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DEBT & LIQUIDITY
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT & LIQUIDITY DEBT & LIQUIDITY
On June 12, 2025, the Company entered into the 2025 Loan Agreement which amended and restated its prior credit agreement.

Prior to the effectiveness of the 2025 Loan Agreement, the Company’s borrowings included a revolving credit facility (the “Existing Revolving Facility”) and a term loan. The term loan bore interest that included a payment-in-kind (“PIK”) component and was fully repaid on November 3, 2025. Accordingly, the Company’s results for the three and six months ended June 30, 2025 reflect interest expense and related costs associated with the term loan that are not present in the 2026 period.

The 2025 Loan Agreement provides for a revolving credit facility (the “New Revolving Facility”) with total commitments of $110 million. Advances under the New Revolving Facility are limited to the lesser of the total commitment or a specified advance rate applied to eligible leases pledged as collateral. The New Revolving Facility matures on December 4, 2026.

Borrowings under the New Revolving Facility bear interest at a term SOFR-based rate, subject to a 3.0% floor and an applicable credit adjustment spread of 0.10%, plus 7.0% per annum.

On June 2, 2026, the Company entered into the Third Amendment and Limited Waiver to the 2025 Loan Agreement. Pursuant to the Third Amendment, the lenders permanently waived the Company's failure to satisfy the Minimum Trailing Three-Month Net Originations covenant as of May 31, 2026 and eliminated such covenant and the related performance-based advance rate provisions from the 2025 Loan Agreement. In connection with these changes, the advance rate used to determine borrowing availability under the New Revolving Facility was reduced from 90% to 85%. As of June 30, 2026, the Company was in compliance with all financial covenants under the New Revolving Facility.

As of June 30, 2026 and December 31, 2025, the Company had $74.1 million and $78.7 million, respectively, outstanding under the New Revolving Facility, with interest rates of 11.2% and 11.5% respectively.

Debt issuance costs are amortized over the life of the New Revolving Facility and included in interest expense. Unamortized issuance costs were $1.8 million and $3.8 million as of June 30, 2026 and December 31, 2025, respectively. Amortization expense related to debt issuance costs was $1.0 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively. Amortization expense related to debt issuance costs was $2.1 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively.

On November 3, 2025, the Company repaid and extinguished the outstanding term loan using proceeds from the issuance of Series A and Series B Convertible Preferred Stock. In connection with these transactions, the Company also recognized a derivative liability associated with the convertible preferred stock (see Note 6). As a result, the Company’s capital structure and interest expense for periods subsequent to the repayment differ significantly from prior periods.

Liquidity & Going Concern

The New Revolving Facility matures on December 4, 2026, which is within one year after the date these financial statements are issued. As of the issuance date of these financial statements, the Company does not have sufficient standalone liquidity to repay the outstanding balance of the New Revolving Facility at its contractual maturity. Accordingly, management concluded
that these conditions and events raised substantial doubt about the Company's ability to continue as a going concern in accordance with ASC 205-40.
Management intends to refinance, extend or replace the New Revolving Facility prior to its maturity. In addition, the Company expects the pending mergers with CCFI and Aaron's to close in August 2026. Following completion of the mergers, the Company expects to have sufficient liquidity to repay the New Revolving Facility, if necessary, and to support the refinancing, extension or replacement of the facility. Based on these plans, management concluded that it is probable the plans will be effectively implemented and will mitigate the conditions and events that raised substantial doubt. Accordingly, management concluded that substantial doubt has been alleviated.