WORLD ACCEPTANCE CORP 10-K

Item 8. Financial Statements and Supplementary Data CONSOLIDATED BALANCE SHEETS March 31, 2026 2025 ASSETS Cash $ 6,071,077 $ 4,714,459 Gross loans receivable 1,278,988,323 1,225,635,918 Less: Unearned interest, insurance and fees ( 325,064,238 ) ( 309,320,104 ) Allowance for credit losses ( 112,047,278 ) ( 103,347,129 ) Loans receivable, net 841,876,807 812,968,685 Restricted cash 23,303,453 5,015,837 Income taxes receivable 2,420,571 — Operating lease ROU assets, net 71,526,768 76,234,832 Property and equipment, net 17,430,614 19,765,788 Deferred income taxes, net 41,241,258 34,151,668 Other assets, net 38,669,890 40,871,600 Goodwill 7,370,791 7,370,791 Intangible assets, net 4,209,415 7,394,581 Total assets $ 1,054,120,644 $ 1,008,488,241 LIABILITIES & SHAREHOLDERS' EQUITY Liabilities: Revolving credit facility $ 443,935,446 $ 262,451,475 Warehouse facility 143,293,355 — Senior unsecured notes payable, net — 184,418,211 Income taxes payable — 222,742 Operating lease liability 73,964,708 78,689,723 Accounts payable and accrued expenses 37,996,315 42,365,032 Deferred revenue (contract liability) 3,925,529 3,349,571 Total liabilities 703,115,353 571,496,754 Commitments and contingencies (Notes 11 and 18) 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 4,656,505 and 5,374,012 shares at March 31, 2026 and March 31, 2025, respectively — — Additional paid-in capital 279,442,411 266,426,478 Retained earnings 71,562,880 170,565,009 Total shareholders' equity 351,005,291 436,991,487 Total liabilities and shareholders' equity $ 1,054,120,644 $ 1,008,488,241 44 Table of Contents The following table presents the assets and liabilities of our consolidated VIE. These assets and liabilities are included in the Consolidated Balance Sheets presented above. Refer to Note 4 to the Consolidated Financial Statements for additional information. March 31, 2026 March 31, 2025 1 Gross loans receivable $ 228,285,593 $ — Less: Unearned interest, insurance and fees ( 59,193,501 ) — Allowance for credit losses ( 18,563,362 ) — Loans receivable, net 150,528,730 — Restricted cash 17,636,232 — Other assets, net 2,900,036 — Total assets $ 171,064,998 $ — Warehouse facility $ 143,293,355 $ — Accounts payable and accrued expenses 855,839 — Total liabilities $ 144,149,194 $ — See accompanying notes to Consolidated Financial Statements. 1 Column is intentionally left blank as the warehouse facility was established in September of 2025. 45 Table of Contents CONSOLIDATED STATEMENTS OF OPERATIONS Years Ended March 31, 2026 2025 2024 Revenues: Interest and fee income $ 484,830,175 $ 465,090,517 $ 468,527,861 Insurance and other income, net 100,336,525 99,080,519 104,282,587 Total revenues 585,166,700 564,171,036 572,810,448 Expenses: Provision for credit losses 188,602,351 169,215,395 156,973,220 General and administrative expenses: Personnel 200,021,223 141,059,782 164,454,210 Occupancy and equipment 48,361,063 49,139,934 49,776,200 Advertising 10,586,674 10,224,708 9,932,122 Amortization of intangible assets 3,185,166 3,809,753 4,219,846 Other 39,725,040 36,696,936 40,217,781 Total general and administrative expenses 301,879,166 240,931,113 268,600,159 Interest expense 49,442,668 42,709,580 48,232,287 Total expenses 539,924,185 452,856,088 473,805,666 Income before income taxes 45,242,515 111,314,948 99,004,782 Income taxes 10,656,491 22,072,226 21,958,438 Net income $ 34,586,024 $ 89,242,722 $ 77,046,344 Net income per common share: Basic $ 7.00 $ 16.45 $ 13.40 Diluted $ 6.88 $ 16.21 $ 13.14 Weighted average common shares outstanding: Basic 4,941,307 5,425,483 5,748,554 Diluted 5,025,781 5,506,985 5,861,900 See accompanying notes to Consolidated Financial Statements. 46 Table of Contents CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Year ended March 31, 2026 Common Stock Shares Additional Paid-in Capital Retained Earnings Total Shareholders' Equity Balances at March 31, 2025 5,374,012 $ 266,426,478 $ 170,565,009 $ 436,991,487 Proceeds from exercise of stock options 26,609 2,737,900 — 2,737,900 Common stock repurchases ( 858,642 ) — ( 133,588,153 ) ( 133,588,153 ) Stock-based compensation related to restricted stock, net of forfeitures and cancellations ($ 9,064,469 ) 114,526 9,260,888 — 9,260,888 Stock-based compensation related to stock options — 1,017,145 — 1,017,145 Net income — — 34,586,024 34,586,024 Balances at March 31, 2026 4,656,505 $ 279,442,411 $ 71,562,880 $ 351,005,291 Year ended March 31, 2025 Common Stock Shares Additional Paid-in Capital Retained Earnings Total Shareholders' Equity Balances at March 31, 2024 5,938,665 $ 286,432,952 $ 136,003,963 $ 422,436,915 Proceeds from exercise of stock options, net of cancellations 25,268 2,358,547 — 2,358,547 Common stock repurchases ( 400,617 ) — ( 54,681,676 ) ( 54,681,676 ) Stock-based compensation (reversal) related to restricted stock, net of forfeitures and cancellations ($ 2,676,053 ) ( 189,304 ) ( 22,972,296 ) — ( 22,972,296 ) Stock-based compensation related to stock options — 607,275 — 607,275 Net income — — 89,242,722 89,242,722 Balances at March 31, 2025 5,374,012 $ 266,426,478 $ 170,565,009 $ 436,991,487 Year ended March 31, 2024 Common Stock Shares Additional Paid-in Capital Retained Earnings Total Shareholders' Equity Balances at March 31, 2023 6,231,082 $ 288,071,839 $ 95,463,480 $ 383,535,319 Proceeds from exercise of stock options 34,649 2,867,974 — 2,867,974 Common stock repurchases ( 295,201 ) ( 36,505,861 ) ( 36,505,861 ) Stock-based compensation (reversal) related to restricted stock, net of cancellations ($ 2,823,774 ) ( 31,865 ) ( 752,652 ) — ( 752,652 ) Stock-based compensation (reversal) related to stock options — ( 3,754,209 ) — ( 3,754,209 ) Net income — — 77,046,344 77,046,344 Balances at March 31, 2024 5,938,665 $ 286,432,952 $ 136,003,963 $ 422,436,915 See accompanying notes to Consolidated Financial Statements. 47 Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended March 31, 2026 2025 2024 Cash flow from operating activities: Net income $ 34,586,024 $ 89,242,722 $ 77,046,344 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible assets 3,185,166 3,809,753 4,219,846 Accrued unearned interest ( 2,290,244 ) 1,253,389 ( 1,131,985 ) Loss (gain) on extinguishment of senior unsecured notes payable 3,703,866 ( 982,791 ) ( 1,631,964 ) Amortization of deferred loan costs 14,931,642 14,082,368 14,216,781 Amortization of debt issuance costs 1,565,416 1,298,513 1,686,563 Amortization of discount on loans acquired in an asset purchase ( 358,841 ) ( 596,966 ) — Provision for credit losses 188,602,351 169,215,395 156,973,220 Depreciation 5,801,853 6,325,036 6,668,557 Gain on asset acquisitions, net of income tax — — ( 112,683 ) Gain on sale of property and equipment ( 376,948 ) ( 60,087 ) ( 57,100 ) Deferred income tax expense (benefit) ( 7,089,590 ) ( 2,519,983 ) 10,633,533 Stock-based compensation (reversal) related to equity classified awards 19,342,502 ( 19,688,968 ) ( 1,683,087 ) Gain on company-owned life insurance ( 156,823 ) ( 171,742 ) ( 154,140 ) Change in accounts: Other assets, net 5,515,111 1,067,841 1,217,574 Income taxes payable and receivable ( 2,643,313 ) 3,313,971 ( 5,623,995 ) Deferred revenue (contract liability) 575,958 670,429 402,954 Accounts payable and accrued expenses ( 5,535,241 ) ( 12,095,278 ) 3,112,948 Net cash provided by operating activities 259,358,889 254,163,602 265,783,366 Cash flows from investing activities: Originations of loans receivable ( 1,451,586,874 ) ( 1,328,023,925 ) ( 1,316,277,982 ) Repayments of loans receivable 1,221,793,844 1,197,354,056 1,188,701,553 Cash paid for acquisitions, primarily loans — ( 18,947,294 ) ( 1,978,815 ) Purchases of property and equipment ( 3,882,342 ) ( 3,683,784 ) ( 5,932,748 ) Proceeds from sale of property and equipment 792,611 550,244 350,174 Net cash used in investing activities ( 232,882,761 ) ( 152,750,703 ) ( 135,137,818 ) Cash flow from financing activities: Borrowings from revolving credit facility 769,548,024 416,597,875 305,700,964 Payments on revolving credit facility ( 588,064,053 ) ( 377,565,532 ) ( 390,192,656 ) Payments for extinguished senior unsecured notes payable ( 188,290,771 ) ( 87,990,854 ) ( 14,043,159 ) Borrowing on warehouse facility 232,900,000 — — Payments on warehouse facility ( 89,606,645 ) — — Payments for debt extinguishment costs ( 26,450 ) ( 12,500 ) ( 28,125 ) Debt issuance costs associated with revolving credit facility ( 2,019,306 ) ( 37,982 ) ( 591,716 ) Debt issuance costs associated with warehouse facility ( 2,524,494 ) — — Proceeds from exercise of stock options 2,737,900 2,358,547 2,867,974 Payments for taxes related to net share settlement of equity awards ( 9,064,469 ) ( 2,676,053 ) ( 2,823,774 ) Repurchase of common stock ( 132,421,630 ) ( 54,195,564 ) ( 36,204,531 ) Net cash used in financing activities ( 6,831,894 ) ( 103,522,063 ) ( 135,315,023 ) Net change in cash and restricted cash 19,644,234 ( 2,109,164 ) ( 4,669,475 ) Cash and restricted cash at beginning of year 9,730,296 11,839,460 16,508,935 Cash and restricted cash at end of year $ 29,374,530 $ 9,730,296 $ 11,839,460 48 Table of Contents Supplemental Disclosures: Interest paid during the year $ 47,400,700 $ 44,691,237 $ 48,836,325 Non-cash excise tax on stock repurchases $ 1,166,523 $ 486,112 $ 301,330 The following table reconciles cash and restricted cash from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows above: March 31, 2026 March 31, 2025 March 31, 2024 Cash $ 6,071,077 $ 4,714,459 $ 5,174,104 Restricted cash 23,303,453 5,015,837 6,665,356 Total $ 29,374,530 $ 9,730,296 $ 11,839,460 See accompanying notes to Consolidated Financial Statements. 49 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 50 Table of Contents (1) Summary of Significant Accounting Policies The Company's accounting and reporting policies are in accordance with GAAP and conform to general practices within the finance company industry. The following is a description of the more significant of these policies used in preparing the Consolidated Financial Statements. Nature of Operations The Company is a small-dollar consumer finance (installment loan) 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. It also offers income tax return preparation services to its customer base and to others. As of March 31, 2026, the Company operated 1,009 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah, and Wisconsin. Branches in the aforementioned states operate under one of the following names: World Finance Corporation or World Finance. Principles of Consolidation The Consolidated Financial Statements include the accounts of World Acceptance Corporation and its wholly-owned subsidiaries (the “Company”). Subsidiaries consist of operating entities in various states, WFC Receivables I, LLC (an SPE) and WAC Insurance Company, Ltd. (a captive reinsurance company). All significant inter-company balances and transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for credit losses. Reclassification From time to time, prior period amounts may be reclassified to conform to the current presentation. Such reclassifications have no impact on previously reported net income or shareholders' equity. During the fiscal year ended March 31, 2026, 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 years ended 2026, 2025 and 2024 to reflect a gross presentation. However, this presentation change had no impact on previously reported cash flows as the change was limited to investing activities. Additionally, due to the Warehouse facility, our restricted cash balance as of December 31, 2025 became large enough to require a separate line item in the Consolidated Balance Sheets. As a result, the Company reclassed restricted cash as of March 31, 2025, previously reported in the Cash line item, for comparability to conform to the current period presentation. This presentation change had no impact on previously reported total assets, net income or shareholders' equity. 