v3.26.3
Securitization Activities (Tables)
 9 Months Ended
Sep. 30, 2026
Transfers and Servicing [Abstract]  
Components of Restricted Cash The following table presents the components of restricted cash for securitization investors.
(in thousands)September 30, 2026December 31, 2025
Cash reserve accounts$6,250 $5,718 
Collection accounts - accounts receivable2,543 935 
Collection accounts - equipment financing receivables19,089 16,346 
Restricted cash - for securitization investors$27,882 $22,999 
Schedule of Accounts and Financing Receivable
The following table presents the Company’s residual interests in Accounts Receivable - restricted for securitization investors.
(in thousands)September 30, 2026December 31, 2025
Accounts receivable - restricted for securitization investors$171,651 $143,764 
Less: Allowance for accounts receivable credit losses(1,563)(1,791)
Accounts receivable, net - restricted for securitization investors170,088 141,973 
Less: Asset backed borrowings - owed to securitization investors(115,993)(113,176)
Company's residual interest in securitized accounts receivable$54,095 $28,797 
The following table presents the Company’s residual interests in Equipment financing receivables, net - restricted for securitization investors.
September 30, 2026December 31, 2025
(in thousands)CurrentLong-termCurrentLong-term
Equipment financing receivables - restricted for securitization investors$102,353 $516,226 $93,614 $474,292 
Less: Allowance for equipment financing receivables credit losses(1,813)(4,463)(1,603)(3,884)
Equipment financing receivables, net - restricted for securitization investors100,540 511,763 92,011 470,408 
Less: Asset backed borrowings - owed to securitization investors(88,213)(461,508)(81,004)(424,406)
Company's residual interest in securitized equipment financing receivables$12,327 $50,255 $11,007 $46,002 
Schedule of Present An Aging Analysis of Past Due, Non-Performing, and Current Equipment Financing Receivables
The following tables, shown in thousands, present an aging analysis of past due, non-performing and current equipment financing receivables by class and vintage year:
September 30, 202620262025202420232022PriorTotal
Securitized
Current$166,471 $162,782 $107,686 $73,418 $40,770 $48,434 $599,561 
30-59 Days1,520 — — — 9 — 1,529 
60-89 Days1,455 — — — — 797 2,252 
Total past due accruing2,975 — — — 9 797 3,781 
Over 89 Days non-performing— 531 6,165 4,751 1,763 2,027 15,237 
Total Securitized$169,446 $163,313 $113,851 $78,169 $42,542 $51,258 $618,579 
Current period gross charge-offs$— $180 $976 $336 $36 $672 $2,200 
Unsecuritized
Current$1,309 $58 $852 $12 $775 $942 $3,948 
30-59 Days— — — — 5 45 50 
60-89 Days— — — — — 31 31 
Total past due accruing— — — — 5 76 81 
Over 89 Days non-performing— — — 14 82 183 279 
Total Unsecuritized$1,309 $58 $852 $26 $862 $1,201 $4,308 
Current period gross charge-offs$— $— $— $— $1 $290 $291 
December 31, 202520252024202320222021PriorTotal
Securitized
Current$185,415 $136,144 $97,584 $60,113 $31,519 $38,916 $549,691 
30-59 Days— 1,158 1,007 7 156 392 2,720 
60-89 Days— 2,433 313 73 855 — 3,674 
Total past due accruing— 3,591 1,320 80 1,011 392 6,394 
Over 89 Days non-performing737 5,105 2,724 1,286 1,068 901 11,821 
Total Securitized$186,152 $144,840 $101,628 $61,479 $33,598 $40,209 $567,906 
Current period gross charge-offs$— $13 $220 $77 $577 $442 $1,329 
Unsecuritized
Current$319 $1,104 $55 $1,221 $1,564 $3,285 $7,548 
30-59 Days— — — 56 286 — 342 
60-89 Days— — — — 15 15 30 
Total past due accruing— — — 56 301 15 372 
Over 89 Days non-performing— — — 143 390 197 730 
Total Unsecuritized$319 $1,104 $55 $1,420 $2,255 $3,497 $8,650 
Current period gross charge-offs$— $— $— $227 $58 $170 $455 
Schedule of Activity in Allowance for Losses
The following tables present activity in the allowance for losses related to equipment financing receivables held on the Condensed Consolidated Balance Sheets. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of our allowance for credit losses.
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
(in thousands)Unsecuritized Equipment Financing Receivables PortfolioSecuritized Equipment Financing Receivables PortfolioUnsecuritized Equipment Financing Receivables PortfolioSecuritized Equipment Financing Receivables Portfolio
Beginning period balance$392 $6,022 $915 $5,487 
Current period provisions(16)560 (438)2,936 
Actual write-offs(105)(308)(291)(2,200)
Recoveries(90)2 15 53 
Impact of foreign exchange rates1 — (19)— 
Balance at end of period$182 $6,276 $182 $6,276 

Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
(in thousands)Unsecuritized Equipment Financing Receivables PortfolioSecuritized Equipment Financing Receivables PortfolioUnsecuritized Equipment Financing Receivables PortfolioSecuritized Equipment Financing Receivables Portfolio
Beginning period balance$916 $5,692 $892 $4,995 
Current period provisions9 218 (88)1,861 
Actual write-offs(85)(163)(154)(1,130)
Recoveries3 16 108 37 
Impact of foreign exchange rates(2)— 83 — 
Balance at end of period$841 $5,763 $841 $5,763 
Schedule of Amortization Expense Related to Debt Issuance Costs The following table presents the amortization expense related to debt issuance costs.
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2026202520262025
Amortization expense$209 $143 $540 $612