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Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | Note 3. Finance Receivables, Credit Quality Information, and Allowance for Credit Losses Net finance receivables for the periods indicated consisted of the following:
Dollars in thousands |  | March 31, 2025 |  |  | December 31, 2024 |
Large loans |  | $ | 1,345,825 |  |  | $ | 1,336,780 |
Small loans |  |  | 543,824 |  |  |  | 554,686 |
Retail loans |  |  | 702 |  |  |  | 1,069 |
Total |  | $ | 1,890,351 |  |  | $ | 1,892,535 |
Net finance receivables included net deferred origination fees and costs of $15.2 million and $15.7 million as of March 31, 2025 and December 31, 2024, respectively. The credit quality of the Company’s finance receivable portfolio is dependent on the Company’s ability to enforce sound underwriting standards, maintain diligent servicing of the portfolio, and respond to changing economic conditions as it manages and grows its portfolio. The allowance for credit losses uses FICO scores and delinquency as key data points in estimating the allowance. The Company uses six FICO band categories to assess FICO scores. The first three FICO band categories include subprime FICO scores below 620. The fourth and fifth FICO band categories include near-prime FICO scores ranging from 620 to 659. The sixth FICO band category includes prime FICO scores of 660 or higher. Net finance receivables by product, FICO band at origination, and origination year as of March 31, 2025 are as follows:
| Net Finance Receivables by Origination Year |
Dollars in thousands | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total Net Finance Receivables |
Large Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | 25,856 |  | $ | 75,620 |  | $ | 30,409 |  | $ | 10,066 |  | $ | 3,132 |  | $ | 857 |  | $ | 145,940 |
2 |  | 15,505 |  |  | 47,242 |  |  | 15,395 |  |  | 4,857 |  |  | 1,164 |  |  | 183 |  |  | 84,346 |
3 |  | 24,538 |  |  | 77,302 |  |  | 28,538 |  |  | 12,905 |  |  | 2,931 |  |  | 224 |  |  | 146,438 |
4 |  | 34,221 |  |  | 107,349 |  |  | 42,219 |  |  | 20,242 |  |  | 4,199 |  |  | 369 |  |  | 208,599 |
5 |  | 39,030 |  |  | 117,552 |  |  | 46,873 |  |  | 22,576 |  |  | 5,972 |  |  | 476 |  |  | 232,479 |
6 |  | 94,653 |  |  | 258,177 |  |  | 114,025 |  |  | 49,007 |  |  | 11,275 |  |  | 886 |  |  | 528,023 |
Total | $ | 233,803 |  | $ | 683,242 |  | $ | 277,459 |  | $ | 119,653 |  | $ | 28,673 |  | $ | 2,995 |  | $ | 1,345,825 |
Small Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | 24,504 |  | $ | 49,218 |  | $ | 7,705 |  | $ | 1,087 |  | $ | 164 |  | $ | 47 |  | $ | 82,725 |
2 |  | 10,509 |  |  | 24,028 |  |  | 3,687 |  |  | 394 |  |  | 32 |  |  | 3 |  |  | 38,653 |
3 |  | 17,104 |  |  | 38,827 |  |  | 5,732 |  |  | 459 |  |  | 22 |  |  | 3 |  |  | 62,147 |
4 |  | 20,235 |  |  | 49,233 |  |  | 7,683 |  |  | 487 |  |  | 22 |  |  | 8 |  |  | 77,668 |
