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Finance Receivables, Net | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Finance Receivables, Net | Finance Receivables, Net Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands):
| As of September 30, |  | As of December 31,
| 2025 |  | 2024 |  | 2024
Finance receivables, gross | $ | 298,081 |  |  | $ | 259,485 |  |  | $ | 294,166 |
Merchant partner discounts and premiums, net | (24,195) |  |  | (20,227) |  |  | (22,833) |
Unearned origination fees | (5,031) |  |  | (6,310) |  |  | (6,827) |
Finance receivables, amortized cost | 268,855 |  |  | 232,948 |  |  | 264,506 |
Less allowance for loan losses | (115,721) |  |  | (109,197) |  |  | (117,005) |
Finance receivables, net | $ | 153,134 |  |  | $ | 123,751 |  |  | $ | 147,501 |
The following table details the changes in the allowance for loan losses (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance at beginning of period | $ | 122,874 |  |  | $ | 99,961 |  |  | $ | 117,005 |  |  | $ | 96,454 |
Provision for loan losses (1) | 35,557 |  |  | 40,557 |  |  | 113,678 |  |  | 102,091 |
Charge-offs | (45,705) |  |  | (32,969) |  |  | (124,202) |  |  | (95,061) |
Recoveries | 2,995 |  |  | 1,648 |  |  | 9,240 |  |  | 5,713 |
Balance at end of period | $ | 115,721 |  |  | $ | 109,197 |  |  | $ | 115,721 |  |  | $ | 109,197 |
(1)The provision for loan losses presented on the consolidated statement of income for both the three and nine months ended September 30, 2025 includes an additional $4.8 million of provision expense related to an off-balance sheet bank-originated finance product the Company’s retail POS payment solutions business (American First Finance or “AFF”) bank partner began offering during the third quarter of 2025 in which AFF is responsible for reimbursing the bank partner for certain charge-offs, which the Company is required to recognize a liability for at inception. The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of September 30, 2025 and 2024, by origination year (in thousands):
| Origination Year |  |
| 2025 |  | 2024 |  | 2023 |  | Total
As of September 30, 2025 |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 22,166 |  |  | $ | 6,252 |  |  | $ | 152 |  |  | $ | 28,570 |
31 to 60 days past due | 13,912 |  |  | 4,243 |  |  | 135 |  |  | 18,290 |
61 to 89 days past due (1) | 10,338 |  |  | 3,972 |  |  | 127 |  |  | 14,437 |
Total past due finance receivables | 46,416 |  |  | 14,467 |  |  | 414 |  |  | 61,297 |
Current finance receivables | 163,697 |  |  | 43,056 |  |  | 805 |  |  | 207,558 |
Finance receivables, amortized cost | $ | 210,113 |  |  | $ | 57,523 |  |  | $ | 1,219 |  |  | $ | 268,855 |
| Origination Year |  |
| 2024 |  | 2023 |  | 2022 |  | Total
As of September 30, 2024 |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 16,957 |  |  | $ | 4,739 |  |  | $ | 173 |  |  | $ | 21,869 |
31 to 60 days past due | 9,835 |  |  | 3,471 |  |  | 131 |  |  | 13,437 |
61 to 89 days past due (1) | 7,060 |  |  | 3,162 |  |  | 155 |  |  | 10,377 |
Total past due finance receivables | 33,852 |  |  | 11,372 |  |  | 459 |  |  | 45,683 |
Current finance receivables | 152,138 |  |  | 34,253 |  |  | 874 |  |  | 187,265 |
Finance receivables, amortized cost | $ | 185,990 |  |  | $ | 45,625 |  |  | $ | 1,333 |  |  | $ | 232,948 |
(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due. The following table details the gross charge-offs of finance receivables for the nine months ended September 30, 2025 and 2024, by origination year (in thousands):
| Origination Year |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | Total
Finance receivables gross charge-offs: |  |  |  |  |  |  |  |  |
Gross charge-offs during the nine months ended September 30, 2025 | $ | 37,469 |  |  | $ | 80,525 |  |  | $ | 6,208 |  |  | $ | — |  |  | $ | 124,202 |
Gross charge-offs during the nine months ended September 30, 2024 | — |  |  | 25,359 |  |  | 63,525 |  |  | 6,177 |  |  | 95,061 |

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