Finance Receivables at Fair Value (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Components of Installment Finance Receivables At Fair Value

The components of installment finance receivables at fair value as of September 30, 2026 and December 31, 2025 were as follows (in thousands):


	2026		2025
Unpaid principal balance of finance receivables - accrual	$	421,343	$	454,542
Unpaid principal balance of finance receivables - non-accrual	37,288		38,576
Unpaid principal balance of finance receivables	$	458,631	$	493,118

Finance receivables at fair value - accrual	$	491,708	$	524,577
Finance receivables at fair value - non-accrual	3,450		3,590
Finance receivables at fair value, excluding accrued interest receivable	495,158		528,167
Accrued interest receivable	23,726		18,069
Finance receivables at fair value	$	518,884	$	546,236

Difference between unpaid principal balance and fair value	$	36,527	$	35,049

Schedule of Changes in Fair Value of Installment Finance Receivables

Changes in the fair value of installment finance receivables at fair value for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Balance at the beginning of the period	$	496,306	$	491,488	$	546,236	$	473,696
Acquired	315,530		326,992		870,985		945,559
Repayments	(237,189)		(250,312)		(723,936)		(741,356)
Accrued interest receivable	713		3,271		5,657		6,187
Charge-offs, net(1)	(59,775)		(54,385)		(181,536)		(148,406)
Net change in fair value(1)	3,299		3,853		1,478		6,219
Balance at the end of the period	$	518,884	$	541,899	$	518,884	$	541,899

(1) Included in change in fair value of finance receivables in the consolidated statements of operations.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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