What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2026-06-04 compared with 2025-05-22 · 86 added, 68 removed, 354 unchanged (30% of the section changed)

24 unchanged sentences

In addition, our profitability may be directly affected by the level of, and fluctuations in, interest rates, whether caused by changes in economic conditions or other factors that affect our borrowing costs.

Changes in monetary policy, including changes in interest rates, could influence the amount of interest we pay on our revolving credit facility or any other floating interest rate obligations we may incur.

Changes in monetary policy, including changes

in interest rates, could influence the amount of interest we pay on our revolving credit facility or any other floating interest rate obligations we may incur.

Our profitability and liquidity could be materially adversely affected during any period of higher interest rates.

6 unchanged sentences

Any material adverse change in the ability or willingness of a significant portion of our borrowers to meet their obligations to us, whether due to changes in economic conditions, unemployment rates, the cost of consumer goods (particularly, but not limited to, food and energy costs) and inflationary pressures, disposable income, interest rates, health crises, natural disasters, acts of war or terrorism, political or social conditions, divorce, death, or other causes over which we have no control, would have a material adverse impact on our earnings and financial condition.

Additionally, delinquency and default experience on our loans is likely to be more sensitive to changes in the economic climate in the areas in which our borrowers reside.

Additionally, delinquency and default experience on our loans are likely to be more sensitive to changes in the economic climate in the areas in which our borrowers reside.

Although new customers are required to submit a listing of personal property that will serve as collateral to secure their loans, 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.

4 unchanged sentences

Additionally, events such as cybersecurity attacks and breaches and other types of catastrophes and prolonged economic downturns, could adversely affect our financial condition and results of operations.

Other risks relating to our insurance operations include changes to laws and regulations applicable to us, as well as changes to the regulatory environment, such as:

changes to laws or regulations affecting capital and reserve requirements;

Other risks relating to our insurance operations include changes to laws and regulations applicable to us, as well as changes to the regulatory environment, such as changes to laws or regulations affecting capital and reserve requirements;

frequency and type of regulatory monitoring and reporting;

6 unchanged sentences

To estimate the appropriate level of allowance for credit losses, we consider known and relevant internal and external factors that affect loan collectability, including the total amount of loan receivables outstanding, historical loan receivable charge-offs, our current collection patterns, and economic trends.

Our methodology for establishing our allowance for credit losses is based on the guidance in ASC 326, and, in part, on our historic loss experience.

Our methodology for establishing our allowance for credit losses is based on the guidance in ASC 326, and, in part, our historic loss experience.

If customer behavior changes as a result of economic, political, social, or other conditions, or if we are unable to predict how these conditions may affect our allowance for credit losses, our allowance for credit losses may be inadequate.

4 unchanged sentences

We currently operate consumer installment loan branches in sixteen states in the United States.

Any adverse legislative or regulatory change in any one of our states or an economic downturn or catastrophic event that disproportionately affects one or more of our states, including in any of our larger states, could have a material adverse effect on our business, prospects, and results of operations or financial condition.

Any adverse legislative or regulatory change in any one of our states or an economic downturn or catastrophic event that disproportionately affects one or

more of our states, including in any of our larger states, could have a material adverse effect on our business, prospects, and results of operations or financial condition.

See Part I, Item 1, “Description of Business” for information regarding the size of our business in the various states in which we operate.

Adverse economic conditions—such as inflation, unemployment, interest rate volatility, or reduced consumer spending may impair the Company's ability to execute business strategy and could materially impact it's financial position, operating results, and cash flows.

Adverse economic conditions—such as inflation, unemployment, interest rate volatility, or reduced consumer spending—may impair the Company's ability to execute business strategy and could materially impact its financial position, operating results, and cash flows.

Uncertainty and deterioration in general economic conditions in the U.S.

12 unchanged sentences

Our failure or inability to execute any element of our business strategy, due to economic conditions or otherwise, could materially adversely affect our financial position, liquidity, and results of operations.

The Company's ability to achieve growth objectives may be hindered by external factors such as regulatory changes, economic shifts, competitive pressure, or operational constraints beyond it's control.

Our growth strategy includes opening and acquiring branches in existing and new markets and is subject to significant risks, some of which are beyond our control, including:

8 unchanged sentences

Our current lack of product and business diversification could inhibit our opportunities for growth, reduce our revenues and profits, and make us more susceptible to earnings fluctuations than many other financial institutions whose operations are more diversified.

A decline in demand for products—combined with failure to adapt offerings or strategy—could negatively impact the business and operating results.

A decline in demand for products, combined with failure to adapt offerings or strategy, could negatively impact the business and the Company's operating results.

The demand for the products we offer may be reduced due to a variety of factors, such as demographic patterns, changes in customer preferences or financial condition, regulatory restrictions that decrease customer access to particular products, or the availability of competing products, including through alternative or competing marketing channels.

25 unchanged sentences

We process a significant number of customer transactions on a continuous basis through our computer systems and networks and are subject to increasingly more risk related to security systems as we enhance our mobile payment technologies and otherwise attempt to keep pace with rapid technological changes in the financial services industry.

While we commit resources to the design, implementation, maintenance, testing, and monitoring of our networks and systems and training of our employees, we may be required to expend significant additional resources in the future to modify and enhance our security controls in response to new or more sophisticated threats, new regulations related to cybersecurity and other developments.

enhance our security controls in response to new or more sophisticated threats, new regulations related to cybersecurity and other developments.

Additionally, there is no guarantee that our security controls can provide absolute security or that our cybersecurity risk management program will be fully implemented, complied with or effective in preventing or mitigating future cybersecurity risks or successfully protect the confidentiality, integrity, and availability of our critical systems and information.

4 unchanged sentences

We may be unable to identify, or may be significantly delayed in identifying, cyber-attacks and incidents due to the increasing use of techniques and tools that are designed to circumvent controls, to avoid detection, and to remove or obfuscate forensic artifacts.

Artificial intelligence ("AI") tools may increase threat actors' ability to detect or exploit vulnerabilities, to develop ransomware or other malware, to launch cyberattacks, or to otherwise seek to attack systems, data, software, or code relied on by us or our service providers.

The increasing sophistication of AI poses a greater risk of cyber-attacks, such as through identity fraud (such as via "deepfakes"), phishing, and/or social engineering, as malicious actors may exploit AI to create convincing false identities or manipulate internal controls and/or verification processes, or to develop novel or more sophisticated attacks on a more accelerated or larger-scale basis.

As a result, our computer systems, software and networks, as well as those of third-party vendors we utilize, may be vulnerable to unauthorized access, computer viruses, malicious attacks and other events that could have a security impact beyond our control.

1 unchanged sentence

We also routinely transmit and receive personal, confidential and proprietary information through third parties, which may be vulnerable to interception, misuse, or mishandling.

Digital-first customer business models, which we may have to rely on to compete or provide customer service, may increase the risk of cybersecurity incidents.

Customers may use their own devices to utilize our services, apply for loans, make payments, or the like, and not all customers may have appropriate controls in place to protect their devices and information exchanged between them and us.

If one or more of such events occur, personal, confidential, and other information processed and stored in, and transmitted through our computer systems and networks, or those of third-party vendors, could be compromised or could cause interruptions or malfunctions in our operations that could result in significant losses, loss of confidence and business from customers, customer dissatisfaction, significant litigation, regulatory exposures, and harm to our reputation and brand.

7 unchanged sentences

Any failure or interruption of these systems, including any failure of our back-up systems, network outages, slow performance, breaches, unauthorized access, misuse, computer viruses, or other failures or disruptions could result in disruption to our business or the loss or theft of confidential information, including customer information.

A disruption could impair our ability to offer and process our loans, provide customer service, perform collections or other necessary business activities, which could result in a loss of customer confidence or business, subject us to additional regulatory scrutiny or negative publicity, or expose us to civil litigation and possible financial liability, or otherwise materially adversely affect our financial condition and operating results.

affect our financial condition and operating results.

Furthermore, we may not be able to immediately detect any such breach, which may increase the losses that we would suffer.

6 unchanged sentences

Failure to successfully keep pace with technological change affecting the financial services industry could harm our ability to compete with our competitors and adversely affect our results of operations, financial condition, and liquidity.

Evolving data privacy laws may increase compliance and technology costs, potentially impacting financial results and operational efficiency.

The development, use, or failure to adopt AI and other emerging technologies may adversely affect our business and expose us to legal, regulatory, and reputational risks.

The use, adoption, or governance of AI or other emerging technologies, whether in Company-developed tools, third-party vendor solutions, or by malicious actors targeting the Company, could result in inaccurate or biased outputs, unauthorized data exposure, regulatory noncompliance, intellectual property loss, or new attack vectors (including AI-enhanced phishing, deepfake social engineering, and prompt injection) that may adversely impact operations, customer relationships, and financial results.