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. 51 Table of Contents 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. 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. 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. 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 loans receivable 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 to the Warehouse generally only have recourse to the assets pledged to 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. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less from the date of original issuance to be cash equivalents. There were no cash equivalents for the years ended March 31, 2026 and 2025 . Restricted Cash Restricted cash includes cash for which the Company’s ability to withdraw or use funds is contractually limited. The Company’s restricted cash consists of cash reserves associated with its captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company, and cash restricted for debt 52 Table of Contents servicing of the Company’s Warehouse facility. As of March 31, 2026 and 2025, the Company had $ 23.3 million and $ 5.0 million respectively, in restricted cash. Loans and Interest and Fee Income The Company is licensed to originate consumer loans in the states of Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Texas, Tennessee, Utah, and Wisconsin. During fiscal 2026, 2025, and 2024, the Company originated loans generally ranging up to $ 5,300 with terms of 60 months or fewer. Experience indicates that a majority of the consumer loans are refinanced, and the Company accounts for the majority of the refinancings as new loans. Generally, a customer must make multiple payments in order to qualify for refinancing. Furthermore, the Company's lending policy has predetermined lending amounts so that in most cases a refinancing will result in advancing additional funds. The Company believes that the advancement of additional funds constitutes more than a minor modification to the terms of the existing loan if the present value of the cash flows under the terms of the new loan will be 10% or more of the present value of the remaining cash flows under the terms of the original loan. The following table sets forth information about our loan products for fiscal 2026: Minimum Origination Maximum Origination Minimum Term (Months) Maximum Term (Months) Small loans $ 150 $ 2,450 3 30 Large loans 2,500 25,200 6 60 Tax advance loans 500 7,000 8 35 Gross loans receivable at March 31, 2026 and 2025 consisted of the following: 2026 2025 Small loans $ 700,310,192 $ 626,775,511 Large loans 572,155,010 594,490,890 Tax advance loans 6,523,121 4,369,517 Total gross loans $ 1,278,988,323 $ 1,225,635,918 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 interest 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 $ 5.9 million and $ 5.5 million as of March 31, 2026 and 2025, respectively. The Company recognizes interest and fee income using the interest method in accordance with ASC 310. Charges for late payments are recognized in interest and fee income when collected. With the exception of TALs, which are interest free, the Company offers its loans at the prevailing statutory rates for terms not to exceed 60 months. Management believes that the carrying value approximates the fair value of its loan portfolio. 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 3 to the Consolidated Financial Statements for further information. 53 Table of Contents Nonaccrual Policy 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. Allowance for Credit Losses Refer to Note 3 to the Consolidated Financial Statements for information regarding the Company's CECL allowance model and a description of the policies and methodology utilized. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset as follows: buildings, 25 to 40 years; furniture and fixtures, 5 to 10 years; equipment, 3 to 7 years; and vehicles, 3 years. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset, which is generally five years , or the lease term, which is generally three to five years . Additions to premises and equipment and major replacements or improvements are added at cost. Maintenance, repairs, and minor replacements are charged to operating expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in Insurance and other income, net in the Consolidated Statements of Operations. Leases For any new or modified lease, the Company, at the inception of the contract, determines whether a contract is or contains a lease. Lease liability is measured as of the lease commencement date based on the present value of the remaining minimum lease payments using a discount rate that is based on the Company's incremental borrowing rate on its revolving credit facility. Refer to Note 11 to the Consolidated Financial Statements for further discussion of the discount rate. A lease's ROU asset equals its lease liability, net of any prepaid rent. Lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU assets and lease obligations for its short-term equipment leases, which are defined as leases with an initial term of 12 months or less. Further, the Company has elected to not separate lease from non-lease components. Variable lease costs are payments that vary because of changes in facts or circumstances occurring after a lease's commencement date, other than the passage of time, and can include expenses such as common area maintenance, utilities, and repairs and maintenance. Other Assets Other assets include cash surrender value of life insurance policies, HTC investments, prepaid expenses, debt issuance costs related to the revolving credit facility and the warehouse facility, and other deposits and receivables. Debt Issuance Costs In accordance with ASC 835, debt issuance costs related to the senior unsecured notes payable are presented as a direct deduction from its carrying value in the Consolidated Balance Sheets. There were no unamortized debt issuance costs related to the senior unsecured notes payable as of March 31, 2026. As of March 31, 2025, there were $ 1.0 million unamortized debt issuance costs related to the senior unsecured notes payable. As the Company intends to pay down the revolving credit facility and the warehouse facility throughout their contractual arrangements, debt issuance costs related to these arrangements are presented as an asset within Other assets in the Consolidated Balance Sheets. Unamortized debt issuance costs related to the revolving credit facility as of March 31, 2026 and 2025 were $ 1.9 million and $ 0.6 million, respectively. Unamortized debt issuance costs related to the warehouse facility as of March 31, 2026 and 2025 were $ 2.1 million and $ 0.2 million, respectively. 54 Table of Contents Amortization of debt issuance costs is included as a component of Interest expense in the Consolidated Statements of Operations. Intangible Assets and Goodwill Intangible assets include the fair value of acquired customer lists and the fair value assigned to non-compete agreements. Customer lists are amortized on a straight line or accelerated basis over their estimated period of benefit. As of March 31, 2026, the useful life of customer lists ranged from 8 to 23 years with a weighted average of approximately 8.5 years. Non-compete agreements are amortized on a straight line basis over the term of the agreement. As of March 31, 2026, the useful life of non-compete agreements ranged from 5 to 15 years with a weighted average of approximately 6.3 years. The fair value of the customer lists is based on a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists. The branches the Company acquires are small, privately-owned branches, which do not have sufficient historical data to determine customer attrition. The Company believes that the customers acquired have the same characteristics and perform similarly to its customers. Therefore, the Company utilized the attrition patterns of its customers when developing the estimate of attrition for acquired customers. This estimation method is re-evaluated periodically. Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates the fair value. In a business combination, the remaining excess of the purchase price over the fair value of the tangible assets, customer list, and non-compete agreements is allocated to goodwill. The Company evaluates goodwill annually for impairment in the fourth quarter of the fiscal year using the market value-based approach. The Company has one reporting unit, and the Company has multiple components, the lowest level of which is individual branches. The Company’s components are aggregated for impairment testing as they have similar economic characteristics. Impairment of Long-Lived Assets The Company assesses impairment of long-lived assets, including property and equipment and intangible assets, whenever changes or events indicate that the carrying amount may not be recoverable. The Company assesses impairment of these assets generally at the branch level based on the operating cash flows of the branch and the Company’s plans for branch closings. The Company will write down such assets to fair value if, based on an analysis, the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The Company did not record any impairment charges for the fiscal years ended March 31, 2026, 2025, or 2024. Fair Value of Financial Instruments FASB ASC Topic 825 requires disclosures about the fair value of all financial instruments, regardless of whether the financial instrument is recognized on the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The Company’s financial instruments for the periods reported consist of the following: cash, restricted cash, loans receivable, net, a revolving credit facility, a warehouse facility, and a senior unsecured notes payable. 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 and warehouse facility have a variable rate based on a margin over SOFR and reprices with any changes in SOFR. The fair value of the senior unsecured notes payable is estimated based on quoted prices in markets that are not active. 