What changed in this filing

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Item 1A. Risk Factors

2023-11-09 compared with 2023-08-08 · 41 added, 12 removed, 88 unchanged (38% of the section changed)

7 unchanged sentences

We have substantial indebtedness.

We have and will continue

to have a substantial amount of indebtedness.

At June 30, 2023, we had approximately $2,541.3 million of debt outstanding.

Such debt consisted

primarily of $2,225.1 million of securitization trust debt and $245.3 million of debt from warehouse lines of credit.

We have and will continue to

have a substantial amount of indebtedness.

At September 30, 2023, we had approximately $2,552.6 million of debt outstanding.

consisted primarily of $2,243.3 million of securitization trust debt and $240.4 million of debt from warehouse lines of credit.

Our securitization

4 unchanged sentences

We had $19.2 million and $25.3 million in subordinated renewable

notes outstanding at June 30, 2023 and December 31, 2022, respectively.

notes outstanding at September 30, 2023 and December 31, 2022, respectively.

On June 30, 2021, we completed a $50.0 million securitization

of residual interests from other previously issued securitizations.

As of June 30, 2023, all $50.0 million of this debt remains outstanding.

Our substantial indebtedness could adversely

affect our financial condition by, among other things:

As of September 30, 2023, all $50.0 million of this debt remains outstanding.

Our substantial indebtedness could adversely affect

our financial condition by, among other things:

· increasing our vulnerability to general adverse economic and industry conditions;

10 unchanged sentences

Failure to pay our indebtedness when due could have a material adverse effect.

We may have rescission liability in connection

with sales of our subordinated renewable notes to certain purchasers.

We filed a registration statement on Form S-3

with respect to various securities, including our renewable unsecured subordinated notes, on May 28, 2015, and filed amendments to the

registration statement on June 26, 2015, and July 27, 2015 (such registration statement, as so amended, the “Former Registration

The Former Registration Statement was declared effective on August 26, 2015 (the “Former Registration Statement

Effective Date”).

Rule 415(a)(5) under the Securities Act of 1933, as amended (the “Securities Act”), provides that

a shelf registration statement such as the Former Registration Statement expires three years after the official effective date.

Registration Statement expired on August 26, 2018;

however, the Company continued to conduct offers and sales and renewals after that

Additionally, with respect to the Former Registration Statement, the Company failed to file certain prospectus supplements relating

to certain sales.

Lastly, offers and sales of Renewable Notes and renewals of outstanding notes were made for amounts beyond the amount

of securities covered by the registration statement.

These activities may result in certain of these purchasers having a statutory right to rescind their purchases.

As a result, we could be required

to repurchase some or all of such notes at the original sale price plus statutory interest, less the amount of any income received by

the purchasers.

As of October 31, 2023, there were approximately $5.3 million of such notes outstanding and sold within the preceding

twelve months.

That figure includes renewals of previously sold notes, but excludes notes that we have repaid, and excludes notes that

we sold or renewed pursuant to the registration statement to which this prospectus relates.

Our results of operations, financial condition

and cash flows could be materially and adversely affected if a substantial number of purchasers of such notes were to successfully assert

rescission rights or if we were to be assessed substantial penalties by regulatory authorities.

If holders of sufficient amounts of such

notes were to demand rescission and to prevail in that demand, the adverse effect on our liquidity could be material, which could in turn

impair our ability to conduct our business as otherwise planned.

Forward-Looking Statements

58 unchanged sentences

Reform Act of 1995.

We undertake no obligation to publicly update any forward-looking information.

You are advised to consult any additional

disclosure we make in our periodic reports filed with the SEC.

We undertake no obligation

to publicly update any forward-looking information.

You are advised to consult any additional disclosure we make in our periodic reports

filed with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors