F
Class of Stock [Line Items]
Fair value assumptions	0.0030	0.0160
Expected term (in years) | Series E-1
Class of Stock [Line Items]
Remaining contractual term (in years)	2 years 9 months	2 years 9 months
Expected term (in years) | Series F
Class of Stock [Line Items]
Remaining contractual term (in years)	2 years 9 months	2 years 9 months
Dividend yield | Series E-1
Class of Stock [Line Items]
Fair value assumptions	0	0
Dividend yield | Series F
Class of Stock [Line Items]
Fair value assumptions	0	0

Convertible Preferred Stock, _6

Convertible Preferred Stock, Warrant Liability and Stockholders’ Deficit - Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Warrants or Rights [Roll Forward]
Change in Fair Value	$ (55,449)	$ 10,058
Convertible Preferred Stock Warrant
Warrants or Rights [Roll Forward]
Balance at January 1, 2020	149,996	143,679
Warrants Vested		9,747
Change in Fair Value	(55,449)	10,058
Balance at March 31, 2020	$ 94,547	$ 163,484

Share Based Incentive Plan an_3

Share Based Incentive Plan and Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Financial statement impact amount	$ 505,000	$ 1,614,000
Options outstanding, term	7 years 7 months 6 days
Dividend yield	0.00%
Unrecognized cost of unvested share-based compensation awards.	$ 0
Options granted (in shares)	0
Unamortized expense related to unvested stock-based awards	$ 3,000,000
Internal-use software and website development costs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation capitalized	$ 100,000	$ 100,000
Restricted stock units (in shares)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average vesting period	2 years 2 months 12 days
Restricted stock units (in shares) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Restricted stock units (in shares) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years

Share Based Incentive Plan an_4

Share Based Incentive Plan and Compensation - Summarized Option Activity under Option Plan (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Options Issued and Outstanding
Options Issued and Outstanding, Options issued (in shares)	0
2005 Stock Plan and 2015 Stock Option Plan
Options Issued and Outstanding
Options Issued and Outstanding, Beginning Balance (in shares)	76,236,757
Options Issued and Outstanding, Options issued (in shares)	3,856,400
Options Issued and Outstanding, Options exercised (in shares)	(3,740)
Options Issued and Outstanding, Options forfeited (in shares)	(3,018,124)
Options Issued and Outstanding, Options expired (in shares)	(3,318,260)
Options Issued and Outstanding, Ending balance (in shares)	73,753,033
Options Issued and Outstanding, Options vested and expected to vest (in shares)	60,558,411
Options Issued and Outstanding, Options vested and exercisable (in shares)	48,558,546
Weighted- Average Exercise Price
Weighted-Average Exercise Price, Beginning balance (in dollars per share) | $ / shares	$ 0.31
Weighted-Average Exercise Price, Options issued (in dollars per share) | $ / shares	0.15
Weighted-Average Exercise Price, Options exercised (in dollars per share) | $ / shares	0.38
Weighted-Average Exercise Price, Options forfeited (in dollars per share) | $ / shares	0.41
Weighted-Average Exercise Price, Options expired (in dollars per share) | $ / shares	0.13
Weighted-Average Exercise Price, Ending balance (in dollars per share) | $ / shares	0.30
Weighted-Average Exercise Price, Options vested and expected to vest (in dollars per share) | $ / shares	0.30
Weighted-Average Exercise Price, Options vested and exercisable (in dollars per share) | $ / shares	$ 0.29

Share Based Incentive Plan an_5

Share Based Incentive Plan and Compensation - Fair Value of Stock Option Awards (Details)	3 Months Ended
	Mar. 31, 2020
Fair value of stock option awards [Abstract]
Volatility of common stock	47.41%
Risk-free interest rate	0.68%
Expected life (in years)	6 years
Dividend yield	0.00%

Share Based Incentive Plan an_6

Share Based Incentive Plan and Compensation - Summarized Activities for the Company's RSU's (Details) - Restricted stock units (in shares)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Shares
Restricted stock unit, Unvested, Beginning Balance (in shares) | shares	4,803,141
Forfeited (in shares) | shares	(140,000)
Restricted stock unit, Unvested, Ending Balance (in shares) | shares	4,663,141
Weighted-Average Grant Date Fair Value
Restricted stock unit, Unvested, Beginning Balance (in dollars per share) | $ / shares	$ 0.95
Forfeited (in dollars per share) | $ / shares	2.18
Restricted stock unit, Unvested, Ending Balance (in dollars per share) | $ / shares	$ 0.91

Share Based Incentive Plan an_7

Share Based Incentive Plan and Compensation - Stock Based Compensation Included in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation	$ 505	$ 1,614
Origination and servicing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation	38	196
Sales and marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation	11	83
General and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation	$ 456	$ 1,335

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes [Line Items]
Income tax expense	$ 34	$ 29
Prosper Funding LLC
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0
Net effective tax rate	0.00%

