| Allowance for Credit Losses and Credit Quality Information |
Allowance for Credit Losses and Credit Quality Information The following is a summary of gross loans receivable by Customer Tenure as of: | | | | | | | | | | Customer Tenure | March 31, 2026 | March 31, 2025 | | 0 to 5 months | $ | 108,089,995 | | $ | 101,878,703 | | | 6 to 17 months | 104,523,602 | | 75,379,597 | | | 18 to 35 months | 97,146,489 | | 99,857,401 | | | 36 to 59 months | 133,394,010 | | 130,228,889 | | | 60+ months | 829,311,106 | | 813,921,811 | | | | | | Tax advance loans | 6,523,121 | | 4,369,517 | | | Total gross loans | $ | 1,278,988,323 | | $ | 1,225,635,918 | | | | |
The Company uses current payment performance to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled. Current payment performance is monitored by management on a daily basis. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due.
All loans, except for TALs, that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. The weighted average Rehab Rate at March 31, 2026 and 2025 was 5.4% and 4.5%, respectively. A loan is charged off within the allowance for credit losses in the month following when an account reaches 120 days past due on a recency basis, subject to certain exceptions. Specifically, the Company’s customer accounts in a confirmed bankruptcy are charged off in the month after they reach 60 days past due on a recency basis. The accounts of deceased or incarcerated customers are also charged off in the month after they reach 60 days past due on a recency basis, with the exception of deceased customers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance for credit losses.
The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | Loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | Current | | $ | 1,127,601,886 | | $ | 34,721,317 | | $ | 3,214,393 | | $ | 271,979 | | $ | 16,929 | | $ | 4,306 | | | $ | 1,165,830,810 | | | 30 - 60 days past due | | 32,414,245 | | 2,327,865 | | 307,145 | | 44,766 | | 1,155 | | 106 | | | 35,095,282 | | | 61 - 90 days past due | | 24,701,069 | | 1,229,685 | | 164,722 | | 22,825 | | — | | — | | | 26,118,301 | | | 91 or more days past due | | 41,956,966 | | 3,125,165 | | 295,854 | | 40,349 | | 2,475 | | — | | | 45,420,809 | | | Total | | $ | 1,226,674,166 | | $ | 41,404,032 | | $ | 3,982,114 | | $ | 379,919 | | $ | 20,559 | | $ | 4,412 | | | $ | 1,272,465,202 | | | | | | | | | | | | | | Term Loans By Origination | | | | Tax advance loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | Current | | $ | 4,238,000 | | $ | 73,048 | | $ | 4,473 | | $ | — | | $ | — | | $ | — | | | $ | 4,315,521 | | | 30 - 60 days past due | | 2,095,947 | | 20,070 | | 2,943 | | — | | — | | — | | | 2,118,960 | | | 61 - 90 days past due | | — | | 35,112 | | 285 | | — | | — | | — | | | 35,397 | | | 91 or more days past due | | — | | 48,493 | | 4,750 | | — | | — | | — | | | 53,243 | | | Total | | $ | 6,333,947 | | $ | 176,723 | | $ | 12,451 | | $ | — | | $ | — | | $ | — | | | $ | 6,523,121 | | | Total gross loans | | | | | | | | | $ | 1,278,988,323 | |
