0001653558-26-000066 | 10-K | XBRL Viewer | Priority Technology Holdings INC

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Fair Value - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 28,400
Contingent/deferred consideration, current portion	1,163	$ 3,891
Contingent consideration noncurrent	27,200
Notes receivable, fair value	19,700	8,600
Short-term investments, fair value	25,000
Long term incentive award, fair value	4,500
Line of Credit \| Secured Debt \| 2024 Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 998,300	$ 944,400

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (387,534)	$ (348,927)
Total	$ 313,090
Weighted-average Useful Life	9 years 4 months 24 days	9 years 6 months
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Value	$ 702,724	$ 589,801
Accumulated Amortization	(387,534)	(348,927)
Net Carrying Value	315,190	240,874
Amortization expense	44,415	44,145	$ 56,901
Amortization of acquisition costs	2,400	2,000	$ 1,000
Money Transmitter Licenses
Indefinite-lived Intangible Assets [Line Items]
Money transmitter licenses	2,100	2,100
ISO and referral partner relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	223,016	182,339
Accumulated Amortization	(63,701)	(49,501)
Total	$ 159,315	$ 132,838
Weighted-average Useful Life	13 years 9 months 18 days	14 years 7 months 6 days
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (63,701)	$ (49,501)
Residual buyouts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	177,864	143,862
Accumulated Amortization	(119,861)	(104,766)
Total	$ 58,003	$ 39,096
Weighted-average Useful Life	6 years	6 years 2 months 12 days
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (119,861)	$ (104,766)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	139,463	109,017
Accumulated Amortization	(98,478)	(95,320)
Total	$ 40,985	$ 13,697
Weighted-average Useful Life	8 years 9 months 18 days	8 years 4 months 24 days
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (98,478)	$ (95,320)
Merchant portfolios
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	83,350	83,350
Accumulated Amortization	(68,787)	(65,285)
Total	$ 14,563	$ 18,065
Weighted-average Useful Life	6 years 6 months	6 years 6 months
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (68,787)	$ (65,285)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	63,602	58,639
Accumulated Amortization	(32,684)	(27,473)
Total	$ 30,918	$ 31,166
Weighted-average Useful Life	8 years 6 months	8 years 8 months 12 days
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (32,684)	$ (27,473)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		3,390
Accumulated Amortization		(3,390)
Total		$ 0
Weighted-average Useful Life		0 years
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization		$ (3,390)
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	13,329	7,104
Accumulated Amortization	(4,023)	(3,192)
Total	$ 9,306	$ 3,912
Weighted-average Useful Life	10 years 7 months 6 days	10 years 7 months 6 days
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (4,023)	$ (3,192)

Nature of Business and Significant Accounting Policies - The Business (Details) - Money transmission services	Dec. 31, 2025 state territory
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of states in which entity operates \| state	46
Number of territories in which entity operates \| territory	2

Segment Information - Schedule of Reconciliation of Adjusted EBITDA to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA	$ 308,615	$ 271,454	$ 222,628
Adjustment for corporate items	811,764	746,281	674,088
Revenues	953,009	879,702	755,612
Depreciation and amortization	(63,183)	(58,041)	(68,395)
Interest expense	(90,654)	(88,948)	(76,108)
Debt modification and extinguishment expenses	(12,514)	(10,369)	0
Selling, general and administrative (non-recurring)	(5,718)	(3,510)	(9,825)
Salary and employee benefits (non-recurring)	(2,501)
Non-cash stock based compensation(6)	(8,306)	(6,118)	(6,768)
Non cash other losses			(84)
Income before income taxes	46,279	37,281	7,152
Corporate Reconciling Items And Eliminations
Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Adjustment for corporate items	(73,749)	(63,791)	(53,315)
Eliminations
Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes
Revenues	$ (5,711)	$ (3,396)	$ (981)

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Company contributions to the plan	$ 2.6	$ 2.4	$ 2.0

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Payslate

On January 21, 2025, Priority’s wholly owned subsidiary, Priority Canada Acquisition Company, Inc. (the "acquiring entity"), acquired 100% of the equity interest in Payslate Inc. (Canada), and its subsidiary Rentmoola Payment Solutions Ltd (United Kingdom) (jointly referred as "Letus business"). The Letus business is engaged in processing of rent payments for property management companies in the United States and Canada. The acquisition will provide synergy opportunities to the Company's Treasury Solutions rent payment business and expand Priority's services in Canada. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The total purchase consideration was $8.8 million, consisting of $4.4 million in cash consideration funded by the Company’s cash flows net of cash acquired, deferred consideration of $4.3 million and contingent consideration of $0.1 million.

The deferred consideration of $4.3 million was recorded at the fair value on the acquisition date. The deferred consideration will be paid monthly equal to 40% of gross profit under the agreement and total payments will not exceed $6.5 million. Any amount remaining but unpaid will be paid in full by January 21, 2030. The Company will accrete interest expense on the deferred consideration throughout the period, which was $0.5 million for the twelve months ended December 31, 2025. As of

December 31, 2025, total deferred consideration was $4.7 million, $1.1 million included in accounts payable and accrued expenses and $3.6 million included in noncurrent liabilities on the Consolidated Balance Sheets.

Results for the Letus business since the acquisition are included within the Treasury Solutions segment, which includes $1.0 million in revenue and a net loss of $1.0 million for the twelve months ended December 31, 2025.

The purchase price allocation is set forth in the table below:


(in thousands)
Consideration:
Cash(1)	$	4,627
Deferred consideration (2)	4,282
Contingent consideration(3)	104
Less: cash acquired	(175)
Total purchase consideration, net of cash acquired	$	8,838

Recognized amounts of assets acquired and liabilities assumed(4):
Accounts receivable	$	149
Prepaid expenses	229
Property, equipment and software	8
Goodwill	6,070
Intangible assets:
Customer relationships	1,555
Trademarks	480
Technology	706
Accounts payable and accrued expenses	(359)
Total purchase consideration	$	8,838

(1)Cash at closing net of working capital adjustments.

(2)The fair value of the deferred consideration was determined utilizing a Monte Carlo simulation. The payments were calculated based on the path for the simulated metrics and the contractual terms of the deferred consideration payments and were discounted to present value at a rate reflecting a risk associated with the payoffs. The fair value was estimated to be the average present value of the deferred consideration payments over all iterations of the simulation.

(3)The contingent consideration represents the fair value of the share of net operating loss carryforwards owed to the seller in the future.

(4)Includes deferred tax asset of $3.8 million which has a full valuation allowance.

Goodwill of $6.1 million arising from the acquisition primarily consists of the expected synergies and other benefits from combining operations. There was no goodwill deductible for income tax purposes. The goodwill was 100% allocated to the Company's Treasury Solutions reportable segment.

The Company incurred $0.5 million in acquisition related costs, which primarily consisted of consulting, legal and accounting and valuation expenses. These expenses were recorded in selling, general and administrative expenses in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Based on the purchase consideration and pre-acquisition operating results, this business combination did not meet the materiality requirements for pro forma disclosures.

Sila

On August 26, 2025, Priority's wholly owned subsidiary, Priority Tech Ventures, LLC (the "acquiring entity"), through its merger subsidiary, acquired all outstanding shares, including all voting interests, in Sila Inc. ("the "Sila business" or "Sila"). Sila is a payment platform that enables ACH transfers, instant settlement, digital wallets and built-in compliance through a simple application programming interface. Technology acquired in this transaction will supplement Priority's current Treasury

Solutions reportable segment. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 Business Combinations. The total purchase consideration was $7.2 million, consisting of $3.4 million in cash consideration funded by the Company's cash flows net of cash acquired, and contingent consideration of $3.8 million for contractual earn-outs and additional contingent consideration. Earn-outs will be paid as a percentage of gross profit when certain thresholds are met and additional contingent considerations will be paid based on utilization of the seller's carryforward tax losses. The purchase price is considered preliminary pending finalization of working capital adjustments.

The contingent consideration for the contractual earn-outs was recorded at the fair value of $3.9 million on the acquisition date. The contingent consideration will be paid quarterly subject to terms and conditions noted within the agreement over a period of seven years and total payments will not exceed $17.0 million. As of December 31, 2025, total contingent consideration of $3.9 million is recorded in noncurrent liabilities on the Consolidated Balance Sheets.

