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LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Jun. 30, 2024

Schedule of Gross Loans Receivable by Customer Tenure

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


Customer Tenure	June 30, 2024		March 31, 2024
0 to 5 months	$	67,870,166	$	73,699,568
6 to 17 months	74,677,636		69,616,739
18 to 35 months	140,903,386		140,340,728
36 to 59 months	164,922,673		181,399,293
60+ months	821,331,631		799,703,920

TALs	5,113,765		12,389,008
Total gross loans	$	1,274,819,257	$	1,277,149,256

The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three months ended June 30, 2024 and 2023:


	Three months ended June 30,
	2024		2023
Customer Tenure
0 to 5 months	$	(1,147,060)	$	(1,147,128)
6 to 17 months	(767,769)		(717,671)
18 to 35 months	(870,532)		(1,007,900)
36 to 59 months	(591,258)		(963,733)
60+ months	(2,687,769)		(2,462,048)
Total	$	(6,064,388)	$	(6,298,480)

Schedule of Payment Performance on a Recency Basis

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 June 30, 2024:



	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	$	1,090,434,963	$	62,146,428	$	6,122,255	$	138,949	$	7,803	$	11,419	$	1,158,861,817
30 - 60 days past due	37,896,134		5,117,469		825,854		41,768		7,045		1,029		43,889,299
61 - 90 days past due	23,424,741		3,585,432		381,438		10,974		—		—		27,402,585
91 or more days past due	32,505,250		6,353,303		657,114		26,165		6,139		3,820		39,551,791
Total	$	1,184,261,088	$	77,202,632	$	7,986,661	$	217,856	$	20,987	$	16,268	$	1,269,705,492

	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	$	577,952	$	1,500	$	—	$	—	$	—	$	—	$	579,452
30 - 60 days past due	411,505		—		—		—		—		—		411,505
61 - 90 days past due	585,227		—		—		—		—		—		585,227
91 or more days past due	3,537,326		255		—		—		—		—		3,537,581
Total	$	5,112,010	$	1,755	$	—	$	—	$	—	$	—	$	5,113,765
Total gross loans													$	1,274,819,257

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, 2024:


	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	$	1,094,896,350	$	61,853,967	$	4,807,924	$	109,050	$	25,850	$	1,371	$	1,161,694,512
30 - 60 days past due	34,034,537		4,600,615		610,649		10,856		14,076		5,429		39,276,162
61 - 90 days past due	21,874,701		2,154,561		200,117		17,493		204		—		24,247,076
91 or more days past due	34,560,868		4,600,040		364,386		6,151		5,617		5,436		39,542,498
Total	$	1,185,366,456	$	73,209,183	$	5,983,076	$	143,550	$	45,747	$	12,236	$	1,264,760,248

	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	$	7,441,660	$	860	$	—	$	—	$	—	$	—	$	7,442,520
30 - 60 days past due	4,942,757		788		—		—		—		—		4,943,545
61 - 90 days past due	—		1,650		—		—		—		—		1,650
91 or more days past due	—		1,293		—		—		—		—		1,293
Total	$	12,384,417	$	4,591	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256

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 June 30, 2024:


	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	$	1,077,923,932	$	55,336,446	$	4,790,145	$	77,468	$	—	$	5,408	$	1,138,133,399
30 - 60 days past due	40,161,675		4,322,214		409,589		7,360		516		—		44,901,354
61 - 90 days past due	26,639,089		3,965,283		338,414		4,964		708		—		30,948,458
91 or more days past due	39,536,390		13,578,690		2,448,514		128,064		19,763		10,860		55,722,281
Total	$	1,184,261,086	$	77,202,633	$	7,986,662	$	217,856	$	20,987	$	16,268	$	1,269,705,492

	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	$	471,939	$	—	$	—	$	—	$	—	$	—	$	471,939
30 - 60 days past due	410,053		—		—		—		—		—		410,053
61 - 90 days past due	629,413		—		—		—		—		—		629,413
91 or more days past due	3,600,605		1,755		—		—		—		—		3,602,360
Total	$	5,112,010	$	1,755	$	—	$	—	$	—	$	—	$	5,113,765
Total gross loans													$	1,274,819,257

