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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________

Form 10-Q

__________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the transition period from ______________ to ______________

Commission File Number: 000-19599

WORLD ACCEPTANCE CORPORATION

(Exact name of registrant as specified in its charter.)


South Carolina						57-0425114
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)


104 S Main Street
Greenville,	South Carolina	29601
(Address of principal executive offices)
(Zip Code)


(864)			298-9800
(registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, no par value	WRLD	The NASDAQ Stock Market LLC (NASDAQ Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period than the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of outstanding shares of the issuer’s common stock, no par value, as of October 31, 2025 was 5,038,077.

WORLD ACCEPTANCE CORPORATION

FORM 10-Q

TABLE OF CONTENTS


Item No.	Contents	Page
	GLOSSARY OF DEFINED TERMS	4

	PART I - FINANCIAL INFORMATION
1.	Consolidated Financial Statements (unaudited):	6
	Consolidated Balance Sheets as of September 30, 2025 and March 31, 2025	6
	Consolidated Statements of Operations for the three and six months ended September 30, 2025 and September 30, 2024	7

	Consolidated Statements of Shareholders' Equity for the three and six months ended September 30, 2025 and September 30, 2024	8
	Consolidated Statements of Cash Flows for the six months ended September 30, 2025 and September 30, 2024	10
	Notes to Consolidated Financial Statements	13
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	38
3.	Quantitative and Qualitative Disclosures about Market Risk	49
4.	Controls and Procedures	49

	PART II - OTHER INFORMATION
1.	Legal Proceedings	50
1A.	Risk Factors	50
2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
3.	Defaults Upon Senior Securities	50
4.	Mine Safety Disclosures	50
5.	Other Information	50
6.	Exhibits	51

	EXHIBIT INDEX	52

	SIGNATURES	53

Introductory Note: As used herein, the "Company," "we," "our," "us," or similar formulations include World Acceptance Corporation and each of its subsidiaries, unless otherwise expressly noted or the context otherwise requires that it include only World Acceptance Corporation. All references in this report to "fiscal 2026" are to the Company’s fiscal year ending March 31, 2026; all references in this report to "fiscal 2025" are to the Company's fiscal year ended March 31, 2025; and all references to "fiscal 2019" are to the Company’s fiscal year ended March 31, 2019.

Table of Contents

GLOSSARY OF DEFINED TERMS

The following terms may be used throughout this Report, including consolidated financial statements and related notes.


Term			Definition
2008 Plan			World Acceptance Corporation 2008 Stock Option Plan
2011 Plan			World Acceptance Corporation 2011 Stock Option Plan
2017 Plan			World Acceptance Corporation 2017 Stock Incentive Plan
2025 Plan			World Acceptance Corporation 2025 Stock Incentive Plan
2018 Performance Share Measurement Period			The 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement
2024 Performance Options			Performance options granted on December 18, 2024 under the 2017 Plan
2024 Performance Shares			Performance shares granted on December 18, 2024 under the 2017 Plan
2024 Performance Option Measurement Period			The 1 year performance period beginning on January 01, 2025 and ending on December 31, 2025
2024 Performance Share Measurement Period			The 1 year performance period beginning on January 01, 2025 and ending on December 31, 2025 over which Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement
$16.35 Performance Shares			Performance shares associated with the $16.35 trailing 4-Quarter EPS target for September 30, 2018 through March 31, 2025
$20.45 Performance Shares			Performance shares associated with the $20.45 trailing 4-Quarter EPS target for September 30, 2018 through March 31, 2025
2025 Performance Shares			Performance shares granted on June 10, 2025 under the 2017 Plan
2025 Performance Share Measurement Period			The performance period beginning on July 01, 2025 and ending on March 31, 2027 over which Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CECL			Current Expected Credit Loss
CEO			Chief Executive Officer
CFO			Chief Financial Officer
CFPB			U.S. Consumer Financial Protection Bureau
CODM			Chief Operating Decision Maker
Compensation Committee			Compensation and Stock Option Committee
Customer Tenure			The number of months since a customer was first serviced by the Company


EPS			Earnings per share
ERISA			Employee Retirement Income Security Act
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board

G&A			General and administrative
GAAP			U.S. generally accepted accounting principles
HTC			Historic Tax Credit
IRS			U.S. Internal Revenue Service
Notes			$300 million in aggregate principal amount of 7.0% unsecured senior notes due November 2026 issued on September 27, 2021
PCD			Purchased Assets with Credit Deterioration
Performance Options			Performance-based stock options
Performance Shares			Service- and performance-based restricted stock awards
Rehab Rate			Percentage of 91 days or more delinquent that do not charge off
Restricted Stock			Service-based restricted stock awards

Table of Contents


SEC			U.S. Securities and Exchange Commission
Service Options			Service-based stock options
SOFR			Secured Overnight Finance Rate

SPE			Wholly-owned, bankruptcy-remote, special purpose entity
TAL			Tax Advance Loan
VIE			Variable interest entity

Table of Contents

PART I. FINANCIAL INFORMATION

WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	September 30, 2025		March 31, 2025
ASSETS
Cash and cash equivalents	$	14,882,076	$	9,730,296
Gross loans receivable	1,315,491,218		1,225,635,918
Less:
Unearned interest, insurance and fees	(339,118,657)		(309,320,104)
Allowance for credit losses	(117,796,583)		(103,347,129)
Loans receivable, net	858,575,978		812,968,685
Income taxes receivable	11,574,408		—
Operating lease right‐of‐use assets, net	73,051,103		76,234,832

Property and equipment, net	18,465,454		19,765,788
Deferred income taxes, net	32,495,434		33,291,074
Other assets, net	40,191,363		40,871,600
Goodwill	7,370,791		7,370,791
Intangible assets, net	5,754,942		7,394,581


Total assets	$	1,062,361,549	$	1,007,627,647

LIABILITIES & SHAREHOLDERS' EQUITY

Liabilities:
Revolving credit facility	$	584,586,124	$	262,451,475
Senior unsecured notes payable, net	—		184,418,211
Income taxes payable	—		222,742
Operating lease liability	75,496,891		78,689,723

Accounts payable and accrued expenses	36,632,393		42,365,032

Total liabilities	696,715,408		568,147,183

Commitments and contingencies

Shareholders' equity:
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding	—		—
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 5,065,827 and 5,374,012 shares at September 30, 2025 and March 31, 2025, respectively	—		—
Additional paid-in capital	273,503,381		266,426,478
Retained earnings	92,142,760		173,053,986

Total shareholders' equity	365,646,141		439,480,464

Total liabilities and shareholders' equity	$	1,062,361,549	$	1,007,627,647

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three months ended September 30,				Six months ended September 30,
	2025		2024		2025		2024

Revenues:
Interest and fee income	$	118,958,202	$	113,905,272	$	234,261,004	$	225,066,358
Insurance and other income, net	15,507,648		17,504,232		32,656,766		35,870,412
Total revenues	134,465,850		131,409,504		266,917,770		260,936,770

Expenses:
Provision for credit losses	49,840,902		46,668,521		100,356,871		92,087,528
General and administrative expenses:
Personnel	47,989,296		21,753,935		93,750,823		58,730,121
Occupancy and equipment	11,819,799		12,336,648		23,605,457		24,500,423
Advertising	2,170,846		2,821,244		4,469,752		4,477,523
Amortization of intangible assets	808,624		959,072		1,639,639		1,964,822
Other	9,179,831		8,484,516		18,862,977		18,094,850
Total general and administrative expenses	71,968,396		46,355,415		142,328,648		107,767,739

Interest expense	14,342,594		10,457,421		23,972,477		20,226,192
Total expenses	136,151,892		103,481,357		266,657,996		220,081,459

Income (loss) before income taxes	(1,686,042)		27,928,147		259,774		40,855,311

Income tax expense	260,155		5,799,989		861,904		8,779,726

Net income (loss)	$	(1,946,197)	$	22,128,158	$	(602,130)	$	32,075,585

Net income (loss) per common share:
Basic	$	(0.38)	$	4.05	$	(0.12)	$	5.86
Diluted	$	(0.38)	$	3.99	$	(0.12)	$	5.77
Weighted average common shares outstanding:
Basic	5,092,845		5,469,276		5,158,066		5,474,710
Diluted	5,092,845		5,548,518		5,158,066		5,558,138

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)


	Three months ended September 30, 2025
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at June 30, 2025	5,443,265	$	266,471,596	$	161,379,742	$	427,851,338
Proceeds from exercise of stock options	8,429	975,717		—		975,717
Common stock repurchases	(385,867)	—		(67,290,785)		(67,290,785)
Stock-based compensation related to restricted stock, net of cancellations ($0)	—	5,766,919		—		5,766,919
Stock-based compensation related to stock options	—	289,149		—		289,149

Net loss	—	—		(1,946,197)		(1,946,197)
Balances at September 30, 2025	5,065,827	$	273,503,381	$	92,142,760	$	365,646,141


	Three months ended September 30, 2024
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at June 30, 2024	5,847,398	$	285,924,247	$	136,686,921	$	422,611,168
Proceeds from exercise of stock options	7,975	770,634		—		770,634
Common stock repurchases	(85,843)	—		(10,097,355)		(10,097,355)
Stock-based compensation (reversal) related to restricted stock, net of cancellations ($0)	—	(18,042,631)		—		(18,042,631)
Stock-based compensation related to stock options	—	93,780		—		93,780

Net income	—	—		22,128,158		22,128,158
Balances at September 30, 2024	5,769,530	$	268,746,030	$	148,717,724	$	417,463,754

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	Six months ended September 30, 2025
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2025	5,374,012	$	266,426,478	$	173,053,986	$	439,480,464
Proceeds from exercise of stock options	24,789	2,542,035		—		2,542,035
Common stock repurchases	(473,476)	—		(80,309,096)		(80,309,096)
Stock-based compensation related to restricted stock, net of cancellations ($4,627,907)	140,502	3,969,838		—		3,969,838
Stock-based compensation related to stock options	—	565,030		—		565,030

Net loss	—	—		(602,130)		(602,130)
Balances at September 30, 2025	5,065,827	$	273,503,381	$	92,142,760	$	365,646,141



	Six months ended September 30, 2024
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2024	5,938,665	$	286,432,952	$	137,994,264	$	424,427,216
Proceeds from exercise of stock options	14,986	1,457,016		—		1,457,016
Common stock repurchases	(165,167)	—		(21,352,125)		(21,352,125)
Stock-based compensation (reversal) related to restricted stock, net of cancellations ($131,242)	(18,954)	(19,381,438)		—		(19,381,438)
Stock-based compensation related to stock options	—	237,500		—		237,500



Net income	—	—		32,075,585		32,075,585
Balances at September 30, 2024	5,769,530	$	268,746,030	$	148,717,724	$	417,463,754

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

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	Six months ended September 30,
	2025		2024
Cash flow from operating activities:
Net income (loss)	$	(602,130)	$	32,075,585
Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible assets	1,639,639		1,964,822

Accrued unearned interest	(4,703,776)		(1,984,689)
Amortization of deferred loan cost	7,133,145		6,859,119
Loss (gain) on extinguishment of senior unsecured notes payable	3,703,866		(1,207,175)
Amortization of debt issuance costs	507,424		681,032
Amortization of discount on loans acquired in an asset purchase	(292,429)		—
Provision for credit losses	100,356,871		92,087,528
Depreciation	2,970,759		3,247,246


Loss (gain) on sale of property and equipment	(363,769)		11,036
Deferred income tax expense (benefit)	795,640		(1,288,376)
Stock-based compensation (reversal) related to equity classified awards	9,162,775		(19,012,696)


Change in accounts:
Other assets, net	4,713,333		699,345
Income taxes receivable	(11,797,150)		(1,677,288)
Accounts payable and accrued expenses	(6,441,510)		(10,280,012)
Net cash provided by operating activities	106,782,688		102,175,477
Cash flows from investing activities:
Originations of loans receivable	(680,227,572)		(626,290,977)
Repayments of loans receivable	532,126,468		534,117,424

Cash paid for acquisitions, primarily loans	—		(56,294)

Purchases of property and equipment	(1,956,863)		(2,128,809)


Proceeds from the sale of property and equipment	650,207		322,611
Net cash used in investing activities	(149,407,760)		(94,036,045)
Cash flow from financing activities:
Borrowings from revolving credit facility	426,317,546		173,900,755
Payments on revolving credit facility	(104,182,897)		(131,689,994)
Payments for extinguished senior unsecured notes payable	(188,290,771)		(32,507,500)


Payments for debt extinguishment costs	(26,450)		(12,500)
Debt issuance costs associated with revolving credit facility	(1,887,355)		(31,728)
Debt issuance costs associated with Warehouse Facility	(2,467,124)		(69,282)
Proceeds from exercise of stock options	2,542,035		1,457,016
Payments for taxes related to net share settlement of equity awards	(4,627,907)		(131,242)

Repurchase of common stock	(79,600,225)		(21,148,654)

Net cash provided by (used in) financing activities	47,776,852		(10,233,129)

Net change in cash and cash equivalents	5,151,780		(2,093,697)
Cash and cash equivalents at beginning of period	9,730,296		11,839,460

Cash and cash equivalents at end of period	$	14,882,076	$	9,745,763



Supplemental Disclosures:
Interest paid during the period	$	23,212,950	$	21,468,005
Income taxes paid during the period	$	5,355,483	$	2,579,509
Excise tax on stock repurchases not paid during the period	$	708,871	$	203,471

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See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The consolidated financial statements of the Company at September 30, 2025 and 2024 and for the three and six months then ended were prepared in accordance with the instructions for Form 10-Q and are unaudited; however, in the opinion of management, all adjustments (consisting only of items of a normal, recurring nature) necessary for a fair presentation of the financial position at September 30, 2025, and the results of operations and cash flows for the periods ended September 30, 2025 and 2024, have been included. The results for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The consolidated financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended March 31, 2025, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, as filed with the SEC (the "fiscal 2025 Annual Report"). The Company applies the accounting policies contained in Note 1 to the Consolidated Financial Statements included in the fiscal 2025 Annual Report. The Company believes that the disclosures are adequate to make the information presented not misleading.