Results for the Sila business since the acquisition are included within the Treasury Solutions reportable segment, which includes $0.3 million in revenue and a net loss of $0.6 million for the twelve months ended December 31, 2025.

The preliminary purchase price allocation is set forth in the table below:


(in thousands)
Consideration:
Cash(1)(4)	$	3,449
Contingent consideration (2)(4)	3,881
Less: cash acquired	(100)
Total purchase consideration, net of cash acquired	$	7,230

Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable(4)	$	68
Prepaid expenses(4)	346
Other noncurrent assets(3)(4)	9,522
Intangible assets:
Trademarks(4)	772
Technology(4)	943
Accounts payable and accrued expenses(4)	(386)
Customer deposits	(46)
Fair value of net assets acquired	$	11,219

Estimated bargain purchase gain(4)	$	3,989

(1)Cash at closing net of working capital adjustments.

(2)The fair value of the contingent consideration was determined utilizing a Monte Carlo simulation. The payments were calculated based on the path for the simulated metrics and the contractual terms of the contingent consideration payments and were discounted to present value at a rate reflecting a risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation. The contingent consideration represents the fair value of the contractual earn-outs and the share of net operating loss carryforwards owed to the seller in the future.

(3)Includes a deferred tax asset of $9.5 million.

(4)During the fourth quarter of 2025, the Company recorded measurement period adjustments due to additional information received that existed on the acquisition date.

The fair value of acquired assets and assumed liabilities exceeded the consideration paid, resulting in a bargain purchase gain. The Company reviewed its acquisition accounting methods, confirmed all assets and liabilities were properly identified, and ensured measurements reflected all consideration as of the closing date. The gain was primarily due to recognizing a deferred tax asset recorded in accordance with ASC 740 related to Sila's historical net operating losses. The estimated bargain purchase

gain is recorded in other income, net, in the Consolidated Statements of Operations and Comprehensive Income (Loss) for twelve months ended December 31, 2025.

The Company incurred $0.2 million in acquisition legal expenses for the acquisition, which were recorded in selling, general and administrative expenses in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Based on the purchase consideration and pre-acquisition operating results, this business combination did not meet the materiality requirements for pro forma disclosures.

DMS

On October 1, 2025, Priority's subsidiary, Priority DMS, LLC, ("the Acquiring Entity") entered into the asset purchase and contribution agreement with DMSJV, LLC ("DMS"), to acquire substantially all of the assets of DMS, including all voting interests. DMS provides credit card processing solutions to automotive dealerships via marketing and selling card and ACH processing services and ancillary services including POS systems, payment gateways, payment processing and authorization, clearing, and settlement for credit card, debit and ACH transactions, which will supplement the Company's Merchant Solutions reportable segment. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 Business Combinations. The total purchase consideration was $57.9 million, consisting of $31.5 million in cash consideration funded by the Company's term loan facility, deferred consideration of $2.8 million, contingent consideration of $17.1 million for contractual earn-outs and $6.6 million in non-voting subsidiary shares issued to the sellers. Earn-outs will be paid as a percentage of gross profit when certain thresholds are met. The purchase price is considered preliminary pending finalization of working capital adjustments.

The contingent consideration for the contractual earn-outs was recorded at the fair value of $17.1 million on the acquisition date. The contingent consideration will be paid when an initial cumulative threshold for gross profit is met, subject to terms and conditions noted within the agreement, over a period of at least four years and total payments will not exceed $22.5 million. As of December 31, 2025, total contingent consideration of $17.1 million is recorded in noncurrent liabilities on the Consolidated Balance Sheets.

Results for the DMS since the acquisition are included within the Merchant Solutions reportable segment, which includes $2.8 million in revenue and a net loss of $0.3 million for the twelve months ended December 31, 2025.

The preliminary purchase price allocation is set forth in the table below:


(in thousands)
Consideration:
Cash	$	31,500
Contingent consideration(2)	17,066
Common equity of the Acquiring Entity(3)	6,562
Deferred consideration(1)	2,801
Total purchase consideration, net of cash acquired	$	57,929

Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable	$	11
Inventory	145
Other noncurrent assets	7
Goodwill	34,159
Intangible assets:
Customer relationships	17,187
Trademarks	3,222
Technology	3,277
Accounts payable and accrued expenses	(79)
Total purchase consideration	$	57,929

(1)The deferred consideration represents the fair value of the amount to be remitted upon direction of the seller no later than four years from the acquisition date.

(2)The fair value of the contingent consideration was determined utilizing a Monte Carlo simulation. The payments were calculated based on the path for the simulated metrics and the contractual terms of the deferred consideration payments and were discounted to present value at a rate reflecting a risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation.

(3)The fair value determination for the Class B units utilized an option pricing model. The seller may request to convert 50% of the Class B Units to shares in the Company no later than five years from the acquisition date.

Goodwill of $34.2 million arising from the acquisition primarily consists of the expected synergies and other benefits from combining operations. There was no goodwill deductible for income tax purposes. The goodwill was 100% allocated to the Company's Merchant Solutions reportable segment.

The Company incurred $0.2 million in acquisition related costs, which primarily consisted of consulting, legal and accounting and valuation expenses. These expenses were recorded in selling, general and administrative expenses in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Based on the purchase consideration and pre-acquisition operating results, this business combination did not meet the materiality requirements for pro forma disclosures.

Other Acquisitions

Boom Commerce

On August 18, 2025, Priority Boom, LLC, a subsidiary of Priority, completed its acquisition of certain residual portfolio rights for a purchase price of $73.5 million in cash, $13.5 million in Common shares of Priority and earn-out payments not to exceed $17.0 million based on meeting certain thresholds over a three-year period from the date of acquisition. The transaction did not meet the definition of a business; therefore, it was accounted for as an asset acquisition under which the cost of the acquisition

was allocated to the acquired assets based on relative fair values. As an asset acquisition, additional purchase price (in the form of earn-outs) is accounted for when payment to the seller becomes payable and is added to the carrying value of the asset.

Acquisitions occurred in prior years

Plastiq Acquisition

On May 23, 2023, Plastiq, Powered by Priority, LLC (the "Acquiring Entity"), a subsidiary of Priority, entered into a stalking horse equity and asset purchase agreement with Plastiq, Inc. and certain of its affiliates ("Plastiq") to acquire substantially all of the assets of Plastiq, including the equity interest in Plastiq Canada, Inc. Plastiq is a buyer funded Payables platform offering bill pay and instant access to working capital to its customers and will complement the Company's existing supplier-funded Payables business. On May 24, 2023, Plastiq filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.

The purchase was completed on July 31, 2023 for a total purchase consideration of approximately $37.0 million. The total purchase consideration included $28.5 million in cash and the remaining consideration is in the nature of deferred or contingent consideration and certain equity interest in the Acquiring Entity. The cash consideration for the purchase was funded by borrowings from the Company's revolving credit facility.

The acquisition was accounted for as a business combination using the acquisition method of accounting, under which the acquired assets and assumed liabilities were recognized at their fair values as of July 31, 2023, with the excess of the fair value of consideration transferred over the fair value of the net assets acquired recognized as goodwill. The fair values of the acquired assets and assumed liabilities as of July 31, 2023 were estimated by management using the discounted cash flow method and other factors specific to certain assets and liabilities. The final purchase price allocation is set forth in the table below:


(in thousands)
Consideration:
Cash	$	28,500
Contingent consideration payments (1)	8,419
Common equity of the Acquiring Entity	330
Less: cash and restricted cash acquired	(278)
Total purchase consideration, net of cash and restricted cash acquired	$	36,971

Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable	$	831
Prepaid expenses	490
Settlement assets	8,277
Equipment, net	47
Goodwill(3)	7,240
Intangible assets(2)	30,460
Accounts payable and accrued expenses	(1,881)
Customer deposits	(214)
Settlement obligations	(8,279)
Total purchase consideration	$	36,971

(1)The fair value of the contingent consideration payments issued was determined utilizing a Monte Carlo simulation. The contingent consideration payments were calculated based on the path for the simulated metrics and the contractual terms of the contingent consideration payments and were discounted to present value at a rate reflecting the risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation.

