| LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES |
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES The following is a summary of gross loans receivable by Customer Tenure as of:
| | | | | | | | | | | | | | Customer Tenure | June 30, 2025 | March 31, 2025 | | | | | | 0 to 5 months | $ | 90,769,121 | | $ | 101,878,703 | | | | | | | 6 to 17 months | 93,051,287 | | 75,379,597 | | | | | | | 18 to 35 months | 98,386,262 | | 99,857,401 | | | | | | | 36 to 59 months | 142,981,865 | | 130,228,889 | | | | | | | 60+ months | 836,171,692 | | 813,921,811 | | | | | | | | | | | | | | TALs | 2,980,394 | | 4,369,517 | | | | | | | Total gross loans | $ | 1,264,340,621 | | $ | 1,225,635,918 | | | | | |
Current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled, which is monitored by management on a daily basis. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due.
All loans, except for TALs, that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. The weighted average Rehab Rate at June 30, 2025 and March 31, 2025 was 5.0% and 4.5%, respectively. A loan is charged off within the allowance for credit losses in the month following when an account reaches 120 days past due on a recency basis, subject to certain exceptions. Specifically, the Company’s customer accounts in a confirmed bankruptcy are generally charged off in the month after they reach 60 days past due on a recency basis. The accounts of deceased or incarcerated customers are also generally charged off in the month after they reach 60 days past due on a recency basis, with the exception of deceased customers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance for credit losses.
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | Loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | | Current | | $ | 1,098,396,462 | | $ | 50,274,171 | | $ | 4,490,503 | | $ | 354,683 | | $ | 9,227 | | $ | 4,913 | | | $ | 1,153,529,959 | | | | | 30 - 60 days past due | | 37,799,155 | | 4,080,719 | | 565,849 | | 95,444 | | — | | 5,570 | | | 42,546,737 | | | | | 61 - 90 days past due | | 22,927,453 | | 2,729,137 | | 305,748 | | 41,703 | | 4,206 | | — | | | 26,008,247 | | | | | 91 or more days past due | | 33,460,125 | | 5,237,013 | | 496,744 | | 80,505 | | 897 | | — | | | 39,275,284 | | | | | Total | | $ | 1,192,583,195 | | $ | 62,321,040 | | $ | 5,858,844 | | $ | 572,335 | | $ | 14,330 | | $ | 10,483 | | | $ | 1,261,360,227 | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | TALs | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | | Current | | $ | 344,446 | | $ | 60,651 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 405,097 | | | | | 30 - 60 days past due | | 122,637 | | 24,915 | | — | | — | | — | | — | | | 147,552 | | | | | 61 - 90 days past due | | 143,893 | | 23,322 | | — | | — | | — | | — | | | 167,215 | | | | | 91 or more days past due | | 2,223,644 | | 36,886 | | — | | — | | — | | — | | | 2,260,530 | | | | | Total | | $ | 2,834,620 | | $ | 145,774 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 2,980,394 | | | | | Total gross loans | | | | | | | | | $ | 1,264,340,621 | | | |
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | Loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | | Current | | $ | 1,053,793,007 | | $ | 50,053,899 | | $ | 4,842,323 | | $ | 251,689 | | $ | 9,764 | | $ | 3,256 | | | $ | 1,108,953,938 | | | | | 30 - 60 days past due | | 34,713,638 | | 3,762,456 | | 510,626 | | 70,739 | | 3,765 | | 6,865 | | | 39,068,089 | | | | | 61 - 90 days past due | | 25,209,122 | | 2,176,520 | | 202,706 | | 43,404 | | 1,606 | | — | | | 27,633,358 | | | | | 91 or more days past due | | 40,846,872 | | 4,315,756 | | 359,135 | | 80,844 | | 2,352 | | 6,057 | | | 45,611,016 | | | | | Total | | $ | 1,154,562,639 | | $ | 60,308,631 | | $ | 5,914,790 | | $ | 446,676 | | $ | 17,487 | | $ | 16,178 | | | $ | 1,221,266,401 | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | TALs | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | | Current | | $ | 2,634,949 | | $ | 137,685 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 2,772,634 | | | | | 30 - 60 days past due | | 1,477,466 | | 26,980 | | — | | — | | — | | — | | | 1,504,446 | | | | | 61 - 90 days past due | | — | | 22,376 | | — | | — | | — | | — | | | 22,376 | | | | | 91 or more days past due | | — | | 70,061 | | — | | — | | — | | — | | | 70,061 | | | | | Total | | $ | 4,112,415 | | $ | 257,102 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 4,369,517 | | | | | Total gross loans | | | | | | | | | $ | 1,225,635,918 | | | |
