Regional Management Corp. Announces Third Quarter 2025 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, 2025.
“Building on our strong second-quarter momentum, we delivered another outstanding performance in the third quarter,” said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “We achieved net income of $14.4 million and diluted EPS of $1.42 — an 87% year-over-year improvement — and crossed the $2 billion milestone in ending net receivables for the first time in our company’s history. Total revenue reached a record $165 million, while our operating expense ratio improved to an all-time best 12.8%.”
“Our success reflects disciplined execution of our growth strategies, strong credit management, and continued investment in technology and analytics,” added Mr. Beck. “Total originations hit another record, up 23% from prior year, and our auto-secured portfolio grew 41% year-over-year, demonstrating healthy consumer demand. We are also seeing notable improvements in credit performance across our portfolio, as our net credit loss rate improved 40 basis points year-over-year.”
“At the same time, we have maintained expense discipline, with revenue growth outpacing G&A expense growth by 12 times, even as we invest in innovation and new branches,” continued Mr. Beck. “Our consistent capital generation has supported $26 million in shareholder returns through dividends and share repurchases year-to-date. Based on the strength of our balance sheet, excess capital, and ability to generate income, our Board of Directors increased our authorization under our stock repurchase program from $30 million to $60 million.”
“Looking ahead, we are confident in our position and strategy,” added Mr. Beck. “We plan to open additional branches in Louisiana and California before year-end and to enter one to two new states in 2026. We remain focused on expanding our high-quality, auto-secured and higher-margin small-loan portfolios, enhancing our data and analytic capabilities, and delivering consistent value to shareholders. With a healthy balance sheet and a larger $60 million share repurchase authorization, we are well-positioned to sustain strong performance and long-term growth.”
Third Quarter 2025 Highlights
Fourth Quarter 2025 Dividend and Increase in Stock Repurchase Program Authorization
The company’s Board of Directors has declared a dividend of $0.30 per common share for the fourth quarter of 2025. The dividend will be paid on December 16, 2025 to shareholders of record as of the close of business on November 25, 2025. 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.
In addition, the company’s Board of Directors has approved a $30 million increase in the amount authorized under the stock repurchase program announced in December 2024, from $30 million to $60 million. The authorization is effective immediately and will continue through June 30, 2027. As of the end of October 2025, the company had repurchased $23.5 million of stock under the $60 million stock repurchase program.
Share repurchases under the stock repurchase program may be made in the open market at prevailing market prices, through privately negotiated transactions, or through other structures in accordance with applicable federal securities laws, at times and in amounts as management deems appropriate. The timing and the amount of any common stock repurchases will be determined by the company’s management based on its evaluation of market conditions, the company’s liquidity needs, legal and contractual requirements and restrictions (including covenants in the company’s credit agreements), share price, and other factors. Repurchases of common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the company might otherwise be precluded from doing so under insider trading laws. The repurchase program does not obligate the company to purchase any particular number of shares and may be suspended, modified, or discontinued at any time without prior notice.
Liquidity and Capital Resources
As of September 30, 2025, the company had net finance receivables of $2.1 billion and debt of $1.6 billion. The debt consisted of:
As of September 30, 2025, the company’s unused capacity to fund future growth on its revolving credit facilities (subject to the borrowing base) was $400 million, or 51.3%, and the company had available liquidity of $155.4 million, including unrestricted cash on hand and immediate availability to draw down cash from its revolving credit facilities. As of September 30, 2025, the company’s fixed-rate debt as a percentage of total debt was 76%, with a weighted-average coupon of 4.6% and a weighted-average revolving duration of 1.1 years.
In October, the company closed a $253 million asset-backed securitization transaction at a weighted-average coupon of 4.8%, a 50-basis point improvement over the company’s first quarter 2025 securitization transaction. The Class A notes of the securitization received a top rating of “AAA” from Standard & Poor’s and Morningstar DBRS. The company used a portion of the proceeds from the securitization to pay down variable rate debt facilities, as well as fully pay off the remaining notes from its RMIT 2021-1 securitization. Following the closing of the October securitization, fixed-rate debt represented 89% of total debt, with a weighted-average coupon of 4.7% and a weighted-average revolving duration of 1.2 years.