(2)The intangible assets acquired consist of $13.0 million for customer relationships, $7.0 million for referral partner relationships, $6.5 million for technology and $3.9 million for trade name.

(3)During the first and second quarters of 2024, the Company recorded immaterial measurement period adjustments due to a pre-acquisition tax accrual and security deposit which resulted in an adjustment to goodwill, accounts payable and accrued expenses, and prepaid expenses. The goodwill was 100% allocated to the Company's Payables reportable segment.

- Definition

The entire disclosure for business combination.

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-Topic 805
-SubTopic 40
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-Section 45
-Paragraph 1
-Publisher FASB
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-URI https://asc.fasb.org/805-30/tableOfContent

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-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

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-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Nature of Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Nature of Business and Significant Accounting Policies

The Business

Priority is a payments and banking fintech purpose-built to collect, store, lend and send money. Our connected commerce engine combines full-service merchant acquiring for accounts receivable, complete automated payables tools for bill payment, and sophisticated treasury management solutions. These combine to accelerate cash flow and optimize working capital for our customers.

The Company provides its services through the following reportable segments:

•Merchant Solutions: Provides full-service acquiring and payment-enabled solutions for B2C transactions, leveraging Priority's proprietary software platform, distributed through ISO, direct sales and vertically focused ISV channels.

•Payables: Provides market-leading AP automation solutions to corporations, software partners and industry leading FIs (including Citibank, Visa and Mastercard) in addition to improving cash flows by providing instant access to working capital.

•Treasury Solutions: Provides embedded finance and BaaS solutions to customers to modernize legacy platforms and accelerate software partners' strategies to monetize payments.

For additional information about our reportable segments, see Note 18. Segment Information.

To provide many of its services, the Company enters into agreements with payment processors which in turn, have agreements with multiple card associations. These card associations comprise an alliance aligned with insured FIs ("member banks") that work in conjunction with various local, state, territory and federal government agencies to make the rules and guidelines regarding the use and acceptance of credit and the card associations. The Company has multiple sponsorship bank agreements and is itself a registered ISO with Visa. The Company is also a registered member service provider with Mastercard. The Company's sponsorship agreements allow the capture and processing of electronic data in a format to allow such data to flow through networks for clearing and fund settlement of merchant transactions. The Company also offers money transmission services in forty six U.S. states, the District of Columbia and two U.S. territories.

Basis of Presentation and Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. The Company generally utilizes the equity method of accounting when it has an ownership interest of between 20% and 50% in an entity, provided the Company is able to exercise significant influence over the investee's operations. All material intercompany balances and transactions have been eliminated in consolidation.

NCI represents the equity interest not owned by the Company and are recorded for consolidated entities in which the Company owns less than 100% of the interests. Changes in the Company's ownership interest while the Company retains its controlling interest are accounted for as equity transactions, and upon loss of control, retained ownership interests are remeasured at fair value, with any gain or loss recognized in earnings. There was no income or loss attributable to NCI in accordance with the applicable operating agreements for any years presented.

Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material.

Use of Estimates

The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at

the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reported period. Actual results could materially differ from those estimates.

Significant Accounting Policies

Revenue Recognition

The Company applies the five-step model to assess its contracts with customers. At contract inception, the Company assesses the services and goods promised in its contracts with customers and identifies the performance obligation for each promise to transfer a distinct good or service to the customer. The Company recognizes revenue when it satisfies a performance obligation by transferring a service or good to the customer in an amount to which the Company expects to be entitled (i.e., transaction price) allocated to the distinct services or goods.

The Company has elected the permitted practical expedient that allows it to use the portfolio approach for many of its contracts since this approach's impact on the financial statements, when applied to a group of contracts (or performance obligations) with similar characteristics, is not materially different from the impact of applying the revenue standard on an individual contract basis. Under the portfolio practical expedient, collectability is still assessed at the individual contract level when determining if a contract exists. The Company has elected to exclude any contracts with an original duration of one year or less and any variable consideration that meets specified criteria from its disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance.

In delivering payment services to the customer, the Company also provides a limited license agreement to the customer for the use of one or more of the Company's proprietary cloud-based software applications. The Company grants a right to use its software applications only when the customer has contracted with the Company to receive related payment services. When combined with the underlying payment services, the license and the payment services provided to the customer are a single stand-ready obligation and the Company's performance obligation is defined by each time increment, rather than by the underlying activities, (quantity and timing of which is not determinable), satisfied over time based on days elapsed.

In order to provide our payment services, we obtain authorization for the transaction and request funds settlement from the card issuing financial institution through the payment network. When third parties are involved in the transfer of services or goods to the customer, the Company considers the nature of each specific promised service or good and applies judgment to determine whether the Company controls the service or good before it is transferred to the customer or whether the Company is acting as an agent of the third party or principal to the customer. To determine whether the Company controls the service or good, it assesses indicators including: 1) which party is primarily responsible for fulfillment; 2) which party has discretion in determining pricing for the service or good; and 3) other considerations deemed to be applicable to the specific situation. Based on our assessment of these indicators, we have concluded that the promise to our customers to provide payment services is distinct from the services provided by the card issuing FIs, sponsor banks, and payment networks in connection with payment transactions. We do not have the ability to direct the use of and obtain substantially all of the benefits of the services provided by the card issuing FIs, sponsor bank fees, and payment networks before those services are transferred to our customer, and on that basis, we do not control those services prior to being transferred to our customer. As a result, we present our revenues net of the interchange fees retained by the card issuing FIs and the fees charged by the payment networks except for our Plastiq (Payables segment) business where the Company is considered a merchant of record and therefore, revenue is presented on gross basis.

Merchant Solutions – The Company's Merchant Solutions segment enables the Company's customers to accept card, electronic and digital-based payments at the point of sale by providing a suite of services including authorization, settlement and funding, customer support and help-desk functions, chargeback resolution, payment security, consolidated billing and statements, and online reporting. The Company also earns revenue and commissions from resale of electronic POS equipment and certain subscription coupons.

Typically, revenues generated from these transactions are based on a variable percentage of the dollar amount of each transaction, and in some instances, additional fees (e.g., statement fees, annual fees and monthly minimum fees, fees for handling chargebacks, gateway fees and fees for other miscellaneous services) are charged for each transaction. The Company's sponsoring banks collect the gross merchant discount from the card holder's issuing bank, pay the interchange fees and

assessments to the payment networks and credit card associations, retain their fees, and pay to the Company the net amount which represents the Company's revenue. Additionally, in certain cases, the Company directly bills to its customers at the month end and records the revenue on a net basis.

Payables – The Company's Payables segment enables the Company's customers to automate their accounts payable and other commercial payments functions with the Company's payment services that utilize physical and virtual payment cards as well as ACH transactions. The Company also provides cost-plus-fee turn-key business process outsourcing and assists commercial customers with programs that are designed to increase acceptance of Electronic Payments. Revenues are generally earned on a per-transaction basis and are recognized by the Company over time, net of certain third-party costs for interchange fees, assessments to the payment networks, credit card associations fees, sponsor bank fees and rebates to customers.

The Company's payables management platform (Plastiq) helps businesses improve cash flow with instant access to working capital, while automating and enabling control over all aspects of accounts receivable and payable. For these transactions, the Company acts as a merchant of record, therefore, considered as the principal and accordingly presents its revenue on a gross basis. The Company also offers volume rebates as an incentive to increase business and customer engagement. These rebates are presented as net of revenue.

Treasury Solutions – The Company's Treasury Solutions segment uses payment-adjacent technologies to facilitate the acceptance of Electronic Payments from customers.

Revenue from the Treasury Solutions segment consists of the following:

•Enrollment fees: The enrollment fees are charged for services provided in connection with initial setup (i.e. data verification and review of underlying documents) and is recognized as revenue at the time of the receipt of a fully executed enrollment application, completion of the customer account setup, and the constructive receipt of the applicable non-refundable fee.

•Subscription fees: The Company recognizes monthly subscription fees as recurring maintenance fees each month during the term of the client's enrollment. Revenue from transaction-based fees is recognized over time upon constructive receipt of transaction fees for payments to creditors issued via ACH payments, paper checks or wire transfers. These fees are transferred to the Company from the customer account balances, which may be maintained by the Company in money transmission license trust accounts or by partner banks.

