Regional Management Corp. Announces Third Quarter 2026 Results
GREENVILLE, S.C.--( BUSINESS WIRE)--Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced results for the third quarter ended September 30, 2026.
“Our third quarter results reflect steady execution against the priorities we outlined in July,” said Lakhbir S. Lamba, President and Chief Executive Officer of Regional Management Corp. “We grew the portfolio in line with our expectations, generated record revenue supported by fee income from our bank partnership, and earned net income of $15.1 million, or $1.61 per diluted share, while maintaining disciplined expense management.”
“Our net credit loss rate for the third quarter of 2026 was 10.9%, a seasonal improvement of 130 basis points sequentially and up 70 basis points from the prior-year period,” continued Mr. Lamba. “We have identified the drivers of the year-over-year increase and have actions in place against each. We tightened underwriting in the segments that underperformed and began implementing enhanced fraud controls across all channels. In the fourth quarter, we will also complete the rollout of our new proprietary origination scorecard, and Liz Canini will join us in early November as Chief Credit Risk Officer to lead our credit organization.”
“Our bank partnership is becoming central to how we compete,” added Mr. Lamba. “Since we last reported, we have extended the program to three additional states, and we continue to expand it across our footprint. The partnership allows us to further refine our pricing strategy to support growth, credit performance, and attractive risk-adjusted returns over time. Together with disciplined underwriting and our investments in talent, technology, and data, it positions Regional for more consistent growth and higher returns, including strong growth on our bottom line in 2027.”
Third Quarter 2026 Highlights
Strategic Highlights
During the third quarter, the company continued to expand its bank partnership program with Column N.A., a nationally chartered bank, under which Column has originated more than $160 million in loans since the program’s launch in March 2026. Following full implementation of the program for loans made through the company’s branches in Texas, its largest state, the company has extended the program to North Carolina, Louisiana, and Missouri, and it continues to expect substantially all of its branch network to operate under the program by the end of 2027. In addition to generating fee income for the company, the program enables more risk-aligned loan pricing, which the company believes will reduce adverse selection over time.
The company also advanced initiatives to strengthen credit performance and operating efficiency. Enhanced fraud controls introduced in June include third-party fraud scores, step-up identity verification, and a dedicated central fraud operations team, and the company’s new proprietary origination scorecard is now live in the majority of its states. The company’s new branch loan origination platform will be live in all branches during the fourth quarter. In collections, the company has centralized the management of late-stage delinquent accounts, enabling its branches to focus on sales and early-stage delinquency, and has deployed enhanced contact data, branded calling, and AI-enabled tools to improve customer engagement, cure rates, and collection efficiency.
In July 2026, the company launched end-to-end digital lending, enabling customers to complete the entire loan process online. The company is scaling the channel with discipline, expanding only as credit performance validates its risk-adjusted return expectations. Over time, the company expects digital originations to complement its branch network, which remains at the core of its operations, and to become an important contributor to growth.
Fourth Quarter 2026 Dividend
The company’s Board of Directors has declared a dividend of $0.30 per common share for the fourth quarter of 2026. The dividend will be paid on December 16, 2026 to shareholders of record as of the close of business on November 18, 2026. The declaration and payment of any future dividend is subject to the discretion of the Board of Directors and will depend on a variety of factors, including the company’s financial condition and results of operations.
Liquidity and Capital Resources
As of September 30, 2026, the company had net finance receivables of $2.2 billion and debt of $1.7 billion. The debt consisted of:
As of September 30, 2026, the company’s unused capacity to fund future growth on its revolving credit facilities (subject to the borrowing base) was $324 million, or 41.5%, and the company had available liquidity of $104.0 million, including unrestricted cash on hand and immediate availability to draw down cash from its revolving credit facilities. As of September 30, 2026, the company’s fixed-rate debt as a percentage of total debt was 74%, with a weighted-average coupon of 4.8%.
The company had a funded debt-to-equity ratio of 4.6 to 1.0 and a stockholders’ equity ratio of 17.3%, each as of September 30, 2026. On a non-GAAP basis, the company had a funded debt-to-tangible equity ratio of 5.1 to 1.0, as of September 30, 2026. Please refer to the reconciliations of non-GAAP measures to comparable GAAP measures included at the end of this press release.
