| Schedule of Revenue Generated from Loans and Finance Receivables |
Revenue generated from the Company’s loans and finance receivables for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Consumer loans and finance receivables revenue |
|
$ |
537,120 |
|
|
$ |
443,413 |
|
|
$ |
1,460,346 |
|
|
$ |
1,302,549 |
|
Small business loans and finance receivables revenue |
|
|
458,737 |
|
|
|
348,310 |
|
|
|
1,315,507 |
|
|
|
979,172 |
|
Total loans and finance receivables revenue |
|
|
995,857 |
|
|
|
791,723 |
|
|
|
2,775,853 |
|
|
|
2,281,721 |
|
Other |
|
|
13,315 |
|
|
|
10,955 |
|
|
|
37,388 |
|
|
|
30,541 |
|
Total revenue |
|
$ |
1,009,172 |
|
|
$ |
802,678 |
|
|
$ |
2,813,241 |
|
|
$ |
2,312,262 |
|
|
| Components of Company-owned Loans and Finance Receivables at Fair Value |
The components of Company-owned loans and finance receivables at September 30, 2026 and 2025 and December 31, 2025 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2026 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Principal balance - accrual |
|
$ |
1,526,370 |
|
|
$ |
3,628,449 |
|
|
$ |
5,154,819 |
|
Principal balance - non-accrual |
|
|
205,848 |
|
|
|
329,662 |
|
|
|
535,510 |
|
Total principal balance |
|
|
1,732,218 |
|
|
|
3,958,111 |
|
|
|
5,690,329 |
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and fees |
|
|
160,942 |
|
|
|
26,470 |
|
|
|
187,412 |
|
|
|
|
|
|
|
|
|
|
|
Loans and finance receivables at fair value - accrual |
|
|
2,039,335 |
|
|
|
4,230,047 |
|
|
|
6,269,382 |
|
Loans and finance receivables at fair value - non-accrual |
|
|
91,592 |
|
|
|
234,993 |
|
|
|
326,585 |
|
Loans and finance receivables at fair value |
|
$ |
2,130,927 |
|
|
$ |
4,465,040 |
|
|
$ |
6,595,967 |
|
Difference between principal balance and fair value |
|
$ |
398,709 |
|
|
$ |
506,929 |
|
|
$ |
905,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Principal balance - accrual |
|
$ |
1,226,886 |
|
|
$ |
2,769,672 |
|
|
$ |
3,996,558 |
|
Principal balance - non-accrual |
|
|
169,725 |
|
|
|
178,618 |
|
|
|
348,343 |
|
Total principal balance |
|
|
1,396,611 |
|
|
|
2,948,290 |
|
|
|
4,344,901 |
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and fees |
|
|
129,378 |
|
|
|
26,081 |
|
|
|
155,459 |
|
|
|
|
|
|
|
|
|
|
|
Loans and finance receivables at fair value - accrual |
|
|
1,615,085 |
|
|
|
3,191,288 |
|
|
|
4,806,373 |
|
Loans and finance receivables at fair value - non-accrual |
|
|
79,754 |
|
|
|
126,726 |
|
|
|
206,480 |
|
Loans and finance receivables at fair value |
|
$ |
1,694,839 |
|
|
$ |
3,318,014 |
|
|
$ |
5,012,853 |
|
Difference between principal balance and fair value |
|
$ |
298,228 |
|
|
$ |
369,724 |
|
|
$ |
667,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 nine months ended September 30, 2026 and 2025 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Balance at beginning of period |
