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v3.23.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis |
Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis |  |  |  |  |  |  |  |
|  | Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 2,476,617 |  |  | $ | 1,749,098 |
Finance receivables at fair value acquired during period |  |  | 352,598 |  |  |  | 393,407 |
Payments received on finance receivables at fair value |  |  | (206,626 | ) |  |  | (209,844 | )
Net interest income accretion on fair value receivables |  |  | (47,472 | ) |  |  | (31,204 | )
Mark to fair value |  |  | – |  |  |  | 2,400 |
Balance at end of period |  | $ | 2,575,117 |  |  | $ | 1,903,857 |
Finance receivables fair and contractual balances |
Finance receivables fair and contractual balances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Contractual |  |  | Fair |  |  | Contractual |  |  | Fair |
|  | Balance |  |  | Value |  |  | Balance |  |  | Value |
|  | (In thousands) |
Finance receivables measured at fair value |  | $ | 2,810,908 |  |  | $ | 2,575,117 |  |  | $ | 2,701,184 |  |  | $ | 2,476,617 |
Schedule of level 3 fair value measurements |
Schedule of level 3 fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Instrument |  | Fair Values as of |  |  |  |  | Inputs as of
|  | March 31, |  |  | December 31, |  |  | Unobservable |  | March 31, |  | December 31,
|  | 2023 |  |  | 2022 |  |  | Inputs |  | 2023 |  | 2022
|  | (In thousands) |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables measured at fair value |  | $ | 2,575,117 |  |  | $ | 2,476,617 |  |  | Discount rate |  | 11.0% - 11.5% |  | 11.0% - 11.3%
|  |  |  |  |  |  |  |  |  | Cumulative net losses |  | 10.0% - 20.5% |  | 13.4% - 19.4%
Schedule of delinquency status of finance receivables measured at fair value |
Schedule of delinquency status of finance receivables measured at fair value |  |  |  |  |  |  |  |
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Delinquency Status |  |  |  |  |  |  |  |
Current |  | $ | 2,543,344 |  |  | $ | 2,375,271 |
31 - 60 days |  |  | 140,793 |  |  |  | 184,968 |
61 - 90 days |  |  | 57,808 |  |  |  | 72,390 |
91 + days |  |  | 22,656 |  |  |  | 29,048 |
Repo |  |  | 46,307 |  |  |  | 39,507 |
|  | $ | 2,810,908 |  |  | $ | 2,701,184 |
Schedule of estimated fair values of financial assets and liabilities |
Schedule of estimated fair values of financial assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of March 31, 2023 |
Financial Instrument |  | (In thousands) |
|  | Carrying |  |  | Fair Value Measurements Using: |  |  |  |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,188 |  |  | $ | 10,188 |  |  | $ | – |  |  | $ | – |  |  | $ | 10,188 |
Restricted cash and equivalents |  |  | 158,895 |  |  |  | 158,895 |  |  |  | – |  |  |  | – |  |  |  | 158,895 |
Finance receivables, net |  |  | 54,805 |  |  |  | – |  |  |  | – |  |  |  | 49,104 |  |  |  | 49,104 |
Accrued interest receivable |  |  | 86 |  |  |  | – |  |  |  | – |  |  |  | 86 |  |  |  | 86 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warehouse lines of credit |  | $ | 285,809 |  |  | $ | – |  |  | $ | – |  |  | $ | 285,809 |  |  | $ | 285,809 |
Residual interest financing |  |  | 49,686 |  |  |  |  |  |  |  |  |  |  |  | 49,686 |  |  |  | 49,686 |
Accrued interest payable |  |  | 6,888 |  |  |  | – |  |  |  | – |  |  |  | 6,888 |  |  |  | 6,888 |
Securitization trust debt |  |  | 2,175,068 |  |  |  | – |  |  |  | – |  |  |  | 2,098,717 |  |  |  | 2,098,717 |
Subordinated renewable notes |  |  | 23,443 |  |  |  | – |  |  |  | – |  |  |  | 23,443 |  |  |  | 23,443 |
|  | As of December 31, 2022 |
Financial Instrument |  | (In thousands) |
|  | Carrying |  |  | Fair Value Measurements Using: |  |  |  |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 13,490 |  |  | $ | 13,490 |  |  | $ | – |  |  | $ | – |  |  | $ | 13,490 |
Restricted cash and equivalents |  |  | 149,299 |  |  |  | 149,299 |  |  |  | – |  |  |  | – |  |  |  | 149,299 |
Finance receivables, net |  |  | 70,551 |  |  |  | – |  |  |  | – |  |  |  | 60,063 |  |  |  | 60,063 |
Accrued interest receivable |  |  | 649 |  |  |  | – |  |  |  | – |  |  |  | 649 |  |  |  | 649 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warehouse lines of credit |  | $ | 285,328 |  |  | $ | – |  |  | $ | – |  |  | $ | 285,328 |  |  | $ | 285,328 |
Accrued interest payable |  |  | 6,190 |  |  |  | – |  |  |  | – |  |  |  | 6,190 |  |  |  | 6,190 |
Securitization trust debt |  |  | 2,108,744 |  |  |  | – |  |  |  | – |  |  |  | 1,957,995 |  |  |  | 1,957,995 |
Subordinated renewable notes |  |  | 25,263 |  |  |  | – |  |  |  | – |  |  |  | 25,263 |  |  |  | 25,263 |

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