NOTE 2 – SUMMARY OF SIGNIFICANT POLICIES

Nature of Operations

The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. The Company offers income tax return preparation services to its loan customers and other individuals.

Seasonality

The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results for the Company's third fiscal quarter are generally lower than in other quarters, and operating results for its fourth fiscal quarter are generally higher than in other quarters.

Loans receivable, net

Loans receivable are carried at amortized cost, which is the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $6.4 million and $5.5 million as of September 30, 2025 and March 31, 2025, respectively.

From time to time, the Company will sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing. See Note 4 to the Consolidated Financial Statements for further information.

Allowance for credit losses

Refer to Note 4 to the Consolidated Financial Statements for information regarding the Company's CECL allowance model and a description of the policies and methodology utilized.

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Reclassification

From time to time, prior period amounts will be reclassified to conform to the current presentation. Such reclassifications have no impact on previously reported net income or shareholders' equity.

During the three months ended September 30, 2025, the Company concluded that one of its cash flow statement line items within investing activities should be broken out to reflect cash receipts and cash payments on a gross basis, rather than net. As a result, the Increase in loans receivable, net line item has been updated in the Consolidated Statements of Cash Flows for the six months ended September 30, 2025 and 2024 to reflect a gross presentation. However, this presentation change has no impact on previously reported cash flows as the change was limited to investing activities.

Share Repurchases

On July 22, 2025, the Board of Directors authorized the Company to repurchase up to $100.0 million of the Company’s outstanding common stock, inclusive of the amount that remained available for repurchase under prior repurchase authorizations. As of September 30, 2025, the Company had $33.4 million in aggregate remaining repurchase capacity under its current share repurchase program. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements, available funds, alternative uses of capital, restrictions under the Revolving Credit Agreement, and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time.

On September 3, 2025, in accordance with its share repurchase program, the Company, after approval by the Audit and Compliance Committee, repurchased 347,064 shares for $60.0 million from Prescott Associates L.P., Idoya Partners L.P., Prescott International Partners L.P., and Prescott Investors, Inc. Profit Sharing (the "Sellers") in a privately negotiated transaction. The Sellers are affiliates of Prescott General Partners, LLC, who, along with its affiliates, beneficially own approximately 42.5% of the Company's common stock as of September 30, 2025. The price per share was $172.88, which was the closing market price at September 3, 2025.

The Company continues to believe stock repurchases are a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. Additional share repurchases can be made subject to compliance with, among other things, applicable restricted payment covenants under the Revolving Credit Agreement. Our first priority is to ensure we have enough capital to fund loan growth. As of September 30, 2025, subject to further approval from our Board of Directors, we could repurchase approximately $77.0 million of shares under the terms of our Revolving Credit Agreement. To the extent we have excess capital, we may repurchase stock, if appropriate and as authorized by our Board of Directors.

Concentration of Risk

The Company generally serves individuals with limited access to other sources of consumer credit such as banks, credit unions, other consumer finance businesses and credit card lenders. Substantially all new customers are required to submit a listing of personal property that will serve as collateral to secure the loan; however, the Company does not rely on the value of such collateral in the loan approval process and generally does not perfect its security interest in that collateral.

During the three and six months ended September 30, 2025, the Company operated in sixteen states in the United States. As of September 30, 2025 and March 31, 2025, gross loan receivable within the Company's four largest states accounted for approximately 51% of the Company's gross loans receivable balance.

The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts.

Variable interest entities

On September 29, 2025, the Company and its wholly-owned subsidiary, WFC Receivables I, LLC, an SPE (the “Borrower” or the "Warehouse"), entered into a Credit Agreement (the “Credit Agreement”), by and among the Company, as Servicer,

the Borrower, the lenders and agents from time to time parties thereto, Atlas Securitized Products Administration, L.P., as

administrative agent for the lenders, Systems & Services Technologies, Inc., a Delaware corporation, as backup servicer, and

Wilmington Trust, National Association, a national banking association, as securities intermediary.

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The Credit Agreement is solely secured by eligible loans receivable that were directly originated by certain of the Company's subsidiaries. The Company transfers these pools of eligible loans receivable to the Warehouse to secure debt for general funding purposes. The Company continues to service the loans receivable transferred to the Warehouse. The Company makes certain representations and warranties about the quality and nature of the loans receivable transferred to the Warehouse. The Credit Agreement requires the Company to repurchase the loans receivable in certain circumstances, including circumstances in which the representations and warranties made by the Company concerning the quality and characteristics of the receivables are inaccurate.

The Warehouse has the limited purpose of acquiring loans receivable to be pledged as collateral for funding, in addition to holding and making payments on the related debt. Loans receivable transferred to the Warehouse are legally isolated from the Company and its affiliates, as well as the claims of the Company’s and its affiliates’ creditors. Further, any assets of the Warehouse are owned by the Warehouse and are the only source of funds for the related debt and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. The lenders and investors in debt issued by the Warehouse generally only have recourse to the assets of the Warehouse and do not have recourse to the general credit of the Company.

The Warehouse is considered a VIE under ASC 810, Consolidation, as it lacks independent, sufficient equity to fund its activities and because the equity holders lack the power to direct the activities that most significantly affect the Warehouse's economic performance. As such, the Warehouse is consolidated into the financial statements of its primary beneficiary. The Company is considered to be the primary beneficiary of the Warehouse, because, through its role as servicer of the loans receivable, it has (i) the power to direct activities that most significantly impact the economic performance of the Warehouse and (ii) the obligation to absorb losses or receive benefits of the Warehouse that could potentially be significant to the Warehouse, primarily through its economic interest in the pledged loans receivable and residual cash flows. The Company will continue to monitor its involvement and reassess its status as the primary beneficiary.

As of September 30, 2025, no loans receivable were pledged and no borrowings occurred under the Warehouse. As such, there were no assets or liabilities associated with the Warehouse as of September 30, 2025, except for $2.7 million in unamortized debt issuance costs associated with the Credit Agreement, which is included as a component of Other Assets, net in the Consolidated Balance Sheets. The Company will provide additional disclosures in future periods as its involvement with the Warehouse changes.

Segment Reporting

The Company reports operating segments in accordance with FASB ASC Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items.

The Company has one reportable segment: the consumer finance segment. The other revenue generating activities of the Company, including the sale of insurance products, income tax preparation, and the automobile club, are done within the existing branch network in conjunction with or as a complement to the lending operations. There is no discrete financial information available for these activities, and they do not meet the criteria under FASB ASC Topic 280 to be considered operating segments. The accounting policies of the Company's segment are described within this Note 1 to the Consolidated Financial Statements, as well as the accounting policies contained in Note 1 to the Consolidated Financial Statements included in the fiscal 2025 Annual Report.

The Company's CODM is its CEO. The CODM utilizes consolidated net income as presented in the Consolidated Statements of Operations to evaluate and measure segment performance and to determine how to allocate resources. Significant segment expenses are consistent with those presented in the Consolidated Statements of Operations, and segment assets are consistent with those presented in the Consolidated Balance Sheets.

Recently Issued Accounting Standards Not Yet Adopted

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to expand annual disclosures to 1) include specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold and 2) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. ASU

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2023-09 also requires entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign, among other changes. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Based upon the Company's evaluation, the adoption of ASU 2023-09 will only expand our income tax disclosures, and will have no other effect on the Company's consolidated financial statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure, in the notes to financial statements, about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which was clarified by ASU 2025-01, Clarifying the Effective Date. Early adoption is permitted. ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the consolidated financial statements and related disclosures as a result of future adoption.

NOTE 3 – FAIR VALUE

Fair Value Disclosures

The Company may carry certain financial instruments and derivative assets and liabilities at fair value measured on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company measures the fair values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Fair value measurements are grouped in three levels. These levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are:

•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are less active.

•Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions.

The Company’s financial instruments consist of cash and cash equivalents, loans receivable, net, and a revolving credit facility. Loans receivable are originated at prevailing market rates and have an average life of up to twelve months. Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over SOFR and reprices with any changes in SOFR. The Company also considers its creditworthiness in its estimation of fair value.

The carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy are summarized below.

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		September 30, 2025				March 31, 2025
	Input Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
ASSETS
Cash and cash equivalents	1	$	14,882,076	$	14,882,076	$	9,730,296	$	9,730,296
Loans receivable, net	3	858,575,978		858,575,978		812,968,685		812,968,685

LIABILITIES
Senior unsecured notes payable, net	2	—		—		184,418,211		182,754,759
Revolving credit facility	3	584,586,124		584,586,124		262,451,475		262,451,475

As discussed in Note 10, the senior unsecured notes payable were fully redeemed during the three months ended September 30, 2025. The fair value of the senior unsecured notes payable at March 31, 2025 was estimated based on quoted prices in markets that are not active. There were no significant assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2025 or March 31, 2025.

NOTE 4 – LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of gross loans receivable by Customer Tenure as of:


Customer Tenure	September 30, 2025		March 31, 2025
0 to 5 months	$	113,638,876	$	101,878,703
6 to 17 months	100,497,569		75,379,597
18 to 35 months	95,929,589		99,857,401
36 to 59 months	147,844,982		130,228,889
60+ months	856,224,829		813,921,811

TALs	1,355,373		4,369,517
Total gross loans	$	1,315,491,218	$	1,225,635,918

Current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled, which is monitored by management on a daily basis. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due.

All loans, except for TALs, that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. The weighted average Rehab Rate at September 30, 2025 and March 31, 2025 was 5.2% and 4.5%, respectively. A loan is charged off within the allowance for credit losses in the month following when an account reaches 120 days past due on a recency basis, subject to certain exceptions. Specifically, the Company’s customer accounts in a confirmed bankruptcy are generally charged off in the month after they reach 60 days past due on a recency basis. The accounts of deceased or incarcerated customers are also generally charged off in the month after they reach 60 days past due on a recency basis, with the exception of deceased customers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance for credit losses.

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at September 30, 2025:

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	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,139,961,629	$	48,872,647	$	4,006,453	$	306,521	$	6,960	$	4,690	$	1,193,158,900
30 - 60 days past due	41,640,687		3,803,085		590,396		75,105		10,839		1,335		46,121,447
61 - 90 days past due	26,659,228		2,544,847		277,202		52,956		995		—		29,535,228
91 or more days past due	39,419,016		5,434,192		384,488		74,350		2,654		5,570		45,320,270
Total	$	1,247,680,560	$	60,654,771	$	5,258,539	$	508,932	$	21,448	$	11,595	$	1,314,135,845

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	151,714	$	19,991	$	—	$	—	$	—	$	—	$	171,705
30 - 60 days past due	67,733		12,812		—		—		—		—		80,545
61 - 90 days past due	54,159		19,703		—		—		—		—		73,862
91 or more days past due	975,309		53,952		—		—		—		—		1,029,261
Total	$	1,248,915	$	106,458	$	—	$	—	$	—	$	—	$	1,355,373
Total gross loans													$	1,315,491,218

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2025:

Table of Contents


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,053,793,007	$	50,053,899	$	4,842,323	$	251,689	$	9,764	$	3,256	$	1,108,953,938
30 - 60 days past due	34,713,638		3,762,456		510,626		70,739		3,765		6,865		39,068,089
61 - 90 days past due	25,209,122		2,176,520		202,706		43,404		1,606		—		27,633,358
91 or more days past due	40,846,872		4,315,756		359,135		80,844		2,352		6,057		45,611,016
Total	$	1,154,562,639	$	60,308,631	$	5,914,790	$	446,676	$	17,487	$	16,178	$	1,221,266,401

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	2,634,949	$	137,685	$	—	$	—	$	—	$	—	$	2,772,634
30 - 60 days past due	1,477,466		26,980		—		—		—		—		1,504,446
61 - 90 days past due	—		22,376		—		—		—		—		22,376
91 or more days past due	—		70,061		—		—		—		—		70,061
Total	$	4,112,415	$	257,102	$	—	$	—	$	—	$	—	$	4,369,517
Total gross loans													$	1,225,635,918

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at September 30, 2025:

Table of Contents


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,128,111,194	$	43,576,325	$	2,994,782	$	169,241	$	1,117	$	—	$	1,174,852,659
30 - 60 days past due	43,734,902		3,023,751		213,105		14,175		—		—		46,985,933
61 - 90 days past due	29,422,132		2,758,077		281,176		18,537		2,499		—		32,482,421
91 or more days past due	46,412,332		11,296,618		1,769,475		306,980		17,832		11,595		59,814,832
Total	$	1,247,680,560	$	60,654,771	$	5,258,538	$	508,933	$	21,448	$	11,595	$	1,314,135,845