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | Loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | | Current | | $ | 1,086,616,028 | | $ | 44,704,746 | | $ | 3,443,044 | | $ | 183,643 | | $ | 1,693 | | $ | — | | | $ | 1,134,949,154 | | | | | 30 - 60 days past due | | 39,423,055 | | 2,947,200 | | 242,369 | | 28,913 | | — | | — | | | 42,641,537 | | | | | 61 - 90 days past due | | 25,089,307 | | 2,797,611 | | 238,662 | | 18,268 | | — | | — | | | 28,143,848 | | | | | 91 or more days past due | | 41,454,805 | | 11,871,483 | | 1,934,769 | | 341,511 | | 12,637 | | 10,483 | | | 55,625,688 | | | | | Total | | $ | 1,192,583,195 | | $ | 62,321,040 | | $ | 5,858,844 | | $ | 572,335 | | $ | 14,330 | | $ | 10,483 | | | $ | 1,261,360,227 | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | TALs | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | | Current | | $ | 251,856 | | $ | 45,819 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 297,675 | | | | | 30 - 60 days past due | | 140,488 | | 22,218 | | — | | — | | — | | — | | | 162,706 | | | | | 61 - 90 days past due | | 191,002 | | 17,777 | | — | | — | | — | | — | | | 208,779 | | | | | 91 or more days past due | | 2,251,274 | | 59,960 | | — | | — | | — | | — | | | 2,311,234 | | | | | Total | | $ | 2,834,620 | | $ | 145,774 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 2,980,394 | | | | | Total gross loans | | | | | | | | | $ | 1,264,340,621 | | | |
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | Loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | | Current | | $ | 1,036,242,539 | | $ | 43,391,314 | | $ | 3,580,872 | | $ | 112,427 | | $ | 1,559 | | $ | — | | | $ | 1,083,328,711 | | | | | 30 - 60 days past due | | 38,559,638 | | 3,062,579 | | 231,471 | | 20,496 | | — | | — | | | 41,874,184 | | | | | 61 - 90 days past due | | 30,254,181 | | 2,750,211 | | 235,759 | | 11,600 | | — | | — | | | 33,251,751 | | | | | 91 or more days past due | | 49,506,281 | | 11,104,527 | | 1,866,688 | | 302,153 | | 15,928 | | 16,178 | | | 62,811,755 | | | | | Total | | $ | 1,154,562,639 | | $ | 60,308,631 | | $ | 5,914,790 | | $ | 446,676 | | $ | 17,487 | | $ | 16,178 | | | $ | 1,221,266,401 | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | TALs | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | | Current | | $ | 2,634,950 | | $ | 111,585 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 2,746,535 | | | | | 30 - 60 days past due | | 1,477,465 | | 15,502 | | — | | — | | — | | — | | | 1,492,967 | | | | | 61 - 90 days past due | | — | | 19,812 | | — | | — | | — | | — | | | 19,812 | | | | | 91 or more days past due | | — | | 110,203 | | — | | — | | — | | — | | | 110,203 | | | | | Total | | $ | 4,112,415 | | $ | 257,102 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 4,369,517 | | | | | Total gross loans | | | | | | | | | $ | 1,225,635,918 | | | |
The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three months ended June 30, 2025:
| | | | | | | | | | | | | | | | | Three months ended June 30, | | | | Gross Charge-offs by Origination | | | | | | Origination Year | Loans | TALs | Total | | | | | | 2020 and prior | $ | 6,045 | | $ | — | | $ | 6,045 | | | | | | | 2021 | 85,866 | | — | | 85,866 | | | | | | | 2022 | 331,121 | | — | | 331,121 | | | | | | | 2023 | 3,927,524 | | 79,991 | | 4,007,515 | | | | | | | 2024 | 45,057,496 | | 4,000 | | 45,061,496 | | | | | | | 2025 | 5,306 | | — | | 5,306 | | | | | | | Total | $ | 49,413,358 | | $ | 83,991 | | $ | 49,497,349 | | | | | | | | | | | | | |
The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three months ended June 30, 2024: | | | | | | | | | | | | | | | | | Three months ended June 30, | | | | Gross Charge-offs by Origination | | | | | | Origination Year | Loans | TALs | Total | | | | | | 2019 and prior | $ | 20,281 | | $ | — | | $ | 20,281 | | | | | | | 2020 | 11,268 | | — | | 11,268 | | | | | | | 2021 | 322,944 | | — | | 322,944 | | | | | | | 2022 | 4,275,700 | | — | | 4,275,700 | | | | | | | 2023 | 39,206,136 | | 53,125 | | 39,259,261 | | | | | | | 2024 | — | | — | | — | | | | | | | Total | $ | 43,836,329 | | $ | 53,125 | | $ | 43,889,454 | | | | | | | | | | | | | |
Credit risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms therefore the Company looks to borrower characteristics as a way to disaggregate loans into pools sharing similar risks.