Conference Call Information
Regional Management Corp. will host a conference call and webcast today at 5:00 PM ET to discuss these results.
The dial-in number for the conference call is (877) 407-0752 (toll-free) or (201) 389-0912 (international). Please dial the number 10 minutes prior to the scheduled start time.
*** A supplemental slide presentation will be made available on Regional’s website prior to the earnings call at www.RegionalManagement.com. ***
In addition, a live webcast of the conference call will be available on Regional’s website at www.RegionalManagement.com.
A webcast replay of the call will be available at www.RegionalManagement.com for one year following the call.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” online and in branch locations in 20 states across the United States. Each of its loan products is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. Regional Management sources loans through its multiple channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, and its consumer website. For more information, please visit www.RegionalManagement.com.
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead represent Regional Management Corp.’s expectations or beliefs concerning future events. Forward-looking statements include, without limitation, statements concerning financial outlooks or future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook,” and similar expressions may be used to identify these forward-looking statements. Such forward-looking statements speak only as of the date on which they were made and are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. As a result, actual performance and results may differ materially from those contemplated by these forward-looking statements. Therefore, investors should not place undue reliance on forward-looking statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in forward-looking statements include, but are not limited to, the following: managing growth effectively, implementing Regional Management’s growth strategy, opening new branches as planned, and continuing to expand our lending partnership with Column N.A.; Regional Management’s convenience check strategy; Regional Management’s policies and procedures for underwriting, processing, and servicing loans; Regional Management’s ability to collect on its loan portfolio; Regional Management’s insurance operations; exposure to credit risk and repayment risk, which risks may increase in light of adverse or recessionary economic conditions; the implementation of evolving underwriting models and processes, including as to the effectiveness of Regional Management's custom scorecards; changes in the competitive environment in which Regional Management operates or a decrease in the demand for its products; the geographic concentration of Regional Management’s loan portfolio; the failure of third-party service providers, including those providing information technology products; changes in economic conditions in the markets Regional Management serves, including levels of unemployment and bankruptcies; the ability to achieve successful acquisitions and strategic alliances; the ability to realize the anticipated benefits from our lending partnership with Column N.A.; the ability to make technological improvements as quickly as competitors; security breaches, cyber-attacks, failures in information systems, or fraudulent activity; the development and use of artificial intelligence; the ability to originate loans; reliance on information technology resources and providers, including the risk of prolonged system outages; changes in current revenue and expense trends, including trends affecting delinquencies and credit losses; any future public health crises, including the impact of such crisis on our operations and financial condition; changes in operating and administrative expenses; the departure, transition, or replacement of key personnel; the ability to timely and effectively implement, transition to, and maintain the necessary information technology systems, infrastructure, processes, and controls to support Regional Management’s operations and initiatives; changes in interest rates; existing sources of liquidity may become insufficient or access to these sources may become unexpectedly restricted; exposure to financial risk due to asset-backed securitization transactions; risks related to regulation and legal proceedings, including changes in laws or regulations or in the interpretation or enforcement of laws or regulations; changes in accounting standards, rules, and interpretations and the failure of related assumptions and estimates; the impact of changes in tax laws and guidance, including the timing and amount of revenues that may be recognized; risks related to the ownership of Regional Management’s common stock, including volatility in the market price of shares of Regional Management’s common stock; the timing and amount of future cash dividend payments; and anti-takeover provisions in Regional Management’s charter documents and applicable state law.
The foregoing factors and others are discussed in greater detail in Regional Management’s filings with the Securities and Exchange Commission. Regional Management will not update or revise forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments, or otherwise, except as required by law. Regional Management is not responsible for changes made to this document by wire services or Internet services.