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	93,144	$	12,623	$	—	$	—	$	—	$	—	$	105,767
30 - 60 days past due	35,998		6,404		—		—		—		—		42,402
61 - 90 days past due	45,487		19,077		—		—		—		—		64,564
91 or more days past due	1,074,286		68,354		—		—		—		—		1,142,640
Total	$	1,248,915	$	106,458	$	—	$	—	$	—	$	—	$	1,355,373
Total gross loans													$	1,315,491,218

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2025:

Table of Contents


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,036,242,539	$	43,391,314	$	3,580,872	$	112,427	$	1,559	$	—	$	1,083,328,711
30 - 60 days past due	38,559,638		3,062,579		231,471		20,496		—		—		41,874,184
61 - 90 days past due	30,254,181		2,750,211		235,759		11,600		—		—		33,251,751
91 or more days past due	49,506,281		11,104,527		1,866,688		302,153		15,928		16,178		62,811,755
Total	$	1,154,562,639	$	60,308,631	$	5,914,790	$	446,676	$	17,487	$	16,178	$	1,221,266,401

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	2,634,950	$	111,585	$	—	$	—	$	—	$	—	$	2,746,535
30 - 60 days past due	1,477,465		15,502		—		—		—		—		1,492,967
61 - 90 days past due	—		19,812		—		—		—		—		19,812
91 or more days past due	—		110,203		—		—		—		—		110,203
Total	$	4,112,415	$	257,102	$	—	$	—	$	—	$	—	$	4,369,517
Total gross loans													$	1,225,635,918

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and six months ended September 30, 2025:


	Three months ended September 30,						Six months ended September 30,
	Gross Charge-offs by Origination						Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total		Loans		TALs		Total
2021 and prior	$	677	$	—	$	677	$	6,722	$	—	$	6,722
2022	36,946		—		36,946		122,812		—		122,812
2023	248,380		—		248,380		579,501		—		579,501
2024	2,181,320		25,775		2,207,095		6,108,844		105,766		6,214,610
2025	40,755,049		1,209,038		41,964,087		85,812,545		1,213,038		87,025,583
2026	837,779		—		837,779		843,085		—		843,085
Total	$	44,060,151	$	1,234,813	$	45,294,964	$	93,473,509	$	1,318,804	$	94,792,313

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and six months ended September 30, 2024:

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	Three months ended September 30,						Six months ended September 30,
	Gross Charge-offs by Origination						Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total		Loans		TALs		Total
2020 and prior	$	4,638	$	—	$	4,638	$	24,919	$	—	$	24,919
2021	12,218		—		12,218		23,486		—		23,486
2022	236,627		—		236,627		559,571		—		559,571
2023	2,832,087		175		2,832,262		7,107,787		175		7,107,962
2024	40,845,825		2,109,768		42,955,593		80,051,961		2,162,893		82,214,854
2025	636,715		—		636,715		636,715		—		636,715
Total	$	44,568,110	$	2,109,943	$	46,678,053	$	88,404,439	$	2,163,068	$	90,567,507

Credit risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms therefore the Company looks to borrower characteristics as a way to disaggregate loans into pools sharing similar risks.

In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below.

1.Borrower type

2.Active months

3.Prior loan performance

4.Customer Tenure

To determine how well each metric predicts default risk the Company used loss rate data over an observation period of twelve months at the loan level.

The information value was then calculated for each metric. From this analysis management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are:

1.0 to 5 months

2.6 to 17 months

3.18 to 35 months

4.36 to 59 months

5.60+ months

Management will continue to monitor this credit metric on a quarterly basis.

Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in first pay success for new borrowers, 60-89 day delinquencies on a recency basis, percent of loan balances that are paying and percentage of gross loans that are acquired loans. If management determines that historical migration rates should be adjusted to reflect expected credit losses, a qualitative adjustment is made to reflect management's judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, or other significant events or conditions that affect the current estimate. The increase in the allowance for credit losses from March 31, 2025 to September 30, 2025 was primarily due to a seasonally driven increase in expected loss rates during the period.

Due to the short term nature of the loan portfolio, forecasted changes in macroeconomic variables such as unemployment levels, general inflation and commodity prices, typically do not have a significant impact on loans outstanding at the end of a particular reporting period, unless those changes are particularly severe and sudden in nature. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent six-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. If a change is determined necessary, then the Company has elected to immediately revert back to historical experience past the forecast period. As of September 30, 2025 and March 31, 2025, there were no conditions or other factors considered significant enough to warrant a forecast adjustment.

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The following table presents a roll forward of the allowance for credit losses for the three and six months ended September 30, 2025 and 2024:


	Three months ended September 30,				Six months ended September 30,
	2025		2024		2025		2024
Beginning balance	$	109,027,028	$	109,643,363	$	103,347,129	$	102,962,811

Provision for credit losses	49,840,902		46,668,521		100,356,871		92,087,528
Charge-offs	(45,294,964)		(46,678,053)		(94,792,313)		(90,567,507)
Recoveries1	4,223,617		4,821,664		8,884,896		9,972,663
Net charge-offs	(41,071,347)		(41,856,389)		(85,907,417)		(80,594,844)
Ending Balance	$	117,796,583	$	114,455,495	$	117,796,583	$	114,455,495

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at September 30, 2025:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	91,275,962	$	7,400,801	$	5,777,385	$	9,184,728	$	22,362,914	$	113,638,876
6 to 17 months	85,663,456		5,058,802		3,749,179		6,026,132		14,834,113		100,497,569
18 to 35 months	85,179,570		4,055,842		2,769,876		3,924,301		10,750,019		95,929,589
36 to 59 months	134,384,827		5,449,786		3,219,300		4,791,069		13,460,155		147,844,982
60+ months	796,655,085		24,156,216		14,019,488		21,394,040		59,569,744		856,224,829

TALs	171,705		80,545		73,862		1,029,261		1,183,668		1,355,373
Total gross loans	1,193,330,605		46,201,992		29,609,090		46,349,531		122,160,613		1,315,491,218
Unearned interest, insurance and fees	310,313,891		8,572,156		7,994,386		12,238,224		28,804,766		339,118,657
Total net loans	$	1,503,644,496	$	54,774,148	$	37,603,476	$	58,587,755	$	150,965,379	$	1,654,609,875

Percentage of period-end gross loans receivable			3.5%		2.3%		3.5%		9.3%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2025:

1 Recoveries during the three months ended September 30, 2025 and 2024 include $1.7 million and $2.4 million in proceeds related to the recurring sales of charge-offs, respectively. Recoveries during the six months ended September 30, 2025 and 2024 include $4.0 million and $5.0 million in proceeds related to the recurring sales of charge-offs, respectively. These proceeds are included as a component of Provision for credit losses in the Consolidated Statements of Operations.

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			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	77,087,815	$	6,036,410		$	6,587,901		$	12,166,577		$	24,790,888		$	101,878,703
6 to 17 months	65,677,583		3,126,374			2,398,424			4,177,216			9,702,014			75,379,597
18 to 35 months	89,776,541		3,700,216			2,394,549			3,986,095			10,080,860			99,857,401
36 to 59 months	117,976,116		4,641,585			2,917,862			4,693,326			12,252,773			130,228,889
60+ months	758,435,883		21,563,504			13,334,622			20,587,802			55,485,928			813,921,811

TALs	2,772,634		1,504,446			22,376			70,061			1,596,883			4,369,517
Total gross loans	1,111,726,572		40,572,535			27,655,734			45,681,077			113,909,346			1,225,635,918
Unearned interest, insurance and fees	(282,034,628)		(7,588,025)			(7,590,060)			(12,107,391)			(27,285,476)			(309,320,104)
Total net loans	$	829,691,944	$	32,984,510		$	20,065,674		$	33,573,686		$	86,623,870		$	916,315,814

Percentage of period-end gross loans receivable			3.3		%	2.3		%	3.7		%	9.3		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at September 30, 2025:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	90,199,573	$	7,297,950	$	5,860,242	$	10,281,111	$	23,439,303		$	113,638,876
6 to 17 months	84,544,906		5,031,832		3,918,022		7,002,809		15,952,663			100,497,569
18 to 35 months	83,480,257		4,081,807		2,930,965		5,436,560		12,449,332			95,929,589
36 to 59 months	132,137,229		5,379,862		3,606,197		6,721,694		15,707,753			147,844,982
60+ months	784,490,694		25,194,482		16,166,995		30,372,658		71,734,135			856,224,829

TALs	105,767		42,402		64,564		1,142,640		1,249,606			1,355,373
Total gross loans	1,174,958,426		47,028,335		32,546,985		60,957,472		140,532,792			1,315,491,218
Unearned interest, insurance and fees	306,507,912		8,256,744		8,745,013		15,608,988		32,610,745			339,118,657
Total net loans	$	1,481,466,338	$	55,285,079	$	41,291,998	$	76,566,460	$	173,143,537		$	1,654,609,875

Percentage of period-end gross loans receivable			3.6%		2.5%		4.6%		10.7		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2025:

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			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	75,594,279	$	6,149,270		$	6,896,035		$	13,239,119		$	26,284,424		$	101,878,703
6 to 17 months	64,188,458		3,112,624			2,739,963			5,338,552			11,191,139			75,379,597
18 to 35 months	87,012,982		3,864,242			2,986,200			5,993,977			12,844,419			99,857,401
36 to 59 months	114,388,973		4,869,065			3,611,704			7,359,147			15,839,916			130,228,889
60+ months	742,144,019		23,878,983			17,017,849			30,880,960			71,777,792			813,921,811

TALs	2,746,535		1,492,967			19,812			110,203			1,622,982			4,369,517
Total gross loans	1,086,075,246		43,367,151			33,271,563			62,921,958			139,560,672			1,225,635,918
Unearned interest, insurance and fees	(276,573,216)		(7,561,258)			(9,034,007)			(16,151,623)			(32,746,888)			(309,320,104)
Total net loans	$	809,502,030	$	35,805,893		$	24,237,556		$	46,770,335		$	106,813,784		$	916,315,814

Percentage of period-end gross loans receivable			3.5		%	2.7		%	5.1		%	11.4		%

The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest income is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced.

The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three and six months ended September 30, 2025 and 2024:


	Three months ended September 30,				Six months ended September 30,
	2025		2024		2025		2024
Customer Tenure
0 to 5 months	$	(1,622,815)	$	(1,282,527)	$	(3,047,296)	$	(2,429,587)
6 to 17 months	(1,037,816)		(807,263)		(1,688,160)		(1,398,521)
18 to 35 months	(647,152)		(820,520)		(1,163,010)		(1,588,289)
36 to 59 months	(704,057)		(853,109)		(1,287,819)		(1,723,641)
60+ months	(3,294,499)		(2,954,446)		(6,053,306)		(5,642,215)
Total	$	(7,306,339)	$	(6,717,865)	$	(13,239,591)	$	(12,782,253)

The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as interest income recognized on nonaccrual loans for the three and six months ended September 30, 2025 and 2024:

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	Nonaccrual Loans Receivable
Customer Tenure	As of September 30, 2025		As of March 31, 2025		Interest Income Recognized for the three months ended September 30, 2025		Interest Income Recognized for the three months ended September 30, 2024		Interest Income Recognized for the six months ended September 30, 2025		Interest Income Recognized for the six months ended September 30, 2024
0 to 5 months	$	16,024,225	$	19,169,040	$	216,319	$	170,453	$	467,918	$	369,255
6 to 17 months	11,154,899		8,510,132		213,554		208,284		459,779		443,748
18 to 35 months	8,868,563		10,024,500		293,338		349,824		641,038		711,108
36 to 59 months	11,007,452		12,151,649		355,944		441,629		788,005		913,294
60+ months	49,710,180		52,154,586		1,720,409		1,493,432		3,576,924		2,956,357


Unearned interest, insurance and fees	(22,561,989)		(23,775,911)		—		—		—		—
Total	$	74,203,330	$	78,233,996	$	2,799,564	$	2,663,622	$	5,933,664	$	5,393,762

As of September 30, 2025 and March 31, 2025, there were no loans receivable 61 days or more past due, not on nonaccrual status, and no loans receivable on nonaccrual status with no related allowance for credit losses.

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NOTE 5 – LEASES

Accounting Policies and Matters Requiring Management's Judgment

The Company uses its revolving credit facility's effective annual interest rate to determine the discount rate when evaluating leases under Topic 842. Specifically, Management applies its revolving credit facility's effective annual interest rate at the end of the prior fiscal year to leases entered into in the following year. For example, the revolving credit facility's annual effective interest rate of 9.5% at March 31, 2025 was used as the discount rate when determining the lease type and the present value of lease payments for leases entered into in fiscal 2026.

Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company does not believe it is reasonably certain to exercise any options associated with its office equipment leases.

Periodic Disclosures

The Company's operating leases consist of real estate leases for office space as well as office equipment. Both the branch real estate and office equipment lease terms generally range from three years to five years, and generally contain options to extend which mirror the original terms of the lease.

As of September 30, 2025 and 2024, the Company had no finance leases.

