Finance Receivables (Tables)

3 Months Ended

Mar. 31, 2026

Finance receivables held for investment, net and Finance receivables held for sale, net were as follows (in thousands):


	March 31, 2026		December 31, 2025		March 31, 2025
Retail finance receivables held for investment	$	885,450	$	754,421	$	6,514,733
Wholesale finance receivables held for investment	1,150,757		948,800		1,278,052
	2,036,207		1,703,221		7,792,785
Allowance for credit losses	(21,596)		(2,235)		(393,178)
Finance receivables held for investment, net	2,014,611		1,700,986		7,399,607

Finance receivables held for sale, net	426,792		264,238		—
Total finance receivables, net	$	2,441,403	$	1,965,224	$	7,399,607

Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables Held for Investment

Changes in the Company's (recovery) allowance for credit losses on its finance receivables held for investment by portfolio were as follows (in thousands):


	Three months ended March 31, 2026
	Retail		Wholesale		Total
Balance, beginning of period	$	(22,342)	$	24,577	$	2,235
Provision for credit losses	12,970		183		13,153
Charge-offs	(3,942)		—		(3,942)
Recoveries	10,025		125		10,150

Balance, end of period	$	(3,289)	$	24,885	$	21,596
	Three months ended March 31, 2025
	Retail		Wholesale		Total
Balance, beginning of period	$	378,373	$	22,810	$	401,183
Provision for credit losses	50,801		2,533		53,334
Charge-offs	(77,534)		(641)		(78,175)
Recoveries	16,836		—		16,836
Balance, end of period	$	368,476	$	24,702	$	393,178

Schedule of Financing Receivable Credit Quality Indicators

The amortized cost of the Company's U.S. and Canadian retail finance receivables held for investment, along with total retail gross charge-offs by vintage and credit quality indicator were as follows (in thousands):


	March 31, 2026
	2026		2025		2024		2023		2022		2021 & Prior		Total
U.S. Retail:
Super prime	$	80,913	$	173,389	$	94,917	$	47,238	$	14,123	$	8,525	$	419,105
Prime	72,821		167,766		86,815		48,573		22,808		11,481		410,264
Sub-prime	26,901		19,546		894		802		753		1,603		50,499
	180,635		360,701		182,626		96,613		37,684		21,609		879,868
Canadian Retail:
Super prime	2,408		1,258		2		2		3		3		3,676
Prime	1,086		623		3		2		3		9		1,726
Sub-prime	77		98		2		1		1		1		180
	3,571		1,979		7		5		7		13		5,582
	$	184,206	$	362,680	$	182,633	$	96,618	$	37,691	$	21,622	$	885,450
Gross charge-offs for the three months ended March 31, 2026:
U.S. Retail	$	79	$	2,037	$	1,041	$	489	$	231	$	47	$	3,924
Canadian Retail	—		18		—		—		—		—		18
	$	79	$	2,055	$	1,041	$	489	$	231	$	47	$	3,942


	December 31, 2025
	2025		2024		2023		2022		2021		2020 & Prior		Total
U.S. Retail:
Super prime	$	185,774	$	108,025	$	54,501	$	16,944	$	9,675	$	1,544	$	376,463
Prime	166,971		96,360		54,902		26,268		11,525		2,413		358,439
Sub-prime	13,436		986		897		830		726		1,098		17,973
	366,181		205,371		110,300		44,042		21,926		5,055		752,875
Canadian Retail:
Super prime	1,012		5		5		5		3		1		1,031
Prime	377		4		3		8		5		8		405
Sub-prime	101		2		3		1		1		2		110
	1,490		11		11		14		9		11		1,546
	$	367,671	$	205,382	$	110,311	$	44,056	$	21,935	$	5,066	$	754,421
Gross charge-offs for the year ended December 31, 2025:
U.S. Retail	$	3,280	$	48,145	$	53,272	$	41,304	$	21,354	$	13,556	$	180,911
Canadian Retail	126		996		991		821		383		427		3,744
	$	3,406	$	49,141	$	54,263	$	42,125	$	21,737	$	13,983	$	184,655


	March 31, 2025
	2025		2024		2023		2022		2021		2020 & Prior		Total
U.S. Retail:
Super prime	$	246,251	$	930,951	$	619,801	$	390,933	$	173,826	$	72,153	$	2,433,915
Prime	237,047		959,136		746,249		588,551		316,903		179,922		3,027,808
Sub-prime	83,027		290,920		201,277		159,669		104,683		86,365		925,941
	566,325		2,181,007		1,567,327		1,139,153		595,412		338,440		6,387,664
Canadian Retail:
Super prime	8,019		32,371		25,930		15,301		6,824		3,038		91,483
Prime	2,247		8,365		7,693		6,000		3,582		2,917		30,804
Sub-prime	334		1,578		1,081		807		370		612		4,782
	10,600		42,314		34,704		22,108		10,776		6,567		127,069
	$	576,925	$	2,223,321	$	1,602,031	$	1,161,261	$	606,188	$	345,007	$	6,514,733
Gross charge-offs for the three months ended March 31, 2025:
U.S. Retail	$	—	$	18,323	$	22,716	$	18,667	$	9,775	$	6,425	$	75,906
Canadian Retail	—		419		491		365		159		194		1,628
	$	—	$	18,742	$	23,207	$	19,032	$	9,934	$	6,619	$	77,534

The amortized cost of the Company's wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):


