Notes Receivable

9 Months Ended

Sep. 30, 2026

The Company had notes receivable of $21.5 million and $19.7 million as of September 30, 2026 and December 31, 2025, respectively, which are reported as current portion of notes receivable and notes receivable less current portion on the Company's Unaudited Consolidated Balance Sheets. The notes receivable carried weighted-average interest rates of 12.2% and 13.6% as of September 30, 2026 and December 31, 2025, respectively. The notes are receivables from ISOs and ISVs, which are made with a term of 1-5 years. Under the terms of the agreements, the advances are secured by residual payments due to the ISOs and ISVs and apply such residuals against future payment due to the Company. As of September 30, 2026 and December 31, 2025, there was no allowance for expected losses on notes receivable.

The following table provides a reconciliation for activity within the notes receivable as of September 30, 2026:


(in thousands)
Balance at December 31, 2025	$	19,691
Principal payments received	(516)
Advances during the period	8,575
Balance at March 31, 2026	$	27,750
Principal payments received	(6,540)
Advances during the period	1,493
Balance at June 30, 2026	$	22,703
Principal payments received	(2,506)
Advances during the period	1,300
Balance at September 30, 2026	$	21,497

As of September 30, 2026 and December 31, 2025, $18.4 million and $14.9 million of notes receivable were pledged as collateral for the Residual Finance Credit Facility (see Note 8. Debt Obligations).

As of September 30, 2026, the principal payments for the Company's notes receivable are due as follows:


(in thousands)
Twelve months ending September 30,
2027	$	2,856
2028	4,467
2029	5,608
2030	5,412
2031	3,154
Thereafter	—
Total	$	21,497