The following table reports information about the Company's lease cost for the three and six months ended September 30, 2025 and 2024:


	Three months ended September 30,				Six months ended September 30,
	2025		2024		2025		2024
Lease Cost



Operating lease cost	$	6,168,464	$	6,279,769	$	12,485,829	$	12,458,948

Variable lease cost	989,722		920,580		1,944,324		2,009,413

Total lease cost	$	7,158,186	$	7,200,349	$	14,430,153	$	14,468,361

The following table reports other information about the Company's leases for the three and six months ended September 30, 2025 and 2024:


	Three months ended September 30,						Six months ended September 30,
	2025			2024			2025			2024
Other Lease Information


Operating cash flows for amounts included in the measurement of lease liabilities — operating leases	$	6,237,777		$	6,295,532		$	12,495,065		$	12,583,792


Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,235,105		$	4,688,152		$	6,517,214		$	10,564,771

Weighted average remaining lease term — operating leases	6.3 years			6.6 years			6.3 years			6.6 years

Weighted-average discount rate — operating leases	7.2		%	6.6		%	7.2		%	6.6		%

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The aggregate annual lease obligations as of September 30, 2025 are as follows:


	Operating Leases
Remainder of 2026	$	11,839,062
2027	20,123,457
2028	16,499,581
2029	12,269,897
2030	8,488,025
Thereafter	24,909,093
Total undiscounted lease liability	$	94,129,115
Imputed interest	18,632,224
Total discounted lease liability	$	75,496,891

The Company had no leases with related parties as of September 30, 2025 or March 31, 2025.

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NOTE 6 – AVERAGE SHARE INFORMATION

The following is a summary of the basic and diluted average common shares outstanding:


	Three months ended September 30,		Six months ended September 30,
	2025	2024	2025	2024
Basic:
Weighted average common shares outstanding (denominator)	5,092,845	5,469,276	5,158,066	5,474,710

Diluted:
Weighted average common shares outstanding	5,092,845	5,469,276	5,158,066	5,474,710
Dilutive potential common shares2	—	79,242	—	83,428
Weighted average diluted shares outstanding (denominator)	5,092,845	5,548,518	5,158,066	5,558,138

Under the treasury stock method, options to purchase 145,591 and 244,738 shares of common stock at various prices were outstanding during the three months ended September 30, 2025 and 2024, respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares.

Under the treasury stock method, options to purchase 154,258 and 252,006 shares of common stock at various prices were outstanding during the six months ended September 30, 2025 and 2024, respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares.

2 Dilutive potential common shares have been excluded from the weighted average diluted shares outstanding calculation for the three and six months ended September 30, 2025. In accordance with ASC 260-10-45, shares which would otherwise be considered dilutive are deemed anti-dilutive when the entity incurs a loss from continuing operations in the period reported.

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NOTE 7 – STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company maintains the 2008 Plan, the 2011 Plan, the 2017 Plan and the 2025 Plan for the benefit of certain non-employee directors, officers, and key employees. Under these plans, a total of 3,750,000 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Compensation Committee. At September 30, 2025, there were a total of 702,532 shares of common stock remaining available for grant under the 2017 Plan and 2025 Plan and no shares of common stock remaining available for grant under the 2008 or 2011 plan. No awards have been granted under the 2025 Plan as of September 30, 2025.

Stock options granted under these plans have a maximum term of 10 years. Service Options and Restricted Stock granted under these plans typically vest in three equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The performance vesting conditions associated with Performance Shares and Performance Options are further discussed below within this Note 7 to the Consolidated Financial Statements.

Stock-based compensation is recognized as provided under FASB ASC Topic 718-10 and FASB ASC Topic 505-50. FASB ASC Topic 718-10 requires all share-based payments to employees, including grants of employee stock options, to be recognized as compensation expense over the requisite service period (generally the vesting period) in the consolidated financial statements based on their grant date fair values. Stock-based compensation related to restricted stock is based on the number of shares expected to vest and the fair market value of the common stock on the grant date. Stock-based compensation related to stock option awards is based on the number of shares expected to vest and the estimated fair value of the awards on the grant date using the Black-Scholes valuation model. Under the Black-Scholes valuation method, the assumptions used to determine the fair value are expected volatility, expected life, average risk-free rate, and dividend yield, if any. The expected stock price volatility is based on the historical volatility of the Company's common stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after the grant date. The risk-free rate reflects the interest rate at grant date on zero coupon U.S. governmental bonds having a remaining life similar to the expected option term.

2018 Long-term Incentive Program and Non-Employee Director Awards

On October 15, 2018, the Compensation Committee and Board of Directors approved and adopted a long-term incentive program that seeks to motivate and reward certain employees and to align management’s interest with shareholders’ interest by focusing executives on the achievement of long-term results.

Pursuant to this program, in fiscal 2019, the Compensation Committee approved grants of Service Options, Performance Options, Restricted Stock and Performance Shares under the 2011 Plan and the 2017 Plan to certain employee directors, vice presidents of operations, vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved certain grants of Service Options and Restricted Stock to certain non-employee directors of the Company.

Under the long-term incentive program, up to 100% of the shares of restricted stock subject to the Performance Shares could have vested, if at all, based on the achievement of two trailing EPS performance targets established by the Compensation Committee that are based on EPS (measured at the end of each calendar quarter, commencing with the calendar quarter ending September 30, 2019) for the previous four calendar quarters. The Performance Shares were eligible to vest over the 2018 Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the 2018 Performance Share Measurement Period (or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement).

The Performance Share performance targets are set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35			40%
$20.45			60%

During the second quarter of fiscal 2025, it was determined that the $20.45 Performance Share performance target was no longer probable of being achieved and that the $20.45 Performance Shares would likely be forfeited as of the last day of the

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performance period in accordance with their terms. As a result and in accordance with ASC 718, the Company reversed $18.5 million in previously recognized stock-based compensation related to the $20.45 Performance Shares during the second quarter of fiscal 2025.

On March 31, 2025, 28% of the unvested $16.35 Performance Shares, or 34,415 shares, were forfeited, which resulted in a $3.5 million release of previously recognized stock-based compensation expense, resulting in EPS of $16.36 per diluted share on a rolling four-quarter basis. Following the forfeiture, the performance target associated with the remaining 72% of the $16.35 Performance Shares, or 88,497 shares, was achieved, and such shares vested on April 25, 2025 after certification of performance achievement by the Compensation Committee.

The Performance Options could have fully vested if the Company attained a trailing $25.30 EPS target over four consecutive calendar quarters occurring between September 30, 2018 and March 31, 2025. Since the EPS target was not met, no Performance Options vested and they were all forfeited as of March 31, 2025.

2024 and 2025 Long-term Incentive Programs and Non-Employee Director Awards

On December 18, 2024, the Compensation Committee and Board of Directors approved grants of Service Options, Performance Options, Restricted Stock and Performance Shares under the 2017 Plan to certain employee directors, vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved grants of Restricted Stock to non-employee directors of the Company.

Up to 100% of the shares of restricted stock subject to the 2024 Performance Share awards will vest, if at all, based on the achievement of certain performance goals established by the Compensation Committee related to company operational performance metrics during the 2024 Performance Share Measurement Period, for which achievement must be certified by the Compensation Committee. The 2024 Performance Shares are eligible to vest over the 2024 Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the 2024 Performance Share Measurement Period or otherwise provided under the terms of the applicable award agreement or applicable employment agreement.

Up to 100% of the 2024 Performance Options will vest, if at all, based on the achievement of certain performance goals established by the Compensation Committee related to company operational performance metrics during the 2024 Performance Option Measurement Period, for which achievement must be certified by the Compensation Committee. The 2024 Performance Options mainly vest in three equal annual installments, beginning on January 30, 2026, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement.

On June 10, 2025, the Compensation Committee and Board of Directors approved grants of Restricted Stock and Performance Shares under the 2017 Plan to certain vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved grants of Restricted Stock to non-employee directors of the Company.

Up to 100% of the shares of restricted stock subject to the 2025 Performance Share awards will vest, if at all, based on the achievement of a trailing EPS performance target established by the Compensation Committee that is based on EPS for the previous four calendar quarters. The 2025 Performance Shares are eligible to vest over the 2025 Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the 2025 Performance Share Measurement Period (or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement).

The 2025 Performance Shares performance target is set forth below.


Trailing 4-Quarter EPS Targets for July 1, 2025 through March 31, 2027			Restricted Stock Eligible for Vesting (Percentage of Award)
$18.40			100%

Stock Options

The Company did not grant stock options during the six months ended September 30, 2025.

Option activity for the six months ended September 30, 2025 was as follows:

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	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value

Options outstanding, beginning of period	169,154		$	111.55

Exercised during period	(24,789)		102.55
Forfeited during period	(1,000)		111.64
Expired during period	(550)		208.68
Options outstanding, end of period	142,815	3	$	112.74	5.4 years	$	8,262,308
Options exercisable, end of period	102,612		$	112.71	3.9 years	$	5,997,786

The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on September 30, 2025 and the exercise price, multiplied by the number of in-the-money options that are currently exercisable) that would have been received by option holders had all option holders exercised their options as of September 30, 2025. This amount will change as the market price of the common stock changes. The total intrinsic value and tax benefit of options exercised during the three and six month periods ended September 30, 2025 and 2024 were as follows:


	Three months ended September 30,				Six months ended September 30,
	2025		2024		2024		2023

Intrinsic value of options exercised	$	466,001	$	259,922	$	1,466,599	$	516,719
Tax benefit of options exercised	114,170		63,681		359,317		126,596

No stock options vested during the six months ended September 30, 2025. As of September 30, 2025, total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $1.0 million, which is expected to be recognized over a weighted-average period of approximately 1.9 years.

Restricted Stock and Performance Shares

During the first three months of fiscal 2026, the Company granted 175,000 shares of restricted stock (which are equity classified) to certain vice presidents, senior vice presidents, executive officers and non-employee directors with a grant date weighted average fair value of $157.79 per share. The Company did not grant shares of restricted stock during the three months ended September 30, 2025.

The total fair value of restricted stock vested during the six months ended September 30, 2025 was $11,871,873. As of September 30, 2025, there was approximately $24.7 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over the next 1.9 years based on current estimates.

A summary of the status of the Company’s restricted stock as of September 30, 2025, and changes during the six months ended September 30, 2025, are presented below:


	Shares	Weighted Average Fair Value at Grant Date

Outstanding at March 31, 2025	159,683	$	105.52
Granted during the period	175,000	157.79
Vested during the period	(88,497)	100.60

Outstanding at September 30, 2025	246,186	$	144.45

Total Stock-Based Compensation

3 Of the 142,815 options outstanding, 14,703 are not yet exercisable based solely on fulfilling a service condition and another 25,500 are not yet exercisable based solely on fulfilling performance conditions.

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Total stock-based compensation included as a component of personnel expenses in the Company's Consolidated Statements of Operations during the three and six month periods ended September 30, 2025 and 2024 was as follows:


	Three months ended September 30,				Six months ended September 30,
	2025		2024		2025		2024
Stock-based compensation related to equity classified awards:
Stock-based compensation related to stock options	$	289,149	$	93,780	$	565,030	$	237,500
Stock-based compensation (reversal) related to restricted stock4	5,766,919		(18,042,631)		8,597,745		(19,250,196)
Total stock-based compensation (reversal) related to equity classified awards	$	6,056,068	$	(17,948,851)	$	9,162,775	$	(19,012,696)

NOTE 8 – ACQUISITIONS

The Company evaluates each set of assets and activities it acquires to determine if the set meets the definition of a business according to FASB ASC Topic 805-10-55. Acquisitions meeting the definition of a business are accounted for as business combinations while all other acquisitions are accounted for as asset purchases.

There was no acquisition activity for the six months ended September 30, 2025 and 2024.

Acquisitions that are accounted for as business combinations typically result in one or more new branches. In such cases, the Company typically retains the existing employees and the branch location from the acquisition. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. The remainder is allocated to goodwill.

Acquisitions that are accounted for as asset purchases are typically limited to acquisitions of loan portfolios. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair values at the acquisition date. In an asset purchase, no goodwill is recorded. When the cost of an asset acquisition is less than the fair value of the net assets acquired, the benefit is allocated to nonmonetary long-lived assets acquired on a relative fair value basis. However, any assets for which the subsequent application of GAAP would result in an immediate gain (e.g., financial assets, assets held for sale) are not allocated a portion of the cost below fair value. Any remaining benefit is recorded as a discount on purchase, which is a component of Unearned interest, insurance and fees in the Company's Consolidated Balance Sheets, and is amortized over the life of loans receivable acquired.

The Company’s acquisitions include tangible assets (generally loans and furniture and equipment) and intangible assets (generally non-compete agreements, customer lists, and goodwill), both of which are recorded at their fair values, which are estimated pursuant to the processes described below.

Acquired loans are valued at the net loan balance. Given the short-term nature of these loans, generally less than twelve months, and that these loans are priced at current rates, management believes the net loan balances approximate their fair value. Under CECL, acquired loans are included in the reserve calculations for all loan types (excluding TALs). Management includes recent acquisition activity compared to historical activity when considering reasonable and supportable forecasts as it relates to assessing the adequacy of the allowance for expected credit losses. The Company did not acquire any loans that would qualify as PCDs during the six months ended September 30, 2025 and 2024.

Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values.

Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates their fair values.

4 The $(18,042,631) for the three months ended September 30, 2024 represents the reversal of $18.5 million in previously recognized stock-based compensation related to the $20.45 Performance Shares, offset by $0.5 million in current period expense. The $(19,250,196) for the six months ended September 30, 2024 represents this $18.5 million reversal and $1.8 million in forfeiture credit, offset by $1.0 million in current period expense.