Regional Management Corp. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share amounts)
Better (Worse)
Better (Worse)
3Q 26
3Q 25
$
%
YTD 26
YTD 25
$
%
Revenue
Interest and fee income
$
155,747
$
148,672
$
7,075
4.8
%
$
456,321
$
425,920
$
30,401
7.1
%
Insurance income, net
10,727
11,391
(664
)
(5.8
)%
33,513
34,187
(674
)
(2.0
)%
Other income
12,302
5,424
6,878
126.8
%
24,238
15,789
8,449
53.5
%
Total revenue
178,776
165,487
13,289
8.0
%
514,072
475,896
38,176
8.0
%
Expenses
Provision for credit losses
66,163
60,474
(5,689
)
(9.4
)%
200,037
179,053
(20,984
)
(11.7
)%
Personnel
40,546
39,517
(1,029
)
(2.6
)%
119,321
119,243
(78
)
(0.1
)%
Occupancy
7,451
7,160
(291
)
(4.1
)%
22,182
20,977
(1,205
)
(5.7
)%
Marketing
5,312
4,212
(1,100
)
(26.1
)%
14,382
14,677
295
2.0
%
Other
15,318
13,179
(2,139
)
(16.2
)%
42,850
38,159
(4,691
)
(12.3
)%
Total general and administrative
68,627
64,068
(4,559
)
(7.1
)%
198,735
193,056
(5,679
)
(2.9
)%
Interest expense
24,148
21,971
(2,177
)
(9.9
)%
70,064
62,168
(7,896
)
(12.7
)%
Income before income taxes
19,838
18,974
864
4.6
%
45,236
41,619
3,617
8.7
%
Income taxes
4,725
4,618
(107
)
(2.3
)%
10,569
10,116
(453
)
(4.5
)%
Net income
$
15,113
$
14,356
$
757
5.3
%
$
34,667
$
31,503
$
3,164
10.0
%
Net income per common share:
Basic
$
1.68
$
1.53
$
0.15
9.8
%
$
3.83
$
3.32
$
0.51
15.4
%
Diluted
$
1.61
$
1.42
$
0.19
13.4
%
$
3.63
$
3.15
$
0.48
15.2
%
Weighted-average common shares outstanding:
Basic
8,975
9,370
395
4.2
%
9,041
9,493
452
4.8
%
Diluted
9,362
10,133
771
7.6
%
9,542
10,000
458
4.6
%
Return on average assets (annualized)
2.8
%
2.9
%
2.2
%
2.2
%
Return on average equity (annualized)
15.9
%
15.6
%
12.3
%
11.7
%
Regional Management Corp. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except par value amounts)
Increase (Decrease)
3Q 26
3Q 25
$
%
Assets
Cash
$
7,628
$
4,084
$
3,544
86.8
%
Net finance receivables
2,209,925
2,053,017
156,908
7.6
%
Unearned insurance premiums
(49,073
)
(50,987
)
1,914
3.8
%
Allowance for credit losses
(230,800
)
(212,000
)
(18,800
)
(8.9
)%
Net finance receivables, less unearned insurance premiums and allowance for credit losses
1,930,052
1,790,030
140,022
7.8
%
Restricted cash
133,276
104,459
28,817
27.6
%
Lease assets
45,903
40,782
5,121
12.6
%
Intangible assets
36,355
30,385
5,970
19.6
%
Restricted available-for-sale investments
24,015
22,344
1,671
7.5
%
Property and equipment
12,576
12,996
(420
)
(3.2
)%
Deferred tax assets, net
—
587
(587
)
(100.0
)%
Other assets
20,634
22,599
(1,965
)
(8.7
)%
Total assets
$
2,210,439
$
2,028,266
$
182,173
9.0
%
Liabilities and Stockholders’ Equity
Liabilities:
Debt
$
1,749,991
$
1,581,992
$
167,999
10.6
%
Unamortized debt issuance costs
(4,141
)
(7,521
)
3,380
44.9
%
Net debt
1,745,850
1,574,471
171,379
10.9
%
Lease liabilities
48,018
42,906
5,112
11.9
%
Deferred tax liabilities, net
1,090
—
1,090
100.0
%
Accounts payable and accrued expenses
34,131
38,971
(4,840
)
(12.4
)%
Total liabilities
1,829,089
1,656,348
172,741
10.4
%
Stockholders’ equity:
Preferred stock ($0.10 par value, 100,000 shares authorized, none issued or outstanding)
—
—
—
—
Common stock ($0.10 par value, 1,000,000 shares authorized, 15,411 shares issued and 9,187 shares outstanding at September 30, 2026 and 15,220 shares issued and 9,803 shares outstanding at September 30, 2025)
1,541
1,522
19
1.2
%
Additional paid-in capital
