v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 146,247 $ 83,837 $ 39,479
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in fair value of finance receivables 215,868 204,443 231,419
Provision for credit losses on finance receivables 0 42 4,348
Depreciation and amortization 5,159 9,621 12,735
Debt issuance cost amortization 3,173 2,409 2,428
Stock-based compensation expense 9,988 5,270 4,067
Loss on disposition of equipment 2 5 3
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment 0 0 (2,983)
Impairment of right of use asset 155 0 0
Tax receivable agreement liability adjustment 1,166 75 163
Deferred income taxes 4,902 3,442 1,667
Change in fair value of warrant liabilities 11,347 8,244 4,976
Gain on forgiveness of debt 0 0 (113)
Income from equity method investment (4,974) (1,442) 0
Distributions received from equity method investment 5,092 1,050 0
Noncash litigation expense 4,500 0 0
Changes in assets and liabilities:      
Accrued interest receivable 283 (285) (2,258)
Settlement receivable 2,036 (132) 96
Operating lease, net (276) (170) (90)
Other assets (3,244) 555 3,478
Accounts payable 1,894 (3,563) (1,896)
Accrued expenses (2,013) 10,405 (1,373)
Net cash provided by operating activities 401,305 323,806 296,146
Cash flows from investing activities:      
Finance receivables acquired and originated (1,277,945) (1,226,071) (1,221,333)
Finance receivables repayments 989,254 1,011,605 986,032
Purchases of equipment and capitalized technology (19,113) (13,010) (8,991)
Acquisition of equity method investment 0 (15,966) 0
Net cash used in investing activities (307,804) (243,442) (244,292)
Cash flows from financing activities:      
Member distributions (58,500) (42,391) (10,230)
Payments of secured borrowing payable 0 0 (643)
Borrowings of senior debt - revolving lines of credit 253,274 217,049 186,730
Payments of senior debt - revolving lines of credit (220,749) (211,434) (199,252)
Payments of senior debt - term loan (30,000) (20,000) 0
Payments of notes payable 0 (1,449) (2,581)
Payments for debt issuance costs (5,407) (828) (1,712)
Proceeds from employee stock purchase plan 423 294 328
Exercise of warrants 5 0 0
Exercise of stock options 1 0 59
Payments of tax withholdings on vesting of restricted stock units (4,601) (1,335) (280)
Payments on tax receivable agreement liability (1,041) 0 0
Purchase of treasury stock (15,517) (3,551) 0
Dividend paid on common stock (6,414) (2,374) 0
Net cash used in financing activities (88,526) (66,019) (27,581)
Net increase in cash and restricted cash 4,975 14,345 24,273
Cash and restricted cash      
Beginning 88,288 73,943 49,670
Ending 93,263 88,288 73,943
Supplemental disclosure of cash flow information:      
Interest paid on borrowed funds 36,112 42,573 43,725
Income taxes paid 6,093 475 73
Supplemental disclosure of noncash activities:      
Adjustments to additional paid-in capital as a result of tax receivable agreement (9,845) (1,082) 459
Adjustments to additional paid-in capital as a result of adjustment to deferred tax asset 12,876 (1,320) 997
Issuance of Class V shares related to equity investment 0 2,836 0
Forfeitures of Class V shares related to forfeiture of earnout units 0 2 0
Operating lease right of use asset recognized 0 0 159
Operating lease liability recognized 0 0 159
Reclassification of finance receivables held for sale to held for investment 0 0 2,637
Prepaid insurance financed with promissory notes $ 0 $ 0 $ 2,414