We remind the reader that risk factors are set forth in Item 1A of our report on Form 10-K, filed with the U.S. Securities and Exchange Commission on March 16, 2026. Where we are aware of material changes to such risk factors as previously disclosed, we set forth below an updated discussion of such risks. The reader should note that the other risks identified in our report on Form 10-K remain applicable. We have substantial indebtedness. We have and will continue to have a substantial amount of indebtedness. At June 30, 2026, we had approximately $4,008.3 million debt outstanding. Such debt consisted primarily of $3,131.1 million of securitization trust debt and $679.9 million of debt from warehouse lines of credit. Our securitization trust debt has increased by $144.5 million while our warehouse lines of credit debt has also increased by $355.0 million since December 31, 2025 (each net of deferred financing costs). Since 2005, we have offered renewable subordinated notes to the public on a continuous basis, and such notes have maturities that range from six months to 10 years. We had $28.5 million and $29.0 million in subordinated renewable notes outstanding at June 30, 2026, and December 31, 2025, respectively. In June 2021, March 2024, March 2025, and again in March 2026, we completed a securitization of residual interests from other previously issued securitizations in the amounts of $50 million, $50 million, $65 million, and $50 million, respectively. As of June 30, 2026, $168.8 million of the residual interest debt remains outstanding. Our substantial indebtedness could adversely affect our financial condition by, among other things: · increasing our vulnerability to general adverse economic and industry conditions. · requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the amounts available for working capital, capital expenditures and other general corporate purposes. · limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate. · placing us at a competitive disadvantage compared to our competitors that have less debt; and · limiting our ability to borrow additional funds. Although we believe we are able to service and repay such debt, there is no assurance that we will be able to do so. If we do not generate sufficient operating profits, our ability to make the required payments on our debt would be impaired. Failure to pay our indebtedness when due could have a material adverse effect. 43