- PROG Holdings announced the sale of its Vive Financial credit card receivables portfolio to Atlantica Holdings for approximately $150 million, a move aimed at improving capital efficiency.
- The sale of Vive, which has been part of PROG since 2016, is expected to enhance the company's profitability profile and balance sheet strength.
- PROG will partner with Fortiva, a division of Atlanticus, to ensure continuity of payment options for retail partners and consumers, maintaining access to flexible payment solutions.
- The proceeds from the sale provide additional liquidity and flexibility, allowing PROG to focus on growth initiatives, M&A, and shareholder returns.
Explore Similar Insights
- Big Lots bankruptcy from late 2024 caused approximately $40 million GMV headwind in Q2.
- Deliberate tightening actions in late 2024 and early 2025 impacted GMV, with effects expected to lap in Q4 2025 and Q1 2026.
- Adjusted GMV growth ex-Headwinds was around 1%, with a pro forma high single-digit to 10% growth trajectory.
- Consolidated adjusted EBITDA was $67 million, or 11.3% of revenue, up from $63.5 million in 2024.
- Four Technologies delivered eighth consecutive quarter of triple-digit GMV and revenue growth, generating $11.1 million adjusted EBITDA year-to-date with 23% margin.
- Non-GAAP diluted EPS of $0.90 exceeded guidance range of $0.70 to $0.75, marking the third consecutive earnings beat this year.
- Progressive Leasing GMV declined 10% year-over-year to $410.9 million, but adjusted for Big Lots and tightening, underlying GMV grew mid-single digits.
- Progressive Leasing gross margin expanded by approximately 80 basis points year-over-year to 32%.
- Q3 2025 consolidated revenue was $590.1 million, slightly down year-over-year due to Big Lots bankruptcy and smaller lease portfolio.
- Q3 Progressive Leasing EBITDA was $64.5 million or 11.6% of revenue, within the 11%-13% margin target.
- Write-offs improved to 7.4%, within targeted 6% to 8% annual range, showing sequential and year-over-year improvement.
- Veris Residential has sold or entered contracts for $542 million of non-strategic assets, surpassing the initial $300-$500 million target and raising it to $650 million.
- The company expects the Harborside 8/9 sale to close early next year, generating $0.04 of run rate earnings and further reducing net debt-to-EBITDA to around 9x.
- Proceeds from asset sales are being used to pay down debt, with a goal to delever to below 8x by the end of 2026, significantly strengthening the balance sheet.
- Management emphasized that these strategic asset sales are central to their plan to unlock value and improve financing options, including reducing the cost of capital.
- The company’s focus on monetizing non-core assets is expected to create more optionality and flexibility for future financing and growth strategies.
- Veris Residential has executed or completed approximately $450 million of non-strategic asset sales year-to-date, surpassing the initial target of $300-$500 million by 2026.
- Recent sales include Signature Place in New Jersey for $85 million and 145 Front Street in Worcester for $122 million, both at a cap rate of 5.1%.
- Additional binding contracts for $180 million in sales are expected to close soon, supporting the goal to reduce leverage to below 9x by 2026.
- The asset sales are primarily aimed at deleveraging the balance sheet and reducing debt costs, with a focus on smaller assets and land.
- Pathward has successfully closed the gap to its target asset mix, emphasizing balance sheet optimization in 2025.
- The company moved more than half of its consumer portfolio to held-for-sale, generating a $14.3 million credit provision release.
- Liquidity remains strong at $2.3 billion, with plans to redeploy liquidity from asset sales.
- The sale of the consumer portfolio is expected to impact net interest margin and pre-tax income in 2026, but guidance remains unchanged.
- Management highlighted the importance of maintaining an optimal asset mix to support future growth and risk management.
- The balance sheet strategy includes a focus on risk-adjusted returns and risk management through divestitures.
- Proactive sale of $60 million in nonowner-occupied CRE hospitality loans during the quarter.
- Resulted in a net $2 million gain and allowed the reversal of related reserves, leading to no provision for the quarter.
- Part of ongoing balance sheet optimization and risk reduction efforts.
- Adjusted EBITDA was $179 million with a margin of 50.8%, slightly above guidance due to positive asset mix and annual fee realization.
- Adjusted net income was $133 million or $1.57 per diluted share, a 15% increase in EPS from the prior quarter.
- GAAP operating margin was 26.8%, impacted by $53 million in acquisition-related restructuring and integration costs.
- Net leverage ratio improved to 1.2x, the lowest since IPO, and debt-to-equity ratio improved to 0.39.
- Revenue rose 60% from the prior quarter to $351.2 million, driven by the acquisition of Pioneer Investments.
- The Board increased the share repurchase authorization from $200 million to $500 million, the largest in company history.
- Total client assets increased by 76% quarter-over-quarter to over $300 billion, a record high for a quarter end.
- Primis highlighted its wide operating leverage, with incremental margins in the mid-4% range, driven by the sale of the life premium portfolio and the addition of the warehouse lending team.
- The company emphasized that its digital platform is scalable and targeted, contributing $36 million at a 4.06% rate, supporting low-cost deposits and high-yield lending.
- Management stressed that deposit costs have decreased by 32% year-over-year to 2.89%, significantly improving margin and deposit competitiveness.
- Prudential is moving from a multi-manager model with six independent units to one integrated asset management business to improve revenues, reduce costs, and enhance margins.
- The new structure combines public and private credit capabilities into a single global platform managing over $1 trillion in credit assets.
- The reorganization aims to deliver a seamless client experience, better cross-selling, and stronger competitive positioning, with an expected margin improvement and revenue growth.
Dafinchi