Even if using AI is necessary to compete in our industry, its use may introduce us to novel or intensified legal, regulatory, ethical, operational, reputational, or other risks.

AI models employed by us or our providers might be flawed due to improper design, implementation, or training, based on data or algorithms that are incomplete, inadequate, misleading, biased, or of poor quality.

These flaws may not be easily identifiable.

If AI we utilize is deficient, inaccurate, or controversial, we could experience operational inefficiencies, competitive disadvantages, legal and regulatory challenges, brand or reputational damage, or other negative impacts on our business and financial performance.

Additionally, there is no certainty that our use of AI will successfully enhance our business operations or achieve our intended outcomes, and our competitors may adopt AI more swiftly or effectively than we do.

Similarly, our business may become reliant on AI technologies or models, and in the future these technologies or models may not remain available, or become unavailable at the capacity or pricing we require to operate our business.

Evolving data privacy or AI laws may increase compliance and technology costs, potentially impacting financial results and operational efficiency.

We are subject to various federal and state privacy, data protection, and information security laws and regulations, including requirements concerning security breach notification.

3 unchanged sentences

Our failure to comply with privacy, data protection and information security laws may require us to change our business practices or operational structure, and could subject us to potentially significant regulatory and/or governmental investigations and/or actions, litigation, fines, sanctions, and damage to our reputation.

Similarly, AI usage is subject to a range of existing laws and regulations, including those related to fair lending, consumer protection, intellectual property, cybersecurity, data privacy, and equal opportunity.

AI is also expected to be governed by new laws and regulations, or new applications of existing laws and regulations.

AI is under ongoing scrutiny by various governmental and regulatory bodies, and changes in laws and regulations governing AI may adversely affect our ability to utilize AI.

It is anticipated that AI will be subject to new laws and regulations or novel interpretations of existing ones.

Various governmental and regulatory bodies are continuously reviewing AI, and any changes in the legal landscape could impact our ability to leverage AI effectively.

We may find it challenging to predict and adapt to these rapidly evolving legal requirements.

Theft or misuse of physical customer or employee records at facilities could lead to data exposure, legal liability, and reputational damage.

3 unchanged sentences

In addition, if we cannot locate original documents (or copies, in some cases) for certain loans receivables, we may not be able to collect on those loans receivables.

Catastrophic events affecting the off-site data center, centralized IT functions, or critical third-party cloud infrastructure could disrupt operations and materially impact business continuity and financial performance.

Catastrophic events affecting off-site data centers, centralized IT functions, or critical third-party cloud infrastructure could disrupt operations and materially impact business continuity and financial performance.

Our information systems, and administrative and management processes could be disrupted if a catastrophic event, such as severe weather, natural disaster, power outage, act of war or terror or similar event, destroyed or severely damaged our infrastructure.

Similarly, catastrophic events affecting infrastructure elsewhere in the world may shift load to infrastructure we use, and thus indirectly but adversely impact our business continuity or performance.

Any such catastrophic event or other unexpected disruption of our headquarters' functions or off-site data centers could have a material adverse effect on our business, results of operations, and financial condition.

A small number of shareholders may exert significant influence over matters requiring shareholder approval, which could result in decisions that conflict with the interests of other investors.

A small number of shareholders may exert significant influence over matters requiring shareholder approval, and such shareholders may have interests that conflict with the interests of other investors.

As of March 31, 2026, based on filings made with the SEC and other information made available to us, Prescott General Partners, LLC and its affiliates beneficially owned approximately 46.3% of our common stock.

2 unchanged sentences

Challenges in identifying, executing, or integrating acquisitions may lead to financial losses, operational disruption, or increased credit risk, adversely impacting results of operations.

We have previously acquired, and in the future may acquire, assets or businesses, including large portfolios of loans receivables, either through the direct purchase of such assets or the purchase of the equity of a company with such a portfolio.

Since we will not have originated or serviced the loans we acquire, we may not be aware of legal or other deficiencies related to

origination or servicing, and our due diligence efforts of the acquisition prior to purchase may not uncover those deficiencies.

We have previously acquired, and in the future may acquire, assets or businesses, including large portfolios of loans receivable, either through the direct purchase of such assets or the purchase of the equity of a company with such a portfolio.

