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Notes Receivable and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Schedule of Notes Receivable | As of September 30, 2025 and December 31, 2024, our notes receivable at amortized cost was comprised of the following:
(in thousands) | September 30, 2025 | December 31, 2024
Notes receivable, gross | $ | 220,115 |  | $ | 194,434 |
Deferred loan fees and costs | (2,266) |  | (3,769) |
Notes receivable, amortized cost | $ | 217,849 |  | $ | 190,665 |
As of September 30, 2025 and December 31, 2024, the balance of other receivables, net, on the consolidated balance sheets was comprised of the following:
(in thousands) | September 30, 2025 | December 31, 2024
Delinquency fees receivable, net | $ | 5,109 |  | $ | 993 |
Receivables from merchants | 525 |  | 698 |
Receivables from originating partner | 1,789 |  | 1,938 |
Other receivables, net | $ | 7,423 |  | $ | 3,629 |
The activity in the allowance for other credit losses related to delinquency fees, including the provision for other credit losses, charge-offs, and recoveries for the three and nine months ended September 30, 2025 and 2024 was as follows:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in thousands) | 2025 | 2024 |  | 2025 | 2024
Balance at beginning of period | $ | 5,249 |  | $ | 1,526 |  |  | $ | 5,276 |  | $ | 1,272 |
Provision for other credit losses | 12,291 |  | 2,341 |  |  | 20,814 |  | 4,940 |
Charge-offs | (6,174) |  | (1,382) |  |  | (15,259) |  | (3,994) |
Recoveries of charged-off receivables | 511 |  | 108 |  |  | 1,046 |  | 375 |
Balance at end of period | $ | 11,877 |  | $ | 2,593 |  |  | $ | 11,877 |  | $ | 2,593 |
Net delinquency fee charge-offs by year of origination for the nine months ended September 30, 2025 was as follows:
(in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Total
Current period gross charge-offs | $ | (8,763) |  | $ | (6,473) |  | $ | (1) |  | $ | (22) |  | $ | — |  | $ | (15,259) |
Current period recoveries | 249 |  | 621 |  | 74 |  | 45 |  | 57 |  | 1,046 |
Current period net charge-offs | $ | (8,514) |  | $ | (5,852) |  | $ | 73 |  | $ | 23 |  | $ | 57 |  | $ | (14,213) |
Schedule of Amortized Cost Basis of Our Notes Receivable by Prophet Score and Year of Origination | The amortized cost basis of our notes receivable by Prophet Score and year of origination as of September 30, 2025 and December 31, 2024 was as follows:
| September 30, 2025 |  | December 31, 2024
| Amortized cost basis by year of origination
(in thousands) | 2025 | 2024 | Total |  | 2024 | 2023 | Total
A | $ | 76,805 |  | $ | 5 |  | $ | 76,810 |  |  | $ | 57,945 |  | $ | — |  | $ | 57,945 |
B | 79,729 |  | 19 |  | 79,748 |  |  | 74,999 |  | 1 |  | 75,000 |
C | 61,147 |  | 101 |  | 61,248 |  |  | 57,646 |  | — |  | 57,646 |
No score | 43 |  | — |  | 43 |  |  | 74 |  | — |  | 74 |
Total amortized cost | $ | 217,724 |  | $ | 125 |  | $ | 217,849 |  |  | $ | 190,664 |  | $ | 1 |  | $ | 190,665 |
Schedule of Gross Notes Receivable and Related Allowance by Aging | The amortized cost basis of our notes receivable by delinquency status as of September 30, 2025 and December 31, 2024 was as follows:
(in thousands) | September 30, 2025 | December 31, 2024
Current | $ | 175,801 |  | $ | 161,870 |
1–28 days past due | 19,739 |  | 15,303 |
29–56 days past due | 11,485 |  | 6,267 |
57–90 days past due | 10,824 |  | 7,225 |
Total amortized cost | $ | 217,849 |  | $ | 190,665 |
Schedule of Allowance for Credit Loss | The activity in the allowance for credit losses, including the provision for credit losses, charge-offs, and recoveries for the three and nine months ended September 30, 2025 and 2024 was as follows:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in thousands) | 2025 | 2024 |  | 2025 | 2024
Balance at beginning of period | $ | 23,615 |  | $ | 11,786 |  |  | $ | 26,103 |  | $ | 12,253 |
Provision for credit losses | 32,177 |  | 15,402 |  |  | 65,624 |  | 30,636 |
Charge-offs | (23,394) |  | (9,167) |  |  | (63,358) |  | (26,394) |
Recoveries of charged-off receivables | 1,320 |  | 605 |  |  | 5,349 |  | 2,131 |
Balance at end of period | $ | 33,718 |  | $ | 18,626 |  |  | $ | 33,718 |  | $ | 18,626 |
Net charge-offs by year of origination for the nine months ended September 30, 2025 was as follows:
(in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Total
Current period gross charge-offs | $ | (36,014) |  | $ | (27,214) |  | $ | (4) |  | $ | (125) |  | $ | (1) |  | $ | (63,358) |
Current period recoveries | 587 |  | 3,941 |  | 344 |  | 210 |  | 267 |  | 5,349 |
Current period net charge-offs | $ | (35,427) |  | $ | (23,273) |  | $ | 340 |  | $ | 85 |  | $ | 266 |  | $ | (58,009) |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479294/326-20-55-80 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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