The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | Loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | Current | | $ | 1,053,793,007 | | $ | 50,053,899 | | $ | 4,842,323 | | $ | 251,689 | | $ | 9,764 | | $ | 3,256 | | | $ | 1,108,953,938 | | | 30 - 60 days past due | | 34,713,638 | | 3,762,456 | | 510,626 | | 70,739 | | 3,765 | | 6,865 | | | 39,068,089 | | | 61 - 90 days past due | | 25,209,122 | | 2,176,520 | | 202,706 | | 43,404 | | 1,606 | | — | | | 27,633,358 | | | 91 or more days past due | | 40,846,872 | | 4,315,756 | | 359,135 | | 80,844 | | 2,352 | | 6,057 | | | 45,611,016 | | | Total | | $ | 1,154,562,639 | | $ | 60,308,631 | | $ | 5,914,790 | | $ | 446,676 | | $ | 17,487 | | $ | 16,178 | | | $ | 1,221,266,401 | | | | | | | | | | | | | | Term Loans By Origination | | | | Tax advance loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | Current | | $ | 2,634,949 | | $ | 137,685 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 2,772,634 | | | 30 - 60 days past due | | 1,477,466 | | 26,980 | | — | | — | | — | | — | | | 1,504,446 | | | 61 - 90 days past due | | — | | 22,376 | | — | | — | | — | | — | | | 22,376 | | | 91 or more days past due | | — | | 70,061 | | — | | — | | — | | — | | | 70,061 | | | Total | | $ | 4,112,415 | | $ | 257,102 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 4,369,517 | | | Total gross loans | | | | | | | | | $ | 1,225,635,918 | |
The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | Loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | Current | | $ | 1,113,361,113 | | $ | 30,581,625 | | $ | 2,504,198 | | $ | 123,269 | | $ | 302 | | $ | 741 | | | $ | 1,146,571,248 | | | | 30 - 60 days past due | | 33,975,944 | | 1,607,055 | | 169,179 | | 6,468 | | — | | — | | | 35,758,646 | | | | 61 - 90 days past due | | 28,838,884 | | 1,499,648 | | 118,562 | | 9,612 | | — | | — | | | 30,466,706 | | | | 91 or more days past due | | 50,498,225 | | 7,715,704 | | 1,190,175 | | 240,570 | | 20,257 | | 3,671 | | | 59,668,602 | | | | Total | | $ | 1,226,674,166 | | $ | 41,404,032 | | $ | 3,982,114 | | $ | 379,919 | | $ | 20,559 | | $ | 4,412 | | | $ | 1,272,465,202 | | | | | | | | | | | | | | | | Term Loans By Origination | | | | | Tax advance loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | | Current | | $ | 4,238,000 | | $ | 50,631 | | $ | 582 | | $ | — | | $ | — | | $ | — | | | $ | 4,289,213 | | | | 30 - 60 days past due | | 2,095,947 | | 10,633 | | 4,321 | | — | | — | | — | | | 2,110,901 | | | | 61 - 90 days past due | | — | | 20,032 | | 285 | | — | | — | | — | | | 20,317 | | | | 91 or more days past due | | — | | 95,427 | | 7,263 | | — | | — | | — | | | 102,690 | | | | Total | | $ | 6,333,947 | | $ | 176,723 | | $ | 12,451 | | $ | — | | $ | — | | $ | — | | | $ | 6,523,121 | | | | Total gross loans | | | | | | | | | $ | 1,278,988,323 | | | | | | | | | | | | | |
The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans By Origination | | | | Loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | Current | | $ | 1,036,242,539 | | $ | 43,391,314 | | $ | 3,580,872 | | $ | 112,427 | | $ | 1,559 | | $ | — | | | $ | 1,083,328,711 | | | 30 - 60 days past due | | 38,559,638 | | 3,062,579 | | 231,471 | | 20,496 | | — | | — | | | 41,874,184 | | | 61 - 90 days past due | | 30,254,181 | | 2,750,211 | | 235,759 | | 11,600 | | — | | — | | | 33,251,751 | | | 91 or more days past due | | 49,506,281 | | 11,104,527 | | 1,866,688 | | 302,153 | | 15,928 | | 16,178 | | | 62,811,755 | | | Total | | $ | 1,154,562,639 | | $ | 60,308,631 | | $ | 5,914,790 | | $ | 446,676 | | $ | 17,487 | | $ | 16,178 | | | $ | 1,221,266,401 | | | | | | | | | | | | | | Term Loans By Origination | | | | Tax advance loans | | Up to
1
Year Ago | Between
1 and 2
Years Ago | Between
2 and 3
Years Ago | Between
3 and 4
Years Ago | Between
4 and 5
Years Ago | More than
5