Since we will not have originated or serviced the loans we acquire, we may not be aware of legal or other deficiencies related to origination or servicing, and our due diligence efforts of the acquisition prior to purchase may not uncover those deficiencies.

Further, we may have limited recourse against the seller of the portfolio.

7 unchanged sentences

Risks Related to our Indebtedness

We depend to a substantial extent on borrowings under our revolving credit agreement to fund our liquidity needs.

We depend to a substantial extent on borrowings under our revolving credit agreement and warehouse facility to fund our liquidity needs.

Our revolving credit agreement allows us to borrow up to $640.0 million, with an accordion feature permitting the maximum aggregate commitments to increase to $790.0 million provided that certain conditions are met.

The maturity date of the revolving credit agreement is June 7, 2026.

The maturity date of the

revolving credit agreement is July 22, 2028.

Pursuant to the terms of our revolving credit agreement, we are required to comply with a number of covenants and conditions, including a minimum borrowing base calculation.

Our warehouse facility allows us to borrow up to $175.0 million.

The maturity date of the warehouse facility is September 29, 2027.

If our existing sources of liquidity become insufficient to satisfy our financial needs or our access to these sources becomes unexpectedly restricted, we may need to try to raise additional capital in the future.

3 unchanged sentences

We may incur a substantial amount of debt in the future.

As of March 31, 2025, the Company's debt outstanding was $446.9 million, net of $1.0 million unamortized debt issuance costs related to the unsecured senior notes payable, and a total debt-to-equity ratio of approximately 1.0 to 1.0.

As of March 31, 2026, the Company's debt outstanding was $587.2 million and our total debt-to-equity ratio was approximately 1.7 to 1.0.

The amount of debt we may incur in the future could have important consequences, including the following:

1 unchanged sentence

• a substantial portion of our cash flows from operations will be dedicated to paying principal and interest on our debt, reducing funds available for other purposes;

• we may be vulnerable to interest rate increases, as borrowings under our revolving credit agreement bear interest at variable rates, as may any future debt that we incur;

• we may be vulnerable to interest rate increases, as borrowings under our revolving credit agreement and warehouse facility bear interest at variable rates, as may any future debt that we incur;

• we may be at a competitive disadvantage to competitors that are not as highly leveraged;

4 unchanged sentences

• we may be more vulnerable to periods of negative or slow growth in the general economy or in our business.

In addition, meeting our anticipated liquidity requirements is contingent upon our continued compliance with our revolving credit agreement.

In addition, meeting our anticipated liquidity requirements is contingent upon our continued compliance with our revolving credit agreement and warehouse facility.

An acceleration of our debt would have a material adverse effect on our liquidity and our ability to continue as a going concern.

If our debt obligations increase, whether due to the increased cost of existing indebtedness or the incurrence of additional indebtedness, the consequences described above could be magnified.

Although the terms of our revolving credit agreement contain restrictions on our ability to incur additional debt, as well as any future debt that we incur, these restrictions are subject, or likely to be subject, in the case of any future debt, to exceptions that could permit us to incur a substantial amount of additional debt.

In addition, our existing and future debt agreements will not

prevent us from incurring certain liabilities that do not constitute indebtedness as defined for purposes of those debt agreements.

Although the terms of our revolving credit agreement and warehouse facility contain restrictions on our ability to incur additional debt, as well as any future debt that we incur, these restrictions are subject, or likely to be subject, in the case of any future debt, to exceptions that could permit us to incur a substantial amount of additional debt.

In addition, our existing and future debt agreements will not prevent us from incurring certain liabilities that do not constitute indebtedness as defined for purposes of those debt agreements.

If new debt or other liabilities are added to our current debt levels, the risks associated with our having substantial debt could intensify.

As of March 31, 2025, we had $316.7 million available for borrowing under our revolving credit agreement, subject to borrowing base limitations and other specified terms and conditions.

As of March 31, 2026, we had $90.1 million available for borrowing under our revolving credit agreement and $31.7 million available for borrowing under our warehouse facility, subject to borrowing base limitations and other specified terms and conditions.

If cash flows are insufficient to meet debt obligations and operational needs, the Company may be required to restructure debt, reduce spending, or pursue alternative financing, which could impact financial stability.

4 unchanged sentences

Restrictions imposed by debt agreements may limit the Company’s ability to pursue certain strategic, operational, or financial activities, potentially constraining business flexibility.