•Interest revenue: Interest revenue is derived from certain customer balances maintained in interest bearing accounts with select partner banks and recognized when earned.

•CRM and consulting fees: CRM license fees are recognized on a monthly basis and consulting fees are recognized over time when services are performed.

A substantial portion of this segment's revenues are earned as an agent of a third party, and therefore this earned revenue is reported as a net amount within revenue.

Interest income

Interest income generated by the Company's ordinary activities (i.e. from reserves and customer deposits) are presented within outsourced services and other services revenue. See Note 3. Revenues.

Interest income is recognized using the effective interest rate method, which is based upon the respective interest rates and the average daily asset balance.

Interest income from the Company's surplus cash balances, notes receivable and other investments are included within other income. Interest on notes receivable is recognized on a monthly basis and is included in other income, net.

Transaction Price Allocated to Future Performance Obligations

ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. However, as allowed by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company's most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion. Therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.

Cost of Services (excludes depreciation and amortization)

Costs of merchant card fees primarily consist of residual payments to agents and ISOs and other third-party costs directly attributable to payment processing. The residual payments represent commissions paid to agents and ISOs based upon a percentage of the net revenues generated from merchant transactions.

Costs of outsourced services and other revenue consist of the cost of equipment (point of sale terminals) sold, and third-party fees and commissions related to the Company's ACH processing activities. For the years ended December 31, 2024 and 2023, this also included salaries directly related to outsourced services revenue.

Cost of services for Passport includes bank partner fees for account issuance, maintenance, ledgering, settlement, and transaction‑based ACH, wire, and similar activity. It also includes technology platform fees and reseller commissions. Cost of services for CFTPay includes third‑party processing fees such as ACH origination charges, wire fees, and other settlement‑related banking costs. It also includes check printing, handling, and shipping fees for creditor disbursements.

For the Plastiq business, the Company acts as merchant of record and therefore transaction processing costs, including interchange fees, are presented as costs of services.

Contracts with Customers and Contract Costs

The Company accrues and pays commission expense based on variable merchant payment volumes and for certain customer service and other services provided by its ISOs. Since commission expenses are accrued and paid to ISOs on a monthly basis after the merchant enters into a new or renewed contract, these are not deemed to be a cost to acquire a new contract but they are reported within costs of services on our Consolidated Statements of Operations and Comprehensive Income (Loss). The ISO is typically an independent contractor or agent of the Company.

A contract with a customer creates a legal right and obligation. As the Company performs under customer contracts, its right to consideration that is unconditional is considered to be accounts receivable. If the Company's right to consideration for such performance is contingent upon a future event or satisfaction of additional performance obligations, the amount of revenues recognized in excess of the amount billed to the customer is recognized as a contract asset. Contract liabilities represent consideration received from customers in excess of revenues recognized. Material contract assets and liabilities are presented net at the individual contract level in the Consolidated Balance Sheets and are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations.

Contract Acquisition Costs

The Company pays certain bonuses to its ISOs for boarding incremental merchants which the Company expects to obtain benefit from in future periods. These bonuses are recorded as contract acquisition costs and are amortized over three or five years. Net contract acquisition costs were $6.4 million and $8.7 million at December 31, 2025 and December 31, 2024, respectively. Amortization expense for contract acquisition costs for the years ended December 31, 2025 and December 31,

2024 was $2.4 million and $2.0 million, respectively. Amortization expense for contact acquisition costs for the year ended December 31, 2023, was $1.0 million.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents includes highly liquid instruments with an original maturity of three months or less, and cash owned by the Company that is held in financial institutions. Restricted cash is held by the Company in financial institutions for the purpose of in-process customer settlements, reserves held per contract terms or minimum cash balance required to be maintained at the unrestricted subsidiary of the Company as per the terms of the Residual Finance credit facility.

Accounts Receivable, net

Accounts receivable includes amounts due from sponsor banks, agents, merchants, and other card networks and are stated net of allowance for current period credit losses for any uncollectible amounts. These balances are typically paid within 30 days following the end of each month.

Inventory

Inventory consists primarily of POS terminals which is carried at the lower of cost or net realizable value. Cost is equal to the purchase price and other expenses incurred with acquiring the inventory and is valued using the weighted average cost method. The carrying amount is reduced when items are determined to be obsolete/expired. For the years ended December 31, 2025 and 2024, the Company had a write-off for obsolete inventory for $0.2 million and $3.5 million, respectively.

As of December 31, 2025 and 2024, the Company’s inventory totaled $14.5 million and $7.7 million, respectively, of which $5.3 million and $7.1 million, respectively, represented inventory in transit. As of December 31, 2025 , $8.1 million is recorded in prepaid and other current assets and $6.4 million is recorded in other noncurrent assets on the Company's Consolidated Balance Sheets. As of December 31, 2024, $7.7 million is recorded in prepaid and other current assets on the Company's Consolidated Balance Sheets.

Notes Receivable

Notes receivable are primarily comprised of notes receivable from ISOs and ISVs under the terms of the agreements the Company preserves the right to hold back residual payments due to the ISOs and ISVs and to apply such residuals against future payments due to the Company. Notes receivable are recorded at the unpaid principal balance.

Allowance for Expected Losses

The Company utilizes a combination of aging and loss-rate methodologies to develop an estimate of current expected credit losses based on the nature and risks associated with the underlying asset pool. A broad range of factors are considered during the estimation of the allowance including historical losses, adjustments for current conditions and future trends. The Company may also utilize a mix of qualitative and quantitative risk factors within its estimation. As of December 31, 2025 and December 31, 2024, there was no allowance for expected loss on notes receivable. See Note 5. Notes Receivable. As of December 31, 2025 and December 31, 2024, the allowance for expected losses on settlement assets was $7.1 million and $7.9 million, respectively. See Note 4. Settlement Assets and Obligations. A reconciliation of the beginning and ending amount of allowance for expected losses for Trade Receivables and Settlement Assets is as follows for the year ended December 31, 2025:


(in thousands)	Trade Receivables		Settlement Assets
Balance at January 1, 2025	$	(3,045)	$	(7,936)
Charge-offs (recoveries), net	1,146		8,741
Provision	(2,889)		(9,383)
Reclassification	(1,509)		1,509
Balance at December 31, 2025	$	(6,297)	$	(7,069)

The Company has elected not to measure expected losses for accrued interest on notes receivable but instead recognize losses for accrued interest within the period losses are incurred.

Customer Deposits and Advance Payments

The Company may receive cash payments from certain customers and vendors that require future performance obligations by the Company. Amounts associated with obligations expected to be satisfied within one year are reported in customer deposits and advance payments on the Company's Consolidated Balance Sheets and amounts associated with obligations expected to be satisfied after one year are reported as a component of other noncurrent liabilities on the Company's Consolidated Balance Sheets. These payments are subsequently recognized in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) when the Company satisfies the performance obligations required to retain and earn these deposits and advance payments.

A vendor may make an upfront payment to the Company to offset costs that the Company incurs to integrate the vendor into the Company's operations. These upfront payments are deferred by the Company and are subsequently amortized against expense in its Consolidated Statements of Operations and Comprehensive Income (Loss) as the related costs are incurred by the Company in accordance with the agreement with the vendor.

Investments

During the year ended December 31, 2025 and 2024, the Company made investments in equity securities and other permissible investments, carried at the cost of $8.6 million and $4.8 million, within other noncurrent assets on the Company's Consolidated Balance Sheets. The fair value of the securities are not readily determinable. Accordingly, the Company has elected to apply the measurement alternative in accordance with ASC 321, Investments-Equity Securities, under which such investments are measured at cost, less any impairment. Investments in unconsolidated entities are evaluated for impairment when events and circumstances indicate that the carrying value of the investment has been impaired beyond a temporary period of time.

Property and Equipment

Property and equipment are stated at cost, except for property and equipment acquired in a business combination, which is recorded at fair value at the time of the transaction. Depreciation is primarily calculated using the straight-line method over the estimated useful lives of the assets.

