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Segment Reporting | 12 Months Ended
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Dec. 31, 2025
Segment Reporting |
Segment Reporting | 14.Segment Reporting The Company’s operating segments are based on the Company’s geographies, which is how management monitors and assesses performance. The Company’s geographies are the United States, the United Kingdom, Canada, and Latin America. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. Assets are not reported by operating segment to the CODM. For the Company’s operating segments, the CODM uses net operating income to allocate resources (including employees, property, and financial or capital resources). Additionally, the Company prepares an annual budget at the segment level. The CODM considers budget-to-actual variances on a monthly basis for the profit or loss measure when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating income to assess the performance for each segment by comparing the results of each segment with one another and for determining the compensation of certain employees. The following table provides segment measure of profit and loss, Net operating income, by each operating segment (in thousands) and is the measure that the CODM utilizes to determine resource and investment allocations:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Year Ended December 31,
​ | ​ | 2025
​ | ​ ​ ​ | United | ​ ​ ​ | United | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Latin | ​ ​ ​ | ​ | ​
​ | ​ | States | ​ | Kingdom | ​ | Canada | ​ | America | ​ | Total
Total portfolio revenue | ​ | $ | 435,064 | ​ | $ | 25,355 | ​ | $ | 65,588 | ​ | $ | 40,410 | ​ | $ | 566,417
Credit card revenue | ​ |  | 2,627 | ​ |  | — | ​ |  | 4,569 | ​ |  | — | ​ |  | 7,196
Servicing revenue | ​ |  | 12,650 | ​ |  | 25,388 | ​ |  | 1,638 | ​ |  | — | ​ |  | 39,676
Total Revenue | ​ | $ | 450,341 | ​ | $ | 50,743 | ​ | $ | 71,795 | ​ | $ | 40,410 | ​ | $ | 613,289
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for credit losses | ​ | $ | 1,578 | ​ | $ | — | ​ | $ | 782 | ​ | $ | — | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 42,841 | ​ | $ | 15,841 | ​ | $ | 5,196 | ​ | $ | 706 | ​ |  | ​
Servicing expenses | ​ |  | 143,722 | ​ |  | 19,220 | ​ |  | 10,163 | ​ |  | 14,096 | ​ |  | ​
Depreciation and amortization | ​ |  | 3,676 | ​ | ​ | 355 | ​ | ​ | 1,193 | ​ | ​ | 30 | ​ |  | ​
Professional fees | ​ |  | 16,090 | ​ |  | 1,014 | ​ |  | 513 | ​ |  | 1,024 | ​ |  | ​
Canaccede exit incentive | ​ |  | 1,446 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | ​
Other selling, general and administrative | ​ |  | 12,851 | ​ |  | 2,565 | ​ |  | 1,297 | ​ |  | 595 | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net operating income | ​ | $ | 228,137 | ​ | $ | 11,748 | ​ | $ | 52,651 | ​ | $ | 23,959 | ​ | $ | 316,495
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Income / (Expense): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest expense | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | (105,784)
Foreign exchange and other income / (expense) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 7,725
Total other expense | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (98,059)
Income Before Income Taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 218,436
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Year Ended December 31,
​ | ​ | 2024
​ | ​ ​ ​ | United | ​ ​ ​ | United | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Latin | ​ ​ ​ | ​ | ​
​ | ​ | States | ​ | Kingdom | ​ | Canada | ​ | America | ​ | Total
Total portfolio revenue | ​ | $ | 287,924 | ​ | $ | 28,534 | ​ | $ | 48,232 | ​ | $ | 31,195 | ​ | $ | 395,885
Credit card revenue | ​ |  | 2,776 | ​ |  | — | ​ |  | 5,562 | ​ |  | — | ​ |  | 8,338
Servicing revenue | ​ |  | 4,999 | ​ |  | 23,758 | ​ |  | 361 | ​ |  | — | ​ |  | 29,118
Total Revenue | ​ | $ | 295,699 | ​ | $ | 52,292 | ​ | $ | 54,155 | ​ | $ | 31,195 | ​ | $ | 433,341
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for credit losses | ​ | $ | 1,876 | ​ | $ | — | ​ | $ | 1,621 | ​ | $ | — | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 28,342 | ​ | $ | 14,127 | ​ | $ | 5,253 | ​ | $ | 390 | ​ |  | ​
Servicing expenses | ​ |  | 95,599 | ​ |  | 15,131 | ​ |  | 10,036 | ​ |  | 10,123 | ​ |  | ​
Depreciation and amortization | ​ |  | 1,067 | ​ |  | 322 | ​ |  | 1,194 | ​ |  | 25 | ​ |  | ​
Professional fees | ​ |  | 9,258 | ​ |  | 911 | ​ |  | 370 | ​ |  | 857 | ​ |  | ​
Other selling, general and administrative | ​ |  | 12,547 | ​ |  | 2,432 | ​ |  | 1,154 | ​ |  | 439 | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Operating Income | ​ | $ | 147,010 | ​ | $ | 19,369 | ​ | $ | 34,527 | ​ | $ | 19,361 | ​ | $ | 220,267
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Income / (Expense): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest expense | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | (77,239)
Foreign exchange and other expense | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (5,474)
Total other expense | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (82,713)
Income Before Income Taxes | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 137,554
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Year Ended December 31,
​ | ​ | 2023
​ | ​ ​ ​ | United | ​ ​ ​ | United | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Latin | ​ ​ ​ | ​ | ​
​ | ​ | States | ​ | Kingdom | ​ | Canada | ​ | America | ​ | Total
Total portfolio revenue | ​ | $ | 207,005 | ​ | $ | 24,177 | ​ | $ | 44,870 | ​ | $ | 17,522 | ​ | $ | 293,574
Credit card revenue | ​ |  | 3,113 | ​ |  | — | ​ |  | 5,707 | ​ |  | — | ​ |  | 8,820
Servicing revenue | ​ |  | 4,004 | ​ |  | 16,481 | ​ |  | 193 | ​ |  | — | ​ |  | 20,678
Total Revenue | ​ | $ | 214,122 | ​ | $ | 40,658 | ​ | $ | 50,770 | ​ | $ | 17,522 | ​ | $ | 323,072
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for credit losses | ​ | $ | 2,106 | ​ | $ | — | ​ | $ | 1,418 | ​ | $ | — | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits | ​ | $ | 20,014 | ​ | $ | 11,752 | ​ | $ | 5,299 | ​ | $ | 121 | ​ |  | ​
Servicing expenses | ​ |  | 70,397 | ​ |  | 14,138 | ​ |  | 8,177 | ​ |  | 8,984 | ​ |  | ​
Depreciation and amortization | ​ |  | 1,330 | ​ |  | 288 | ​ |  | 742 | ​ |  | 12 | ​ |  | ​
Professional fees | ​ |  | 4,534 | ​ |  | 866 | ​ |  | 561 | ​ |  | 872 | ​ |  | ​
Other selling, general and administrative | ​ |  | 3,145 | ​ |  | 2,056 | ​ |  | 1,919 | ​ |  | 290 | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Operating Income | ​ | $ | 112,596 | ​ | $ | 11,558 | ​ | $ | 32,654 | ​ | $ | 7,243 | ​ | $ | 164,051
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Income / (Expense): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest expense | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | (48,108)
Foreign exchange and other expense | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 4,641
Total other expense | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (43,467)
Income Before Income Taxes | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 120,584
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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