Member Receivables, Net (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Receivables [Abstract] |
|
| Schdeule of Components of Members Receivables, Net |
The following table presents the components of Member receivables, net, as of September 30, 2026 and December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
Member receivables, net |
|
$ |
194,007 |
|
|
$ |
297,307 |
|
Guarantee obligation receivable, net |
|
|
10,580 |
|
|
|
- |
|
Total Member receivables, net |
|
$ |
204,587 |
|
|
$ |
297,307 |
|
|
|
|
|
|
|
|
|
| Schedule of Roll-forward of Guarantee Liability and Credit Loss Liability |
The roll-forward of the guarantee liability and credit loss liability for the three months ended September 30, 2026 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
Guarantee Liability |
|
|
Credit Loss Liability |
|
Balance at July 1, 2026 |
$ |
3,831 |
|
|
$ |
3,997 |
|
Additions |
|
11,062 |
|
|
|
6,432 |
|
Recognized in income, remeasurement or transfers to allowance upon purchase |
|
(8,770 |
) |
|
|
(3,997 |
) |
Balance at September 30, 2026 |
$ |
6,123 |
|
|
$ |
6,432 |
|
|
| Summary of PCD Gross-up at Acquisition Dates |
The following table presents the PCD gross-up at the acquisition dates for the nine months ended September 30, 2026 (in thousands):
|
|
|
|
Purchase of Credit Deteriorated Receivables |
Amount |
|
ExtraCash receivables purchased at par |
$ |
225,514 |
|
Allowance for credit losses at acquisition (transferred from credit loss liability) |
|
(32,376 |
) |
Purchase price of ExtraCash receivables, net of an allowance for credit losses |
$ |
193,138 |
|
|
| Summary of Aging of Member Receivables |
The following table is an aging of Member receivables as of September 30, 2026, including ExtraCash receivables originated and retained by Coastal for which the Company bears credit risk under the financial guarantee arrangement, and Dave Flex receivables (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Days From Origination |
|
Gross Member Receivables |
|
|
Allowance for Credit Losses |
|
|
Member Receivables, Net |
|
1-10 |
|
$ |
271,008 |
|
|
$ |
(3,936 |
) |
|
$ |
267,072 |
|
11-30 |
|
|
91,191 |
|
|
|
(13,094 |
) |
|
|
78,097 |
|
31-60 |
|
|
17,319 |
|
|
|
(10,966 |
) |
|
|
6,353 |
|
61-90 |
|
|
15,171 |
|
|
|
(11,894 |
) |
|
|
3,277 |
|
91-120 |
|
|
14,059 |
|
|
|
(11,888 |
) |
|
|
2,171 |
|
Total Member receivables, including Coastal-held ExtraCash receivables |
|
|
408,748 |
|
|
|
(51,778 |
) |
|
|
356,970 |
|
Less: Coastal-held ExtraCash receivables1 |
|
|
(158,815 |
) |
|
|
6,432 |
|
|
|
(152,383 |
) |
Total Member receivables, net2 |
|
$ |
249,933 |
|
|
$ |
(45,346 |
) |
|
$ |
204,587 |
|
The following table is an aging of Member receivables as of December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Days From Origination |
|
Gross Member Receivables |
|
|
Allowance for Credit Losses |
|
|
Member Receivables, Net |
|
1-10 |
|
$ |
242,091 |
|
|
$ |
(3,006 |
) |
|
$ |
239,085 |
|
11-30 |
|
|
56,897 |
|
|
|
(8,851 |
) |
|
|
48,046 |
|
31-60 |
|
|
13,093 |
|
|
|
(7,942 |
) |
|
|
5,151 |
|
61-90 |
|
|
11,893 |
|
|
|
(8,888 |
) |
|
|
3,005 |
|
91-120 |
|
|
10,974 |
|
|
|
(8,954 |
) |
|
|
2,020 |
|
Total |
|
$ |
334,948 |
|
|
$ |
(37,641 |
) |
|
$ |
297,307 |
|
|
| Summary of Allowance for Credit Losses |
The roll-forward of the allowance for credit losses is as follows (in thousands):
|
|
|
|
|
Opening allowance balance at January 1, 2026 |
|
$ |
37,641 |
|
Plus: provision for credit losses |
|
|
91,953 |
|
Plus: amounts recovered |
|
|
15,435 |
|
Less: amounts written-off |
|
|
(93,251 |
) |
Ending allowance balance at September 30, 2026, including Coastal-held ExtraCash receivables |
|
$ |
51,778 |
|
Less: off-balance sheet allowance (included in other current liabilities)1 |
|
|
(6,432 |
) |
Ending allowance balance at September 30, 2026, net |
|
$ |
45,346 |
|
¹ Represents the credit loss liability presented within other current liabilities related to the outstanding principal of ExtraCash receivables held by Coastal. See “Guaranteed ExtraCash Receivables and Off-Balance-Sheet Credit Exposure” above.
|
|
|
|
|
Opening allowance balance at January 1, 2025 |
|
$ |
22,703 |
|
Plus: provision for credit losses |
|
|
65,744 |
|
Plus: amounts recovered |
|
|
12,206 |
|
Less: amounts written-off |
|
|
(60,436 |
) |
Ending allowance balance at September 30, 2025 |
|
$ |
40,217 |
|
|