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Customer lists are valued with a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists.

The results of all acquisitions are included in the Company’s consolidated financial statements since the respective acquisition date. The pro forma impact of these branches as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported.

NOTE 9 – INTANGIBLE ASSETS

The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets:


	September 30, 2025						March 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset		Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset
Customer lists	$	55,858,615	$	(50,112,888)	$	5,745,727	$	55,858,615	$	(48,489,153)	$	7,369,462
Non-compete agreements	10,534,749		(10,525,534)		9,215		10,534,749		(10,509,630)		25,119
Total	$	66,393,364	$	(60,638,422)	$	5,754,942	$	66,393,364	$	(58,998,783)	$	7,394,581

The estimated amortization expense for intangible assets for future fiscal years ended March 31 is as follows: $1.5 million for the remainder of 2026; $2.7 million for 2027; $0.9 million for 2028; $0.4 million for 2029; $0.1 million for 2030; and an aggregate of $0.1 million for the years thereafter.

NOTE 10 – DEBT

Credit Facilities; Senior Notes Redemption

Revolving Credit Facility

On July 22, 2025, the Company entered into a three-year senior secured asset-based credit facility pursuant to a Revolving Credit Agreement (the “Revolving Credit Agreement”), by and among the Company, the lenders named therein (the “Lenders”), and Bank of Montreal, as Administrative Agent and Collateral Agent.

The Revolving Credit Agreement replaces the Company’s Amended and Restated Revolving Credit Agreement, dated as of June 7, 2019, among the Company, the lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent (as amended, the “Prior Credit Agreement”). The Revolving Credit Agreement provides, among other things, aggregate commitments of the Lenders of $640.0 million, with an accordion feature that can increase the aggregate commitments by $150.0 million for a total commitment, if the full accordion is borrowed, of $790.0 million (the "Revolving Credit Facility").

At September 30, 2025, $584.6 million was outstanding under the Company's Revolving Credit Facility, not including $889.7 thousand in outstanding standby letters of credit, which include (i) $300.0 thousand related to worker's compensation expiring on December 31, 2025 and (ii) $589.7 thousand related to the Company's investment in captive insurance expiring on April 12, 2026. Both letters of credit automatically extend for one year on their expiration dates. To the extent that the letter of credit is drawn upon, the disbursement will be funded by the Revolving Credit Facility. There are no amounts due related to the letters of credit as of September 30, 2025. At September 30, 2025, subject to a borrowing base formula, the Company may borrow at the rate of one month SOFR plus 0.10% and an applicable margin of 3.5% with a minimum rate of 4.5%. The Revolving Credit Agreement has a commitment fee of 0.50% per annum on the unused portion of the commitment. Commitment fees on the unused portion of the borrowing totaled $0.7 million and $0.9 million for the six months ended September 30, 2025 and 2024, respectively.

For the six months ended September 30, 2025 and fiscal year ended March 31, 2025, the Company’s effective interest rate, including the commitment fee and amortization of debt issuance costs, was 8.2% annualized and 9.5%, respectively. At September 30, 2025, the unused amount available under the Revolving Credit Facility was $54.5 million. Borrowings under the Revolving Credit Facility have a maturity date of July 22, 2028.

At September 30, 2025, substantially all of the Company’s assets were pledged as collateral for borrowings under the Revolving Credit Agreement.

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Termination of Amended and Restated Revolving Credit Facility

On July 22, 2025, in connection with entry into the Revolving Credit Agreement, the Company terminated the Prior Credit Agreement. The Prior Credit Agreement was scheduled to mature on June 7, 2026 and provided revolving loans in an aggregate commitment of up to $730.0 million.

Warehouse Facility

On September 29, 2025, the Company and its wholly-owned subsidiary, WFC Receivables I, LLC (the “Borrower”), entered into a Credit Agreement (the “Credit Agreement”), by and among the Company, as Servicer, the Borrower, the lenders and agents from time to time parties thereto, Atlas Securitized Products Administration, L.P., as administrative agent for the lenders, Systems & Services Technologies, Inc., a Delaware corporation, as backup servicer, and Wilmington Trust, National Association, a national banking association, as securities intermediary.

The Credit Agreement provides for a revolving $175.0 million warehouse facility (the “Warehouse Facility”) and is secured by certain consumer loan receivables that were directly originated by certain of the Company’s subsidiaries. Borrowings under the Warehouse Facility have an expected maturity date of September 29, 2027. As of September 30, 2025, no loans receivable were pledged and no borrowings occurred under the Warehouse Facility. As of September 30, 2025, the Company may borrow at the rate of one-month SOFR plus 0.11448% and an applicable margin of 3.00%, with a minimum rate of 4.00%. The Credit Agreement has a commitment fee of 0.50% per annum on the unused portion of the commitment.

Notes Redemption

On September 27, 2021, we issued $300 million in aggregate principal amount of 7.0% senior notes due November 2026 (the "Notes"). On July 22, 2025, an irrevocable notice of full redemption (the “Notice”) of the Notes was delivered to the holders of the Notes. The Notice called for the redemption of all of the outstanding Notes (the “Redemption”) on August 29, 2025 (the “Redemption Date”) at a redemption price equal to 101.750% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to but not including, the Redemption Date. The aggregate principal amount of the Notes redeemed was $168.3 million. The Redemption was made in accordance with the terms and conditions of the Notes and the indenture governing the Notes. As a result of the Redemption, the Company recognized an additional $3.7 million in interest expense, for which $3.0 million represents an early redemption premium and $0.7 million represents the write-off of the remaining unamortized debt issuance costs associated with the Notes.

During the six months ended September 30, 2025 and prior to the Redemption, the Company repurchased and extinguished $17.0 million of its Notes, net of $0.1 million unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $17.0 million. During fiscal 2025, the Company repurchased and extinguished $89.0 million of its Notes, net of $0.6 million unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $88.0 million.

For each of the three and six months ended September 30, 2025, the Company recognized a $3.7 million loss on extinguishment. For the three and six months ended September 30, 2024, the Company recognized a $0.4 million and $1.2 million gain on extinguishment, respectively. In accordance with ASC 470, the Company recognized the gain and loss on extinguishments as a component of interest expense in the Company's Consolidated Statements of Operations.

Debt Covenants

Revolving Credit Facility

The Revolving Credit Agreement contains a number of affirmative and negative covenants that, among other things, restrict our ability to incur liens, incur indebtedness, pay dividends and repurchase or redeem capital stock, make certain restricted payments, merge or consolidate, dispose of assets, make acquisitions or other investments, redeem or prepay subordinated debt, amend subordinated debt documents, make changes in the nature of its business, and engage in transactions with affiliates. The agreement allows the Company to incur subordinated debt that matures after the termination date of the Revolving Credit Agreement and that contains specified subordinated terms, subject to limitations on amount imposed by the financial covenants under the Revolving Credit Agreement. In addition, the Revolving Credit Agreement requires the Company to (i) keep and maintain a Consolidated Net Worth of $325.0 million, (ii) have a ratio of Net Income Available for Fixed Charges to Fixed Charges of not less than 2.25 to 1.00, (iii) not permit the aggregate unpaid principal amount of Total Debt to exceed 225.0% of Consolidated Adjusted Net Worth, and (iv) maintain an Asset Quality Indicator (Consolidated) of less than or equal to 26.0%. Each of the capitalized terms used and not defined herein have the meanings set forth in the Revolving Credit Agreement.

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The Company was in compliance with these covenants at September 30, 2025 and does not believe that these covenants will materially limit its business and expansion strategy.

The Revolving Credit Agreement also contains customary events of default (subject to certain materiality thresholds and cure periods), including among others, (a) non-payment, (b) non-compliance with covenants, (c) a breach of a representation or warranty, (d) an insolvency event involving the Company, (e) a change in control of the Company, (f) failure of the Company to maintain certain financial covenants, (g) cross-default to other debt, (h) invalidity of subordination provisions of subordinated debt, (i) the occurrence of certain regulatory events (including an order or judgment entered against the Company with respect to the financial receivables generally or any category of receivables that is material to the business) which remains unvacated, undischarged, unbonded or unstayed by appeal or otherwise for a period of 60 days from the date of its entry and is reasonably likely to cause a material adverse change, and (j) payment defaults resulting in acceleration of securitizations or warehouse facilities that remain continuing for more than 30 days.

Warehouse Facility

The Credit Agreement contains affirmative and negative covenants, including covenants that generally restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, pay dividends and repurchase or redeem capital stock, engage in mergers and consolidations, make acquisitions or other investments, or fund benefit plans. The Company’s financial covenants under the Credit Agreement include (i) a minimum tangible net worth of $305.0 million; (ii) a maximum ratio of debt to tangible net worth of 2.25 to 1.0 as of the end of each fiscal quarter; (iii) a minimum liquidity amount of $35.0 million; and (iv) a minimum of unrestricted cash and cash equivalents of $5.0 million. The Credit Agreement also contains covenants that require the Company, as Servicer, with respect to any collection period to maintain certain delinquency ratios, payment ratios and annualized net charge-off ratios. A failure to maintain such ratios may result in a Level I Trigger Event, Level II Trigger Event, or Level III Trigger Event. Each of the capitalized terms used and not defined herein have the meanings set forth in the Credit Agreement.

The Company was in compliance with these covenants at September 30, 2025 and does not believe that these covenants will materially limit its business and expansion strategy.

The Credit Agreement also contains customary events of default (subject to certain materiality thresholds and cure periods), including among others, (a) non-payment, (b) non-compliance with covenants, (c) failure of the Administrative Agent to maintain a first-priority perfected security interest in any material portion of the collateral (subject to permitted liens), (d) the occurrence of a servicer termination event, (e) a breach of a representation or warranty, (f) an insolvency event involving the Company, the Borrower, or the Originators (as defined therein), (g) a change in control of the Company or the Borrower, (h) an event of default under a material financing agreement of the Company, the Borrower, or the Originators, (i) failure of the Company, as Servicer, to maintain certain financial covenants, and (j) the Company, the Borrower, or the Originators have one or more final non-appealable judgments entered against it by a court of competent jurisdiction in excess of the specified monetary thresholds. The remedies for such events of default are also customary for this type of transaction and include acceleration of the Borrower’s outstanding obligations under the Credit Agreement.

Debt Maturities

The aggregate annual maturities of the Company's debt arrangements for future fiscal years ended March 31 are as follows:


	Amount
Remainder of 2026	$	—
2027	—
2028	—
2029	584,586,124
2030	—
Thereafter	—
Total future debt payments	$	584,586,124

NOTE 11 – INCOME TAXES

As of September 30, 2025 and March 31, 2025, the Company had $1.5 million and $1.1 million of total gross unrecognized tax benefits, including interest, respectively. Of these totals, approximately $1.1 million and $0.9 million, respectively, represents the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective

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tax rate. At September 30, 2025, approximately $0.2 million of gross unrecognized tax benefits are expected to be resolved during the next twelve months through the expiration of the statute of limitations and settlement with taxing authorities. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had approximately $864.6 thousand accrued for gross interest as of September 30, 2025, and accrued $522.9 thousand during the six months ended September 30, 2025.

Investment in HTC was $16.9 million and $15.9 million as of September 30, 2025 and March 31, 2025, respectively, which is included as a component of Other assets, net in the Consolidated Balance Sheets. The Company recognized net amortization from these investments of $3.2 million and $4.1 million during the three months ended September 30, 2025 and 2024, respectively, and $6.6 million and $8.2 million during the six months ended September 30, 2025 and 2024, respectively, in income tax expense. The Company recognized tax benefits from these investments of $3.6 million and $4.5 million for the three months ended September 30, 2025 and 2024, respectively, and $7.4 million and $9.1 million for the six months ended September 30, 2025 and 2024, respectively, in income tax expense and in Income taxes payable in the Consolidated Statements of Cash Flows. The Company did not recognize any non-tax related activity or have any significant modifications in the investments during the current period.

The Company is subject to U.S. income taxes, as well as taxes in various other state and local jurisdictions. With the exception of a few states, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2021, although carryforward attributes that were generated prior to 2021 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period.

The Company’s effective income tax rate was a negative 15.4% for the three months ended September 30, 2025 compared to 20.8% for the prior year quarter. The Company finalized a settlement with various taxing authorities that resulted in an increase in the reserve under ASC 740-10 (unrecognized tax positions) which is treated as a discrete item in the current quarter, along with a decrease in pretax book income relative to the effects of various permanent items, including an increase in disallowed executive compensation under Section 162(m) in the current quarter.

NOTE 12 – COMMITMENTS AND CONTINGENCIES

From time to time the Company is involved in litigation matters relating to claims arising out of its operations in the normal course of business.

Estimating an amount or range of possible losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve fines, penalties or damages that are discretionary in amount, involve a large number of claimants or significant discretion by regulatory authorities, represent a change in regulatory policy or interpretation, present novel legal theories, are in the early stages of the proceedings, are subject to appeal or could result in a change in business practices. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. For these reasons, we are currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible

losses or a range of possible losses resulting from, any currently pending claims. Based on information currently available, the

Company does not believe that any reasonably possible losses arising from currently pending legal matters will be material to

the Company’s results of operations or financial conditions. However, in light of the inherent uncertainties involved in such matters, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period.