The company had a funded debt-to-equity ratio of 4.3 to 1.0 and a stockholders’ equity ratio of 18.3%, each as of September 30, 2025. On a non-GAAP basis, the company had a funded debt-to-tangible equity ratio of 4.6 to 1.0, as of September 30, 2025. 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 19 states across the United States. Most of its loan products are secured, and each 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, and opening new branches as planned; 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; impacts of a prolonged U.S. federal government shutdown; the ability to achieve successful acquisitions and strategic alliances; the ability to make technological improvements as quickly as competitors; security breaches, cyber-attacks, failures in information systems, or fraudulent activity; 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 25
3Q 24
$
%
YTD 25
YTD 24
$
%
Revenue
Interest and fee income
$
148,672
$
133,932
$
14,740
11.0
%
$
425,920
$
390,648
$
35,272
9.0
%
Insurance income, net
11,391
7,422
3,969
53.5
%
34,187
28,903
5,284
18.3
%
Other income
5,424
4,984
440
8.8
%
15,789
14,120
1,669
11.8
%
Total revenue
165,487
146,338
19,149
13.1
%
475,896
433,671
42,225
9.7
%
Expenses
Provision for credit losses
60,474
54,349
(6,125
)
(11.3
)%
179,053
154,574
(24,479
)
(15.8
)%
Personnel
39,517
38,323
(1,194
)
(3.1
)%
119,243
113,240
(6,003
)
(5.3
)%
Occupancy
7,160
6,551
(609
)
(9.3
)%
20,977
19,075
(1,902
)
(10.0
)%
Marketing
4,212
5,078
866
17.1
%
14,677
14,229
(448
)
(3.1
)%
Other
13,179
12,516
(663
)
(5.3
)%
38,159
36,508
(1,651
)
(4.5
)%
Total general and administrative
64,068
62,468
(1,600
)
(2.6
)%
193,056
183,052
(10,004
)
(5.5
)%
Interest expense
21,971
19,356
(2,615
)
(13.5
)%
62,168
54,725
(7,443
)
(13.6
)%
Income before income taxes
18,974
10,165
8,809
86.7
%
41,619
41,320
299
0.7
%
Income taxes
4,618
2,502
(2,116
)
(84.6
)%
10,116
10,007
(109
)
(1.1
)%
Net income
$
14,356
$
7,663
$
6,693
87.3
%
$
31,503
$
31,313
$
190
0.6
%
Net income per common share:
Basic
$
1.53
$
0.79
$
0.74
93.7
%
$
3.32
$
3.25
$
0.07
2.2
%
Diluted
$
1.42
$
0.76
$
0.66
86.8
%
$
3.15
$
3.16
$
(0.01
)
(0.3
)%
Weighted-average common shares outstanding:
Basic
9,370
9,683
313
3.2
%
9,493
9,622
129
1.3
%
Diluted
10,133
10,090
(43
)
(0.4
)%
10,000
9,900
(100
)
(1.0
)%
Return on average assets (annualized)
2.9
%
1.7
%
2.2
%
2.3
%
Return on average equity (annualized)
15.6
%
8.7
%
11.7
%
12.3
%
Regional Management Corp. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except par value amounts)
Increase (Decrease)
3Q 25
3Q 24
$
%
Assets
Cash
$
4,084
$
4,745
$
(661
)
(13.9
)%
Net finance receivables
2,053,017
1,819,756
233,261
12.8
%
Unearned insurance premiums
(50,987
)
(46,508
)
(4,479
)
(9.6
)%
Allowance for credit losses
(212,000
)
(192,100
)
(19,900
)
(10.4
)%
Net finance receivables, less unearned insurance premiums and allowance for credit losses
1,790,030
1,581,148
208,882
13.2
%
Restricted cash
104,459
115,576
(11,117
)
(9.6
)%
Lease assets
40,782
37,229
3,553
9.5
%
Intangible assets
30,385
22,250
8,135
36.6
%
Restricted available-for-sale investments
22,344
21,727
617
2.8
%
Property and equipment
