Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

An index to our management's discussion and analysis follows:

Forward-Looking Statements

The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by reference to, our unaudited consolidated financial statements and the related notes that appear elsewhere in this Quarterly Report on Form 10-Q. These discussions contain forward-looking statements that reflect our current expectations and that include, but are not limited to, statements concerning our strategies, future operations, future financial position, future revenues, projected costs, expectations regarding demand and acceptance for our financial products, growth opportunities and trends in the market in which we operate, prospects, and plans and objectives of management. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "predicts," "will," "would," "should," "could," "potential," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements involve risks and uncertainties that could cause actual results, events, and/or performance to differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements. Such risks and uncertainties include, without limitation, the risks set forth in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (which was filed with the SEC on February 20, 2026), our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 (which was filed with the SEC on May 1, 2026), our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026 (which was filed with the SEC on July 31, 2026), and this Quarterly Report on Form 10-Q. The forward-looking information we have provided in this Quarterly Report on Form 10-Q pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 should be evaluated in the context of these factors. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update or revise such statements, except as required by the federal securities laws.

Overview

We are a diversified consumer finance company that provides installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. As of September 30, 2026, we operate under the name "Regional Finance" online and in 354 branch locations in 20 states across the United States, serving 559,500 active accounts. Most of our loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. We offer loans directly through our state-licensed operations and, in select states, through our bank partnership program with Column, under which Column is the lender and we act as Column's service provider and program manager. For loans offered under the bank partnership program, we process applications under a credit policy approved by Column. We source our loans through our omni-channel platform, which includes our branches, centrally-managed direct mail campaigns, digital partners, and our consumer website. We also purchase loans that Column offers for sale pursuant to a purchase agreement with Column, except in limited circumstances. We operate an integrated branch model in which nearly all loans, regardless of origination channel, are serviced through our branch network with the support of centralized sales, underwriting, service, collections, and administrative teams. This model provides us with frequent contact with our customers, which we believe improves our credit performance and customer loyalty. Our goal is to consistently grow our finance receivables and to soundly manage our

portfolio risk, while providing our customers with attractive and easy-to-understand loan products that serve their varied financial needs.

Our products include:

Our core products are large and small installment loans. Our primary sources of revenue are interest and fee income from our loan products, of which interest and fees relating to large and small installment loans are the largest component. In addition to interest and fee income from loans, we earn revenue from optional insurance products purchased by customers of our loan products.

Factors Affecting Our Results of Operations

Our business is impacted by several factors affecting our revenues, costs, and results of operations, including the following:

Quarterly Information and Seasonality. Our loan volume and contractual delinquency follow seasonal trends. Demand for our loans is typically highest during the second, third, and fourth quarters, which we believe is largely due to customers borrowing money for vacation, back-to-school, and holiday spending. Loan demand has generally been the lowest during the first quarter, which we believe is largely due to the timing of income tax refunds. Delinquencies generally reach their lowest point in the first half of the year and rise in the second half of the year. Changes in the portfolio could result in releases of the allowance for credit losses in periods of portfolio liquidation and increases to the allowance for credit losses in periods of portfolio growth. Consequently, we experience seasonal fluctuations in our operating results. However, changes in macroeconomic factors, including inflation, higher interest rates, and geopolitical conflict, have impacted our typical seasonal trends for loan volume and delinquency.

Growth in Loan Portfolio. The revenue that we generate from interest and fees is largely driven by the balance of loans that we originate or purchase under our bank partnership program. We source our loans through our branches, centrally-managed direct mail program, digital partners, and consumer website. The majority of our loans, regardless of origination channel, are serviced through our branches. Increasing the number of loans per branch and growing our state footprint allows us to increase the number of customers we are able to serve. We grew our state footprint from 19 to 20 states in May 2026, expanding our operations to Florida. We continue to assess our branch network for clear opportunities to add branches in new and existing states where it is favorable for us to conduct business or consolidate operations into larger branches within close geographic proximity. This branch optimization is consistent with our omni-channel strategy and builds upon our recent successes in entering new states with a lighter branch footprint, while still providing customers with best-in-class service.

Product Mix. We are exposed to different credit risks and charge different interest rates and fees with respect to the various types of loans we offer. Our product mix also varies to some extent by state, and we may further diversify our product mix in the future. The interest rates and fees vary from state to state, depending on the competitive environment and relevant laws and regulations.

