| Fair Value Assets and Liabilities Measured on Recurring Basis |
The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and 2024 and December 31, 2024 are as follows (dollars in thousands):
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June 30, |
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Fair Value Measurements Using |
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2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial assets: |
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Consumer loans and finance receivables(1) |
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$ |
1,668,336 |
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$ |
— |
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$ |
— |
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|
$ |
1,668,336 |
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Small business loans and finance receivables(1) |
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|
3,104,979 |
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|
|
— |
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|
|
— |
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3,104,979 |
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Non-qualified savings plan assets(2) |
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|
13,146 |
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|
13,146 |
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|
|
— |
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|
|
— |
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Investment in trading security(3) |
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8,560 |
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|
8,560 |
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|
|
— |
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|
|
— |
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Total |
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$ |
4,795,021 |
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$ |
21,706 |
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$ |
— |
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$ |
4,773,315 |
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June 30, |
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Fair Value Measurements Using |
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2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial assets: |
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Consumer loans and finance receivables(1) |
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$ |
1,421,814 |
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$ |
— |
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$ |
— |
|
|
$ |
1,421,814 |
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Small business loans and finance receivables(1) |
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|
2,517,345 |
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|
|
— |
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|
|
— |
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2,517,345 |
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Non-qualified savings plan assets(2) |
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|
11,601 |
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|
|
11,601 |
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|
|
— |
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|
|
— |
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Investment in trading security(3) |
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|
8,635 |
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|
8,635 |
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|
|
— |
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|
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— |
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Total |
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$ |
3,959,395 |
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|
$ |
20,236 |
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|
$ |
— |
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$ |
3,939,159 |
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|
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|
|
|
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December 31, |
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Fair Value Measurements Using |
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|
2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial assets: |
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Consumer loans and finance receivables(1) |
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$ |
1,639,307 |
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$ |
— |
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$ |
— |
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$ |
1,639,307 |
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Small business loans and finance receivables(1) |
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|
2,747,137 |
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— |
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— |
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2,747,137 |
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Non-qualified savings plan assets(2) |
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|
10,712 |
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|
10,712 |
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|
|
— |
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|
|
— |
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Investment in trading security(3) |
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|
3,636 |
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|
3,636 |
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|
|
— |
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|
|
— |
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Total |
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$ |
4,400,792 |
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|
$ |
14,348 |
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|
$ |
— |
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|
$ |
4,386,444 |
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(1) Consumer and small business loans and finance receivables are included in “Loans and finance receivables at fair value” in the consolidated balance sheets. (2) The non-qualified savings plan assets are included in “Other receivables and prepaid expenses” in the Company’s consolidated balance sheets and have an offsetting liability, which is included in “Accounts payable and accrued expenses” in the Company’s consolidated balance sheets. (3) Investment in trading security is included in “Other assets” in the Company’s consolidated balance sheets.
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| Financial Assets and Liabilities Not Measured at Fair Value |
The Company’s financial assets and liabilities as of June 30, 2025 and 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands):
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Balance at |
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|
June 30, |
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|
Fair Value Measurements Using |
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|
2025 |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Financial assets: |
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Cash and cash equivalents |
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$ |
55,560 |
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$ |
55,560 |
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$ |
— |
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$ |
— |
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Restricted cash |
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|
323,883 |
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|
323,883 |
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|
|
— |
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|
|
— |
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Investment in unconsolidated investee (1) |
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6,918 |
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— |
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— |
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|
6,918 |
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Total |
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$ |
386,361 |
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$ |
379,443 |
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|
$ |
— |
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|
$ |
6,918 |
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Financial liabilities: |
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Revolving line of credit |
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$ |
481,000 |
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$ |
— |
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$ |
— |
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$ |
481,000 |
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Securitization notes |
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|
2,611,408 |
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— |
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2,619,854 |
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|
— |
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11.25% senior notes due 2028 |
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|
397,408 |
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|
|
— |
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|
429,956 |
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|
|
— |
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9.125% senior notes due 2029 |
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|
500,000 |
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|
|
— |
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|
526,765 |
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|
|
— |
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Total |
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$ |
3,989,816 |
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|
$ |
— |
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|
$ |
3,576,575 |
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|
$ |
481,000 |
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Balance at |
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|
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|
|
|
|
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|
June 30, |
|
|
Fair Value Measurements Using |
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|
2024 |
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|
Level 1 |
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Level 2 |
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|
Level 3 |
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Financial assets: |
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Cash and cash equivalents |
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$ |
60,138 |
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$ |
60,138 |
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|
$ |
— |
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$ |
— |
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Restricted cash |
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|
211,167 |
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|
211,167 |
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|
|
— |
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|
|
— |
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Investment in unconsolidated investee (1) |
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|
6,918 |
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|
|
— |
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|
|
— |
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|
6,918 |
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Total |
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$ |
278,223 |
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|
$ |
271,305 |
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|
$ |
— |
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|
$ |
6,918 |
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Financial liabilities: |
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Revolving line of credit |
|
$ |
419,000 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
419,000 |
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Securitization notes |
|
|
2,024,482 |
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|
|
— |
|
|
|
2,029,972 |
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|
— |
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8.50% senior notes due 2025 |
|
|
375,000 |
|
|
|
— |
|
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|
375,660 |
|
|
|
— |
|
11.25% senior notes due 2028 |
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|
396,659 |
|
|
|
— |
|
|
|
427,652 |
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|
|
— |
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Total |
|
$ |
3,215,141 |
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|
$ |
— |
|
|
$ |
2,833,284 |
|
|
$ |
419,000 |
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Balance at |
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|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
Fair Value Measurements Using |
|
|
|
2024 |
|
|
Level 1 |
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|
Level 2 |
|
|
Level 3 |
|
Financial assets: |
|
|
|
|
|
|
|
|
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Cash and cash equivalents |
|
$ |
73,910 |
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|
$ |
73,910 |
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|
$ |
— |
|
|
$ |
— |
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Restricted cash |
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|
248,758 |
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|
248,758 |
|
|
|
— |
|
|
|
— |
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Investment in unconsolidated investee (1) |
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|
6,918 |
|
|
|
— |
|
|
|
— |
|
|
|
6,918 |
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Total |
|
$ |
329,586 |
|
|
$ |
322,668 |
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|
$ |
— |
|
|
$ |
6,918 |
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Financial liabilities: |
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|
|
|
|
|
|
|
|
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Revolving line of credit |
|
$ |
453,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
453,000 |
|
Securitization notes |
|
|
2,238,279 |
|
|
|
— |
|
|
|
2,246,406 |
|
|
|
— |
|
11.25% senior notes due 2028 |
|
|
397,033 |
|
|
|
— |
|
|
|
433,112 |
|
|
|
— |
|
9.125% senior notes due 2029 |
|
|
500,000 |
|
|
|
— |
|
|
|
519,360 |
|
|
|
— |
|
Total |
|
$ |
3,588,312 |
|
|
$ |
— |
|
|
$ |
3,198,878 |
|
|
$ |
453,000 |
|
(1) Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets.
|