12,996
13,425
(429
)
(3.2
)%
Deferred tax assets, net
587
11,833
(11,246
)
(95.0
)%
Other assets
22,599
13,898
8,701
62.6
%
Total assets
$
2,028,266
$
1,821,831
$
206,435
11.3
%
Liabilities and Stockholders’ Equity
Liabilities:
Debt
$
1,581,992
$
1,395,892
$
186,100
13.3
%
Unamortized debt issuance costs
(7,521
)
(4,645
)
(2,876
)
(61.9
)%
Net debt
1,574,471
1,391,247
183,224
13.2
%
Lease liabilities
42,906
39,350
3,556
9.0
%
Other liabilities
38,971
38,306
665
1.7
%
Total liabilities
1,656,348
1,468,903
187,445
12.8
%
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, 15,220 shares issued and 9,803 shares outstanding at September 30, 2025 and 14,971 shares issued and 10,164 shares outstanding at September 30, 2024)
1,522
1,497
25
1.7
%
Additional paid-in capital
139,868
129,936
9,932
7.6
%
Retained earnings
400,844
371,725
29,119
7.8
%
Accumulated other comprehensive loss
(10
)
(87
)
77
88.5
%
Treasury stock (5,417 shares at September 30, 2025 and 4,807 shares at
September 30, 2024)
(170,306
)
(150,143
)
(20,163
)
(13.4
)%
Total stockholders’ equity
371,918
352,928
18,990
5.4
%
Total liabilities and stockholders’ equity
$
2,028,266
$
1,821,831
$
206,435
11.3
%
Regional Management Corp. and Subsidiaries
Selected Financial Data
(Unaudited)
(dollars in thousands, except per share amounts)
Net Finance Receivables
3Q 25
2Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
3Q 24
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,512,140
$
1,413,367
$
98,773
7.0
%
$
1,293,410
$
218,730
16.9
%
Small loans
540,877
546,997
(6,120
)
(1.1
)%
526,346
14,531
2.8
%
Total
$
2,053,017
$
1,960,364
$
92,653
4.7
%
$
1,819,756
$
233,261
12.8
%
Number of branches
349
352
(3
)
(0.9
)%
340
9
2.6
%
Net finance receivables per branch
$
5,883
$
5,569
$
314
5.6
%
$
5,352
$
531
9.9
%
Average Net Finance Receivables
3Q 25
2Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
3Q 24
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,460,187
$
1,372,783
$
87,404
6.4
%
$
1,279,720
$
180,467
14.1
%
Small loans
541,201
540,106
1,095
0.2
%
513,089
28,112
5.5
%
Total
$
2,001,388
$
1,912,889
$
88,499
4.6
%
$
1,792,809
$
208,579
11.6
%
Revenue Yields (1)
3Q 25
2Q 25
QoQ
Inc (Dec)
3Q 24
YoY
Inc (Dec)
Large loans
27.1
%
26.6
%
0.5
%
26.7
%
0.4
%
Small loans
36.7
%
36.5
%
0.2
%
37.8
%
(1.1
)%
Total interest and fee yield
29.7
%
29.4
%
0.3
%
29.9
%
(0.2
)%
Total revenue yield
33.1
%
32.9
%
0.2
%
32.6
%
0.5
%
(1)
Annualized as a percentage of average net finance receivables.
Components of Increase in Interest and Fee Income
3Q 25 Compared to 3Q 24
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
12,056
$
1,242
$
176
$
13,474
Small loans
2,654
(1,316
)
(72
)
1,266
Product mix
872
(680
)
(192
)
—
Total
$
15,582
$
(754
)
$
(88
)
$
14,740
Loans Originated (1)
3Q 25
2Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
3Q 24
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
363,055
$
336,473
$
26,582
7.9
%
$
251,563
$
111,492
44.3
%
Small loans
159,210
173,856
(14,646
)
(8.4
)%
174,632
(15,422
)
(8.8
)%
Total
$
522,265
$
510,329
$
11,936
2.3
%
$
426,195
$
96,070
22.5
%
(1)
Represents the principal balance of loan originations and refinancings.