Our revolving credit agreement contains covenants that restrict our ability to, among other things:

Our revolving credit agreement and warehouse facility contain covenants that restrict our ability to, among other things:

• incur and guarantee debt;

7 unchanged sentences

Our revolving credit agreement also imposes requirements that we maintain specified financial measures not in excess of, or not below, specified levels.

In particular, our revolving credit agreement requires, among other things, that we maintain (i) at all times a specified minimum consolidated net worth, (ii) as of the end of each fiscal quarter, a minimum ratio of consolidated net income available for fixed charges for the period of four consecutive fiscal quarters most recently ended to consolidated fixed charges for that period of not less than a specified minimum, (iii) at all times a specified maximum ratio of total debt on a consolidated basis to consolidated adjusted net worth and (iv) at all times a specified maximum collateral performance indicator.

Additionally, our warehouse credit agreement requires, among other things, that we maintain (i) a specified minimum tangible net worth, (ii) a specified maximum ratio of debt to tangible net worth as of the end of each fiscal quarter, (iii) a specified minimum liquidity amount, and (iv) a specified minimum of unrestricted cash and cash equivalents.

These covenants limit the manner in which we can conduct our business and could prevent us from engaging in favorable business activities or financing future operations and capital needs and impair our ability to successfully execute our strategy and operate our business.

The indenture governing our 7.0% senior notes due 2026 (the “Notes”) contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to (i) incur additional indebtedness or issue certain disqualified stock and preferred stock;

(ii) pay dividends or distributions or redeem or purchase capital stock;

(iii) prepay subordinated debt or make certain investments;

(iv) transfer and sell assets;

(v) create or permit to exist liens;

(vi) enter into agreements that restrict dividends, loans and other distributions from their subsidiaries;

(vii) engage in a merger, consolidation or sell, transfer or otherwise dispose of all or substantially all of their assets;

and (viii) engage in transactions with affiliates.

However, these covenants are subject to a number of important detailed qualifications and exceptions.

A breach of any of the covenants in our revolving credit agreement would result in an event of default thereunder.

A breach of any of the covenants in our revolving credit agreements would result in an event of default thereunder.

Any event of default would permit the creditors to accelerate the related debt, which could also result in the acceleration of any other or future debt containing a cross-acceleration or cross-default provision.

In addition, an event of default under our revolving credit agreement would permit the lenders thereunder to terminate all commitments to extend further credit under the revolving credit agreement.

Furthermore, if we were unable to repay the amounts due and payable under the revolving credit agreement or any other secured debt we may incur, the lenders thereunder could cause the collateral agent to proceed against the collateral securing that debt.

In addition, an event of default under our revolving credit agreements would permit the lenders thereunder to terminate all commitments to extend further credit.

Furthermore, if we were unable to repay the amounts due and payable under the revolving credit agreements or any other secured debt we may incur, the lenders thereunder could cause the collateral agent to proceed against the collateral securing that debt.

In the event our creditors accelerate the repayment of our debt, there can be no assurance that we would have sufficient assets to repay that debt, and our financial condition, liquidity and results of operations would suffer.

A breach of our covenants under the Notes would have similar consequences.

Additional information regarding our revolving credit facility and Notes is included in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources.”

Additional information regarding our revolving credit facility and warehouse facility are included in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources.”

Adverse conditions in U.S.

3 unchanged sentences

Failure by our lenders to perform under the terms of our lending arrangements could cause us to incur additional costs that may adversely affect our liquidity, financial condition, and results of operations.

There can be no assurance that future disruptions in the financial sector will not occur that could have adverse effects on our business.

There can be no assurance that future disruptions in the financial sector will not occur, which could have adverse effects on our business.

Additional information regarding our liquidity and related risks is included in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources.”

3 unchanged sentences

From time to time, we may become involved in formal and informal reviews, investigations, examinations, proceedings, and information-gathering requests by federal and state government and self-regulatory agencies.

Should we become subject to such an investigation, examination, or proceeding, the matter could result in material adverse consequences to us, including, but not limited to, increased compliance costs, adverse judgments, significant settlements, fines, penalties, injunction, or other actions.

Should we become subject to such an investigation, examination, or

proceeding, the matter could result in material adverse consequences to us, including, but not limited to, increased compliance costs, adverse judgments, significant settlements, fines, penalties, injunction, or other actions.

The laws and regulations directly affecting our lending activities have been under review and subject to change in recent years as a result of various developments and changes in economic conditions, the make-up of the executive and legislative branches of government, and the political and media focus on issues of consumer and borrower protection.

