The following table presents the major classification of loans, inclusive of capitalized loan origination costs, as of March 31, 2026 and December 31, 2025.


	March 31, 2026					December 31, 2025
(Dollars in thousands)	Amount		As a Percent of Total Loans (1)			Amount		As a Percent of Total Loans (1)
Loans held for investment:
Recreation	$	1,671,538		64	%	$	1,617,221		63	%
Home improvement		814,933		31			810,237		32
Commercial		119,612		5			123,068		5
Taxi medallion		1,126	*				1,179	*
Total loans		2,607,209		100			2,551,705		99
Loans held for sale, at lower of amortized cost or fair value:
Strategic partnership		10,786	*				15,144	*
Total loans held for sale, at lower of amortized cost or fair value		10,786		—			15,144		—
Total loans and loans held for sale	$	2,617,995		100	%	$	2,566,849		100	%

(1) Percentage may not foot due to rounding.

(*) Less than 1%.

The following table presents the activity of the gross loans and loans held for sale for the three months ended March 31, 2026.


Three Months Ended March 31, 2026 (Dollars in thousands)	Recreation			Home Improvement			Commercial			Taxi Medallion			Strategic Partnership			Total
Gross loans – December 31, 2025	$	1,617,221		$	810,237		$	123,068		$	1,179		$	15,144		$	2,566,849
Loan originations		142,548			64,402			—			—			169,984			376,934
Principal receipts, sales, and maturities		(59,668	)		(56,093	)		(3,767	)		(15	)		(174,342	)		(293,885	)
Charge-offs		(22,491	)		(4,351	)		—			(38	)		—			(26,880	)
Transfer to loan collateral in process of foreclosure, net		(7,641	)		—			—			—			—			(7,641	)
Amortization of origination fees and costs, net		(3,750	)		737			8			—			—			(3,005	)
Origination fees and costs, net		5,319			1			—			—			—			5,320
Paid-in-kind interest		—			—			303			—			—			303
Gross loans – March 31, 2026	$	1,671,538		$	814,933		$	119,612		$	1,126		$	10,786		$	2,617,995

The following table presents the activity of the gross loans and loans held for sale for the three months ended March 31, 2025.


Three Months Ended March 31, 2025 (Dollars in thousands)	Recreation (1)			Home Improvement			Commercial			Taxi Medallion			Strategic Partnership			Total
Gross loans – December 31, 2024	$	1,543,243		$	827,211		$	111,273		$	1,909		$	7,386		$	2,491,022
Loan originations		86,833			48,796			9,707			72			136,240			281,648
Principal receipts, sales, and maturities		(61,507	)		(59,611	)		(5,052	)		(316	)		(133,127	)		(259,613	)
Charge-offs		(20,274	)		(4,227	)		(130	)		(15	)		—			(24,646	)
Transfer to loan collateral in process of foreclosure, net		(2,389	)		—			—			—			—			(2,389	)
Amortization of origination fees and costs, net		(3,481	)		1,133			12			—			—			(2,336	)
Origination fees and costs, net		3,419			(921	)		—			—			—			2,498
Paid-in-kind interest		—			—			249			—			—			249
Gross loans – March 31, 2025	$	1,545,844		$	812,381		$	116,059		$	1,650		$	10,499		$	2,486,433

The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2026.


(Dollars in thousands)	Recreation			Home Improvement			Commercial		Taxi Medallion (1)			Total
Balance at December 31, 2025	$	85,956		$	19,563		$	9,052	$	218		$	114,789
Charge-offs		(22,491	)		(4,351	)		—		(38	)		(26,880	)
Recoveries		4,820			1,465			5		21			6,311
Provision (benefit) for credit losses		18,445			3,618			459		(46	)		22,476
Balance at March 31, 2026	$	86,730		$	20,295		$	9,516	$	155		$	116,696

(1)

As of March 31, 2026, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $170.1 million, including $105.5 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.

The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2025.


(Dollars in thousands)	Recreation			Home Improvement			Commercial			Taxi Medallion (1)			Total
Balance at December 31, 2024	$	71,102		$	20,536		$	5,190		$	540		$	97,368
Charge-offs		(20,274	)		(4,227	)		(130	)		(15	)		(24,646	)
Recoveries		3,860			1,095			—			675			5,630
Provision (benefit) for credit losses		16,870			2,845			3,114			(815	)		22,014
Balance at March 31, 2025	$	71,558		$	20,249		$	8,174		$	385		$	100,366

(1)

As of March 31, 2025 cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.7 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.

The following table presents the gross charge-offs for the three months ended March 31, 2026, by the year of origination:


Three Months Ended March 31, 2026 (Dollars in thousands)	2026		2025		2024		2023		2022		Prior		Total
Recreation	$	—	$	3,685	$	5,617	$	4,501	$	3,974	$	4,714	$	22,491
Home improvement		—		399		916		1,328		952		756		4,351
Commercial		—		—		—		—		—		—		—
Taxi medallion		—		—		—		—		—		38		38
Total	$	—	$	4,084	$	6,533	$	5,829	$	4,926	$	5,508	$	26,880

The following table presents the gross charge-offs for the three months ended March 31, 2025, by the year of origination:


Three Months Ended March 31, 2025 (Dollars in thousands)	2025		2024		2023		2022		2021		Prior		Total
Recreation	$	—	$	2,728	$	3,707	$	4,506	$	1,933	$	7,400	$	20,274
Home improvement		—		823		1,503		1,133		428		340		4,227
Commercial		—		—		—		130		—		—		130
Taxi medallion		—		—		—		—		—		15		15
Total	$	—	$	3,551	$	5,210	$	5,769	$	2,361	$	7,755	$	24,646

The following tables present the performance status of loans as of March 31, 2026 and December 31, 2025.