144,101
139,868
4,233
3.0
%
Retained earnings
436,623
400,844
35,779
8.9
%
Accumulated other comprehensive loss
(392
)
(10
)
(382
)
(3,820.0
)%
Treasury stock (6,224 shares at September 30, 2026 and 5,417 shares at
September 30, 2025)
(200,523
)
(170,306
)
(30,217
)
(17.7
)%
Total stockholders’ equity
381,350
371,918
9,432
2.5
%
Total liabilities and stockholders’ equity
$
2,210,439
$
2,028,266
$
182,173
9.0
%
Regional Management Corp. and Subsidiaries
Selected Financial Data
(Unaudited)
(dollars in thousands, except per share amounts)
Net Finance Receivables
3Q 26
2Q 26
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
3Q 25
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,742,013
$
1,659,685
$
82,328
5.0
%
$
1,512,140
$
229,873
15.2
%
Small loans
467,912
488,568
(20,656
)
(4.2
)%
540,877
(72,965
)
(13.5
)%
Total
$
2,209,925
$
2,148,253
$
61,672
2.9
%
$
2,053,017
$
156,908
7.6
%
Number of branches
354
357
(3
)
(0.8
)%
349
5
1.4
%
Net finance receivables per branch
$
6,243
$
6,018
$
225
3.7
%
$
5,883
$
360
6.1
%
Average Net Finance Receivables
3Q 26
2Q 26
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
3Q 25
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,697,088
$
1,620,686
$
76,402
4.7
%
$
1,460,187
$
236,901
16.2
%
Small loans
473,659
494,693
(21,034
)
(4.3
)%
541,201
(67,542
)
(12.5
)%
Total
$
2,170,747
$
2,115,379
$
55,368
2.6
%
$
2,001,388
$
169,359
8.5
%
Revenue Yields (1)
3Q 26
2Q 26
QoQ
Inc (Dec)
3Q 25
YoY
Inc (Dec)
Large loans
27.0
%
26.6
%
0.4
%
27.1
%
(0.1
)%
Small loans
34.7
%
34.3
%
0.4
%
36.7
%
(2.0
)%
Total interest and fee yield
28.7
%
28.4
%
0.3
%
29.7
%
(1.0
)%
Total revenue yield
32.9
%
31.8
%
1.1
%
33.1
%
(0.2
)%
(1)
Annualized as a percentage of average net finance receivables.
Components of Increase in Interest and Fee Income
3Q 26 Compared to 3Q 25
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
16,057
$
(297
)
$
(49
)
$
15,711
Small loans
(6,203
)
(2,780
)
347
(8,636
)
Product mix
2,727
(1,999
)
(728
)
—
Total
$
12,581
$
(5,076
)
$
(430
)
$
7,075
Loans Originated (1)
3Q 26
2Q 26
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
3Q 25
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
405,935
$
371,319
$
34,616
9.3
%
$
363,055
$
42,880
11.8
%
Small loans
124,316
132,316
(8,000
)
(6.0
)%
159,210
(34,894
)
(21.9
)%
Total
$
530,251
$
503,635
$
26,616
5.3
%
$
522,265
$
7,986
1.5
%
(1)
Represents the principal balance of loan originations, refinancings, and purchases.
Other Key Metrics
3Q 26
2Q 26
3Q 25
Net credit losses
$
59,363
$
64,506
$
51,274
Percentage of average net finance receivables (annualized)
10.9
%
12.2
%
10.2
%
Provision for credit losses
$
66,163
$
69,006
$
60,474
Percentage of average net finance receivables (annualized)
12.2
%
13.0
%
12.1
%
Percentage of total revenue
37.0
%
41.1
%
36.5
%
General and administrative expenses
$
68,627
$
65,444
$
64,068
Percentage of average net finance receivables (annualized)
12.6
%
12.4
%
12.8
%
Percentage of total revenue
38.4
%
39.0
%
38.7
%
Same store results (1):
Net finance receivables at period-end
$
2,186,565
$
2,135,915
$
2,000,665
Net finance receivable growth rate
6.7
%
9.0
%
9.9
%
Number of branches in calculation
340
345
333
(1)
Same store sales reflect the change in year-over-year sales for the comparable branch base. The comparable branch base includes those branches open for at least one year.