25 unchanged sentences

The Rule's ability to repay requirements were rescinded in July 2020.

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.

Additionally, any further regulatory changes to the Rule could have effects beyond those currently contemplated that could further materially and adversely impact our business and operations.

14 unchanged sentences

There may also be legislative, administrative or regulatory efforts to directly or indirectly prohibit the use of pre-dispute arbitration clauses, or we may be compelled as a result of competitive pressure or reputational concerns to voluntarily eliminate pre-dispute arbitration clauses.

other regulatory requirements could have a material adverse effect on our business, financial condition, and results of operations.

Additionally, if we are subject to regulatory actions or other litigation, we may not be able to maintain all requisite licenses and permits or obtain additional licenses and permits necessary for future business operations, and the failure to satisfy those or other regulatory requirements could have a material adverse effect on our business, financial condition, and results of operations.

Material changes in laws or regulations applicable to us could also subject us to additional licensing, registration and other regulatory requirements in the future or could adversely affect our business, financial condition, and results of operations.

21 unchanged sentences

Such failure could have a material adverse impact on our business, results of operations, and financial condition.

Further, federal and state regulators have been scrutinizing the practices of lead

aggregators and providers recently.

Further, federal and state regulators have been scrutinizing the practices of lead aggregators and providers recently.

If regulators place restrictions on certain practices by lead aggregators or providers, our ability to use them as a source for applicants could be affected.

The decentralized nature of origination and servicing, including reliance on third parties, may increase the risk of inconsistent practices, reduced oversight, and misconduct—potentially resulting in monetary loss, legal liability, regulatory scrutiny, or reputational harm.

The decentralized nature of origination and servicing, including reliance on third parties, may increase the risk of inconsistent practices, reduced oversight, and misconduct, which could result in monetary loss, legal liability, regulatory scrutiny, or reputational harm.

There is a risk that our employees or third-party contractors could engage in misconduct that adversely affects our business.

7 unchanged sentences

The sale of defaulted or charged-off loan accounts may expose the Company to increased regulatory scrutiny, reputational risk, and potential financial loss.

As part of our business, from time to time, we sell loans that are charged off.

As part of our business, we sell loans that are charged off.

If we do not appropriately assess a debt buyer’s collection practices for compliance with laws and regulations, there is risk potential.

6 unchanged sentences

Significant turnover or instability within the senior management team may disrupt strategic execution, impact employee engagement, and adversely affect business performance.

We have experienced significant management transitions in the past six months, including the resignation of our former President and Chief Executive Officer, appointment of an interim President and Chief Executive Officer, retirement of our Executive Vice President and Chief Branch Operations Officer and appointment of a new Executive Vice President and Chief Operating Officer.

There may be additional resignations and appointments in our senior management team in the future.

Executive leadership transitions can be inherently difficult to manage and may cause disruption to our business.

5 unchanged sentences

Our future success significantly depends on the continued service and performance of our key management personnel.

Competition for these employees is intense.

Our operating results could be adversely affected by higher employee turnover or increased salary and benefit costs.

Like most businesses, our employees are important to our success and we are dependent in part on our ability to retain the services of our key management, operational, compliance, finance, and administrative personnel.

We have built our business on a set of core values, and we attempt to hire employees who are committed to these values.

We want to hire and retain employees who will fit our culture of compliance and of providing exceptional service to our customers.

In order to compete and to continue to grow, we must attract, retain, and motivate employees, including those in executive, senior management, and operational positions.

As our employees gain experience and develop their knowledge and skills, they become highly desired by other businesses.

Therefore, to retain our employees, we must provide a satisfying work environment and competitive compensation and benefits.

If costs to retain our skilled employees increase, then our business and financial results may be negatively affected.

We have recently experienced significant changes in our executive leadership.

Effective April 13, 2026, R.

Chad Prashad resigned as our President and Chief Executive Officer and as a director, and the Board appointed Janet L.

Matricciani as Interim President and Chief Executive Officer while it searches for a permanent successor.

Effective February 17, 2026, J.

Tobin Turner was appointed Executive Vice President and Chief Operating Officer, succeeding D.

Clinton Dyer, who retired on March 31, 2026.

Leadership transitions of this nature may disrupt our business by diverting management attention, creating uncertainty among employees, customers, lenders, and other stakeholders, and impeding execution of our strategy.