55 Table of Contents Insurance Premiums and Commissions Insurance premiums for credit life, accident and health, property and unemployment insurance written in connection with certain loans, net of refunds and applicable advance insurance commissions retained by the Company, are remitted monthly to an insurance company. All commissions are recorded to unearned insurance commissions and recognized as insurance income over the life of the related insurance contracts. The Company recognizes insurance income using the Rule of 78s method for credit life (decreasing term), credit accident and health, unemployment insurance and the Pro Rata method for credit life (level term) and credit property. The Company has a wholly-owned, captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company. Certain coverages currently sold by the Company on behalf of the unaffiliated insurance carrier are ceded by the carrier to the captive insurance subsidiary, providing the Company with an additional source of income derived from the earned reinsurance premiums. Insurance premiums are ceded to the reinsurance subsidiary as written, and revenue is recognized over the life of the related insurance contracts. For the years ended March 31, 2026, 2025, and 2024, the amount of net written premiums by the reinsurance subsidiary were $ 5.0 million, $ 6.1 million, and $ 7.2 million, respectively, and the amount of earned premiums were $ 6.0 million, $ 7.1 million, and $ 8.2 million, respectively. The Company maintains a cash reserve for claims in an amount determined by the ceding company. As of March 31, 2026 and 2025, the required cash reserves were $ 3.0 million and $ 4.0 million, respectively, which are included as a component of Restricted cash in the Consolidated Balance Sheets. Tax Return Preparation Revenue The Company offers income tax return preparation services to its customer base and to others. Revenue associated with tax return preparation services is recognized in accordance with ASC 606. Contracts associated with these services include two performance obligations, tax return preparation services and refund assurance services, as each service is capable of being distinct and is separately identifiable in the contract. Tax return preparation services are recognized at a point in time in the period the return is filed, and refund assurance services are recognized ratably over time as the performance obligation is met (performance period is approximately 36 months). Specifically, the Company's Refund Assurance Plan ("RAP") provides enrolled customers with (a) audit representation before the IRS and (b) reimbursement of verified tax preparation errors up to $5,000 for a three-year coverage period beginning at the IRS acceptance date for each return and ending on April 15 three years after the applicable filing deadline. Refund assurance fees create a contract liability at the time of funding, which is presented as Deferred revenue (contract liability) in the Company's Consolidated Balance Sheets. The contract liability is released ratably as the performance period elapses. Revenue recognized during the year ended March 31, 2026 that was included in the Deferred revenue (contract liability) balance at March 31, 2025 was $ 1.7 million. The following is a summary of the changes in Deferred revenue (contract liability) for the years ended March 31, 2026, 2025, and 2024: For the years ended March 31, 2026 2025 2024 Balance at beginning of period $ 3,349,571 $ 2,679,142 $ 2,276,188 RAP fees received and deferred during year 2,226,183 2,058,457 1,644,021 Revenue recognized during year ( 1,650,225 ) ( 1,388,028 ) ( 1,241,067 ) Balance at end of period 3,925,529 3,349,571 2,679,142 Non-filing Insurance Non-filing insurance premiums are charged to certain customers on certain loans in lieu of recording and perfecting the Company's security interest in the assets pledged. The premiums are passed through to a third-party insurance company, and any recoveries from customers after a receipt of an insurance payment are remitted to the third-party insurance company. Neither non-filing insurance premiums nor recoveries are reflected in the accompanying Consolidated Statements of Operations (see Note 10 to the Consolidated Financial Statements). 56 Table of Contents Certain losses related to such loans, which are not recoverable through life, accident and health, property, or unemployment insurance claims, are reimbursed through non-filing insurance claims subject to policy limitations. Paid claims are applied to customers' accounts, typically prior to charge-off, and are not reflected in net charge-offs. Non-filing insurance claims do not impact our allowance for credit losses. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment related to additional facts and circumstances occurs. Earnings Per Share EPS is computed in accordance with FASB ASC Topic 260. Basic EPS includes no dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in the earnings of the Company. Potential common stock included in the diluted EPS computation consists of Service Options and Restricted Stock, which are computed using the treasury stock method. See Note 13 to the Consolidated Financial Statements for the reconciliation of the numerators and denominators for basic and dilutive EPS calculations. Stock-Based Compensation FASB ASC Topic 718-10 requires companies to recognize in the income statement the grant-date fair value of stock options and other equity-based compensation issued to employees. FASB ASC Topic 718-10 does not change the accounting guidance for share-based payment transactions with parties other than employees provided in FASB ASC Topic 718-10. Under FASB ASC Topic 718-10, the way an award is classified will affect the measurement of compensation cost. Liability-classified awards are remeasured to fair value at each balance-sheet date until the award is settled. Equity-classified awards are measured at grant-date fair value, amortized over the subsequent vesting period, and are not subsequently remeasured. The fair value of non-vested stock awards for the purposes of recognizing stock-based compensation expense is the market price of the stock on the grant date. The fair value of options is estimated on the grant date using the Black-Scholes option pricing model (see Note 14 to the Consolidated Financial Statements). The Company accounts for forfeitures as they occur. The Company issues available common shares upon the exercise of an option award. At March 31, 2026, the Company had several share-based employee compensation plans, which are described more fully in Note 14 to the Consolidated Financial Statements. Share Repurchases On February 11, 2026, the Board of Directors authorized the Company to repurchase up to $ 50.0 million of the Company’s outstanding common stock, inclusive of the amount that remains available for repurchase under prior repurchase authorizations. As of March 31, 2026, the Company had $ 12.2 million in aggregate remaining repurchase capacity under its current share repurchase program. The Company expects to repurchase shares in fiscal 2027; however, the timing and actual number of shares of common stock repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements, restrictions under the revolving credit facility and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time. 57 Table of Contents 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 of its common stock for $ 60.0 million in a privately negotiated transaction from certain affiliates of Prescott General Partners, LLC, who, along with its affiliates, beneficially own approximately 46.3 % of the Company's common stock as of March 31, 2026. The price per share was $ 172.88 , which was the closing market price at September 3, 2025. On February 18, 2025, in accordance with its share repurchase program, the Company, after approval by the Audit and Compliance Committee, repurchased 162,712 shares for $ 24.0 million from Prescott Associates L.P. in a privately negotiated transaction. The $ 147.50 price per share was based upon the prevailing market rate at the time, and the closing market rate at February 18, 2025 was $ 147.16 . 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 facility. As of March 31, 2026, subject to further approval from our Board of Directors, we could repurchase approximately $ 59.9 million of shares under the terms of our debt facilities. 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 year ended March 31, 2026, the Company operated in sixteen states in the United States. As of March 31, 2026, 2025, and 2024, 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. Advertising Costs Advertising costs are expensed the first time the advertising takes place. Advertising costs were approximately $ 10.6 million, $ 10.2 million, and $ 9.9 million for fiscal years 2026, 2025, and 2024, respectively. Recently Adopted Accounting Standards 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 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. The Company adopted ASU 2023-09 on a retrospective basis effective March 31, 2026. The adoption of this ASU expanded our income tax disclosures, but had no other effect on the Company's consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted Purchased Loans 58 Table of Contents In November 2025, the FASB issued ASU 2025-08, Financial Instruments-Credit Losses (Topic 326): Purchased Loans , which expands the population of acquired financial assets subject to the gross-up approach in Topic 326. In accordance with the amendments in this update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned”, which is defined as either 1) Non-PCD loans that are obtained in a business combination or 2) Non-PCD loans that (a) are obtained in an asset acquisition or upon consolidation of a variable interest entity that is not a business and (b) are acquired more than 90 days after their origination date by a transferee that was not involved in their origination, are considered purchased seasoned loans and should be accounted for using the gross-up approach at acquisition. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures. 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 Company's Consolidated Financial Statements and related disclosures as a result of future adoption. 59 Table of Contents (2) Revision of Previously Issued Consolidated Financial Statements During fiscal 2026, the Company identified an error in the timing of revenue recognition for its Refund Assurance Plan ("RAP") fees associated with the Company's tax preparation services. The Company had historically recognized RAP fees as revenue at the time the related tax return was prepared. The Company has determined that under ASC 606, Revenue from Contracts with Customers , these fees should be recognized ratably over the 36-month coverage period of each plan, as the related performance obligation is a stand-ready obligation satisfied over time. Accordingly, the Company should recognize a contract liability for the unearned portion of RAP fees, which is recognized as revenue ratably over the coverage period. The error affected previously issued financial statements for the years ended March 31, 2025 and 2024, and prior periods. The Company evaluated the error in accordance with SEC Staff Accounting Bulletin No. 99, Materiality , and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements , considering both quantitative and qualitative factors, and concluded that the error was not material, individually or in the aggregate, to any previously issued financial statements. The Company has revised the prior period comparative financial statements presented herein to reflect the correction for comparability purposes. The cumulative effect of the error for periods prior to fiscal 2024 was $ 1.7 million, which has been recorded as an adjustment to opening retained earnings as of April 1, 2023. Because the error is not material to any previously issued financial statements, no restatement to any previously filed annual or quarterly report is required. The effect of the revision on the Company's previously issued consolidated financial statements for each financial statement line item affected is presented in the tables below: Effect on Consolidated Balance Sheets As of March 31, 2025 As Reported Increase (Decrease) As Revised Deferred income taxes, net $ 33,291,074 $ 860,594 $ 34,151,668 Total assets 1,007,627,647 860,594 1,008,488,241 Deferred revenue (contract liability) — 3,349,571 3,349,571 Total liabilities 568,147,183 3,349,571 571,496,754 Retained earnings 173,053,986 ( 2,488,977 ) 170,565,009 Total shareholders' equity 439,480,464 ( 2,488,977 ) 436,991,487 Total liabilities and shareholders' equity 1,007,627,647 860,594 1,008,488,241 Effect on Consolidated Statements of Operations For the years ended March 31, 2025 2024 As Reported Decrease As Revised As Reported Decrease As Revised Insurance and other income, net 1 $ 99,750,948 $ ( 670,429 ) $ 99,080,519 $ 104,685,541 $ ( 402,954 ) $ 104,282,587 Total revenues 564,841,465 ( 670,429 ) 564,171,036 573,213,402 ( 402,954 ) 572,810,448 Income before income taxes 111,985,377 ( 670,429 ) 111,314,948 99,407,736 ( 402,954 ) 99,004,782 Income tax expense 22,243,979 ( 171,753 ) 22,072,226 22,062,509 ( 104,071 ) 21,958,438 Net income 89,741,398 ( 498,676 ) 89,242,722 77,345,227 ( 298,883 ) 77,046,344 Net income per common share 16.54 ( 0.09 ) 16.45 13.45 ( 0.05 ) 13.40 Net income per diluted share 16.30 ( 0.09 ) 16.21 13.19 ( 0.05 ) 13.14 1 RAP fees are included within Insurance and other income, net. No other revenue related line item is affected. 