In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below.
1.Borrower type 2.Active months 3.Prior loan performance 4.Customer Tenure
To determine how well each metric predicts default risk the Company used loss rate data over an observation period of twelve months at the loan level.
The information value was then calculated for each metric. From this analysis management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are:
1.0 to 5 months 2.6 to 17 months 3.18 to 35 months 4.36 to 59 months 5.60+ months
Management will continue to monitor this credit metric on a quarterly basis.
Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in first pay success for new borrowers, 60-89 day delinquencies on a recency basis, percent of loan balances that are paying and percentage of gross loans that are acquired loans. If management determines that historical migration rates should be adjusted to reflect expected credit losses, a qualitative adjustment is made to reflect management's judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, or other significant events or conditions that affect the current estimate. The increase in the allowance for credit losses from March 31, 2025 to June 30, 2025 was primarily due to a seasonally driven increase in expected loss rates during the period.
Due to the short term nature of the loan portfolio, forecasted changes in macroeconomic variables such as unemployment levels, general inflation and commodity prices, typically do not have a significant impact on loans outstanding at the end of a particular reporting period, unless those changes are particularly severe and sudden in nature. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent six-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. If a change is determined necessary, then the Company has elected to immediately revert back to historical experience past the forecast period. As of June 30, 2025 and March 31, 2025, there were no conditions or other factors considered significant enough to warrant a forecast adjustment. The following table presents a roll forward of the allowance for credit losses for the three months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | Three months ended June 30, | | | | 2025 | | 2024 | | | | | | Beginning balance | $ | 103,347,129 | | | $ | 102,962,811 | | | | | | | | | | | | | | | Provision for credit losses | 50,515,969 | | | 45,419,007 | | | | | | | Charge-offs | (49,497,349) | | | (43,889,454) | | | | | | | Recoveries1 | 4,661,279 | | | 5,150,999 | | | | | | | Net charge-offs | (44,836,070) | | | (38,738,455) | | | | | | | Ending Balance | $ | 109,027,028 | | | $ | 109,643,363 | | | | | |
The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Days Past Due - Recency Basis | | | | | Customer Tenure | | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans | | | 0 to 5 months | | $ | 71,230,039 | | $ | 5,951,108 | | $ | 4,623,660 | | $ | 8,964,314 | | $ | 19,539,082 | | $ | 90,769,121 | | | | 6 to 17 months | | 82,107,197 | | 4,404,465 | | 2,715,522 | | 3,824,103 | | 10,944,090 | | 93,051,287 | | | | 18 to 35 months | | 88,353,313 | | 3,938,833 | | 2,291,500 | | 3,802,616 | | 10,032,949 | | 98,386,262 | | | | 36 to 59 months | | 130,434,185 | | 5,243,182 | | 3,095,509 | | 4,208,989 | | 12,547,680 | | 142,981,865 | | | | 60+ months | | 781,405,225 | | 23,009,149 | | 13,282,056 | | 18,475,262 | | 54,766,467 | | 