Expenditures for repairs and maintenance which do not extend the useful life of the respective assets are charged to expense as incurred. Expenditures that increase the value or productive capacity of assets are capitalized. At the time of retirements, sales or other dispositions of property and equipment, the original cost and related accumulated depreciation are removed from the respective accounts and the gains or losses are presented as a component of income or loss from operations.


Property, equipment and software			Estimated Useful Life
Furniture and fixtures			5 - 10 years
Equipment			3 - 15 years
Computer software			2 - 5 years
Leasehold improvements			3 - 10 years

See Note 6. Property, Equipment and Software.

Costs Incurred to Develop Software for Internal Use

Costs incurred to develop or obtain internal-use software and implementation costs are accounted for in accordance with ASC 350-40, Internal-Use Software. The Company uses an agile development methodology in which feature-by-feature updates are made to its software. The costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, internal and external costs incurred to develop internal-use software are capitalized and amortized using the straight-line method over the estimated useful life of the software, which generally range from two to five

years. Maintenance costs including those in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the software that result in added functionality, in which case such costs are capitalized and amortized using the straight-line method over the estimated useful life of the software.

Software development costs may become impaired in situations where development efforts are abandoned due to the viability of the planned project becoming doubtful or due to technological obsolescence of the planned software product. There were no impairment charges associated with internal-use software for the years ended December 31, 2025, 2024 and 2023.

For the years ended December 31, 2025, 2024 and 2023, the Company capitalized software development costs of $19.7 million, $26.1 million and $21.3 million, respectively. As of December 31, 2025 and 2024, capitalized software development costs, net of accumulated amortization, totaled $51.2 million and $48.1 million, respectively, and are included in property, equipment and software, net on the Consolidated Balance Sheets.

Amortization expense for capitalized software development costs for the years ended December 31, 2025, 2024 and 2023 was $16.5 million, $11.8 million and $9.4 million, respectively, and are included in depreciation and amortization on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Intangible Assets

Intangible assets acquired as asset acquisitions are initially recorded at cost and at fair value when acquired in connection with a business combination. The carrying value of an intangible asset acquired in an asset acquisition may subsequently be increased for contingent consideration when due to the seller and such amounts are payable. All of the Company's intangible assets, except goodwill and money transmission licenses, have finite lives and are subject to amortization. Intangible assets consist of acquired merchant portfolios, customer relationships, ISO and referral partner relationships, residual buyouts, trade names, technology, non-compete agreements and money transmission licenses.


Intangible Asset	Nature	Estimated Useful Life
ISO and Referral Partner Relationships	Acquired relationships with ISOs and referral partners	11 – 25 years
Residual Buyouts	Surrender of rights to receive commissions by ISOs	3 – 9 years
Customer Relationships	Acquired customer relationships	2 – 10 years
Merchant Portfolios	Acquired rights to a portfolio of merchants	5 – 10 years
Technology	Acquired proprietary software and website domains	6 – 10 years
Trade Names and Non-compete Agreements	Acquired trade names and non-compete agreements	3 – 10 years
Money Transmission Licenses	Acquired licenses to collect, store, lend and send money in forty six U.S. states, the District of Columbia and two U.S. territories.	indefinite

The Company may occasionally elect to buy out all or a portion of an ISO's rights to receive future commission payments related to certain merchants. Amounts paid to the ISO for these residual buyouts are capitalized and amortized over the useful life on a straight-line basis under the accounting guidance for intangible assets and included in intangible assets, net on our Consolidated Balance Sheets.

Impairment of Long-lived Assets

The Company periodically reviews its long-lived assets for impairment to determine if events or changes in circumstances indicate the carrying value of an asset may not be recoverable. For long-lived assets, except goodwill and indefinite-lived intangibles, an impairment loss is indicated when the undiscounted future cash flows estimated to be generated by the asset group are not sufficient to recover the carrying value of the asset group. If indicated, the loss is measured as the excess of carrying value over the asset groups' fair value, as determined based on discounted future cash flows. The Company concluded there were no indications of impairment for the years ended December 31, 2025, 2024 and 2023.

Goodwill and Indefinite-lived Intangibles

The Company tests goodwill and indefinite-lived intangibles for impairment annually on October 1st, or when events occur or circumstances indicate the fair value of a reporting unit is below its carrying value. The test for impairment may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. Reporting units are reevaluated annually or when events occur such as a reorganization of our operating segments or business reasons resulting in material changes to how reporting units are organized and managed. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that implied fair value of the indefinite-lived intangibles or goodwill within the reporting unit is less than its carrying value. See Note 7. Goodwill and Other Intangible Assets for further information.

Leases

The Company evaluates lease and service arrangements at lease inception to determine if the arrangement is a lease or contains a lease. Lease arrangements are evaluated at their commencement date to determine classification as operating or finance. Operating leases are reported as part of other noncurrent assets, accounts payable and accrued expenses and other noncurrent liabilities on the Company's Consolidated Balance Sheets. Finance leases, if applicable, are reported as part of property, equipment and software, net, and debt on the Company's Consolidated Balance Sheets. Leases with a term of twelve months or less ("short-term leases") are not included on the Company's Balance Sheets. The Company does not separate lease and non-lease components. Certain estimates and assumptions are made when determining the value of ROU Assets and the related liabilities, including when establishing the lease term and discount rates and variable lease payments (e.g., rent escalations tied to changes in the Producer Price Index). The lease term for all of the Company's leases includes the non-cancelable period of the lease adjusted for any renewal or termination options the Company is reasonably certain to exercise. The lease payment stream includes any rent escalation that is required under certain lease agreements. The Company's leases generally do not provide an implicit rate of interest, nor is it readily determinable by the Company, and as such the Company uses its incremental borrowing rate in determining the discounted value of the lease payments. Lease expense and depreciation expense, if applicable, are recognized on a straight-line basis over the term of the lease.

Settlement Assets and Obligations

Settlement assets and obligations recognized on the Company's Consolidated Balance Sheets represent intermediary balances arising in the Company's settlement process for merchants and other customers. See Note 4. Settlement Assets and Obligations.

Debt Issuance and Modification Costs

Eligible debt issuance costs associated with the Company's credit facilities are deferred and amortized to interest expense over the term of the related debt using the effective interest method. Debt issuance costs associated with Company's term debt are presented on the Company's Consolidated Balance Sheets as a direct reduction in the carrying value of the associated debt liability.

Restructuring Costs

In the year ending December 31, 2023, the Company's Management approved a plan to restructure the business of its wholly owned subsidiary, PayRight. PayRight's business activity included advancing funds to customers, which did not generate the desired financial results due to changes in the economic environment, particularly the cost of capital. The restructuring plan included termination of the advancing business effective June 30, 2024. The Company included costs related to this restructuring within selling, general and administrative operating expenses and depreciation and amortization within its Consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended December 31, 2023. The costs include allowance for certain advances whose recoverability was impacted by the restructuring of $3.5 million and $0.3 million for accelerated depreciation and amortization of assets of the restructured business.

Acquisitions

Business Combinations and Asset Acquisitions

Upon acquisition of a company, the Company determines if the transaction is a business combination, which is accounted for under the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed are recognized at their fair values on the acquisition date. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The fair values of the assets acquired and liabilities assumed, including earn-out provisions assumed, are determined based upon the valuation of the acquired business and involves making significant estimates and assumptions based on facts and circumstances that existed as of the acquisition date. The Company assesses earn-out provisions granted to employees who joined the Company upon the effective date of the acquisition for whether the earn-out represents contingent consideration, deferred consideration, or compensation expense depending on, among others, whether a requisite service period exists. The Company uses a measurement period following the acquisition date to gather information that existed as of the acquisition date that is needed to determine the fair value of the assets acquired and liabilities assumed. The measurement period ends once all information is obtained, but no later than one year from the acquisition date.

The Company accounts for a transaction as an asset acquisition when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, or otherwise does not meet the definition of a business. Asset acquisition-related costs are capitalized as part of the asset or assets acquired.

Deferred Consideration

The deferred considerations related to acquisitions are recorded at the fair value on the date of the acquisition and accreted to their redemption value through interest expense. Amounts due within 12 months under the terms of the agreement are classified as current within the Consolidated Balance Sheets.

