v3.26.1
Fair Value Measurements and Disclosures
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Financial instruments carried at fair value
As of June 30, 2026 and December 31, 2025, financial instruments measured at fair value on a recurring basis were as follows (in thousands):
Quoted Prices in Active Markets (Level 1)Other Observable Inputs (Level 2)Total
June 30, 2026
Assets
Government securities$117,635 $— $117,635 
Corporate notes26,483 — 26,483 
Derivatives (1)
— 5,784 5,784 
Liabilities
Derivatives (1)
— 7,987 7,987 
December 31, 2025
Assets
Government securities$64,934 $— $64,934 
Derivatives (1)
— 3,104 3,104 
Liabilities
Derivatives (1)
— 12,385 12,385 
(1)Fair value of derivatives is estimated using industry standard valuation models, which project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves and other factors.
Financial instruments not carried at fair value
As of June 30, 2026 and December 31, 2025, the estimated fair value and carrying amount of financial instruments not carried at fair value were as follows (in thousands):
Estimated Fair Value
Quoted Prices in Active Markets (Level 1)Other Observable Inputs (Level 2)Unobservable Inputs (Level 3)Carrying Value
June 30, 2026
Financial assets
Cash and cash equivalents$132,431 $— $— $132,431 
Finance receivables, net (1)
— — 4,474,437 4,717,204 
Financial liabilities
Interest-bearing deposits (2)
— 100,460 — 100,460 
Revolving lines of credit (3)
— 1,675,510 — 1,675,510 
Term loan (3) (4)
— 455,111 — 455,111 
Senior notes (4) (5)
— 1,642,097 — 1,640,630 
December 31, 2025
Financial assets
Cash and cash equivalents$104,409 $— $— $104,409 
Finance receivables, net (1)
— — 4,394,028 4,688,024 
Financial liabilities
Interest-bearing deposits (2)
— 106,148 — 106,148 
Revolving lines of credit (3)
— 1,600,530 — 1,600,530 
Term loan (3) (4)
— 460,111 — 460,111 
Senior notes (4) (5)
— 1,652,451 — 1,650,350 
(1)Fair value is estimated using the proprietary pricing models the Company utilizes to make portfolio acquisition decisions.
(2)Fair value is based on quoted prices for similar instruments in active markets and approximates carrying value due to the short-term deposit periods.
(3)Fair value is based on quoted prices for similar instruments in active markets and approximates carrying value due to the short-term interest rate periods.
(4)The carrying amounts and fair values do not include debt issuance costs.
(5)Fair value is based on quoted market prices obtained from secondary market broker quotes.
Due to the inherent uncertainty of determining the fair value of Level 3 financial instruments, the fair value of these instruments may differ significantly from the values that would have been used had a ready market or observable inputs existed for such instruments and may differ materially from the values that may ultimately be received or settled.