March 31, 2026 (Dollars in thousands)	Performing		Nonperforming		Total		Percentage of Nonperforming to Total
Recreation	$	1,661,437	$	10,101	$	1,671,538		0.60	%
Home improvement		813,533		1,400		814,933		0.17
Commercial		95,345		24,267		119,612		20.29
Taxi medallion		—		1,126		1,126		100.00
Strategic partnership		10,786		—		10,786		—
Total	$	2,581,101	$	36,894	$	2,617,995		1.41	%

December 31, 2025 (Dollars in thousands)	Performing		Nonperforming		Total		Percentage of Nonperforming to Total
Recreation	$	1,603,542	$	13,679	$	1,617,221		0.85	%
Home improvement		808,943		1,294		810,237		0.16
Commercial		98,380		24,688		123,068		20.06
Taxi medallion		—		1,179		1,179		100.00
Strategic partnership		15,144		—		15,144		—
Total	$	2,526,009	$	40,840	$	2,566,849		1.59	%

For those loans aged under 90 days past due, there is a possibility that their delinquency status will continue to deteriorate and they will subsequently be placed on nonaccrual status and be reserved for, and as a result, deemed nonperforming.

The following tables present the aging of loans as of March 31, 2026 and December 31, 2025.


March 31, 2026	Days Past Due												Recorded Investment 90 Days and
(Dollars in thousands)	30-59		60-89		90 +		Total		Current		Total (1)		Accruing
Recreation	$	51,701	$	17,693	$	9,196	$	78,590	$	1,536,259	$	1,614,849	$	—
Home improvement		4,586		1,820		1,396		7,802		809,341		817,143		—
Commercial		2,835		—		10,274		13,109		106,643		119,752		—
Taxi medallion		—		—		—		—		1,126		1,126		—
Strategic partnership		—		—		—		—		10,786		10,786		—
Total	$	59,122	$	19,513	$	20,866	$	99,501	$	2,464,155	$	2,563,656	$	—

(1)

Excludes $54.3 million of capitalized loan origination costs and fees.


December 31, 2025	Days Past Due												Recorded Investment 90 Days and
(Dollars in thousands)	30-59		60-89		90 +		Total		Current		Total (1)		Accruing
Recreation	$	56,911	$	22,890	$	12,856	$	92,657	$	1,469,444	$	1,562,101	$	—
Home improvement		4,891		2,367		1,300		8,558		804,627		813,185		—
Commercial		—		—		10,274		10,274		112,942		123,216		—
Taxi medallion		—		—		41		41		1,138		1,179		—
Strategic partnership		—		—		—		—		15,144		15,144		—
Total	$	61,802	$	25,257	$	24,471	$	111,530	$	2,403,295	$	2,514,825	$	—

(1)

Excludes $52.0 million of capitalized loan origination costs.

The following table presents loan delinquency for recreation and home improvement loans as of March 31, 2026, by the year of origination:


(Dollars in thousands)	2026		2025		2024		2023		2022		Prior		Total (1)
Recreation
Current	$	135,621	$	407,944	$	320,422	$	226,540	$	199,919	$	245,813	$	1,536,259
30-59 Days		199		8,997		11,036		9,563		8,463		13,443		51,701
60-89 Days		—		3,419		3,824		3,522		2,994		3,934		17,693
90 + Days		—		1,493		2,281		1,672		1,594		2,156		9,196
Total Recreation	$	135,820	$	421,853	$	337,563	$	241,297	$	212,970	$	265,346	$	1,614,849
Home improvement
Current	$	62,530	$	175,485	$	159,242	$	142,930	$	143,278	$	125,876	$	809,341
30-59 Days		93		591		649		1,111		1,191		951		4,586
60-89 Days		—		191		478		600		328		223		1,820
90 + Days		—		104		369		359		331		233		1,396
Total Home improvement	$	62,623	$	176,371	$	160,738	$	145,000	$	145,128	$	127,283	$	817,143

(1)

Excludes $56.7 million of capitalized recreation loan origination costs and $2.2 million of net deferred home improvement loan origination fees.

The following table presents loan delinquency for recreation and home improvement loans as of December 31, 2025, by the year of origination:


(Dollars in thousands)	2025		2024		2023		2022		2021		Prior		Total (1)
Recreation
Current	$	423,427	$	335,079	$	237,917	$	209,204	$	132,704	$	131,113	$	1,469,444
30-59 Days		8,210		12,763		11,042		10,623		6,061		8,212		56,911
60-89 Days		2,374		5,414		4,918		4,872		2,581		2,731		22,890
90 + Days		1,487		3,136		2,803		2,329		1,347		1,754		12,856
Total Recreation	$	435,498	$	356,392	$	256,680	$	227,028	$	142,693	$	143,810	$	1,562,101
Home improvement
Current	$	193,964	$	172,735	$	151,637	$	151,365	$	71,812	$	63,114	$	804,627
30-59 Days		535		980		1,609		876		513		378		4,891
60-89 Days		353		761		441		455		199		158		2,367
90 + Days		—		410		417		331		42		100		1,300
Total Home improvement	$	194,852	$	174,886	$	154,104	$	153,027	$	72,566	$	63,750	$	813,185

(1)

Excludes $55.1 million of capitalized recreation loan origination costs and $2.9 million of net deferred home improvement loan origination fees.