NOTE 13 – SUBSEQUENT EVENTS

Management is not aware of any significant events occurring subsequent to the balance sheet date that would have a material effect on the financial statements thereby requiring adjustment or disclosure.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Information

This report on Form 10-Q, including "Management’s Discussion and Analysis of Financial Condition and Results of Operations," contains various "forward-looking statements," within the meaning of The Private Securities Litigation Reform Act of 1995, that are based on management’s beliefs and assumptions, as well as information currently available to management. Statements other than those of historical fact, including those identified by words such as “anticipate,” “estimate,” “intend,” “plan,” “expect,” "project," “believe,” “may,” “will,” “should,” "would," "could," "continue," "probable," "forecast," and any variation of the foregoing and similar expressions, are forward-looking statements. Although the Company believes that the expectations reflected in any such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Any such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual financial results, performance or financial condition may vary materially from those anticipated, estimated or expected. Therefore, you should not rely on any of these forward-looking statements.

Among the key factors that could cause our actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-looking statements are the following: recently enacted, proposed or future legislation and the manner in which it is implemented, including pursuant to policies of the new U.S. administration; changes in the U.S. tax code; the nature and scope of regulatory authority, particularly discretionary authority, that is or may be exercised by regulators, including, but not limited to, the U.S. Consumer Financial Protection Bureau, and individual state regulators having jurisdiction over the Company; the unpredictable nature of regulatory examinations, proceedings and litigation; employee misconduct or misconduct by third parties; uncertainties associated with management turnover and the effective succession of senior management; media and public characterization of consumer installment loans; labor unrest; the impact of changes in accounting rules and regulations, or their interpretation or application, which could materially and adversely affect the Company’s reported consolidated financial statements or necessitate material delays or changes in the issuance of the Company’s audited consolidated financial statements; the Company's assessment of its internal control over financial reporting; changes in interest rates; the impact of inflation; risks relating to the acquisition or sale of assets or businesses or other strategic initiatives, including increased loan delinquencies or net charge-offs, the loss of key personnel, integration or migration issues, the failure to achieve anticipated synergies, increased costs of servicing, incomplete records, and retention of customers; risks inherent in making loans, including repayment risks and value of collateral; cybersecurity threats or incidents, including the potential or actual misappropriation of assets or sensitive information, corruption of data or operational disruption and the costs of the associated response thereto; our dependence on debt and the potential impact of limitations in the Company’s credit facilities or other impacts on the Company's ability to borrow money on favorable terms, or at all; the timing and amount of revenues that may be recognized by the Company; changes in current revenue and expense trends (including trends affecting delinquency and charge-offs); the impact of extreme weather events and natural disasters; changes in the Company’s markets and general changes in the economy (particularly in the markets served by the Company).

These and other risks are discussed in more detail in Part I, Item 1A “Risk Factors” in the Company's fiscal 2025 Annual Report, and in the Company’s other reports filed with, or furnished to, the SEC from time to time. The Company does not undertake any obligation to update any forward-looking statements it may make, except to the extent required by law.

Results of Operations

The following table sets forth certain information derived from the Company's Consolidated Statements of Operations and Consolidated Balance Sheets (unaudited), as well as operating data and ratios, for the periods indicated:

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	Three months ended September 30,						Six months ended September 30,
	2025			2024			2025			2024
	(Dollars in thousands)
Gross loans receivable	$	1,315,491		$	1,295,870		$	1,315,492		$	1,295,870
Average gross loans receivable (1)	1,294,106			1,284,326			1,267,156			1,277,911
Net loans receivable (2)	976,373			957,162			976,373			957,162
Average net loans receivable (3)	959,473			949,302			941,397			946,188

Expenses as a percentage of total revenue:
Provision for credit losses	37.1		%	35.5		%	37.6		%	35.3		%
General and administrative	53.5		%	35.3		%	53.3		%	41.3		%
Interest expense	10.7		%	8.0		%	9.0		%	7.8		%
Operating income as a % of total revenue (4)	9.4		%	29.2		%	9.1		%	23.4		%

Loan volume (5)	$	729,803		$	702,238		$	1,481,305		$	1,384,435

Net charge-offs as percent of average net loans receivable on an annualized basis	17.1		%	17.6		%	18.3		%	17.0		%

Return on average assets (trailing 12 months)	5.6		%	7.8		%	5.6		%	7.8		%

Return on average equity (trailing 12 months)	14.0		%	20.1		%	14.0		%	20.1		%

Branches opened or acquired (merged or closed), net	(1)			(2)			(11)			(3)

Branches open (at period end)	1,013			1,045			1,013			1,045

_______________________________________________________

(1) Average gross loans receivable has been determined by averaging month-end gross loans receivable over the indicated period, excluding TALs.

(2) Net loans receivable is defined as gross loans receivable less unearned interest and deferred fees.

(3) Average net loans receivable has been determined by averaging month-end gross loans receivable less unearned interest and deferred fees over the indicated period, excluding TALs.

(4) Operating income is computed as total revenue less provision for credit losses and general and administrative expenses.

(5) Loan volume includes all loan balances originated by the Company. It does not include loans purchased through acquisitions.

Comparison of three months ended September 30, 2025 versus three months ended September 30, 2024

Gross loans outstanding increased to $1.32 billion as of September 30, 2025, a 1.5% increase from the $1.30 billion of gross loans outstanding as of September 30, 2024, which is a substantial improvement from the 4.0% year over year decrease as of March 31, 2025. During the most recent quarter, gross loans outstanding increased sequentially 4.0%, or $51.2 million, from $1.26 billion as of June 30, 2025, compared to an increase of 1.7%, or $21.1 million, in the comparable quarter of the prior year. During the most recent quarter, our new, former and current customer borrowing increased when comparing the same quarter of fiscal 2025. Specifically, during the quarter, new, former and refinance customer loan volume increased 40.4%, 4.1% and 1.0%, respectively, compared to the same quarter of fiscal 2025. Our customer base increased by 6.2% during the twelve-month period ended September 30, 2025, compared to a decrease of 0.1% for the comparable period ended September 30, 2024. During the three months ended September 30, 2025 our unique borrowers increased by 5.8% compared to an increase of 3.6% during the three months ended September 30, 2024.

The net loss for the three months ended September 30, 2025 or decrease of $1.9 million, is a 108.8% decrease from net income of $22.1 million for the same period of the prior year. The significant decrease is the result of an $18.5 million reversal of share based compensation expense in the prior year associated with the forfeiture of the shares granted in the second tranche of our performance-based share plan that resulted in negative share based compensation expense of $17.9 million for the prior year

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quarter. The current quarter included $6.1 million in share based compensation expense, a $24.0 million increase compared to the same quarter of the prior year, mainly due to the prior year reversal noted above. The current quarter also included a $3.7 million expense for the early redemption of our long-term notes, which includes a $3.0 million early call penalty and a $0.7 million write-off of the remaining unamortized debt issuance costs. The result of operations was also negatively impacted by an increase in provision for credit losses, largely related to our new loan growth; however, we expect solid returns on our fiscal 2025 originations given early payment performance and yield. Operating income, which is revenue less provision for credit losses and general and administrative expenses, decreased by $25.7 million, or 67.0%, compared to the same period of the prior year.

Revenues for the three months ended September 30, 2025 increased by $3.1 million, or 2.3%, to $134.5 million from $131.4 million for the same period of the prior year. Interest and fee income for the three months ended September 30, 2025 increased by $5.1 million, or 4.4%, from the same period of the prior year due to an increase in outstanding balances and interest yields.

Insurance and other income for the three months ended September 30, 2025 decreased by $2.0 million, or 11.4%, from the same period of the prior year. Insurance income decreased by approximately $0.4 million, or 3.6%, during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. Insurance commissions decreased primarily due to a decrease in loans where our insurance products are available to our customer. The large loan portfolio decreased from 52.1% of the overall portfolio as of September 30, 2024, to 44.6% as of September 30, 2025. Other income decreased $1.5 million, or 30.0%, to $3.6 million in the second quarter of fiscal 2026, compared to $5.2 million in the second quarter of fiscal 2025. Other income primarily decreased due to a $1.2 million decrease in tax preparation income due to a timing difference in income recognized year over year.

The provision for credit losses increased $3.1 million, or 6.8%, to $49.8 million from $46.7 million when comparing the second quarter of fiscal 2026 to the second quarter of fiscal 2025. The table below itemizes the key components of the CECL allowance and provision impact during the quarter.


CECL Allowance and Provision (Dollars in millions)	Q2 FY 2026	Q2 FY 2025	Difference	Reconciliation
Beginning Allowance - June 30	$109.1	$109.7	$(0.6)
Change due to Growth	$4.3	$1.8	$2.5	$2.5
Change due to Expected Loss Rate on Performing Loans	$2.9	$0.8	$2.1	$2.1
Change due to 90 day past due	$1.5	$2.2	$(0.7)	$(0.7)
Ending Allowance - September 30	$117.8	$114.5	$3.3	$3.9
Net Charge-offs	$41.1	$41.9	$(0.8)	$(0.8)
Provision	$49.8	$46.7	$3.1	$3.1
Note: The change in allowance for the quarter plus net charge-offs for the quarter equals the provision for the quarter (see above reconciliation).

The provision was negatively impacted by growth in new customers during the quarter. The improved quarter over quarter growth resulted in a $2.5 million increase in the provision. The growth was largely from new customers which resulted in an increase of 0-5 month customers as a percent of the portfolio from 7.2% as of June 30, 2025 to 8.6% as of September 30, 2025. This growth in 0-5 month customers and the higher risk associated with them also led to an increase in the overall expected loss rates of the portfolio.

Net charge-offs for the quarter decreased $0.8 million, from $41.9 million in the second quarter of fiscal 2025 to $41.1 million in the second quarter of fiscal 2026. Net charge-offs as a percentage of average net loan receivables on an annualized basis decreased to 17.1% in the second quarter of fiscal 2026 from 17.6% in the second quarter of fiscal 2025.

The Company's allowance for credit losses as a percentage of net loans was 12.1% at each of September 30, 2025, compared to 12.0% at September 30, 2024. Accounts that were 61 days or more past due on a recency basis increased to 5.8% at September 30, 2025 compared to 5.6% at September 30, 2024. Recency delinquency on accounts at least 90 days past due increased from 3.4% at September 30, 2024, to 3.5% at September 30, 2025. Recency delinquency on accounts 0 to 60 days past due decreased from 22.5% at September 30, 2024, to 22.3% at September 30, 2025.

G&A expenses for the three months ended September 30, 2025 increased by $25.6 million, or 55.3%, from the corresponding period of the previous year. As a percentage of revenues, G&A expenses increased from 35.3% during the three months ended September 30, 2024 to 53.5% during the three months ended September 30, 2025. G&A expenses per average open branch increased by 60.2% when comparing the two three-month periods. The change in G&A expense is explained in greater detail below.

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Personnel expense totaled $48.0 million for the three months ended September 30, 2025, a $26.2 million, or 120.6%, increase over the three months ended September 30, 2024. Salary expense increased approximately $1.6 million, or 5.2%, during the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024. Our headcount as of September 30, 2025 increased 5.1% compared to September 30, 2024. Benefit expense decreased approximately $0.7 million, or 8.3%, when comparing the quarterly periods ended September 30, 2025 and 2024. Incentive expense increased $25.4 million in the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025. The increase in incentive expense is primarily due to a $24.0 million increase in share based compensation expense. Share based compensation expense increased due to share grants in December of 2024 and June of 2025. The prior year quarter also included a $18.5 million reversal of share based compensation expense associated with the forfeiture of the shares granted in the second tranche of our performance-based share plan.

Occupancy and equipment expense totaled $11.8 million for the three months ended September 30, 2025, a $0.5 million, or 4.2%, decrease over the three months ended September 30, 2024.

Advertising expense decreased $0.7 million, or 23.1%, in the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025 due to increased efficiency in our customer acquisition programs.

Amortization of intangible assets totaled $0.8 million for the three months ended September 30, 2025, a $0.2 million, or 15.7%, decrease over the three months ended September 30, 2024.

Other expense totaled $9.2 million for the three months ended September 30, 2025, a $0.7 million, or 8.2%, increase over the three months ended September 30, 2024.

Interest expense for the three months ended September 30, 2025 increased by $3.9 million, or 37.2%, from the corresponding three months of the previous year. The Company repurchased and canceled the remaining $169.8 million of its previously issued Notes for a purchase price of $172.8 million during the second quarter of fiscal 2026. Interest expense primarily increased due to a $3.0 million early call penalty on our Notes, and a $0.7 million write-off of the remaining unamortized debt issuance costs. It was also impacted by a 3.7% increase in the average debt outstanding for the quarter, partially offset by a 4.8% decrease in the effective interest rate from 8.7% to 8.2%. The average debt outstanding increased from $496.0 million to $514.4 million when comparing the quarters ended September 30, 2024 and 2025.The Company’s debt-to-equity ratio increased from 1.2:1 at September 30, 2024 to 1.6:1 at September 30, 2025.

Other key return ratios for the three months ended September 30, 2025 included a 5.6% return on average assets and a return on average equity of 14.0% (both on a trailing 12-month basis), as compared to a 7.8% return on average assets and a return on average equity of 20.1% (both on a trailing 12-month basis) for the three months ended September 30, 2024.