60 Table of Contents Effect on Consolidated Statements of Shareholders Equity As of and for the years ended March 31, 2025 2024 As Reported Decrease As Revised As Reported Decrease As Revised Opening retained earnings at March 31 $ 137,994,264 $ ( 1,990,301 ) $ 136,003,963 $ 97,154,898 $ ( 1,691,418 ) $ 95,463,480 Opening shareholders' equity at March 31 424,427,216 ( 1,990,301 ) 422,436,915 385,226,737 ( 1,691,418 ) 383,535,319 Net income 89,741,398 ( 498,676 ) 89,242,722 77,345,227 ( 298,883 ) 77,046,344 Ending retained earnings at March 31 173,053,986 ( 2,488,977 ) 170,565,009 137,994,264 ( 1,990,301 ) 136,003,963 Ending shareholders' equity 439,480,464 ( 2,488,977 ) 436,991,487 424,427,216 ( 1,990,301 ) 422,436,915 Retained Earnings Adjustment Summary Pre-Tax Tax Effect After-Tax Errors through fiscal 2023 - adjustment to opening retained earnings as of April 1, 2023 $ ( 2,276,188 ) $ 584,770 $ ( 1,691,418 ) Fiscal 2024 ( 402,954 ) 104,071 ( 298,883 ) Fiscal 2025 ( 670,429 ) 171,753 ( 498,676 ) Fiscal 2026 ( 575,958 ) 147,299 ( 428,659 ) Total $ ( 3,925,529 ) $ 1,007,893 $ ( 2,917,636 ) Effect on Consolidated Statements of Cash Flows For the years ended March 31, 2025 2024 As Reported Increase (Decrease) As Revised As Reported Increase (Decrease) As Revised Cash flow from operating activities: Net income $ 89,741,398 $ ( 498,676 ) $ 89,242,722 $ 77,345,227 $ ( 298,883 ) $ 77,046,344 Adjustments to reconcile net income to net cash provided by operating activities: Change in accounts: Deferred income tax expense (benefit) ( 2,348,230 ) $ ( 171,753 ) ( 2,519,983 ) 10,737,604 ( 104,071 ) 10,633,533 Deferred revenue (contract liability) — $ 670,429 670,429 — 402,954 402,954 Net cash provided by operating activities 254,163,602 $ — — 254,163,602 265,783,366 — 265,783,366 61 Table of Contents (3) Allowance for Credit Losses and Credit Quality Information The following is a summary of gross loans receivable by Customer Tenure as of: Customer Tenure March 31, 2026 March 31, 2025 0 to 5 months $ 108,089,995 $ 101,878,703 6 to 17 months 104,523,602 75,379,597 18 to 35 months 97,146,489 99,857,401 36 to 59 months 133,394,010 130,228,889 60+ months 829,311,106 813,921,811 Tax advance loans 6,523,121 4,369,517 Total gross loans $ 1,278,988,323 $ 1,225,635,918 The Company uses current payment performance to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled. Current payment performance 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 March 31, 2026 and 2025 was 5.4 % 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 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 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 tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2026: 62 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 $ 1,127,601,886 $ 34,721,317 $ 3,214,393 $ 271,979 $ 16,929 $ 4,306 $ 1,165,830,810 30 - 60 days past due 32,414,245 2,327,865 307,145 44,766 1,155 106 35,095,282 61 - 90 days past due 24,701,069 1,229,685 164,722 22,825 — — 26,118,301 91 or more days past due 41,956,966 3,125,165 295,854 40,349 2,475 — 45,420,809 Total $ 1,226,674,166 $ 41,404,032 $ 3,982,114 $ 379,919 $ 20,559 $ 4,412 $ 1,272,465,202 Term Loans By Origination Tax advance 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 $ 4,238,000 $ 73,048 $ 4,473 $ — $ — $ — $ 4,315,521 30 - 60 days past due 2,095,947 20,070 2,943 — — — 2,118,960 61 - 90 days past due — 35,112 285 — — — 35,397 91 or more days past due — 48,493 4,750 — — — 53,243 Total $ 6,333,947 $ 176,723 $ 12,451 $ — $ — $ — $ 6,523,121 Total gross loans $ 1,278,988,323 The following tables provide 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: 63 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 Tax advance 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 $ 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 tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2026: 64 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 $ 1,113,361,113 $ 30,581,625 $ 2,504,198 $ 123,269 $ 302 $ 741 $ 1,146,571,248 30 - 60 days past due 33,975,944 1,607,055 169,179 6,468 — — 35,758,646 61 - 90 days past due 28,838,884 1,499,648 118,562 9,612 — — 30,466,706 91 or more days past due 50,498,225 7,715,704 1,190,175 240,570 20,257 3,671 59,668,602 Total $ 1,226,674,166 $ 41,404,032 $ 3,982,114 $ 379,919 $ 20,559 $ 4,412 $ 1,272,465,202 Term Loans By Origination Tax advance 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 $ 4,238,000 $ 50,631 $ 582 $ — $ — $ — $ 4,289,213 30 - 60 days past due 2,095,947 10,633 4,321 — — — 2,110,901 61 - 90 days past due — 20,032 285 — — — 20,317 91 or more days past due — 95,427 7,263 — — — 102,690 Total $ 6,333,947 $ 176,723 $ 12,451 $ — $ — $ — $ 6,523,121 Total gross loans $ 1,278,988,323 The following tables provide 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: 65 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 Tax advance 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 $ 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 years ended March 31, 2026, 2025 and 2024: 2026 Gross Charge-offs by Origination Origination Year Loans Tax advance loans Total 2021 and prior $ 12,812 $ — $ 12,812 2022 145,042 — 145,042 2023 710,316 — 710,316 2024 7,561,145 183,060 7,744,205 2025 115,991,453 2,204,039 118,195,492 2026 71,205,614 — 71,205,614 Total $ 195,626,382 $ 2,387,099 $ 198,013,481 66 Table of Contents 2025 Gross Charge-offs by Origination Origination Year Loans Tax advance loans Total 2020 and prior $ 25,437 $ — $ 25,437 2021 29,714 — 29,714 2022 797,055 — 797,055 2023 9,372,562 235 9,372,797 2024 113,281,140 3,774,832 117,055,972 2025 63,515,257 — 63,515,257 Total $ 187,021,165 $ 3,775,067 $ 190,796,232 ​ 2024 Gross Charge-offs by Origination Origination Year Loans Tax advance loans Total 2019 and prior $ 17,352 $ — $ 17,352 2020 53,791 — 53,791 2021 301,162 — 301,162 2022 11,095,208 5,197 11,100,405 2023 132,745,783 1,287,512 134,033,295 2024 65,038,754 — 65,038,754 Total $ 209,252,050 $ 1,292,709 $ 210,544,759 ​ The allowance for credit losses is applied to amortized cost, which is defined as the amount at which a financing receivable is originated, and net of deferred fees and costs, collection of cash, and charge-offs. Amortized cost also includes interest earned but not collected. 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 67 Table of Contents 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 NBs, 61-90 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. Due to the short term nature of the loan portfolio, forecasted changes in macro-economic 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. As of March 31, 2026 and 2025, there were no conditions or other factors considered significant enough to warrant a forecast adjustment. The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2026: Days Past Due - Recency Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 79,597,251 $ 6,963,212 $ 7,202,639 $ 14,326,893 $ 28,492,744 $ 108,089,995 6 to 17 months 92,236,929 3,899,186 3,151,558 5,235,929 12,286,673 104,523,602 18 to 35 months 88,974,357 2,845,603 1,934,535 3,391,994 8,172,132 97,146,489 36 to 59 months 123,630,020 3,483,203 2,296,557 3,984,230 9,763,990 133,394,010 60+ months 781,392,253 17,904,078 11,533,012 18,481,763 47,918,853 829,311,106 Tax advance loans 4,315,521 2,118,960 35,397 53,243 2,207,600 6,523,121 Total gross loans 1,170,146,331 37,214,242 26,153,698 45,474,052 108,841,992 1,278,988,323 Unearned interest, insurance and fees ( 298,986,252 ) ( 6,475,433 ) ( 7,226,714 ) ( 12,375,839 ) ( 26,077,986 ) ( 325,064,238 ) Total net loans $ 871,160,079 $ 30,738,809 $ 18,926,984 $ 33,098,213 $ 82,764,006 $ 953,924,085 Percentage of period-end gross loans receivable 2.9 % 2.0 % 3.6 % 8.5 % 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: 68 Table of Contents 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 Tax advance loans 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 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, 2026: Days Past Due - Contractual Basis Loans Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 77,775,686 $ 6,761,770 $ 7,574,752 $ 15,977,787 $ 30,314,309 $ 108,089,995 6 to 17 months 90,705,627 3,843,520 3,507,051 6,467,404 13,817,975 104,523,602 18 to 35 months 87,506,104 2,747,848 2,267,411 4,625,126 9,640,385 97,146,489 36 to 59 months 121,309,557 3,525,496 2,813,887 5,745,070 12,084,453 133,394,010 60+ months 769,274,274 18,880,012 14,303,605 26,853,215 60,036,832 829,311,106 Tax advance loans 4,289,213 2,110,901 20,317 102,690 2,233,908 6,523,121 Total gross loans 1,150,860,461 37,869,547 30,487,023 59,771,292 128,127,862 1,278,988,323 Unearned interest, insurance and fees ( 294,911,485 ) ( 6,127,896 ) ( 8,334,364 ) ( 15,690,493 ) ( 30,152,753 ) ( 325,064,238 ) Total net loans $ 855,948,976 $ 31,741,651 $ 22,152,659 $ 44,080,799 $ 97,975,109 $ 953,924,085 ​ Percentage of period-end gross loans receivable 3.0 % 2.4 % 4.7 % 10.1 % 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: 69 Table of Contents Days Past Due - Contractual Basis Loans 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 Tax advance loans 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 % 11.3 % 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 years ended March 31, 2026, 2025 and 2024: Unpaid Accrued Interest Reversed Against Interest Income 2026 2025 2024 Customer Tenure 0 to 5 months $ ( 7,813,423 ) $ ( 5,983,271 ) $ ( 5,337,474 ) 6 to 17 months ( 3,691,985 ) ( 2,960,850 ) ( 3,251,451 ) 18 to 35 months ( 2,421,881 ) ( 3,025,057 ) ( 3,382,070 ) 36 to 59 months ( 2,626,135 ) ( 3,272,098 ) ( 4,056,209 ) 60+ months ( 12,573,769 ) ( 12,138,391 ) ( 10,494,632 ) Total $ ( 29,127,193 ) $ ( 27,379,667 ) $ ( 26,521,836 ) 70 Table of Contents The following table presents the amortized cost basis of loans on nonaccrual status as of March 31, 2026 and March 31, 2025, as well as interest income recognized on nonaccrual loans for the years ended March 31, 2026, 2025, and 2024: Nonaccrual Loans Receivable Customer Tenure As of March 31, 2026 As of March 31, 2025 Interest Income Recognized Fiscal 2026 Interest Income Recognized Fiscal 2025 Interest Income Recognized Fiscal 2024 0 to 5 months $ 23,611,680 $ 19,169,040 $ 1,090,263 $ 791,235 $ 1,024,573 6 to 17 months 10,432,434 8,510,132 1,072,224 986,271 1,522,705 18 to 35 months 7,455,208 10,024,500 1,283,231 1,495,744 1,730,680 36 to 59 months 9,463,186 12,151,649 1,550,305 1,837,922 2,364,522 60+ months 44,878,571 52,154,586 7,179,310 6,422,145 6,547,368 Unearned interest, insurance and fees ( 22,531,096 ) ( 23,775,911 ) — — — Total $ 73,309,983 $ 78,233,996 $ 12,175,333 $ 11,533,317 $ 13,189,848 As of March 31, 2026 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. The following is a summary of the changes in the allowance for credit losses for the years ended March 31, 2026, 2025, and 2024: 2026 2025 2024 Balance at beginning of period $ 103,347,129 $ 102,962,811 $ 125,552,733 Provision for credit losses 188,602,351 169,215,395 156,973,220 Charge-offs ( 198,013,481 ) ( 190,796,232 ) ( 210,544,759 ) Recoveries 2 18,111,279 21,965,155 30,981,617 Net charge-off ( 179,902,202 ) ( 168,831,077 ) ( 179,563,142 ) Balance at end of period $ 112,047,278 $ 103,347,129 $ 102,962,811 (4) Variable Interest Entity The Company transfers pools of eligible loans receivable to the Warehouse to secure debt for general funding purposes. The Warehouse, a SPE of the Company, is considered a VIE under ASC 810, Consolidation , and is consolidated into the financial statements of the Company as the Company