Contingent Consideration

Contingent consideration related to the Company's business combinations are estimated based on the present value of a weighted payout probability at the measurement date using a Monte Carlo simulation model. This valuation falls within Level 3 in the fair value hierarchy. A change in inputs in the valuation techniques used might result in a significantly higher or lower fair value than what is reported. The current portion of contingent consideration is included in accounts payable and accrued expenses on the Company's Consolidated Balance Sheets and the noncurrent portion of contingent consideration is included in other noncurrent liabilities on the Company's Consolidated Balance Sheets.

For asset acquisitions that do not meet the definition of a business, the portion of the unpaid purchase price that is contingent on future activities is not recorded by the Company on the date of acquisition, but when it is payable or paid.

Non-controlling Interest

Occasionally, the Company issues common equity and non-voting incentive units within its subsidiaries. The Company is the majority owner of these subsidiaries and, therefore, the common equity and incentive units are deemed to be NCI. NCI is valued based on the events and methodologies including the acquisition-date fair value or the option pricing method.

To estimate the initial fair value of the incentive units, the Company utilizes future cash flow scenarios with focus on those cash flow scenarios which could result in future distributions to the NCI. In subsequent periods, income or loss will be attributed to

an NCI based on the hypothetical liquidation at book value method utilizing the terms of the operating agreement between the Company and the NCI.

As the majority owner, the Company has call rights on the incentive units issued to the NCI. These call rights can only be executed under certain circumstances and execution is always optional at the Company's discretion. The call rights do not meet the definition of a free-standing financial instrument or derivative; thus no separate accounting is required for these call rights.

Residual Commissions

Residual commissions consist of amounts due to ISOs and ISVs and independent sales agents based on a percentage of the net revenues generated from the Company's merchant customers referred by the respective ISO, ISV and independent sales agent. Percentages vary based on the program type and transaction volume of each merchant. Residual commission expenses were $457.5 million, $426.6 million and $415.1 million, respectively, for the years ended December 31, 2025, 2024 and 2023, and are included in costs of services in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss).

ISO Deposit and Loss Reserve

ISOs may partner with the Company in an exclusive partner program in which ISOs are given negotiated pricing in exchange for bearing the risk of loss. Through the arrangement, the Company accepts deposits on behalf of the ISO and a reserve account is established by the Company. All amounts maintained by the Company are included in the accompanying Consolidated Balance Sheets as other noncurrent liabilities, which are directly offset by restricted cash accounts owned by the Company of $5.6 million and $5.2 million as of December 31, 2025 and 2024, respectively.

Stock-based Compensation

The Company recognizes the cost resulting from all stock-based payment transactions in the financial statements at grant date fair value. Stock-based compensation expense is recognized over the requisite service period and is reflected in salary and employee benefits expense on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Awards generally vest over three or four years and may not vest evenly over the vesting period. The effects of forfeitures are recognized as they occur. All shares issued from option exercises or vesting of PSU and RSU awards are original issuance shares and any shares withheld for taxes are repurchased by the Company.

The Company measures a liability award under a stock-based compensation payment arrangement based on the award's fair value remeasured at each reporting date until the date of settlement. Compensation cost for each period until settlement is based on the change (or a portion of the change, depending on the percentage of the requisite service that has been rendered at the reporting date) in the fair value of the instrument for each reporting period.

Stock Options

Under the Company's 2018 Plan, the Company determines the fair value of stock options using the Black-Scholes option pricing model, which requires the use of the following subjective assumptions:

Expected volatility – Measure of the amount by which a stock price has fluctuated or is expected to fluctuate. In 2018, when the Company's outstanding stock options were granted, there was a relatively short amount of time that the Company's Common Stock (Nasdaq: PRTH) were traded on a public market, the Company utilized volatility data for the Common Stock of a peer group of comparable public companies. An increase in the expected volatility would increase the fair value of the stock option and related compensation expense.

Risk-free interest rate – U.S. Treasury rate for a stripped-principal treasury note as of the grant date having a term equal to the expected term of the stock option. An increase in the risk-free interest rate will increase the fair value of the stock option and related compensation expense.

Expected term – Period of time over which the stock options granted are expected to remain outstanding. In 2018, when the Company's outstanding stock options were granted, the Company lacked sufficient exercise information for its stock option plan since it was a newly public company. Accordingly, the Company used a method permitted by the SEC whereby the expected term was estimated to be the mid-point between the vesting dates and the expiration dates of the stock option grants. An increase in the expected term will increase the fair value of the stock option and the related compensation expense.

Dividend yield – The Company uses an amount of zero as the Company has paid no cash or stock dividends and does not anticipate doing so in the foreseeable future. An increase in the dividend yield will decrease the fair value of the stock option and the related compensation expenses.

If a participant terminates employment with the Company, vested options may be exercised for a short period of time while unvested options are forfeited. However, in any event, a stock option will expire ten years from the date of the grant.

Service-based restricted stock awards

The fair value of time-based restricted stock awards is determined based on the quoted closing price of the Company's Common Stock on the business day prior to the grant date and is recognized as compensation expense over the vesting term of the awards.

Performance-based restricted stock awards

The Company accounts for its performance-based restricted stock awards based on the quoted closing price of the Company's Common Stock on the business day prior to the grant date, adjusted for any market-based vesting criteria, and records stock-based compensation expense over the vesting term of the awards based on the probability that the performance criteria will be achieved. The performance goals may be work-related goals for the individual recipient and/or based on certain corporate performance goals. The Company reassesses the probability of vesting at each reporting period and prospectively adjusts stock-based compensation expense based on its probability assessment. Additionally, if performance goals are set or reset on an annual basis, compensation cost is recognized in any reporting period only for performance-based restricted stock awards in which the performance goals have been established and communicated to the award recipient.

Non-voting Incentive Units

The Company issued non-voting incentive units to certain employees and partners in seven subsidiaries. These non-voting incentive units were determined to be equity and are accounted for under ASC 718 Stock Compensation. The non-voting incentive units are either fully vested when granted, or vest according to the service period and/or performance measure noted in the grant agreement. As the non-voting incentive units are vested, they are recognized as NCI to the Company, who is the majority owner of the subsidiaries.

Employee Stock Purchase Program

The 2021 Employee Stock Purchase plan authorizes the issuance of shares of the Company’s Common Stock pursuant to purchase rights granted to employees. The fair value of purchase rights issued under the Employee Stock purchase Plan is estimated using the Black-Scholes option pricing model. The model requires management to make a number of assumptions, including the fair value of the Company’s Common Stock, expected volatility, expected term, risk-free interest rate, and expected dividends. The Company records the resulting compensation expense in the Consolidated Statements of Operations and Comprehensive Income (Loss) over each three-month offering period. See Note 13. Stock-based Compensation.

Repurchased Stock

Pursuant to the provisions of ASC 505-30, Treasury Stock, the Company has elected to apply the cost method when accounting for treasury stock resulting from the repurchase of its Common Stock. Under the cost method, the gross cost of the shares reacquired is charged to a contra equity account, treasury stock. The equity accounts that were originally credited for the original share issuance, Common Stock and additional paid-in capital, remain intact. See Note 12. Stockholders' Deficit.

If the treasury shares are ever reissued in the future, proceeds in excess of repurchased cost will be credited to additional paid-in capital. Any deficiency will be charged to retained earnings (accumulated deficit), unless additional paid-in capital from previous treasury stock transactions exists, in which case the deficiency will be charged to that account, with any excess charged to retained earnings (accumulated deficit). If treasury stock is reissued in the future, a cost flow assumption (e.g., FIFO, LIFO or specific identification) will be adopted to compute excesses and deficiencies upon subsequent share reissuance.

Earnings (Loss) per Share

Basic EPS is computed by dividing net income (loss) available to Common Stockholders by the weighted-average number of shares of Common Stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution, if any, that could occur if securities or other contracts to issue Common Stock were exercised or converted into Common Stock, using either the treasury stock method or if-converted method, where appropriate. Diluted EPS excludes potential shares of Common Stock if their effect is anti-dilutive. If there is a net loss in any period, basic and diluted EPS are computed in the same manner. See Note 12. Stockholders' Deficit.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Realization of deferred tax assets is dependent upon future taxable income. A valuation allowance is recognized if it is more likely than not that some portion or all of a deferred tax asset will not be realized based on the weight of available evidence, including expected future earnings.

