| Schedule of Revenue Generated from Loans and Finance Receivables |
Revenue generated from the Company’s loans and finance receivables for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Consumer loans and finance receivables revenue |
|
$ |
477,419 |
|
|
$ |
428,311 |
|
|
$ |
923,226 |
|
|
$ |
859,136 |
|
Small business loans and finance receivables revenue |
|
|
439,270 |
|
|
|
326,266 |
|
|
|
856,770 |
|
|
|
630,862 |
|
Total loans and finance receivables revenue |
|
|
916,689 |
|
|
|
754,577 |
|
|
|
1,779,996 |
|
|
|
1,489,998 |
|
Other |
|
|
12,238 |
|
|
|
9,466 |
|
|
|
24,073 |
|
|
|
19,586 |
|
Total revenue |
|
$ |
928,927 |
|
|
$ |
764,043 |
|
|
$ |
1,804,069 |
|
|
$ |
1,509,584 |
|
|
| Components of Company-owned Loans and Finance Receivables at Fair Value |
The components of Company-owned loans and finance receivables at June 30, 2026 and 2025 and December 31, 2025 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Principal balance - accrual |
|
$ |
1,404,102 |
|
|
$ |
3,487,632 |
|
|
$ |
4,891,734 |
|
Principal balance - non-accrual |
|
|
164,246 |
|
|
|
295,111 |
|
|
|
459,357 |
|
Total principal balance |
|
|
1,568,348 |
|
|
|
3,782,743 |
|
|
|
5,351,091 |
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and fees |
|
|
139,769 |
|
|
|
33,350 |
|
|
|
173,119 |
|
|
|
|
|
|
|
|
|
|
|
Loans and finance receivables at fair value - accrual |
|
|
1,838,035 |
|
|
|
4,049,050 |
|
|
|
5,887,085 |
|
Loans and finance receivables at fair value - non-accrual |
|
|
78,636 |
|
|
|
207,043 |
|
|
|
285,679 |
|
Loans and finance receivables at fair value |
|
$ |
1,916,671 |
|
|
$ |
4,256,093 |
|
|
$ |
6,172,764 |
|
Difference between principal balance and fair value |
|
$ |
348,323 |
|
|
$ |
473,350 |
|
|
$ |
821,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2025 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Principal balance - accrual |
|
$ |
1,229,578 |
|
|
$ |
2,603,816 |
|
|
$ |
3,833,394 |
|
Principal balance - non-accrual |
|
|
145,487 |
|
|
|
162,232 |
|
|
|
307,719 |
|
Total principal balance |
|
|
1,375,065 |
|
|
|
2,766,048 |
|
|
|
4,141,113 |
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and fees |
|
|
127,093 |
|
|
|
30,469 |
|
|
|
157,562 |
|
|
|
|
|
|
|
|
|
|
|
Loans and finance receivables at fair value - accrual |
|
|
1,599,365 |
|
|
|
3,031,100 |
|
|
|
4,630,465 |
|
Loans and finance receivables at fair value - non-accrual |
|
|
68,971 |
|
|
|
73,879 |
|
|
|
142,850 |
|
Loans and finance receivables at fair value |
|
$ |
1,668,336 |
|
|
$ |
3,104,979 |
|
|
$ |
4,773,315 |
|
Difference between principal balance and fair value |
|
$ |
293,271 |
|
|
$ |
338,931 |
|
|
$ |
632,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Principal balance - accrual |
|
$ |
1,294,991 |
|
|
$ |
3,079,986 |
|
|
$ |
4,374,977 |
|
Principal balance - non-accrual |
|
|
151,947 |
|
|
|
221,090 |
|
|
|
373,037 |
|
Total principal balance |
|
|
1,446,938 |
|
|
|
3,301,076 |
|
|
|
4,748,014 |
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and fees |
|
|
126,825 |
|
|
|
27,448 |
|
|
|
154,273 |
|
|
|
|
|
|
|
|
|
|
|
Loans and finance receivables at fair value - accrual |
|
|
1,694,851 |
|
|
|
3,550,186 |
|
|
|
5,245,037 |
|
Loans and finance receivables at fair value - non-accrual |
|
|
69,618 |
|
|
|
156,889 |
|
|
|
226,507 |
|
Loans and finance receivables at fair value |
