Portions of the Company\u2019s Proxy Statement for the 2026 Annual Meeting of stockholders are incorporated by reference into Part III of this report.
"}]},{"name":"rpt:f-57","factDimensions":{"xbrl:concept":"cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"ITEM 1C. CYBERSECURITY
Our Board of Directors recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Audit Committee of the Board in conjunction with the Board is actively involved in the oversight of risk, and cybersecurity represents an important component of our overall approach to risk management. Our cybersecurity policies, standards, processes and practices, which are based on recognized frameworks established by the National Institute of Standards and Technology and other applicable industry standards, are fully integrated into our overall risk management. In general, we seek to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity and availability of the information that we collect and store by seeking to identify, prevent and mitigate cybersecurity threats and effectively respond to cybersecurity incidents that may occur.
Risk Management and Strategy
Our cybersecurity risk management program is focused on the following key areas:
We engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include audits, internal assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We also engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Audit Committee and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews.
Although we devote significant resources to implementing, maintaining, testing and upgrading our cybersecurity systems and processes, these security measures do not provide absolute security. Despite our efforts to maintain an effective cybersecurity risk management program, it is possible that our cybersecurity risk mitigation and prevention efforts may not be able to adequately mitigate or prevent all possible security breaches, whether because of the use of new techniques that may not be known or recognized, because cyber-attacks can originate from a wide variety of sources, or for other reasons. As of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity incident that has materially affected or is reasonably likely to materially affect our business, strategy, results of operations or financial condition; however, there can be no assurance that a cybersecurity incident that could have an adverse material impact on us will not occur in the future. See \u201cRisk Factors\u2014Risk Related to Our Business and Industry\u2014We are subject to cybersecurity risks and security breaches and may incur increasing costs in an effort to minimize those risks and to respond to cyber incidents\u201d in Part I, Item 1A of this report.
Governance
Board and Audit Committee Oversight
The Board, in coordination with the Audit Committee, oversees our risk management process, including the management of risks arising from cybersecurity threats. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide
range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The Board also receives scheduled periodic reports both directly from management and through the Audit Committee. Our procedures require that the Board and the Audit Committee also receive prompt and timely information regarding any significant cybersecurity incident that meets established reporting thresholds, as well as ongoing updates, until it has been addressed, which allows the Board and Audit Committee to provide comprehensive oversight and guidance on critical cybersecurity issues. On a periodic basis, the Board and the Audit Committee discuss our approach to cybersecurity risk management with our Chief Analytics and Technology Officer (\u201cCTO\u201d), IT Risk Management team leader (\u201cHead of IT Risk\u201d) or other members of the IT Risk Management function.
Management\u2019s Role
Our Head of IT Risk, with the CTO\u2019s oversight, is primarily responsible for assessing, monitoring and managing material risks from cybersecurity threats and manages our IT Risk Management team. The Head of IT Risk is currently a Certified Information Systems Security Professional (CISSP), with a Master of Science in Digital Forensic Science and has 19 years of cybersecurity work experience. The members of our IT Risk Management team have an average of five years of cybersecurity work experience with degrees in information technology and computer engineering. The Head of IT Risk works closely with the CTO, including holding bi-weekly meetings, to discuss cybersecurity risks and any changes in our cybersecurity policies and practices. The CTO, Head of IT Risk and IT Risk Management function work collaboratively across our company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents, if any, in accordance with our incident response and recovery plans.
Board and Audit Committee Oversight
The Board, in coordination with the Audit Committee, oversees our risk management process, including the management of risks arising from cybersecurity threats. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide
range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The Board also receives scheduled periodic reports both directly from management and through the Audit Committee. Our procedures require that the Board and the Audit Committee also receive prompt and timely information regarding any significant cybersecurity incident that meets established reporting thresholds, as well as ongoing updates, until it has been addressed, which allows the Board and Audit Committee to provide comprehensive oversight and guidance on critical cybersecurity issues. On a periodic basis, the Board and the Audit Committee discuss our approach to cybersecurity risk management with our Chief Analytics and Technology Officer (\u201cCTO\u201d), IT Risk Management team leader (\u201cHead of IT Risk\u201d) or other members of the IT Risk Management function.
Management\u2019s Role
Our Head of IT Risk, with the CTO\u2019s oversight, is primarily responsible for assessing, monitoring and managing material risks from cybersecurity threats and manages our IT Risk Management team. The Head of IT Risk is currently a Certified Information Systems Security Professional (CISSP), with a Master of Science in Digital Forensic Science and has 19 years of cybersecurity work experience. The members of our IT Risk Management team have an average of five years of cybersecurity work experience with degrees in information technology and computer engineering. The Head of IT Risk works closely with the CTO, including holding bi-weekly meetings, to discuss cybersecurity risks and any changes in our cybersecurity policies and practices. The CTO, Head of IT Risk and IT Risk Management function work collaboratively across our company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents, if any, in accordance with our incident response and recovery plans.
The Board, in coordination with the Audit Committee, oversees our risk management process, including the management of risks arising from cybersecurity threats. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide
range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The Board also receives scheduled periodic reports both directly from management and through the Audit Committee. Our procedures require that the Board and the Audit Committee also receive prompt and timely information regarding any significant cybersecurity incident that meets established reporting thresholds, as well as ongoing updates, until it has been addressed, which allows the Board and Audit Committee to provide comprehensive oversight and guidance on critical cybersecurity issues."}]},{"name":"rpt:f-65","factDimensions":{"xbrl:concept":"cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"The Board also receives scheduled periodic reports both directly from management and through the Audit Committee."}]},{"name":"rpt:f-66","factDimensions":{"xbrl:concept":"cyd:CybersecurityRiskRoleOfManagementTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Management\u2019s Role
Our Head of IT Risk, with the CTO\u2019s oversight, is primarily responsible for assessing, monitoring and managing material risks from cybersecurity threats and manages our IT Risk Management team. The Head of IT Risk is currently a Certified Information Systems Security Professional (CISSP), with a Master of Science in Digital Forensic Science and has 19 years of cybersecurity work experience. The members of our IT Risk Management team have an average of five years of cybersecurity work experience with degrees in information technology and computer engineering. The Head of IT Risk works closely with the CTO, including holding bi-weekly meetings, to discuss cybersecurity risks and any changes in our cybersecurity policies and practices. The CTO, Head of IT Risk and IT Risk Management function work collaboratively across our company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents, if any, in accordance with our incident response and recovery plans.
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We have audited the accompanying consolidated balance sheets of Enova International, Inc. and subsidiaries (the \"Company\") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the \"financial statements\"). We also have audited the Company\u2019s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control \u2014 Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control \u2014 Integrated Framework (2013) issued by COSO.
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Significant Accounting Policies
Nature of the Company
Enova International, Inc. (\u201cEnova\u201d), formed on September 7, 2011, is an independent, publicly traded company, and the Company\u2019s shares of common stock are listed on the New York Stock Exchange under the symbol \u201cENVA.\u201d Enova and its subsidiaries (individually and collectively referred to herein as the \u201cCompany\u201d) operate an internet-based lending platform to serve customers in need of cash to fulfill their financial responsibilities. Through a network of direct and indirect marketing channels, the Company offers funds to its customers through a variety of loan and finance receivable products that are primarily unsecured. The business is operated primarily through the internet to provide convenient, fully-automated financial solutions to its customers. As of December 31, 2025, the Company offered or arranged loans to consumers under the names \u201cCashNetUSA\u201d and \u201cNetCredit\u201d in 37 states in the United States and under the name \u201cSimplic\u201d in Brazil. The Company also offered or arranged financing to small businesses in 49 states and Washington D.C. in the United States under the names \u201cOnDeck\u201d and \u201cHeadway Capital.\u201d
The Company originates, guarantees, purchases or purchases a participating interest in consumer installment loans or line of credit accounts. The Company also provides financing to small businesses through either installment loans or line of credit accounts. Consumer and small business loans provide customers with cash in their bank account, typically in exchange for an obligation to repay the amount advanced plus fees and/or interest. \u201cLoans and finance receivables\u201d include both consumer loans and small business loans.
Installment loans are loans originated by the Company, by a third-party lender through the Company\u2019s credit services organization or credit access business program (\u201cCSO program\u201d as further described below) that the Company guarantees or by a bank partner. Installment loans include longer-term loans that require the outstanding principal balance to be paid down in multiple installments. Line of credit accounts are originated by the Company or by a bank partner. Line of credit accounts allow customers to draw on their line of credit in increments of their choosing up to their credit limit. Customers may pay off their account balance in full at any time or make required minimum payments in accordance with the terms of the line of credit account.
Through the Company\u2019s CSO program, the Company provides services related to a third-party lender\u2019s consumer loan products in Texas by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under the CSO program include credit-related services such as arranging loans with independent third-party lenders and assisting in the preparation of loan applications and loan documents (\u201cCSO loans\u201d). Under the CSO program, the Company guarantees consumer loan payment obligations to the third-party lender in the event that the customer defaults on the loan, at which point, the loan is purchased by the Company. Prior to any potential purchase, CSO loans are not included in the Company\u2019s consolidated balance sheets.
The Company operates programs with certain banks to provide marketing services and loan servicing for near-prime unsecured consumer installment loans and line of credit accounts. Under the programs, the Company receives marketing and servicing fees while the bank receives an origination fee. The bank has the ability to sell and the Company has the option, but not the requirement, to purchase the loans the bank originates and, in the case of line of credit accounts, a participation interest in those accounts. The Company does not guarantee the performance of the loans and line of credit accounts originated by the bank. OnDeck operates a program with a separate bank to provide marketing services and loan servicing for small business installment loans and line of credit accounts. Under the OnDeck program, the Company receives marketing fees while the bank receives origination fees and certain program fees. The bank has the ability to sell and the Company has the option, but not the requirement, to purchase the installment loans that the bank originates and, in the case of line of credit accounts, extensions under those line of credit accounts. The Company does not guarantee the performance of the loans originated by the bank.
The Company operates a money transfer platform that allows customers to send money from the United States to Mexico, other Latin American countries and Asia. Revenue is generated through fees per transfer and an exchange rate spread.
Basis of Presentation
The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally accepted in the United States (\u201cGAAP\u201d) and reflect the historical results of operations and cash flows of the Company during each respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results, changes in stockholders\u2019 equity and cash flows of the Company in the future. Intercompany transactions are eliminated. Certain prior year amounts have been reclassified to conform to current year presentation.
The Company consolidates any variable interest entity (\u201cVIE\u201d) where it has determined the Company is the primary beneficiary. The primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE\u2019s
economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.
Use of Estimates
The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, fair value of loans and finance receivables, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates.
Foreign Currency Translations
The functional currency for the Company\u2019s subsidiaries that serve residents of Brazil is the Brazilian real. The assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are recorded in \u201cAccumulated other comprehensive income (loss)\u201d (\u201cAOCI\u201d) as a separate component of stockholders\u2019 equity. Revenue and expenses are translated at the monthly average exchange rates occurring during each period.
Cash and Cash Equivalents
The Company considers deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents.
Restricted Cash
The Company includes funds to be used for future debt payments relating to its securitization transactions and escrow deposits in restricted cash and cash equivalents.
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n
| \n 2024 | \n \u00a0 | \n
| \n 2023 | \n \u00a0 | \n |||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 71,709 | \n \u00a0 | \n
| \n $ | \n 73,910 | \n \u00a0 | \n
| \n $ | \n 54,357 | \n \u00a0 | \n
Restricted cash | \n \u00a0 | \n \u00a0 | \n 336,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 248,758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 323,082 | \n \u00a0 | \n
Total cash, cash equivalents and restricted cash | \n \u00a0 | \n $ | \n 407,863 | \n \u00a0 | \n \u00a0 | \n $ | \n 322,668 | \n \u00a0 | \n \u00a0 | \n $ | \n 377,439 | \n \u00a0 | \n
Revenue Recognition
The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. \u201cRevenue\u201d in the consolidated statements of income primarily includes: interest income, statement and draw fees on line of credit accounts, fees for services provided through the Company\u2019s CSO program (\u201cCSO fees\u201d), origination fees and other fees as permitted by applicable laws and pursuant to the agreement with the customer. Interest income is generally recognized on an effective yield basis over the contractual term of the loan on installment loans or the estimated outstanding period of the draw on line of credit accounts. Statement fees on line of credit accounts are similar to interest charges and are generally recognized similarly to interest income. Draw fees on line of credit accounts are generally recognized at the time of draw. CSO fees are recognized over the term of the loan. Origination fees are charged to customers on certain installment loan products and are recognized upon origination.
Loans and Finance Receivables
The Company utilizes the fair value option on its entire loan and finance receivable portfolio. As such, loans and finance receivables are carried at fair value in the consolidated balance sheet with changes in fair value recorded in the consolidated income statement. To
derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets. Loss, prepayment and servicing cost assumptions are determined using historical loss data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Accrued and unpaid interest and fees are included in \u201cLoans and finance receivables at fair value\u201d in the consolidated balance sheets.
If a loan is renewed or refinanced, the renewal or refinanced loan is considered a new loan. The Company generally does not consider modifications that do not necessitate the customer to sign a new loan agreement to be new loans.
Current and Delinquent Loans and Finance Receivables
The Company classifies its loans and finance receivables as either current or delinquent. When a customer does not make a scheduled payment in full as of the due date, the receivable is considered delinquent. For the OnDeck portfolio, there is no accrual of interest income on loans when the customer misses their most recent payment. Excluding the OnDeck portfolio, there is no accrual of interest income on loans when a customer falls more than one payment behind. Loans may be returned to accrual status if the customer rectifies and the loan no longer meets non-accrual criteria. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period.
The Company offers certain forbearance options on its loan products with features such as payment deferrals without the incurrence of additional finance charges or late fees. If a loan is deemed to be current and the customer makes a deferral or payment modification, the loan is still deemed to be current until the next scheduled payment is missed.
For consumer loans and finance receivables, the Company generally charges off a delinquent loan after 65 days past due, or earlier if deemed uncollectible at that point. For small business loans and finance receivables, the Company generally charges off a loan when it is probable that that it will be unable to collect all of the remaining principal payments, which is generally after 90 days of delinquency and 30 days of non-activity. Recoveries on loans and finance receivables that were previously charged off are generally recognized when collected or sold.
Property and Equipment
Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives:
\n
| \n | \n | \n |
Computer hardware and software | \n \u00a0 | \n 3\u00a0to 5 years | \n
Furniture, fixtures and equipment | \n \u00a0 | \n 3\u00a0to 7 years | \n
Leasehold improvements (1) | \n \u00a0 | \n 3\u00a0to 10 years | \n
Software Development Costs
The Company applies ASC 350-40, Internal Use Software (\u201cASC 350-40\u201d), to its software purchase and development activities. Under ASC 350-40, eligible internal and external costs incurred for the development of computer software applications, as well as for upgrades and enhancements that result in additional functionality of the applications, are capitalized to \u201cProperty and equipment\u201d on the consolidated balance sheets. Internal and external training and maintenance costs are charged to expense as incurred or over the related service period. When a software application is placed in service, the Company begins amortizing the related capitalized software costs using the straight-line method based on its estimated useful life, which generally ranges from to five years.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350, Intangibles\u2014Goodwill and Other (\u201cASC 350\u201d), the Company tests goodwill for potential impairment annually as of October 1 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating activities, market capitalization and stock price. If the Company determines that the quantitative impairment test is required, management uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint.
Long-Lived Assets Other Than Goodwill
An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset\u2019s corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset\u2019s carrying value over its estimated fair value.
The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally to 20 years. The costs of start-up activities and organization costs are charged to expense as incurred.
Investments in Unconsolidated Investees
The Company owns a 20% equity interest in On Deck Capital Australia PTY LTD (\u201cOnDeck Australia\u201d), which is recorded using the equity method of accounting. As of December 31, 2025 and 2024 the carrying value of the Company\u2019s ownership in OnDeck Australia was $1.5 million and $0.1 million, respectively, which the Company included in \u201cOther assets\u201d on the consolidated balance sheets.
On February 24, 2021, the Company contributed the platform-as-service business assumed in the OnDeck acquisition to Linear Financial Technologies Holding LLC (\u201cLinear\u201d) in exchange for ownership units in that entity. The Company recorded its interest in Linear under the equity method of accounting and included it in \u201cOther assets\u201d on the consolidated balance sheets. In 2022, the Company recognized a gain of $11.0 million related to the sale by Linear of its operating company. In the third quarter of 2024, Linear was dissolved, with its sole assets, consisting of preferred shares in a separate company, being distributed to the holders of Linear\u2019s ownership units. Concurrently in the third quarter of 2024, the separate company executed a capital raise in which the Company opted not to participate that resulted in the Company\u2019s preferred shares having a substantially less preferential position in the separate company\u2019s capital structure. Because of their subordinated position, the preferred shares were valued at $0. As such, the Company recorded a loss of $16.6 million during 2024, which included the carrying value of the investment of $16.1 million and the remaining unrealized loss of $0.5 million that had been recorded directly in accumulated other comprehensive income. In the third quarter of 2025, the preferred shares were canceled and extinguished without consideration to the Company in connection with the separate company being acquired by another entity. As of December 31, 2025 and 2024, the Company\u2019s investment in Linear had no carrying value.
Equity method income has been included in \u201cEquity method investment income (loss)\u201d in the consolidated income statements.
Marketing Expenses
Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising. All marketing expenses are expensed as incurred.
Operations and Technology Expenses
Operations and technology expenses include all expenses related to the direct operations and technology infrastructure related to loan underwriting and processing. This includes, but is not limited to, contact center and operations personnel costs, software maintenance expense, underwriting data from third-party vendors, bank/transaction fees and collection costs.
General and Administrative Expenses
General and administrative expenses primarily include the Company\u2019s corporate personnel costs, as well as legal, occupancy, and other related costs.
Stock-Based Compensation
The Company accounts for its stock-based employee compensation plans in accordance with ASC 718, Compensation\u2014Stock Compensation (\u201cASC 718\u201d). Under this guidance the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. However, with respect to income taxes, the related deduction from taxes payable is based on the award\u2019s intrinsic value at the time of exercise (for an option) or on the fair value upon vesting of the award (for restricted stock units), which can be either greater (creating an excess tax benefit) or less (creating a tax deficiency) than the deferred tax benefit that is recorded as compensation cost is recognized in the consolidated financial statements. These excess tax benefits (deficiencies) are recognized in \u201cProvision for income taxes\u201d in the period that the tax deduction arises. In the consolidated statement of cash flows, they are classified in operating activities in the same manner as other cash flows related to income taxes.
Income Taxes
The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income taxes are provided for in accordance with the asset and liability method of accounting for income taxes in order to recognize the tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements.
The Company accounts for uncertainty in income taxes in accordance with ASC 740, Income Taxes (\u201cASC 740\u201d), which requires that a more-likely-than-not threshold (greater than 50 percent) be met before the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such benefit should be measured. The Company records interest and penalties related to tax matters as income tax expense in the consolidated statements of income.
The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company\u2019s carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. See Note 10 for further discussion.
Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. Restricted stock units issued under the Company\u2019s stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the vesting of shares will occur over time.
The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Net Income | \n \u00a0 | \n $ | \n 308,389 | \n \u00a0 | \n \u00a0 | \n $ | \n 209,448 | \n \u00a0 | \n \u00a0 | \n $ | \n 175,121 | \n \u00a0 | \n
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total weighted average basic shares | \n \u00a0 | \n \u00a0 | \n 25,169 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,920 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,673 | \n \u00a0 | \n
Shares applicable to stock-based compensation | \n \u00a0 | \n \u00a0 | \n 1,606 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,248 | \n \u00a0 | \n
Total weighted average diluted shares | \n \u00a0 | \n \u00a0 | \n 26,775 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,921 | \n \u00a0 | \n
Earnings per common share \u2013 basic | \n \u00a0 | \n $ | \n 12.25 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.78 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.71 | \n \u00a0 | \n
Earnings per common share \u2013 diluted | \n \u00a0 | \n $ | \n 11.52 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.43 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.49 | \n \u00a0 | \n
For the years ended December 31, 2025, 2024 and 2023, there were 160,087, 177,247 and 351,699 shares of common stock underlying stock options, respectively, that were excluded from the calculation of diluted net earnings per share because their effect would have been antidilutive. For the years ended December 31, 2025, 2024, and 2023, there were 107, 1,394 and 235,237 shares of common stock underlying restricted stock units, respectively, that were excluded from the calculation of diluted net earnings per share because their effect would have been antidilutive.
Adopted Accounting Standards
In December 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to disclose additional information about federal, state and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The Company adopted this standard in the fourth quarter of 2025 on a retrospective basis as of January 1, 2023. There was no impact of adoption to recognition or measurement in the Company\u2019s consolidated financial statements. Refer to Note 10 and Note 16 for further information.
Accounting Standards to be Adopted in Future Periods
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (\u201cASU 2025-06\u201d), which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous \u201cdevelopment stage\u201d model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025\u201106 on the consolidated financial statements.
Basis of Presentation
The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally accepted in the United States (\u201cGAAP\u201d) and reflect the historical results of operations and cash flows of the Company during each respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results, changes in stockholders\u2019 equity and cash flows of the Company in the future. Intercompany transactions are eliminated. Certain prior year amounts have been reclassified to conform to current year presentation.
The Company consolidates any variable interest entity (\u201cVIE\u201d) where it has determined the Company is the primary beneficiary. The primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE\u2019s
economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.
"}]},{"name":"rpt:f-404","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Use of Estimates
The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, fair value of loans and finance receivables, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates.
"}]},{"name":"rpt:f-405","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Foreign Currency Translations
The functional currency for the Company\u2019s subsidiaries that serve residents of Brazil is the Brazilian real. The assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are recorded in \u201cAccumulated other comprehensive income (loss)\u201d (\u201cAOCI\u201d) as a separate component of stockholders\u2019 equity. Revenue and expenses are translated at the monthly average exchange rates occurring during each period.
"}]},{"name":"rpt:f-406","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Cash and Cash Equivalents
The Company considers deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents.
"}]},{"name":"rpt:f-407","factDimensions":{"xbrl:concept":"enva:CashAndCashEquivalentMaturityPeriod","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P90D"}]},{"name":"rpt:f-408","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Restricted Cash
The Company includes funds to be used for future debt payments relating to its securitization transactions and escrow deposits in restricted cash and cash equivalents.