Asset Quality and Allowance for Credit Losses. Our results of operations are highly dependent upon the credit quality of our loan portfolio. The credit quality of our loan portfolio is the result of our ability to enforce sound underwriting standards, maintain diligent servicing of the portfolio, and respond to changing economic conditions as we grow our loan portfolio. For loans purchased under our bank partnership program, underwriting is performed under a credit policy approved by Column, and we bear the credit risk on those loans after we purchase the loans.

The primary underlying factors driving the provision for credit losses for each loan type are our underwriting standards, delinquency trends, the general economic conditions in the areas in which we conduct business, loan portfolio growth, and the effectiveness of our servicing and collection efforts. We monitor these factors, and the amount and past due status of all loans, to identify trends that might require us to modify the allowance for credit losses.

Interest Rates. Our costs of funds are affected by changes in interest rates, as the interest rates that we pay on certain of our credit facilities are variable. As a component of our strategy to manage the interest rate risk associated with future interest payments

on our variable-rate debt, a majority of our funding was held at a fixed rate as of September 30, 2026, representing 74% of our total debt balance.

Operating Costs. Our financial results are impacted by the costs of operations and head office functions. Those costs are included in general and administrative expenses within our consolidated statements of comprehensive income.

Bank Partnership Program. In March 2026, we entered into an agreement with Column, under which Column originates certain unsecured and auto-secured installment loan products offered through our platform and other approved channels. This program is an important enabler of our long-term strategy, providing greater product and operational uniformity across states, faster entry into new markets, expanded relationships with our customers, and attractive unit economics as it scales. We perform marketing, application processing, and servicing activities on Column's behalf, in accordance with program policies approved by Column and subject to Column's oversight, audit, and direction. Column may elect to retain loans it originates, which we service on its behalf. We will purchase loans that Column offers for sale under the program, except in limited circumstances.

The bank partnership program impacts the timing and classification of certain revenues and expenses as compared to loans originated under our state-licensed operations. For loans originated under the program, we earn marketing and processing fees from Column that are recognized in other income at the time of origination. In contrast, origination fees associated with loans originated directly by us are generally deferred and recognized in interest and fee income over the life of the loan using the constant yield method. We also receive servicing fee income related to loans retained by Column that are recognized in other income.

In addition, certain personnel and digital affiliate marketing costs that would otherwise be deferred and recognized over the life of a state-licensed originated loan are generally expensed as incurred for loans originated under the bank partnership program within personnel expense and marketing expense, respectively. Other program costs include monthly platform fees and certain ongoing program monitoring expenses that are recorded to other expenses.

As bank partnership loan volumes increase, the program may result in differences in the timing and classification of certain revenues and expenses and change the classification of those amounts within the statement of comprehensive income. Accordingly, growth in bank partnership loan volume may affect the comparability of period-to-period trends in interest and fee income, other income, and general and administrative expenses, as compared to periods prior to the implementation of the program.

Components of Results of Operations

Interest and Fee Income. Our interest and fee income consists primarily of interest earned on outstanding loans. Accrual of interest income on finance receivables is suspended when an account becomes 90 days delinquent. If the account is charged off, the accrued interest income is reversed as a reduction of interest and fee income.

Most states allow certain fees in connection with lending activities, such as loan origination fees, acquisition fees, and maintenance fees. Some states allow for higher fees while keeping interest rates lower. Loan fees are additional charges to the customer and generally are included in the APR shown in the Truth in Lending disclosure that we make to our customers or, for loans made under our bank partnership program, that we deliver on Column's behalf. The fees may or may not be refundable to the customer in the event of an early payoff, depending on state law. Fees associated with loans originated directly by us are recognized as income over the life of the loan on the constant yield method. See the "Factors Affecting Our Results of Operations" above for a discussion of the recognition and classification of fees associated with loans originated under our bank partnership program.

Insurance Income, Net. Our insurance operations are a material part of our overall business and are integral to our lending activities. Insurance income, net consists primarily of earned premiums, net of certain direct costs, from the sale of various optional payment and collateral protection insurance products offered to customers who obtain loans directly from us. Insurance income, net also includes the earned premiums and direct costs associated with the non-file insurance that we purchase to protect us from credit losses where, following an event of default, we are unable to take possession of personal property collateral because our security interest is not perfected. We do not sell insurance to non-borrowers. Direct costs included in insurance income, net are claims paid, claims reserves, ceding fees, and premium taxes paid. We do not allocate to insurance income, net, any other head office or branch administrative costs associated with management of insurance operations, management of our captive insurance company, marketing and selling insurance products, legal and compliance review, or internal audits.