5 |  | 21,476 |  |  | 56,877 |  |  | 10,322 |  |  | 638 |  |  | 11 |  |  | 4 |  |  | 89,328 |
6 |  | 47,382 |  |  | 124,056 |  |  | 20,758 |  |  | 1,089 |  |  | 12 |  |  | 6 |  |  | 193,303 |
Total | $ | 141,210 |  | $ | 342,239 |  | $ | 55,887 |  | $ | 4,154 |  | $ | 263 |  | $ | 71 |  | $ | 543,824 |
Retail Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 2 |  | $ | 2 |
2 |  | — |  |  | — |  |  | — |  |  | 37 |  |  | 1 |  |  | — |  |  | 38 |
3 |  | — |  |  | — |  |  | — |  |  | 122 |  |  | 14 |  |  | 1 |  |  | 137 |
4 |  | — |  |  | — |  |  | — |  |  | 165 |  |  | 31 |  |  | 5 |  |  | 201 |
5 |  | — |  |  | — |  |  | — |  |  | 121 |  |  | 26 |  |  | — |  |  | 147 |
6 |  | — |  |  | — |  |  | — |  |  | 146 |  |  | 30 |  |  | 1 |  |  | 177 |
Total | $ | — |  | $ | — |  | $ | — |  | $ | 591 |  | $ | 102 |  | $ | 9 |  | $ | 702 |
Total Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | 50,360 |  | $ | 124,838 |  | $ | 38,114 |  | $ | 11,153 |  | $ | 3,296 |  | $ | 906 |  | $ | 228,667 |
2 |  | 26,014 |  |  | 71,270 |  |  | 19,082 |  |  | 5,288 |  |  | 1,197 |  |  | 186 |  |  | 123,037 |
3 |  | 41,642 |  |  | 116,129 |  |  | 34,270 |  |  | 13,486 |  |  | 2,967 |  |  | 228 |  |  | 208,722 |
4 |  | 54,456 |  |  | 156,582 |  |  | 49,902 |  |  | 20,894 |  |  | 4,252 |  |  | 382 |  |  | 286,468 |
5 |  | 60,506 |  |  | 174,429 |  |  | 57,195 |  |  | 23,335 |  |  | 6,009 |  |  | 480 |  |  | 321,954 |
6 |  | 142,035 |  |  | 382,233 |  |  | 134,783 |  |  | 50,242 |  |  | 11,317 |  |  | 893 |  |  | 721,503 |
Total | $ | 375,013 |  | $ | 1,025,481 |  | $ | 333,346 |  | $ | 124,398 |  | $ | 29,038 |  | $ | 3,075 |  | $ | 1,890,351 |
Net finance receivables by product, FICO band at origination, and origination year as of December 31, 2024 are as follows:
| Net Finance Receivables by Origination Year |
Dollars in thousands | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total Net Finance Receivables |
Large Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | 86,776 |  | $ | 37,750 |  | $ | 12,457 |  | $ | 3,950 |  | $ | 793 |  | $ | 373 |  | $ | 142,099 |
2 |  | 55,211 |  |  | 19,464 |  |  | 6,171 |  |  | 1,602 |  |  | 173 |  |  | 92 |  |  | 82,713 |
3 |  | 90,642 |  |  | 35,777 |  |  | 16,579 |  |  | 4,224 |  |  | 339 |  |  | 59 |  |  | 147,620 |
4 |  | 125,867 |  |  | 52,564 |  |  | 25,521 |  |  | 6,140 |  |  | 570 |  |  | 100 |  |  | 210,762 |
5 |  | 137,243 |  |  | 58,604 |  |  | 28,564 |  |  | 8,148 |  |  | 784 |  |  | 36 |  |  | 233,379 |
6 |  | 300,714 |  |  | 140,149 |  |  | 62,303 |  |  | 15,514 |  |  | 1,464 |  |  | 63 |  |  | 520,207 |
Total | $ | 796,453 |  | $ | 344,308 |  | $ | 151,595 |  | $ | 39,578 |  | $ | 4,123 |  | $ | 723 |  | $ | 1,336,780 |
Small Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | 67,809 |  | $ | 11,905 |  | $ | 1,737 |  | $ | 257 |  | $ | 40 |  | $ | 26 |  | $ | 81,774 |