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n
| \n 2024 | \n \u00a0 | \n
| \n 2023 | \n \u00a0 | \n |||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 71,709 | \n \u00a0 | \n
| \n $ | \n 73,910 | \n \u00a0 | \n
| \n $ | \n 54,357 | \n \u00a0 | \n
Restricted cash | \n \u00a0 | \n \u00a0 | \n 336,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 248,758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 323,082 | \n \u00a0 | \n
Total cash, cash equivalents and restricted cash | \n \u00a0 | \n $ | \n 407,863 | \n \u00a0 | \n \u00a0 | \n $ | \n 322,668 | \n \u00a0 | \n \u00a0 | \n $ | \n 377,439 | \n \u00a0 | \n
The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n
| \n 2024 | \n \u00a0 | \n
| \n 2023 | \n \u00a0 | \n |||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 71,709 | \n \u00a0 | \n
| \n $ | \n 73,910 | \n \u00a0 | \n
| \n $ | \n 54,357 | \n \u00a0 | \n
Restricted cash | \n \u00a0 | \n \u00a0 | \n 336,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 248,758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 323,082 | \n \u00a0 | \n
Total cash, cash equivalents and restricted cash | \n \u00a0 | \n $ | \n 407,863 | \n \u00a0 | \n \u00a0 | \n $ | \n 322,668 | \n \u00a0 | \n \u00a0 | \n $ | \n 377,439 | \n \u00a0 | \n
Revenue Recognition
The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. \u201cRevenue\u201d in the consolidated statements of income primarily includes: interest income, statement and draw fees on line of credit accounts, fees for services provided through the Company\u2019s CSO program (\u201cCSO fees\u201d), origination fees and other fees as permitted by applicable laws and pursuant to the agreement with the customer. Interest income is generally recognized on an effective yield basis over the contractual term of the loan on installment loans or the estimated outstanding period of the draw on line of credit accounts. Statement fees on line of credit accounts are similar to interest charges and are generally recognized similarly to interest income. Draw fees on line of credit accounts are generally recognized at the time of draw. CSO fees are recognized over the term of the loan. Origination fees are charged to customers on certain installment loan products and are recognized upon origination.
"}]},{"name":"rpt:f-420","factDimensions":{"xbrl:concept":"us-gaap:FinanceLoansAndLeasesReceivablePolicy","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Loans and Finance Receivables
The Company utilizes the fair value option on its entire loan and finance receivable portfolio. As such, loans and finance receivables are carried at fair value in the consolidated balance sheet with changes in fair value recorded in the consolidated income statement. To
derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets. Loss, prepayment and servicing cost assumptions are determined using historical loss data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Accrued and unpaid interest and fees are included in \u201cLoans and finance receivables at fair value\u201d in the consolidated balance sheets.
If a loan is renewed or refinanced, the renewal or refinanced loan is considered a new loan. The Company generally does not consider modifications that do not necessitate the customer to sign a new loan agreement to be new loans.
Current and Delinquent Loans and Finance Receivables
The Company classifies its loans and finance receivables as either current or delinquent. When a customer does not make a scheduled payment in full as of the due date, the receivable is considered delinquent. For the OnDeck portfolio, there is no accrual of interest income on loans when the customer misses their most recent payment. Excluding the OnDeck portfolio, there is no accrual of interest income on loans when a customer falls more than one payment behind. Loans may be returned to accrual status if the customer rectifies and the loan no longer meets non-accrual criteria. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period.
The Company offers certain forbearance options on its loan products with features such as payment deferrals without the incurrence of additional finance charges or late fees. If a loan is deemed to be current and the customer makes a deferral or payment modification, the loan is still deemed to be current until the next scheduled payment is missed.
For consumer loans and finance receivables, the Company generally charges off a delinquent loan after 65 days past due, or earlier if deemed uncollectible at that point. For small business loans and finance receivables, the Company generally charges off a loan when it is probable that that it will be unable to collect all of the remaining principal payments, which is generally after 90 days of delinquency and 30 days of non-activity. Recoveries on loans and finance receivables that were previously charged off are generally recognized when collected or sold."}]},{"name":"rpt:f-421","factDimensions":{"xbrl:concept":"enva:FinancingReceivablePeriodPastDueConsideredAsNonPerforming","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"P65D"}]},{"name":"rpt:f-422","factDimensions":{"xbrl:concept":"enva:RemainingPrincipalPaymentsChargeOffLoanPeriod","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"P90D"}]},{"name":"rpt:f-423","factDimensions":{"xbrl:concept":"enva:NonActivityLoansAndFinanceReceivablesPeriod","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"P30D"}]},{"name":"rpt:f-424","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Property and Equipment
Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives:
\n
| \n | \n | \n |
Computer hardware and software | \n \u00a0 | \n 3\u00a0to 5 years | \n
Furniture, fixtures and equipment | \n \u00a0 | \n 3\u00a0to 7 years | \n
Leasehold improvements (1) | \n \u00a0 | \n 3\u00a0to 10 years | \n
\n
| \n | \n | \n |
Computer hardware and software | \n \u00a0 | \n 3\u00a0to 5 years | \n
Furniture, fixtures and equipment | \n \u00a0 | \n 3\u00a0to 7 years | \n
Leasehold improvements (1) | \n \u00a0 | \n 3\u00a0to 10 years | \n
Software Development Costs
The Company applies ASC 350-40, Internal Use Software (\u201cASC 350-40\u201d), to its software purchase and development activities. Under ASC 350-40, eligible internal and external costs incurred for the development of computer software applications, as well as for upgrades and enhancements that result in additional functionality of the applications, are capitalized to \u201cProperty and equipment\u201d on the consolidated balance sheets. Internal and external training and maintenance costs are charged to expense as incurred or over the related service period. When a software application is placed in service, the Company begins amortizing the related capitalized software costs using the straight-line method based on its estimated useful life, which generally ranges from to five years.
"}]},{"name":"rpt:f-434","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:SoftwareDevelopmentMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-435","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350, Intangibles\u2014Goodwill and Other (\u201cASC 350\u201d), the Company tests goodwill for potential impairment annually as of October 1 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating activities, market capitalization and stock price. If the Company determines that the quantitative impairment test is required, management uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint.
"}]},{"name":"rpt:f-436","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Long-Lived Assets Other Than Goodwill
An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset\u2019s corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset\u2019s carrying value over its estimated fair value.
The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally to 20 years. The costs of start-up activities and organization costs are charged to expense as incurred.
"}]},{"name":"rpt:f-437","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-438","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsPolicy","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Investments in Unconsolidated Investees
The Company owns a 20% equity interest in On Deck Capital Australia PTY LTD (\u201cOnDeck Australia\u201d), which is recorded using the equity method of accounting. As of December 31, 2025 and 2024 the carrying value of the Company\u2019s ownership in OnDeck Australia was $1.5 million and $0.1 million, respectively, which the Company included in \u201cOther assets\u201d on the consolidated balance sheets.
On February 24, 2021, the Company contributed the platform-as-service business assumed in the OnDeck acquisition to Linear Financial Technologies Holding LLC (\u201cLinear\u201d) in exchange for ownership units in that entity. The Company recorded its interest in Linear under the equity method of accounting and included it in \u201cOther assets\u201d on the consolidated balance sheets. In 2022, the Company recognized a gain of $11.0 million related to the sale by Linear of its operating company. In the third quarter of 2024, Linear was dissolved, with its sole assets, consisting of preferred shares in a separate company, being distributed to the holders of Linear\u2019s ownership units. Concurrently in the third quarter of 2024, the separate company executed a capital raise in which the Company opted not to participate that resulted in the Company\u2019s preferred shares having a substantially less preferential position in the separate company\u2019s capital structure. Because of their subordinated position, the preferred shares were valued at $0. As such, the Company recorded a loss of $16.6 million during 2024, which included the carrying value of the investment of $16.1 million and the remaining unrealized loss of $0.5 million that had been recorded directly in accumulated other comprehensive income. In the third quarter of 2025, the preferred shares were canceled and extinguished without consideration to the Company in connection with the separate company being acquired by another entity. As of December 31, 2025 and 2024, the Company\u2019s investment in Linear had no carrying value.
Equity method income has been included in \u201cEquity method investment income (loss)\u201d in the consolidated income statements.
"}]},{"name":"rpt:f-439","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:OnDeckCapitalAustraliaPtyLimitedMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-440","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestments","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:OtherAssetsMember","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:OnDeckCapitalAustraliaPtyLimitedMember"},"factValues":[{"value":"1500000","decimals":-5}]},{"name":"rpt:f-441","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestments","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:OtherAssetsMember","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:OnDeckCapitalAustraliaPtyLimitedMember"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-442","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentRealizedGainLossOnDisposal","xbrl:period":"2022-01-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:LinearFinancialTechnologiesHoldingLLCMember"},"factValues":[{"value":"11000000","decimals":-5}]},{"name":"rpt:f-443","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockValue","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:LinearFinancialTechnologiesHoldingLLCMember"},"factValues":[{"value":"0","decimals":-6}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentRealizedGainLossOnDisposal","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:LinearFinancialTechnologiesHoldingLLCMember"},"factValues":[{"value":"-16600000","decimals":-5}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestments","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:LinearFinancialTechnologiesHoldingLLCMember","us-gaap:BalanceSheetLocationAxis":"us-gaap:OtherAssetsMember"},"factValues":[{"value":"16100000","decimals":-5}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"us-gaap:IncomeLossFromEquityMethodInvestments","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:LinearFinancialTechnologiesHoldingLLCMember"},"factValues":[{"value":"-500000","decimals":-5}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestments","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:LinearFinancialTechnologiesHoldingLLCMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestments","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"enva:LinearFinancialTechnologiesHoldingLLCMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-449","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Marketing Expenses
Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising. All marketing expenses are expensed as incurred.
"}]},{"name":"rpt:f-450","factDimensions":{"xbrl:concept":"enva:OperatingCostsAndExpensesPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Operations and Technology Expenses
Operations and technology expenses include all expenses related to the direct operations and technology infrastructure related to loan underwriting and processing. This includes, but is not limited to, contact center and operations personnel costs, software maintenance expense, underwriting data from third-party vendors, bank/transaction fees and collection costs.
"}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"General and Administrative Expenses
General and administrative expenses primarily include the Company\u2019s corporate personnel costs, as well as legal, occupancy, and other related costs.
"}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:CompensationRelatedCostsPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Stock-Based Compensation
The Company accounts for its stock-based employee compensation plans in accordance with ASC 718, Compensation\u2014Stock Compensation (\u201cASC 718\u201d). Under this guidance the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. However, with respect to income taxes, the related deduction from taxes payable is based on the award\u2019s intrinsic value at the time of exercise (for an option) or on the fair value upon vesting of the award (for restricted stock units), which can be either greater (creating an excess tax benefit) or less (creating a tax deficiency) than the deferred tax benefit that is recorded as compensation cost is recognized in the consolidated financial statements. These excess tax benefits (deficiencies) are recognized in \u201cProvision for income taxes\u201d in the period that the tax deduction arises. In the consolidated statement of cash flows, they are classified in operating activities in the same manner as other cash flows related to income taxes.
"}]},{"name":"rpt:f-453","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Income Taxes
The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income taxes are provided for in accordance with the asset and liability method of accounting for income taxes in order to recognize the tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements.
The Company accounts for uncertainty in income taxes in accordance with ASC 740, Income Taxes (\u201cASC 740\u201d), which requires that a more-likely-than-not threshold (greater than 50 percent) be met before the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such benefit should be measured. The Company records interest and penalties related to tax matters as income tax expense in the consolidated statements of income.
The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company\u2019s carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. See Note 10 for further discussion.
"}]},{"name":"rpt:f-454","factDimensions":{"xbrl:concept":"enva:DeferredIncomeTaxAssetsValuationAllowancePercentage","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"0.50","decimals":2}]},{"name":"rpt:f-455","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. Restricted stock units issued under the Company\u2019s stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the vesting of shares will occur over time.
The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Net Income | \n \u00a0 | \n $ | \n 308,389 | \n \u00a0 | \n \u00a0 | \n $ | \n 209,448 | \n \u00a0 | \n \u00a0 | \n $ | \n 175,121 | \n \u00a0 | \n
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total weighted average basic shares | \n \u00a0 | \n \u00a0 | \n 25,169 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,920 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,673 | \n \u00a0 | \n
Shares applicable to stock-based compensation | \n \u00a0 | \n \u00a0 | \n 1,606 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,248 | \n \u00a0 | \n
Total weighted average diluted shares | \n \u00a0 | \n \u00a0 | \n 26,775 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,921 | \n \u00a0 | \n
Earnings per common share \u2013 basic | \n \u00a0 | \n $ | \n 12.25 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.78 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.71 | \n \u00a0 | \n
Earnings per common share \u2013 diluted | \n \u00a0 | \n $ | \n 11.52 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.43 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.49 | \n \u00a0 | \n
For the years ended December 31, 2025, 2024 and 2023, there were 160,087, 177,247 and 351,699 shares of common stock underlying stock options, respectively, that were excluded from the calculation of diluted net earnings per share because their effect would have been antidilutive. For the years ended December 31, 2025, 2024, and 2023, there were 107, 1,394 and 235,237 shares of common stock underlying restricted stock units, respectively, that were excluded from the calculation of diluted net earnings per share because their effect would have been antidilutive.
"}]},{"name":"rpt:f-456","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Net Income | \n \u00a0 | \n $ | \n 308,389 | \n \u00a0 | \n \u00a0 | \n $ | \n 209,448 | \n \u00a0 | \n \u00a0 | \n $ | \n 175,121 | \n \u00a0 | \n
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total weighted average basic shares | \n \u00a0 | \n \u00a0 | \n 25,169 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,920 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,673 | \n \u00a0 | \n
Shares applicable to stock-based compensation | \n \u00a0 | \n \u00a0 | \n 1,606 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,248 | \n \u00a0 | \n
Total weighted average diluted shares | \n \u00a0 | \n \u00a0 | \n 26,775 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,921 | \n \u00a0 | \n
Earnings per common share \u2013 basic | \n \u00a0 | \n $ | \n 12.25 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.78 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.71 | \n \u00a0 | \n
Earnings per common share \u2013 diluted | \n \u00a0 | \n $ | \n 11.52 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.43 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.49 | \n \u00a0 | \n
Adopted Accounting Standards
In December 2023, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to disclose additional information about federal, state and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The Company adopted this standard in the fourth quarter of 2025 on a retrospective basis as of January 1, 2023. There was no impact of adoption to recognition or measurement in the Company\u2019s consolidated financial statements. Refer to Note 10 and Note 16 for further information.
"}]},{"name":"rpt:f-482","factDimensions":{"xbrl:concept":"enva:AccountingStandardsToBeAdoptedInFuturePeriodsPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Accounting Standards to be Adopted in Future Periods
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (\u201cASU 2025-06\u201d), which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous \u201cdevelopment stage\u201d model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025\u201106 on the consolidated financial statements.
"}]},{"name":"rpt:f-483","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"2. Acquisitions
On December 10, 2025, the Company entered into a merger agreement with Grasshopper Bancorp, Inc. (\u201cGrasshopper\u201d) under which the Company will acquire Grasshopper for an aggregate purchase price valued at approximately $369 million at signing to be paid in a combination of cash and newly issued Enova shares. Under the terms of the merger agreement, Grasshopper will merge with and into the Company, with the Company continuing as the surviving corporation and, immediately following the merger, an interim national bank and wholly-owned subsidiary of the Company will merge with and into Grasshopper Bank, a wholly-owned subsidiary of Grasshopper, with Grasshopper Bank continuing as the surviving bank. The merger agreement was unanimously approved by the Boards of Directors of each of the Company and Grasshopper. On February 2, 2026, Grasshopper held a special meeting of its stockholders in connection with the merger, at which the merger agreement was approved. The transaction remains subject to regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve and other customary closing conditions, and is expected to close during the second half of 2026.
Founded in 2019, Grasshopper Bank is a leading client-first, full-service digital bank offering digital financial solutions for commercial and consumer customers, including fintech-focused Banking-as-a-Service and API banking platforms, commercial and Small Business Administration lending, and consumer banking.
"}]},{"name":"rpt:f-484","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationConsiderationTransferred1","xbrl:period":"2025-12-10T00:00:00/2025-12-11T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"enva:GrasshopperBancorpIncMember"},"factValues":[{"value":"369000000","decimals":-6}]},{"name":"rpt:f-485","factDimensions":{"xbrl:concept":"us-gaap:FinancingReceivablesTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"3. Loans and Finance Receivables
Revenue generated from the Company\u2019s loans and finance receivables for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Consumer loans and finance receivables revenue | \n \u00a0 | \n $ | \n 1,748,114 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,576,821 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,295,231 | \n \u00a0 | \n
Small business loans and finance receivables revenue | \n \u00a0 | \n \u00a0 | \n 1,362,187 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,043,475 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 790,804 | \n \u00a0 | \n
Total loans and finance receivables revenue | \n \u00a0 | \n \u00a0 | \n 3,110,301 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,620,296 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,086,035 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 41,352 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,504 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,604 | \n \u00a0 | \n
Total Revenue | \n \u00a0 | \n $ | \n 3,151,653 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,657,800 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,117,639 | \n \u00a0 | \n
Loans and Finance Receivables at Fair Value
The components of Company-owned loans and finance receivables at December 31, 2025 and 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2025 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Small | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n Consumer | \n \u00a0 | \n \u00a0 | \n Business | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Principal balance - accrual | \n \u00a0 | \n $ | \n 1,294,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,079,986 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,374,977 | \n \u00a0 | \n
Principal balance - non-accrual | \n \u00a0 | \n \u00a0 | \n 151,947 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 221,090 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 373,037 | \n \u00a0 | \n
Total principal balance | \n \u00a0 | \n \u00a0 | \n 1,446,938 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,301,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,748,014 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Accrued interest and fees | \n \u00a0 | \n \u00a0 | \n 126,825 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,448 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 154,273 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Loans and finance receivables at fair value - accrual | \n \u00a0 | \n \u00a0 | \n 1,694,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,550,186 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,245,037 | \n \u00a0 | \n
Loans and finance receivables at fair value - non-accrual | \n \u00a0 | \n \u00a0 | \n 69,618 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 156,889 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 226,507 | \n \u00a0 | \n
Loans and finance receivables at fair value | \n \u00a0 | \n \u00a0 | \n 1,764,469 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,707,075 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,471,544 | \n \u00a0 | \n
Difference between principal balance and fair value | \n \u00a0 | \n $ | \n 317,531 | \n \u00a0 | \n \u00a0 | \n $ | \n 405,999 | \n \u00a0 | \n \u00a0 | \n $ | \n 723,530 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Small | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n Consumer | \n \u00a0 | \n \u00a0 | \n Business | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Principal balance - accrual | \n \u00a0 | \n $ | \n 1,210,042 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,290,132 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,500,174 | \n \u00a0 | \n
Principal balance - non-accrual | \n \u00a0 | \n \u00a0 | \n 143,972 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 166,298 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 310,270 | \n \u00a0 | \n
Total principal balance | \n \u00a0 | \n \u00a0 | \n 1,354,014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,456,430 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,810,444 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Accrued interest and fees | \n \u00a0 | \n \u00a0 | \n 128,956 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,086 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 156,042 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Loans and finance receivables at fair value - accrual | \n \u00a0 | \n \u00a0 | \n 1,617,708 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,672,714 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,290,422 | \n \u00a0 | \n
Loans and finance receivables at fair value - non-accrual | \n \u00a0 | \n \u00a0 | \n 21,599 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 74,423 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 96,022 | \n \u00a0 | \n
Loans and finance receivables at fair value | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,747,137 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,386,444 | \n \u00a0 | \n
Difference between principal balance and fair value | \n \u00a0 | \n $ | \n 285,293 | \n \u00a0 | \n \u00a0 | \n $ | \n 290,707 | \n \u00a0 | \n \u00a0 | \n $ | \n 576,000 | \n \u00a0 | \n
As of December 31, 2025 and 2024, the aggregate fair value of loans and finance receivables that were 90 days or more past due was $41.5 million, of which $30.1 million was in non-accrual status, and $32.7 million, of which $16.6 million was in non-accrual status, respectively. The aggregate unpaid principal balance for loans and finance receivables that were 90 days or more past due was $60.7 million and $71.9 million, as of December 31, 2025 and 2024, respectively.
Changes in the fair value of Company-owned loans and finance receivables during the years ended December 31, 2025 and 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, 2025 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Small | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n Consumer | \n \u00a0 | \n \u00a0 | \n Business | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Balance at beginning of period | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,747,137 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,386,444 | \n \u00a0 | \n
Originations or acquisitions(1) | \n \u00a0 | \n \u00a0 | \n 2,212,786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,475,179 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,687,965 | \n \u00a0 | \n
Interest and fees(2) | \n \u00a0 | \n \u00a0 | \n 1,748,114 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,362,187 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,110,301 | \n \u00a0 | \n
Repayments | \n \u00a0 | \n \u00a0 | \n (2,935,740 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,469,191 | \n ) | \n \u00a0 | \n \u00a0 | \n (8,404,931 | \n ) | \n
Charge-offs, net(3) | \n \u00a0 | \n \u00a0 | \n (939,932 | \n ) | \n \u00a0 | \n \u00a0 | \n (523,170 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,463,102 | \n ) | \n
Net change in fair value(3) | \n \u00a0 | \n \u00a0 | \n 34,778 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 114,933 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 149,711 | \n \u00a0 | \n
Effect of foreign currency translation | \n \u00a0 | \n \u00a0 | \n 5,156 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,156 | \n \u00a0 | \n
Balance at end of period | \n \u00a0 | \n $ | \n 1,764,469 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,707,075 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,471,544 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Small | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n Consumer | \n \u00a0 | \n \u00a0 | \n Business | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Balance at beginning of period | \n \u00a0 | \n $ | \n 1,380,784 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,248,383 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,629,167 | \n \u00a0 | \n
Originations or acquisitions(1) | \n \u00a0 | \n \u00a0 | \n 2,018,359 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,035,963 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,054,322 | \n \u00a0 | \n
Interest and fees(2) | \n \u00a0 | \n \u00a0 | \n 1,576,821 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,043,475 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,620,296 | \n \u00a0 | \n
Repayments | \n \u00a0 | \n \u00a0 | \n (2,564,901 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,225,054 | \n ) | \n \u00a0 | \n \u00a0 | \n (6,789,955 | \n ) | \n
Charge-offs, net(3) | \n \u00a0 | \n \u00a0 | \n (785,317 | \n ) | \n \u00a0 | \n \u00a0 | \n (421,275 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,206,592 | \n ) | \n
Net change in fair value(3) | \n \u00a0 | \n \u00a0 | \n 21,733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,645 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 87,378 | \n \u00a0 | \n
Effect of foreign currency translation | \n \u00a0 | \n \u00a0 | \n (8,172 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,172 | \n ) | \n
Balance at end of period | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,747,137 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,386,444 | \n \u00a0 | \n
In connection with its CSO program, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for consumer loans and is required to purchase any defaulted loans it has guaranteed. As of December 31, 2025 and 2024, the amount of consumer loans guaranteed by the Company had an estimated fair value of $26.1 million and $28.4 million, respectively, and an outstanding principal balance of $18.7 million and $19.9 million, respectively. As of December 31, 2025 and 2024, the amount of consumer loans, including principal, fees and interest, guaranteed by the Company were $22.3 million and $23.8 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.