Other Income. Our other income consists of marketing, processing and servicing fee income earned through our bank partnership program, late charges assessed on customers who fail to make a payment within a specified number of days following the due date of the payment, interest income from restricted cash, commissions earned from the sale of club membership products, and investment income from restricted AFS securities.

Provision for Credit Losses. Provisions for credit losses are recorded in amounts that we estimate as sufficient to maintain an allowance for credit losses at an adequate level to provide for lifetime expected credit losses on the related finance receivable portfolio. Credit loss experience, current conditions, reasonable and supportable economic forecasts, delinquency of finance receivables, loan portfolio growth, the value of underlying collateral, and management's judgment are factors used in assessing the overall adequacy of the allowance and the resulting provision for credit losses. Substantial adjustments to the allowance may be necessary if there are significant changes in forecasted economic conditions or loan portfolio performance.

General and Administrative Expenses. Our financial results are impacted by the costs of operations and head office functions. Those costs are included in general and administrative expenses within our consolidated statements of comprehensive income. Our general and administrative expenses are comprised of four categories: personnel, occupancy, marketing, and other.

Our personnel expenses are the largest component of our general and administrative expenses and consist primarily of the salaries and wages, overtime, contract labor, relocation costs, incentives, benefits, and related payroll taxes associated with all of our operations and head office employees.

Our occupancy expenses consist primarily of the cost of renting our facilities, all of which are leased, and the utility, depreciation of leasehold improvements and furniture and fixtures, communication and connectivity services, and other non-personnel costs associated with operating our business.

Our marketing expenses consist primarily of costs associated with our direct mail campaigns (including postage and costs associated with selecting recipients), digital marketing, maintaining our consumer website, and local marketing by branches. These costs are expensed as incurred.

Other expenses consist primarily of legal, compliance, audit, and consulting costs, as well as software maintenance and support, non-employee director compensation, electronic payment processing costs, bank service charges, office supplies, credit bureau charges, and the amortization of software, software licenses, and implementation costs. We frequently experience fluctuations in other expenses as we grow our loan portfolio and expand our market footprint.

For a discussion regarding how risks and uncertainties associated with the current regulatory environment may impact our future expenses, net income, and overall financial condition, see Part II, Item 1A, "Risk Factors."

Interest Expense. Our interest expense consists primarily of paid and accrued interest for debt, unused line fees, and amortization of debt issuance costs.

Income Taxes. Income taxes consist of state and federal income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 change in deferred tax assets and liabilities is recognized in the period in which the change occurs, and the effects of future tax rate changes are recognized in the period in which the enactment of new rates occurs.

Results of Operations

The following table summarizes our results of operations, both in dollars and as a percentage of average net finance receivables (annualized) for the periods indicated:

Information explaining the changes in our results of operations from year-to-year is provided in the following pages.

The following tables summarize the quarterly trends of our financial results for the periods indicated:

Comparison of September 30, 2026, versus September 30, 2025

The following discussion and table describe the changes in finance receivables by product type for the periods indicated:

Comparison of the Three Months Ended September 30, 2026, versus the Three Months Ended September 30, 2025

Net Income. Net income increased $0.8 million, or 5.3%, to $15.1 million during the three months ended September 30, 2026, from $14.4 million during the prior-year period. The change in net income is explained in greater detail below.

Revenue. Total revenue increased $13.3 million, or 8.0%, to $178.8 million during the three months ended September 30, 2026, from $165.5 million during the prior-year period. The components of revenue are explained in greater detail below.

Interest and Fee Income. Interest and fee income increased $7.1 million, or 4.8%, to $155.7 million during the three months ended September 30, 2026, from $148.7 million during the prior-year period. The increase was primarily due to an 8.5% increase in average net finance receivables, partially offset by a 1.0% decrease in interest and fee yield. The decrease in yield was primarily due to the continued mix shift toward larger loans and auto-secured products, which carry lower yields and lower loss rates, as well as pricing changes and credit performance.

The following table sets forth the average net finance receivables balance and interest and fee yield for our loan products for the periods indicated:

Total originations increased to $530.3 million during the three months ended September 30, 2026, from $522.3 million during the prior-year period. Large loan originations increased $42.9 million, or 11.8%, driven by growth in our auto-secured loan portfolio, new branches opened during 2025 and 2026, and the transition of small loan customers to large loans. The increase was partially offset by a $34.9 million, or 21.9%, decrease in small loan originations driven by tightened underwriting in higher-risk business. The following table represents the principal balance of loans originated, refinanced, and purchased for the periods indicated:

The following table summarizes the components of the increase in interest and fee income when comparing the three months ended September 30, 2026 and 2025:

Insurance Income, Net. Insurance income, net decreased $0.7 million, or 5.8%, to $10.7 million during the three months ended September 30, 2026, from $11.4 million during the prior-year period. During both the three months ended September 30, 2026 and 2025, personal property insurance premiums represented the largest component of aggregate earned insurance premiums, and life insurance claims expense represented the largest component of direct insurance expenses.