Years Ago | | Total | | Current | | $ | 2,634,950 | | $ | 111,585 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 2,746,535 | | | 30 - 60 days past due | | 1,477,465 | | 15,502 | | — | | — | | — | | — | | | 1,492,967 | | | 61 - 90 days past due | | — | | 19,812 | | — | | — | | — | | — | | | 19,812 | | | 91 or more days past due | | — | | 110,203 | | — | | — | | — | | — | | | 110,203 | | | Total | | $ | 4,112,415 | | $ | 257,102 | | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 4,369,517 | | | Total gross loans | | | | $ | 1,225,635,918 | | | | | | | | | | | |
The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the years ended March 31, 2026, 2025 and 2024: | | | | | | | | | | | | | | | | | | | 2026 | | | | | Gross Charge-offs by Origination | | | Origination Year | | | | | Loans | Tax advance loans | Total | | 2021 and prior | | | | | $ | 12,812 | | $ | — | | $ | 12,812 | | | 2022 | | | | | 145,042 | | — | | 145,042 | | | 2023 | | | | | 710,316 | | — | | 710,316 | | | 2024 | | | | | 7,561,145 | | 183,060 | | 7,744,205 | | | 2025 | | | | | 115,991,453 | | 2,204,039 | | 118,195,492 | | | 2026 | | | | | 71,205,614 | | — | | 71,205,614 | | | Total | | | | | $ | 195,626,382 | | $ | 2,387,099 | | $ | 198,013,481 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | | | | Gross Charge-offs by Origination | | | | | Origination Year | | | | | Loans | Tax advance loans | Total | | | | | | 2020 and prior | | | | | $ | 25,437 | | $ | — | | $ | 25,437 | | | | | | | 2021 | | | | | 29,714 | | — | | 29,714 | | | | | | | 2022 | | | | | 797,055 | | — | | 797,055 | | | | | | | 2023 | | | | | 9,372,562 | | 235 | | 9,372,797 | | | | | | | 2024 | | | | | 113,281,140 | | 3,774,832 | | 117,055,972 | | | | | | | 2025 | | | | | 63,515,257 | | — | | 63,515,257 | | | | | | | Total | | | | | $ | 187,021,165 | | $ | 3,775,067 | | $ | 190,796,232 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | Gross Charge-offs by Origination | | | | | Origination Year | | | | | Loans | Tax advance loans | Total | | | | | | 2019 and prior | | | | | $ | 17,352 | | $ | — | | $ | 17,352 | | | | | | | 2020 | | | | | 53,791 | | — | | 53,791 | | | | | | | 2021 | | | | | 301,162 | | — | | 301,162 | | | | | | | 2022 | | | | | 11,095,208 | | 5,197 | | 11,100,405 | | | | | | | 2023 | | | | | 132,745,783 | | 1,287,512 | | 134,033,295 | | | | | | | 2024 | | | | | 65,038,754 | | — | | 65,038,754 | | | | | | | Total | | | | | $ | 209,252,050 | | $ | 1,292,709 | | $ | 210,544,759 | | | | | | | | | | | | | | | | | | |
The allowance for credit losses is applied to amortized cost, which is defined as the amount at which a financing receivable is originated, and net of deferred fees and costs, collection of cash, and charge-offs. Amortized cost also includes interest earned but not collected.
Credit risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms; therefore, the Company looks to borrower characteristics as a way to disaggregate loans into pools sharing similar risks.
In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below.
1.Borrower type 2.Active months 3.Prior loan performance 4.Customer Tenure
To determine how well each metric predicts default risk, the Company used loss rate data over an observation period of twelve months at the loan level. The information value was then calculated for each metric. From this analysis, management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are:
1.0 to 5 months 2.6 to 17 months 3.18 to 35 months 4.36 to 59 months 5.60+ months
Management will continue to monitor this credit metric on a quarterly basis.
Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in first pay success for NBs, 61-90 day delinquencies on a recency basis, percent of loan balances that are paying and percentage of gross loans that are acquired loans. If management determines that historical migration rates should be adjusted to reflect expected credit losses, a qualitative adjustment is made to reflect management's judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, or other significant events or conditions that affect the current estimate.
Due to the short term nature of the loan portfolio, forecasted changes in macro-economic variables, such as unemployment levels, general inflation and commodity prices, typically do not have a significant impact on loans outstanding at the end of a particular reporting period, unless those changes are particularly severe and sudden in nature. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent six-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. As of March 31, 2026 and 2025, there were no conditions or other factors considered significant enough to warrant a forecast adjustment.
The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | Days Past Due - Recency Basis | | | | Customer Tenure | | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans | | 0 to 5 months | | $ | 79,597,251 | | $ | 6,963,212 | | $ | 7,202,639 | | $ | 14,326,893 | | $ | 28,492,744 | | $ | 108,089,995 | | | 6 to 17 months | | 92,236,929 | | 3,899,186 | | 3,151,558 | | 5,235,929 | | 12,286,673 | | 104,523,602 | | | 18 to 35 months | | 88,974,357 | | 2,845,603 | | 1,934,535 | | 3,391,994 | | 8,172,132 | | 97,146,489 | | | 36 to 59 months | | 123,630,020 | | 3,483,203 | | 2,296,557 | | 3,984,230 | | 9,763,990 | | 133,394,010 | | | 60+ months | | 781,392,253 | | 17,904,078 | | 11,533,012 | | 18,481,763 | | 47,918,853 | | 829,311,106 | | | | | | | | | | | Tax advance loans | | 4,315,521 | | 2,118,960 | | 35,397 | | 53,243 | | 2,207,600 | | 6,523,121 | | | Total gross loans | | 1,170,146,331 | | 37,214,242 | | 26,153,698 | | 45,474,052 | | 108,841,992 | | 1,278,988,323 | | | Unearned interest, insurance and fees | | (298,986,252) | | (6,475,433) | | (7,226,714) | | (12,375,839) | | (26,077,986) | | (325,064,238) | | | Total net loans | | $ | 871,160,079 | | $ | 30,738,809 | | $ | 18,926,984 | | $ | 33,098,213 | | $ | 82,764,006 | | $ | 953,924,085 | | | | | | | | | | | Percentage of period-end gross loans receivable | | | 2.9% | 2.0% | 3.6% | 8.5% | |
The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | Days Past Due - Recency Basis | | | | Customer Tenure | | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans | | 0 to 5 months | | $ | 77,087,815 | | $ | 6,036,410 | | $ | 6,587,901 | | $ | 12,166,577 | | $ | 24,790,888 | | $ | 101,878,703 | | | 6 to 17 months | | 65,677,583 | | 3,126,374 | | 2,398,424 | | 4,177,216 | | 9,702,014 | | 75,379,597 | | | 18 to 35 months | | 89,776,541 | | 3,700,216 | | 2,394,549 | | 3,986,095 | | 10,080,860 | | 99,857,401 | | | 36 to 59 months | | 117,976,116 | | 4,641,585 | | 2,917,862 | | 4,693,326 | | 12,252,773 | | 130,228,889 | | | 60+ months | | 758,435,883 | | 21,563,504 | | 13,334,622 | | 20,587,802 | | 55,485,928 | | 813,921,811 | | | | | | | | | | | Tax advance loans | | 2,772,634 | | 1,504,446 | | 22,376 | | 70,061 | | 1,596,883 | | 4,369,517 | | | Total gross loans | | 1,111,726,572 | | 40,572,535 | | 27,655,734 | | 45,681,077 | | 113,909,346 | | 1,225,635,918 | | | Unearned interest, insurance and fees | | (282,034,628) | | (7,588,025) | | (7,590,060) | | (12,107,391) | | (27,285,476) | | (309,320,104) | | | Total net loans | | $ | 829,691,944 | | $ | 32,984,510 | | $ | 20,065,674 | | $ | 33,573,686 | | $ | 86,623,870 | | $ | 916,315,814 | | | | | | | | | | | Percentage of period-end gross loans receivable | | | 3.3% | 2.3% | 3.7% | 9.3% | |