"}]},{"name":"rpt:f-486","factDimensions":{"xbrl:concept":"enva:ScheduleOfFinancingReceivablesRevenueTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Revenue generated from the Company\u2019s loans and finance receivables for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Consumer loans and finance receivables revenue | \n \u00a0 | \n $ | \n 1,748,114 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,576,821 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,295,231 | \n \u00a0 | \n
Small business loans and finance receivables revenue | \n \u00a0 | \n \u00a0 | \n 1,362,187 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,043,475 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 790,804 | \n \u00a0 | \n
Total loans and finance receivables revenue | \n \u00a0 | \n \u00a0 | \n 3,110,301 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,620,296 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,086,035 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 41,352 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,504 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,604 | \n \u00a0 | \n
Total Revenue | \n \u00a0 | \n $ | \n 3,151,653 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,657,800 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,117,639 | \n \u00a0 | \n
The components of Company-owned loans and finance receivables at December 31, 2025 and 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2025 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Small | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n Consumer | \n \u00a0 | \n \u00a0 | \n Business | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Principal balance - accrual | \n \u00a0 | \n $ | \n 1,294,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,079,986 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,374,977 | \n \u00a0 | \n
Principal balance - non-accrual | \n \u00a0 | \n \u00a0 | \n 151,947 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 221,090 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 373,037 | \n \u00a0 | \n
Total principal balance | \n \u00a0 | \n \u00a0 | \n 1,446,938 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,301,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,748,014 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Accrued interest and fees | \n \u00a0 | \n \u00a0 | \n 126,825 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,448 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 154,273 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Loans and finance receivables at fair value - accrual | \n \u00a0 | \n \u00a0 | \n 1,694,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,550,186 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,245,037 | \n \u00a0 | \n
Loans and finance receivables at fair value - non-accrual | \n \u00a0 | \n \u00a0 | \n 69,618 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 156,889 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 226,507 | \n \u00a0 | \n
Loans and finance receivables at fair value | \n \u00a0 | \n \u00a0 | \n 1,764,469 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,707,075 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,471,544 | \n \u00a0 | \n
Difference between principal balance and fair value | \n \u00a0 | \n $ | \n 317,531 | \n \u00a0 | \n \u00a0 | \n $ | \n 405,999 | \n \u00a0 | \n \u00a0 | \n $ | \n 723,530 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Small | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n Consumer | \n \u00a0 | \n \u00a0 | \n Business | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Principal balance - accrual | \n \u00a0 | \n $ | \n 1,210,042 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,290,132 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,500,174 | \n \u00a0 | \n
Principal balance - non-accrual | \n \u00a0 | \n \u00a0 | \n 143,972 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 166,298 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 310,270 | \n \u00a0 | \n
Total principal balance | \n \u00a0 | \n \u00a0 | \n 1,354,014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,456,430 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,810,444 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Accrued interest and fees | \n \u00a0 | \n \u00a0 | \n 128,956 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,086 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 156,042 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Loans and finance receivables at fair value - accrual | \n \u00a0 | \n \u00a0 | \n 1,617,708 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,672,714 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,290,422 | \n \u00a0 | \n
Loans and finance receivables at fair value - non-accrual | \n \u00a0 | \n \u00a0 | \n 21,599 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 74,423 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 96,022 | \n \u00a0 | \n
Loans and finance receivables at fair value | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,747,137 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,386,444 | \n \u00a0 | \n
Difference between principal balance and fair value | \n \u00a0 | \n $ | \n 285,293 | \n \u00a0 | \n \u00a0 | \n $ | \n 290,707 | \n \u00a0 | \n \u00a0 | \n $ | \n 576,000 | \n \u00a0 | \n
Changes in the fair value of Company-owned loans and finance receivables during the years ended December 31, 2025 and 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, 2025 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Small | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n Consumer | \n \u00a0 | \n \u00a0 | \n Business | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Balance at beginning of period | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,747,137 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,386,444 | \n \u00a0 | \n
Originations or acquisitions(1) | \n \u00a0 | \n \u00a0 | \n 2,212,786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,475,179 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,687,965 | \n \u00a0 | \n
Interest and fees(2) | \n \u00a0 | \n \u00a0 | \n 1,748,114 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,362,187 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,110,301 | \n \u00a0 | \n
Repayments | \n \u00a0 | \n \u00a0 | \n (2,935,740 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,469,191 | \n ) | \n \u00a0 | \n \u00a0 | \n (8,404,931 | \n ) | \n
Charge-offs, net(3) | \n \u00a0 | \n \u00a0 | \n (939,932 | \n ) | \n \u00a0 | \n \u00a0 | \n (523,170 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,463,102 | \n ) | \n
Net change in fair value(3) | \n \u00a0 | \n \u00a0 | \n 34,778 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 114,933 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 149,711 | \n \u00a0 | \n
Effect of foreign currency translation | \n \u00a0 | \n \u00a0 | \n 5,156 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,156 | \n \u00a0 | \n
Balance at end of period | \n \u00a0 | \n $ | \n 1,764,469 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,707,075 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,471,544 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Small | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n Consumer | \n \u00a0 | \n \u00a0 | \n Business | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Balance at beginning of period | \n \u00a0 | \n $ | \n 1,380,784 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,248,383 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,629,167 | \n \u00a0 | \n
Originations or acquisitions(1) | \n \u00a0 | \n \u00a0 | \n 2,018,359 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,035,963 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,054,322 | \n \u00a0 | \n
Interest and fees(2) | \n \u00a0 | \n \u00a0 | \n 1,576,821 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,043,475 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,620,296 | \n \u00a0 | \n
Repayments | \n \u00a0 | \n \u00a0 | \n (2,564,901 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,225,054 | \n ) | \n \u00a0 | \n \u00a0 | \n (6,789,955 | \n ) | \n
Charge-offs, net(3) | \n \u00a0 | \n \u00a0 | \n (785,317 | \n ) | \n \u00a0 | \n \u00a0 | \n (421,275 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,206,592 | \n ) | \n
Net change in fair value(3) | \n \u00a0 | \n \u00a0 | \n 21,733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,645 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 87,378 | \n \u00a0 | \n
Effect of foreign currency translation | \n \u00a0 | \n \u00a0 | \n (8,172 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,172 | \n ) | \n
Balance at end of period | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,747,137 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,386,444 | \n \u00a0 | \n
4. Property and Equipment
As a leading technology and analytics company, a significant amount of capital is invested in developing computer software and systems infrastructure. The Company capitalized internal software development costs of $44.1 million, $40.9 million and $37.3 million during 2025, 2024 and 2023, respectively.
Major classifications of property and equipment at December 31, 2025 and 2024 were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2025 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Accumulated Depreciation | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||
Computer software | \n \u00a0 | \n $ | \n 244,217 | \n \u00a0 | \n \u00a0 | \n $ | \n (120,059 | \n ) | \n \u00a0 | \n $ | \n 124,158 | \n \u00a0 | \n
Furniture, fixtures and equipment | \n \u00a0 | \n \u00a0 | \n 30,540 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (26,072 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,468 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 16,745 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (12,805 | \n ) | \n \u00a0 | \n \u00a0 | \n 3,940 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 291,502 | \n \u00a0 | \n \u00a0 | \n $ | \n (158,936 | \n ) | \n \u00a0 | \n $ | \n 132,566 | \n \u00a0 | \n
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Accumulated Depreciation | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||
Computer software | \n \u00a0 | \n $ | \n 210,268 | \n \u00a0 | \n \u00a0 | \n $ | \n (103,017 | \n ) | \n \u00a0 | \n $ | \n 107,251 | \n \u00a0 | \n
Furniture, fixtures and equipment | \n \u00a0 | \n \u00a0 | \n 34,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27,085 | \n ) | \n \u00a0 | \n \u00a0 | \n 7,168 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 16,724 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (11,187 | \n ) | \n \u00a0 | \n \u00a0 | \n 5,537 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 261,245 | \n \u00a0 | \n \u00a0 | \n $ | \n (141,289 | \n ) | \n \u00a0 | \n $ | \n 119,956 | \n \u00a0 | \n
The Company recognized depreciation expense of $34.5 million, $32.2 million and $29.8 million during 2025, 2024 and 2023, respectively.
"}]},{"name":"rpt:f-611","factDimensions":{"xbrl:concept":"us-gaap:CapitalizedComputerSoftwareAdditions","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"44100000","decimals":-5}]},{"name":"rpt:f-612","factDimensions":{"xbrl:concept":"us-gaap:CapitalizedComputerSoftwareAdditions","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"40900000","decimals":-5}]},{"name":"rpt:f-613","factDimensions":{"xbrl:concept":"us-gaap:CapitalizedComputerSoftwareAdditions","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"37300000","decimals":-5}]},{"name":"rpt:f-614","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Major classifications of property and equipment at December 31, 2025 and 2024 were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2025 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Accumulated Depreciation | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||
Computer software | \n \u00a0 | \n $ | \n 244,217 | \n \u00a0 | \n \u00a0 | \n $ | \n (120,059 | \n ) | \n \u00a0 | \n $ | \n 124,158 | \n \u00a0 | \n
Furniture, fixtures and equipment | \n \u00a0 | \n \u00a0 | \n 30,540 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (26,072 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,468 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 16,745 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (12,805 | \n ) | \n \u00a0 | \n \u00a0 | \n 3,940 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 291,502 | \n \u00a0 | \n \u00a0 | \n $ | \n (158,936 | \n ) | \n \u00a0 | \n $ | \n 132,566 | \n \u00a0 | \n
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Accumulated Depreciation | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||
Computer software | \n \u00a0 | \n $ | \n 210,268 | \n \u00a0 | \n \u00a0 | \n $ | \n (103,017 | \n ) | \n \u00a0 | \n $ | \n 107,251 | \n \u00a0 | \n
Furniture, fixtures and equipment | \n \u00a0 | \n \u00a0 | \n 34,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27,085 | \n ) | \n \u00a0 | \n \u00a0 | \n 7,168 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 16,724 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (11,187 | \n ) | \n \u00a0 | \n \u00a0 | \n 5,537 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 261,245 | \n \u00a0 | \n \u00a0 | \n $ | \n (141,289 | \n ) | \n \u00a0 | \n $ | \n 119,956 | \n \u00a0 | \n
5. Goodwill and Other Intangible Assets
There were no changes in the carrying value of goodwill for the years ended December 31, 2025 and 2024.
The Company completed its annual assessment of goodwill as of October 1, 2025 based on qualitative factors and determined that the fair value of its goodwill exceeded carrying value; as such, no impairment existed at that date.
Acquired intangible assets that are subject to amortization as of December 31, 2025 and 2024 were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2025 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||
Developed technology | \n \u00a0 | \n $ | \n 25,980 | \n \u00a0 | \n \u00a0 | \n $ | \n (25,445 | \n ) | \n \u00a0 | \n $ | \n 535 | \n \u00a0 | \n
Trade names and trademarks | \n \u00a0 | \n \u00a0 | \n 11,185 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,395 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,790 | \n \u00a0 | \n
Licenses | \n \u00a0 | \n \u00a0 | \n 3,100 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,945 | \n ) | \n \u00a0 | \n \u00a0 | \n 155 | \n \u00a0 | \n
Customer relationships | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,805 | \n ) | \n \u00a0 | \n \u00a0 | \n 95 | \n \u00a0 | \n
Lead provider and broker relationships | \n \u00a0 | \n \u00a0 | \n 1,700 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,615 | \n ) | \n \u00a0 | \n \u00a0 | \n 85 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 43,865 | \n \u00a0 | \n \u00a0 | \n $ | \n (40,205 | \n ) | \n \u00a0 | \n $ | \n 3,660 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||
Developed technology | \n \u00a0 | \n $ | \n 25,980 | \n \u00a0 | \n \u00a0 | \n $ | \n (21,013 | \n ) | \n \u00a0 | \n $ | \n 4,967 | \n \u00a0 | \n
Trade names and trademarks | \n \u00a0 | \n \u00a0 | \n 11,184 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6,875 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,309 | \n \u00a0 | \n
Licenses | \n \u00a0 | \n \u00a0 | \n 3,100 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,325 | \n ) | \n \u00a0 | \n \u00a0 | \n 775 | \n \u00a0 | \n
Customer relationships | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,425 | \n ) | \n \u00a0 | \n \u00a0 | \n 475 | \n \u00a0 | \n
Lead provider and broker relationships | \n \u00a0 | \n \u00a0 | \n 1,700 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,275 | \n ) | \n \u00a0 | \n \u00a0 | \n 425 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 43,864 | \n \u00a0 | \n \u00a0 | \n $ | \n (32,913 | \n ) | \n \u00a0 | \n $ | \n 10,951 | \n \u00a0 | \n
Developed technology is amortized over five years on a straight-line basis. Customer, lead provider and broker relationships are generally amortized over to five years based on the pattern of economic benefits provided. Trade names and trademarks are generally amortized over to 20 years on a straight-line basis. Licenses are generally amortized over five years on a straight-line basis.
Amortization expense for acquired intangible assets was $7.3 million, $8.1 million and $8.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Estimated future amortization expense for the years ended December 31, is as follows (in thousands):
\n
| \n | \n | \n | \n | \n |
Year | \n \u00a0 | \n Amount | \n \u00a0 | \n |
2026 | \n \u00a0 | \n $ | \n 2,029 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 806 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n
Acquired intangible assets that are subject to amortization as of December 31, 2025 and 2024 were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2025 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||
Developed technology | \n \u00a0 | \n $ | \n 25,980 | \n \u00a0 | \n \u00a0 | \n $ | \n (25,445 | \n ) | \n \u00a0 | \n $ | \n 535 | \n \u00a0 | \n
Trade names and trademarks | \n \u00a0 | \n \u00a0 | \n 11,185 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,395 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,790 | \n \u00a0 | \n
Licenses | \n \u00a0 | \n \u00a0 | \n 3,100 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,945 | \n ) | \n \u00a0 | \n \u00a0 | \n 155 | \n \u00a0 | \n
Customer relationships | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,805 | \n ) | \n \u00a0 | \n \u00a0 | \n 95 | \n \u00a0 | \n
Lead provider and broker relationships | \n \u00a0 | \n \u00a0 | \n 1,700 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,615 | \n ) | \n \u00a0 | \n \u00a0 | \n 85 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 43,865 | \n \u00a0 | \n \u00a0 | \n $ | \n (40,205 | \n ) | \n \u00a0 | \n $ | \n 3,660 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n |||
Developed technology | \n \u00a0 | \n $ | \n 25,980 | \n \u00a0 | \n \u00a0 | \n $ | \n (21,013 | \n ) | \n \u00a0 | \n $ | \n 4,967 | \n \u00a0 | \n
Trade names and trademarks | \n \u00a0 | \n \u00a0 | \n 11,184 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6,875 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,309 | \n \u00a0 | \n
Licenses | \n \u00a0 | \n \u00a0 | \n 3,100 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,325 | \n ) | \n \u00a0 | \n \u00a0 | \n 775 | \n \u00a0 | \n
Customer relationships | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,425 | \n ) | \n \u00a0 | \n \u00a0 | \n 475 | \n \u00a0 | \n
Lead provider and broker relationships | \n \u00a0 | \n \u00a0 | \n 1,700 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,275 | \n ) | \n \u00a0 | \n \u00a0 | \n 425 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 43,864 | \n \u00a0 | \n \u00a0 | \n $ | \n (32,913 | \n ) | \n \u00a0 | \n $ | \n 10,951 | \n \u00a0 | \n
Estimated future amortization expense for the years ended December 31, is as follows (in thousands):
\n
| \n | \n | \n | \n | \n |
Year | \n \u00a0 | \n Amount | \n \u00a0 | \n |
2026 | \n \u00a0 | \n $ | \n 2,029 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 806 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n 110 | \n \u00a0 | \n
6. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses at December 31, 2025 and 2024 were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Unrecognized tax benefits | \n \u00a0 | \n $ | \n 103,212 | \n \u00a0 | \n \u00a0 | \n $ | \n 82,463 | \n \u00a0 | \n
Trade accounts payable | \n \u00a0 | \n \u00a0 | \n 78,962 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,950 | \n \u00a0 | \n
Accrued payroll and fringe benefits | \n \u00a0 | \n \u00a0 | \n 47,806 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,784 | \n \u00a0 | \n
Accrued interest payable | \n \u00a0 | \n \u00a0 | \n 33,882 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,501 | \n \u00a0 | \n
Cash in transit | \n \u00a0 | \n \u00a0 | \n 21,739 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,943 | \n \u00a0 | \n
Liability for consumer loans funded by third-party lender | \n \u00a0 | \n \u00a0 | \n 17,742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,357 | \n \u00a0 | \n
Other accrued liabilities | \n \u00a0 | \n \u00a0 | \n 2,506 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,972 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 305,849 | \n \u00a0 | \n \u00a0 | \n $ | \n 249,970 | \n \u00a0 | \n
Refer to Note 10 for discussion of unrecognized tax benefits.
"}]},{"name":"rpt:f-698","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Accounts payable and accrued expenses at December 31, 2025 and 2024 were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Unrecognized tax benefits | \n \u00a0 | \n $ | \n 103,212 | \n \u00a0 | \n \u00a0 | \n $ | \n 82,463 | \n \u00a0 | \n
Trade accounts payable | \n \u00a0 | \n \u00a0 | \n 78,962 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,950 | \n \u00a0 | \n
Accrued payroll and fringe benefits | \n \u00a0 | \n \u00a0 | \n 47,806 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,784 | \n \u00a0 | \n
Accrued interest payable | \n \u00a0 | \n \u00a0 | \n 33,882 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,501 | \n \u00a0 | \n
Cash in transit | \n \u00a0 | \n \u00a0 | \n 21,739 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,943 | \n \u00a0 | \n
Liability for consumer loans funded by third-party lender | \n \u00a0 | \n \u00a0 | \n 17,742 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,357 | \n \u00a0 | \n
Other accrued liabilities | \n \u00a0 | \n \u00a0 | \n 2,506 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,972 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 305,849 | \n \u00a0 | \n \u00a0 | \n $ | \n 249,970 | \n \u00a0 | \n
7. Marketing Expenses
Marketing expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Customer procurement expense including lead purchase costs | \n \u00a0 | \n $ | \n 384,232 | \n \u00a0 | \n \u00a0 | \n $ | \n 292,794 | \n \u00a0 | \n \u00a0 | \n $ | \n 230,910 | \n \u00a0 | \n
Advertising | \n \u00a0 | \n \u00a0 | \n 236,845 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 230,775 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 183,550 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 621,077 | \n \u00a0 | \n \u00a0 | \n $ | \n 523,569 | \n \u00a0 | \n \u00a0 | \n $ | \n 414,460 | \n \u00a0 | \n
Marketing expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Customer procurement expense including lead purchase costs | \n \u00a0 | \n $ | \n 384,232 | \n \u00a0 | \n \u00a0 | \n $ | \n 292,794 | \n \u00a0 | \n \u00a0 | \n $ | \n 230,910 | \n \u00a0 | \n
Advertising | \n \u00a0 | \n \u00a0 | \n 236,845 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 230,775 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 183,550 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 621,077 | \n \u00a0 | \n \u00a0 | \n $ | \n 523,569 | \n \u00a0 | \n \u00a0 | \n $ | \n 414,460 | \n \u00a0 | \n
8. Leases
The Company has operating leases primarily for its corporate headquarters, other offices located in the U.S. and certain equipment. The Company\u2019s leases have remaining lease terms of less than one year to nine years. Certain leases include options to extend the leases for up to five years, while others include options to terminate the lease under certain conditions. The Company\u2019s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. All other operating leases are recorded on the consolidated balance sheet with right-of-use assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The right-of-use assets represent the lease liability, plus any lease payments made at or before the commencement date, less any lease incentives received. If a lease does not provide an implicit rate, the Company uses its incremental secured borrowing rate, adjusted for the maturity date, based on information available at the commencement date in determining the present value of lease payments. Lease agreements with lease and non-lease components are accounted for as a single lease component. The Company\u2019s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in general and administrative expense.
During the fourth quarter of 2024, the Company entered into amendments related to its leases for office space in Denver and New York. The amendments, among other changes, resulted in extensions of the lease terms from April 2026 to October 2029 in Denver and from December 2026 to June 2032 in New York. As a result, the Company recognized an adjustment to increase its operating lease liability and operating lease right of use asset balance by $5.5 million.