2 |  | 32,851 |  |  | 5,799 |  |  | 689 |  |  | 59 |  |  | 4 |  |  | 2 |  |  | 39,404 |
3 |  | 52,846 |  |  | 9,456 |  |  | 873 |  |  | 49 |  |  | 4 |  |  | 1 |  |  | 63,229 |
4 |  | 67,200 |  |  | 12,903 |  |  | 924 |  |  | 39 |  |  | 5 |  |  | 5 |  |  | 81,076 |
5 |  | 75,458 |  |  | 16,882 |  |  | 1,313 |  |  | 22 |  |  | 3 |  |  | 3 |  |  | 93,681 |
6 |  | 160,551 |  |  | 32,671 |  |  | 2,263 |  |  | 29 |  |  | 5 |  |  | 3 |  |  | 195,522 |
Total | $ | 456,715 |  | $ | 89,616 |  | $ | 7,799 |  | $ | 455 |  | $ | 61 |  | $ | 40 |  | $ | 554,686 |
Retail Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 2 |  | $ | 2 |
2 |  | — |  |  | — |  |  | 66 |  |  | 2 |  |  | — |  |  | — |  |  | 68 |
3 |  | — |  |  | — |  |  | 188 |  |  | 27 |  |  | — |  |  | 1 |  |  | 216 |
4 |  | — |  |  | — |  |  | 237 |  |  | 55 |  |  | 4 |  |  | 2 |  |  | 298 |
5 |  | — |  |  | — |  |  | 187 |  |  | 47 |  |  | — |  |  | — |  |  | 234 |
6 |  | — |  |  | — |  |  | 199 |  |  | 51 |  |  | — |  |  | 1 |  |  | 251 |
Total | $ | — |  | $ | — |  | $ | 877 |  | $ | 182 |  | $ | 4 |  | $ | 6 |  | $ | 1,069 |
Total Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | $ | 154,585 |  | $ | 49,655 |  | $ | 14,194 |  | $ | 4,207 |  | $ | 833 |  | $ | 401 |  | $ | 223,875 |
2 |  | 88,062 |  |  | 25,263 |  |  | 6,926 |  |  | 1,663 |  |  | 177 |  |  | 94 |  |  | 122,185 |
3 |  | 143,488 |  |  | 45,233 |  |  | 17,640 |  |  | 4,300 |  |  | 343 |  |  | 61 |  |  | 211,065 |
4 |  | 193,067 |  |  | 65,467 |  |  | 26,682 |  |  | 6,234 |  |  | 579 |  |  | 107 |  |  | 292,136 |
5 |  | 212,701 |  |  | 75,486 |  |  | 30,064 |  |  | 8,217 |  |  | 787 |  |  | 39 |  |  | 327,294 |
6 |  | 461,265 |  |  | 172,820 |  |  | 64,765 |  |  | 15,594 |  |  | 1,469 |  |  | 67 |  |  | 715,980 |
Total | $ | 1,253,168 |  | $ | 433,924 |  | $ | 160,271 |  | $ | 40,215 |  | $ | 4,188 |  | $ | 769 |  | $ | 1,892,535 |
Credit losses by product and origination year for the periods indicated are as follows:
| Three Months Ended March 31, 2025 |
Dollars in thousands | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total Credit Losses |
Large loans | $ | 8 |  | $ | 14,216 |  | $ | 14,667 |  | $ | 5,217 |  | $ | 1,384 |  | $ | 263 |  | $ | 35,755 |
Small loans |  | 11 |  |  | 17,157 |  |  | 7,900 |  |  | 749 |  |  | 44 |  |  | 7 |  |  | 25,868 |
Retail loans |  | — |  |  | — |  |  | — |  |  | 72 |  |  | 13 |  |  | 1 |  |  | 86 |
Total | $ | 19 |  | $ | 31,373 |  | $ | 22,567 |  | $ | 6,038 |  | $ | 1,441 |  | $ | 271 |  | $ | 61,709 |
| Three Months Ended March 31, 2024 |
Dollars in thousands | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total Credit Losses |
Large loans | $ | 19 |  | $ | 12,522 |  | $ | 14,246 |  | $ | 4,091 |  | $ | 631 |  | $ | 202 |  | $ | 31,711 |
Small loans |  | 15 |  |  | 11,945 |  |  | 4,767 |  |  | 436 |  |  | 20 |  |  | 5 |  |  | 17,188 |