Other Key Metrics
3Q 25
2Q 25
3Q 24
Net credit losses
$
51,274
$
56,887
$
47,649
Percentage of average net finance receivables (annualized)
10.2
%
11.9
%
10.6
%
Provision for credit losses
$
60,474
$
60,587
$
54,349
Percentage of average net finance receivables (annualized)
12.1
%
12.7
%
12.1
%
Percentage of total revenue
36.5
%
38.5
%
37.1
%
General and administrative expenses
$
64,068
$
62,945
$
62,468
Percentage of average net finance receivables (annualized)
12.8
%
13.2
%
13.9
%
Percentage of total revenue
38.7
%
40.0
%
42.7
%
Same store results (1):
Net finance receivables at period-end
$
2,000,665
$
1,915,667
$
1,815,187
Net finance receivable growth rate
9.9
%
8.1
%
3.7
%
Number of branches in calculation
333
335
337
(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
3Q 25
2Q 25
3Q 24
Allowance for credit losses
$
212,000
10.3
%
$
202,800
10.3
%
$
192,100
10.6
%
Current
1,740,356
84.8
%
1,672,027
85.3
%
1,529,171
84.1
%
1 to 29 days past due
168,380
8.2
%
158,951
8.1
%
164,568
9.0
%
Delinquent accounts:
30 to 59 days
40,100
1.9
%
35,362
1.8
%
35,300
1.9
%
60 to 89 days
31,914
1.6
%
28,949
1.5
%
27,704
1.5
%
90 to 119 days
26,304
1.2
%
22,348
1.1
%
23,964
1.4
%
120 to 149 days
23,722
1.2
%
21,625
1.1
%
22,544
1.2
%
150 to 179 days
22,241
1.1
%
21,102
1.1
%
16,505
0.9
%
Total delinquency
$
144,281
7.0
%
$
129,386
6.6
%
$
126,017
6.9
%
Total net finance receivables
$
2,053,017
100.0
%
$
1,960,364
100.0
%
$
1,819,756
100.0
%
1 day and over past due
$
312,661
15.2
%
$
288,337
14.7
%
$
290,585
15.9
%
Contractual Delinquency by Product
3Q 25
2Q 25
3Q 24
Large loans
$
85,865
5.7
%
$
76,690
5.4
%
$
76,435
5.9
%
Small loans
58,416
10.8
%
52,696
9.6
%
49,582
9.4
%
Total
$
144,281
7.0
%
$
129,386
6.6
%
$
126,017
6.9
%
Income Statement Quarterly Trend
3Q 24
4Q 24
1Q 25
2Q 25
3Q 25
QoQ $
B(W)
YoY $
B(W)
Revenue
Interest and fee income
$
133,932
$
138,246
$
136,553
$
140,695
$
148,672
$
7,977
$
14,740
Insurance income, net
7,422
11,792
11,297
11,499
11,391
(108
)
3,969
Other income
4,984
4,794
5,117
5,248
5,424
176
440
Total revenue
146,338
154,832
152,967
157,442
165,487
8,045
19,149
Expenses
Provision for credit losses
54,349
57,626
57,992
60,587
60,474
113
(6,125
)
Personnel
38,323
40,549
41,142
38,584
39,517
(933
)
(1,194
)
Occupancy
6,551
6,748
6,906
6,911
7,160
(249
)
(609
)
Marketing
5,078
4,777
5,406
5,059
4,212
847
866
Other
12,516
12,572
12,589
12,391
13,179
(788
)
(663
)
Total general and administrative
62,468
64,646
66,043
62,945
64,068
(1,123
)
(1,600
)
Interest expense
19,356
19,805
19,771
20,426
21,971
(1,545
)
(2,615
)
Income before income taxes
10,165
12,755
9,161
13,484
18,974
5,490
8,809
Income taxes
2,502
2,841
2,154
3,344
4,618
(1,274
)
(2,116
)
Net income
$
7,663
$
9,914
$
7,007
$
10,140
$
14,356
$
4,216
$
6,693
Net income per common share:
Basic
$
0.79
$
1.02
$
0.73
$
1.07
$
1.53
$
0.46
$
0.74
Diluted
$
0.76
$
0.98
$
0.70
$
1.03
$
1.42
$
0.39
$
0.66
Weighted-average shares outstanding:
Basic
9,683
9,691
9,610
9,504
9,370
134
313
Diluted
10,090
10,128
10,025
9,843
10,133
(290
)
(43
)
Balance Sheet & Other Key Metrics Quarterly Trends