|
$ |
1,916,671 |
|
|
$ |
4,256,093 |
|
|
$ |
6,172,764 |
|
Originations or acquisitions(1) |
|
|
792,846 |
|
|
|
1,760,404 |
|
|
|
2,553,250 |
|
Interest and fees(2) |
|
|
537,120 |
|
|
|
458,737 |
|
|
|
995,857 |
|
Repayments |
|
|
(868,333 |
) |
|
|
(1,864,624 |
) |
|
|
(2,732,957 |
) |
Charge-offs, net(3) |
|
|
(276,428 |
) |
|
|
(186,029 |
) |
|
|
(462,457 |
) |
Net change in fair value(3) |
|
|
29,222 |
|
|
|
40,459 |
|
|
|
69,681 |
|
Effect of foreign currency translation |
|
|
(171 |
) |
|
|
— |
|
|
|
(171 |
) |
Balance at end of period |
|
$ |
2,130,927 |
|
|
$ |
4,465,040 |
|
|
$ |
6,595,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Balance at beginning of period |
|
$ |
1,668,336 |
|
|
$ |
3,104,979 |
|
|
$ |
4,773,315 |
|
Originations or acquisitions(1) |
|
|
573,232 |
|
|
|
1,371,874 |
|
|
|
1,945,106 |
|
Interest and fees(2) |
|
|
443,413 |
|
|
|
348,310 |
|
|
|
791,723 |
|
Repayments |
|
|
(744,432 |
) |
|
|
(1,414,066 |
) |
|
|
(2,158,498 |
) |
Charge-offs, net(3) |
|
|
(249,545 |
) |
|
|
(128,266 |
) |
|
|
(377,811 |
) |
Net change in fair value(3) |
|
|
2,756 |
|
|
|
35,183 |
|
|
|
37,939 |
|
Effect of foreign currency translation |
|
|
1,079 |
|
|
|
— |
|
|
|
1,079 |
|
Balance at end of period |
|
$ |
1,694,839 |
|
|
$ |
3,318,014 |
|
|
$ |
5,012,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Balance at beginning of period |
|
$ |
1,764,469 |
|
|
$ |
3,707,075 |
|
|
$ |
5,471,544 |
|
Originations or acquisitions(1) |
|
|
2,012,032 |
|
|
|
5,097,028 |
|
|
|
7,109,060 |
|
Interest and fees(2) |
|
|
1,460,346 |
|
|
|
1,315,507 |
|
|
|
2,775,853 |
|
Repayments |
|
|
(2,442,501 |
) |
|
|
(5,225,363 |
) |
|
|
(7,667,864 |
) |
Charge-offs, net(3) |
|
|
(714,017 |
) |
|
|
(531,115 |
) |
|
|
(1,245,132 |
) |
Net change in fair value(3) |
|
|
47,362 |
|
|
|
101,908 |
|
|
|
149,270 |
|
Effect of foreign currency translation |
|
|
3,236 |
|
|
|
— |
|
|
|
3,236 |
|
Balance at end of period |
|
$ |
2,130,927 |
|
|
$ |
4,465,040 |
|
|
$ |
6,595,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
Small |
|
|
|
|
|
|
Consumer |
|
|
Business |
|
|
Total |
|
Balance at beginning of period |
|
$ |
1,639,307 |
|
|
$ |
2,747,137 |
|
|
$ |
4,386,444 |
|
Originations or acquisitions(1) |
|
|
1,617,426 |
|
|
|
3,831,943 |
|
|
|
5,449,369 |
|
Interest and fees(2) |
|
|
1,302,549 |
|
|
|
979,172 |
|
|
|
2,281,721 |
|
Repayments |
|
|
(2,192,036 |
) |
|
|
(3,941,569 |
) |
|
|
(6,133,605 |
) |
Charge-offs, net(3) |
|
|
(692,334 |
) |
|
|
(378,693 |
) |
|
|
(1,071,027 |
) |
Net change in fair value(3) |
|
|
13,095 |
|
|
|
80,024 |
|
|
|
93,119 |
|
Effect of foreign currency translation |
|
|
6,832 |
|
|
|
— |
|
|
|
6,832 |
|
Balance at end of period |
|
$ |
1,694,839 |
|
|
$ |
3,318,014 |
|
|
$ |
5,012,853 |
|
(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.
|