Lease expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Operating lease cost | \n \u00a0 | \n $ | \n 5,261 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,814 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,983 | \n \u00a0 | \n
Variable lease cost | \n \u00a0 | \n \u00a0 | \n 492 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 746 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,252 | \n \u00a0 | \n
Short-term lease cost | \n \u00a0 | \n \u00a0 | \n 311 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,208 | \n \u00a0 | \n
Sublease income | \n \u00a0 | \n \u00a0 | \n (271 | \n ) | \n \u00a0 | \n \u00a0 | \n (281 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,175 | \n ) | \n
Total lease cost | \n \u00a0 | \n $ | \n 5,793 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,268 | \n \u00a0 | \n
Future minimum lease payments as of December 31, 2025 are as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Year | \n \u00a0 | \n Amount | \n \u00a0 | \n |
2026 | \n \u00a0 | \n $ | \n 4,548 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 6,912 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 6,312 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 5,518 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n 4,544 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 17,860 | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n $ | \n 45,694 | \n \u00a0 | \n
Less: interest | \n \u00a0 | \n \u00a0 | \n 13,653 | \n \u00a0 | \n
Present value of lease liabilities | \n \u00a0 | \n $ | \n 32,041 | \n \u00a0 | \n
The weighted average remaining lease term and discount rate as of December 31, 2025 and 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n
| \n 2024 | \n \u00a0 | \n ||
Weighted average remaining lease term (years) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 7.4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.1 | \n \u00a0 | \n
Weighted average discount rate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 8.81 | \n % | \n \u00a0 | \n \u00a0 | \n 8.81 | \n % | \n
Supplemental cash flow disclosures related to leases for the years ended December 31, 2025 and 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Cash paid for amounts included in the measurement of lease liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating cash flows from operating leases | \n \u00a0 | \n $ | \n 3,734 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,790 | \n \u00a0 | \n
Noncash transactions related to adjustments to lease liability and right-of-use asset | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 777 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,186 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-727","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P1Y"}]},{"name":"rpt:f-728","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P9Y"}]},{"name":"rpt:f-729","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseOptionToExtend","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Certain leases include options to extend the leases for up to five years"}]},{"name":"rpt:f-730","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseExistenceOfOptionToExtend","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"true"}]},{"name":"rpt:f-731","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRenewalTerm","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-732","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseOptionToTerminate","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"while others include options to terminate the lease under certain conditions"}]},{"name":"rpt:f-733","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseExistenceOfOptionToTerminate","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"true"}]},{"name":"rpt:f-734","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseRightOfUseAsset","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"stpr:NY"},"factValues":[{"value":"5500000","decimals":-5}]},{"name":"rpt:f-735","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"Lease expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Operating lease cost | \n \u00a0 | \n $ | \n 5,261 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,814 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,983 | \n \u00a0 | \n
Variable lease cost | \n \u00a0 | \n \u00a0 | \n 492 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 746 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,252 | \n \u00a0 | \n
Short-term lease cost | \n \u00a0 | \n \u00a0 | \n 311 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,208 | \n \u00a0 | \n
Sublease income | \n \u00a0 | \n \u00a0 | \n (271 | \n ) | \n \u00a0 | \n \u00a0 | \n (281 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,175 | \n ) | \n
Total lease cost | \n \u00a0 | \n $ | \n 5,793 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,268 | \n \u00a0 | \n
Future minimum lease payments as of December 31, 2025 are as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Year | \n \u00a0 | \n Amount | \n \u00a0 | \n |
2026 | \n \u00a0 | \n $ | \n 4,548 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 6,912 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 6,312 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 5,518 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n 4,544 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 17,860 | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n $ | \n 45,694 | \n \u00a0 | \n
Less: interest | \n \u00a0 | \n \u00a0 | \n 13,653 | \n \u00a0 | \n
Present value of lease liabilities | \n \u00a0 | \n $ | \n 32,041 | \n \u00a0 | \n
The weighted average remaining lease term and discount rate as of December 31, 2025 and 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n
| \n 2024 | \n \u00a0 | \n ||
Weighted average remaining lease term (years) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 7.4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.1 | \n \u00a0 | \n
Weighted average discount rate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 8.81 | \n % | \n \u00a0 | \n \u00a0 | \n 8.81 | \n % | \n
Supplemental cash flow disclosures related to leases for the years ended December 31, 2025 and 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Cash paid for amounts included in the measurement of lease liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating cash flows from operating leases | \n \u00a0 | \n $ | \n 3,734 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,790 | \n \u00a0 | \n
Noncash transactions related to adjustments to lease liability and right-of-use asset | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 777 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,186 | \n \u00a0 | \n
9. Long-term Debt
The Company\u2019s long-term debt instruments and balances outstanding as of December 31, 2025 and 2024 were as follows (dollars in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Outstanding | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n Revolving | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n average | \n \u00a0 | \n Borrowing | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n period end date | \n \u00a0 | \n Maturity date | \n \u00a0 | \n interest rate(1) | \n \u00a0 | \n capacity | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n |||
Funding Debt: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
ODAS IV 2025-2 Securitization Notes | \n \u00a0 | \n October 2028 | \n \u00a0 | \n November 2032 | \n \u00a0 | \n 5.65% | \n \u00a0 | \n $ | \n 261,434 | \n \u00a0 | \n \u00a0 | \n $ | \n 261,434 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
ODAS IV 2025-1 Securitization Notes | \n \u00a0 | \n March 2028 | \n \u00a0 | \n April 2032 | \n \u00a0 | \n 5.89% | \n \u00a0 | \n \u00a0 | \n 261,392 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 261,392 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
ODAS IV 2024-2 Securitization Notes | \n \u00a0 | \n September 2027 | \n \u00a0 | \n October 2031 | \n \u00a0 | \n 5.78% | \n \u00a0 | \n \u00a0 | \n 261,353 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 261,353 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 261,353 | \n \u00a0 | \n
2025-A Securitization Notes | \n \u00a0 | \n \u2014 | \n \u00a0 | \n October 2031 | \n \u00a0 | \n 7.29% | \n \u00a0 | \n \u00a0 | \n 93,331 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,331 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
ODAS IV 2024-1 Securitization Notes | \n \u00a0 | \n May 2027 | \n \u00a0 | \n June 2031 | \n \u00a0 | \n 6.84% | \n \u00a0 | \n \u00a0 | \n 399,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 399,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 399,574 | \n \u00a0 | \n
2024-A Securitization Notes | \n \u00a0 | \n \u2014 | \n \u00a0 | \n October 2030 | \n \u00a0 | \n 8.29% | \n \u00a0 | \n \u00a0 | \n 45,510 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,510 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 123,546 | \n \u00a0 | \n
ODAS IV 2023-1 Securitization Notes | \n \u00a0 | \n July 2026 | \n \u00a0 | \n August 2030 | \n \u00a0 | \n 7.66% | \n \u00a0 | \n \u00a0 | \n 227,051 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 227,051 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 227,051 | \n \u00a0 | \n
ODR 2021-1 Securitization Facility | \n \u00a0 | \n November 2027 | \n \u00a0 | \n November 2028 | \n \u00a0 | \n 6.86% | \n \u00a0 | \n \u00a0 | \n 246,667 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 202,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 233,333 | \n \u00a0 | \n
NCR 2022 Securitization Facility | \n \u00a0 | \n October 2026 | \n \u00a0 | \n October 2028 | \n \u00a0 | \n 7.98% | \n \u00a0 | \n \u00a0 | \n 200,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 175,194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 119,039 | \n \u00a0 | \n
NCLOCR 2025 Securitization Facility | \n \u00a0 | \n July 2027 | \n \u00a0 | \n July 2028 | \n \u00a0 | \n 8.12% | \n \u00a0 | \n \u00a0 | \n 150,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
NCLOCR 2024 Securitization Facility | \n \u00a0 | \n February 2027 | \n \u00a0 | \n February 2028 | \n \u00a0 | \n 9.37% | \n \u00a0 | \n \u00a0 | \n 150,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 99,000 | \n \u00a0 | \n
2023-A Securitization Notes | \n \u00a0 | \n \u2014 | \n \u00a0 | \n December 2027 | \n \u00a0 | \n 7.78% | \n \u00a0 | \n \u00a0 | \n 9,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,116 | \n \u00a0 | \n
RAOD Securitization Facility | \n \u00a0 | \n November 2026 | \n \u00a0 | \n November 2027 | \n \u00a0 | \n 6.62% | \n \u00a0 | \n \u00a0 | \n 236,842 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,842 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 192,000 | \n \u00a0 | \n
HWCR 2023 Securitization Facility | \n \u00a0 | \n September 2026 | \n \u00a0 | \n September 2027 | \n \u00a0 | \n 8.13% | \n \u00a0 | \n \u00a0 | \n 487,595 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 473,214 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331,214 | \n \u00a0 | \n
ODR 2022-1 Securitization Facility | \n \u00a0 | \n June 2026 | \n \u00a0 | \n June 2027 | \n \u00a0 | \n 7.60% | \n \u00a0 | \n \u00a0 | \n 420,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 202,325 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 188,342 | \n \u00a0 | \n
2018-1 Securitization Facility | \n \u00a0 | \n March 2025 | \n \u00a0 | \n March 2026 | \n (2) | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,200 | \n \u00a0 | \n
Total funding debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.08% | \n \u00a0 | \n $ | \n 3,450,031 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,029,392 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,238,768 | \n \u00a0 | \n
Corporate Debt: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Revolving line of credit | \n \u00a0 | \n August 2029 | \n \u00a0 | \n August 2029 | \n \u00a0 | \n 7.02% | \n \u00a0 | \n \u00a0 | \n 825,000 | \n \u00a0 | \n (3) | \n $ | \n 596,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,000 | \n \u00a0 | \n
9.125% Senior Notes Due 2029 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n August 2029 | \n \u00a0 | \n 9.13% | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n
11.25% Senior Notes Due 2028 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n December 2028 | \n \u00a0 | \n 11.25% | \n \u00a0 | \n \u00a0 | \n 400,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 400,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 400,000 | \n \u00a0 | \n
Total corporate debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.86% | \n \u00a0 | \n $ | \n 1,725,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,496,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,353,000 | \n \u00a0 | \n
Less: Long-term debt issuance costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n (24,581 | \n ) | \n \u00a0 | \n $ | \n (24,830 | \n ) | \n |
Less: Debt discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,430 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,456 | \n ) | \n |
Total long-term debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,498,381 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,563,482 | \n \u00a0 | \n
Weighted-average interest rates on long-term debt were 8.64% and 9.31% for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Company was in compliance with all financial ratios and covenants set forth in the prevailing long-term debt agreements.
Funding Debt
ODAS IV 2025-2 Securitization Notes
On November 13, 2025, OnDeck Asset Securitization IV, LLC (\u201cODAS IV\u201d), a wholly-owned indirect subsidiary of the Company, issued $261.4 million in initial principal amount of Series 2025-2 Fixed Rate Asset-Backed Notes (the \u201cODAS IV 2025-2 Securitization Notes\u201d) in a private securitization transaction. The ODAS IV 2025-2 Securitization Notes have a legal final payment date in November 2032 and were issued in four classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $122.2 million at 4.84%, Class B Notes of $58.8 million at 5.23%, Class C Notes of $49.5 million at 6.30% and Class D Notes of $31.0 million at 8.58%. Collateral for the ODAS IV 2025-2 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK Capital, LLC (\u201cODK\u201d), which is a wholly-owned indirect subsidiary of the Company.
The net proceeds of the ODAS IV 2025-2 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2025-2 Securitization Notes and for other general corporate purposes. ODK is the servicer of the loans securing the ODAS IV 2025-2 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2025-2 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. As of December 31, 2025, the carrying amount of the ODAS IV 2025-2 Securitization Notes was $257.7 million, including unamortized issuance costs of $3.8 million. The ODAS IV
2025-2 Securitization Notes were offered and sold to \u201cqualified institutional buyers\u201d pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.
ODAS IV 2025-1 Securitization Notes
On March 20, 2025, ODAS IV issued $261.4 million in initial principal amount of Series 2025-1 Fixed Rate Asset-Backed Notes (the \u201cODAS IV 2025-1 Securitization Notes\u201d) in a private securitization transaction. The ODAS IV 2025-1 Securitization Notes have a legal final payment date in April 2032 and were issued in four classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $126.8 million at 5.08%, Class B Notes of $57.8 million at 5.52%, Class C Notes of $45.5 million at 6.64% and Class D Notes of $31.2 million at 8.77%. Collateral for the ODAS IV 2025-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.
The net proceeds of the ODAS IV 2025-1 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2025-1 Securitization Notes and for other general corporate purposes. ODK is the servicer of the loans securing the ODAS IV 2025-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2025-1 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. As of December 31, 2025, the carrying amount of the ODAS IV 2025-1 Securitization Notes was $258.4 million, including unamortized issuance costs of $3.0 million. The ODAS IV 2025-1 Securitization Notes were offered and sold to \u201cqualified institutional buyers\u201d pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.
ODAS IV 2024-2 Securitization Notes
On October 2, 2024, ODAS IV issued $261.4 million in initial principal amount of Series 2024-2 Fixed Rate Asset-Backed Notes (the \u201cODAS IV 2024-2 Securitization Notes\u201d) in a private securitization transaction. The ODAS IV 2024-2 Securitization Notes have a legal final payment date in October 2031 and were issued in four classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $141.7 million at 4.98%, Class B Notes of $56.9 million at 5.42%, Class C Notes of $40.2 million at 7.03% and Class D Notes of $22.6 million at 9.49%. Collateral for the ODAS IV 2024-2 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.
The net proceeds of the ODAS IV 2024-2 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2024-2 Securitization Notes and for other general corporate purposes. ODK is the servicer of the loans securing the ODAS IV 2024-2 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2024-2 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. As of December 31, 2025 and 2024, the carrying amount of the ODAS IV 2024-2 Securitization Notes was $259.2 million, including unamortized issuance costs of $2.2 million, and $257.9 million, including unamortized issuance costs of $3.4 million, respectively. The ODAS IV 2024-2 Securitization Notes were offered and sold to \u201cqualified institutional buyers\u201d pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.
2025-A Securitization Notes
On May 30, 2025, NetCredit Combined Receivables A, LLC (\u201cNCCRA\u201d), a wholly-owned indirect subsidiary of the Company, issued $163.9 million of Fixed Rate Asset-Backed Notes (the \u201c2025-A Securitization Notes\u201d) in a private securitization transaction. The 2025-A Securitization Notes have a legal final payment date in October 2031 and were issued in one class with a fixed interest rate of 7.29% per annum. The 2025-A Securitization Notes are backed by a pool of unsecured consumer installment loans. The 2025-A Securitization Notes represent obligations of NCCRA only and are not guaranteed by the Company. The net proceeds of the offering of the 2025-A Securitization Notes were used to acquire unsecured consumer installment loans from certain subsidiaries of the Company, fund a reserve account and pay fees and expenses incurred in connection with the transaction. As of December 31, 2025, the carrying amount of the 2025-A Securitization Notes was $92.1 million, including unamortized issuance costs of $1.2 million. The 2025-A Securitization Notes were offered and sold only to \u201cqualified institutional buyers\u201d pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.
ODAS IV 2024-1 Securitization Notes
On May 17, 2024, ODAS IV issued $399.6 million in initial principal amount of Series 2024-1 Fixed Rate Asset-Backed Notes (the \u201cODAS IV 2024-1 Securitization Notes\u201d) in a private securitization transaction. The ODAS IV 2024-1 Securitization Notes have a legal final payment date in June 2031 and were issued in three classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $260.1 million at 6.27%, Class B Notes of $82.2 million at 7.15%, and Class C Notes of $57.3 million at
8.99%. Collateral for the ODAS IV 2024-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK. ODAS IV used the net proceeds of the private offering to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2024-1 Securitization Notes and to fund a reserve account. ODK is the servicer of the loans securing the ODAS IV 2024-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2024-1 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. The Company used the proceeds from the transaction for general corporate purposes. As of December 31, 2025 and 2024, the carrying amount of the ODAS IV 2024-1 Securitization Notes was $396.7 million, including unamortized issuance costs of $2.8 million, and $395.2 million, including an unamortized discount of $0.1 million and unamortized issuance costs of $4.3 million, respectively. The ODAS IV 2024-1 Securitization Notes were offered and sold to \u201cqualified institutional buyers\u201d pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.
2024-A Securitization Notes
On May 31, 2024, NetCredit Combined Receivables 2024, LLC (\u201cNCCR 2024\u201d), a wholly-owned indirect subsidiary of the Company, issued $217.2 million of Fixed Rate Asset-Backed Notes (the \u201c2024-A Securitization Notes\u201d) in a private securitization transaction. The 2024-A Securitization Notes have a legal final payment date in October 2030 and were issued in two classes with principal amounts and fixed interest rates per annum as follows: Class A Notes of $172.5 million at 7.43% and Class B Notes of $44.6 million at 8.31%. The 2024-A Securitization Notes are backed by a pool of unsecured consumer installment loans. The 2024-A Securitization Notes represent obligations of NCCR 2024 only and are not guaranteed by the Company. The net proceeds of the offering of the 2024-A Securitization Notes were used to acquire unsecured consumer installment loans from certain subsidiaries of the Company, fund a reserve account and pay fees and expenses incurred in connection with the transaction. As of December 31, 2025 and 2024, the carrying amount of the 2024-A Securitization Notes was $45.0 million, including unamortized issuance costs of $0.5 million, and $122.1 million, including unamortized issuance costs of $1.4 million, respectively. The 2024-A Securitization Notes were offered and sold only to \u201cqualified institutional buyers\u201d pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.
ODAS IV 2023-1 Securitization Notes
On July 27, 2023, ODAS IV issued $227.1 million in initial principal amount of Series 2023-1 Fixed Rate Asset-Backed Notes (the \u201cODAS IV 2023-1 Securitization Notes\u201d) in a private securitization transaction. The ODAS IV 2023-1 Securitization Notes have a legal final payment date in August 2030 and were issued in three classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $143.8 million at 7.00%, Class B Notes of $56.3 million at 8.25%, and Class C Notes of $27.0 million at 9.93%. Collateral for the ODAS IV 2023-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.
The net proceeds of the ODAS IV 2023-1 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2023-1 Securitization Notes and to fund a reserve account. ODK is the servicer of the loans securing the ODAS IV 2023-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2023-1 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. The Company used the proceeds from the transaction for general corporate purposes. The ODAS IV 2023-1 Securitization Notes were offered and sold to \u201cqualified institutional buyers\u201d pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act. As of December 31, 2025 and 2024, the carrying amount of the ODAS IV 2023-1 Securitization Notes was $226.3 million, including an unamortized discount of $0.1 million and unamortized issuance costs of $0.7 million, and $225.2 million, including an unamortized discount of $0.2 million and unamortized issuance costs of $1.7 million, respectively.
ODR 2021-1 Securitization Facility
On November 17, 2021, the Company and several of its subsidiaries entered into a receivables securitization (the \u201cODR 2021-1 Securitization Facility\u201d) with the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and Deutsche Bank Trust Company Americas, as paying agent. The ODR 2021-1 Securitization Facility finances securitization receivables that have been and will be originated or acquired under the Company\u2019s OnDeck brand by several of the Company\u2019s subsidiaries and that meet specified eligibility criteria. Under the ODR 2021-1 Securitization Facility, eligible securitization receivables are sold to a wholly-owned subsidiary of the Company (the \u201cODR 2021-1 Debtor\u201d) and serviced by another subsidiary of the Company.
The ODR 2021-1 Debtor has issued revolving loan notes that are required to be secured by eligible securitization receivables. On March 29, 2022, the ODR 2021-1 Securitization Facility was amended to, among other changes, increase the commitment amount of the revolving loans from $150.0 million to $200.0 million. On November 18, 2022, the ODR 2021-1 Securitization Facility was further
amended to include a Class B revolving note with a maximum loan balance of $33.3 million, increasing the total commitment amount from $200.0 million to $233.3 million. On November 15, 2023, the ODR 2021-1 Securitization Facility was amended to, among other changes, extend the revolving period to November 2025 and the maturity date to November 2026. On November 24, 2025, the ODR 2021-1 Securitization Facility was amended to, among other changes, increase the total commitment amount from $233.3 million to $246.7 million and extend the revolving period to November 2027 and the maturity date to November 2028. The ODR 2021-1 Securitization Facility is non-recourse to the Company. As of December 31, 2025 and 2024, there was $202.9 million and $233.3 million outstanding amount under the ODR 2021-1 Securitization Facility, respectively.
The ODR 2021-1 Securitization Facility is governed by a credit agreement, dated as of November 17, 2021, and amended on March 29, 2022, November 14, 2022, November 18, 2022, December 15, 2022, January 30, 2023, February 27, 2023, November 15, 2023, March 20, 2025, November 14, 2025 and November 24, 2025, among the ODR 2021-1 Debtor, the administrative and collateral agent, the lenders, and the paying agent. The ODR 2021-1 Securitization Facility Class A note bears interest at a rate per annum equal to a benchmark rate (currently the lender\u2019s asset-backed commercial paper rate) plus an applicable margin of 2.00%. The ODR 2021-1 Securitization Facility Class B note bears interest at a rate per annum equal to a benchmark rate (currently Secured Overnight Financing Rate (\u201cSOFR\u201d)) plus an applicable margin of 6.00%. Interest payments on the ODR 2021-1 Securitization Facility are made monthly.
All amounts due under the ODR 2021-1 Securitization Facility are secured by all of the ODR 2021-1 Debtor\u2019s assets, which include the eligible securitization receivables transferred to the ODR 2021-1 Debtor, related rights under the eligible securitization receivables, a bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain \u201cbad acts,\u201d and the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.
The ODR 2021-1 Securitization Facility documents contain customary provisions for securitizations, including representations and warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity matters; and default and termination provisions which provide for the acceleration of the ODR 2021-1 Securitization Facility in circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other material indebtedness of the ODR 2021-1 Debtor.
NCR 2022 Securitization Facility
On October 21, 2022, the Company and several of its subsidiaries entered into a receivables funding agreement (the \u201cNCR 2022 Securitization Facility\u201d) with Jefferies Funding LLC, as the initial note purchaser and administrative agent (the \u201cNCR 2022 Administrative Agent\u201d). The NCR 2022 Securitization Facility collateralizes certain receivables that have been and will be originated or acquired under the Company\u2019s NetCredit brand by several of its subsidiaries and that meet specified eligibility criteria in exchange for a note payable. Under the NCR 2022 Securitization Facility, receivables are sold to a wholly-owned subsidiary of the Company (the \u201cNCR 2022 Debtor\u201d) and serviced by another subsidiary of the Company.
The NCR 2022 Debtor has issued notes with an initial maximum principal balance of $125.0 million, which were required to be secured by 1.25 times the drawn amount in eligible receivables. On October 15, 2024, the NCR 2022 Securitization Facility was amended to, among other changes, extend the revolving period end and final maturity date to October 2026 and October 2028, respectively, increase the revolving commitment from $125.0 million to $200.0 million, decrease the borrowing rate from SOFR + 4.75% to SOFR + 4.25% and increase the advance rate from 80% to 85%. The NCR 2022 Securitization Facility is non-recourse to the Company. As of December 31, 2025 and 2024, the total outstanding amount of the NCR 2022 Securitization Facility was $175.2 million and $119.0 million, respectively.
The NCR 2022 Securitization Facility is governed by a note issuance and purchase agreement, dated as of October 21, 2022, among the NCR 2022 Administrative Agent, the NCR 2022 Debtor, Citibank, N.A., as collateral agent and paying agent, and the other note purchasers from time to time party thereto. Interest payments on the NCR 2022 Securitization Facility are made monthly. The NCR 2022 Debtor is permitted to prepay the NCR 2022 Securitization Facility, subject to certain fees and conditions. In the event of prepayment for the purposes of securitizations, no fees shall apply.
All amounts due under the NCR 2022 Securitization Facility are secured by all of the NCR 2022 Debtor\u2019s assets, which include the receivables transferred to the NCR 2022 Debtor, related rights under the receivables, a bank account and certain other related collateral.
The NCR 2022 Securitization Facility documents contain customary provisions for securitizations, including: representations and warranties as to the eligibility of the receivables and other matters; indemnification for specified losses not including losses due to the inability of consumers to repay their loans; covenants regarding special purpose entity matters; and default and termination provisions
which provide for the acceleration of the NCR 2022 Securitization Facility in circumstances including, but not limited to, failure to make payments when due, servicer defaults, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the receivables and defaults under other material indebtedness of the NCR 2022 Debtor.
NetCredit LOC Receivables 2025 Securitization Facility
On July 17, 2025, NetCredit LOC Receivables 2025, LLC (\u201cNCLOCR 2025\u201d), a wholly-owned indirect subsidiary of the Company, entered into a receivables securitization (the \u201cNCLOCR 2025 Securitization Facility\u201d) with Banc of California, as administrative agent, and the lenders party thereto from time to time. The NCLOCR 2025 Securitization Facility collateralizes certain receivables that have been and will be originated under the Company\u2019s NetCredit brand by several of its subsidiaries and that meet specified criteria.
The NCLOCR 2025 Securitization Facility has two classes of loans with a total revolving commitment of $150.0 million, which are required to be secured by eligible securitization receivables. The NCLOCR 2025 Securitization Facility is non-recourse to the Company. The facility has a revolving period that ends in and a final maturity ending in . As of December 31, 2025, the total outstanding amount of the NCLOCR 2025 Securitization Facility was $90.0 million.