|
$ |
1,764,469 |
|
|
$ |
3,707,075 |
|
|
$ |
5,471,544 |
|
Difference between principal balance and fair value |
|
$ |
317,531 |
|
|
$ |
405,999 |
|
|
$ |
723,530 |
|
|
| Schedule of Changes in Fair Value of Company-owned Loans and Finance Receivables |
Changes in the fair value of Company-owned loans and finance receivables during the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Balance at beginning of period |
|
$ |
1,763,552 |
|
|
$ |
4,109,405 |
|
|
$ |
5,872,957 |
|
Originations or acquisitions(1) |
|
|
671,670 |
|
|
|
1,602,839 |
|
|
|
2,274,509 |
|
Interest and fees(2) |
|
|
477,419 |
|
|
|
439,270 |
|
|
|
916,689 |
|
Repayments |
|
|
(792,277 |
) |
|
|
(1,740,543 |
) |
|
|
(2,532,820 |
) |
Charge-offs, net(3) |
|
|
(209,952 |
) |
|
|
(182,129 |
) |
|
|
(392,081 |
) |
Net change in fair value(3) |
|
|
6,044 |
|
|
|
27,251 |
|
|
|
33,295 |
|
Effect of foreign currency translation |
|
|
215 |
|
|
|
— |
|
|
|
215 |
|
Balance at end of period |
|
$ |
1,916,671 |
|
|
$ |
4,256,093 |
|
|
$ |
6,172,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Balance at beginning of period |
|
$ |
1,616,337 |
|
|
$ |
2,953,482 |
|
|
$ |
4,569,819 |
|
Originations or acquisitions(1) |
|
|
547,572 |
|
|
|
1,238,835 |
|
|
|
1,786,407 |
|
Interest and fees(2) |
|
|
428,311 |
|
|
|
326,266 |
|
|
|
754,577 |
|
Repayments |
|
|
(710,838 |
) |
|
|
(1,308,441 |
) |
|
|
(2,019,279 |
) |
Charge-offs, net(3) |
|
|
(215,004 |
) |
|
|
(127,876 |
) |
|
|
(342,880 |
) |
Net change in fair value(3) |
|
|
(389 |
) |
|
|
22,713 |
|
|
|
22,324 |
|
Effect of foreign currency translation |
|
|
2,347 |
|
|
|
— |
|
|
|
2,347 |
|
Balance at end of period |
|
$ |
1,668,336 |
|
|
$ |
3,104,979 |
|
|
$ |
4,773,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Balance at beginning of period |
|
$ |
1,764,469 |
|
|
$ |
3,707,075 |
|
|
$ |
5,471,544 |
|
Originations or acquisitions(1) |
|
|
1,219,186 |
|
|
|
3,336,624 |
|
|
|
4,555,810 |
|
Interest and fees(2) |
|
|
923,226 |
|
|
|
856,770 |
|
|
|
1,779,996 |
|
Repayments |
|
|
(1,574,168 |
) |
|
|
(3,360,739 |
) |
|
|
(4,934,907 |
) |
Charge-offs, net(3) |
|
|
(437,589 |
) |
|
|
(345,086 |
) |
|
|
(782,675 |
) |
Net change in fair value(3) |
|
|
18,140 |
|
|
|
61,449 |
|
|
|
79,589 |
|
Effect of foreign currency translation |
|
|
3,407 |
|
|
|
— |
|
|
|
3,407 |
|
Balance at end of period |
|
$ |
1,916,671 |
|
|
$ |
4,256,093 |
|
|
$ |
6,172,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Balance at beginning of period |
|
$ |
1,639,307 |
|
|
$ |
2,747,137 |
|
|
$ |
4,386,444 |
|
Originations or acquisitions(1) |
|
|
1,044,194 |
|
|
|
2,460,069 |
|
|
|
3,504,263 |
|
Interest and fees(2) |
|
|
859,136 |
|
|
|
630,862 |
|
|
|
1,489,998 |
|
Repayments |
|
|
(1,447,604 |
) |
|
|
(2,527,503 |
) |
|
|
(3,975,107 |
) |
Charge-offs, net(3) |
|
|
(442,789 |
) |
|
|
(250,427 |
) |
|
|
(693,216 |
) |
Net change in fair value(3) |
|
|
10,339 |
|
|
|
44,841 |
|
|
|
55,180 |
|
Effect of foreign currency translation |
|
|
5,753 |
|
|
|
— |
|
|
|
5,753 |
|
Balance at end of period |
|
$ |
1,668,336 |
|
|
$ |
3,104,979 |
|
|
$ |
4,773,315 |
|
(1) Originations or acquisitions is presented on a cost basis. (2) Included in “Revenue” in the consolidated statements of income. (3) Included in “Change in Fair Value” in the consolidated statements of income.
|