3Q 24
4Q 24
1Q 25
2Q 25
3Q 25
QoQ $
Inc (Dec)
YoY $
Inc (Dec)
Total assets
$
1,821,831
$
1,909,109
$
1,900,683
$
1,967,131
$
2,028,266
$
61,135
$
206,435
Net finance receivables
$
1,819,756
$
1,892,535
$
1,890,351
$
1,960,364
$
2,053,017
$
92,653
$
233,261
Allowance for credit losses
$
192,100
$
199,500
$
199,100
$
202,800
$
212,000
$
9,200
$
19,900
Debt
$
1,395,892
$
1,478,336
$
1,477,860
$
1,509,133
$
1,581,992
$
72,859
$
186,100
Interest and fee yield (annualized)
29.9
%
29.8
%
28.9
%
29.4
%
29.7
%
0.3
%
(0.2
)%
Efficiency ratio (1)
42.7
%
41.8
%
43.2
%
40.0
%
38.7
%
(1.3
)%
(4.0
)%
Operating expense ratio (2)
13.9
%
14.0
%
14.0
%
13.2
%
12.8
%
(0.4
)%
(1.1
)%
Delinquency rate (3)
6.9
%
7.7
%
7.1
%
6.6
%
7.0
%
0.4
%
0.1
%
Net credit loss rate (4)
10.6
%
10.8
%
12.4
%
11.9
%
10.2
%
(1.7
)%
(0.4
)%
Book value per share
$
34.72
$
35.67
$
35.48
$
36.43
$
37.94
$
1.51
$
3.22
(1)
General and administrative expenses as a percentage of total revenue.
(2)
Annualized general and administrative expenses as a percentage of average net finance receivables.
(3)
Delinquent loans outstanding as a percentage of ending net finance receivables.
(4)
Annualized net credit losses as a percentage of average net finance receivables.
Average Net Finance Receivables
YTD 25
YTD 24
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,391,470
$
1,266,363
$
125,107
9.9
%
Small loans
543,402
500,508
42,894
8.6
%
Total
$
1,934,872
$
1,766,871
$
168,001
9.5
%
Revenue Yields (1)
YTD 25
YTD 24
YoY
Inc (Dec)
Large loans
26.6
%
26.3
%
0.3
%
Small loans
36.4
%
37.6
%
(1.2
)%
Total interest and fee yield
29.4
%
29.5
%
(0.1
)%
Total revenue yield
32.8
%
32.7
%
0.1
%
(1)
Annualized as a percentage of average net finance receivables.
Components of Increase in Interest and Fee Income
YTD 25 Compared to YTD 24
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
24,664
$
3,140
$
310
$
28,114
Small loans
12,083
(4,537
)
(388
)
7,158
Product mix
397
(313
)
(84
)
—
Total
$
37,144
$
(1,710
)
$
(162
)
$
35,272
Loans Originated (1)
YTD 25
YTD 24
YTD $
Inc (Dec)
YTD %
Inc (Dec)
Large loans
$
941,337
$
691,416
$
249,921
36.1
%
Small loans
483,377
487,195
(3,818
)
(0.8
)%
Total
$
1,424,714
$
1,178,611
$
246,103
20.9
%
(1)
Represents the principal balance of loan originations and refinancings.
Other Key Metrics
YTD 25
YTD 24
Net credit losses
$
166,553
$
149,874
Percentage of average net finance receivables (annualized)
11.5
%
11.3
%
Provision for credit losses
$
179,053
$
154,574
Percentage of average net finance receivables (annualized)
12.3
%
11.7
%
Percentage of total revenue
37.6
%
35.6
%
General and administrative expenses
$
193,056
$
183,052
Percentage of average net finance receivables (annualized)
13.3
%
13.8
%
Percentage of total revenue
40.6
%
42.2
%
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 tables provide a reconciliation of GAAP measures to non-GAAP measures.
3Q 25
Debt
$
1,581,992
Total stockholders' equity
371,918
Less: Intangible assets
30,385
Tangible equity (non-GAAP)
$
341,533
Funded debt-to-equity ratio
4.3
x
Funded debt-to-tangible equity ratio (non-GAAP)
4.6
x