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Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Summary of Net Finance Receivables

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

Summary of Financing Receivable Credit Quality Indicators

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

Amortized Cost Basis in Past-Due Loans

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	%

Reconciliations of Allowance for Credit Losses

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	%

Modifications Made to Borrowers Experiencing Financial Difficulty

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	%

Summary of Financial Effects of Borrowers Experiencing Financial Difficulty

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.

Summary of Amortized Cost Basis for Modifications Made to Borrowers Experiencing Financial Difficulty Subsequently Defaulted

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

Summary of Contractual Delinquencies of Loans

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.