Retail loans |  | — |  |  | — |  |  | 179 |  |  | 104 |  |  | 8 |  |  | 3 |  |  | 294 |
Total | $ | 34 |  | $ | 24,467 |  | $ | 19,192 |  | $ | 4,631 |  | $ | 659 |  | $ | 210 |  | $ | 49,193 |
The contractual delinquency of the net finance receivables portfolio by product and aging for the periods indicated are as follows:
| March 31, 2025 |
| Large |  | Small |  | Retail |  | Total |
Dollars in thousands | $ |  | % |  | $ |  | % |  | $ |  | % |  | $ |  | % |
Current | $ | 1,174,392 |  |  | 87.3 | % | $ | 449,200 |  |  | 82.6 | % | $ | 480 |  |  | 68.4 | % | $ | 1,624,072 |  |  | 85.9 | %
1 to 29 days past due |  | 92,032 |  |  | 6.8 | % |  | 40,180 |  |  | 7.4 | % |  | 90 |  |  | 12.8 | % |  | 132,302 |  |  | 7.0 | %
Delinquent accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30 to 59 days |  | 20,036 |  |  | 1.4 | % |  | 12,725 |  |  | 2.3 | % |  | 29 |  |  | 4.1 | % |  | 32,790 |  |  | 1.8 | %
60 to 89 days |  | 16,878 |  |  | 1.3 | % |  | 11,869 |  |  | 2.2 | % |  | 31 |  |  | 4.4 | % |  | 28,778 |  |  | 1.5 | %
90 to 119 days |  | 14,086 |  |  | 1.1 | % |  | 10,102 |  |  | 1.9 | % |  | 16 |  |  | 2.3 | % |  | 24,204 |  |  | 1.3 | %
120 to 149 days |  | 13,642 |  |  | 1.0 | % |  | 9,201 |  |  | 1.7 | % |  | 23 |  |  | 3.3 | % |  | 22,866 |  |  | 1.2 | %
150 to 179 days |  | 14,759 |  |  | 1.1 | % |  | 10,547 |  |  | 1.9 | % |  | 33 |  |  | 4.7 | % |  | 25,339 |  |  | 1.3 | %
Total delinquency | $ | 79,401 |  |  | 5.9 | % | $ | 54,444 |  |  | 10.0 | % | $ | 132 |  |  | 18.8 | % | $ | 133,977 |  |  | 7.1 | %
Total net finance receivables | $ | 1,345,825 |  |  | 100.0 | % | $ | 543,824 |  |  | 100.0 | % | $ | 702 |  |  | 100.0 | % | $ | 1,890,351 |  |  | 100.0 | %
Net finance receivables in nonaccrual status | $ | 50,071 |  |  | 3.7 | % | $ | 33,133 |  |  | 6.1 | % | $ | 99 |  |  | 14.1 | % | $ | 83,303 |  |  | 4.4 | %
| December 31, 2024 |
| Large |  | Small |  | Retail |  | Total |
Dollars in thousands | $ |  | % |  | $ |  | % |  | $ |  | % |  | $ |  | % |
Current | $ | 1,139,070 |  |  | 85.2 | % | $ | 450,603 |  |  | 81.2 | % | $ | 708 |  |  | 66.2 | % | $ | 1,590,381 |  |  | 84.0 | %
1 to 29 days past due |  | 109,656 |  |  | 8.2 | % |  | 46,488 |  |  | 8.4 | % |  | 168 |  |  | 15.7 | % |  | 156,312 |  |  | 8.3 | %
Delinquent accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30 to 59 days |  | 22,909 |  |  | 1.7 | % |  | 13,998 |  |  | 2.5 | % |  | 41 |  |  | 3.9 | % |  | 36,948 |  |  | 1.9 | %
60 to 89 days |  | 21,493 |  |  | 1.6 | % |  | 13,699 |  |  | 2.5 | % |  | 50 |  |  | 4.7 | % |  | 35,242 |  |  | 1.9 | %
90 to 119 days |  | 16,609 |  |  | 1.3 | % |  | 11,443 |  |  | 2.1 | % |  | 33 |  |  | 3.1 | % |  | 28,085 |  |  | 1.5 | %
120 to 149 days |  | 14,357 |  |  | 1.1 | % |  | 9,602 |  |  | 1.7 | % |  | 28 |  |  | 2.6 | % |  | 23,987 |  |  | 1.3 | %
150 to 179 days |  | 12,686 |  |  | 0.9 | % |  | 8,853 |  |  | 1.6 | % |  | 41 |  |  | 3.8 | % |  | 21,580 |  |  | 1.1 | %