	March 31, 2026
	2026		2025		2024		2023		2022		2021 & Prior		Total
Non-Performing	$	6	$	1,862	$	1,650	$	183	$	19	$	—	$	3,720
Doubtful	18,380		27,965		5,043		909		—		1		52,298
Substandard	3,484		4,138		3,104		21		—		—		10,747
Special Mention	10,708		12,106		4,533		7		—		—		27,354
Medium Risk	—		—		—		—		—		—		—
Low Risk	620,947		358,919		40,245		7,451		28,924		152		1,056,638
	$	653,525	$	404,990	$	54,575	$	8,571	$	28,943	$	153	$	1,150,757
Gross charge-offs for the three months ended March 31, 2026:
Wholesale	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	December 31, 2025
	2025		2024		2023		2022		2021		2010 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	13,010		5,984		1,002		19		—		1		20,016
Substandard	3,192		2,613		21		—		—		—		5,826
Special Mention	45,320		5,331		289		—		—		—		50,940
Medium Risk	414		57		—		—		—		—		471
Low Risk	762,221		71,071		8,370		29,081		803		1		871,547
	$	824,157	$	85,056	$	9,682	$	29,100	$	803	$	2	$	948,800
Gross charge-offs for the year ended December 31, 2025:
Wholesale	$	2,775	$	1,017	$	191	$	—	$	—	$	2,301	$	6,284


	March 31, 2025
	2025		2024		2023		2022		2021		2010 & Prior		Total
Non-Performing	$	2,208	$	3,698	$	643	$	—	$	—	$	—	$	6,549
Doubtful	13,553		19,970		3,765		107		—		8,357		45,752
Substandard	5,038		6,560		1,683		—		—		—		13,281
Special Mention	2,494		2,016		297		—		—		—		4,807
Medium Risk	2,335		1,375		131		—		—		—		3,841
Low Risk	664,472		445,883		50,616		38,095		1,547		3,209		1,203,822
	$	690,100	$	479,502	$	57,135	$	38,202	$	1,547	$	11,566	$	1,278,052
Gross charge-offs for the three months ended March 31, 2025:
Wholesale	$	1	$	506	$	134	$	—	$	—	$	—	$	641

Schedule of Transfer of Financial Assets, off Balance sheet VEI's Portfolio

Information about the asset performance of the total portfolio of retail loans serviced by the Company ("Managed Portfolio"), including receivables retained ("Owned Portfolio"), along with receivables sold to third parties or included in off-balance sheet VIEs ("Off-Balance Sheet Portfolio"), is provided in the tables below (in thousands):


	Principal Balance				Credit Losses
	Total		30+ Day Delinquent		Three months ended
	March 31, 2026		March 31, 2026		March 31, 2026
Owned portfolio	$	1,265,564	$	15,178	$	(6,111)
Off-balance sheet portfolio	4,743,111		217,528		60,420
Managed portfolio	$	6,008,675	$	232,706	$	54,309


	Principal Balance				Credit Losses
	Total		30+ Day Delinquent		Year ended
	December 31, 2025		December 31, 2025		December 31, 2025
Owned portfolio	$	982,007	$	12,437	$	126,033
Off-balance sheet portfolio	5,137,160		291,988		92,007
Managed portfolio	$	6,119,167	$	304,425	$	218,040

Schedule of Impaired Financing Receivables

Additional information related to the wholesale finance receivables on non-accrual status was as follows (in thousands):


	Amortized Cost		Amortized Cost		Interest Income
	January 1, 2026		March 31, 2026		Recognized
Wholesale:
No related specific allowance recorded	$	3,715	$	1,043	$	—
Related specific allowance recorded	—		2,677		14
	$	3,715	$	3,720	$	14

	Amortized Cost		Amortized Cost		Interest Income
	January 1, 2025		March 31, 2025		Recognized
Wholesale:
No related specific allowance recorded	$	7,510	$	6,549	$	37
Related specific allowance recorded	3,753		—		—
	$	11,263	$	6,549	$	37

Schedule of Past Due Financing Receivables

The aging analysis of the Company's finance receivables held for investment was as follows (in thousands):


	March 31, 2026
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due and Still Accruing		Greater Than 90 Days Past Due and Not Accruing		Total Past Due		Total Finance Receivables
Retail	$	864,200	$	9,478	$	4,686	$	7,086	$	—	$	21,250	$	885,450
Wholesale	1,141,145		2,775		2,107		3,711		1,019		9,612		1,150,757
	$	2,005,345	$	12,253	$	6,793	$	10,797	$	1,019	$	30,862	$	2,036,207

	December 31, 2025
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due and Still Accruing		Greater Than 90 Days Past Due and Not Accruing		Total Past Due		Total Finance Receivables
Retail	$	735,999	$	9,715	$	2,942	$	5,765	$	—	$	18,422	$	754,421
Wholesale	941,116		1,830		948		4,288		618		7,684		948,800
	$	1,677,115	$	11,545	$	3,890	$	10,053	$	618	$	26,106	$	1,703,221

	March 31, 2025
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due and Still Accruing		Greater Than 90 Days Past Due and Not Accruing		Total Past Due		Total Finance Receivables
Retail	$	6,266,363	$	138,090	$	52,813	$	57,467	$	—	$	248,370	$	6,514,733
Wholesale	1,268,943		5,273		1,475		1,721		640		9,109		1,278,052
	$	7,535,306	$	143,363	$	54,288	$	59,188	$	640	$	257,479	$	7,792,785