Financial Performance Highlights - Total Revenue for Q3 2025 increased by 13.5% year-over-year to $155.1 million, setting a new company record[12] - Net income for Q3 2025 was $75.9 million, a $43.9 million increase year-over-year, resulting in a net income margin of 49.0%[12] - Adjusted Net Income for Q3 2025 reached $40.7 million, up $11.9 million year-over-year, with an adjusted net income margin of 26.3%, representing a 520 basis points expansion[13] - Total expenses as a percentage of total revenue decreased by 490 basis points year-over-year to 36.2%[13] - Adjusted EPS for Q3 2025 was $0.46[29] Key Performance Indicators - Total Net Originations for Q3 2025 increased by 12% year-over-year to $246 million[43, 47] - Ending Receivables as of quarter-end reached $481 million, a 16% increase year-over-year[12, 43, 47] - Free Cash Flow generated through the first nine months of 2025 amounted to $66 million[50] Guidance - The company raised its full year 2025 total revenue guidance to $590 million - $605 million[56] - The company raised its full year 2025 adjusted net income guidance to $137 million - $142 million[56] - The company raised its full year 2025 adjusted EPS guidance to $1.54 - $1.60, based on approximately 89 million weighted average diluted shares outstanding[56, 57]

Financial Performance - Net income increased by $103 million year-over-year to $204 million[11], while Adjusted Net Income increased by $25 million year-over-year to a record $338 million[11] - Total revenue increased by 101% year-over-year to a record $1403 million[11] - Net income margin increased by 650 basis points to 145%, and adjusted net income margin expanded by 1720 basis points to 241%[14] - Total expenses as a percentage of total revenue decreased by 1110 basis points year-over-year to 344%[14] - Recoveries of previously charged-off receivables increased by 249% year-over-year[14] Key Performance Indicators - Total net originations increased 16% year-over-year to $189 million[45] - Total retained net originations increased 11% year-over-year to $169 million[45] - Ending receivables increased 9% year-over-year to $407 million[45] - Net charge-off rate as a percentage of total revenue decreased from 48% to 35% year-over-year[45] - Average yield increased from 130% to 136% year-over-year[45] - Automatic approval rate increased from 73% to 79% year-over-year[45] Liquidity and Capital Allocation - Nearly $50 million in free cash flow was generated in Q1 2025[52] - The company repaid $30 million in remaining corporate term loan debt[56] - The company upsized revolving credit facility with affiliates of Blue Owl Capital by $50 million[56] Full Year 2025 Guidance - Total revenue is projected to be between $563 million and $594 million[58] - Adjusted net income is projected to be between $106 million and $113 million[58] - Adjusted EPS is projected to be between $118 and $126, based on approximately 90 million weighted average diluted shares outstanding[58, 59]