The following table summarizes the components of insurance income, net for the periods indicated:

Earned premiums decreased by $0.8 million, and claims, reserves, and certain direct expenses decreased by $0.2 million, in each case compared to the prior-year period. The decrease in earned premiums was primarily attributable to growth in bank partnership loans, for which certain insurance products are not offered.

Other Income. Other income increased $6.9 million, or 126.8%, to $12.3 million during the three months ended September 30, 2026, from $5.4 million during the prior-year period, primarily due to marketing, processing, and servicing fee income earned through our bank partnership program of $6.7 million and an increase in sales of our club membership products of $0.3 million.

Provision for Credit Losses. Our provision for credit losses increased $5.7 million, or 9.4%, to $66.2 million during the three months ended September 30, 2026, from $60.5 million during the prior-year period. The increase was due to an increase in net credit losses of $8.1 million, partially offset by a $2.4 million lower build in the allowance for credit losses, in each case compared to the prior-year period. The increase in the provision for credit losses is explained in greater detail below.

Allowance for Credit Losses. We evaluate delinquency and losses in each of our loan products in establishing the allowance for credit losses. During the three months ended September 30, 2026 and 2025, the allowance for credit losses included builds of $6.8 million and $9.2 million, respectively. The lower build in the allowance year-over-year was primarily driven by lower portfolio growth, partially offset by changes in estimated future macroeconomic impacts on credit losses. The allowance for credit losses as a percentage of net finance receivables increased to 10.4% as of September 30, 2026, from 10.3% as of September 30, 2025, primarily due to changes in estimated future macroeconomic impacts on credit losses.

Net Credit Losses. Net credit losses increased $8.1 million, or 15.8%, to $59.4 million during the three months ended September 30, 2026, from $51.3 million during the prior-year period. The net credit loss rate was 10.9% during the three months ended September 30, 2026, compared to 10.2% during the prior-year period. The increase in the net credit loss rate was attributable to loans originated in 2025 within higher-risk segments (for which underwriting standards have since been tightened) and the impact of slower portfolio growth during the nine months ended September 30, 2026, compared to the same period in 2025.

Delinquency Performance. Our delinquency rate increased to 7.5% as of September 30, 2026, from 7.0% as of the prior-year period. The increase included the impacts from the performance of higher-risk segments that we have since tightened and slower portfolio growth during the nine months ended September 30, 2026, compared to the same period in 2025.

The following tables include delinquency balances by aging category and by product for the periods indicated:

General and Administrative Expenses. Our general and administrative expenses increased $4.6 million, or 7.1%, to $68.6 million during the three months ended September 30, 2026, from $64.1 million during the prior-year period. The increase in general and administrative expenses is explained in greater detail below.

Personnel. The largest component of general and administrative expenses was personnel expense, which increased $1.0 million, or 2.6%, to $40.5 million during the three months ended September 30, 2026, from $39.5 million during the prior-year period. The increase was primarily driven by a reduction in capitalized loan origination costs of $2.2 million, which was inclusive of a $1.7 million reduction associated with labor costs for the bank partnership program that are expensed as incurred rather than deferred (as described above in "Factors Affecting Our Results of Operations"), increased labor costs of $1.0 million to support growth, and increased recruiter fees of $0.2 million. The increase was partially offset by lower incentive compensation of $1.6 million, lower severance expense of $0.5 million, and lower executive costs of $0.3 million.

Occupancy. Occupancy expenses increased $0.3 million, or 4.1%, to $7.5 million during the three months ended September 30, 2026, from $7.2 million during the prior-year period, primarily due to expenses associated with opening 14 new branches since the prior-year period.

Marketing. Marketing expenses increased $1.1 million, or 26.1%, to $5.3 million during the three months ended September 30, 2026, from $4.2 million during the prior-year period. The increase was primarily due to higher digital marketing costs of $0.7 million, $0.5 million of which were digital marketing costs associated with the bank partnership program that are expensed as incurred rather than deferred (as described above in "Factors Affecting Our Results of Operations"), and an increase in direct mail activity of $0.4 million to support growth.

