v3.26.1
Securitization Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Transfers and Servicing [Abstract]  
Components of Restricted Cash The following table presents the components of restricted cash for securitization investors.
(in thousands)March 31, 2026December 31, 2025
Cash reserve accounts$5,811 $5,718 
Collection accounts - accounts receivable3,139 935 
Collection accounts - equipment financing receivables12,380 16,346 
Restricted cash - for securitization investors$21,330 $22,999 
Schedule of Accounts and Financing Receivable
The following table presents the Company’s residual interests in Accounts Receivable - restricted for securitization investors.
(in thousands)March 31, 2026December 31, 2025
Accounts receivable - restricted for securitization investors$144,752 $143,764 
Less: Allowance for accounts receivable credit losses(1,486)(1,791)
Accounts receivable, net - restricted for securitization investors143,266 141,973 
Less: Asset backed borrowings - owed to securitization investors(106,932)(113,176)
Company's residual interest in securitized accounts receivable$36,334 $28,797 
The following table presents the Company’s residual interests in Equipment financing receivables, net - restricted for securitization investors.
March 31, 2026December 31, 2025
(in thousands)CurrentLong-termCurrentLong-term
Equipment financing receivables - restricted for securitization investors$96,351 $486,370 $93,614 $474,292 
Less: Allowance for equipment financing receivables credit losses(2,344)(4,212)(1,603)(3,884)
Equipment financing receivables, net - restricted for securitization investors94,007 482,158 92,011 470,408 
Less: Asset backed borrowings - owed to securitization investors(83,136)(430,268)(81,004)(424,406)
Company's residual interest in securitized equipment financing receivables$10,871 $51,890 $11,007 $46,002 
Schedule of Present An Aging Analysis of Past Due, Non-Performing, and Current Equipment Financing Receivables
The following tables, shown in thousands, present an aging analysis of past due, non-performing and current equipment financing receivables by class and vintage year:
March 31, 202620262025202420232022PriorTotal
Securitized
Current$52,722 $179,147 $126,522 $90,720 $53,221 $62,784 $565,116 
30-59 Days— — 1,368 131 531 — 2,030 
60-89 Days— 935 979 7 6 211 2,138 
Total past due accruing— 935 2,347 138 537 211 4,168 
Over 89 Days non-performing— 737 5,868 3,619 1,285 1,928 13,437 
Total Securitized$52,722 $180,819 $134,737 $94,477 $55,043 $64,923 $582,721 
Current period gross charge-offs$— $— $367 $291 $— $158 $816 
Unsecuritized
Current$516 $63 $956 $44 $1,085 $2,128 $4,792 
30-59 Days— — — — — 2 2 
60-89 Days— — — — 15 — 15 
Total past due accruing— — — — 15 2 17 
Over 89 Days non-performing— — — — 136 482 618 
Total Unsecuritized$516 $63 $956 $44 $1,236 $2,612 $5,427 
Current period gross charge-offs$— $— $— $— $— $39 $39 
December 31, 202520252024202320222021PriorTotal
Securitized
Current$185,415 $136,144 $97,584 $60,113 $31,519 $38,916 $549,691 
30-59 Days— 1,158 1,007 7 156 392 2,720 
60-89 Days— 2,433 313 73 855 — 3,674 
Total past due accruing— 3,591 1,320 80 1,011 392 6,394 
Over 89 Days non-performing737 5,105 2,724 1,286 1,068 901 11,821 
Total Securitized$186,152 $144,840 $101,628 $61,479 $33,598 $40,209 $567,906 
Current period gross charge-offs$— $13 $220 $77 $577 $442 $1,329 
Unsecuritized
Current$319 $1,104 $55 $1,221 $1,564 $3,285 $7,548 
30-59 Days— — — 56 286 — 342 
60-89 Days— — — — 15 15 30 
Total past due accruing— — — 56 301 15 372 
Over 89 Days non-performing— — — 143 390 197 730 
Total Unsecuritized$319 $1,104 $55 $1,420 $2,255 $3,497 $8,650 
Current period gross charge-offs$— $— $— $227 $58 $170 $455 
Schedule of Activity in Allowance for Losses
The following tables present activity in the allowance for losses related to equipment financing receivables held on the Condensed Consolidated Balance Sheets. Refer to Note 2 to the consolidated financial statements included in our audited consolidated financial statements for the year ended December 31, 2025 for further discussion of our allowance for credit losses.
Three Months Ended March 31, 2026
(in thousands)Unsecuritized Equipment Financing Receivables PortfolioSecuritized Equipment Financing Receivables Portfolio
Beginning period balance$915 $5,487 
Current period provisions(46)1,859 
Actual write-offs(39)(816)
Recoveries15 26 
Impact of foreign exchange rates(15)— 
Balance at end of period$830 $6,556 

Three Months Ended March 31, 2025
(in thousands)Unsecuritized Equipment Financing Receivables PortfolioSecuritized Equipment Financing Receivables Portfolio
Beginning period balance$892 $4,995 
Current period provisions(107)413 
Actual write-offs(60)(478)
Recoveries101 14 
Impact of foreign exchange rates4 — 
Balance at end of period$830 $4,944 
Schedule of Amortization Expense Related to Debt Issuance Costs The following table presents the amortization expense related to debt issuance costs.
Three Months Ended March 31,
(in thousands)20262025
Amortization expense$166 $176