is determined to be the primary beneficiary of the Warehouse. Debt under the Warehouse Facility is supported by the expected cash flows from the underlying collateralized loans receivable. Collections on these loans receivable are remitted to a restricted cash collection account, which totaled $ 15.6 million as of March 31, 2026. The Company also maintains a restricted cash reserve account, which totaled $ 2.0 million as of March 31, 2026. Cash inflows from the pledged loans receivable are distributed in accordance with the Credit Agreement's monthly contractual priority of payments, which include the Warehouse's lenders and service providers. Additionally, the Warehouse pays a servicing fee to the Company, which is eliminated in consolidation, as the Company continues to service the loans receivable transferred to the Warehouse. Cash inflows remaining after the contractual payments are distributed to the Company, which is permitted under the Credit Agreement. The following table presents the assets and liabilities of our consolidated VIE: 2 Recoveries for the year ended March 31, 2026, 2025, and 2024 include $ 8.2 million, $ 12.0 million, and $ 19.3 million, respectively, in proceeds related to the sale of charge-offs, which are included as a component of Provision for credit losses in the Consolidated Statements of Operations. The $ 8.2 million in fiscal 2026 relates to recurring sales of charge-offs. Of the $ 12.0 million in fiscal 2025, $ 1.5 million relates to bulk sales of charge-offs from prior periods and $ 10.5 million relates to recurring sales of charge-offs. Of the $ 19.3 million in fiscal 2024, $ 5.7 million relates to bulk sales of charge-offs from prior periods and $ 13.6 million relates to recurring sales of charge-offs. 71 Table of Contents March 31, 2026 March 31, 2025 3 ASSETS Gross loans receivable $ 228,285,593 $ — Less: Unearned interest, insurance and fees ( 59,193,501 ) — Allowance for credit losses ( 18,563,362 ) — Loans receivable, net 150,528,730 — Restricted cash 17,636,232 — Other assets, net 2,900,036 — Total assets $ 171,064,998 $ — LIABILITIES Warehouse facility $ 143,293,355 $ — Accounts payable and accrued expenses 855,839 — Total liabilities $ 144,149,194 $ — (5) Property and Equipment Property and equipment consist of: March 31, 2026 March 31, 2025 Land $ 44,443 $ 100,443 Building and leasehold improvements 21,621,938 20,869,323 Furniture and equipment 60,352,125 59,465,807 82,018,506 80,435,573 Less accumulated depreciation and amortization ( 64,587,892 ) ( 60,669,785 ) Total $ 17,430,614 $ 19,765,788 Depreciation expense was approximately $ 5.8 million, $ 6.3 million, and $ 6.7 million for the years ended March 31, 2026, 2025, and 2024, respectively. (6) Intangible Assets The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: March 31, 2026 March 31, 2025 Gross Carrying Amount Accumulated Amortization Net Intangible Asset Gross Carrying Amount Accumulated Amortization Net Intangible Asset Customer lists $ 55,858,615 $ ( 51,654,553 ) $ 4,204,062 $ 55,858,615 $ ( 48,489,153 ) $ 7,369,462 Non-compete agreements 10,534,749 ( 10,529,396 ) 5,353 10,534,749 ( 10,509,630 ) 25,119 Total $ 66,393,364 $ ( 62,183,949 ) $ 4,209,415 $ 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: $ 2.7 million for 2027; $ 0.9 million for 2028; $ 0.4 million for 2029; $ 0.1 million for 2030; $ 40.5 thousand for 2031; and an aggregate of $ 0.1 million for the years thereafter. 3 Column is intentionally left blank as the warehouse facility was established in September of 2025. 72 Table of Contents (7) Goodwill As of March 31, 2026 and 2025, goodwill was $ 7.4 million. There were no goodwill additions during fiscal 2026 and 2025. The Company performed an annual impairment test during the fourth quarters of fiscal 2026 and 2025 and determined none of its recorded goodwill was impaired. (8) 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 replaced 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 March 31, 2026, the Company had $ 443.9 million outstanding under the facility, not including $ 816.1 thousand in outstanding standby letters of credit which include (i) $ 200.0 thousand related to worker's compensation expiring on October 16, 2026 and (ii) $ 616.1 thousand related to the Company's investment in captive insurance expiring on March 1, 2027. Both letters of credit automatically extend for one year on their expiration dates. To the extent that a 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 March 31, 2026. At March 31, 2026, 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 Revolving Credit Facility and the Prior Credit Agreement totaled $ 0.9 million, $ 1.6 million, and $ 1.6 million for the years ended March 31, 2026, 2025, and 2024, respectively. For the years ended March 31, 2026, 2025, and 2024 the Company’s effective interest rate, including the commitment fee and amortization of debt issuance costs, was 8.3 %, 9.5 %, and 9.9 %, respectively, as it relates to the Revolving Credit Facility and Prior Credit Agreement. At March 31, 2026, the unused amount available under the Revolving Credit Facility was $ 90.1 million. Borrowings under the revolving credit facility mature on July 22, 2028. At March 31, 2026, substantially all of the Company’s assets, with the exception of loans receivable pledged to the Warehouse, were pledged as collateral for borrowings under the Revolving Credit Agreement. 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. At March 31, 2026, $ 143.3 million was outstanding under the Company's Warehouse Facility. As of March 31, 2026, the Company may borrow at the rate of one-month SOFR plus 0.11448 % and an applicable margin of 3.0 %, with a minimum rate of 4.0 %. The Credit Agreement has a commitment fee of 0.50 % per annum on the unused portion of the commitment. 73 Table of Contents Commitment fees on the unused portion of the borrowing totaled $ 0.2 million for the twelve months ended March 31, 2026. For the year ended March 31, 2026, the Company’s effective interest rate, including the commitment fee and amortization of debt issuance costs, was 6.7 %. At March 31, 2026, the unused amount available under the Warehouse Facility was $ 31.7 million. Borrowings under the Warehouse Facility have an expected maturity date of September 29, 2027. Notes Redemption On September 27, 2021, the Company 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 101.75 % 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 year ended March 31, 2026 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 the year ended March 31, 2026, the Company recognized a $ 3.7 million loss on extinguishment. For the fiscal years ended 2025 and 2024, the Company recognized a $ 1.0 million and $ 1.6 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. The Company was in compliance with these covenants at March 31, 2026, after giving effect to a Consent and Limited Modification to the Net Income Available for Fixed Charges to Fixed Charges ratio entered on May 22, 2026 as further discussed in Note 19 to the Consolidated Financial Statements. The Company 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. 74 Table of Contents 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 March 31, 2026, 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 As of March 31, 2026, the aggregate annual maturities of the Company's debt arrangements for each of the five fiscal years subsequent to March 31, 2026 were as follows: 2027 $ — 2028 143,293,355 2029 443,935,446 2030 — 2031 — Total future debt payments $ 587,228,801 (9) Insurance and Other Income Insurance and other income for the years ending March 31, 2026, 2025, and 2024 consist of: 2026 2025 2024 Insurance revenue $ 47,698,863 $ 49,471,282 $ 59,237,299 Tax return preparation revenue 40,369,060 36,498,357 29,096,424 Auto club membership revenue 5,688,914 5,662,340 8,041,245 Other 6,579,688 7,448,540 7,907,619 Insurance and other income $ 100,336,525 $ 99,080,519 $ 104,282,587 (10) Non-filing Insurance The Company maintains non-filing insurance coverage with an unaffiliated insurance company. The following is a summary of the non-filing insurance activity for the years ended March 31, 2026, 2025, and 2024: 75 Table of Contents 2026 2025 2024 Insurance premiums written $ 8,498,577 $ 7,526,503 $ 7,103,355 Recoveries on claims paid $ 1,090,858 $ 981,984 $ 986,384 Claims paid $ 7,468,899 $ 7,399,215 $ 7,426,712 (11) Leases Accounting Policies and Matters Requiring Management's Judgment When evaluating leases under Topic 842, the Company uses its incremental borrowing rate on its revolving credit facility to determine the discount rate. 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 effective annual 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 March 31, 2026 and 2025, the Company had no finance leases. The following table reports information about the Company's lease costs for the years ended March 31, 2026, 2025, and 2024: 2026 2025 2024 Lease Cost Operating lease cost $ 24,947,796 $ 25,244,452 $ 25,291,087 Variable lease cost 3,892,761 3,958,271 3,823,435 Total lease cost $ 28,840,557 $ 29,202,723 $ 29,114,522 The following table reports other information about the Company's leases for the years ended March 31, 2026, 2025, and 2024: 2026 2025 2024 Other Lease Information Cash paid for amounts included in the measurement of lease liabilities $ 24,950,992 $ 25,158,809 $ 25,292,363 Operating cash flows from operating leases 24,950,992 25,158,809 25,292,363 ROU assets obtained in exchange for new operating lease liabilities $ 14,614,762 $ 16,102,245 $ 18,024,157 Weighted average remaining lease term — operating leases 6.2 years 6.4 years 6.8 years Weighted-average discount rate — operating leases 7.6 % 7.0 % 6.3 % 76 Table of Contents The aggregate annual lease obligations as of March 31, 2026, are as follows: Operating Leases 2027 $ 21,805,264 2028 18,113,040 2029 13,797,082 2030 10,321,919 2031 7,023,870 Thereafter 21,697,700 Total undiscounted lease liability $ 92,758,875 Imputed interest 18,794,167 Total discounted lease liability $ 73,964,708 The Company had no leases with related parties as of March 31, 2026 or 2025. (12) Income Taxes Effective March 31, 2026, the Company adopted Accounting Standard Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, retrospective to April 1, 2023. The amendments in this ASU address investor requests for more transparency about income tax information through improvements to income tax disclosures, primarily related to an entity’s effective tax rate reconciliation and income taxes paid information. The Company is subject to U.S. income tax, as well as 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. