v3.25.4
Loans Held for Investment and Allowance for Credit Losses (Tables)
 6 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loans Held for Investment Loans held for investment consisted of the following (in thousands):
December 31, 2025June 30, 2025
Unpaid principal balance$8,806,208 $7,050,446 
Accrued interest receivable89,288 67,953 
Premiums on loans held for investment11,066 9,818 
Less: Discount due to loss on loan purchase commitment(91,197)(75,124)
Less: Discount due to loss on directly originated loans(41,823)(27,559)
Total loans held for investment$8,773,542 $7,025,534 
Schedule of Loans Held for Investment by Delinquency
The following tables present an aging analysis of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination, of loans held for investment by delinquency status as of December 31, 2025 and June 30, 2025 (in thousands):

December 31, 2025
Amortized Costs Basis by Fiscal Year of Origination
20262025202420232022PriorTotal
Current  – 3 calendar days past due$6,567,676 $1,529,226 $110,407 $23,958 $1,715 $109 $8,233,091 
4 – 29 calendar days past due144,752 74,619 2,533 534 55 3 222,496 
30 – 59 calendar days past due53,289 35,537 1,101 164 14 2 90,107 
60 – 89 calendar days past due36,303 32,686 1,073 87 11 — 70,160 
90 – 119 calendar days past due(1)
29,809 37,181 1,255 125 21 10 68,401 
Total amortized cost basis$6,831,829 $1,709,249 $116,369 $24,868 $1,816 $124 $8,684,255 
(1)Includes $68.3 million of loan receivables as of December 31, 2025 that are 90 days or more past due, but are not on non-accrual status. 

June 30, 2025
Amortized Costs Basis by Fiscal Year of Origination
20252024202320222021PriorTotal
Current  – 3 calendar days past due$6,268,050 $294,778 $50,958 $4,170 $133 $28 $6,618,117 
4 – 29 calendar days past due156,941 9,713 1,347 145 10 — 168,156 
30 – 59 calendar days past due62,250 4,367 288 35 4 — 66,944 
60 – 89 calendar days past due51,095 5,251 255 30 2 — 56,633 
90 – 119 calendar days past due(1)
41,889 5,571 228 34 2 8 47,732 
Total amortized cost basis$6,580,225 $319,680 $53,076 $4,414 $151 $36 $6,957,582 
(1)Includes $47.6 million of loan receivables as of June 30, 2025 that are 90 days or more past due, but are not on non-accrual status.
Schedule of Net Charge Offs
The following table presents net charge-offs by fiscal year of origination as of December 31, 2025 (in thousands):

December 31, 2025
Net Charge-offs by Fiscal Year of Origination
20262025202420232022PriorTotal
Current period charge-offs(26,440)(271,232)(17,039)(1,321)(394)(33)(316,459)
Current period recoveries411 15,630 10,730 4,061 1,768 454 33,054 
Current period net charge-offs(26,029)(255,602)(6,309)2,740 1,374 421 (283,405)
Schedule of Allowance for Credit Loss
The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):

Three Months Ended December 31,Six Months Ended December 31,
2025202420252024
Balance at beginning of period$425,801 $350,606 $396,929 $309,097 
Provision for loan losses208,175 147,069 364,579 301,874 
Charge-offs(171,864)(142,912)(316,459)(264,360)
Recoveries of charged-off receivables15,991 9,068 33,054 17,220 
Balance at end of period$478,103 $363,831 $478,103 $363,831 
Schedule of Amortized Cost Basis of Loans / Delinquency Status
The following tables present the amortized cost basis of loans excluding accrued interest receivable that were modified for borrowers experiencing financial difficulty during the three and six months ended December 31, 2025 and 2024, by type of modification (in thousands):

Three Months Ended December 31,Six Months Ended December 31,
2025202420252024
Payment deferral$15,632 $10,189 $20,457 $16,096 
Loan re-amortization155 170 252 274 
Total$15,787 $10,359 $20,709 $16,370 
% of total loan receivables outstanding0.18 %0.15 %0.24 %0.24 %
The following tables present the delinquency status as of December 31, 2025 and 2024, by amortized cost basis excluding accrued interest receivable, of loan receivables that have been modified within the last 12 months where the borrower was experiencing financial difficulty at the time of modification (in thousands):

December 31, 2025
Payment DeferralLoan Re-amortizationTotal
Current  – 3 calendar days past due$14,628 $134 $14,762 
4 – 29 calendar days past due3,309 67 3,376 
30 – 59 calendar days past due1,637 38 1,675 
60 – 89 calendar days past due1,113 33 1,146 
90 – 119 calendar days past due1,035 20 1,055 
Total amortized cost basis$21,722 $292 $22,014 

December 31, 2024
Payment DeferralLoan Re-amortizationTotal
Current – 3 calendar days past due
$11,021 $217 $11,238 
4 – 29 calendar days past due3,085 67 3,152 
30 – 59 calendar days past due1,878 35 1,913 
60 – 89 calendar days past due1,632 32 1,664 
90 – 119 calendar days past due1,789 31 1,820 
Total amortized cost basis$19,405 $382 $19,787