836,171,692 | | | | | | | | | | | | | TALs | | 405,097 | | 147,552 | | 167,215 | | 2,260,530 | | 2,575,297 | | 2,980,394 | | | | Total gross loans | | 1,153,935,056 | | 42,694,289 | | 26,175,462 | | 41,535,814 | | 110,405,565 | | 1,264,340,621 | | | | Unearned interest, insurance and fees | | (297,011,321) | | (7,512,082) | | (7,428,947) | | (14,262,673) | | (29,203,702) | | (326,215,023) | | | | Total net loans | | $ | 856,923,735 | | $ | 35,182,207 | | $ | 18,746,515 | | $ | 27,273,141 | | $ | 81,201,863 | | $ | 938,125,598 | | | | | | | | | | | | | Percentage of period-end gross loans receivable | | | 3.4% | 2.1% | 3.3% | 8.8% | | |
The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Days Past Due - Recency Basis | | | | | Customer Tenure | | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans | | | 0 to 5 months | | $ | 77,087,815 | | $ | 6,036,410 | | $ | 6,587,901 | | $ | 12,166,577 | | $ | 24,790,888 | | $ | 101,878,703 | | | | 6 to 17 months | | 65,677,583 | | 3,126,374 | | 2,398,424 | | 4,177,216 | | 9,702,014 | | 75,379,597 | | | | 18 to 35 months | | 89,776,541 | | 3,700,216 | | 2,394,549 | | 3,986,095 | | 10,080,860 | | 99,857,401 | | | | 36 to 59 months | | 117,976,116 | | 4,641,585 | | 2,917,862 | | 4,693,326 | | 12,252,773 | | 130,228,889 | | | | 60+ months | | 758,435,883 | | 21,563,504 | | 13,334,622 | | 20,587,802 | | 55,485,928 | | 813,921,811 | | | | | | | | | | | | | TALs | | 2,772,634 | | 1,504,446 | | 22,376 | | 70,061 | | 1,596,883 | | 4,369,517 | | | | Total gross loans | | 1,111,726,572 | | 40,572,535 | | 27,655,734 | | 45,681,077 | | 113,909,346 | | 1,225,635,918 | | | | Unearned interest, insurance and fees | | (282,034,628) | | (7,588,025) | | (7,590,060) | | (12,107,391) | | (27,285,476) | | (309,320,104) | | | | Total net loans | | $ | 829,691,944 | | $ | 32,984,510 | | $ | 20,065,674 | | $ | 33,573,686 | | $ | 86,623,870 | | $ | 916,315,814 | | | | | | | | | | | | | Percentage of period-end gross loans receivable | | | 3.3 | % | 2.3 | % | 3.7 | % | 9.3 | % | | |
The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Days Past Due - Contractual Basis | | | | | Customer Tenure | | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans | | | 0 to 5 months | | $ | 70,094,293 | | $ | 5,804,708 | | $ | 4,600,329 | | $ | 10,269,791 | | $ | 20,674,828 | | $ | 90,769,121 | | | | 6 to 17 months | | 81,210,729 | | 4,251,037 | | 2,749,149 | | 4,840,372 | | 11,840,558 | | 93,051,287 | | | | 18 to 35 months | | 86,554,732 | | 3,892,784 | | 2,464,985 | | 5,473,761 | | 11,831,530 | | 98,386,262 | | | | 36 to 59 months | | 128,007,308 | | 5,110,892 | | 3,342,377 | | 6,521,288 | | 14,974,557 | | 142,981,865 | | | | 60+ months | | 769,082,092 | | 23,582,116 | | 14,987,008 | | 28,520,476 | | 67,089,600 | | 836,171,692 | | | | | | | | | | | | | TALs | | 297,675 | | 162,706 | | 208,779 | | 2,311,234 | | 2,682,719 | | 2,980,394 | | | | Total gross loans | | 1,135,246,829 | | 42,804,243 | | 28,352,627 | | 57,936,922 | | 129,093,792 | | 1,264,340,621 | | | | Unearned interest, insurance and fees | | (300,909,104) | | (7,976,840) | | (6,906,545) | | (10,422,534) | | (25,305,919) | | (326,215,023) | | | | Total net loans | | $ | 834,337,725 | | $ | 34,827,403 | | $ | 21,446,082 | | $ | 47,514,388 | | $ | 103,787,873 | | $ | 938,125,598 | | | | | | | | | | | | | Percentage of period-end gross loans receivable | | | 3.4% | 2.2% | 4.6% | 10.2 | % | | |