The Company’s effective income tax rate was a negative 15.4% for the three months ended September 30, 2025 compared to 20.8% for the corresponding period of the previous year. The Company finalized a settlement with various taxing authorities that resulted in an increase in the reserve under ASC 740-10 (unrecognized tax positions) which is treated as a discrete item in the current quarter, along with a decrease in pretax book income relative to the effects of various permanent items including an increase in disallowed executive compensation under Section 162(m) in the current quarter.

Comparison of six months ended September 30, 2025 versus six months ended September 30, 2024

Gross loans outstanding increased to $1.32 billion as of September 30, 2025, a 1.5% increase from the $1.30 billion of gross loans outstanding as of September 30, 2024.

Net loss for the six months ended September 30, 2025 decreased to $0.6 million from the $32.1 million net income reported for the same period of the prior year. Operating income (revenue less provision for credit losses and general and administrative expenses) decreased by $36.8 million, or 60.3%. The significant decrease is the result of an $18.5 million reversal of share based compensation expense in the corresponding period of the previous year associated with the forfeiture of the shares granted in the second tranche of our performance-based share plan that resulted in negative share based compensation expense of $19.0 million. Share based compensation expense for the six months ended September 30, 2025 was $9.2 million, a $28.2 million increase compared to the same period of the prior year, mainly due to the prior year reversal noted above. The current six month period ended September 30, 2025 also included a $3.7 million expense for the early redemption of our long-term notes, which includes a $3.0 million early call penalty and a $0.7 million write-off of the remaining unamortized debt issuance costs. Net loss was also negatively impacted by an increase in provision for credit losses, largely related to our new loan growth; however, we expect solid returns on our fiscal 2025 originations given early payment performance and yield.

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Revenues increased by $6.0 million, or 2.3%, to $266.9 million during the six months ended September 30, 2025 from $260.9 million for the same period of the prior year. The increase was primarily due to an increase in outstanding balances and interest yields.

Interest and fee income for the six months ended September 30, 2025 increased by $9.2 million, or 4.1%, from the same period of the prior year. Net loans outstanding at September 30, 2025 increased by 2.0% over the balance at September 30, 2024. Average net loans outstanding decreased by 0.5% for the six months ended September 30, 2025 compared to the six-month period ended September 30, 2024.

Insurance commissions and other income for the six months ended September 30, 2025 decreased by $3.2 million, or 9.0%, from the same period of the prior year. Insurance commissions decreased by approximately $1.8 million, or 7.3%, during the six months ended September 30, 2025 when compared to the six months ended September 30, 2024. Other income decreased by $1.4 million, primarily due to a $0.8 million decrease in tax preparation income due to a timing difference in income recognized year over year.

The provision for credit losses increased $8.3 million, or 9.0%, to $100.4 million from $92.1 million when comparing the first two quarters of fiscal 2026 to the first two quarters of fiscal 2025. Net charge-offs as a percentage of average net loans receivable on an annualized basis increased from 17.0% in the first two quarters of fiscal 2025 to 18.3% in the first two quarters of fiscal 2026.

G&A expenses for the six months ended September 30, 2025 increased by $34.6 million, or 32.1%, from the corresponding period of the previous year. As a percentage of revenues, G&A expenses increased from 41.3% during the first six months of fiscal 2025 to 53.3% during the first six months of fiscal 2026. G&A expenses per average open branch increased by 36.0% when comparing the two six-month periods. The change in G&A expense is explained in greater detail below.

Personnel expense totaled $93.8 million for the six months ended September 30, 2025, a $35.0 million, or 59.6%, increase over the six months ended September 30, 2024. Salary expense increased approximately $2.7 million, or 4.4%, when comparing the two six month periods ended September 30, 2025 and 2024. Our headcount as of September 30, 2025, increased 5.1% compared to September 30, 2024. Benefit expense increased approximately $1.5 million, or 10.0%, when comparing the six month periods ended September 30, 2025 and 2024. Incentive expense increased $31.2 million when comparing the six month periods ended September 30, 2025 and 2024. The increase in incentive expense is primarily due to a $28.2 million increase in share based compensation expense. Share based compensation expense increased due to share grants in December of 2024 and June of 2025. The prior year period also included a $18.5 million reversal of share based compensation expense associated with the forfeiture of the shares granted in the second tranche of our performance-based share plan.

Occupancy and equipment expense totaled $23.6 million for the six months ended September 30, 2025, a $0.9 million, or 3.7%, decrease over the six months ended September 30, 2024. Occupancy and equipment expense is generally a function of the number of branches the Company has open throughout the period. For the six months ended September 30, 2025, the average occupancy and equipment expense per branch totaled $23.2 thousand, a $0.2 thousand, or 0.8% decrease when compared to the six months ended September 30, 2024.

Advertising expense totaled $4.5 million for the six months ended September 30, 2025, remaining relatively flat compared to the six months ended September 30, 2024.

Amortization of intangible assets totaled $1.6 million for the six months ended September 30, 2025, a $0.3 million, or 16.6%, decrease over the six months ended September 30, 2024.

Other expense totaled $18.9 million for the six months ended September 30, 2025, an $0.8 million, or 4.2% increase over the six months ended September 30, 2024.

Interest expense for the six months ended September 30, 2025 increased by $3.7 million, or 18.5%, from the corresponding six months of the previous year. The Company repurchased and canceled the remaining $169.8 million of its previously issued bonds for a purchase price of $172.8 million during the second quarter of fiscal 2026. Interest expense primarily increased due to a $3.0 million early call penalty on our long-term notes, and a $0.7 million write-off of the remaining unamortized debt issuance costs. This increase was partially offset by a 1.3% decrease in the average debt outstanding, from $493.7 million to $487.1 million and a 4.2% decrease in the effective interest rate from 8.6% to 8.3%.

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Other key return ratios for the first six months of fiscal 2026 included a 5.6% return on average assets and a return on average equity of 14.0% (both on a trailing 12-month basis), as compared to a 7.8% return on average assets and a return on average equity of 20.1% (both on a trailing 12-month basis) for the first six months of fiscal 2025.

The Company’s effective income tax rate was 331.8% for the six months ended September 30, 2025 compared to 21.5% for the corresponding period of the previous year. The Company finalized a settlement with various taxing authorities that resulted in an increase in the reserve under ASC 740-10 (unrecognized tax positions) which is treated as a discrete item in the current period, along with a decrease in pretax book income relative to the effects of various permanent items including an increase in disallowed executive compensation under Section 162(m) in the current period. This was partially offset by the permanent tax benefit related to nonqualified stock option exercises and vesting of restricted stock treated as discrete items in the current period.

Regulatory Matters

CFPB Rulemaking Initiatives

On October 5, 2017, the CFPB issued a final rule (the "Rule") imposing limitations on (i) short-term consumer loans, (ii) longer-term consumer installment loans with balloon payments, and (iii) higher-rate consumer installment loans repayable by a payment authorization. The Rule originally required lenders originating short-term loans and longer-term balloon payment loans to evaluate whether each consumer has the ability to repay the loan along with current obligations and expenses (“ability to repay requirements”); however, the ability to repay requirements was rescinded in July 2020. The Rule also curtails repeated unsuccessful attempts to debit consumers’ accounts for short-term loans, balloon payment loans, and installment loans that involve a payment authorization and an annual percentage rate over 36% (“payment requirements”). Implementation of the Rule’s payment requirements may require changes to the Company’s practices and procedures for such loans, which could materially and adversely affect the Company’s ability to make such loans, the cost of making such loans, the Company’s ability to, or frequency with which it could, refinance any such loans, and the profitability of such loans.

In July 2020, the CFPB rescinded provisions of the Rule governing the ability to repay requirements. The payment requirements were scheduled to take effect in June 2022. However, on October 19, 2022, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, that the funding mechanism for the CFPB violates the appropriations clause of the U.S. Constitution, and as a result, vacated the Rule. On October 3, 2023, the U.S. Supreme Court held oral argument to decide the constitutionality of the CFPB's funding mechanism. On May 16, 2024, the Supreme Court held that the funding mechanism for the CFPB complies with the appropriations clause of the U.S. Constitution, reversing the judgment of the Court of Appeals, and remanding the cause for further proceedings. Subsequently, the U.S. Court of Appeals for the Fifth Circuit set March 30, 2025 as the effective date of the Rule. On March 28, 2025, the CFPB announced that it will not prioritize enforcement or supervision of the remaining provisions of the Rule, which took effect on March 30, 2025. Accordingly, the Company will have to comply with the Rule’s payment requirements if it continues to allow consumers to set up future recurring payments online for certain covered loans such that it meets the definition of having a “leveraged payment mechanism” under the Rule. If the payment provisions of the Rule apply, the Company will have to modify its loan payment procedures to comply with the required notices and mandated timeframes set forth in the final rule.

The CFPB also has stated that it expects to conduct separate rulemaking to identify larger participants in the installment lending market for purposes of its supervision program. This initiative was classified as “inactive” on the CFPB’s Spring 2018 rulemaking agenda and has remained inactive since, but the CFPB indicated that such action was not a decision on the merits. Though the likelihood and timing of any such rulemaking is uncertain, the Company believes that the implementation of such rules would likely bring the Company’s business under the CFPB’s supervisory authority which, among other things, would subject the Company to reporting obligations to, and on-site compliance examinations by, the CFPB. In addition, even in the absence of a “larger participant” rule, the CFPB has the power to order individual nonbank financial institutions to submit to supervision where the CFPB has reasonable cause to determine that the institution is engaged in “conduct that poses risks to consumers” under 12 USC 5514(a)(1)(C). In 2022, the CFPB announced that it had begun using this “dormant authority” to examine nonbank entities and the CFPB is attempting to expand the number of nonbank entities it currently supervises. Specifically, the CFPB previously notified the Company that it was seeking to establish such supervisory authority over the Company. Since then, the CFPB issued a public designation order setting forth its determination that the Company has met the legal requirements for supervision (the "Order"). Pursuant to the terms of the Order, the CFPB has supervisory authority over the Company pursuant to section 1024(a)(1)(C) of the Consumer Financial Protection Act of 2010 until such time as the Order is terminated consistent with 12 C.F.R. 1091.113. Importantly, on May 12, 2025, the CFPB withdrew the Order, indicating that the CFPB "is shifting its supervisory priorities to focus on pressing threats to consumers" and that supervision of the Company "is not consistent with these priorities."

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See Part I, Item 1, “Business Government Regulation Federal legislation,” for a further discussion of these matters and the federal regulations to which the Company’s operations are subject and Part I, Item 1A, “Risk Factors,” in each case, in the Company’s fiscal 2025 Annual Report for more information regarding these regulatory and related risks.

Liquidity and Capital Resources

The Company has historically financed and continues to finance its operations, acquisitions and branch expansion primarily through a combination of cash flows from operations and borrowings from its institutional lenders. As discussed below, the Company has also issued debt securities to finance its operations and repay a portion of its outstanding indebtedness. The Company has generally applied its cash flows from operations to fund its loan volume, fund acquisitions, repay long-term indebtedness, and repurchase its common stock. Net cash provided by operating activities for the six months ended September 30, 2025 was $106.8 million.

As of September 30, 2025, the Company's debt outstanding was $584.6 million and its shareholders' equity was $365.6 million resulting in a debt-to-equity ratio of 1.6:1.0. Management will continue to monitor the Company's debt-to-equity ratio and is committed to maintaining a debt level that will allow the Company to continue to execute its business objectives, while not putting undue stress on its consolidated balance sheet.

The Company believes that attractive opportunities to acquire new branches or receivables from its competitors or to acquire branches in communities not currently served by the Company will continue to become available as conditions in local economies and the financial circumstances of owners change.

As of September 30, 2025, the Company had two credit facilities: the Revolving Credit Facility and the Warehouse Facility. The Revolving Credit Facility provides, among other things, aggregate commitments of the Lenders of $640.0 million, with an accordion feature that can increase the aggregate commitments by $150.0 million (for a total commitment, if the full accordion is borrowed, of $790.0 million). The Warehouse Facility provides for a revolving $175.0 million warehouse facility and is secured by certain consumer loan receivables that were directly originated by certain of the Company’s subsidiaries. Borrowings under the Warehouse Facility have an expected maturity date of September 29, 2027. As of September 30, 2025, no loans receivable were pledged and no borrowings occurred under the Warehouse Facility. As of September 30, 2025, the Company may borrow at the rate of one-month SOFR plus 0.11448% and an applicable margin of 3.00%, with a minimum rate of 4.00%. The Credit Agreement has a commitment fee of 0.50% per annum on the unused portion of the commitment.

Subject to a borrowing base formula, the Company could borrow at the rate of one month SOFR plus 0.10% and an applicable margin of 3.5% with a minimum rate of 4.5% under the Revolving Credit Agreement. At September 30, 2025, the aggregate commitments under the Revolving Credit Agreement were $640.0 million. The borrowing base limitation was equal to the product of (a) the Company’s eligible finance receivables, less unearned finance charges, insurance premiums and insurance commissions applicable to such eligible finance receivables, and (b) an advance rate percentage that ranges from 70% to 80% based on a collateral performance indicator equal to the sum of, for the Company and certain of its subsidiaries (a) a three-month rolling average rate of receivables at least sixty days past due and (b) an eight-month rolling average net charge-off rate. The Company had $889.7 thousand in outstanding standby letters of credit which include (i) $300.0 thousand related to worker's compensation expiring on December 31, 2025 and (ii) $589.7 thousand related to the Company's investment in captive insurance expiring on April 12, 2026. Both letters of credit automatically extend for one year on their expiration dates. Further, under the Revolving Credit Agreement, the administrative agent has the right to set aside reasonable reserves against the available borrowing base in such amounts as it may deem appropriate, including, without limitation, reserves with respect to certain regulatory events or any increased operational, legal, or regulatory risk of the Company and its subsidiaries.

