Fair Value Measurements and Disclosures

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

Financial instruments carried at fair value

As of March 31, 2026 and December 31, 2025, financial instruments measured at fair value on a recurring basis were as follows (in thousands):

	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Total
March 31, 2026
Assets
Government securities	$	114,754	$	—	$	114,754
Corporate notes	27,162		—		27,162
Derivatives (1)	—		11,439		11,439
Liabilities
Derivatives (1)	—		4,533		4,533
December 31, 2025
Assets
Government securities	$	64,934	$	—	$	64,934
Derivatives (1)	—		3,104		3,104
Liabilities
Derivatives (1)	—		12,385		12,385

(1)Fair value of derivatives is estimated using industry standard valuation models, which project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves and other factors.

Financial instruments not carried at fair value

As of March 31, 2026 and December 31, 2025, the estimated fair value and carrying amount of financial instruments not carried at fair value were as follows (in thousands):

	Estimated Fair Value
	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Carrying Value
March 31, 2026
Financial assets
Cash and cash equivalents	$	124,778	$	—	$	—	$	124,778
Finance receivables, net (1)	—		—		4,355,224		4,637,094
Financial liabilities
Interest-bearing deposits (2)	—		78,740		—		78,740
Revolving lines of credit (3)	—		1,689,734		—		1,689,734
Term loan (3) (4)	—		457,611		—		457,611
Senior notes (4) (5)	—		1,609,165		—		1,644,560
December 31, 2025
Financial assets
Cash and cash equivalents	$	104,409	$	—	$	—	$	104,409
Finance receivables, net (1)	—		—		4,394,028		4,688,024
Financial liabilities
Interest-bearing deposits (2)	—		106,148		—		106,148
Revolving lines of credit (3)	—		1,600,530		—		1,600,530
Term loan (3) (4)	—		460,111		—		460,111
Senior notes (4) (5)	—		1,652,451		—		1,650,350

(1)Fair value is estimated using the proprietary pricing models the Company utilizes to make portfolio acquisition decisions.

(2)Fair value is based on quoted prices for similar instruments in active markets and approximates carrying value due to the short-term deposit periods.

(3)Fair value is based on quoted prices for similar instruments in active markets and approximates carrying value due to the short-term interest rate periods.

(4)The carrying amounts and fair values do not include debt issuance costs.

(5)Fair value is based on quoted market prices obtained from secondary market broker quotes.

Due to the inherent uncertainty of determining the fair value of Level 3 financial instruments, the fair value of these instruments may differ significantly from the values that would have been used had a ready market or observable inputs existed for such instruments and may differ materially from the values that may ultimately be received or settled.