The Financial Accounting Standards Board, or FASB, Staff has provided additional guidance to address the accounting for the effects of the provisions related to the taxation of Global Intangible Low-Tax Income noting that companies should make an accounting policy election to recognize deferred taxes for temporary basis differences expected to reverse in future years or to include the tax expense in the year it is incurred. The Company has made a policy election to recognize such taxes as current period expenses when incurred.

The Company recognizes an uncertain tax position in its financial statements when it concludes that a tax position is more likely than not to be sustained upon examination based solely on its technical merits. Only after a tax position passes the first step of recognition will measurement be required. Under the measurement step, the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon effective settlement. This is determined on a cumulative probability basis. The full impact of any change in recognition or measurement is reflected in the period in which such change occurs. The Company recognized interest and penalties associated with uncertain tax positions as a component of income tax expense. See Note 11. Income Taxes.

Fair Value Measurements

The Company measures certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level fair value hierarchy to prioritize the inputs used to measure fair value and maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 – Quoted market prices in active markets for identical assets or liabilities as of the reporting date.

Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3 – Unobservable inputs that are not corroborated by market data.

The fair values of the Company's merchant portfolios, assets and liabilities acquired in mergers and business combinations, and contingent consideration are primarily based on Level 3 inputs and are generally estimated based upon valuation techniques that

include discounted cash flow analysis based on cash flow projections or Monte Carlo simulations and, for years beyond the projection period, estimates based on assumed growth rates. Assumptions are also made regarding appropriate discount rates, perpetual growth rates, and capital expenditures, among others. In certain circumstances, the discounted cash flow analysis or Monte Carlo simulation is corroborated by a market-based approach that utilizes comparable company public trading values and, where available, values observed in public market transactions.

The carrying values of accounts and notes receivable, accounts payable and accrued expenses, long-term debt, restricted cash and cash and cash equivalents, including settlement assets and the associated deposit liabilities, approximate their fair values due to either the short-term nature of such instruments or the fact that the interest rate of the debt is based upon current market rates. See Note 17. Fair Value.

Foreign Currency

The Company's reporting currency is the U.S. dollar. The functional currency of the Indian subsidiaries of the Company is Indian Rupee (i.e. local currency of Republic of India). The functional currency of the Canadian subsidiaries of the Company is the Canadian Dollar. Accordingly, assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate on the last day of the reporting period. Revenues and expenses are translated using the average exchange rate in effect during the reporting period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss).

Concentration of Risk

A substantial portion of the Company's revenues and receivables are attributable to merchants. For the years ended December 31, 2025, 2024 and 2023, no individual merchant customer accounted for 10% or more of the Company's consolidated revenues. Most of the Company's merchant customers were referred to the Company by an ISO or other reseller partners. If the Company's agreement with an ISO allows the ISO to have merchant portability rights, the ISO can move the underlying merchant relationships to another merchant acquirer upon notice to the Company and completion of a "wind down" period. For the years ended December 31, 2025, 2024 and 2023, merchants referred by one ISO organization with merchant portability rights generated revenue within the Company's Merchant Solutions reportable segment that represented approximately 5%, 6% and 15%, respectively, of the Company's consolidated revenues.

As of December 31, 2025, the Company's settlement assets balance of $1.3 billion includes cash and cash equivalents of $1.3 billion related to customer account balances which are maintained in FDIC insured accounts with certain FIs. See Note 4. Settlement Assets and Obligations.

A majority of the Company's cash and restricted cash (including subscriber account balances) is held in certain FIs, substantially all of which is in excess of FDIC limits. On at least an annual basis, the Company reviews qualitative and quantitative factors including earnings (with emphasis on return on equity and net interest margin), capitalization (with emphasis on Tier 1 and Capital ratios), asset quality (emphasis on Net charge-offs ratios), and liquidity, evaluating the performance of these FIs with their peers. The Company may shift funds as a response to risks noted and to optimize returns and costs. The Company does not believe it is exposed to any significant credit risk from these transactions.

Recently Adopted Accounting Standards

Profit Interest ASU 2024-01

In March 2024, the FASB issued ASU 2024-01, Profit Interest and Similar Awards ("ASU 2024-01"), to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope in paragraph 718-10-15-3 to determine whether profit interest and similar awards should be accounted for in accordance with Topic 718, Compensation- Stock

Compensation. This guidance is effective for annual and interim periods beginning after December 15, 2024. Adoption of this standard did not have any significant impact on results of operations, financial position or cash flows.

Income Taxes ASU 2023-09

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid disclosures. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and additional information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) are above a quantitative threshold. The amended guidance is effective for annual periods beginning after December 15, 2024. We adopted this guidance prospectively for the annual period ending December 31, 2025. For additional information, see Note 11. Income Taxes. Adoption of this standard did not have any significant impact on results of operations, financial position or cash flows.

Recently Issued Accounting Standards Pending Adoption

Disaggregation of Income Statement Expenses ASU 2024-03

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03") requiring additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company will adopt this guidance for the year ended December 31, 2026. This guidance is expected to only impact the disclosures with no impact on the results of operations, financial position or cash flows.

Accounting for Internal-Use Software ASU 2025-06

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) ("ASU 2025-06") for targeted improvements to the accounting for internal-use software. The amendment updates guidance to consider different methods of software development, updating the requirements for capitalization of software costs. This ASU is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
US	$ 45,327	$ 35,834	$ 5,255
Foreign	952	1,447	1,897
Total income before income taxes	$ 46,279	$ 37,281	$ 7,152

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 0.9	$ 0.2	$ 0.6
Impairment losses on receivables or contract assets	$ 1.1	$ 6.2	$ 0.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue, period (in months)	12 months

Goodwill and Intangible Assets - Goodwill Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill	$ 416,641	$ 376,091
Merchant Solutions
Goodwill [Line Items]
Goodwill	158,298	124,139
Treasury Solutions
Goodwill [Line Items]
Goodwill	251,103	244,712
Payables
Goodwill [Line Items]
Goodwill	$ 7,240	$ 7,240

- Definition

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+ Details

Income Taxes - Income Taxes Paid By Jurisdiction (Net Of Refunds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
US federal	$ 7,000
Total cash taxes paid, net of refunds received	10,588	$ 19,200	$ 12,917
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
US state and local	597
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
US state and local	2,426
India
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 565

Leases - Components of Lease Costs and Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 1,607	$ 1,714	$ 1,760
Operating cash flows from operating leases	$ 1,556	$ 1,952	$ 1,862

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Nature of Business and Significant Accounting Policies - Contract Acquisitions Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Contract acquisition costs	$ 6.4	$ 8.7
Capitalized contract cost, amortization	$ 2.4	$ 2.0	$ 1.0
Minimum
Finite-Lived Intangible Assets [Line Items]
Contract acquisition costs, amortization period	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Contract acquisition costs, amortization period	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The Company records goodwill upon acquisition of a business when the purchase price is greater than the fair value assigned to the underlying separately identifiable tangible and intangible assets acquired and the liabilities assumed. The Company's goodwill relates to the following reportable segments:


(in thousands)	December 31, 2025		December 31, 2024
Merchant Solutions	$	158,298	$	124,139
Treasury Solutions	251,103		244,712
Payables	7,240		7,240
Total	$	416,641	$	376,091

The following table summarizes the changes in the carrying value of goodwill:


(in thousands)	Amount
Balance at January 1, 2025	$	376,091
Letus business combination	6,070
DMS business combination	34,159
Foreign currency translation adjustment	321
Balance at December 31, 2025	$	416,641

On October 1, 2025, the Company performed the quantitative assessment for goodwill impairment as provided by ASC 350 – Intangibles-Goodwill and Other for all reporting units. The quantitative assessment considered both the market approach, which estimates fair value using market multiples of comparable companies and transaction multiples of recent transactions, and the income approach, which estimates fair value using a discounted cash flow utilizing forecasted projections discount rates based on the reporting unit’s weighted average cost of capital. These estimates change from year to year based on operating results, market conditions and other factors, and could materially impact the determination of fair value and potential goodwill impairment for each reporting unit. The quantitative assessment is sensitive to changes in estimates and assumptions utilized, the most sensitive of which is the discount rate. The results of the quantitative impairment analysis indicated the fair values of the reporting units exceeded their carrying values and therefore, there was no goodwill impairment.

