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LOANS RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Company’s Loans Receivable, Net
Accounts receivable and other receivables consist of the following:
(in thousands)
June 30, 2026December 31, 2025
Accounts receivable
Progressive Leasing accounts receivable:
Progressive Leasing accounts receivable
$130,748 $136,234 
Less: accounts receivable allowance
(69,436)(68,806)
Progressive Leasing accounts receivable, net
61,312 67,428 
Four affiliate and interchange fees receivable
5,899 6,800 
Purchasing Power accounts receivable
Accounts receivable - acquired portfolio (at fair value)
106,069 — 
Accounts receivable - post-acquisition portfolio
199,396 — 
Less: allowance for credit losses - post-acquisition portfolio
(23,478)— 
Less: unearned interest income - post-acquisition portfolio
(1,487)— 
Client and miscellaneous receivables
26,811 — 
Purchasing Power accounts receivable, net
307,311 — 
Total accounts receivable, net
$374,522 $74,228 
Other receivables - Purchasing Power
Other receivables - acquired portfolio (at fair value)
10,063 — 
Other receivables - post-acquisition portfolio
36,851 — 
Less: allowance for credit losses - post-acquisition portfolio
(4,469)— 
Less: unearned interest income - post-acquisition portfolio
(2,668)— 
Total other receivables, net
$39,777 $— 
The following is a summary of the Company's loans receivable, net:
(in thousands)
June 30, 2026December 31, 2025
Loans receivable, gross
$94,120 $108,894 
  Unamortized fees
(1,159)(928)
Loans receivable, amortized cost
92,961 107,966 
   Allowance for loan losses
(18,649)(17,318)
Loans receivable, net of allowances and unamortized fees1
$74,312 $90,648 
1 Loans receivable, net of allowances and unamortized fees attributable to Four was $67.8 million and $84.4 million as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Credit Quality Indicators of Amortized Cost
Below is a summary of the credit quality of Four's loan portfolio as of June 30, 2026 and December 31, 2025 by proprietary risk category as determined at the time of loan origination:
June 30, 2026December 31, 2025
Four - proprietary risk category:
Category A37.5 %19.6 %
Category B44.2 %48.5 %
Category C18.3 %31.9 %
The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:
As of June 30, 2026 (in thousands)
2026
2025 and Prior
Total
Four - proprietary risk category:
Category A$31,773 $— $31,773 
Category B37,390 — 37,390 
Category C15,508 — 15,508 
Other strategic operations
8,290 — 8,290 
Total amortized cost
$92,961 $— $92,961 
Gross charge-offs by origination year for the six months ended June 30, 2026
$11,870 $19,316 $31,186 
Schedule of Aging of the Loans Receivable Gross Balance
The following table presents the amortized cost basis of Purchasing Power receivables originated post-acquisition, disaggregated by credit quality indicator, as of June 30, 2026:
(in thousands)
Originated post-acquisition accounts receivables
Originated post-acquisition other receivables
Aging category
Federal
Non-Federal
June 30, 2026
Federal
Non-Federal
June 30, 2026
1-30 days past due
$1,521 $13,702 $15,223 $440 $1,676 $2,116 
31-59 days past due
677 3,445 4,122 159 464 623 
60 or more days past due
679 3,637 4,316 140 407 547 
Past due receivables
$2,877 $20,784 $23,661 $739 $2,547 $3,286 
Current receivables
$17,317 $158,418 $175,735 $5,360 $28,205 $33,565 
Included in the table below is an aging of the loans receivable, gross balance:
(dollar amounts in thousands)
Aging category
June 30, 2026December 31, 2025
1-30 days past due
12.7 %12.5 %
31-59 days past due
8.2 %3.9 %
60 or more days past due
6.3 %2.9 %
Past due loans receivable
27.2 %19.3 %
Current loans receivable
72.8 %80.7 %
Balance of loans receivable 90 or more days past due and still accruing interest and fees
$— $— 
Schedule of Components of Allowance for Loan Losses
The following table summarizes activity in the lease receivable allowance related to Progressive Leasing:
Three months ended June 30,Six months ended June 30,
(in thousands)
2026202520262025
Beginning balance
$68,270 $73,868 $68,806 $71,607 
Net book value of accounts receivable written off
(91,513)(98,028)(179,891)(192,238)
Recoveries10,233 10,671 22,160 22,546 
Accounts receivable provision
82,446 82,277 158,361 166,873 
Ending balance
$69,436 $68,788 $69,436 $68,788 
The following table summarizes activity in the allowance for credit losses related to Purchasing Power post-acquisition receivables:
Three months ended June 30, 2026Six months ended June 30, 2026
(in thousands)
Accounts receivable
Other receivables
Accounts receivableOther receivables
Beginning balance$11,030 $1,931 $— $— 
Net book value of accounts written off(43)(4)(43)(4)
Recoveries80 4 80 4 
Provision for credit losses
12,411 2,538 23,441 4,469 
Ending balance$23,478 $4,469 $23,478 $4,469 
The table below presents the components of the allowance for loan losses:
Three months ended June 30,Six months ended June 30,
(in thousands)
2026202520262025
Beginning balance
$17,594 $9,429 $17,318 $9,228 
Provision for credit losses
15,719 8,043 26,925 13,544 
Charge-offs(17,521)(8,726)(31,186)(14,773)
Recoveries2,857 1,103 5,592 1,850 
Ending balance
$18,649 $9,849 $18,649 $9,849