Total delinquency | $ | 88,054 |  |  | 6.6 | % | $ | 57,595 |  |  | 10.4 | % | $ | 193 |  |  | 18.1 | % | $ | 145,842 |  |  | 7.7 | %
Total net finance receivables | $ | 1,336,780 |  |  | 100.0 | % | $ | 554,686 |  |  | 100.0 | % | $ | 1,069 |  |  | 100.0 | % | $ | 1,892,535 |  |  | 100.0 | %
Net finance receivables in nonaccrual status | $ | 54,228 |  |  | 4.1 | % | $ | 34,465 |  |  | 6.2 | % | $ | 137 |  |  | 12.8 | % | $ | 88,830 |  |  | 4.7 | %
The accrual of interest income on finance receivables is suspended when an account becomes 90 days delinquent. If a loan is charged off, the accrued interest is reversed as a reduction of interest and fee income. During the three months ended March 31, 2025 and 2024, the Company reversed $7.3 million and $5.2 million of accrued interest as reductions of interest and fee income, respectively. The following are reconciliations of the allowance for credit losses by product for the periods indicated:
| As of and For the Three Months Ended March 31, 2025 |
Dollars in thousands | Large |  | Small |  | Retail |  | Total |
Beginning balance | $ | 133,506 |  | $ | 65,826 |  | $ | 168 |  | $ | 199,500 |
Provision for credit losses |  | 34,621 |  |  | 23,358 |  |  | 13 |  |  | 57,992 |
Credit losses |  | (35,755 | ) |  | (25,868 | ) |  | (86 | ) |  | (61,709 | )
Recoveries |  | 2,039 |  |  | 1,269 |  |  | 9 |  |  | 3,317 |
Ending balance | $ | 134,411 |  | $ | 64,585 |  | $ | 104 |  | $ | 199,100 |
Net finance receivables | $ | 1,345,825 |  | $ | 543,824 |  | $ | 702 |  | $ | 1,890,351 |
Allowance as percentage of net finance receivables |  | 10.0 | % |  | 11.9 | % |  | 14.8 | % |  | 10.5 | %
| As of and For the Three Months Ended March 31, 2024 |
Dollars in thousands | Large |  | Small |  | Retail |  | Total |
Beginning balance | $ | 127,992 |  | $ | 58,736 |  | $ | 672 |  | $ | 187,400 |
Provision for credit losses |  | 28,655 |  |  | 17,729 |  |  | 39 |  |  | 46,423 |
Credit losses |  | (31,711 | ) |  | (17,188 | ) |  | (294 | ) |  | (49,193 | )
Recoveries |  | 1,592 |  |  | 865 |  |  | 13 |  |  | 2,470 |
Ending balance | $ | 126,528 |  | $ | 60,142 |  | $ | 430 |  | $ | 187,100 |
Net finance receivables | $ | 1,250,647 |  | $ | 490,830 |  | $ | 2,809 |  | $ | 1,744,286 |
Allowance as percentage of net finance receivables |  | 10.1 | % |  | 12.3 | % |  | 15.3 | % |  | 10.7 | %
The Company uses certain loan modification programs for borrowers experiencing financial difficulties as a loss mitigation strategy to improve collectability of the loans and assist customers through financial setbacks. The programs consist of offering payment deferrals, refinancing, and, in limited instances, settlements. Customers may also pursue financial assistance through external sources, such as filing for bankruptcy protection. Modification programs available