The Company consolidated the results of operations and financial position of three lending-related entities, which it considers VIEs. The Company consolidated these VIEs because it or its subsidiaries is deemed to be the primary beneficiary since the Company or its subsidiaries has the power to direct the loan servicing or portfolio management activities, which are the activities that most significantly affect the VIEs’ economic performance, and the Company or its subsidiaries has the obligation to absorb the majority of the losses or benefits through ownership of all of the secured financings issued by the trusts. For these VIEs, the loans transferred to the VIEs are pledged as collateral to the related secured financings.

In addition, through its acquisition of Verdant, the Company acquired additional variable interests in certain securitization trusts. Following the acquisition, the Company performed an assessment and determined it continues to direct the activities that most significantly affect the acquired VIEs’ economic performance, and the Company has the obligation to absorb the majority of the losses or benefits of such acquired variable interests. As a result, the Company determined it is the primary beneficiary and continues to consolidate the VIEs as of June 30, 2026.

For these VIEs, including those acquired in the Verdant acquisition, the loans transferred to the VIEs are pledged as collateral to the related secured financings.


(Dollars in thousands)	As of June 30, 2026		As of June 30, 2025

Restricted cash	$	30,306	$	—
Loans—net of allowance for credit losses	1,347,670		1,276,101
Other assets	156,584		—
Secured financings	576,680		—
Accounts payable and other liabilities	25,929		—

As part of its securitization activities, Verdant issued a series of notes to provide additional financing to its business. The notes outstanding as of June 30, 2026 are included in “Secured financings” in the Company’s Consolidated Balance Sheet and are summarized in the below table:

Series

Classes

Interest Rate Range

Final Maturity Date / Range

Outstanding Principal at June 30, 2026

(Dollars in thousands)

2022-01

Class A, B, C, D

6.59% to 8.67%

February 2030

8,494

2023-01

Class A-2, B, C, D

6.05% to 7.75%

January 2031

90,837

2024-01

Class A-2, B, C, D

5.68% to 7.23%

December 2031

162,041

2025-01

Class A-2, A-3, B, C, D

4.85% to 6.49%

March 2028 to
May 2033

307,166

Total

568,538


(Dollars in thousands)	June 30, 2026
Within one year	$	200,681
After one but within two years	161,408
After two but within three years	119,329
After three but within four years	64,732
After four but within five years	17,893
After five years	4,495
Total	$	568,538