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Days Past Due - Contractual Basis | | | | | Loans | | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans | | | 0 to 5 months | | $ | 77,775,686 | | $ | 6,761,770 | | $ | 7,574,752 | | $ | 15,977,787 | | $ | 30,314,309 | | $ | 108,089,995 | | | | 6 to 17 months | | 90,705,627 | | 3,843,520 | | 3,507,051 | | 6,467,404 | | 13,817,975 | | 104,523,602 | | | | 18 to 35 months | | 87,506,104 | | 2,747,848 | | 2,267,411 | | 4,625,126 | | 9,640,385 | | 97,146,489 | | | | 36 to 59 months | | 121,309,557 | | 3,525,496 | | 2,813,887 | | 5,745,070 | | 12,084,453 | | 133,394,010 | | | | 60+ months | | 769,274,274 | | 18,880,012 | | 14,303,605 | | 26,853,215 | | 60,036,832 | | 829,311,106 | | | | | | | | | | | | | Tax advance loans | | 4,289,213 | | 2,110,901 | | 20,317 | | 102,690 | | 2,233,908 | | 6,523,121 | | | | Total gross loans | | 1,150,860,461 | | 37,869,547 | | 30,487,023 | | 59,771,292 | | 128,127,862 | | 1,278,988,323 | | | | Unearned interest, insurance and fees | | (294,911,485) | | (6,127,896) | | (8,334,364) | | (15,690,493) | | (30,152,753) | | (325,064,238) | | | | Total net loans | | $ | 855,948,976 | | $ | 31,741,651 | | $ | 22,152,659 | | $ | 44,080,799 | | $ | 97,975,109 | | $ | 953,924,085 | | | | | | | | | | | | | | Percentage of period-end gross loans receivable | | | 3.0% | 2.4% | 4.7% | 10.1% | | |
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | Days Past Due - Contractual Basis | | | | Loans | | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans | | 0 to 5 months | | $ | 75,594,279 | | $ | 6,149,270 | | $ | 6,896,035 | | $ | 13,239,119 | | $ | 26,284,424 | | $ | 101,878,703 | | | 6 to 17 months | | 64,188,458 | | 3,112,624 | | 2,739,963 | | 5,338,552 | | 11,191,139 | | 75,379,597 | | | 18 to 35 months | | 87,012,982 | | 3,864,242 | | 2,986,200 | | 5,993,977 | | 12,844,419 | | 99,857,401 | | | 36 to 59 months | | 114,388,973 | | 4,869,065 | | 3,611,704 | | 7,359,147 | | 15,839,916 | | 130,228,889 | | | 60+ months | | 742,144,019 | | 23,878,983 | | 17,017,849 | | 30,880,960 | | 71,777,792 | | 813,921,811 | | | | | | | | | | | Tax advance loans | | 2,746,535 | | 1,492,967 | | 19,812 | | 110,203 | | 1,622,982 | | 4,369,517 | | | Total gross loans | | 1,086,075,246 | | 43,367,151 | | 33,271,563 | | 62,921,958 | | 139,560,672 | | 1,225,635,918 | | | Unearned interest, insurance and fees | | (276,573,216) | | (7,561,258) | | (9,034,007) | | (16,151,623) | | (32,746,888) | | (309,320,104) | | | Total net loans | | $ | 809,502,030 | | $ | 35,805,893 | | $ | 24,237,556 | | $ | 46,770,335 | | $ | 106,813,784 | | $ | 916,315,814 | | | | | | | | | | | Percentage of period-end gross loans receivable | | | 3.5% | 2.7% | 5.1% | 11.3% | |
The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest income is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced.