Other Expenses. Other expenses increased $2.1 million, or 16.2%, to $15.3 million during the three months ended September 30, 2026, from $13.2 million during the prior-year period. Other expenses increased $1.4 million due to deployment of digital and technological capabilities, including our new front-end branch origination platform, and $0.3 million due to higher credit bureau fees. In addition, we often experience increases in other expenses including legal expenses, bank fees, and certain professional expenses as we grow our loan portfolio and expand our market footprint.

Operating Expense Ratio. Our operating expense ratio decreased to 12.6% during the three months ended September 30, 2026, from 12.8% during the prior-year period, as we have grown our loan portfolio and controlled expense growth. The current-period ratio was inclusive of a 40 basis point increase related to bank partnership origination costs that are expensed as incurred rather than deferred (as described above in "Factors Affecting Our Results of Operations").

Interest Expense. Interest expense increased $2.2 million, or 9.9%, to $24.1 million during the three months ended September 30, 2026, from $22.0 million during the prior-year period primarily due to an increase in the average balance of our debt

facilities. The average balance of our debt facilities increased to $1.7 billion during the three months ended September 30, 2026, from $1.5 billion during the prior-year period. Our cost of funds remained consistent at 4.4% during the three months ended September 30, 2026 and 2025.

Income Taxes. Income taxes increased $0.1 million, or 2.3%, to $4.7 million during the three months ended September 30, 2026, from $4.6 million during the prior-year period. The increase was primarily due to a $0.9 million increase in income before income taxes compared to the prior-year period. Our effective tax rates were 23.8% and 24.3% for the three months ended September 30, 2026 and 2025, respectively.

Comparison of the Nine Months Ended September 30, 2026, versus the Nine Months Ended September 30, 2025

Net Income. Net income increased $3.2 million, or 10.0%, to $34.7 million during the nine months ended September 30, 2026, from $31.5 million during the prior-year period. The change in net income is explained in greater detail below.

Revenue. Total revenue increased $38.2 million, or 8.0%, to $514.1 million during the nine months ended September 30, 2026, from $475.9 million during the prior-year period. The components of revenue are explained in greater detail below.

Interest and Fee Income. Interest and fee income increased $30.4 million, or 7.1%, to $456.3 million during the nine months ended September 30, 2026, from $425.9 million during the prior-year period, primarily due to a 10.4% increase in average net finance receivables. The increase was partially offset by a 0.9% decrease in interest and fee yield. The decrease in yield was primarily due to the continued mix shift toward larger loans and auto-secured products, which carry lower yields and lower loss rates, as well as pricing changes and credit performance.

The following table sets forth the average net finance receivables balance and interest and fee yield for our loan products for the periods indicated:

Total originations remained consistent at $1.4 billion during both the nine months ended September 30, 2026 and the prior-year period. The following table represents the principal balance of loans originated, refinanced, and purchased for the periods indicated:

The following table summarizes the components of the increase in interest and fee income when comparing the nine months ended September 30, 2026 and 2025:

Insurance Income, Net. Insurance income, net decreased $0.7 million, or 2.0%, to $33.5 million during the nine months ended September 30, 2026, from $34.2 million during the prior-year period. During both the nine months ended September 30, 2026 and 2025, personal property insurance premiums represented the largest component of aggregate earned insurance premiums. During both the nine months ended September 30, 2026 and 2025, life insurance claims expense represented the largest component of direct insurance expenses.

The following table summarizes the components of insurance income, net for the periods indicated:

Earned premiums decreased by $0.1 million, and claims, reserves, and certain direct expenses increased by $0.5 million, in each case compared to the prior-year period. The decrease in earned premiums was primarily attributable to growth in bank partnership loans, for which certain insurance products are not offered. Claims, reserves, and direct expenses increased primarily due to a prior-year release in personal property insurance reserves related to previous hurricane activity.

Other Income. Other income increased $8.4 million, or 53.5%, to $24.2 million during the nine months ended September 30, 2026, from $15.8 million during the prior-year period, primarily due to marketing, processing, and servicing fee income earned through our bank partnership program of $8.5 million.

Provision for Credit Losses. Our provision for credit losses increased $21.0 million, or 11.7%, to $200.0 million during the nine months ended September 30, 2026, from $179.1 million during the prior-year period. The increase was due to an increase in net credit losses of $23.6 million, partially offset by the change in the allowance for credit losses of $2.6 million, in each case compared to the prior-year period. The increase in the provision for credit losses is explained in greater detail below.

