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v3.25.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
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, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 3,313,767 |  |  | $ | 2,722,662 |
Finance receivables at fair value acquired during period |  |  | 449,602 |  |  |  | 328,893 |
Payments received on finance receivables at fair value |  |  | (252,856 | ) |  |  | (210,935 | )
Net interest income accretion on fair value receivables |  |  | (64,907 | ) |  |  | (54,247 | )
Mark to fair value |  |  | 3,500 |  |  |  | 5,000 |
Balance at end of period |  | $ | 3,449,106 |  |  | $ | 2,791,373 |
Schedule of finance receivables to their contractual balances |
Schedule of finance receivables to their contractual balances |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Contractual |  |  | Fair |  |  | Contractual |  |  | Fair |
|  | Balance |  |  | Value |  |  | Balance |  |  | Value |
|  | (In thousands) |
Finance receivables measured at fair value |  | $ | 3,611,445 |  |  | $ | 3,449,106 |  |  | $ | 3,485,540 |  |  | $ | 3,313,767 |
Schedule of level 3 fair value measurements |
Schedule of level 3 fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Instrument |  | Fair Values as of |  |  |  |  | Weight Avg. Inputs as of |
|  | March 31, |  |  | December 31, |  |  |  |  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |  |  | Unobservable |  | 2025 |  |  | 2024 |
|  | (In thousands) |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables measured at fair value |  | $ | 3,449,106 |  |  | $ | 3,313,767 |  |  | Discount rate |  |  | 11.37% |  |  |  | 11.37% |
|  |  |  |  |  |  |  |  |  | Cumulative net losses |  |  | 15.73% |  |  |  | 15.47% |
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, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Delinquency Status |  |  |  |  |  |  |  |
Current |  | $ | 3,166,583 |  |  | $ | 2,969,864 |
31 - 60 days |  |  | 194,950 |  |  |  | 241,883 |
61 - 90 days |  |  | 95,158 |  |  |  | 113,662 |
91 + days |  |  | 60,862 |  |  |  | 64,810 |
Repo |  |  | 93,892 |  |  |  | 95,321 |
|  | $ | 3,611,445 |  |  | $ | 3,485,540 |
Schedule of fair values of financial assets and liabilities |
Schedule of fair values of financial assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of March 31, 2025 |
Financial Instrument |  | (In thousands) |
|  | Carrying |  |  | Fair Value Measurements Using: |  |  |  |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 29,841 |  |  | $ | 29,841 |  |  | $ | – |  |  | $ | – |  |  | $ | 29,841 |
Restricted cash and equivalents |  |  | 153,637 |  |  |  | 153,637 |  |  |  | – |  |  |  | – |  |  |  | 153,637 |
Finance receivables, net |  |  | 2,860 |  |  |  | – |  |  |  | – |  |  |  | 2,473 |  |  |  | 2,473 |
Accrued interest receivable |  |  | 37 |  |  |  | – |  |  |  | – |  |  |  | 37 |  |  |  | 37 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warehouse lines of credit |  | $ | 365,683 |  |  | $ | – |  |  | $ | – |  |  | $ | 365,683 |  |  | $ | 365,683 |
Residual interest financing |  |  | 163,391 |  |  |  |  |  |  |  |  |  |  |  | 163,391 |  |  |  | 163,391 |
Accrued interest payable |  |  | 11,209 |  |  |  | – |  |  |  | – |  |  |  | 11,209 |  |  |  | 11,209 |
Securitization trust debt |  |  | 2,743,269 |  |  |  | – |  |  |  | – |  |  |  | 2,733,488 |  |  |  | 2,733,488 |
Subordinated renewable notes |  |  | 27,547 |  |  |  | – |  |  |  | – |  |  |  | 27,547 |  |  |  | 27,547 |
|  | As of December 31, 2024 |
Financial Instrument |  | (In thousands) |
|  | Carrying |  |  | Fair Value Measurements Using: |  |  |  |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 11,713 |  |  | $ | 11,713 |  |  | $ | – |  |  | $ | – |  |  | $ | 11,713 |
Restricted cash and equivalents |  |  | 125,684 |  |  |  | 125,684 |  |  |  | – |  |  |  | – |  |  |  | 125,684 |
Finance receivables, net |  |  | 4,987 |  |  |  | – |  |  |  | – |  |  |  | 3,996 |  |  |  | 3,996 |
Accrued interest receivable |  |  | 65 |  |  |  | – |  |  |  | – |  |  |  | 65 |  |  |  | 65 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warehouse lines of credit |  | $ | 410,898 |  |  | $ | – |  |  | $ | – |  |  | $ | 410,898 |  |  | $ | 410,898 |
Accrued interest payable |  |  | 10,663 |  |  |  | – |  |  |  | – |  |  |  | 10,663 |  |  |  | 10,663 |
Securitization trust debt |  |  | 2,594,384 |  |  |  | – |  |  |  | – |  |  |  | 2,614,352 |  |  |  | 2,614,352 |
Subordinated renewable notes |  |  | 26,489 |  |  |  | – |  |  |  | – |  |  |  | 26,489 |  |  |  | 26,489 |

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