Operating under an interim Chief Executive Officer may heighten these risks.

We have incurred, and expect to continue to incur, costs in connection with these transitions, including severance and accelerated equity vesting payable to our former Chief Executive Officer and costs associated with the search for a permanent successor.

Competition for skilled employees is intense.

Our operating results could be adversely affected by higher turnover or increased compensation costs.

We depend on our ability to retain key management, operational, compliance, finance, and administrative personnel, and to attract and motivate employees who will fit our culture of compliance and customer service.

If we are unable to manage our recent leadership transitions effectively, retain other members of our senior management team, identify and successfully integrate a permanent Chief Executive Officer on a timely basis, or attract and retain other skilled employees at a reasonable cost, our business, financial condition, and results of operations may be materially and adversely affected.

Changes in tax laws or regulations, or adverse interpretations or rulings by tax authorities, may increase the Company’s tax burden or negatively impact financial condition and operating results.

11 unchanged sentences

We expect to incur significant expenses and to devote resources to Section 404 compliance on an ongoing basis.

It is difficult for us to predict how long it will take or costly it will be to complete the assessment of the effectiveness of our internal control over financial reporting for each year and to remediate any deficiencies in our internal control over financial reporting.

It is difficult for us to predict how long it will take or how costly it will be to complete the assessment of the effectiveness of our internal control over financial reporting for each year and to remediate any deficiencies in our internal control over financial reporting.

If we identify a material weakness in our controls and procedures, our ability to record, process, summarize, and report financial information accurately and within the time periods specified in the rules and forms of the SEC could be adversely affected.

7 unchanged sentences

If we are unable to keep our employee turnover rates consistent with historical levels or if unanticipated problems arise from our high employee turnover, our business, results of operations, and financial condition could be adversely affected.

The absence or reduction of dividend payments may decrease the Company’s attractiveness to income-focused investors and impact shareholder sentiment.

The absence of dividend payments may decrease the Company’s attractiveness to income-focused investors and impact shareholder sentiment.

Since 1989, we have not declared or paid cash dividends on our common stock and may not pay cash dividends in the foreseeable future.

8 unchanged sentences

Securities markets worldwide experience significant price and volume fluctuations.

This market volatility, as well as general economic, market, or political conditions, could reduce the market price of shares of our common stock in spite of our operating performance.

Additionally, a variety of factors could cause the price of the common stock to fluctuate, perhaps substantially, including:

general market fluctuations resulting from factors not directly related to the Company’s operations or the inherent value of its common stock;

This market volatility, as well as general economic, market, or political conditions or the geopolitical environment, including the ongoing conflict in Iran and the Russia-Ukraine War, could reduce the market price of shares of our common stock in spite of our operating performance.

Additionally, a variety of factors could cause the price of the common stock to fluctuate, perhaps substantially, including, general market fluctuations resulting from factors not directly related to the Company’s operations or the inherent value of its common stock;

state or federal legislative or regulatory proposals, initiatives, actions or changes that are, or are perceived to be, adverse to our operations or the broader consumer finance industry in general;

13 unchanged sentences

New accounting rules or regulations, changes to existing accounting rules or regulations, and changing interpretations of existing rules and regulations have been issued or occurred and may continue to be issued or occur in the future.

Our methodology for valuing our receivables and otherwise accounting for our business is subject to change depending upon the changes in, and interpretation of, accounting rules, regulations, or interpretations.

Our methodology for valuing our loans receivable and otherwise accounting for our business is subject to change depending upon the changes in, and interpretation of, accounting rules, regulations, or interpretations.

Any such changes to accounting rules, regulations, or interpretations could negatively affect our reported results of operations and could negatively affect our financial condition through increased cost of compliance.

2 unchanged sentences

Inaccurate or revised assumptions and estimates used in financial reporting may adversely impact the Company’s reported operating results and financial condition.

and other legal matters, the fair value of share-based compensation, valuation of income, and other taxes and regulatory exposures.

We are required to use certain assumptions and estimates in preparing our financial statements under GAAP, including determining allowances for credit losses, the fair value of financial instruments, asset impairment, reserves related to litigation and other legal matters, the fair value of share-based compensation, valuation of income and other taxes, and regulatory exposures.

In addition, significant assumptions and estimates are involved in determining certain disclosures required under GAAP, including those involving the fair value of our financial instruments.

8 unchanged sentences

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-K

Item 1A. Risk Factors