The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Days Past Due - Contractual Basis | | | | | Customer Tenure | | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans | | | 0 to 5 months | | $ | 75,594,279 | | $ | 6,149,270 | | $ | 6,896,035 | | $ | 13,239,119 | | $ | 26,284,424 | | $ | 101,878,703 | | | | 6 to 17 months | | 64,188,458 | | 3,112,624 | | 2,739,963 | | 5,338,552 | | 11,191,139 | | 75,379,597 | | | | 18 to 35 months | | 87,012,982 | | 3,864,242 | | 2,986,200 | | 5,993,977 | | 12,844,419 | | 99,857,401 | | | | 36 to 59 months | | 114,388,973 | | 4,869,065 | | 3,611,704 | | 7,359,147 | | 15,839,916 | | 130,228,889 | | | | 60+ months | | 742,144,019 | | 23,878,983 | | 17,017,849 | | 30,880,960 | | 71,777,792 | | 813,921,811 | | | | | | | | | | | | | TALs | | 2,746,535 | | 1,492,967 | | 19,812 | | 110,203 | | 1,622,982 | | 4,369,517 | | | | Total gross loans | | 1,086,075,246 | | 43,367,151 | | 33,271,563 | | 62,921,958 | | 139,560,672 | | 1,225,635,918 | | | | Unearned interest, insurance and fees | | (276,573,216) | | (7,561,258) | | (9,034,007) | | (16,151,623) | | (32,746,888) | | (309,320,104) | | | | Total net loans | | $ | 809,502,030 | | $ | 35,805,893 | | $ | 24,237,556 | | $ | 46,770,335 | | $ | 106,813,784 | | $ | 916,315,814 | | | | | | | | | | | | | Percentage of period-end gross loans receivable | | | 3.5 | % | 2.7 | % | 5.1 | % | 11.4 | % | | |
The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest income is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced.
The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three months ended June 30, 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | | | | 2025 | | 2024 | | | | | | Customer Tenure | | | | | | | | | | 0 to 5 months | | $ | (1,424,481) | | | $ | (1,147,060) | | | | | | | 6 to 17 months | | (650,344) | | | (591,258) | | | | | | | 18 to 35 months | | (515,858) | | | (767,769) | | | | | | | 36 to 59 months | | (583,762) | | | (870,532) | | | | | | | 60+ months | | (2,758,807) | | | (2,687,769) | | | | | | | Total | | $ | (5,933,252) | | | $ | (6,064,388) | | | | | |
The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as interest income recognized on nonaccrual loans for the three months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | Nonaccrual Loans Receivable | | Customer Tenure | | As of June 30, 2025 | As of March 31, 2025 | Interest Income Recognized for the three months ended June 30, 2025 | Interest Income Recognized for the three months ended June 30, 2024 | | | | 0 to 5 months | | $ | 14,670,640 | | $ | 19,169,040 | | $ | 251,599 | | $ | 198,802 | | | | | 6 to 17 months | | 7,857,219 | | 8,510,132 | | 246,225 | | 235,464 | | | | | 18 to 35 months | | 8,611,773 | | 10,024,500 | | 347,700 | | 361,284 | | | | | 36 to 59 months | | 10,651,874 | | 12,151,649 | | 432,061 | | 471,665 | | | | | 60+ months | | 47,032,411 | | 52,154,586 | | 1,856,515 | | 1,462,925 | | | | | | | | | | | | | | | | | | | | | Unearned interest, insurance and fees | | (20,306,095) | | (23,775,911) | | | | | | | Total | | $ | 68,517,822 | | $ | 78,233,996 | | $ | 3,134,100 | | $ | 2,730,140 | | | |
As of June 30, 2025 and March 31, 2025, there were no loans receivable 61 days or more past due, not on nonaccrual status, and no loans receivable on nonaccrual status with no related allowance for credit losses.
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