The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the years ended March 31, 2026, 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | | | Unpaid Accrued Interest Reversed Against Interest Income | | | 2026 | | 2025 | | 2024 | | Customer Tenure | | | | | | | | 0 to 5 months | | $ | (7,813,423) | | | $ | (5,983,271) | | | $ | (5,337,474) | | | 6 to 17 months | | (3,691,985) | | | (2,960,850) | | | (3,251,451) | | | 18 to 35 months | | (2,421,881) | | | (3,025,057) | | | (3,382,070) | | | 36 to 59 months | | (2,626,135) | | | (3,272,098) | | | (4,056,209) | | | 60+ months | | (12,573,769) | | | (12,138,391) | | | (10,494,632) | | | Total | | $ | (29,127,193) | | | $ | (27,379,667) | | | $ | (26,521,836) | |
The following table presents the amortized cost basis of loans on nonaccrual status as of March 31, 2026 and March 31, 2025, as well as interest income recognized on nonaccrual loans for the years ended March 31, 2026, 2025, and 2024:
| | | | | | | | | | | | | | | | | | | | | | | | Nonaccrual Loans Receivable | | Customer Tenure | | As of March 31, 2026 | | As of March 31, 2025 | Interest Income
Recognized
Fiscal 2026 | Interest Income
Recognized
Fiscal 2025 | Interest Income
Recognized
Fiscal 2024 | | 0 to 5 months | | $ | 23,611,680 | | | $ | 19,169,040 | | $ | 1,090,263 | | $ | 791,235 | | $ | 1,024,573 | | | 6 to 17 months | | 10,432,434 | | | 8,510,132 | | 1,072,224 | | 986,271 | | 1,522,705 | | | 18 to 35 months | | 7,455,208 | | | 10,024,500 | | 1,283,231 | | 1,495,744 | | 1,730,680 | | | 36 to 59 months | | 9,463,186 | | | 12,151,649 | | 1,550,305 | | 1,837,922 | | 2,364,522 | | | 60+ months | | 44,878,571 | | | 52,154,586 | | 7,179,310 | | 6,422,145 | | 6,547,368 | | | | | | | | | | | | | | | | | | | Unearned interest, insurance and fees | | (22,531,096) | | | (23,775,911) | | — | | — | | — | | | Total | | $ | 73,309,983 | | | $ | 78,233,996 | | $ | 12,175,333 | | $ | 11,533,317 | | $ | 13,189,848 | |
As of March 31, 2026 and March 31, 2025, there were no loans receivable 61 days or more past due, not on nonaccrual status, and no loans receivable on nonaccrual status with no related allowance for credit losses.
The following is a summary of the changes in the allowance for credit losses for the years ended March 31, 2026, 2025, and 2024: | | | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | 2024 | | Balance at beginning of period | $ | 103,347,129 | | | $ | 102,962,811 | | | $ | 125,552,733 | | | | | | | | | Provision for credit losses | 188,602,351 | | | 169,215,395 | | | 156,973,220 | | | Charge-offs | (198,013,481) | | | (190,796,232) | | | (210,544,759) | | | Recoveries2 | 18,111,279 | | | 21,965,155 | | | 30,981,617 | | | Net charge-off | (179,902,202) | | | (168,831,077) | | | (179,563,142) | | | | | | | | | Balance at end of period | $ | 112,047,278 | | | $ | 103,347,129 | | | $ | 102,962,811 | |
2 Recoveries for the year ended March 31, 2026, 2025, and 2024 include $8.2 million, $12.0 million, and $19.3 million, respectively, in proceeds related to the sale of charge-offs, which are included as a component of Provision for credit losses in the Consolidated Statements of Operations. The $8.2 million in fiscal 2026 relates to recurring sales of charge-offs. Of the $12.0 million in fiscal 2025, $1.5 million relates to bulk sales of charge-offs from prior periods and $10.5 million relates to recurring sales of charge-offs. Of the $19.3 million in fiscal 2024, $5.7 million relates to bulk sales of charge-offs from prior periods and $13.6 million relates to recurring sales of charge-offs.
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