Contractual Delinquency by Aging
3Q 26
2Q 26
3Q 25
Allowance for credit losses
$
230,800
10.4
%
$
224,000
10.4
%
$
212,000
10.3
%
Current
1,860,883
84.2
%
1,824,145
84.9
%
1,740,356
84.8
%
1 to 29 days past due
183,257
8.3
%
174,752
8.1
%
168,380
8.2
%
Delinquent accounts:
30 to 59 days
43,967
2.0
%
40,971
2.0
%
40,100
1.9
%
60 to 89 days
36,937
1.7
%
32,763
1.5
%
31,914
1.6
%
90 to 119 days
31,585
1.4
%
26,497
1.2
%
26,304
1.2
%
120 to 149 days
27,927
1.3
%
24,404
1.1
%
23,722
1.2
%
150 to 179 days
25,369
1.1
%
24,721
1.2
%
22,241
1.1
%
Total delinquency
$
165,785
7.5
%
$
149,356
7.0
%
$
144,281
7.0
%
Total net finance receivables
$
2,209,925
100.0
%
$
2,148,253
100.0
%
$
2,053,017
100.0
%
Contractual Delinquency by Product
3Q 26
2Q 26
3Q 25
Large loans
$
111,586
6.4
%
$
97,228
5.9
%
$
85,865
5.7
%
Small loans
54,199
11.6
%
52,128
10.7
%
58,416
10.8
%
Total
$
165,785
7.5
%
$
149,356
7.0
%
$
144,281
7.0
%
Income Statement Quarterly Trend
3Q 25
4Q 25
1Q 26
2Q 26
3Q 26
QoQ $
B(W)
YoY $
B(W)
Revenue
Interest and fee income
$
148,672
$
153,029
$
150,296
$
150,278
$
155,747
$
5,469
$
7,075
Insurance income, net
11,391
11,386
11,810
10,976
10,727
(249
)
(664
)
Other income
5,424
5,287
5,184
6,752
12,302
5,550
6,878
Total revenue
165,487
169,702
167,290
168,006
178,776
10,770
13,289
Expenses
Provision for credit losses
60,474
66,379
64,868
69,006
66,163
2,843
(5,689
)
Personnel
39,517
40,394
39,342
39,433
40,546
(1,113
)
(1,029
)
Occupancy
7,160
7,227
7,479
7,252
7,451
(199
)
(291
)
Marketing
4,212
3,874
4,181
4,889
5,312
(423
)
(1,100
)
Other
13,179
13,024
13,662
13,870
15,318
(1,448
)
(2,139
)
Total general and administrative
64,068
64,519
64,664
65,444
68,627
(3,183
)
(4,559
)
Interest expense
21,971
22,646
22,923
22,993
24,148
(1,155
)
(2,177
)
Income before income taxes
18,974
16,158
14,835
10,563
19,838
9,275
864
Income taxes
4,618
3,249
3,434
2,410
4,725
(2,315
)
(107
)
Net income
$
14,356
$
12,909
$
11,401
$
8,153
$
15,113
$
6,960
$
757
Net income per common share:
Basic
$
1.53
$
1.40
$
1.24
$
0.91
$
1.68
$
0.77
$
0.15
Diluted
$
1.42
$
1.30
$
1.18
$
0.85
$
1.61
$
0.76
$
0.19
Weighted-average shares outstanding:
Basic
9,370
9,233
9,163
8,988
8,975
13
395
Diluted
10,133
9,941
9,662
9,604
9,362
242
771
Balance Sheet & Other Key Metrics Quarterly Trends
3Q 25
4Q 25
1Q 26
2Q 26
3Q 26
QoQ $
Inc (Dec)
YoY $
Inc (Dec)
Total assets
$
2,028,266
$
2,103,930
$
2,072,750
$
2,129,594
$
2,210,439
$
80,845
$
182,173
Net finance receivables
$
2,053,017
$
2,140,199
$
2,104,001
$
2,148,253
$
2,209,925
$
61,672
$
156,908
Allowance for credit losses
$
212,000
$
220,900
$
219,500
$
224,000
$
230,800
$
6,800
$
18,800
Debt
$
1,581,992
$
1,650,764
$
1,621,398
$
1,675,942
$
1,749,991
$
74,049
$
167,999
Interest and fee yield (1)
29.7
%
29.3
%
28.3
%
28.4
%
28.7
%
0.3
%
(1.0
)%
Efficiency ratio (2)
38.7
%
38.0
%
38.7
%
39.0
%
38.4
%
(0.6
)%
(0.3
)%
Operating expense ratio (3)
12.8
%
12.4
%
12.2
%
12.4
%
12.6
%
0.2
%
(0.2
)%
Delinquency rate (4)
7.0
%
7.5
%
7.2
%
7.0
%
7.5
%
0.5
%
0.5
%
Net credit loss rate (5)
10.2
%
11.0
%
12.5
%
12.2
%
10.9
%
(1.3
)%
0.7
%
Book value per share
$
37.94
$
39.05
$
40.25
$
40.51
$
41.51
$
1.00
$
3.57
(1)
Annualized interest and fee income as a percentage of average net finance receivables.
