XML 93 R63.htm IDEA: XBRL DOCUMENT v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (a) Through (r) (Details)
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 07, 2025
USD ($)
loan
Dec. 17, 2024
USD ($)
May 03, 2024
USD ($)
Feb. 14, 2024
USD ($)
Aug. 21, 2023
USD ($)
Sep. 23, 2022
USD ($)
Dec. 20, 2021
USD ($)
Feb. 05, 2025
USD ($)
Jun. 30, 2018
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
loan_receivable
loan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 16, 2025
USD ($)
Jul. 11, 2025
USD ($)
Jun. 30, 2025
USD ($)
May 21, 2025
USD ($)
Mar. 26, 2025
USD ($)
Feb. 28, 2025
Dec. 18, 2023
USD ($)
Mar. 31, 2023
USD ($)
Jan. 12, 2023
USD ($)
Sep. 09, 2022
USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Incentive fee payable                     $ 17,143,000 $ 16,633,000 $ 4,297,000                    
Loans receivable - at fair value                     90,103,000 532,419,000                      
Loans receivable, at fair value                     $ 90,103,000 532,419,000                      
Number of existing loan receivable | loan_receivable                     2                        
Loans receivable, fair value disclosure, maximum loss exposure                     $ 59,340,000 368,074,000                      
Advertising costs                     7,629,000 10,515,000 10,690,000                    
Restricted cash                     100,475,000 1,875,000                      
Depreciation and amortization                     10,219,000 9,432,000 5,573,000                    
Fair value, option, aggregate differences, loans and long-term receivables                     355,901,000 23,463,000                      
Financing receivable, unrealized gain (loss)                     (332,438,000) (55,756,000) 54,439,000                    
Financing receivable, nonaccrual                     $ 21,122,000 $ 41,236,000                      
Nonaccrual to outstanding, percent                     23.40% 7.70%                      
Financing receivable, 90 days or more past due, still accruing                     $ 321,544,000 $ 43,326,000                      
Fair value, option, credit risk, gains (losses) on assets                     (323,840,000) 6,322,000 (58,068,000)                    
Financing receivable, amount exceed fair value                     $ 358,606,000 31,218,000                      
Number of loans | loan                     2                        
Nogin Inc.                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Consideration transferred, liabilities incurred     $ 37,700,000                                        
Cash     18,670,000                                        
Fair Value, Measurements, Recurring                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Fair value, option, aggregate differences, loans and long-term receivables                     $ 446,004,000 555,882,000                      
Loans receivable                     448,709,000 563,637,000                      
Senior Notes                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Senior notes payable                     1,530,656,000 1,681,151,000                      
Outstanding balance                     $ 1,530,561,000 1,668,021,000                      
Line of Credit | Secured Debt                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Senior notes payable                                             $ 52,500,000
6.375% Senior Notes due 2025                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Interest rate                     6.375%                        
6.375% Senior Notes due 2025 | Senior Notes                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Senior notes payable                     $ 145,211,000 146,432,000                      
Interest rate                     6.375%                        
Term Loan                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Outstanding balance                     $ 117,292,000 475,056,000                      
Term Loan | Line of Credit | Secured Debt                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Principal amount           $ 148,200,000                             $ 49,890,000 $ 78,296,000  
2018 Employee Stock Purchase Plan                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Market value percentage                 85.00%                            
Subsequent Event                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Number of loans | loan 2                                            
Subsequent Event | Senior Notes                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Principal amount                             $ 42,838,000 $ 13,000,000 $ 93,067,000 $ 24,611,000          
Subsequent Event | 6.375% Senior Notes due 2025 | Senior Notes                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Interest rate                                     6.375%        
First Priority Security Interest                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Loans receivable, at fair value                     32,136,000                        
Freedom VCM Holdings, LLC                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Loans receivable, at fair value                     2,169,000 20,624,000                      
Loans receivable                     3,913,000                        
Interest rate         12.00%                                    
Dividends paid, equal to the greater of net after-tax proceeds, percentage         80.00%                                    
Dividends paid, equal to the greater of gross proceeds, percentage         50.00%                                    
Take-private transaction, price         $ 227,296,000                                    
Fair value                     0 $ 232,065,000                      
Freedom VCM Holdings, LLC | Subsequent Event                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Loans receivable, at fair value                           $ 1,284,000                  
Freedom VCM Holdings, LLC | First Priority Security Interest                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Loans receivable, at fair value         200,506,000           $ 2,057,000                        
Loans receivable, fair value disclosure, loan portfolio percentage                     2.30% 37.70%                      
Principal amount                     $ 224,968,000 $ 200,506,000                      
Paid-in-kind interest                     24,462,000                        
Interest receivable                       8,889,000                      
W.S. Badcock Corporation                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Payments to acquire finance receivables           $ 168,363,000 $ 400,000,000     $ 145,278,000                          
Nogin Inc.                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Debtor in possession commitment fund                       17,530,000                      
Financing commitment, additional funds     20,170,000                                        
Financing commitment, payable in kind fees     1,700,000                                        
Financing commitment, payment     $ 15,500,000                                        
Related Party                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Loans receivable - at fair value                     51,902,000 378,768,000                      
Related Party | Freedom VCM Receivables, Inc.                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Loans receivable, at fair value                     3,913,000 42,183,000                      
Payments to acquire finance receivables         58,872,000                                    
Gain (loss) on sale of financing receivable         $ (78,000)                                    
Interest rate         19.74%                                    
Conn’s                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Consideration received   $ 27,738,000                                          
Fair value adjustment                     (71,724,000) 494,000                      
First Lien Loan                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Consideration received, interest   $ 238,000                                          
Retailer Loan                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Senior notes payable                     6,082,000 62,808,000                      
Loans receivable, at fair value                     $ 25,147,000 $ 167,568,000                      
Loans receivable, fair value disclosure, loan portfolio percentage                     27.90% 31.50%                      
Retailer Loan | Subsequent Event                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Repayments of debt               $ 1,114,000                              
Gain (loss) on sales of loans, net $ 1,643,000                                            
Outstanding balance $ 6,611,000                                            
Retailer Loan | Conn’s | Related Party                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Loans receivable - at fair value                                       $ 108,000,000      
Proceeds from collection of finance receivables       $ 15,000,000                                      
Senior notes payable       $ 93,000,000                                      
Loans receivable, at fair value                     $ 19,065,000                        
Retailer Loan | First Lien Loan                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Loans receivable, at fair value                     19,761,000                        
Freedom VCM Holdings, LLC                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Fair value adjustment                     (222,911,000) $ 0                      
Other fixed income securities                                              
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                                              
Interest expense:                     $ 66,128,000 $ 145,435,000 $ 66,495,000