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA includes provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. There are no material tax implications as a result of the OBBBA and it does not have a material impact on our consolidated financial statements and related disclosures. Income tax expense (benefit) for the years indicated below consists of: Current Deferred Total Year ended March 31, 2026 Federal $ 16,171,106 $ ( 6,527,720 ) $ 9,643,386 State and local 1,574,975 ( 561,870 ) 1,013,105 $ 17,746,081 $ ( 7,089,590 ) $ 10,656,491 Year ended March 31, 2025 Federal $ 21,453,743 $ ( 2,861,984 ) $ 18,591,759 State and local 3,138,466 342,001 3,480,467 $ 24,592,209 $ ( 2,519,983 ) $ 22,072,226 Year ended March 31, 2024 Federal $ 9,592,743 $ 8,246,248 $ 17,838,991 State and local 1,732,162 2,387,285 4,119,447 $ 11,324,905 $ 10,633,533 $ 21,958,438 77 Table of Contents The differences between income taxes expected at the U.S. federal statutory income tax rate of 21 % and the reported income tax expense for the years ended March 31, 2026, 2025 and 2024 are summarized as follows: 2026 2025 2024 US federal statutory tax rate $ 9,500,928 21.0 % $ 23,376,151 21.0 % $ 20,791,004 21.0 % State and local income taxes, net of federal tax effect 800,353 1.8 % 2,748,295 2.5 % 3,254,363 3.3 % Tax credits Historic tax credits ( 961,138 ) ( 2.1 ) % ( 871,938 ) ( 0.8 ) % ( 427,512 ) ( 0.4 ) % Energy-related tax credits ( 612,353 ) ( 1.4 ) % ( 887,089 ) ( 0.8 ) % ( 451,800 ) ( 0.5 ) % Other ( 44,785 ) ( 0.1 ) % ( 163,685 ) ( 0.1 ) % ( 154,779 ) ( 0.2 ) % Nontaxable or nondeductible items Forfeiture of the $ 20.45 Performance Shares and the $ 16.35 Performance Shares — — % ( 2,587,552 ) ( 2.3 ) % — — % Permanent effect of the bargain purchase of loans — — % — — % ( 1,090,068 ) ( 1.1 ) % Excess tax benefits related to equity awards ( 578,321 ) ( 1.3 ) % ( 182,098 ) ( 0.2 ) % ( 347,806 ) ( 0.4 ) % Other 764,062 1.7 % 676,757 0.6 % 413,831 0.4 % Changes in unrecognized tax benefits 1,619,698 3.6 % 17,537 — % 16,406 — % Other adjustments 168,047 0.4 % ( 54,152 ) — % ( 45,201 ) — % Effective tax rate $ 10,656,491 23.6 % $ 22,072,226 19.8 % $ 21,958,438 22.2 % As of March 31, 2026 and 2025, investment in HTC was $ 10.1 million and $ 15.9 million, respectively, which is included as a component of Other assets, net and Accounts payable and accrued expenses in the Consolidated Balance Sheets. The Company recognized net amortization from these investments of $ 13.6 million and $ 17.8 million for the years ended March 31, 2026 and 2025, respectively, in income tax expense. The Company recognized tax benefits from these investments of $ 15.1 million and $ 19.6 million during the years ended March 31, 2026 and 2025, 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 to its investments during the current fiscal year. For fiscal 2026, listed in descending order of financial impact, Illinois and Missouri made up the majority of the state and local tax expense. For fiscal 2025, listed in descending order of financial impact, Illinois, Tennessee, Georgia and Kentucky made up the majority of the state and local tax expense. For fiscal 2024, listed in descending order of financial impact, Georgia, Tennessee, Illinois and Oklahoma made up the majority of the state and local tax expense. 78 Table of Contents The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2026 and 2025 are presented below: 2026 2025 Deferred tax assets: Allowance for credit losses $ 28,043,502 $ 25,693,205 Unearned insurance commissions 9,144,092 9,407,895 Accrued expenses primarily related to employee benefits 6,555,260 6,181,990 Reserve for uncollectible interest 1,021,502 993,241 Lease liability 18,153,116 19,359,479 Intangible assets 2,107,831 1,965,939 Deferred revenue 1,007,892 860,594 Tax credit carryforward 11,483,737 5,639,649 Capital loss carryforward 38,142 192,767 State net operating loss carryforwards 6,545,857 6,005,260 Gross deferred tax assets 84,100,931 76,300,019 Less valuation allowance ( 9,086,610 ) ( 8,695,894 ) Net deferred tax assets 75,014,321 67,604,125 Deferred tax liabilities: Fair value adjustment for loans receivable $ ( 9,840,020 ) $ ( 7,713,732 ) Property and equipment ( 2,909,283 ) ( 3,510,245 ) Deferred loan origination costs ( 1,452,377 ) ( 1,366,926 ) Prepaid expenses ( 1,557,466 ) ( 1,529,317 ) ROU assets ( 17,546,267 ) ( 18,750,736 ) Other ( 467,650 ) ( 581,501 ) Gross deferred tax liabilities ( 33,773,063 ) ( 33,452,457 ) Deferred income taxes, net $ 41,241,258 $ 34,151,668 Income taxes paid (net of refunds) consisted of the following jurisdictions for the years ended March 31, 2026, 2025 and 2024 are presented below: 2026 2025 2024 Federal $ 12,960,932 $ 13,839,346 $ 12,453,502 State and local 1,805,494 1,428,672 1,161,822 Total $ 14,766,426 $ 15,268,018 $ 13,615,324 At March 31, 2026, the Company had stated net operating loss carryforwards of approximately $ 111.0 million. A deferred tax asset of approximately $ 6.5 million was recorded to reflect the benefit of these losses. Of this $ 6.5 million, $ 0.8 million is expected to be recognized. The state net operating loss carryforward will expire between 2031 and 2044. 79 Table of Contents The valuation allowance for deferred tax assets increased by $ 0.4 million for the year ended March 31, 2026, when compared to March 31, 2025. The valuation allowance at March 31, 2026 and 2025 was $ 9.1 million and $ 8.7 million, respectively. The valuation allowance against the total deferred tax assets as of March 31, 2026 consisted of $ 5.8 million from state net operating loss carryforwards in the amount of $ 92.0 million, which expire from 2031 to 2044, a foreign tax credit carryforward of $ 3.3 million arising in relation to the Transition Tax during fiscal 2018, which expires in 2028, and $ 40.0 thousand related to the $ 0.2 million capital loss on the sale of the former headquarters buildings, which expires in 2027. The Company does not expect to generate enough foreign source income, state taxable income in the respective jurisdictions or capital gains in future tax years to realize these tax attributes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In order to fully realize the deferred tax asset, the Company will need to generate future taxable income of the appropriate character prior to the expiration of the deferred tax assets governed by the tax code. For the years ended March 31, 2026, 2025, and 2024, the Company had $ 0.5 million, $ 1.1 million and $ 1.1 million, respectively, of total gross unrecognized tax benefits including interest. Of these totals, approximately $ 0.4 million, $ 0.9 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 tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits at March 31, 2026, 2025, and 2024 are presented below: 2026 2025 2024 Unrecognized tax benefit balance beginning of year $ 740,616 $ 748,289 $ 818,225 Gross increases for tax positions of current year 107,233 73,696 105,531 Gross increases for tax positions of prior years 1,003,507 — — Settlements with tax authorities ( 1,339,847 ) — — Lapse of statute of limitations ( 112,121 ) ( 81,369 ) ( 175,467 ) Unrecognized tax benefit balance end of year $ 399,388 $ 740,616 $ 748,289 The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. For the years ended March 31, 2026, 2025, and 2024, the Company had $ 0.1 million, $ 0.3 million and $ 0.3 million, respectively, accrued for gross interest, of which $ 0.8 million, $ 0.1 million and $ 0.1 million, respectively, represented the current period expense for the years ended March 31, 2026, 2025, and 2024. 80 Table of Contents (13) Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted EPS calculations: For the year ended March 31, 2026 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Net income available to common shareholders $ 34,586,024 4,941,307 $ 7.00 Effect of dilutive securities options and restricted stock — 84,474 Diluted EPS Net income available to common shareholders including dilutive securities $ 34,586,024 5,025,781 $ 6.88 For the year ended March 31, 2025 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Net income available to common shareholders $ 89,242,722 5,425,483 $ 16.45 Effect of dilutive securities options and restricted stock — 81,502 Diluted EPS Net income available to common shareholders including dilutive securities $ 89,242,722 5,506,985 $ 16.21 For the year ended March 31, 2024 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Net income available to common shareholders $ 77,046,344 5,748,554 $ 13.40 Effect of dilutive securities options and restricted stock — 113,346 Diluted EPS Net income available to common shareholders including dilutive securities $ 77,046,344 5,861,900 $ 13.14 Options to purchase 146,503 , 255,669 , and 293,695 shares of common stock at various prices were outstanding during the years ended March 31, 2026, 2025, and 2024, respectively, but were not included in the computation of diluted EPS because the option exercise price was antidilutive. 81 Table of Contents (14) Benefit Plans Retirement Plan The Company provides a defined contribution employee benefit plan (401(k) plan) covering full-time employees, whereby employees can invest up to the maximum designated for that year. The Company matches 50 % of each employee's contributions up to the first 6 % of the employee's eligible compensation, providing a maximum employer contribution of 3 % of compensation. The Company's expense under this plan was $ 1.5 million, $ 1.6 million, and $ 1.5 million, for the years ended March 31, 2026, 2025, and 2024, respectively. Supplemental Executive Retirement Plan The Company has instituted two supplemental executive retirement plans, which are non-qualified executive benefit plans in which the Company agrees to pay certain executives additional benefits in the future, usually at retirement, in return for continued employment by the executives. The SERPs are unfunded plans, and, as such, there are no specific assets set aside by the Company in connection with the establishment of the plans. The executives have no rights under the agreements beyond those of a general creditor of the Company. For each of the years ended March 31, 2026, 2025, and 2024, contributions of $ 0.5 million were charged to expense related to the SERP. The unfunded liability, which is included as a component of accounts payable and accrued expenses in the Company's Consolidated Balance Sheets, was $ 5.1 million and $ 5.3 million as of March 31, 2026 and 2025, respectively. For the three years presented, the unfunded liability was estimated using the following assumptions: an annual salary increase of 3.5 % for all 3 years; a discount rate of 6.0 % for all 3 years; and a retirement age of 65 . Executive Deferred Compensation Plan The Company has an Executive Deferral Plan. Eligible executives and directors may elect to defer all or a portion of their incentive compensation to be paid under the Executive Deferral Plan. As of March 31, 2026 and 2025, no executive or director had deferred any compensation under this plan. Stock Incentive Plans The Company maintains the 2008 Plan, the 2011 Plan, the 2017 Plan and the 2025 Plan for the benefit of certain 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 March 31, 2026, there were a total of 698,117 shares of common stock available for grant under the 2017 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 March 31, 2026. 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 14 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. 82 Table of Contents 2018 Long-term Incentive Program and Non-Employee Director Awards On October 15, 2018, the Compensation Committee and Board approved and adopted a long-term incentive program that seeks to motivate and reward certain employees and to align management’s interest with shareholders’ by focusing executives on the achievement of long-term results. Pursuant to this program, in fiscal 2019, the Compensation Committee approved certain 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 earnings per share performance targets established by the Compensation Committee that are based on earnings per share (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 were 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 Shares 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 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. During the second quarter of fiscal 2024, it was determined that achievement of this target was no longer probable. As a result and in accordance with ASC 718, the Company reversed $ 4.9 million in previously recognized stock-based compensation related to these Performance Options during the second quarter of fiscal 2024. The EPS target was not met and, accordingly, no Performance Options vested and all such Performance Options were forfeited by their terms as of March 31, 2025. 