(2)
General and administrative expenses as a percentage of total revenue.
(3)
Annualized general and administrative expenses as a percentage of average net finance receivables.
(4)
Delinquent loans outstanding as a percentage of ending net finance receivables.
(5)
Annualized net credit losses as a percentage of average net finance receivables.
Average Net Finance Receivables
YTD 26
YTD 25
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,637,139
$
1,391,470
$
245,669
17.7
%
Small loans
499,586
543,402
(43,816
)
(8.1
)%
Total
$
2,136,725
$
1,934,872
$
201,853
10.4
%
Revenue Yields (1)
YTD 26
YTD 25
YoY
Inc (Dec)
Large loans
26.7
%
26.6
%
0.1
%
Small loans
34.4
%
36.4
%
(2.0
)%
Total interest and fee yield
28.5
%
29.4
%
(0.9
)%
Total revenue yield
32.1
%
32.8
%
(0.7
)%
(1)
Annualized as a percentage of average net finance receivables.
Components of Increase in Interest and Fee Income
YTD 26 Compared to YTD 25
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
49,041
$
384
$
67
$
49,492
Small loans
(11,946
)
(7,772
)
627
(19,091
)
Product mix
7,339
(5,319
)
(2,020
)
—
Total
$
44,434
$
(12,707
)
$
(1,326
)
$
30,401
Loans Originated (1)
YTD 26
YTD 25
YTD $
Inc (Dec)
YTD %
Inc (Dec)
Large loans
$
1,042,714
$
941,337
$
101,377
10.8
%
Small loans
379,125
483,377
(104,252
)
(21.6
)%
Total
$
1,421,839
$
1,424,714
$
(2,875
)
(0.2
)%
(1)
Represents the principal balance of loan originations, refinancings, and purchases.
Other Key Metrics
YTD 26
YTD 25
Net credit losses
$
190,137
$
166,553
Percentage of average net finance receivables (annualized)
11.9
%
11.5
%
Provision for credit losses
$
200,037
$
179,053
Percentage of average net finance receivables (annualized)
12.5
%
12.3
%
Percentage of total revenue
38.9
%
37.6
%
General and administrative expenses
$
198,735
$
193,056
Percentage of average net finance receivables (annualized)
12.4
%
13.3
%
Percentage of total revenue
38.7
%
40.6
%
Non-GAAP Financial Measures
In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The company’s management utilizes non-GAAP measures as additional metrics to aid in, and enhance, its understanding of the company’s financial results. Tangible equity and the funded debt-to-tangible equity ratio are non-GAAP measures that adjust GAAP measures to exclude intangible assets. Management uses these equity measures to evaluate and manage the company’s capital and leverage position. The company also believes that these equity measures are commonly used in the financial services industry and provide useful information to users of the company’s financial statements in the evaluation of its capital and leverage position.
This non-GAAP financial information should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies. The following table provides a reconciliation of GAAP measures to non-GAAP measures.
3Q 26
Debt
$
1,749,991
Total stockholders' equity
381,350
Less: Intangible assets
36,355
Tangible equity (non-GAAP)
$
344,995
Funded debt-to-equity ratio
4.6
x
Funded debt-to-tangible equity ratio (non-GAAP)
5.1
x