Finance Receivables at Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Installment Finance Receivables at Fair Value

The components of installment finance receivables at fair value as of December 31, 2025 and 2024 were as follows (in thousands):


	2025		2024
Unpaid principal balance of finance receivables - accrual	$	454,542	$	394,030
Unpaid principal balance of finance receivables - non-accrual	38,576		31,210
Unpaid principal balance of finance receivables	$	493,118	$	425,240

Finance receivables at fair value - accrual	$	524,577	$	452,438
Finance receivables at fair value - non-accrual	3,590		2,906
Finance receivables at fair value, excluding accrued interest receivable	528,167		455,344
Accrued interest receivable	18,069		18,352
Finance receivables at fair value	$	546,236	$	473,696

Difference between unpaid principal balance and fair value	$	35,049	$	30,104

Schedule of Changes in Fair Value of Installment Finance Receivables

Changes in the fair value of installment finance receivables at fair value for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	2025		2024		2023
Balance at the beginning of the period	$	473,696	$	463,320	$	457,296
Acquired and originated	1,277,945		1,226,056		1,219,516
Repayments	(989,254)		(1,011,524)		(984,338)
Accrued interest receivable	(283)		287		2,265
Charge-offs, net (1)	(220,813)		(205,755)		(220,895)
Net change in fair value (1)	4,945		1,312		(10,524)
Balance at the end of the period	$	546,236	$	473,696	$	463,320

(1) Included in change in fair value of finance receivables in the consolidated statements of operations.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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