2024 and 2025 Long-term Incentive Program and Non-Employee Director Awards On December 18, 2024, the Compensation Committee and Board approved certain grants of Service Options, Performance Options, Restricted Stock and Performance Shares under 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 Restricted Stock to certain non-employee directors of the Company. Up to 100 % of the shares of restricted stock subject to the 2024 Performance Shares could have vested, 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 were eligible to vest over the 2024 83 Table of Contents 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. On December 31, 2025, 1,031 of the 7,500 2024 Performance Share awards were forfeited as a result of certain company operational performance metrics not being achieved during the 2024 Performance Share Measurement Period. The remaining 6,469 performance shares vested on January 21, 2026 after certification of performance achievement by the Compensation Committee. Up to 100 % of the 2024 Performance Options were eligible to vest 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. Following certification of achievement, 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 December 31, 2025, 6,132 of 23,500 2024 Performance Options were forfeited as a result of certain company operational performance metrics not being achieved during the 2024 Performance Share Measurement Period. The achievement of the remaining 17,368 performance options was certified by the Compensation Committee on January 21, 2026, and began vesting on January 30, 2026 as described above. 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 weighted-average fair value at the grant date for options issued during the years ended March 31, 2026, 2025, and 2024 was $ 86.69 , $ 58.73 , and $ 69.00 per share, respectively. This fair value was estimated at grant date using the weighted-average assumptions listed below. 2026 2025 2024 Dividend yield — % — % — % Expected volatility 55.37 % 59.50 % 62.55 % Average risk-free interest rate 3.60 % 4.38 % 4.69 % Expected life 4.4 years 4.5 years 4.6 years 84 Table of Contents Option activity for the year ended March 31, 2026 was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, beginning of year 169,154 $ 111.55 Granted 416 179.28 Exercised ( 26,609 ) 102.89 Forfeited ( 7,218 ) 111.78 Expired ( 934 ) 189.45 Options outstanding, end of period 134,809 4 $ 112.92 4.68 $ 3,637,710 Options exercisable, end of period 112,772 $ 112.63 3.90 $ 3,155,485 The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on March 31, 2026 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 March 31, 2026. This amount will change as the stock's market price changes. The total intrinsic value and tax benefit of options exercised during the years ended March 31, 2026, 2025, and 2024 were as follows: 2026 2025 2024 Intrinsic value of options exercised $ 1,551,760 $ 961,758 $ 1,556,871 Tax benefit of options exercised $ 380,181 $ 235,631 $ 381,433 The total fair value of stock options vested during the years ended March 31, 2026, 2025, and 2024 were $ 733,598 , $ 2,193,533 and $ 2,466,706 , respectively. As of March 31, 2026, total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $ 0.6 million, which is expected to be recognized over a weighted-average period of approximately 1.6 years. Restricted Stock and Performance Shares During fiscal 2026, the Company granted 183,500 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 $ 156.72 per share. During fiscal 2025, the Company granted 71,186 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 $ 111.64 per share. During fiscal 2024, the Company granted 3,993 shares of restricted stock (which are equity classified) to certain vice presidents and senior vice presidents with a grant date weighted average fair value of $ 120.12 per share. The total fair value of restricted stock vested during the years ended March 31, 2026, 2025, and 2024 were $ 23,271,732 , $ 7,293,854 , and $ 7,796,666 , respectively. As of March 31, 2026, there was approximately $ 15.6 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over the next 1.5 years based on current estimates. 4 Of the 134,809 options outstanding, 9,450 are not yet exercisable based solely on fulfilling a service condition and another 12,587 are not yet exercisable based solely on fulfilling a performance condition . 85 Table of Contents A summary of the status of the Company’s restricted stock as of March 31, 2026 and changes during the year ended March 31, 2026, are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2025 159,683 $ 105.52 Granted during the period 183,500 156.72 Vested during the period ( 166,652 ) 107.99 Forfeited during the period ( 4,031 ) 145.99 Outstanding at March 31, 2026 172,500 $ 156.65 Total Stock-Based Compensation Total stock-based compensation included as a component of personnel expenses in the Company's Consolidated Statements of Operations during the years ended March 31, 2026, 2025, and 2024 was as follows: 2026 2025 2024 Stock-based compensation related to equity classified units: Stock-based compensation (reversal) related to stock options $ 1,017,145 $ 607,275 $ ( 3,754,209 ) Stock-based compensation (reversal) related to restricted stock 18,325,357 ( 20,296,243 ) 2,071,122 Total stock-based compensation related to equity classified awards $ 19,342,502 $ ( 19,688,968 ) $ ( 1,683,087 ) 86 Table of Contents (15) 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 a business combination while all other acquisitions are accounted for as an asset purchase. The following table sets forth the acquisition activity of the Company for the years ended March 31, 2026, 2025, and 2024: 2026 2025 2024 Acquisitions: Number of loan portfolios acquired through asset purchases — 6 1 Purchase price $ — $ 18,947,294 $ 1,978,815 Tangible assets: Loans receivable, net — 18,812,693 2,133,410 Purchase price amount over (below) carrying value of net tangible assets 5 $ — $ 134,601 $ ( 154,595 ) Customer lists $ — $ 127,995 $ — Non-compete agreements — 6,606 — 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 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. Unamortized discount on purchases as of March 31, 2026 and 2025 was $ 23.1 thousand and $ 382.0 thousand, respectively. 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 years ended March 31, 2026, 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. 5 For acquisitions of loan portfolios at a discount during the year ended March 31, 2024, the Company recorded a $ 154.6 thousand gain before income tax of $ 41.9 thousand, which is included as a component of Insurance and other income, net in the Consolidated Statements of Operations. 87 Table of Contents Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates the fair values. 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 have been 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. (16) Fair Value Fair Value Disclosures The Company may carry certain financial instruments and derivative assets and liabilities at fair value. 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 determines 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. The 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. As of March 31, 2026, the Company’s financial instruments consist of cash and restricted cash, loans receivable, net, a revolving credit facility and a warehouse 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 and warehouse facility have a variable rate based on a margin over SOFR and reprices with any changes in SOFR. The Company also considered its creditworthiness in its determination 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. March 31, 2026 March 31, 2025 Input Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Cash 1 $ 6,071,077 $ 6,071,077 $ 4,714,459 $ 4,714,459 Restricted cash 1 23,303,453 23,303,453 5,015,837 5,015,837 Loans receivable, net 3 841,876,807 841,876,807 812,968,685 812,968,685 LIABILITIES Senior unsecured notes payable 2 — — 184,418,211 182,754,759 Revolving credit facility 3 443,935,446 443,935,446 262,451,475 262,451,475 Warehouse facility 3 143,293,355 143,293,355 — — 88 Table of Contents As discussed in Note 8 to the Consolidated Financial Statements, the senior unsecured notes payable were fully redeemed during the fiscal year ended March 31, 2026. 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 March 31, 2026 and 2025. (17) Quarterly Information (Unaudited) The following sets forth selected quarterly operating data: Fiscal 2026 Fiscal 2025 First Second Third Fourth First Second Third Fourth (Dollars in thousands, except for earnings per share data) Total revenues $ 132,775 $ 134,848 $ 141,637 $ 175,907 $ 129,801 $ 131,729 $ 138,955 $ 163,688 Provision for credit losses 50,516 49,841 51,423 36,822 45,419 46,669 44,103 33,024 General and administrative expenses 70,360 71,968 78,057 81,493 61,412 46,355 67,223 65,940 Interest expense 9,630 14,343 12,786 12,684 9,769 10,457 11,294 11,190 Income tax expense (benefit) 684 358 ( 4 ) 9,618 3,050 5,882 2,706 10,434 Net income (loss) $ 1,585 $ ( 1,662 ) $ ( 625 ) $ 35,290 $ 10,151 $ 22,366 $ 13,629 $ 43,100 Net income (loss) per common share: Basic $ 0.30 $ ( 0.33 ) $ ( 0.13 ) $ 7.53 $ 1.85 $ 4.09 $ 2.51 $ 8.11 Diluted $ 0.30 $ ( 0.33 ) $ ( 0.13 ) $ 7.44 $ 1.82 $ 4.03 $ 2.49 $ 7.91 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. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results from 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. (18) 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. 89 Table of Contents (19) Subsequent Events Resignation of President and Chief Executive Officer On April 10, 2026, R. Chad Prashad informed the Company of his resignation from his positions as President and Chief Executive Officer and as a member of the Company’s Board of Directors, effective April 10, 2026, in order to pursue other opportunities. Mr. Prashad’s resignation from the Board is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Company and Mr. Prashad have agreed that Mr. Prashad’s resignation will be treated as a termination by the Company without cause (other than in connection with a change in control) for all purposes under his employment agreement and related equity award agreements with the Company. In connection with his departure from the Company, Mr. Prashad and the Company entered into a separation agreement and general release (the “Separation Agreement”) with an effective separation date of April 10, 2026 (the “separation date”). Consistent with the requirements of Mr. Prashad’s employment agreement for a termination by the Company without cause and the Company’s customary practices, under the Separation Agreement Mr. Prashad is entitled to receive the following: (i) a lump sum payment of his accrued base salary, vacation pay, and expenses, as well as vested benefits under any Company benefit plans or programs, through the separation date; (ii) severance pay in the amount of $ 1,260,000 , payable over 24 months; (iii) accelerated vesting of his outstanding stock options and equity incentive awards that are subject solely to time-based vesting; (iv) payments under the Company’s Supplemental Income Plan; (v) a lump sum payment equal to the total premiums he would be expected to pay for eighteen (18) months of COBRA coverage and (vi) title to his Company car and a mobile phone. Stock options (both time-based and performance-based) that are vested on Mr. Prashad’s separation date will be exercisable for one year following the separation date, or until their expiration date, if shorter. The Separation Agreement included customary waiver and release provisions in favor of the Company, as well as non-competition, confidentiality, and non-disparagement covenants. In addition, certain payments and benefits due to Mr. Prashad under the Separation Agreement are