to our customers are described in more detail below: • Customers with temporary hardships may be offered payment deferrals related to past due payments. Such deferrals extend the customer’s maturity date and are generally considered insignificant delays, unless the deferral exceeds three deferrals in a rolling twelve-month period. • Customers with delinquent loans who meet certain criteria are eligible to receive a reduced interest rate and/or term extension, making the monthly payments more affordable. • The Company may also agree to settle a past-due loan by accepting less than the full principal balance owed, in certain limited cases, once it is determined that collection of the entire outstanding balance is unlikely. • Customers who receive bankruptcy protection may receive principal forgiveness, interest rate reductions, and/or term extensions. The information relating to modifications made to borrowers experiencing financial difficulty and their related percentage of applicable net finance receivables for the periods indicated are as follows:
|  | As of and for the Three Months Ended March 31, 2025 |
|  | Large |  |  | Small |  |  | Total |
Dollars in thousands |  | $ |  | % |  |  | $ |  | % |  |  | $ |  | % |
Interest rate reduction |  | $ | 5,239 |  |  | 0.3 | % |  | $ | 1,876 |  |  | 0.4 | % |  | $ | 7,115 |  |  | 0.4 | %
Interest rate reduction & term extension |  |  | 2,317 |  |  | 0.2 | % |  |  | 476 |  |  | 0.1 | % |  |  | 2,793 |  |  | 0.1 | %
Term extension |  |  | 852 |  |  | 0.1 | % |  |  | 145 |  |  | — |  |  |  | 997 |  |  | 0.1 | %
Principal forgiveness, interest rate reduction, & term extension |  |  | 175 |  |  | — |  |  |  | 10 |  |  | — |  |  |  | 185 |  |  | — |
Total |  | $ | 8,583 |  |  | 0.6 | % |  | $ | 2,507 |  |  | 0.5 | % |  | $ | 11,090 |  |  | 0.6 | %
|  | As of and for the Three Months Ended March 31, 2024 |
|  | Large |  |  | Small |  |  | Total |
Dollars in thousands |  | $ |  | % |  |  | $ |  | % |  |  | $ |  | % |
Interest rate reduction & term extension |  | $ | 3,545 |  |  | 0.3 | % |  |  | 637 |  |  | 0.1 | % |  | $ | 4,182 |  |  | 0.2 | %
Term extension |  |  | 1,493 |  |  | 0.1 | % |  |  | 271 |  |  | 0.1 | % |  |  | 1,764 |  |  | 0.1 | %
Principal forgiveness, interest rate reduction, & term extension |  |  | 143 |  |  | — |  |  |  | 12 |  |  | — |  |  |  | 155 |  |  | — |
Total |  | $ | 5,181 |  |  | 0.4 | % |  | $ | 920 |  |  | 0.2 | % |  | $ | 6,101 |  |  | 0.3 | %
The financial effects of the modifications made to borrowers experiencing financial difficulty for the periods indicated are as follows:
|  | Three Months Ended March 31, 2025
Loan Modification |  | Product |  | Financial Effect
Interest rate reduction |  | Large loans |  | Reduced the weighted-average contractual interest rate by 18.4%.
|  | Small loans |  | Reduced the weighted-average contractual interest rate by 29.1%.