For the six months ended September 30, 2025 and fiscal year ended March 31, 2025, the Company’s effective interest rate, including the commitment fee and amortization of debt issuance costs, as it relates to the Revolving Credit Agreement was 8.2% annualized and 9.5%, respectively. At September 30, 2025, the unused amount available under the Revolving Credit Facility was $54.5 million. Borrowings under the Revolving Credit Facility have a maturity date of July 22, 2028.

The Company’s obligations under the Revolving Credit Agreement, together with treasury management and hedging obligations owing to any lender under the Revolving Credit Agreement or any affiliate of any such lender, are required to be guaranteed by each of the Company’s wholly-owned domestic subsidiaries (other than special purpose subsidiaries). The obligations of the Company and the subsidiary guarantors under the Revolving Credit Agreement, together with such treasury management and hedging obligations, are secured by a first-priority security interest in substantially all assets of the Company and the subsidiary guarantors.

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Directors, we could repurchase approximately $77.0 million of shares under the terms of our Revolving Credit Agreement. To the extent we have excess capital, we may repurchase stock, if appropriate and as authorized by our Board of Directors.

The Company believes that cash flow from operations and borrowings under its credit facilities or other sources will be adequate to fund the expected cost of opening or acquiring new branches, including funding initial operating losses of new branches and funding loans receivable originated by those branches and the Company's other branches (for the next 12 months and for the foreseeable future beyond that). Except as otherwise discussed in (i) this report including, but not limited to, any discussions in Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q and (ii) Part I, Item 1A, "Risk Factors" in the Company's fiscal 2025 Annual Report (as supplemented by any subsequent disclosures in information the Company files with or furnishes to the SEC from time to time), management is not currently aware of any trends, demands, commitments, events or uncertainties that it believes will or could result in, or are or could be reasonably likely to result in, any material adverse effect on the Company’s liquidity.

Revolving Credit Facility

The Company was in compliance with these covenants at September 30, 2025 and does not believe that these covenants will materially limit its business and expansion strategy.

Warehouse Facility

The Credit Agreement contains affirmative and negative covenants, including covenants that generally restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, pay dividends and repurchase or redeem capital stock, engage in mergers and consolidations, make acquisitions or other investments, or fund benefit plans. The Company’s financial covenants under the Credit Agreement include (i) a minimum net worth of $305.0 million; (ii) a maximum ratio of debt to net worth of 2.25 to 1.0 as of the end of each fiscal quarter; (iii) a minimum liquidity amount of $35.0 million; and (iv) a minimum of unrestricted cash and cash equivalents of $5.0 million. The Credit Agreement also contains covenants that require the Company, as Servicer, with respect to any collection period to maintain certain delinquency ratios, payment ratios and annualized net charge-off ratios. A failure to maintain such ratios may result in a Level I Trigger Event, Level II Trigger Event, or Level III Trigger Event. Each of the capitalized terms used and not defined herein have the meanings set forth in the Credit Agreement.

The Company was in compliance with these covenants at September 30, 2025 and does not believe that these covenants will materially limit its business and expansion strategy.

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to maintain certain financial covenants, and (j) the Company, the Borrower, or the Originators have one or more final non-appealable judgments entered against it by a court of competent jurisdiction in excess of the specified monetary thresholds. The remedies for such events of default are also customary for this type of transaction and include acceleration of the Borrower’s outstanding obligations under the Credit Agreement.

Notes Redemption

On September 27, 2021, we issued $300 million in aggregate principal amount of 7.0% senior notes due November 2026. The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act.

On July 22, 2025, an irrevocable notice of full redemption (the “Notice”) of the Notes was delivered to the holders of the Notes. The Notice called for the redemption of all of the outstanding Notes (the “Redemption”) on August 29, 2025 (the “Redemption Date”) at a redemption price equal to 101.750% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to but not including, the Redemption Date. The aggregate principal amount of the Notes redeemed was $168.3 million. The Redemption was made in accordance with the terms and conditions of the Notes and the indenture governing the Notes. As a result of the Redemption, the Company recognized an additional $3.7 million in interest expense, for which $3.0 million represents an early redemption premium and $0.7 million represents the write-off of the remaining unamortized debt issuance costs associated with the Notes.

In each of the three and six months ended September 30, 2025, the Company recognized a $3.7 million loss on extinguishment. For the three and six months ended September 30, 2024, the Company recognized a $0.4 million and $1.2 million gain on extinguishment, respectively. In accordance with ASC 470, the Company recognized the gain and loss on extinguishments as a component of interest expense in the Company's Consolidated Statements of Operations.

Share Repurchase Program

On September 3, 2025, in accordance with its share repurchase program, the Company, after approval by the Audit and Compliance Committee, repurchased 347,064 shares for $60.0 million from Prescott Associates L.P., Idoya Partners L.P., Prescott International Partners L.P., and Prescott Investors, Inc. Profit Sharing (the "Sellers") in a privately negotiated transaction. The Sellers are affiliates of Prescott General Partners, LLC, who, along with its affiliates, beneficially own approximately 42.5% of the Company's common stock as of September 30, 2025. The $172.88 price per share, was the closing market price at September 3, 2025.

Inflation

The Company does not believe that inflation will have a materially adverse effect on its financial condition, unless changes in inflation are particularly severe and sudden in nature. Although inflation would increase the Company’s operating costs in absolute terms, the Company expects that the same decrease in the value of money would result in an increase in the size of loans demanded by its customer base. It is reasonable to anticipate that such a change in customer preference would result in an increase in total loans receivable and an increase in absolute revenue to be generated from that larger amount of loans receivable. The Company believes that this increase in absolute revenue should offset any increase in operating costs. In

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addition, because the Company’s loans have a relatively short contractual term and average life, it is unlikely that loans made at any given point in time will be repaid with significantly inflated dollars.

Quarterly Information and Seasonality

See Note 2 to the Consolidated Financial Statements.

Recently Adopted Accounting Pronouncements

There were no new accounting pronouncements recently adopted. See Note 2 to the Consolidated Financial Statements for information regarding recently issued accounting standards not yet adopted.

Critical Accounting Policies

The Company’s accounting and reporting policies are in accordance with GAAP and conform to general practices within the finance company industry. Certain accounting policies involve significant judgment by the Company’s management, including the use of estimates and assumptions which affect the reported amounts of assets, liabilities, revenue, and expenses. As a result, changes in these estimates and assumptions could significantly affect the Company’s financial position and results of operations. The Company considers its policies regarding the allowance for credit losses, share-based compensation and income taxes to be its most critical accounting policies due to the significant degree of management judgment involved.

Allowance for Credit Losses

Accounting policies related to the allowance for credit losses are considered to be critical as these policies involve considerable subjective judgment and estimation by management. In the case of loans, the allowance for credit losses is a contra-asset valuation account, calculated in accordance with ASC 326 that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance account represents management’s best estimate of current expected credit losses on these financial instruments considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. Relevant available information includes historical credit loss experience, current conditions, qualitative factors, and reasonable and supportable forecasts.

Share-Based Compensation

The Company measures compensation cost for share-based awards at fair value and recognizes compensation over the service period for awards expected to vest. The fair value of restricted stock is based on the number of shares granted and the quoted price of the Company’s common stock at the time of grant, and the fair value of stock options is determined using the Black-Scholes valuation model. The Black-Scholes model requires the input of assumptions, including expected volatility, risk-free interest rate and expected life.

Income Taxes

Management uses certain assumptions and estimates in determining income taxes payable or refundable, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. Management exercises considerable judgment in evaluating the amount and timing of recognition of the resulting income tax liabilities and assets. These judgments and estimates are re-evaluated on a periodic basis as regulatory and business factors change.

No assurance can be given that either the tax returns submitted by management or the income tax reported on the consolidated financial statements will not be adjusted by either adverse rulings, changes in the tax code, or assessments made by the IRS, state, or foreign taxing authorities. The Company is subject to potential adverse adjustments, including but not limited to: an increase in the statutory federal or state income tax rates, the permanent non-deductibility of amounts currently considered deductible either now or in future periods, and the dependency on the generation of future taxable income in order to ultimately realize deferred income tax assets.

Under FASB ASC Topic 740, the Company will include the current and deferred tax impact of its tax positions in the financial statements when it is more likely than not (likelihood of greater than 50%) that such positions will be sustained by taxing authorities, with full knowledge of relevant information, based on the technical merits of the tax position. While the Company supports its tax positions by unambiguous tax law, prior experience with the taxing authority, and analysis of what it considers

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to be all relevant facts, circumstances and regulations, management must still rely on assumptions and estimates to determine the overall likelihood of success and proper quantification of a given tax position.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Risk

The Company’s outstanding debt under its Revolving Credit Facility was $584.6 million at September 30, 2025. Interest on borrowings under this facility is based on the greater of 4.5% or one month SOFR plus 0.10% and an applicable margin of 3.5%. Based on the outstanding balance under the Company's Revolving Credit Facility at September 30, 2025, a change of 1.0% in the interest rate would cause a change in interest expense of approximately $5.8 million on an annual basis.

Item 4. Controls and Procedures

Changes in Internal Control over Financial Reporting

There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Based on management’s evaluation, with the participation of our CEO and CFO, as of the end of the period covered by this report, our CEO and CFO have concluded that our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, are effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management is responsible for establishing and maintaining adequate “internal control over financial reporting,” as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, including the CEO and CFO do not expect that our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

See Note 12 to the Consolidated Financial Statements included in this report for information regarding legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in Part I, Item 1A of the Company's fiscal 2025 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Company's credit agreements contain certain limits on share repurchases. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources."

The repurchase authorization does not have a stated expiration date. The following table details purchases of the Company's common stock, if any, made by the Company during the three months ended September 30, 2025:


	(a) Total number of shares purchased	(b) Average price paid per share		(c) Total number of shares purchased as part of publicly announced plans or programs	(d) Approximate dollar value of shares that may yet be purchased under the plans or programs
July 1 through July 31, 2025	1,903	$	154.25	1,903	$	99,706,455
August 1 through August 31, 2025	8,596	154.28		8,596	98,380,263
September 1 through September 30, 2025	375,368	173.19		375,368	33,371,585
Total for the quarter	385,867	$	172.68	385,867

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended September 30, 2025, the following director adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows:

On September 18, 2025, Benjamin E. Robinson III, a member of the Board, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 2,481 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2026, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.

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During the quarter ended September 30, 2025, no other directors or officers, as defined in Rule 16a-1(f), adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.

Item 6. Exhibits

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Exhibit
Number

Exhibit Description

Filed
Herewith

Incorporated by Reference

Form or
Registration
Number

Exhibit

Filing
Date

3.01

Second Amended and Restated Articles of Incorporation of World Acceptance Corporation, as amended

S-8

3.1

07-29-03

3.02

Eighth Amended and Restated Bylaws of World Acceptance Corporation

10-Q

3.01

11-08-18

10.1

Revolving Credit Agreement, dated July 22, 2025, by and among the Company, the lenders named therein, and Bank of Montreal, as administrative and collateral agent.

8-K

10.1

07-24-25

10.2

Credit Agreement, dated as of September 29, 2025, by and among the Company, as servicer, WFC Receivables I, LLC, as borrower, the lenders and agents from time to time parties thereto, Atlas Securitized Products Administration, L.P., as administrative agent for the lenders, Systems & Services Technologies, Inc., as backup servicer, and Wilmington Trust, National Association, a national banking association, as securities intermediary.

8-K

10.1

10-03-25

10.3

World Acceptance Corporation 2025 Stock Incentive Plan.+

8-K

10.1

08-22-25

31.01

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.02

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial and Strategy Officer

32.01

Section 1350 Certification of Chief Executive Officer

32.02

Section 1350 Certification of Chief Financial and Strategy Officer

101.01

The following materials from the Company's Quarterly Report for the fiscal quarter ended September 30, 2025, formatted in Inline XBRL:

(i)

Consolidated Balance Sheets as of September 30, 2025 and March 31, 2025;

(ii)

Consolidated Statements of Operations for the three and six months ended September 30, 2025 and September 30, 2024;

(iii)

Consolidated Statements of Shareholders' Equity for the three and six months ended September 30, 2025 and September 30, 2024;

(iv)

Consolidated Statements of Cash Flows for the six months ended September 30, 2025 and September 30, 2024; and

(v)

Notes to the Consolidated Financial Statements.

104.01

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


*			Filed herewith.
+			Management Contract or other compensatory plan required to be filed under Item 6 of this report and Item 601 of Regulation S-K of the Securities and Exchange Commission.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WORLD ACCEPTANCE CORPORATION

By: /s/ Scott McIntyre

Scott McIntyre

Senior Vice President of Accounting

Signing on behalf of the registrant and as principal accounting officer

Date:

November 6, 2025

WORLD ACCEPTANCE CORP 10-Q