The NCLOCR 2025 Securitization Facility is governed by a loan and security agreement, dated as of July 17, 2025, among NCLOCR 2025, the administrative agent and the lenders. The Class A revolving loans have a commitment amount of $125.0 million and accrue interest at a rate per annum equal to SOFR plus 3.50% with an advance rate of 75%. The Class B revolving loans have a commitment amount of $25.0 million and accrue interest at a rate per annum equal to SOFR plus 8.00% with an advance rate of 90%. Interest payments on the NCLOCR 2025 Securitization Facility are made monthly.
NCLOCR 2024 Securitization Facility
On February 21, 2024, NetCredit LOC Receivables 2024, LLC (\u201cNCLOCR 2024\u201d), a wholly-owned indirect subsidiary of the Company, entered into a receivables securitization (the \u201cNCLOCR 2024 Securitization Facility\u201d) with lenders party thereto from time to time, Midtown Madison Management, LLC, as administrative agent, and Citibank, N.A., as collateral trustee and paying agent. The NCLOCR 2024 Securitization Facility collateralizes certain receivables that have been and will be originated under the Company\u2019s NetCredit brand by several of its subsidiaries and that meet specified criteria in exchange for a note payable.
The NCLOCR 2024 Securitization Facility has a revolving commitment of $150.0 million, which is required to be secured by eligible securitization receivables. The NCLOCR 2024 Securitization Facility is non-recourse to the Company. The facility has a revolving period that ends in and a final maturity ending in . As of December 31, 2025 and 2024, the total outstanding amount of the NCLOCR 2024 Securitization Facility was $90.0 million and $99.0 million, respectively.
The NCLOCR 2024 Securitization Facility is governed by a note issuance and purchase agreement, dated as of February 21, 2024, among NCLOCR 2024, the administrative agent, the lenders, and the collateral trustee and paying agent. The revolving loans accrue interest at a rate per annum equal to SOFR plus 5.50% with an advance rate of 85%. Interest payments on the NCLOCR 2024 Securitization Facility are made monthly.
2023-A Securitization Notes
On March 3, 2023, the Company issued $170.0 million in aggregate principal notes (the \u201c2023-A Securitization Notes\u201d) through an indirect subsidiary, NetCredit Combined Receivables 2023, LLC (\u201cNCCR 2023\u201d). The 2023-A Securitization Notes were sold at a discount of the principal amount to yield 9.00% to maturity in December 2027 (equivalent to 3.975% spread above interpolated U.S. Treasuries). The 2023-A Securitization Notes represent obligations of NCCR 2023 only and are not guaranteed by the Company. The net proceeds from issuance of the 2023-A Securitization Notes were used to acquire consumer loans from certain of the Company\u2019s wholly-owned subsidiaries. The acquired loans were pledged as collateral for 2023-A Securitization Notes and are serviced by another subsidiary of the Company. As of December 31, 2025 and 2024, the carrying amount of the 2023-A Securitization Notes was $9.2 million and $31.7 million, including an unamortized discount of $0.2 million and unamortized issuance costs of $0.3 million,
respectively. The 2023-A Securitization Notes were offered and sold only to \u201cqualified institutional buyers\u201d pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.
RAOD Securitization Facility
Assumed in the OnDeck acquisition, the loan securitization facility (\u201cRAOD Securitization Facility\u201d) for Receivable Assets of OnDeck, LLC (\u201cRAOD\u201d), a wholly-owned indirect subsidiary of the Company, collateralizes certain eligible installment loans originated or purchased by ODK or certain other subsidiaries. The RAOD Securitization Facility was amended on December 24, 2020, which, amongst other changes, extended the revolving period from December 2020 to December 2022, extended the maturity date from September 2021 to December 2023, revised the advance rate to 76% and changed the borrowing rate from LIBOR plus 1.65% to LIBOR plus 2.5%. On July 16, 2021, the RAOD Securitization Facility was further amended to increase the total commitment from $100.0 million to $177.6 million by increasing the Class A note commitment to $150.0 million and adding a Class B note with a commitment of $27.6 million. The borrowing rate on the Class A note was lowered from LIBOR plus 2.5% to LIBOR plus 1.75% and the borrowing rate on the Class B note was LIBOR plus 6.5% and the advance rate for the Class A notes remained 76% and the Class B notes advance rate was 90%. The scope of acceptable collateral was also expanded to include line of credit products from OnDeck in addition to installment loans. On March 18, 2022, the RAOD Securitization Facility was amended to, among other changes, increase the Class A commitment amount to $200.0 million and the Class B commitment to $36.8 million. On November 18, 2022, the RAOD Securitization Facility was amended to, among other changes, extend the revolving period to , extend the maturity date to , change the Class A borrowing rate from LIBOR plus 1.75% to SOFR plus 1.90% and the Class B borrowing rate from LIBOR plus 6.5% to SOFR plus 8.00%, and decrease the Class B commitment from $36.8 million to $30.3 million and the Class B advance rate from 90% to 87.5%. On November 18, 2024, the RAOD Securitization Facility was amended to extend the revolving period to , extend the maturity date to , change the Class A borrowing rate from SOFR plus 1.90% to SOFR plus 1.85% and the Class B borrowing rate from SOFR plus 8.00% to SOFR plus 7.60%, and increase the Class B commitment from $30.3 million to $36.8 million and the Class B advance rate from 87.5% to 90%. The Class A commitment amount and advance rate remained the same at $200.0 million and 76%, respectively. As of December 31, 2025 and 2024, the carrying amount of the RAOD Securitization Facility was $236.8 million and $192.0 million, respectively.
HWCR 2023 Securitization Facility
On May 25, 2023, the Company and several of its subsidiaries entered into a receivables securitization (the \u201cHWCR 2023 Securitization Facility\u201d) with lenders party thereto from time to time, BNP Paribas, as administrative agent and collateral agent, and Deutsche Bank Trust Company Americas, as paying agent. The HWCR 2023 Securitization Facility finances securitization receivables that have been and will be originated under the Company\u2019s Headway Capital brand by a wholly-owned subsidiary and that meet specified eligibility criteria. Under the HWCR 2023 Securitization Facility, eligible securitization receivables are sold to a wholly-owned subsidiary of the Company (the \u201cHWCR 2023 Debtor\u201d) and serviced by another subsidiary of the Company.
The HWCR 2023 Securitization Facility initially had Class A and Class B revolving commitments of $215.0 million and $72.2 million, respectively, which are required to be secured by eligible securitization receivables. On September 18, 2024, the HWCR 2022 Securitization Facility was amended to, among other changes, extend the revolving period end and final maturity date to and , respectively, increase the Class A revolving commitment from $215.0 million to $365.0 million, the Class B revolving commitment from $72.2 million to $122.6 million and the total facility commitment from $287.2 million to $487.6 million. There were no changes to the borrowing rate or advance rate on the Class A and Class B loans. The HWCR 2023 Securitization Facility is non-recourse to the Company. As of December 31, 2025 and 2024, the total outstanding amount of the HWCR 2023 Securitization Facility was $473.2 million and $331.2 million, respectively.
The HWCR 2023 Securitization Facility is governed by a credit agreement, dated as of May 25, 2023, among the HWCR 2023 Debtor, the administrative and collateral agent, the lenders, and the paying agent. The Class A revolving loans accrue interest at a rate per annum equal to the Commercial Paper rate plus 2.7% with an advance rate of 65.5%. The Class B revolving loans accrue interest at a rate per annum equal to SOFR plus 8.50% with an advance rate of 87.5%. Interest payments on the HWCR 2023 Securitization Facility are made monthly.
All amounts due under the HWCR 2023 Securitization Facility are secured by all of the HWCR 2023 Debtor\u2019s assets, which include the eligible securitization receivables transferred to the HWCR 2023 Debtor, related rights under the eligible securitization receivables, a bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain \u201cbad acts,\u201d and the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.
The HWCR 2023 Securitization Facility documents contain customary provisions for securitizations, including representations and warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not
including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity matters; and default and termination provisions which provide for the acceleration of the HWCR 2023 Securitization Facility in circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other material indebtedness of the HWCR 2023 Debtor.
ODR 2022-1 Securitization Facility
On June 30, 2022, the Company and several of its subsidiaries entered into a receivables securitization (the \u201cODR 2022-1 Securitization Facility\u201d) with lenders party thereto from time to time, BMO Capital Markets Corp. as administrative agent and collateral agent, and Deutsche Bank Trust Company Americas, as paying agent. The ODR 2022-1 Securitization Facility finances securitization receivables that have been and will be originated or acquired under the Company\u2019s OnDeck brand by a wholly-owned subsidiary and that meet specified eligibility criteria. Under the ODR 2022-1 Securitization Facility, eligible securitization receivables are sold to a wholly-owned subsidiary of the Company (the \u201cODR 2022-1 Debtor\u201d) and serviced by another subsidiary of the Company.
The ODR 2022-1 Securitization Facility initially had Class A and Class B revolving commitments of $350.0 million and $70.0 million, respectively, which are required to be secured by eligible securitization receivables. On June 27, 2024, the ODR 2022-1 Securitization Facility was amended to, among other changes, extend the revolving period end and final maturity date to June 2026 and , respectively, decrease the Class A revolving commitment from $350.0 million to $338.0 million, and increase the Class B revolving commitment from $70.0 million to $82.0 million. The total facility commitment remained the same at $420.0 million. The ODR 2022-1 Securitization Facility is non-recourse to the Company. As of December 31, 2025 and 2024, the total outstanding amount of the ODR 2022-1 Securitization Facility was $202.3 million and $188.3 million, respectively.
The ODR 2022-1 Securitization Facility is governed by a credit agreement, dated as of June 30, 2022, among the ODR 2022-1 Debtor, the administrative and collateral agent, the lenders, and the paying agent. The Class A revolving loans accrue interest at a rate per annum equal to BMO\u2019s prime rate plus 2.60% with an advance rate of 72.5%. The Class B revolving loans accrue interest at a rate per annum equal to SOFR plus 7.50% with an advance rate of 90%. Interest payments on the ODR 2022-1 Securitization Facility are made monthly.
All amounts due under the ODR 2022-1 Securitization Facility are secured by all of the ODR 2022-1 Debtor\u2019s assets, which include the eligible securitization receivables transferred to the ODR 2022-1 Debtor, related rights under the eligible securitization receivables, a bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain \u201cbad acts,\u201d and the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.
The ODR 2022-1 Securitization Facility documents contain customary provisions for securitizations, including representations and warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity matters; and default and termination provisions which provide for the acceleration of the ODR 2022-1 Securitization Facility in circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other material indebtedness of the ODR 2022-1 Debtor.
2018\u20111 Securitization Facility
On July 23, 2018, the Company and several of its subsidiaries entered into a receivables funding agreement (the \u201c2018\u20111 Securitization Facility\u201d) with Pacific Western Bank, as lender (the \u201c2018\u20111 Lender\u201d). The 2018\u20111 Securitization Facility collateralized securitization receivables that had been originated or acquired under the Company\u2019s NetCredit brand by several of its subsidiaries and that met specified eligibility criteria in exchange for a revolving note. Under the 2018\u20111 Securitization Facility, securitization receivables were sold to a wholly-owned subsidiary of the Company (the \u201c2018\u20111 Debtor\u201d) and serviced by another subsidiary of the Company.
The 2018\u20111 Debtor issued a revolving note with an initial maximum principal balance of $150.0 million, which was required to be secured by 1.25 times the drawn amount in eligible securitization receivables. On September 15, 2021, the 2018-1 Securitization Facility was amended to increase the advance rate 90% and to reopen and extend the revolving period to September 15, 2024 and the final maturity date to September 15, 2026. The amendment also increased the eligibility criteria around acceptable collateral and increased flexibility around certain financial covenants. On March 24, 2022, the 2018-1 Securitization Facility was amended to, among other changes, increase the commitment amount of the revolving loans from $150.0 million to $200.0 million and extend the maturity date from September 15, 2026 to March 24, 2027. On May 22, 2024, the 2018-1 Securitization Facility was amended to change the maturity date from March 24, 2027 to March 24, 2026. On May 30, 2025, the remaining outstanding balance on this facility was paid in full and the facility was terminated. As of December 31, 2024, the outstanding amount of the 2018-1 Securitization Facility was $32.2 million.
The 2018\u20111 Securitization Facility was governed by a loan and security agreement, dated as of July 23, 2018, and amended on September 15, 2021, March 24, 2022, July 28, 2022, December 31, 2022 and May 22, 2024, between the 2018\u20111 Lender and the 2018\u20111 Debtor. The 2018-1 Securitization Facility bore interest at a rate per annum equal to SOFR plus an applicable margin, which rate per annum was 4.25%. In addition, the 2018\u20111 Debtor paid certain customary upfront closing fees to the 2018\u20111 Lender. Interest payments on the 2018\u20111 Securitization Facility were made monthly.
Corporate Debt
Revolving Credit Facility
On June 23, 2022, the Company and certain of its subsidiaries entered into an amended and restated secured revolving credit agreement with Bank of Montreal, as administrative agent and collateral agent, the lenders from time to time party thereto, and BMO Capital Markets, Axos Bank, and Synovus Bank, as the joint lead arrangers and joint lead bookrunners (as amended, the \u201cCredit Agreement\u201d). The Credit Agreement amended and restated the existing credit agreement, dated as of June 30, 2017, by and among the Company, certain of its subsidiaries, the lenders from time to time party thereto, and TBK Bank, SSB, as administrative agent, in its entirety. On October 19, 2023, the Company and certain of its subsidiaries entered into the First Amendment to Amended and Restated Credit Agreement (the \u201cFirst Amendment\u201d). Prior to the First Amendment, the Credit Agreement provided for a secured, asset-backed revolving credit facility in an aggregate principal amount of up to $440.0 million, with a $20.0 million letter of credit sublimit and a $10.0 million swingline loan sublimit. The First Amendment increased the total commitment amount to $515.0 million with no change to the interest rate or maturity date. On September 11, 2024, the Company and certain of its subsidiaries entered into the Second Amendment to Amended and Restated Credit Agreement (the \u201cSecond Amendment\u201d). The Second Amendment increased the total commitment amount to $665.0 million with no change to the interest rate or maturity date. On August 28, 2025, the Company and certain of its subsidiaries entered into the Third Amendment to Amended and Restated Credit Agreement (the \u201cThird Amendment\u201d). The Third Amendment increased the total commitment amount to $825.0 million, extended the maturity date and reduced the interest rate. The proceeds of the loans under the Credit Agreement may be used for working capital and other general business purposes. The Company had outstanding borrowings as of December 31, 2025 and 2024 of $596.0 million and $453.0 million, respectively, under the Credit Agreement.
The loans bear interest, at the Company\u2019s option, at the base rate plus 0.50% or the SOFR rate plus 3.25%. In addition to customary fees for a credit facility of this size and type, the Credit Agreement provides for payment of a commitment fee calculated with respect to the unused portion of the commitment, and ranges from 0.15% per annum to 0.50% per annum depending on usage. The loans mature on August 28, 2029. The Company had outstanding letters of credit under the Credit Agreement of $0.4 million and $0.7 million as of December 31, 2025 and 2024, respectively.
The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries\u2019 ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, enter into certain transactions with affiliates, make restricted payments, and enter into restrictive agreements, in each case subject to customary exceptions for a credit facility of this size and type. The Credit Agreement also includes financial maintenance covenants, which require the Company to maintain compliance with a minimum fixed charge coverage ratio and a maximum consolidated leverage ratio, each determined in accordance with the terms of the Credit Agreement.
9.125% Senior Notes Due 2029
On August 12, 2024, the Company issued and sold $500.0 million in aggregate principal amount of 9.125% senior notes due 2029 (the \u201c2029 Senior Notes\u201d). The 2029 Senior Notes were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States pursuant to Regulation S under the Securities Act. The 2029 Senior Notes bear interest at a rate of 9.125% annually on the principal amount payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2025. The 2029 Senior Notes were sold at a price of 100.000% with a maturity date of August 1, 2029. The 2029 Senior Notes are unsecured debt obligations of the Company and are unconditionally guaranteed by certain of its domestic subsidiaries.
The 2029 Senior Notes are redeemable at the Company\u2019s option, in whole or in part, (i) at any time prior to August 1, 2026 at 100% of the aggregate principal amount of 2029 Senior Notes redeemed plus the applicable \u201cmake whole\u201d premium specified in the indenture that governs the Company\u2019s 2029 Senior Notes (the \u201c2029 Senior Notes Indenture\u201d), plus accrued and unpaid interest, if any, to the redemption date and (ii) at any time on or after August 1, 2026 at the premium, if any, specified in the 2029 Senior Notes Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to August 1, 2026, at its option, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Senior Notes at a redemption price of 109.125% of the aggregate principal amount of 2029 Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the proceeds of certain equity offerings as described in the 2029 Senior Notes Indenture.
The 2029 Senior Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
The Company used the net proceeds of the 2029 Senior Notes offering to extinguish the remaining outstanding balances on the 2025 Senior Notes, to pay related expenses related to the offering and extinguishment, to repay a portion of the outstanding indebtedness under the Company\u2019s revolving credit facility, and for general corporate purposes.
As of December 31, 2025 and 2024, the carrying amount of the 2029 Senior Notes was $493.7 million, which included unamortized issuance costs of $6.3 million, and $491.9 million, which included unamortized issuance costs of $8.0 million, respectively. The issuance costs are being amortized to interest expense over a period of five years, through the maturity date of August 1, 2029.
11.25% Senior Unsecured Notes Due 2028
On December 6, 2023, the Company issued and sold $400.0 million in aggregate principal amount of 11.25% senior notes due 2028 (the \u201c2028 Senior Notes\u201d). The 2028 Senior Notes were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States pursuant to Regulation S under the Securities Act. The 2028 Senior Notes bear interest at a rate of 11.25% annually on the principal amount payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2024. The 2028 Senior Notes were sold at a price of 99.058% with a maturity date of December 15, 2028. The 2028 Senior Notes are unsecured debt obligations of the Company and are unconditionally guaranteed by certain of its domestic subsidiaries.
The 2028 Senior Notes are redeemable at the Company\u2019s option, in whole or in part, (i) at any time prior to December 15, 2025 at 100% of the aggregate principal amount of 2028 Senior Notes redeemed plus the applicable \u201cmake whole\u201d premium specified in the indenture that governs the Company\u2019s 2028 Senior Notes (the \u201c2028 Senior Notes Indenture\u201d), plus accrued and unpaid interest, if any, to the redemption date and (ii) at any time on or after December 15, 2025 at the premium, if any, specified in the 2028 Senior Notes Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to December 15, 2025, at its option, the Company may redeem up to 40% of the aggregate principal amount of the 2028 Senior Notes at a redemption price of 111.25% of the aggregate principal amount of 2028 Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the proceeds of certain equity offerings as described in the 2028 Senior Notes Indenture.
The 2028 Senior Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
The Company used a portion of the net proceeds of the 2028 Senior Notes offering to retire existing indebtedness, and to pay the related accrued interest, premiums, fees and expenses associated therewith. The remaining amount was used for general corporate purposes.
As of December 31, 2025 and 2024, the carrying amount of the 2028 Senior Notes was $393.6 million, which included an unamortized discount of $2.2 million and unamortized issuance costs of $4.2 million, and $391.4 million, which included an unamortized discount of $3.0 million and unamortized issuance costs of $5.6 million, respectively. The discount and issuance costs are being amortized to interest expense over a period of five years, through the maturity date of December 15, 2028.