Term extension |  | Large loans |  | Added a weighted-average 1.3 years to the life of loans.
|  | Small loans |  | Added a weighted-average 1.2 years to the life of loans.
Principal forgiveness |  | Large loans |  | Reduced the amortized cost basis of the loans by $0.3 million.
|  | Small loans |  | Reduced the amortized cost basis of the loans by $0.1 million.
|  | Three Months Ended March 31, 2024
Loan Modification |  | Product |  | Financial Effect
Interest rate reduction |  | Large loans |  | Reduced the weighted-average contractual interest rate by 7.1%.
|  | Small loans |  | Reduced the weighted-average contractual interest rate by 13.2%.
Term extension |  | Large loans |  | Added a weighted-average 1.5 years to the life of loans.
|  | Small loans |  | Added a weighted-average 1.4 years to the life of loans.
Principal forgiveness |  | Large loans |  | Reduced the amortized cost basis of the loans by $0.4 million.
|  | Small loans |  | Reduced the amortized cost basis of the loans by $0.1 million.
The following tables provide the amortized cost basis for modifications made to borrowers experiencing financial difficulty within the previous twelve months that subsequently defaulted. The Company defines payment default as 90 days past due for this disclosure. The respective amounts for each modification for the periods indicated are as follows:
|  | As of and for the Three Months Ended March 31, 2025 |
Dollars in thousands |  | Large |  |  | Small |  |  | Total |
Interest rate reduction |  | $ | 1,466 |  |  | $ | 717 |  |  | $ | 2,183 |
Interest rate reduction & term extension |  |  | 806 |  |  |  | 155 |  |  |  | 961 |
Term extension |  |  | 89 |  |  |  | 19 |  |  |  | 108 |
Principal forgiveness, interest rate reduction, & term extension |  |  | 36 |  |  |  | — |  |  |  | 36 |
Total |  | $ | 2,397 |  |  | $ | 891 |  |  | $ | 3,288 |
|  | As of and for the Three Months Ended March 31, 2024 |
Dollars in thousands |  | Large |  |  | Small |  |  | Total |
Interest rate reduction & term extension |  | $ | 1,669 |  |  | $ | 272 |  |  | $ | 1,941 |
Term extension |  |  | 47 |  |  |  | 6 |  |  |  | 53 |
Principal forgiveness, interest rate reduction, & term extension |  |  | 14 |  |  |  | 6 |  |  |  | 20 |
Total |  | $ | 1,730 |  |  | $ | 284 |  |  | $ | 2,014 |
The contractual delinquencies of loans that were modified to borrowers experiencing financial difficulty within the previous twelve months for the periods indicated are as follows:
|  | March 31, 2025 |
Dollars in thousands |  | Large |  |  | Small |  |  | Total |
Current |  | $ | 16,029 |  |  | $ | 3,929 |  |  | $ | 19,958 |
30 - 89 days past due |  |  | 2,251 |  |  |  | 751 |  |  |  | 3,002 |
90+ days past due |  |  | 1,832 |  |  |  | 784 |  |  |  | 2,616 |
Total (1) |  | $ | 20,112 |  |  | $ | 5,464 |  |  | $ | 25,576 |
(1) Excludes modified finance receivables that subsequently charged off of $1.8 million and $0.4 million in large and small loans, respectively.
|  | March 31, 2024 |
Dollars in thousands |  | Large |  |  | Small |  |  | Total |
Current |  | $ | 11,924 |  |  | $ | 2,024 |  |  | $ | 13,948 |
30 - 89 days past due |  |  | 934 |  |  |  | 216 |  |  |  | 1,150 |
90+ days past due |  |  | 1,341 |  |  |  | 209 |  |  |  | 1,550 |
Total (1) |  | $ | 14,199 |  |  | $ | 2,449 |  |  | $ | 16,648 |
(1) Excludes modified finance receivables that subsequently charged off of $1.2 million and $0.3 million in large and small loans, respectively.

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