subject to recovery by the Company in accordance with the Company’s compensation Clawback Policy and also upon the occurrence of certain specified events. Appointment of Interim President and Chief Executive Officer Until a permanent successor to Mr. Prashad is appointed, the Board has appointed Janet L. Matricciani as Interim President and Chief Executive Officer, effective April 13, 2026. Ms. Matricciani, age 58, has served as a business consultant since January 2018 through JLM Consulting LLC. She also served as President and Chief Operating Officer of AHP Servicing LLC, a mortgage loan product and servicing company, from April 2022 until March 2023. Prior to that time, Ms. Matricciani was employed with the Company as President and Chief Executive Officer from 2015 until 2018 and also served as a director and as Chief Operating Officer of the Company from 2014 to 2015. From 2010 to 2013, Ms. Matricciani served as the Chief Executive Officer of Antenna International, a leading creator of handheld audio, multimedia and virtual tours for museums, cultural and historic sites, and tourist attractions. From 2008 to 2010, Ms. Matricciani served as senior vice president of corporate development for K12 Inc., a technology-based education company. From 2005 to 2007, Ms. Matricciani served as executive vice president for Countrywide Financial Corporation. From 2001 to 2005, Ms. Matricciani served in various executive-level roles for Capital One Financial Corporation. Earlier in her career, Ms. Matricciani worked as a consultant for McKinsey & Company, and Monitor Company. Ms. Matricciani holds Bachelor of Arts and Master of Arts Degrees in Engineering from Trinity College at Cambridge University and a Master of Business Administration Degree from the Wharton School of Business at the University of Pennsylvania. There are no transactions in which Ms. Matricciani has an interest requiring disclosure under Item 404(a) of Regulation S-K. Ms. Matricciani has no family relationship with any other director or other executive officer of the Company. Ms. Matricciani entered into an employment agreement, dated April 13, 2026 (the “Employment Agreement”) in connection with her service as Interim President and Chief Executive Officer. Under the terms of the Employment Agreement, Ms. Matricciani will receive a salary of $ 83,333 per month for twelve months, a $ 350,000 signing bonus and a stock grant of 7,095 shares based on the closing price of the Company’s common stock on April 13, 2026 of $ 140.95 , which shall vest in twelve equal monthly installments during the term of her Employment Agreement. She will also be entitled to the same benefits as the Company’s other executive officers, other than a car allowance and participation in the Company’s Supplemental Executive Retirement Plan. The Employment Agreement has a twelve-month term and is terminable by either party. In the event the Employment Agreement is terminated by the Company without cause prior to 90 Table of Contents the end of the twelve-month term, Ms. Matricciani will be eligible to receive continued payment of the balance of her unpaid salary up through the end of the twelve-month term of the Employment Agreement. Under the terms of the Employment Agreement, the Company is also required to provide Ms. Matricciani with an indemnification agreement and cover her under its D&O insurance to the same extent it indemnifies its other executive officers for matters arising out of her service as Interim President and Chief Executive Officer. Board Size Upon Mr. Prashad’s departure from the Board, the Board reduced the size of the Board from seven to six directors, as permitted by the Company’s bylaws. Consent and Limited Modification to Fixed Charge Coverage Ratio Covenant On May 22, 2026, the Company entered into a Consent and Limited Modification to Fixed Charge Ratio (the "Modification") with Bank of Montreal ("BMO"), as Administrative Agent and Collateral Agent, and the Required Lenders party to the Revolving Credit Agreement dated as of July 22, 2025 (as amended or otherwise modified from time to time), by and among the Company, the lenders from time to time party thereto, and BMO, as Administrative Agent and Collateral Agent. Pursuant to Section 8.7(b) of the Revolving Credit Agreement, the Company and its Restricted Subsidiaries are required to maintain a ratio of Net Income Available for Fixed Charges to Fixed Charges (the "Financial Covenant") of not less than 2.25 to 1.0 for each fiscal quarter. The Modification provides for a limited, temporary modification of the Financial Covenant as follows: i. 2.20 to 1.0 as of the fiscal quarter ending March 31, 2026; ii. 2.10 to 1.0 as of the fiscal quarter ending June 30, 2026; and iii. 2.15 to 1.0 as of the fiscal quarter ending September 30, 2026. Commencing with the fiscal quarter ending December 31, 2026, and for all fiscal quarters thereafter, the Financial Covenant shall revert to its original level of not less than 2.25 to 1.0, without regard to the limited modification set forth in the Modification. Except as expressly modified by the Modification, the Revolving Credit Agreement remains in full force and effect in accordance with its current terms. Management is not aware of any other significant events occurring subsequent to the balance sheet date that would have a material effect on the financial statements thereby requiring adjustment or disclosure. Termination of Interim President and Chief Executive Officer On June 3, 2026, the Company and Janet L. Matricciani agreed that Ms. Matricciani’s role as Interim President and Chief Executive Officer would terminate effective June 3, 2026. Also effective June 3, 2026, the Company’s Executive Vice President and Chief Operating Officer, Mr. J. Tobin Turner, has been designated to serve as the Company’s Principal Executive Officer for SEC reporting purposes. 91 Table of Contents MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING We are responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a – 15(f) under the Securities Exchange Act of 1934. We have assessed the effectiveness of internal control over financial reporting as of March 31, 2026. Our assessment was based on criteria established in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and board of directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, any assumptions regarding internal control over financial reporting in future periods based on an evaluation of effectiveness in a prior period are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Based on using the COSO criteria, we believe our internal control over financial reporting as of March 31, 2026 was effective. Our independent registered public accounting firm has audited the Consolidated Financial Statements included in this Annual Report and has issued an attestation report on the effectiveness of our internal control over financial reporting, as stated in their report. By: /s/ J. Tobin Turner By: /s/ John L. Calmes, Jr. J. Tobin Turner John L. Calmes, Jr. Executive Vice President and Chief Operating Officer Executive Vice President and Chief Financial and Strategy Officer Date: June 4, 2026 Date: June 4, 2026 92 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of World Acceptance Corporation and subsidiaries Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of World Acceptance Corporation and its subsidiaries (the Company) as of March 31, 2026 and 2025, the related consolidated statements of operations, shareholders' equity and cash flows for each of the three years in the period ended March 31, 2026, and the related notes to the consolidated financial statements and schedules (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated June 4, 2026, expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates. Allowance for Credit Losses As described in Notes 1 and 3 to the consolidated financial statements, the Company established an allowance for credit losses of $112.0 million as of March 31, 2026, which was estimated using the Company’s current expected credit loss (CECL) model. The Company’s CECL model estimates the allowance for credit losses for each Customer Tenure bucket using a historical migration analysis for the twelve most recent historical twelve-month migration periods. The Company’s CECL model also includes a reserve at 100% of the outstanding balance of all loans, except for tax advance loans, greater than 90 days past due on a recency basis and not written off as of the reporting date, net of a calculated Rehab Rate. 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, 61-90 day delinquencies on a recency basis, percent of loan balances that are paying, and percentage of gross loans that are acquired loans as compared to metrics in the historical migration period. 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. Management also utilizes a reasonable and supportable forecast by comparing the most recent six-month loss curves to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. Management utilized significant judgment in developing qualitative factors and reasonable and supportable forecasts. We identified the qualitative factors and reasonable and supportable forecasts of the allowance for credit losses as a critical audit matter, as auditing management’s judgments of qualitative factors and reasonable and supportable forecasts required a high degree of auditor judgment and increased extent of audit effort. Our audit procedures related to the Company’s estimate of qualitative factors and reasonable and supportable forecasts of the allowance for credit losses, included the following, among others: 93 Table of Contents • We obtained an understanding of the relevant control related to the allowance for credit losses as of March 31, 2026, and tested such control for design and operating effectiveness, in particular, the control over quarterly management review control and approval of the appropriateness of the key assumptions of the CECL model, and providing approval of the allowance for credit losses, which covers the Company’s development of qualitative factors and reasonable and supportable forecasts. • We evaluated the reasonableness of management’s methodology, including the relevance of data inputs utilized, in developing qualitative factors and reasonable and supportable forecasts. • We tested the completeness and accuracy of data inputs utilized by management in developing qualitative factors and reasonable and supportable forecasts by comparing to internal source data and documents. • We evaluated the reasonableness of management’s conclusions regarding whether adjustments to historical migration rates were necessary for qualitative factors and reasonable and supportable forecasts. /s/ RSM US LLP We have served as the Company's auditor since 2014 . Raleigh, North Carolina June 4, 2026 94 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of World Acceptance Corporation and subsidiaries: Opinion on the Internal Control Over Financial Reporting We have audited World Acceptance Corporation and subsidiaries’ (the Company’s) internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets as of March 31, 2026 and 2025, and the related consolidated statements of operations, shareholders’ equity and cash flows for each of the three years in the period ended March 31, 2026, and the related notes to the consolidated financial statements and our report dated June 4, 2026 expressed an unqualified opinion. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ RSM US LLP Raleigh, North Carolina June 4, 2026 95 Table of Contents Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure The Company had no disagreements on accounting or financial disclosure matters with its independent registered public accounting firm to report under this Item 9.