As of December 31, 2025, required principal payments under the terms of the long-term debt for each of the five years after December 31, 2025 are as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Year | \n \u00a0 | \n Amount | \n \u00a0 | \n |
2026 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 400,000 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 1,096,000 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Securitization(1) | \n \u00a0 | \n \u00a0 | \n 3,029,392 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,525,392 | \n \u00a0 | \n
\u00a0
The Company\u2019s long-term debt instruments and balances outstanding as of December 31, 2025 and 2024 were as follows (dollars in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Outstanding | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n Revolving | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n average | \n \u00a0 | \n Borrowing | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n period end date | \n \u00a0 | \n Maturity date | \n \u00a0 | \n interest rate(1) | \n \u00a0 | \n capacity | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n |||
Funding Debt: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
ODAS IV 2025-2 Securitization Notes | \n \u00a0 | \n October 2028 | \n \u00a0 | \n November 2032 | \n \u00a0 | \n 5.65% | \n \u00a0 | \n $ | \n 261,434 | \n \u00a0 | \n \u00a0 | \n $ | \n 261,434 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
ODAS IV 2025-1 Securitization Notes | \n \u00a0 | \n March 2028 | \n \u00a0 | \n April 2032 | \n \u00a0 | \n 5.89% | \n \u00a0 | \n \u00a0 | \n 261,392 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 261,392 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
ODAS IV 2024-2 Securitization Notes | \n \u00a0 | \n September 2027 | \n \u00a0 | \n October 2031 | \n \u00a0 | \n 5.78% | \n \u00a0 | \n \u00a0 | \n 261,353 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 261,353 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 261,353 | \n \u00a0 | \n
2025-A Securitization Notes | \n \u00a0 | \n \u2014 | \n \u00a0 | \n October 2031 | \n \u00a0 | \n 7.29% | \n \u00a0 | \n \u00a0 | \n 93,331 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,331 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
ODAS IV 2024-1 Securitization Notes | \n \u00a0 | \n May 2027 | \n \u00a0 | \n June 2031 | \n \u00a0 | \n 6.84% | \n \u00a0 | \n \u00a0 | \n 399,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 399,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 399,574 | \n \u00a0 | \n
2024-A Securitization Notes | \n \u00a0 | \n \u2014 | \n \u00a0 | \n October 2030 | \n \u00a0 | \n 8.29% | \n \u00a0 | \n \u00a0 | \n 45,510 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,510 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 123,546 | \n \u00a0 | \n
ODAS IV 2023-1 Securitization Notes | \n \u00a0 | \n July 2026 | \n \u00a0 | \n August 2030 | \n \u00a0 | \n 7.66% | \n \u00a0 | \n \u00a0 | \n 227,051 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 227,051 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 227,051 | \n \u00a0 | \n
ODR 2021-1 Securitization Facility | \n \u00a0 | \n November 2027 | \n \u00a0 | \n November 2028 | \n \u00a0 | \n 6.86% | \n \u00a0 | \n \u00a0 | \n 246,667 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 202,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 233,333 | \n \u00a0 | \n
NCR 2022 Securitization Facility | \n \u00a0 | \n October 2026 | \n \u00a0 | \n October 2028 | \n \u00a0 | \n 7.98% | \n \u00a0 | \n \u00a0 | \n 200,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 175,194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 119,039 | \n \u00a0 | \n
NCLOCR 2025 Securitization Facility | \n \u00a0 | \n July 2027 | \n \u00a0 | \n July 2028 | \n \u00a0 | \n 8.12% | \n \u00a0 | \n \u00a0 | \n 150,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
NCLOCR 2024 Securitization Facility | \n \u00a0 | \n February 2027 | \n \u00a0 | \n February 2028 | \n \u00a0 | \n 9.37% | \n \u00a0 | \n \u00a0 | \n 150,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 99,000 | \n \u00a0 | \n
2023-A Securitization Notes | \n \u00a0 | \n \u2014 | \n \u00a0 | \n December 2027 | \n \u00a0 | \n 7.78% | \n \u00a0 | \n \u00a0 | \n 9,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,116 | \n \u00a0 | \n
RAOD Securitization Facility | \n \u00a0 | \n November 2026 | \n \u00a0 | \n November 2027 | \n \u00a0 | \n 6.62% | \n \u00a0 | \n \u00a0 | \n 236,842 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 236,842 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 192,000 | \n \u00a0 | \n
HWCR 2023 Securitization Facility | \n \u00a0 | \n September 2026 | \n \u00a0 | \n September 2027 | \n \u00a0 | \n 8.13% | \n \u00a0 | \n \u00a0 | \n 487,595 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 473,214 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331,214 | \n \u00a0 | \n
ODR 2022-1 Securitization Facility | \n \u00a0 | \n June 2026 | \n \u00a0 | \n June 2027 | \n \u00a0 | \n 7.60% | \n \u00a0 | \n \u00a0 | \n 420,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 202,325 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 188,342 | \n \u00a0 | \n
2018-1 Securitization Facility | \n \u00a0 | \n March 2025 | \n \u00a0 | \n March 2026 | \n (2) | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,200 | \n \u00a0 | \n
Total funding debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.08% | \n \u00a0 | \n $ | \n 3,450,031 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,029,392 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,238,768 | \n \u00a0 | \n
Corporate Debt: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Revolving line of credit | \n \u00a0 | \n August 2029 | \n \u00a0 | \n August 2029 | \n \u00a0 | \n 7.02% | \n \u00a0 | \n \u00a0 | \n 825,000 | \n \u00a0 | \n (3) | \n $ | \n 596,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,000 | \n \u00a0 | \n
9.125% Senior Notes Due 2029 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n August 2029 | \n \u00a0 | \n 9.13% | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n
11.25% Senior Notes Due 2028 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n December 2028 | \n \u00a0 | \n 11.25% | \n \u00a0 | \n \u00a0 | \n 400,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 400,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 400,000 | \n \u00a0 | \n
Total corporate debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.86% | \n \u00a0 | \n $ | \n 1,725,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,496,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,353,000 | \n \u00a0 | \n
Less: Long-term debt issuance costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n (24,581 | \n ) | \n \u00a0 | \n $ | \n (24,830 | \n ) | \n |
Less: Debt discounts | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,430 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,456 | \n ) | \n |
Total long-term debt | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,498,381 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,563,482 | \n \u00a0 | \n
As of December 31, 2025, required principal payments under the terms of the long-term debt for each of the five years after December 31, 2025 are as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Year | \n \u00a0 | \n Amount | \n \u00a0 | \n |
2026 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 400,000 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 1,096,000 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Securitization(1) | \n \u00a0 | \n \u00a0 | \n 3,029,392 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,525,392 | \n \u00a0 | \n
\u00a0
10. Income Taxes
The components of the Company\u2019s deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Deferred tax assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Compensation and benefits | \n \u00a0 | \n $ | \n 9,649 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,858 | \n \u00a0 | \n
Translation adjustments | \n \u00a0 | \n \u00a0 | \n 3,605 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,940 | \n \u00a0 | \n
Lease liability | \n \u00a0 | \n \u00a0 | \n 7,567 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,532 | \n \u00a0 | \n
Foreign net operating loss carryforward | \n \u00a0 | \n \u00a0 | \n 15,464 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,200 | \n \u00a0 | \n
U.S. net operating loss carryforward | \n \u00a0 | \n \u00a0 | \n 8,533 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,539 | \n \u00a0 | \n
Capitalized intangible costs | \n \u00a0 | \n \u00a0 | \n 14,860 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,938 | \n \u00a0 | \n
Capital loss carryforward | \n \u00a0 | \n \u00a0 | \n 4,573 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,136 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 3,726 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,481 | \n \u00a0 | \n
Total deferred tax assets | \n \u00a0 | \n \u00a0 | \n 67,977 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 77,624 | \n \u00a0 | \n
Deferred tax liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amortizable intangible assets | \n \u00a0 | \n \u00a0 | \n 61,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 61,418 | \n \u00a0 | \n
Loans and finance receivables, net | \n \u00a0 | \n \u00a0 | \n 237,328 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 186,224 | \n \u00a0 | \n
Property and equipment | \n \u00a0 | \n \u00a0 | \n 30,478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,606 | \n \u00a0 | \n
Operating lease right-of-use asset | \n \u00a0 | \n \u00a0 | \n 3,931 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,285 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 3,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,203 | \n \u00a0 | \n
Total deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n 335,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 280,736 | \n \u00a0 | \n
Net deferred tax liabilities before valuation allowance | \n \u00a0 | \n \u00a0 | \n (267,913 | \n ) | \n \u00a0 | \n \u00a0 | \n (203,112 | \n ) | \n
Valuation allowance | \n \u00a0 | \n \u00a0 | \n (27,524 | \n ) | \n \u00a0 | \n \u00a0 | \n (20,478 | \n ) | \n
Net deferred tax liabilities | \n \u00a0 | \n $ | \n (295,437 | \n ) | \n \u00a0 | \n $ | \n (223,590 | \n ) | \n
\u00a0
The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Income before income taxes: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Domestic | \n \u00a0 | \n $ | \n 400,754 | \n \u00a0 | \n \u00a0 | \n $ | \n 270,682 | \n \u00a0 | \n \u00a0 | \n $ | \n 226,638 | \n \u00a0 | \n
International | \n \u00a0 | \n \u00a0 | \n 280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 419 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 609 | \n \u00a0 | \n
Income before income taxes | \n \u00a0 | \n $ | \n 401,034 | \n \u00a0 | \n \u00a0 | \n $ | \n 271,101 | \n \u00a0 | \n \u00a0 | \n $ | \n 227,247 | \n \u00a0 | \n
Current provision: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n 25,947 | \n \u00a0 | \n \u00a0 | \n $ | \n (42,149 | \n ) | \n \u00a0 | \n $ | \n 38,260 | \n \u00a0 | \n
International | \n \u00a0 | \n \u00a0 | \n (265 | \n ) | \n \u00a0 | \n \u00a0 | \n 98 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 518 | \n \u00a0 | \n
State and local | \n \u00a0 | \n \u00a0 | \n (3,538 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,019 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,792 | \n \u00a0 | \n
Total current provision | \n \u00a0 | \n $ | \n 22,144 | \n \u00a0 | \n \u00a0 | \n $ | \n (51,070 | \n ) | \n \u00a0 | \n $ | \n 43,570 | \n \u00a0 | \n
Deferred provision: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n 56,871 | \n \u00a0 | \n \u00a0 | \n $ | \n 96,736 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,483 | \n \u00a0 | \n
State and local | \n \u00a0 | \n \u00a0 | \n 13,630 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,987 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,073 | \n \u00a0 | \n
Total deferred provision | \n \u00a0 | \n $ | \n 70,501 | \n \u00a0 | \n \u00a0 | \n $ | \n 112,723 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,556 | \n \u00a0 | \n
Total provision for income taxes | \n \u00a0 | \n $ | \n 92,645 | \n \u00a0 | \n \u00a0 | \n $ | \n 61,653 | \n \u00a0 | \n \u00a0 | \n $ | \n 52,126 | \n \u00a0 | \n
\u00a0
Included within both the current and deferred federal provision components for the year ended December 31, 2024 was a decrease in the unrecognized tax benefits reserve, which results in a current federal and state income tax benefit with an equal and offsetting deferred federal and state income tax expense, due to the temporary nature of the unrecognized tax benefits.
The effective tax rate on income differed from the federal statutory rate of 21% for the years ended December 31, 2025, 2024 and 2023, for the following reasons (dollars in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||||||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||||||||||||||
Tax provision computed at the federal statutory income tax rate | \n \u00a0 | \n $ | \n 84,217 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n \u00a0 | \n $ | \n 56,931 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n \u00a0 | \n $ | \n 47,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n
State and local income taxes, net of federal tax benefits(1) | \n \u00a0 | \n \u00a0 | \n 7,192 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.8 | \n % | \n \u00a0 | \n \u00a0 | \n 7,249 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.7 | \n % | \n \u00a0 | \n \u00a0 | \n 3,815 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.7 | \n % | \n
Nontaxable or nondeductible items: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Nondeductible regulatory settlement | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n 3,150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n % | \n
Other | \n \u00a0 | \n \u00a0 | \n (512 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.1 | \n % | \n \u00a0 | \n \u00a0 | \n 1,021 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n % | \n \u00a0 | \n \u00a0 | \n 69 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n
Tax credits: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Research and development credit | \n \u00a0 | \n \u00a0 | \n (1,317 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.3 | \n % | \n \u00a0 | \n \u00a0 | \n (1,896 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.7 | \n % | \n \u00a0 | \n \u00a0 | \n (2,655 | \n ) | \n \u00a0 | \n \u00a0 | \n -1.2 | \n % | \n
Changes in valuation allowance | \n \u00a0 | \n \u00a0 | \n (516 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.1 | \n % | \n \u00a0 | \n \u00a0 | \n 841 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n % | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n
Changes in unrecognized tax benefits | \n \u00a0 | \n \u00a0 | \n 3,905 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n % | \n \u00a0 | \n \u00a0 | \n (2,523 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.9 | \n % | \n \u00a0 | \n \u00a0 | \n (130 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.1 | \n % | \n
Effect of changes in tax laws or rates enacted in current period | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n
Foreign tax effects | \n \u00a0 | \n \u00a0 | \n (324 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.1 | \n % | \n \u00a0 | \n \u00a0 | \n 30 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n 155 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n % | \n
Total provision | \n \u00a0 | \n $ | \n 92,645 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23.1 | \n % | \n \u00a0 | \n $ | \n 61,653 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22.7 | \n % | \n \u00a0 | \n $ | \n 52,126 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22.9 | \n % | \n
\u00a0
The Company had gross federal net operating loss carryforwards of $11.2 million as of December 31, 2025, mainly attributable to the Company\u2019s 2020 acquisitions. The Company has recorded a valuation allowance related to the federal net operating loss carryforwards as they are not more likely than not to be utilized as the losses will be limited to the Section 382 ownership changes. The Company had a tax-effected valuation allowance of $0.7 million as of December 31, 2025 established against the net operating losses that will expire prior to their utilization.
The Company had gross state net operating loss carryforwards of $293.4 million, $277.4 million and $178.6 million as of December 31, 2025, 2024 and 2023, respectively, that, if unused, will expire between calendar years 2026 and 2046. The 2025 gross state net operating loss carryforwards include losses incurred in states that quantify net operating losses before the application of apportionment factors, and their inclusion inflates the total amount of state net operating loss carryforwards when compared to a population of states that quantify net operating losses after the application of apportionment factors. The Company had recorded a tax-effected valuation allowance of $9.9 million as of December 31, 2025, primarily related to Louisiana state net operating loss carryforward deferred tax assets as they are not more likely than not to be utilized based on the calculation of income tax in the state of Louisiana. The state excludes interest income from its tax base and the Company does not anticipate generating a sufficient amount of non-interest income to enable the utilization of net operating losses.
The Company had gross foreign net operating loss carryforwards from Brazilian operations of $73.6 million, $39.0 million and $29.5 million as of December 31, 2025, 2024 and 2023, respectively. These net operating loss carryforwards are subject to annual limitations and have an unlimited carryforward period. The Company has recorded a full valuation allowance related to the Brazilian net operating loss carryforwards, as they are not more likely than not to be utilized. We currently have insignificant accumulated earnings in foreign jurisdictions. We intend to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet future U.S. cash needs.
The Company had gross federal capital loss carryforwards of $19.0 million as of December 31, 2025, mainly attributable to the Company\u2019s write-down of its investment in Linear in 2024. Capital losses can be carried back three years and carried forward five years. The Company has recorded a valuation allowance related to the capital loss that will not be utilized against capital gains within the three-year carryback window. The Company continued to maintain a tax-effected valuation allowance of $1.3 million as of December 31, 2025 against the capital loss carryforwards that are not more likely than not to be utilized prior to their expiration as the Company cannot project future capital gains.
The following table summarizes the valuation allowance activity for the years ended December 31, 2025, 2024 and 2023 (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Balance at beginning of period | \n \u00a0 | \n $ | \n 20,478 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,035 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,088 | \n \u00a0 | \n
Additions | \n \u00a0 | \n \u00a0 | \n 7,046 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,443 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,963 | \n \u00a0 | \n
Deductions | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (16 | \n ) | \n
Balance at end of period | \n \u00a0 | \n $ | \n 27,524 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,478 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,035 | \n \u00a0 | \n
A reconciliation of the activity related to unrecognized tax benefits follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Balance at beginning of period | \n \u00a0 | \n $ | \n 99,277 | \n \u00a0 | \n \u00a0 | \n $ | \n 173,707 | \n \u00a0 | \n \u00a0 | \n $ | \n 83,833 | \n \u00a0 | \n
Additions based on tax positions related to the current year | \n \u00a0 | \n \u00a0 | \n 115,930 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 97,348 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 169,811 | \n \u00a0 | \n
Additions for tax positions of prior years | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 244 | \n \u00a0 | \n
Reductions for tax positions of prior years | \n \u00a0 | \n \u00a0 | \n (96,885 | \n ) | \n \u00a0 | \n \u00a0 | \n (169,345 | \n ) | \n \u00a0 | \n \u00a0 | \n (76,100 | \n ) | \n
Reductions due to lapsed statute of limitations | \n \u00a0 | \n \u00a0 | \n (282 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,367 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,081 | \n ) | \n
Reductions due to settlement with taxing authorities | \n \u00a0 | \n \u00a0 | \n (81 | \n ) | \n \u00a0 | \n \u00a0 | \n (125 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Balance at end of period | \n \u00a0 | \n $ | \n 117,959 | \n \u00a0 | \n \u00a0 | \n $ | \n 99,277 | \n \u00a0 | \n \u00a0 | \n $ | \n 173,707 | \n \u00a0 | \n
Included in the balances of unrecognized tax benefits at December 31, 2025, 2024 and 2023 were potential benefits of $11.4 million, $7.2 million and $9.9 million, respectively, that, if recognized, would favorably affect the effective tax rate in the period of recognition. The balance of unrecognized tax benefits for temporary items as of December 31, 2025, 2024 and 2023 was $91.8 million, $75.6 million and $125.9 million, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The liability for unrecognized tax benefits as of December 31, 2025 and 2024 included $8.5 million and $4.9 million, respectively, for accrued interest and penalties related to unrecognized tax benefits. Within the tabular rollforward, the additions and reductions based on tax positions related to the current year, primarily relate to a temporary uncertainty that is expected to reverse in the immediately following tax period. The table includes the net increase or decrease associated with this position. The balance of unrecognized tax benefits includes amounts classified as an increase in income taxes payable or the reduction of a deferred tax asset. In 2024, the Company decreased the balance of the unrecognized tax benefits reserve due to management\u2019s evaluation and remeasurement of its settlement position related to the timing of recognition of income and losses related to the Company's loan and finance receivable portfolio.
The Company believes it is reasonably possible that, within the next twelve months, unrecognized domestic tax benefits will change by a significant amount up to and including the full amount of the reserve. The Company\u2019s principal uncertainties are related to the timing of recognition of income and losses related to its loan and finance receivable portfolio. Depending upon the outcome of any future agreements or settlements with relevant taxing authorities, the amount of the uncertainty, including amounts that would be recognized as a component of the effective tax rate, could change significantly. While the total amount of uncertainty to be resolved is not clear, it is reasonably possible that the uncertainties pertaining to the tax positions will be resolved in the next twelve months.
The Company\u2019s U.S. tax returns are subject to examination by federal and state taxing authorities. The statute of limitations related to the Company\u2019s consolidated Federal income tax returns is closed for all tax years up to and including 2021. The years open to examination by state, local and foreign government authorities vary by jurisdiction, but the statute of limitation is generally three years from the date the tax return is filed. For jurisdictions that have generated net operating losses, carryovers may be subject to the statute of limitations applicable for the year those carryovers are utilized. In these cases, the period for which the losses may be adjusted will extend to conform with the statute of limitations for the year in which the losses are utilized. In most circumstances, this is expected to increase the length of time that the applicable taxing authority may examine the carryovers by one year or longer, in limited cases.
"}]},{"name":"rpt:f-1174","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"The components of the Company\u2019s deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Deferred tax assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Compensation and benefits | \n \u00a0 | \n $ | \n 9,649 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,858 | \n \u00a0 | \n
Translation adjustments | \n \u00a0 | \n \u00a0 | \n 3,605 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,940 | \n \u00a0 | \n
Lease liability | \n \u00a0 | \n \u00a0 | \n 7,567 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,532 | \n \u00a0 | \n
Foreign net operating loss carryforward | \n \u00a0 | \n \u00a0 | \n 15,464 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,200 | \n \u00a0 | \n
U.S. net operating loss carryforward | \n \u00a0 | \n \u00a0 | \n 8,533 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,539 | \n \u00a0 | \n
Capitalized intangible costs | \n \u00a0 | \n \u00a0 | \n 14,860 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,938 | \n \u00a0 | \n
Capital loss carryforward | \n \u00a0 | \n \u00a0 | \n 4,573 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,136 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 3,726 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,481 | \n \u00a0 | \n
Total deferred tax assets | \n \u00a0 | \n \u00a0 | \n 67,977 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 77,624 | \n \u00a0 | \n
Deferred tax liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amortizable intangible assets | \n \u00a0 | \n \u00a0 | \n 61,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 61,418 | \n \u00a0 | \n
Loans and finance receivables, net | \n \u00a0 | \n \u00a0 | \n 237,328 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 186,224 | \n \u00a0 | \n
Property and equipment | \n \u00a0 | \n \u00a0 | \n 30,478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,606 | \n \u00a0 | \n
Operating lease right-of-use asset | \n \u00a0 | \n \u00a0 | \n 3,931 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,285 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 3,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,203 | \n \u00a0 | \n
Total deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n 335,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 280,736 | \n \u00a0 | \n
Net deferred tax liabilities before valuation allowance | \n \u00a0 | \n \u00a0 | \n (267,913 | \n ) | \n \u00a0 | \n \u00a0 | \n (203,112 | \n ) | \n
Valuation allowance | \n \u00a0 | \n \u00a0 | \n (27,524 | \n ) | \n \u00a0 | \n \u00a0 | \n (20,478 | \n ) | \n
Net deferred tax liabilities | \n \u00a0 | \n $ | \n (295,437 | \n ) | \n \u00a0 | \n $ | \n (223,590 | \n ) | \n
The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Income before income taxes: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Domestic | \n \u00a0 | \n $ | \n 400,754 | \n \u00a0 | \n \u00a0 | \n $ | \n 270,682 | \n \u00a0 | \n \u00a0 | \n $ | \n 226,638 | \n \u00a0 | \n
International | \n \u00a0 | \n \u00a0 | \n 280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 419 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 609 | \n \u00a0 | \n
Income before income taxes | \n \u00a0 | \n $ | \n 401,034 | \n \u00a0 | \n \u00a0 | \n $ | \n 271,101 | \n \u00a0 | \n \u00a0 | \n $ | \n 227,247 | \n \u00a0 | \n
Current provision: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n 25,947 | \n \u00a0 | \n \u00a0 | \n $ | \n (42,149 | \n ) | \n \u00a0 | \n $ | \n 38,260 | \n \u00a0 | \n
International | \n \u00a0 | \n \u00a0 | \n (265 | \n ) | \n \u00a0 | \n \u00a0 | \n 98 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 518 | \n \u00a0 | \n
State and local | \n \u00a0 | \n \u00a0 | \n (3,538 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,019 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,792 | \n \u00a0 | \n
Total current provision | \n \u00a0 | \n $ | \n 22,144 | \n \u00a0 | \n \u00a0 | \n $ | \n (51,070 | \n ) | \n \u00a0 | \n $ | \n 43,570 | \n \u00a0 | \n
Deferred provision: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n 56,871 | \n \u00a0 | \n \u00a0 | \n $ | \n 96,736 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,483 | \n \u00a0 | \n
State and local | \n \u00a0 | \n \u00a0 | \n 13,630 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,987 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,073 | \n \u00a0 | \n
Total deferred provision | \n \u00a0 | \n $ | \n 70,501 | \n \u00a0 | \n \u00a0 | \n $ | \n 112,723 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,556 | \n \u00a0 | \n
Total provision for income taxes | \n \u00a0 | \n $ | \n 92,645 | \n \u00a0 | \n \u00a0 | \n $ | \n 61,653 | \n \u00a0 | \n \u00a0 | \n $ | \n 52,126 | \n \u00a0 | \n
The effective tax rate on income differed from the federal statutory rate of 21% for the years ended December 31, 2025, 2024 and 2023, for the following reasons (dollars in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||||||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||||||||||||||
Tax provision computed at the federal statutory income tax rate | \n \u00a0 | \n $ | \n 84,217 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n \u00a0 | \n $ | \n 56,931 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n \u00a0 | \n $ | \n 47,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n
State and local income taxes, net of federal tax benefits(1) | \n \u00a0 | \n \u00a0 | \n 7,192 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.8 | \n % | \n \u00a0 | \n \u00a0 | \n 7,249 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.7 | \n % | \n \u00a0 | \n \u00a0 | \n 3,815 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.7 | \n % | \n
Nontaxable or nondeductible items: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Nondeductible regulatory settlement | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n 3,150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n % | \n
Other | \n \u00a0 | \n \u00a0 | \n (512 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.1 | \n % | \n \u00a0 | \n \u00a0 | \n 1,021 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n % | \n \u00a0 | \n \u00a0 | \n 69 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n
Tax credits: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Research and development credit | \n \u00a0 | \n \u00a0 | \n (1,317 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.3 | \n % | \n \u00a0 | \n \u00a0 | \n (1,896 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.7 | \n % | \n \u00a0 | \n \u00a0 | \n (2,655 | \n ) | \n \u00a0 | \n \u00a0 | \n -1.2 | \n % | \n
Changes in valuation allowance | \n \u00a0 | \n \u00a0 | \n (516 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.1 | \n % | \n \u00a0 | \n \u00a0 | \n 841 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n % | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n
Changes in unrecognized tax benefits | \n \u00a0 | \n \u00a0 | \n 3,905 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n % | \n \u00a0 | \n \u00a0 | \n (2,523 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.9 | \n % | \n \u00a0 | \n \u00a0 | \n (130 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.1 | \n % | \n
Effect of changes in tax laws or rates enacted in current period | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n
Foreign tax effects | \n \u00a0 | \n \u00a0 | \n (324 | \n ) | \n \u00a0 | \n \u00a0 | \n -0.1 | \n % | \n \u00a0 | \n \u00a0 | \n 30 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n 155 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n % | \n
Total provision | \n \u00a0 | \n $ | \n 92,645 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23.1 | \n % | \n \u00a0 | \n $ | \n 61,653 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22.7 | \n % | \n \u00a0 | \n $ | \n 52,126 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22.9 | \n % | \n
\u00a0
The following table summarizes the valuation allowance activity for the years ended December 31, 2025, 2024 and 2023 (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Balance at beginning of period | \n \u00a0 | \n $ | \n 20,478 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,035 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,088 | \n \u00a0 | \n
Additions | \n \u00a0 | \n \u00a0 | \n 7,046 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,443 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,963 | \n \u00a0 | \n
Deductions | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (16 | \n ) | \n
Balance at end of period | \n \u00a0 | \n $ | \n 27,524 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,478 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,035 | \n \u00a0 | \n
A reconciliation of the activity related to unrecognized tax benefits follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Balance at beginning of period | \n \u00a0 | \n $ | \n 99,277 | \n \u00a0 | \n \u00a0 | \n $ | \n 173,707 | \n \u00a0 | \n \u00a0 | \n $ | \n 83,833 | \n \u00a0 | \n
Additions based on tax positions related to the current year | \n \u00a0 | \n \u00a0 | \n 115,930 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 97,348 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 169,811 | \n \u00a0 | \n
Additions for tax positions of prior years | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 244 | \n \u00a0 | \n
Reductions for tax positions of prior years | \n \u00a0 | \n \u00a0 | \n (96,885 | \n ) | \n \u00a0 | \n \u00a0 | \n (169,345 | \n ) | \n \u00a0 | \n \u00a0 | \n (76,100 | \n ) | \n
Reductions due to lapsed statute of limitations | \n \u00a0 | \n \u00a0 | \n (282 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,367 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,081 | \n ) | \n
Reductions due to settlement with taxing authorities | \n \u00a0 | \n \u00a0 | \n (81 | \n ) | \n \u00a0 | \n \u00a0 | \n (125 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Balance at end of period | \n \u00a0 | \n $ | \n 117,959 | \n \u00a0 | \n \u00a0 | \n $ | \n 99,277 | \n \u00a0 | \n \u00a0 | \n $ | \n 173,707 | \n \u00a0 | \n
11. Commitments and Contingencies
Guarantees of Consumer Loans
In connection with its CSO program, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for consumer loans and is required to purchase any defaulted loans it has guaranteed. As of December 31, 2025 and 2024, the amount of
consumer loans guaranteed by the Company had an estimated fair value of $26.1 million and $28.4 million, respectively, and an outstanding principal balance of $18.7 million and $19.9 million, respectively. As of December 31, 2025 and 2024, the amount of consumer loans, including principal, fees and interest, guaranteed by the Company were $22.3 million and $23.8 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.
