v3.26.3
LOANS RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Schedule of Company’s Loans Receivable, Net
Accounts receivable and other receivables consist of the following:
(in thousands)
September 30, 2026December 31, 2025
Accounts receivable
Progressive Leasing accounts receivable:
Progressive Leasing accounts receivable
$141,436 $136,234 
Less: accounts receivable allowance
(78,148)(68,806)
Progressive Leasing accounts receivable, net
63,288 67,428 
Four affiliate and interchange fees receivable
6,656 6,800 
Purchasing Power accounts receivable
Accounts receivable - acquired portfolio (at fair value)
39,633 — 
Accounts receivable - post-acquisition portfolio
264,309 — 
Less: allowance for credit losses - post-acquisition portfolio
(33,767)— 
Less: unearned interest income - post-acquisition portfolio
(1,926)— 
Client and miscellaneous receivables
36,437 — 
Purchasing Power accounts receivable, net
304,686 — 
Total accounts receivable, net
$374,630 $74,228 
Other receivables - Purchasing Power
Other receivables - acquired portfolio (at fair value)
3,494 — 
Other receivables - post-acquisition portfolio
46,019 — 
Less: allowance for credit losses - post-acquisition portfolio
(5,994)— 
Less: unearned interest income - post-acquisition portfolio
(3,104)— 
Total other receivables, net
$40,415 $— 
The following is a summary of the Company's loans receivable, net:
(in thousands)
September 30, 2026December 31, 2025
Loans receivable, gross
$95,084 $108,894 
  Unamortized fees
(3,207)(928)
Loans receivable, amortized cost
91,877 107,966 
   Allowance for loan losses
(17,494)(17,318)
Loans receivable, net of allowances and unamortized fees1
$74,383 $90,648 
1 Loans receivable, net of allowances and unamortized fees attributable to Four was $68.1 million and $84.4 million as of September 30, 2026 and December 31, 2025, respectively.
Schedule of Credit Quality Indicators of Amortized Cost
Below is a summary of the credit quality of Four's loan portfolio as of September 30, 2026 and December 31, 2025 by proprietary risk category as determined at the time of loan origination:
September 30, 2026December 31, 2025
Four - proprietary risk category:
Category A39.4 %19.6 %
Category B42.9 %48.5 %
Category C17.7 %31.9 %
The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:
As of September 30, 2026 (in thousands)
2026
2025 and Prior
Total
Four - proprietary risk category:
Category A$32,930 $— $32,930 
Category B35,928 — 35,928 
Category C14,799 — 14,799 
Other strategic operations
8,220 — 8,220 
Total amortized cost
$91,877 $— $91,877 
Gross charge-offs by origination year for the nine months ended September 30, 2026
$30,653 $19,318 $49,971 
Schedule of Aging of the Loans Receivable Gross Balance
The following table presents the amortized cost basis of Purchasing Power receivables originated post-acquisition, disaggregated by credit quality indicator, as of September 30, 2026:
(in thousands)
Originated post-acquisition accounts receivables
Originated post-acquisition other receivables
Aging category
Federal
Non-Federal
September 30, 2026
Federal
Non-Federal
September 30, 2026
1-30 days past due
$1,973 $13,804 $15,777 $620 $2,190 $2,810 
31-59 days past due
968 5,876 6,844 271 863 1,134 
60 or more days past due
1,551 9,515 11,066 391 1,228 1,619 
Past due receivables
$4,492 $29,195 $33,687 $1,282 $4,281 $5,563 
Current receivables
$21,399 $209,223 $230,622 $5,745 $34,711 $40,456 
Included in the table below is an aging of the loans receivable, gross balance:
(dollar amounts in thousands)
Aging category
September 30, 2026December 31, 2025
1-30 days past due
13.3 %12.5 %
31-59 days past due
8.3 %3.9 %
60 or more days past due
6.3 %2.9 %
Past due loans receivable
27.9 %19.3 %
Current loans receivable
72.1 %80.7 %
Balance of loans receivable 90 or more days past due and still accruing interest and fees
$— $— 
Schedule of Components of Allowance for Loan Losses
The following table summarizes activity in the lease receivable allowance related to Progressive Leasing:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2026202520262025
Beginning balance
$69,436 $68,788 $68,806 $71,607 
Net book value of accounts receivable written off
(95,077)(90,920)(274,968)(283,158)
Recoveries9,027 9,480 31,187 32,029 
Accounts receivable provision
94,762 86,318 253,123 253,188 
Ending balance
$78,148 $73,666 $78,148 $73,666 
The following table summarizes activity in the allowance for credit losses related to Purchasing Power post-acquisition receivables:
Three months ended September 30, 2026Nine months ended September 30, 2026
(in thousands)
Accounts receivable
Other receivables
Accounts receivableOther receivables
Beginning balance$23,478 $4,469 $— $— 
Net book value of accounts written off(4,039)(521)(4,082)(524)
Recoveries339 24 419 28 
Provision for credit losses
13,989 2,022 37,430 6,490 
Ending balance$33,767 $5,994 $33,767 $5,994 
The table below presents the components of the allowance for loan losses:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2026202520262025
Beginning balance
$18,649 $9,849 $17,318 $9,228 
Provision for credit losses
14,515 9,991 41,440 23,535 
Charge-offs(18,785)(11,332)(49,971)(26,105)
Recoveries3,115 1,404 8,707 3,254 
Ending balance
$17,494 $9,912 $17,494 $9,912