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, 2024:


	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	$	1,079,720,968	$	54,770,231	$	3,681,104	$	39,921	$	10,484	$	1,371	$	1,138,224,079
30 - 60 days past due	37,475,784		3,388,380		288,576		1,064		—		—		41,153,804
61 - 90 days past due	26,191,269		2,903,253		208,172		3,430		204		—		29,306,328
91 or more days past due	41,978,436		12,147,320		1,805,223		99,134		35,059		10,865		56,076,037
Total	$	1,185,366,457	$	73,209,184	$	5,983,075	$	143,549	$	45,747	$	12,236	$	1,264,760,248

	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	$	7,441,661	$	—	$	—	$	—	$	—	$	—	$	7,441,661
30 - 60 days past due	4,942,757		—		—		—		—		—		4,942,757
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	—		4,590		—		—		—		—		4,590
Total	$	12,384,418	$	4,590	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256

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


	Three months ended June 30,
	Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total
2020 and prior	$	20,281	$	—	$	20,281
2021	11,268		—		11,268
2022	322,944		—		322,944
2023	4,275,700		—		4,275,700
2024	39,206,136		53,125		39,259,261
2025	—		—		—
Total	$	43,836,329	$	53,125	$	43,889,454

The following table provides a breakdown of the Company’s gross charge-offs by year of origination for the three months ended June 30, 2023:


	Three months ended June 30,
	Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total
2019 and prior	$	6,706	$	—	$	6,706
2020	24,375		—		24,375
2021	153,427		—		153,427
2022	5,416,692		4,388		5,421,080
2023	45,113,128		3,238		45,116,366
2024	1,088		—		1,088
Total	$	50,715,416	$	7,626	$	50,723,042

Summary of Changes in the Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses for the three months ended June 30, 2024 and 2023:


	Three months ended June 30,
	2024		2023
Beginning balance	$	102,962,811	$	125,552,733

Provision for credit losses	45,419,007		46,602,012
Charge-offs	(43,889,454)		(50,723,042)
Recoveries1	5,150,999		7,911,285
Net charge-offs	(38,738,455)		(42,811,757)
Ending Balance	$	109,643,363	$	129,342,988

Summary of the Past Due Receivables

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at June 30, 2024:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	52,065,068	$	4,832,188	$	3,931,350	$	7,041,560	$	15,805,098	$	67,870,166
6 to 17 months	64,749,046		3,815,767		2,490,382		3,622,441		9,928,590		74,677,636
18 to 35 months	125,777,090		6,039,975		3,769,672		5,316,649		15,126,296		140,903,386
36 to 59 months	147,849,164		6,781,282		4,284,121		6,008,106		17,073,509		164,922,673
60+ months	768,421,449		22,420,087		12,927,060		17,563,035		52,910,182		821,331,631

TALs	579,452		411,505		585,227		3,537,581		4,534,313		5,113,765
Total gross loans	1,159,441,269		44,300,804		27,987,812		43,089,372		115,377,988		1,274,819,257
Unearned interest, insurance and fees	(304,015,610)		(8,472,795)		(7,303,512)		(10,542,247)		(26,318,554)		(330,334,164)
Total net loans	$	855,425,659	$	35,828,009	$	20,684,300	$	32,547,125	$	89,059,434	$	944,485,093

Percentage of period-end gross loans receivable			3.5%		2.2%		3.4%		9.1%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	56,802,704	$	4,720,149		$	4,496,518		$	7,680,197		$	16,896,864		$	73,699,568
6 to 17 months	60,634,735		3,155,423			2,075,608			3,750,973			8,982,004			69,616,739
18 to 35 months	126,843,010		5,057,256			3,224,662			5,215,800			13,497,718			140,340,728
36 to 59 months	165,694,013		6,159,335			3,519,743			6,026,202			15,705,280			181,399,293
60+ months	751,720,050		20,183,999			10,930,545			16,869,326			47,983,870			799,703,920