Consumer Financial Protection Bureau
On November 15, 2023, the Company consented to the issuance of a Consent Order by the CFPB pursuant to which the Company agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of $15.0 million. The civil money penalty is included in \u201cGeneral and Administrative\u201d expenses in the Consolidated Statements of Income. The Consent Order related to issues, the majority of which were self-disclosed, including payment processing and debiting errors. Effective August 29, 2025, the CFPB terminated the Consent Order in full and waived any alleged non-compliance therewith.
Litigation
On April 23, 2018, the Commonwealth of Virginia, through Attorney General Mark R. Herring, filed a lawsuit in the Circuit Court for the County of Fairfax, Virginia against NC Financial Solutions of Utah, LLC (\u201cNC Utah\u201d), a subsidiary of the Company. The lawsuit alleged violations of the Virginia Consumer Protection Act relating to NC Utah\u2019s communications with customers, collections of certain payments, its loan agreements, and the rates it charged to Virginia borrowers. The plaintiff sought to enjoin NC Utah from continuing its lending practices in Virginia, restitution, civil penalties, and costs and expenses in connection with the same. In January 2026, the parties entered into a Consent Decree to resolve the matter. Under the Consent Decree, NC Utah denied the allegations contained in the complaint and agreed to a payment of $3.4 million, comprised of $3.1 million in customer restitution, $0.2 million in fees and costs, and $0.1 million in administration expenses. Additionally, NC Utah agreed to modify certain outstanding loans at reduced interest rates and forgive approximately $87.0 million of previously charged-off receivables. As the payment of $3.4 million had been accrued in prior years and the forgiven loans charged off in prior years, there was no material impact to the Company\u2019s consolidated income statements for the years ended December 31, 2025 and 2024.
The Company is also involved in certain routine legal proceedings, claims and litigation matters encountered in the ordinary course of its business. Certain of these matters may be covered to an extent by insurance or by indemnification agreements with third parties. The Company has recorded accruals in its consolidated financial statements for those matters in which it is probable that it has incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated. In the opinion of management, the resolution of these matters will not have a material adverse effect on the Company\u2019s financial position, results of operations or liquidity.
"}]},{"name":"rpt:f-1371","factDimensions":{"xbrl:concept":"enva:ThirdPartyLenderOwnedConsumerLoansAtFairValue","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"26100000","decimals":-5}]},{"name":"rpt:f-1372","factDimensions":{"xbrl:concept":"enva:ThirdPartyLenderOwnedConsumerLoansAtFairValue","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"28400000","decimals":-5}]},{"name":"rpt:f-1373","factDimensions":{"xbrl:concept":"enva:ThirdPartyLenderOwnedConsumerLoansPrincipalBalance","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"18700000","decimals":-5}]},{"name":"rpt:f-1374","factDimensions":{"xbrl:concept":"enva:ThirdPartyLenderOwnedConsumerLoansPrincipalBalance","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19900000","decimals":-5}]},{"name":"rpt:f-1375","factDimensions":{"xbrl:concept":"enva:ThirdPartyLenderOwnedConsumerLoans","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"22300000","decimals":-5}]},{"name":"rpt:f-1376","factDimensions":{"xbrl:concept":"enva:ThirdPartyLenderOwnedConsumerLoans","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"23800000","decimals":-5}]},{"name":"rpt:f-1377","factDimensions":{"xbrl:concept":"enva:CivilMoneyPenaltyExpense","xbrl:period":"2023-11-15T00:00:00/2023-11-16T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:GeneralAndAdministrativeExpenseMember"},"factValues":[{"value":"15000000","decimals":-5}]},{"name":"rpt:f-1378","factDimensions":{"xbrl:concept":"enva:ComplaintAndAgreedToAPayment","xbrl:period":"2018-04-23T00:00:00/2018-04-24T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3400000","decimals":-5}]},{"name":"rpt:f-1379","factDimensions":{"xbrl:concept":"enva:CustomerRestitution","xbrl:period":"2018-04-23T00:00:00/2018-04-24T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3100000","decimals":-5}]},{"name":"rpt:f-1380","factDimensions":{"xbrl:concept":"enva:LitigationFeesAndCosts","xbrl:period":"2018-04-23T00:00:00/2018-04-24T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"200000","decimals":-5}]},{"name":"rpt:f-1381","factDimensions":{"xbrl:concept":"us-gaap:GeneralAndAdministrativeExpense","xbrl:period":"2018-04-23T00:00:00/2018-04-24T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-1382","factDimensions":{"xbrl:concept":"enva:ReducedInterestRates","xbrl:period":"2018-04-23T00:00:00/2018-04-24T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"87000000","decimals":-5}]},{"name":"rpt:f-1383","factDimensions":{"xbrl:concept":"us-gaap:RealEstateInventoryCapitalizedInterestCostsCostOfSales1","xbrl:period":"2018-04-23T00:00:00/2018-04-24T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3400000","decimals":-5}]},{"name":"rpt:f-1384","factDimensions":{"xbrl:concept":"us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"12. Employee Benefit Plans
The Company sponsors the Enova International, Inc. 401(k) Savings Plan (the \u201cEnova 401(k) Plan\u201d), which is open to all U.S. employees of the Company and its subsidiaries. The Company also offers the Enova International, Inc. Nonqualified Savings Plan (the \u201cNQSP\u201d) for certain members of Company management. For the Enova 401(k) Plan, new employees are automatically enrolled in this plan unless they elect not to participate. The Company makes matching contributions of 100% of the first 1% of pay and 50% of the next 5% of pay that each employee contributes to the Enova 401(k) Plan. The Company\u2019s matching contributions fully vest after a participant\u2019s second year of service with the Company. The Company recorded compensation expense for combined contributions to these plans of $5.3 million, $4.6 million and $4.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company also sponsors the Enova International, Inc. Supplemental Executive Retirement Plan (\u201cSERP\u201d) in which certain officers and certain other employees of the Company participate. Under this defined contribution plan, the Company makes an annual supplemental cash contribution to the SERP based on the terms of the plan as approved by the Company\u2019s Management Development and Compensation Committee of the Board of Directors. The Company recorded compensation expense of $1.0 million, $0.9 million and $0.5 million for SERP contributions for the years ended December 31, 2025, 2024 and 2023, respectively.
The NQSP and the SERP are non-qualified deferred compensation plans for which the Company holds securities in rabbi trusts to pay benefits. These securities are classified as trading securities, and the unrealized gains and losses on these securities are netted with the costs of the plans in \u201cGeneral and administrative expenses\u201d in the consolidated statements of income.
Amounts included in the consolidated balance sheets relating to the NQSP and the SERP were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Other receivables and prepaid expenses | \n \u00a0 | \n $ | \n 14,486 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,712 | \n \u00a0 | \n
Accounts payable and accrued expenses | \n \u00a0 | \n $ | \n 15,123 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,251 | \n \u00a0 | \n
\u00a0
Amounts included in the consolidated balance sheets relating to the NQSP and the SERP were as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As of December 31, | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Other receivables and prepaid expenses | \n \u00a0 | \n $ | \n 14,486 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,712 | \n \u00a0 | \n
Accounts payable and accrued expenses | \n \u00a0 | \n $ | \n 15,123 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,251 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-1396","factDimensions":{"xbrl:concept":"enva:OtherReceivablesAndPrepaidExpenses","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember","us-gaap:PlanNameAxis":"enva:NonqualifiedSavingsPlanMember"},"factValues":[{"value":"14486000","decimals":-3}]},{"name":"rpt:f-1397","factDimensions":{"xbrl:concept":"enva:OtherReceivablesAndPrepaidExpenses","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember","us-gaap:PlanNameAxis":"enva:NonqualifiedSavingsPlanMember"},"factValues":[{"value":"10712000","decimals":-3}]},{"name":"rpt:f-1398","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember","us-gaap:PlanNameAxis":"enva:NonqualifiedSavingsPlanMember"},"factValues":[{"value":"15123000","decimals":-3}]},{"name":"rpt:f-1399","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember","us-gaap:PlanNameAxis":"enva:NonqualifiedSavingsPlanMember"},"factValues":[{"value":"11251000","decimals":-3}]},{"name":"rpt:f-1400","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"13. Stock-Based Compensation
Under the Enova International, Inc. 2014 Fourth Amended and Restated Long-Term Incentive Plan (the \u201cEnova LTIP\u201d), the Company is authorized to issue 16,500,000 shares of Common Stock pursuant to \u201cAwards\u201d granted as incentive stock options (intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended), nonqualified stock options, restricted stock units (\u201cRSUs\u201d), restricted stock, performance shares, stock appreciation rights or other stock-based awards. Since 2014, nonqualified stock options and RSU awards have been the only stock-based awards granted under the Enova LTIP. As of December 31, 2025, there were 2,760,776 shares available for future grants under the Enova LTIP.
During the year ended December 31, 2025, the Company received 204,626 shares of its common stock valued at approximately $23.4 million as partial payment of taxes required to be withheld upon issuance of shares under RSUs.
Restricted Stock Units
The Company grants RSUs to Company officers, certain employees and to the non-management members of the Board of Directors under the Enova LTIP. Each vested RSU entitles the holder to receive a share of the common stock of the Company. For Company officers and certain employees, the shares are to be issued upon vesting of the RSUs generally on an annual basis over a period of four years. Shares for RSU awards granted to members of the Board of Directors vest and are issued twelve months after the grant date.
In accordance with ASC 718, the grant date fair value of RSUs is based on the Company\u2019s closing stock price on the day before the grant date and is amortized to expense over the vesting periods. The agreements relating to awards provide that the vesting and payment of awards would be accelerated if there is a change in control of the Company.
The following table summarizes the Company\u2019s RSU activity during 2025, 2024 and 2023:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||||||||||||||
\u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Fair Value at Date of Grant | \n \u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Fair Value at Date of Grant | \n \u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Fair Value at Date of Grant | \n \u00a0 | \n ||||||
Outstanding at beginning of year | \n \u00a0 | \n \u00a0 | \n 1,251,810 | \n \u00a0 | \n \u00a0 | \n $ | \n 48.34 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,489,809 | \n \u00a0 | \n \u00a0 | \n $ | \n 41.40 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,540,579 | \n \u00a0 | \n \u00a0 | \n $ | \n 32.06 | \n \u00a0 | \n
Units granted | \n \u00a0 | \n \u00a0 | \n 283,581 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 112.08 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 478,537 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54.79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 638,419 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51.94 | \n \u00a0 | \n
Shares issued | \n \u00a0 | \n \u00a0 | \n (557,114 | \n ) | \n \u00a0 | \n \u00a0 | \n 44.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (617,291 | \n ) | \n \u00a0 | \n \u00a0 | \n 36.36 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (624,264 | \n ) | \n \u00a0 | \n \u00a0 | \n 29.10 | \n \u00a0 | \n
Units forfeited | \n \u00a0 | \n \u00a0 | \n (44,121 | \n ) | \n \u00a0 | \n \u00a0 | \n 66.52 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (99,245 | \n ) | \n \u00a0 | \n \u00a0 | \n 49.75 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (64,925 | \n ) | \n \u00a0 | \n \u00a0 | \n 41.71 | \n \u00a0 | \n
Outstanding at end of year | \n \u00a0 | \n \u00a0 | \n 934,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 69.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,251,810 | \n \u00a0 | \n \u00a0 | \n $ | \n 48.34 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,489,809 | \n \u00a0 | \n \u00a0 | \n $ | \n 41.40 | \n \u00a0 | \n
\u00a0
Compensation expense related to these RSUs totaling $25.0 million ($19.2 million net of related taxes), $25.0 million ($18.8 million net of related taxes) and $22.2 million ($16.6 million net of related taxes) was recognized for the years ended December 31, 2025, 2024 and 2023, respectively. Total unrecognized compensation cost related to these RSUs at December 31, 2025 was $42.5 million, which will be recognized over a weighted average period of approximately 2.4 years. The outstanding RSUs had an aggregate intrinsic value of $146.8 million at December 31, 2025.
Stock Options
The Company grants stock options to purchase Enova stock to Company officers and certain employees under the Enova LTIP. Stock options would allow the holder to purchase shares of the Company\u2019s common stock at a price not less than the fair market value of the shares as of the grant date, or the exercise price. Stock options granted under the Enova LTIP generally become exercisable in equal increments on the first, second and third anniversaries of their date of grant, and expire on the seventh anniversary of their date of grant. Exercise prices of these stock options are equal to the closing stock price on the day before the grant date.
In accordance with ASC 718, compensation expense on stock options is based on the grant date fair value of the stock options and is amortized to expense over the vesting periods. For the year ended December 31, 2025, the Company estimated the fair value of the stock
option grants using the Black-Scholes option-pricing model based on the following weighted average assumptions: risk-free interest rate of 4.0%, expected term (life) of options of 4.5 years, expected volatility of 41.5% and no expected dividends. Determining the fair value of options awards at their respective grant dates requires considerable judgment, including estimating expected volatility and expected term (life). The Company based its expected volatility on a weighted average of the historical volatility of the Company. The Company calculated its expected term based on the simplified method, which is the mid-point between the weighted-average graded-vesting term and the contractual term. The simplified method was chosen as a means to determine expected term as the Company has limited historical option exercise experience as a public company. The Company derived the risk-free rate from a weighted-average yield for the three-and five-year zero-coupon U.S. Treasury Strips. The Company estimates forfeitures at the grant date based on its historical forfeiture rate and revises the estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
The following table summarizes the Company\u2019s stock option activity during 2025, 2024 and 2023:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||||||||||||||
\u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price | \n \u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price | \n \u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price | \n \u00a0 | \n ||||||
Outstanding at beginning of year | \n \u00a0 | \n \u00a0 | \n 1,793,587 | \n \u00a0 | \n \u00a0 | \n $ | \n 36.58 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,120,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 28.98 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,202,687 | \n \u00a0 | \n \u00a0 | \n $ | \n 23.80 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 206,906 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110.40 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 237,157 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 68.97 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 306,105 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47.89 | \n \u00a0 | \n
Options exercised | \n \u00a0 | \n \u00a0 | \n (363,198 | \n ) | \n \u00a0 | \n \u00a0 | \n 23.99 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (563,811 | \n ) | \n \u00a0 | \n \u00a0 | \n 21.63 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (388,551 | \n ) | \n \u00a0 | \n \u00a0 | \n 14.52 | \n \u00a0 | \n
Outstanding at end of year | \n \u00a0 | \n \u00a0 | \n 1,637,295 | \n \u00a0 | \n \u00a0 | \n $ | \n 48.70 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,793,587 | \n \u00a0 | \n \u00a0 | \n $ | \n 36.58 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,120,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 28.98 | \n \u00a0 | \n
Exercisable options at end of year | \n \u00a0 | \n \u00a0 | \n 1,170,280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35.12 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,170,738 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28.14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,450,841 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23.24 | \n \u00a0 | \n
\u00a0
The weighted average fair value of options granted in 2025 was $44.12. Compensation expense related to stock options totaling $8.1 million ($6.2 million net of related taxes), $6.8 million ($5.1 million net of related taxes) and $4.6 million ($3.4 million net of related taxes) was recognized for the years ended December 31, 2025, 2024 and 2023, respectively. Total unrecognized compensation cost related to stock options at December 31, 2025 was $12.6 million, which will be recognized over a period of approximately 2.0 years. At December 31, 2025, the intrinsic value of stock options outstanding was $177.7 million, and the intrinsic value of stock options exercisable was $142.9 million, respectively.
"}]},{"name":"rpt:f-1401","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"enva:EnovaLongTermIncentivePlanMember"},"factValues":[{"value":"16500000"}]},{"name":"rpt:f-1402","factDimensions":{"xbrl:concept":"enva:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForFutureGrant","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"enva:EnovaLongTermIncentivePlanMember"},"factValues":[{"value":"2760776"}]},{"name":"rpt:f-1403","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockSharesAcquired","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"204626"}]},{"name":"rpt:f-1404","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockValueAcquiredCostMethod","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"23400000","decimals":-5}]},{"name":"rpt:f-1405","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember","srt:TitleOfIndividualAxis":"enva:OfficersAndCertainEmployeesMember"},"factValues":[{"value":"P4Y"}]},{"name":"rpt:f-1406","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","us-gaap:PlanNameAxis":"enva:EnovaLongTermIncentivePlanMember"},"factValues":[{"value":"The following table summarizes the Company\u2019s RSU activity during 2025, 2024 and 2023:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||||||||||||||
\u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Fair Value at Date of Grant | \n \u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Fair Value at Date of Grant | \n \u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Fair Value at Date of Grant | \n \u00a0 | \n ||||||
Outstanding at beginning of year | \n \u00a0 | \n \u00a0 | \n 1,251,810 | \n \u00a0 | \n \u00a0 | \n $ | \n 48.34 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,489,809 | \n \u00a0 | \n \u00a0 | \n $ | \n 41.40 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,540,579 | \n \u00a0 | \n \u00a0 | \n $ | \n 32.06 | \n \u00a0 | \n
Units granted | \n \u00a0 | \n \u00a0 | \n 283,581 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 112.08 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 478,537 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54.79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 638,419 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51.94 | \n \u00a0 | \n
Shares issued | \n \u00a0 | \n \u00a0 | \n (557,114 | \n ) | \n \u00a0 | \n \u00a0 | \n 44.05 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (617,291 | \n ) | \n \u00a0 | \n \u00a0 | \n 36.36 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (624,264 | \n ) | \n \u00a0 | \n \u00a0 | \n 29.10 | \n \u00a0 | \n
Units forfeited | \n \u00a0 | \n \u00a0 | \n (44,121 | \n ) | \n \u00a0 | \n \u00a0 | \n 66.52 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (99,245 | \n ) | \n \u00a0 | \n \u00a0 | \n 49.75 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (64,925 | \n ) | \n \u00a0 | \n \u00a0 | \n 41.71 | \n \u00a0 | \n
Outstanding at end of year | \n \u00a0 | \n \u00a0 | \n 934,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 69.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,251,810 | \n \u00a0 | \n \u00a0 | \n $ | \n 48.34 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,489,809 | \n \u00a0 | \n \u00a0 | \n $ | \n 41.40 | \n \u00a0 | \n
The following table summarizes the Company\u2019s stock option activity during 2025, 2024 and 2023:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||||||||||||||
\u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price | \n \u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price | \n \u00a0 | \n \u00a0 | \n Units | \n \u00a0 | \n \u00a0 | \n Weighted Average Exercise Price | \n \u00a0 | \n ||||||
Outstanding at beginning of year | \n \u00a0 | \n \u00a0 | \n 1,793,587 | \n \u00a0 | \n \u00a0 | \n $ | \n 36.58 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,120,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 28.98 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,202,687 | \n \u00a0 | \n \u00a0 | \n $ | \n 23.80 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 206,906 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110.40 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 237,157 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 68.97 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 306,105 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47.89 | \n \u00a0 | \n
Options exercised | \n \u00a0 | \n \u00a0 | \n (363,198 | \n ) | \n \u00a0 | \n \u00a0 | \n 23.99 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (563,811 | \n ) | \n \u00a0 | \n \u00a0 | \n 21.63 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (388,551 | \n ) | \n \u00a0 | \n \u00a0 | \n 14.52 | \n \u00a0 | \n
Outstanding at end of year | \n \u00a0 | \n \u00a0 | \n 1,637,295 | \n \u00a0 | \n \u00a0 | \n $ | \n 48.70 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,793,587 | \n \u00a0 | \n \u00a0 | \n $ | \n 36.58 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,120,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 28.98 | \n \u00a0 | \n
Exercisable options at end of year | \n \u00a0 | \n \u00a0 | \n 1,170,280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35.12 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,170,738 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28.14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,450,841 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23.24 | \n \u00a0 | \n
14. Related Party Transactions
As discussed in Note 1 in the Notes to Consolidated Financial Statements, in December 2021, the Company divested a portion of its interest in OnDeck Australia and began recording its remaining interest utilizing the equity method of accounting. As of December 31, 2025 and 2024, there was no balance due from affiliate outstanding between the Company and OnDeck Australia.
