Fair Value Measurements and Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of financial instruments required to be 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 notes	26,483		—		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.

Schedule of financial instruments not required to be 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.