LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Jun. 30, 2025

Schedule of Gross Loans Receivable by Customer Tenure

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

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)

Schedule of Payment Performance on a Recency Basis

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

Summary of Changes in the Allowance for Loan Losses

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

Summary of the Past Due Receivables

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		%

Schedule of Amortized Cost Basis of Loans on Nonaccrual

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