Allowance for Credit Losses. We evaluate delinquency and losses in each of our loan products in establishing the allowance for credit losses. During the nine months ended September 30, 2026 and 2025, the allowance for credit losses included builds of $9.9 million and $12.5 million, respectively. The allowance for credit losses as a percentage of net finance receivables increased to 10.4% as of September 30, 2026, from 10.3% as of September 30, 2025, primarily due to changes in estimated future macroeconomic impacts on credit losses.

Net Credit Losses. Net credit losses increased $23.6 million, or 14.2%, to $190.1 million during the nine months ended September 30, 2026, from $166.6 million during the prior-year period. The net credit loss rate was 11.9% during the nine months ended September 30, 2026, compared to 11.5% during the prior-year period. The increase in the net credit loss rate was attributable to loans originated in 2025 within higher-risk segments (for which underwriting standards have since been tightened) and the impact of slower portfolio growth during the nine months ended September 30, 2026, compared to the same period in 2025.

Delinquency Performance. Our delinquency rate increased to 7.5% as of September 30, 2026, from 7.0% as of the prior-year period. The increase included the impacts from the performance of higher-risk segments that we have since tightened and slower portfolio growth during the nine months ended September 30, 2026, compared to the same period in 2025.

General and Administrative Expenses. Our general and administrative expenses increased $5.7 million, or 2.9%, to $198.7 million during the nine months ended September 30, 2026, from $193.1 million during the prior-year period. The increase in general and administrative expenses is explained in greater detail below.

Personnel. The largest component of general and administrative expenses was personnel expense, which increased $0.1 million, or 0.1%, to $119.3 million during the nine months ended September 30, 2026, from $119.2 million during the prior-year period. The increase was driven by higher labor costs of $2.4 million to support growth, a reduction in capitalized loan origination costs of $1.8 million, which was inclusive of a $2.2 million reduction associated with labor costs for the bank partnership program that are expensed as incurred rather than deferred (as described above in "Factors Affecting Our Results of Operations"), and higher recruiter fees of $0.4 million. The increase was partially offset by lower incentive compensation of $3.0 million, lower executive transition costs of $1.1 million, and lower severance expense of $0.5 million.

Occupancy. Occupancy expenses increased $1.2 million, or 5.7%, to $22.2 million during the nine months ended September 30, 2026, from $21.0 million during the prior-year period, primarily due to expenses associated with opening 14 new branches since the prior-year period.

Marketing. Marketing expenses decreased $0.3 million, or 2.0%, to $14.4 million during the nine months ended September 30, 2026, from $14.7 million during the prior-year period. The decrease was primarily due to optimization of our framework for direct mail marketing of $1.3 million, partially offset by higher digital marketing costs of $1.0 million, $0.6 million of which were associated with the bank partnership program that are expensed as incurred rather than deferred (as described above in "Factors Affecting Our Results of Operations").

Other Expenses. Other expenses increased $4.7 million, or 12.3%, to $42.9 million during the nine months ended September 30, 2026, from $38.2 million during the prior-year period. Other expenses increased $3.1 million due to deployment of digital and technological capabilities, including our new front-end branch origination platform, $0.7 million due to higher credit bureau fees, and $0.5 million due to bank partnership fees. In addition, we often experience increases in other expenses including legal expenses, bank fees, and certain professional expenses as we grow our loan portfolio and expand our market footprint.

Operating Expense Ratio. Our operating expense ratio decreased to 12.4% during the nine months ended September 30, 2026, from 13.3% during the prior-year period, as we have grown our loan portfolio and controlled expense growth. The current-period ratio was inclusive of a 20 basis point increase related to bank partnership origination costs that are expensed as incurred rather than deferred (as described above in "Factors Affecting Our Results of Operations").

Interest Expense. Interest expense increased $7.9 million, or 12.7%, to $70.1 million during the nine months ended September 30, 2026, from $62.2 million during the prior-year period primarily due to an increase in the average balance of our debt facilities. The average balance of our debt facilities increased to $1.7 billion during the nine months ended September 30, 2026, from $1.5 billion during the prior-year period. Our cost of funds increased 0.1% to 4.4% during the nine months ended September 30, 2026, from 4.3% during the prior-year period.

Income Taxes. Income taxes increased $0.5 million, or 4.5%, to $10.6 million during the nine months ended September 30, 2026, from $10.1 million during the prior-year period. The increase was primarily due to a $3.6 million increase in income before income taxes compared to the prior-year period. Our effective tax rates were 23.4% and 24.3% for the nine months ended September 30, 2026 and 2025, respectively.

