v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair value of financial instruments is determined by reference to various market data and other valuation techniques, as appropriate. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The three fair value levels are (from highest to lowest):

Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.

Recurring Fair Value Measurements

The Company did not have any financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, June 30, 2024 and December 31, 2024.

Fair Value Measurements on a Non-Recurring Basis

The Company measures non-financial assets and liabilities, such as property and equipment and intangible assets, at fair value on a non-recurring basis, or when events or circumstances indicate that the carrying amount of the assets may be impaired. There were no such events or conditions identified during the six months ended June 30, 2025.

Financial Assets and Liabilities Not Measured at Fair Value, But for Which Fair Value is Disclosed

The Company’s financial assets and liabilities as of June 30, 2025, June 30, 2024 and December 31, 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

Carrying ValueEstimated Fair Value
June 30,June 30,Fair Value Measurements Using
20252025Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$101,467 $101,467 $101,467 $— $— 
Accounts receivable, net76,062 76,062 — — 76,062 
Pawn loans550,718 550,718 — — 550,718 
Finance receivables, net (1)
154,518 313,281 — — 313,281 
$882,765 $1,041,528 $101,467 $— $940,061 
Financial liabilities:
Revolving unsecured credit facilities
$152,000 $152,000 $— $152,000 $— 
Senior unsecured notes (outstanding principal)1,550,000 1,548,000 — 1,548,000 — 
$1,702,000 $1,700,000 $— $1,700,000 $— 

(1)Finance receivables, gross as of June 30, 2025 was $311.4 million. See Note 6.
Carrying ValueEstimated Fair Value
June 30,June 30,Fair Value Measurements Using
20242024Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$113,693 $113,693 $113,693 $— $— 
Accounts receivable, net72,158 72,158 — — 72,158 
Pawn loans491,731 491,731 — — 491,731 
Finance receivables, net (1)
105,401 231,587 — — 231,587 
$782,983 $909,169 $113,693 $— $795,476 
Financial liabilities:
Revolving unsecured credit facilities$150,000 $150,000 $— $150,000 $— 
Senior unsecured notes (outstanding principal)1,550,000 1,484,000 — 1,484,000 — 
$1,700,000 $1,634,000 $— $1,634,000 $— 

(1)Finance receivables, gross as of June 30, 2024 was $227.7 million. See Note 6.

Carrying ValueEstimated Fair Value
December 31,December 31,Fair Value Measurements Using
20242024Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$175,095 $175,095 $175,095 $— $— 
Accounts receivable, net73,325 73,325 — — 73,325 
Pawn loans517,867 517,867 — — 517,867 
Finance receivables, net (1)
147,501 296,526 — — 296,526 
$913,788 $1,062,813 $175,095 $— $887,718 
Financial liabilities:
Revolving unsecured credit facilities$198,000 $198,000 $— $198,000 $— 
Senior unsecured notes (outstanding principal)1,550,000 1,503,000 — 1,503,000 — 
$1,748,000 $1,701,000 $— $1,701,000 $— 

(1)Finance receivables, gross as of December 31, 2024 were $294.2 million. See Note 6.

As cash and cash equivalents have maturities of less than three months, the carrying value of cash and cash equivalents approximates fair value. Due to their short-term maturities, the carrying value of pawn loans and accounts receivable, net approximate fair value.

Finance receivables are measured at amortized cost, net of an allowance for loan losses on the consolidated balance sheets. In estimating fair value for finance receivables, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future charge-off rates and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

The carrying value of the unsecured credit facilities approximates fair value as of June 30, 2025, June 30, 2024 and December 31, 2024. The fair value of the unsecured credit facilities is estimated based on market values for debt issuances with similar characteristics or rates currently available for debt with similar terms. In addition, the unsecured credit facilities have a variable interest rate based on the prevailing secured overnight financing rate (“SOFR”) or the Mexican Central Bank’s interbank equilibrium rate (“TIIE”) and reprice with any changes in SOFR or TIIE. The fair value of the senior unsecured notes is estimated based on quoted prices in markets that are not active.