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Investment in receivables, net (Tables) - Investments in receivables, net

12 Months Ended

Dec. 31, 2025

Investment in receivables, net

Schedule of roll forward of the balance of the investment in receivables, net and negative allowance for expected recoveries

The following table presents the roll forward of the balance of the investment in receivables, net for the following years (in thousands):

​	​	​	​	​	​	​
​	​	For the Year Ended
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Balance, beginning of year	​	$	1,497,748	​	$	984,496
Purchases	​	​	832,077	​	​	723,253
Cash collections	​	​	(998,637)	​	​	(584,559)
Total portfolio income	​	​	560,416	​	​	396,304
Changes in expected current period recoveries	​	​	8,089	​	​	12,522
Changes in expected future period recoveries	​	​	(2,088)	​	​	(12,941)
Foreign currency adjustments	​	​	31,137	​	​	(21,327)
Balance, end of year	​	$	1,928,742	​	$	1,497,748

​

The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the years presented (in thousands):

​	​	​	​	​	​	​	​
​	​	For the Year Ended					​
​	​	December 31,					​
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​
Purchase price	​	$	832,077	​	$	497,189	​
Allowance for credit losses	​	​	11,496,126	​	​	8,161,280	​
Amortized cost	​	​	12,328,203	​	​	8,658,469	​
Noncredit discount	​	​	702,539	​	​	540,042	​
Face value	​	​	13,030,742	​	​	9,198,511	​
Write-off of amortized cost	​	​	(12,328,203)	​	​	(8,658,469)	​
Write-off of noncredit discount	​	​	(702,539)	​	​	(540,042)	​
Negative allowance	​	​	832,077	​	​	497,189	​
Negative allowance for expected recoveries	​	$	832,077	​	$	497,189	​

Schedule of information on the past due and non-accrual buckets for the assets acquired in the Conn's portfolio purchase

The table below presents the information on the past due and non-accrual buckets for the assets acquired in the Conn’s portfolio purchase, and does not include all other purchased loans as they were charged-off at the time of purchase, as of December 31, 2025 and 2024 (in thousands):

​

​	​	​	​	​	​	​
​	​	​
​	​	​	​	​	​	​
Delinquency vintage	​ ​ ​	2025		​ ​ ​	2024
United States	​	​	​	​	​	​
Current	​	$	326,381	​	$	352,403
30-59	​	​	49,467	​	​	33,683
60-89	​	​	39,402	​	​	29,685
>90	​	​	109,562	​	​	121,337
Total	​	$	524,812	​	$	537,108

Schedule of non-accrual performing loans by segment

The following table presents non-accrual performing loans by segment as of December 31, 2025 and 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

​

​

​

​

Nonaccrual

​

​

​

​

Nonaccrual

​

​

​

​

​

with No

​

​

​

​

with No

​

​ ​ ​

Nonaccrual

​ ​ ​

Allowance

​ ​ ​

Nonaccrual

​ ​ ​

Allowance

United States

​

​

109,562

​

​

—

​

​

121,337

​

​

—

Total

​

$

109,562

​

$

—

​

$

121,337

​

$

—

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 40
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481628/310-20-40-7

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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

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+ References

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-16

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