Liquidity and Capital Resources

Our primary cash needs relate to the funding of our lending activities, including the purchase of loans from Column under our bank partnership program, and, to a lesser extent, expenditures relating to improving our technology infrastructure and expanding and maintaining our branch locations. We have historically financed, and plan to continue to finance, our short-term and long-term operating liquidity and capital needs through a combination of cash flows from operations and borrowings under our debt facilities, including our senior revolving credit facility, revolving warehouse credit facilities, and asset-backed securitization transactions, all of which are described below. We continue to seek ways to diversify our funding sources. As of September 30, 2026, our funded debt-to-equity ratio was 4.6 to 1.0 and our stockholders' equity ratio was 17.3%, compared to 4.4 to 1.0 and 17.7%, respectively, as of December 31, 2025.

Cash increased to $7.6 million as of September 30, 2026, from $3.8 million as of December 31, 2025. We had immediate availability to draw down cash from our revolving credit facilities of $96.4 million and $145.3 million as of September 30, 2026 and December 31, 2025, respectively. Our unused capacity on our revolving credit facilities (subject to the borrowing base) was $323.8 million and $511.4 million as of September 30, 2026 and December 31, 2025, respectively. Our debt balance was $1.7 billion as of both September 30, 2026 and December 31, 2025.

Based upon anticipated cash flows, we believe that cash flows from operations and our various financing alternatives will provide sufficient financing for debt maturities and operations over the next twelve months, as well as into the future.

From time to time, we have extended the maturity date of and increased the borrowing limits under our senior revolving credit facility. While we have successfully obtained such extensions and increases in the past, there can be no assurance that we will be able to do so if and when needed in the future. As of September 30, 2026, the revolving period maturities of our revolving credit facilities and securitizations (each as described below within "Financing Arrangements and Restricted Cash Reserve Accounts") ranged from November 2026 to August 2028, with the exception of the RMIT 2022-1, RMIT 2021-2, and RMIT 2021-3 securitizations, for which the revolving periods ended in February 2025, July 2026, and September 2026, respectively. We had not exercised our right to redeem

the notes of any of these securitizations as of September 30, 2026. There can be no assurance that we will be able to secure an extension of the warehouse credit facilities or close additional securitization transactions if and when needed in the future.

Dividends and Stock Repurchases.

The Board may in its discretion declare and pay cash dividends on our common stock. The following table sets forth the quarterly dividends declared and paid for the nine months ended September 30, 2026:

While we intend to pay our quarterly dividend for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant. Our dividend payments may change from time to time, and the Board may choose not to continue to declare dividends in the future.

See Note 14, "Subsequent Events" of the Notes to Consolidated Financial Statements in Part I, Item 1, "Financial Statements," for information regarding our cash dividend following the end of the fiscal quarter.

In December 2024, we announced that the Board had authorized a $30.0 million stock repurchase program. The authorization was effective immediately and extended through December 31, 2026. In November 2025, we announced that our Board had approved a $30.0 million increase in the amount authorized under the stock repurchase program announced in December 2024, from $30.0 million to $60.0 million. The authorization was effective immediately and extends through June 30, 2027. As of September 30, 2026, we had repurchased 1.4 million shares of common stock at a total cost of $50.4 million, including commissions and excise taxes, over the life of the program.

Cash Flow.

Operating Activities. Net cash provided by operating activities during the nine months ended September 30, 2026 was $244.3 million, compared to $229.0 million during the prior-year period, a net increase of $15.3 million. The increase in net cash provided was primarily due to the year-over-year growth of our loan portfolio.

Investing Activities. Investing activities consist of originations and repayments of finance receivables, purchases of intangible assets, and purchases of property and equipment. Net cash used in investing activities during the nine months ended September 30, 2026 was $265.5 million, compared to $328.0 million during the prior-year period, a net decrease in cash used of $62.5 million. The decrease in net cash used was primarily due to higher repayments of finance receivables.

Financing Activities. Financing activities consist of borrowings and payments on our outstanding indebtedness. Net cash provided by financing activities during the nine months ended September 30, 2026 was $64.1 million, compared to $71.9 million during the prior-year period, a net decrease of $7.8 million. The decrease in net cash provided was primarily due to an increase in the repurchases of common stock and a decrease in the net advances on debt instruments.

Financing Arrangements and Restricted Cash Reserve Accounts.