Consortium Purchase Agreement -

Consortium Purchase Agreement - Narrative (Details) - Consortium Purchase Agreement - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	May 31, 2019	Feb. 27, 2017
Other Commitments [Line Items]
Commitment to purchase borrower loans (up to)			$ 5,000,000
Loans acquired		$ 3,300,000
Warrants vested (in shares)		177,700,000
Amount settled with rebates	$ 300,000
Series F Warrant
Other Commitments [Line Items]
Warrant to purchase up to (in shares)			3
Warrant to purchase (in of shares)			177,720,706
Exercise price (in dollars per share)			$ 0.01

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Rental expense under operating lease arrangements	$ 1,500	$ 1,300
Sublease income	200	$ 300
Right of use assets obtained in exchange for new operating lease obligations	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Operating lease contract term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease contract term	7 years

Leases - Operating Lease Right-

Leases - Operating Lease Right-of-Use Assets (Details) $ in Thousands	Mar. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Gross Carrying Value	$ 16,213
Accumulated Amortization	4,395
Net Carrying Value	11,818
ROU Assets - Office buildings
Lessee, Lease, Description [Line Items]
Gross Carrying Value	15,921
Accumulated Amortization	4,103
Net Carrying Value	11,818
ROU Assets - Other
Lessee, Lease, Description [Line Items]
Gross Carrying Value	292
Accumulated Amortization	292
Net Carrying Value	$ 0

Leases - Schedule of Lease Matu

Leases - Schedule of Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Lease Maturity
Remainder of 2020	$ 3,885
2021	5,130
2022	5,014
2023	1,562
2024	871
Thereafter	1,820
Total future minimum lease payments	18,282
Less imputed interest	(1,895)
Present value of future minimum lease payments	$ 16,387	$ 17,507

Leases - Other Information Rela

Leases - Other Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Cash paid for operating leases year-to-date	$ 1,351
Right of use assets obtained in exchange for new operating lease obligations	$ 0
Weighted average remaining lease term (in years)	3 years 11 months 19 days
Weighted average discount rate	5.54%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Apr. 19, 2019	Apr. 30, 2019	Mar. 31, 2020	Dec. 31, 2019
Commitments And Contingencies [Line Items]
Designated Amount for loans (less than)			$ 143,500
Minimum fee, remaining in current year			1,300,000
Minimum fee, 2022			1,700,000
Minimum fee, 2023			100,000
Minimum liquidity covenant			15,000,000
Purchase of borrower loans			4,900,000
Maximum potential future payments			2,900,000,000
Accrued repurchase and indemnification obligation				$ 400,000
Amount awarded to other party	$ 3,000,000
Accrued penalty		$ 3,000,000
Prosper Funding LLC
Commitments And Contingencies [Line Items]
Designated Amount for loans (less than)			143,500
Minimum fee, remaining in current year			1,300,000
Minimum fee, 2023			100,000
Minimum liquidity covenant			15,000,000
Purchase of borrower loans			4,900,000
Maximum potential future payments			3,400,000,000
Accrued repurchase and indemnification obligation			400,000
Amount awarded to other party	$ 3,000,000
Accrued penalty			$ 3,000,000

Related Parties - Additional In

Related Parties - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Minimum percentage of voting securities considered for related parties	10.00%
Minimum percentage of stockholders considered for related parties	10.00%

Related Parties - Aggregate Amo

Related Parties - Aggregate Amount of Notes Purchased and the Income Earned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Aggregate Purchases	$ 128	$ 115
Interest Earned	16	13
Notes balance	727		$ 717
Prosper Funding LLC
Related Party Transaction [Line Items]
Aggregate Purchases	6	6
Interest Earned	1	1
Notes balance	36		35
Executive officers and management
Related Party Transaction [Line Items]
Aggregate Purchases	6	6
Interest Earned	1	1
Notes balance	36		35
Executive officers and management | Prosper Funding LLC
Related Party Transaction [Line Items]
Aggregate Purchases	6	6
Interest Earned	1	1
Notes balance	36		35
Directors (excluding executive officers and management)
Related Party Transaction [Line Items]
Aggregate Purchases	122	109
Interest Earned	15	12
Notes balance	691		682
Directors (excluding executive officers and management) | Prosper Funding LLC
Related Party Transaction [Line Items]
Aggregate Purchases	0	0
Interest Earned	0	$ 0
Notes balance	$ 0		$ 0

Significant Concentrations (Det

Significant Concentrations (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Concentration Risk [Line Items]
Percentage of funds originating in channel	91.00%	93.00%
Party One
Concentration Risk [Line Items]
Percentage of loan purchased	16.60%	14.80%
Party Two
Concentration Risk [Line Items]
Percentage of loan purchased		14.40%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Thousands	May 01, 2020	Apr. 24, 2020
Subsequent Event [Line Items]
PPP loan amount		$ 8,400
Annual minimum salary threshold used to determine temporary salary reduction	$ 100