TALs	7,442,520		4,943,545			1,650			1,293			4,946,488			12,389,008
Total gross loans	1,169,137,032		44,219,707			24,248,726			39,543,791			108,012,224			1,277,149,256
Unearned interest, insurance and fees	(301,616,958)		(7,677,494)			(6,674,554)			(10,777,130)			(25,129,178)			(326,746,136)
Total net loans	$	867,520,074	$	36,542,213		$	17,574,172		$	28,766,661		$	82,883,046		$	950,403,120

Percentage of period-end gross loans receivable			3.5		%	1.9		%	3.1		%	8.5		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at June 30, 2024:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	51,122,298	$	4,732,439	$	4,009,253	$	8,006,176	$	16,747,868		$	67,870,166
6 to 17 months	63,479,851		3,661,347		2,576,331		4,960,107		11,197,785			74,677,636
18 to 35 months	123,326,453		5,922,236		4,213,315		7,441,382		17,576,933			140,903,386
36 to 59 months	144,424,256		6,833,482		4,884,425		8,780,510		20,498,417			164,922,673
60+ months	755,780,541		23,751,850		15,265,134		26,534,106		65,551,090			821,331,631

TALs	471,939		410,053		629,413		3,602,360		4,641,826			5,113,765
Total gross loans	1,138,605,338		45,311,407		31,577,871		59,324,641		136,213,919			1,274,819,257
Unearned interest, insurance and fees	(299,657,876)		(8,160,681)		(8,204,664)		(14,310,943)		(30,676,288)			(330,334,164)
Total net loans	$	838,947,462	$	37,150,726	$	23,373,207	$	45,013,698	$	105,537,631		$	944,485,093

Percentage of period-end gross loans receivable			3.6%		2.5%		4.7%		10.8		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	55,572,691	$	4,645,860		$	4,784,273		$	8,696,744		$	18,126,877		$	73,699,568
6 to 17 months	58,920,283		2,990,455			2,364,202			5,341,799			10,696,456			69,616,739
18 to 35 months	123,878,546		5,246,778			3,813,284			7,402,120			16,462,182			140,340,728
36 to 59 months	161,614,270		6,388,791			4,435,367			8,960,865			19,785,023			181,399,293
60+ months	738,238,289		21,881,920			13,909,202			25,674,509			61,465,631			799,703,920

TALs	7,441,661		4,942,757			—			4,590			4,947,347			12,389,008
Total gross loans	1,145,665,740		46,096,561			29,306,328			56,080,627			131,483,516			1,277,149,256
Unearned interest, insurance and fees	(296,584,056)		(7,544,366)			(7,936,622)			(14,681,092)			(30,162,080)			(326,746,136)
Total net loans	$	849,081,684	$	38,552,195		$	21,369,706		$	41,399,535		$	101,321,436		$	950,403,120

Percentage of period-end gross loans receivable			3.6		%	2.3		%	4.4		%	10.3		%

Schedule of Amortized Cost Basis of Loans on Nonaccrual

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 months ended June 30, 2024 and 2023:


	Nonaccrual Loans Receivable
Customer Tenure	As of June 30, 2024		As of March 31, 2024		Interest Income Recognized for the three months ended June 30, 2024		Interest Income Recognized for the three months ended June 30, 2023
0 to 5 months	$	12,338,965	$	13,971,062	$	198,802	$	326,773
6 to 17 months	7,968,045		8,507,503		235,464		476,870
18 to 35 months	12,524,214		12,569,729		361,284		464,668
36 to 59 months	14,837,127		15,250,596		471,665		609,507
60+ months	45,787,207		45,091,589		1,462,925		1,737,871


Unearned interest, insurance and fees	(24,313,956)		(24,643,778)		—		—
Total	$	69,141,602	$	70,746,701	$	2,730,140	$	3,615,689