The Company believes that the transactions described above have been provided on terms no less favorable to the Company than could have been negotiated with non-affiliated third parties.
"}]},{"name":"rpt:f-1493","factDimensions":{"xbrl:concept":"us-gaap:OtherReceivables","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"enva:OndeckAustraliaMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1494","factDimensions":{"xbrl:concept":"us-gaap:VariableInterestEntityDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"15. Variable Interest Entities
As part of the Company\u2019s overall funding strategy and as part of its efforts to support its liquidity from sources other than its traditional capital market sources, the Company has established a securitization program through its various securitization facilities. The Company transfers certain loan receivables to wholly owned, bankruptcy-remote special purpose subsidiaries (\u201cVIEs\u201d), which issue notes backed by the underlying loan receivables and are serviced by other wholly-owned subsidiaries of the Company. The cash flows from the loans held by the VIEs are used to repay obligations under the notes.
The Company is required to evaluate the VIEs for consolidation. The Company has the ability to direct the activities of the VIEs that most significantly impact the economic performance of the entities as the servicer of the securitized loan receivables. Additionally, the Company has the right to returns related to servicing fee revenue from the VIEs and to receive residual payments, which expose it to potentially significant losses and returns. Accordingly, the Company determined it is the primary beneficiary of the VIEs and is required to consolidate them. The assets and liabilities related to the VIEs are included in the Company\u2019s consolidated financial statements and are accounted for as secured borrowings.
"}]},{"name":"rpt:f-1495","factDimensions":{"xbrl:concept":"us-gaap:CashFlowSupplementalDisclosuresTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"16. Supplemental Disclosures of Cash Flow Information
The following table sets forth certain cash and non-cash activities for the years ended December 31, 2025, 2024 and 2023 (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Cash paid during the year for: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Interest | \n \u00a0 | \n $ | \n 321,080 | \n \u00a0 | \n \u00a0 | \n $ | \n 274,117 | \n \u00a0 | \n \u00a0 | \n $ | \n 182,407 | \n \u00a0 | \n
Income taxes paid (recovered)(1) | \n \u00a0 | \n \u00a0 | \n 1,439 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,517 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,105 | \n ) | \n
Non-cash investing and financing activities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Loans and finance receivables renewed | \n \u00a0 | \n $ | \n 519,299 | \n \u00a0 | \n \u00a0 | \n $ | \n 414,138 | \n \u00a0 | \n \u00a0 | \n $ | \n 491,291 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Income taxes paid, net of refunds received | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n (2,061 | \n ) | \n
State and Local | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Alabama | \n \u00a0 | \n \u00a0 | \n 79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
California | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (316 | \n ) | \n
Florida | \n \u00a0 | \n \u00a0 | \n 191 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (396 | \n ) | \n \u00a0 | \n \u00a0 | \n 80 | \n \u00a0 | \n
Georgia | \n \u00a0 | \n \u00a0 | \n (37 | \n ) | \n \u00a0 | \n \u00a0 | \n (320 | \n ) | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n
Louisiana | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (10 | \n ) | \n \u00a0 | \n \u00a0 | \n (260 | \n ) | \n
Maryland | \n \u00a0 | \n \u00a0 | \n 84 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 70 | \n \u00a0 | \n
North Carolina | \n \u00a0 | \n \u00a0 | \n 85 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6 | \n ) | \n
New Jersey | \n \u00a0 | \n \u00a0 | \n 87 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Oregon | \n \u00a0 | \n \u00a0 | \n 112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Pennsylvania | \n \u00a0 | \n \u00a0 | \n 107 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (55 | \n ) | \n
South Carolina | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 434 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (814 | \n ) | \n
Texas | \n \u00a0 | \n \u00a0 | \n 258 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (349 | \n ) | \n \u00a0 | \n \u00a0 | \n 545 | \n \u00a0 | \n
Virginia | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (987 | \n ) | \n \u00a0 | \n \u00a0 | \n (83 | \n ) | \n
West Virginia | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (369 | \n ) | \n
Other States | \n \u00a0 | \n \u00a0 | \n 248 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 178 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n 82 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total income taxes paid (recovered) | \n \u00a0 | \n $ | \n 1,439 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,517 | \n ) | \n \u00a0 | \n $ | \n (3,105 | \n ) | \n
The following table sets forth certain cash and non-cash activities for the years ended December 31, 2025, 2024 and 2023 (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Cash paid during the year for: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Interest | \n \u00a0 | \n $ | \n 321,080 | \n \u00a0 | \n \u00a0 | \n $ | \n 274,117 | \n \u00a0 | \n \u00a0 | \n $ | \n 182,407 | \n \u00a0 | \n
Income taxes paid (recovered)(1) | \n \u00a0 | \n \u00a0 | \n 1,439 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,517 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,105 | \n ) | \n
Non-cash investing and financing activities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Loans and finance receivables renewed | \n \u00a0 | \n $ | \n 519,299 | \n \u00a0 | \n \u00a0 | \n $ | \n 414,138 | \n \u00a0 | \n \u00a0 | \n $ | \n 491,291 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Income taxes paid, net of refunds received | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n (2,061 | \n ) | \n
State and Local | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Alabama | \n \u00a0 | \n \u00a0 | \n 79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
California | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (316 | \n ) | \n
Florida | \n \u00a0 | \n \u00a0 | \n 191 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (396 | \n ) | \n \u00a0 | \n \u00a0 | \n 80 | \n \u00a0 | \n
Georgia | \n \u00a0 | \n \u00a0 | \n (37 | \n ) | \n \u00a0 | \n \u00a0 | \n (320 | \n ) | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n
Louisiana | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (10 | \n ) | \n \u00a0 | \n \u00a0 | \n (260 | \n ) | \n
Maryland | \n \u00a0 | \n \u00a0 | \n 84 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 70 | \n \u00a0 | \n
North Carolina | \n \u00a0 | \n \u00a0 | \n 85 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6 | \n ) | \n
New Jersey | \n \u00a0 | \n \u00a0 | \n 87 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Oregon | \n \u00a0 | \n \u00a0 | \n 112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Pennsylvania | \n \u00a0 | \n \u00a0 | \n 107 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (55 | \n ) | \n
South Carolina | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 434 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (814 | \n ) | \n
Texas | \n \u00a0 | \n \u00a0 | \n 258 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (349 | \n ) | \n \u00a0 | \n \u00a0 | \n 545 | \n \u00a0 | \n
Virginia | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (987 | \n ) | \n \u00a0 | \n \u00a0 | \n (83 | \n ) | \n
West Virginia | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (369 | \n ) | \n
Other States | \n \u00a0 | \n \u00a0 | \n 248 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 178 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n 82 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total income taxes paid (recovered) | \n \u00a0 | \n $ | \n 1,439 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,517 | \n ) | \n \u00a0 | \n $ | \n (3,105 | \n ) | \n
\u00a0
"}]},{"name":"rpt:f-1497","factDimensions":{"xbrl:concept":"us-gaap:InterestPaidNet","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"321080000","decimals":-3}]},{"name":"rpt:f-1498","factDimensions":{"xbrl:concept":"us-gaap:InterestPaidNet","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"274117000","decimals":-3}]},{"name":"rpt:f-1499","factDimensions":{"xbrl:concept":"us-gaap:InterestPaidNet","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"182407000","decimals":-3}]},{"name":"rpt:f-1500","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxesPaidNet","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1439000","decimals":-3}]},{"name":"rpt:f-1501","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxesPaidNet","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-1517000","decimals":-3}]},{"name":"rpt:f-1502","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxesPaidNet","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-3105000","decimals":-3}]},{"name":"rpt:f-1503","factDimensions":{"xbrl:concept":"enva:LoansAndFinancingReceivablesRenewed","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"519299000","decimals":-3}]},{"name":"rpt:f-1504","factDimensions":{"xbrl:concept":"enva:LoansAndFinancingReceivablesRenewed","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"414138000","decimals":-3}]},{"name":"rpt:f-1505","factDimensions":{"xbrl:concept":"enva:LoansAndFinancingReceivablesRenewed","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"491291000","decimals":-3}]},{"name":"rpt:f-1506","factDimensions":{"xbrl:concept":"enva:ScheduleOfIncomeTaxesPaidRecoveredByJurisdictionTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Income taxes paid, net of refunds received | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n (2,061 | \n ) | \n
State and Local | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Alabama | \n \u00a0 | \n \u00a0 | \n 79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
California | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (316 | \n ) | \n
Florida | \n \u00a0 | \n \u00a0 | \n 191 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (396 | \n ) | \n \u00a0 | \n \u00a0 | \n 80 | \n \u00a0 | \n
Georgia | \n \u00a0 | \n \u00a0 | \n (37 | \n ) | \n \u00a0 | \n \u00a0 | \n (320 | \n ) | \n \u00a0 | \n \u00a0 | \n (14 | \n ) | \n
Louisiana | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (10 | \n ) | \n \u00a0 | \n \u00a0 | \n (260 | \n ) | \n
Maryland | \n \u00a0 | \n \u00a0 | \n 84 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 70 | \n \u00a0 | \n
North Carolina | \n \u00a0 | \n \u00a0 | \n 85 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6 | \n ) | \n
New Jersey | \n \u00a0 | \n \u00a0 | \n 87 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Oregon | \n \u00a0 | \n \u00a0 | \n 112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Pennsylvania | \n \u00a0 | \n \u00a0 | \n 107 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (55 | \n ) | \n
South Carolina | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 434 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (814 | \n ) | \n
Texas | \n \u00a0 | \n \u00a0 | \n 258 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (349 | \n ) | \n \u00a0 | \n \u00a0 | \n 545 | \n \u00a0 | \n
Virginia | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (987 | \n ) | \n \u00a0 | \n \u00a0 | \n (83 | \n ) | \n
West Virginia | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (369 | \n ) | \n
Other States | \n \u00a0 | \n \u00a0 | \n 248 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 178 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n 82 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total income taxes paid (recovered) | \n \u00a0 | \n $ | \n 1,439 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,517 | \n ) | \n \u00a0 | \n $ | \n (3,105 | \n ) | \n
17. Operating Segment Information
During the three years ended December 31, 2025, the Company primarily provided online financial services to non-prime credit consumers and small businesses in the United States and Brazil. The Company has one reportable segment, which is composed of the Company\u2019s domestic and international operations and corporate services. The Company has aggregated all components of its business into a operating segment based on the similarities of the economic characteristics, the nature of the products and services, the nature of the production and distribution methods, the shared technology platforms, the type of customer and the nature of the regulatory environment. The Company's Chief Operating Decision Maker, its , is regularly provided with significant segment expenses at a similar level and category as is disclosed in the Consolidated Statements of Income; as such, separate presentation is not provided in this Note.
The following table presents the Company\u2019s revenue by geographic region for the years ended December 31, 2025, 2024 and 2023 (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Revenue | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
United States | \n \u00a0 | \n $ | \n 3,072,575 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,604,460 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,087,519 | \n \u00a0 | \n
Other international countries | \n \u00a0 | \n \u00a0 | \n 79,078 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 53,340 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,120 | \n \u00a0 | \n
Total revenue | \n \u00a0 | \n $ | \n 3,151,653 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,657,800 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,117,639 | \n \u00a0 | \n
\u00a0
\u00a0
The Company\u2019s long-lived assets, which consist of the Company\u2019s property and equipment, were $132.6 million and $120.0 million at December 31, 2025 and 2024, respectively. The operations for the Company\u2019s domestic and international businesses are primarily located within the United States, and the value of any long-lived assets located outside of the United States is immaterial.
"}]},{"name":"rpt:f-1544","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"enva:Segment"},"factValues":[{"value":"1"}]},{"name":"rpt:f-1545","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingCodmProfitLossMeasureHowUsedDescription","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"The Company's Chief Operating Decision Maker, its Chief Executive Officer, is regularly provided with significant segment expenses at a similar level and category as is disclosed in the Consolidated Statements of Income; as such, separate presentation is not provided in this Note."}]},{"name":"rpt:f-1546","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromExternalCustomersByGeographicAreasTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"The following table presents the Company\u2019s revenue by geographic region for the years ended December 31, 2025, 2024 and 2023 (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended December 31, | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n |||
Revenue | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
United States | \n \u00a0 | \n $ | \n 3,072,575 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,604,460 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,087,519 | \n \u00a0 | \n
Other international countries | \n \u00a0 | \n \u00a0 | \n 79,078 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 53,340 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,120 | \n \u00a0 | \n
Total revenue | \n \u00a0 | \n $ | \n 3,151,653 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,657,800 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,117,639 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-1547","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"3072575000","decimals":-3}]},{"name":"rpt:f-1548","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"2604460000","decimals":-3}]},{"name":"rpt:f-1549","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"2087519000","decimals":-3}]},{"name":"rpt:f-1550","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"us-gaap:NonUsMember"},"factValues":[{"value":"79078000","decimals":-3}]},{"name":"rpt:f-1551","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"us-gaap:NonUsMember"},"factValues":[{"value":"53340000","decimals":-3}]},{"name":"rpt:f-1552","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"us-gaap:NonUsMember"},"factValues":[{"value":"30120000","decimals":-3}]},{"name":"rpt:f-1553","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3151653000","decimals":-3}]},{"name":"rpt:f-1554","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2657800000","decimals":-3}]},{"name":"rpt:f-1555","factDimensions":{"xbrl:concept":"us-gaap:Revenues","xbrl:period":"2023-01-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2117639000","decimals":-3}]},{"name":"rpt:f-1556","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentNet","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"132600000","decimals":-5}]},{"name":"rpt:f-1557","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentNet","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"120000000","decimals":-5}]},{"name":"rpt:f-1558","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementInputsDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"18. Fair Value Measurements
Recurring Fair Value Measurements
The Company uses a hierarchical framework that prioritizes and ranks the market observability of inputs used in its fair value measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three levels as follows:
Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company\u2019s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level of input that is significant to the entire measurement. Such determination requires significant management judgment.
During the years ended December 31, 2025 and 2024, there were no transfers of assets or liabilities between Level 1, 2 or 3. It is the Company\u2019s policy to value any transfers between levels of the fair value hierarchy based on end of period values.
The Company\u2019s financial assets that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 are as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||
Financial assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Consumer loans and finance receivables(1) | \n \u00a0 | \n $ | \n 1,764,469 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,764,469 | \n \u00a0 | \n
Small business loans and finance receivables(1) | \n \u00a0 | \n \u00a0 | \n 3,707,075 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,707,075 | \n \u00a0 | \n
Non-qualified savings plan assets(2) | \n \u00a0 | \n \u00a0 | \n 14,486 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,486 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Investment in trading security(3) | \n \u00a0 | \n \u00a0 | \n 13,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 5,499,752 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,208 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,471,544 | \n \u00a0 | \n
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||
Financial assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Consumer loans and finance receivables(1) | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n
Small business loans and finance receivables(1) | \n \u00a0 | \n \u00a0 | \n 2,747,137 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,747,137 | \n \u00a0 | \n
Non-qualified savings plan assets(2) | \n \u00a0 | \n \u00a0 | \n 10,712 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,712 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Investment in trading security(3) | \n \u00a0 | \n \u00a0 | \n 3,636 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,636 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,400,792 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,348 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,386,444 | \n \u00a0 | \n
The Company primarily estimates the fair value of its loan and finance receivables portfolio using discounted cash flow models that have been internally developed. The models use inputs, such as estimated losses, prepayments, servicing costs and discount rates, that are unobservable but reflect the Company\u2019s best estimates of the assumptions a market participant would use to calculate fair value. Certain unobservable inputs may, in isolation, have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. An increase to the net loss rate, prepayment rate, servicing cost, or discount rate would decrease the fair value of the Company\u2019s loans and finance receivables. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input.
The fair value of the nonqualified savings plan assets was deemed Level 1 as they are publicly traded equity securities for which market prices of identical assets are readily observable.
The fair value of the investment in trading security was deemed Level 1 as it is a publicly traded fund with active market pricing that is readily available.
The Company had no liabilities measured at fair value on a recurring basis as of December 31, 2025 or 2024.
Fair Value Measurements on a Non-Recurring Basis
The Company measures non-financial assets and liabilities such as property and equipment and intangible assets at fair value on a nonrecurring basis or when events or circumstances indicate that the carrying amount of the assets may be impaired. At December 31, 2025 and 2024, there were no assets or liabilities recorded at fair value on a nonrecurring basis.
Financial Assets and Liabilities Not Measured at Fair Value
The Company\u2019s financial assets and liabilities as of December 31, 2025 and 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||
Financial assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 71,709 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,709 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Restricted cash(1) | \n \u00a0 | \n \u00a0 | \n 336,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 336,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Investment in unconsolidated investee(2) | \n \u00a0 | \n \u00a0 | \n 6,918 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,918 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 414,781 | \n \u00a0 | \n \u00a0 | \n $ | \n 407,863 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,918 | \n \u00a0 | \n
Financial liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Revolving line of credit | \n \u00a0 | \n $ | \n 596,000 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 596,000 | \n \u00a0 | \n
Securitization facilities | \n \u00a0 | \n \u00a0 | \n 3,029,180 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,037,390 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
11.25% senior notes due 2028 | \n \u00a0 | \n \u00a0 | \n 397,783 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 422,924 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
9.125% senior notes due 2029 | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 530,620 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,522,963 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,990,934 | \n \u00a0 | \n \u00a0 | \n $ | \n 596,000 | \n \u00a0 | \n
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||
Financial assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 73,910 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,910 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Restricted cash(1) | \n \u00a0 | \n \u00a0 | \n 248,758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 248,758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Investment in unconsolidated investee(2) | \n \u00a0 | \n \u00a0 | \n 6,918 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,918 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 329,586 | \n \u00a0 | \n \u00a0 | \n $ | \n 322,668 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,918 | \n \u00a0 | \n
Financial liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Revolving line of credit | \n \u00a0 | \n $ | \n 453,000 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,000 | \n \u00a0 | \n
Securitization facilities | \n \u00a0 | \n \u00a0 | \n 2,238,279 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,246,406 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
11.25% senior notes due 2028 | \n \u00a0 | \n \u00a0 | \n 397,033 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 433,112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
9.125% senior notes due 2029 | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 519,360 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 3,588,312 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,198,878 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,000 | \n \u00a0 | \n
\u00a0
Cash and cash equivalents and restricted cash bear interest at market rates and have maturities of less than 90 days. The carrying amount of restricted cash and cash equivalents approximates fair value.
The Company measures the fair value of its investment in unconsolidated investee using Level 3 inputs. Because the unconsolidated investee is a private company and financial information is limited, the Company estimates the fair value based on the best available information at the measurement date.
The Company measures the fair value of its revolving line of credit using Level 3 inputs. The Company considered the fair value of its other long-term debt and the timing of expected payment(s).
The fair values of the Company\u2019s securitization facilities and senior notes are estimated based on quoted prices in markets that are not active, which are deemed Level 2 inputs.
"}]},{"name":"rpt:f-1559","factDimensions":{"xbrl:concept":"enva:FairValueLiabilitiesTransfersAmount","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1560","factDimensions":{"xbrl:concept":"enva:FairValueLiabilitiesTransfersAmount","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1561","factDimensions":{"xbrl:concept":"enva:FairValueAssetsTransfersAmount","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1562","factDimensions":{"xbrl:concept":"enva:FairValueAssetsTransfersAmount","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001529864","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1563","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2026-01-01T00:00:00","xbrl:entity":"cik:0001529864"},"factValues":[{"value":"The Company\u2019s financial assets that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 are as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||
Financial assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Consumer loans and finance receivables(1) | \n \u00a0 | \n $ | \n 1,764,469 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,764,469 | \n \u00a0 | \n
Small business loans and finance receivables(1) | \n \u00a0 | \n \u00a0 | \n 3,707,075 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,707,075 | \n \u00a0 | \n
Non-qualified savings plan assets(2) | \n \u00a0 | \n \u00a0 | \n 14,486 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,486 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Investment in trading security(3) | \n \u00a0 | \n \u00a0 | \n 13,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 5,499,752 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,208 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,471,544 | \n \u00a0 | \n
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||
Financial assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Consumer loans and finance receivables(1) | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,639,307 | \n \u00a0 | \n
Small business loans and finance receivables(1) | \n \u00a0 | \n \u00a0 | \n 2,747,137 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,747,137 | \n \u00a0 | \n
Non-qualified savings plan assets(2) | \n \u00a0 | \n \u00a0 | \n 10,712 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,712 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Investment in trading security(3) | \n \u00a0 | \n \u00a0 | \n 3,636 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,636 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,400,792 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,348 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,386,444 | \n \u00a0 | \n
The Company\u2019s financial assets and liabilities as of December 31, 2025 and 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||
Financial assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 71,709 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,709 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Restricted cash(1) | \n \u00a0 | \n \u00a0 | \n 336,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 336,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Investment in unconsolidated investee(2) | \n \u00a0 | \n \u00a0 | \n 6,918 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,918 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 414,781 | \n \u00a0 | \n \u00a0 | \n $ | \n 407,863 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,918 | \n \u00a0 | \n
Financial liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Revolving line of credit | \n \u00a0 | \n $ | \n 596,000 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 596,000 | \n \u00a0 | \n
Securitization facilities | \n \u00a0 | \n \u00a0 | \n 3,029,180 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,037,390 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
11.25% senior notes due 2028 | \n \u00a0 | \n \u00a0 | \n 397,783 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 422,924 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
9.125% senior notes due 2029 | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 530,620 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,522,963 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,990,934 | \n \u00a0 | \n \u00a0 | \n $ | \n 596,000 | \n \u00a0 | \n
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n Level 1 | \n \u00a0 | \n \u00a0 | \n Level 2 | \n \u00a0 | \n \u00a0 | \n Level 3 | \n \u00a0 | \n ||||
Financial assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 73,910 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,910 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Restricted cash(1) | \n \u00a0 | \n \u00a0 | \n 248,758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 248,758 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Investment in unconsolidated investee(2) | \n \u00a0 | \n \u00a0 | \n 6,918 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,918 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 329,586 | \n \u00a0 | \n \u00a0 | \n $ | \n 322,668 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,918 | \n \u00a0 | \n
Financial liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Revolving line of credit | \n \u00a0 | \n $ | \n 453,000 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,000 | \n \u00a0 | \n
Securitization facilities | \n \u00a0 | \n \u00a0 | \n 2,238,279 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,246,406 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
11.25% senior notes due 2028 | \n \u00a0 | \n \u00a0 | \n 397,033 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 433,112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
9.125% senior notes due 2029 | \n \u00a0 | \n \u00a0 | \n 500,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 519,360 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 3,588,312 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,198,878 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,000 | \n \u00a0 | \n
\u00a0
19. Subsequent Events
Subsequent events have been reviewed through the date these financial statements were issued.
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