As of September 30, 2026, we had five credit facilities outstanding and, from time to time, we engage in the private offering and sale of asset-backed notes. As part of our overall funding strategy, we have transferred certain finance receivables to affiliated VIEs for asset-backed financing transactions. Our debt arrangements described below, other than our senior revolving credit facility, are issued by each of our RMR and RMIT SPEs, which are considered VIEs under GAAP. These debts are supported by the expected cash flows from the underlying collateralized finance receivables. Collections on these finance receivables are remitted to restricted cash collection accounts, which totaled $111.8 million and $81.8 million as of September 30, 2026 and December 31, 2025, respectively. Our debt arrangements also contain various debt covenants. We were in compliance with all such debt covenants as of September 30, 2026.

Revolving Credit Facilities. The following is a summary of our revolving credit facilities as of September 30, 2026:

Securitizations. The following is a summary of our securitizations as of September 30, 2026:

RMC Reinsurance. Our wholly owned subsidiary, RMC Reinsurance, Ltd., is required to maintain reserves against life insurance policies ceded to it, as determined by the ceding company. These reserves are comprised of restricted cash and restricted AFS investments. As of September 30, 2026, the reserves totaled $24.6 million.

Critical Accounting Policies and Estimates

Management's discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP and conform to general practices within the consumer finance industry. The preparation of these financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities for the periods indicated in the financial statements. Management bases estimates on historical experience and other assumptions it believes to be reasonable under the circumstances and evaluates these estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.

Allowance for Credit Losses.

The allowance for credit losses is based on historical credit experience, current conditions, and reasonable and supportable economic forecasts. The historical loss experience is adjusted for quantitative and qualitative factors that are not fully reflected in the historical data. In determining our estimate of expected credit losses, we evaluate information related to credit metrics, changes in our lending strategies and underwriting practices, and the current and forecasted direction of the economic and business environment. These metrics include, but are not limited to, loan portfolio mix and growth, unemployment, credit loss trends, delinquency trends, changes in underwriting, and operational risks.

We selected a PD / LGD model to estimate our base allowance for credit losses, in which the estimated loss is equal to the product of PD and LGD. Historical net finance receivables are tracked over the term of the pools to identify the incidences of loss (PDs) and the average severity of losses (LGDs).

To enhance the precision of the allowance for credit loss estimate, we evaluate our finance receivable portfolio on a pool basis and segment each pool of finance receivables with similar credit risk characteristics. As part of our evaluation, we consider loan portfolio characteristics such as product type, loan size, loan term, internal or external credit scores, delinquency status, geographical location, and vintage. Based on analysis of historical loss experience, we selected the following segmentation: product type, FICO score, and delinquency status.

As finance receivables are originated or purchased, provisions for credit losses are recorded in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for estimated losses over the contractual life of the finance receivables (considering the effect of prepayments). Subsequent changes to the contractual terms that are a result of re-underwriting are not

included in the finance receivable's contractual life (considering the effect of prepayments). We use our segmentation loss experience to forecast expected credit losses. Historical information about losses generally provides a basis for the estimate of expected credit losses. We also consider the need to adjust historical information to reflect the extent to which current conditions differ from the conditions that existed for the period over which historical information was evaluated. These adjustments to historical loss information may be qualitative or quantitative in nature.

Macroeconomic forecasts are required for our allowance for credit loss model and require significant judgment and estimation uncertainty. We consider key economic factors, most notably unemployment rates, to incorporate into our estimate of the allowance for credit losses. We engaged a major rating service provider to assist with compiling a reasonable and supportable forecast which we use to support the adjustments of our historical loss experience.

Due to the judgment and uncertainty in estimating the expected credit losses, we may experience changes to the macroeconomic assumptions within our forecast, as well as changes to our credit loss performance outlook, both of which could lead to further changes in our allowance for credit losses, allowance as a percentage of net finance receivables, and provision for credit losses. Potential macroeconomic changes have created conditions that increase the level of uncertainty associated with our estimate of the amount and timing of future credit losses from our loan portfolio.

Macroeconomic Sensitivity. To demonstrate the sensitivity of forecasting macroeconomic conditions, we stressed our macroeconomic model with a 10% increased weighting toward slower near-term growth that would have increased our reserves as of September 30, 2026 by $1.7 million.

The macroeconomic scenarios are highly influenced by timing, severity, and duration of changes in the underlying economic factors. This makes it difficult to estimate how potential changes in economic factors affect the estimated credit losses. Therefore, this hypothetical analysis is not intended to represent our expectation of changes in our estimate of expected credit losses due to a change in the macroeconomic environment, nor does it consider management's judgment of other quantitative and qualitative information which could increase or decrease the estimate.