XML 36 R24.htm IDEA: XBRL DOCUMENT v3.25.3
Finance Receivables, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of 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,
202520242024
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 cost268,855 232,948 264,506 
Less allowance for loan losses(115,721)(109,197)(117,005)
Finance receivables, net$153,134 $123,751 $147,501 
Schedule of Allowance for Credit Losses
The following table details the changes in the allowance for loan losses (in thousands):

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
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)
Recoveries2,995 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.
Schedule of Finance Receivables Credit Quality Indicators
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
202520242023Total
As of September 30, 2025
Delinquency:
1 to 30 days past due$22,166 $6,252 $152 $28,570 
31 to 60 days past due13,912 4,243 135 18,290 
61 to 89 days past due (1)
10,338 3,972 127 14,437 
Total past due finance receivables46,416 14,467 414 61,297 
Current finance receivables163,697 43,056 805 207,558 
Finance receivables, amortized cost$210,113 $57,523 $1,219 $268,855 
Origination Year
202420232022Total
As of September 30, 2024
Delinquency:
1 to 30 days past due$16,957 $4,739 $173 $21,869 
31 to 60 days past due9,835 3,471 131 13,437 
61 to 89 days past due (1)
7,060 3,162 155 10,377 
Total past due finance receivables33,852 11,372 459 45,683 
Current finance receivables152,138 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.
Finance Receivable, Charge-offs to allowance for credit losses
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
2025202420232022Total
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