As of December 31, 2025, the Company is not aware of any triggering events which have occurred since October 1, 2025. There was no impairment of goodwill for the years ended December 31, 2024 or 2023.

Intangible Assets

At December 31, 2025 and 2024, intangible assets consisted of the following:


(in thousands, except weighted-average data)	December 31, 2025						Weighted-average Useful Life
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets:
ISO and referral partner relationships	$	223,016	$	(63,701)	$	159,315	13.8
Residual buyouts	177,864		(119,861)		58,003		6.0
Customer relationships	139,463		(98,478)		40,985		8.8
Merchant portfolios	83,350		(68,787)		14,563		6.5
Technology	63,602		(32,684)		30,918		8.5

Trade names	13,329		(4,023)		9,306		10.6
Money transmission licenses(1)	2,100		—		2,100
Total	$	702,724	$	(387,534)	$	315,190	9.4

(1)These assets have an indefinite useful life.


(in thousands, except weighted-average data)	December 31, 2024						Weighted-average Useful Life
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Other intangible assets:
ISO relationships	$	182,339	$	(49,501)	$	132,838	14.6
Residual buyouts	143,862		(104,766)		39,096		6.2
Customer relationships	109,017		(95,320)		13,697		8.4
Merchant portfolios	83,350		(65,285)		18,065		6.5
Technology	58,639		(27,473)		31,166		8.7
Non-compete agreements	3,390		(3,390)		—		0.0
Trade names	7,104		(3,192)		3,912		10.6
Money transmission licenses(1)	2,100		—		2,100
Total	$	589,801	$	(348,927)	$	240,874	9.5

(1)These assets have an indefinite useful life.

Fully amortized intangible assets are retained in intangible assets, net, until removed from service. During the year ended December 31, 2025, certain fully amortized intangible assets were removed from service.


	Years Ended December 31,
(in thousands)	2025		2024		2023
Amortization expense (1)	$	44,415	$	44,145	$	56,901

(1)Included in amortization expense is $2.4 million, $2.0 million and $1.0 million related to the amortization of certain contract acquisition costs for the years ended December 31, 2025, 2024, or 2023.

The estimated amortization expense of intangible assets as of December 31, 2025, for the next five years and thereafter is:


(in thousands)	Estimated Amortization Expense
Year Ending December 31,
2026	$	51,836
2027	49,572
2028	41,237
2029	37,464
2030	33,998
Thereafter	98,983
Total(1)	$	313,090

(1)Total will not agree to the intangible asset net book value due to intangible assets with indefinite useful life.

Actual amortization expense to be reported in future periods could differ from these estimates as a result of new intangible asset acquisitions, changes in useful lives and other relevant events or circumstances.

The Company tests intangible assets for impairment when events occur or circumstances indicate that the fair value of an intangible asset or group of intangible assets may be impaired. There were no impairment losses for the years ended December 31, 2025, 2024, or 2023.

The Company also considered the market conditions and other factors and concluded that there were no additional impairment indicators present at December 31, 2025.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company's renamed its three reportable segments to align with the services offered. SMB Payments was renamed to Merchant Solutions, B2B Payments was renamed to Payables and Enterprise Payments was renamed to Treasury Solutions. There was no other change to the segments. Activities within the segment include the following:

•Payables: Provides market-leading AP automation solutions to corporations, software partners and industry leading FIs in addition to improving cash flows by providing instant access to working capital.

•Treasury Solutions: Provides embedded finance and treasury solutions to customers to modernize legacy platforms and accelerate software partners' strategies to monetize payments.

Corporate includes costs of corporate functions and shared services not allocated to our reportable segments.

The Company's chief operating decision makers ("CODM") are our CEO and CFO. The CODM uses adjusted earnings before interest expense, income tax and depreciation and amortization expenses ("Adjusted EBITDA") as the measure of segment profit or loss to allocate resources. Adjusted EBITDA represents EBITDA (i.e. earnings before interest, income tax, and depreciation and amortization expenses) adjusted for certain non-cash costs, such as stock-based compensation and the write-off of the carrying value of investments or other assets, as well as debt extinguishment and modification expenses and other expenses and income items considered non-recurring, such as acquisition integration expenses, certain professional fees, and litigation settlements.

Segment level assets information is not provided or subject to review by the CODM and therefore not provided.

Information on reportable segments and reconciliations to income before income taxes are as follows:


	Year Ended December 31, 2025
(in thousands)	Merchant Solutions		Payables		Treasury Solutions		Total
Revenue from external customers	$	639,682	$	99,407	$	213,920	$	953,009
Intersegement revenues	2,387		1,465		1,859		5,711
	642,069		100,872		215,779		958,720
Elimination of intersegment revenues							(5,711)
Total consolidated revenues							$	953,009
Less: Cost of services (excludes depreciation and amortization)(1)	(497,942)		(71,739)		(14,337)
Less: Other operating expenses(1)(2)	(35,486)		(14,989)		(20,159)
Add: Other segment items(3)	3,152		447		948
Segment Adjusted EBITDA	$	111,793	$	14,591	$	182,231	$	308,615

Reconciliation of Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA							$	308,615
Adjustment for corporate items(4)							(73,749)
Intersegment revenue elimination							(5,711)
Depreciation and amortization							(63,183)
Interest expense							(90,654)
Debt modification and extinguishment expenses							(12,514)
Selling, general and administrative (non-recurring)							(5,718)
Salary and employee benefits (non-recurring)							(2,501)
Non-cash stock based compensation(6)							(8,306)
Income before income taxes							$	46,279

(1) The significant expense categories and amounts align with the segment level information regularly provided to the CODM.

(2) Other operating expenses include salary and employee benefits, and selling, general and administrative expenses.

(3) Other segment items for each reportable segment include other income, net of stock based compensation expense.

(4) Adjustment for corporate items include:


(in thousands)	December 31, 2025
Elimination of cost of services (excludes depreciation and amortization)	$	5,703
Other operating expenses(2)	(99,632)
Other items(5)	20,180
	$	(73,749)

(5) Other items include other income, net, stock based compensation expense, selling, general and administrative (non-recurring expenses) and salary and employee benefits (non-recurring expenses).

(6) Excludes stock based compensation settled in cash subsequent to December 31, 2025.


(in thousands)	Other specified segment disclosure
	Year Ended December 31, 2025
	Merchant Solutions		Payables		Treasury Solutions		Total
Depreciation and amortization	$	31,102	$	5,081	$	19,626	$	55,809


	Year Ended December 31, 2024
(in thousands)	Merchant Solutions		Payables		Treasury Solutions		Total
Revenue from external customers	$	612,116	$	87,954	$	179,632	$	879,702
Intersegement revenues	1,431		1,149		816		3,396
	613,547		89,103		180,448		883,098
Elimination of intersegment revenues							(3,396)
Total consolidated revenues							$	879,702
Less: Cost of services (excludes depreciation and amortization)1	(478,451)		(64,659)		(11,892)
Less: Other operating expenses(1)(2)	(28,234)		(17,059)		(14,485)
Add: Other segment items(3)	2,051		220		865
Segment Adjusted EBITDA	$	108,913	$	7,605	$	154,936	$	271,454

Reconciliation of Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA							$	271,454
Adjustment for corporate items(4)							(63,791)
Intersegment revenue elimination							(3,396)
Depreciation and amortization							(58,041)
Interest expense							(88,948)
Debt modification and extinguishment expenses							(10,369)
Selling, general and administrative (non-recurring)							(3,510)
Non-cash stock based compensation							(6,118)
Income before income taxes							$	37,281

(1) The significant expense categories and amounts align with the segment level information regularly provided to the CODM.

(2) Other operating expenses include salary and employee benefits, and selling, general and administrative expenses.

(3) Other segment items for each reportable segment include other income, net of stock based compensation expense.

(4) Adjustment for corporate items include:


(in thousands)	December 31, 2024
Elimination of cost of services (excludes depreciation and amortization)	$	3,382
Other operating expenses(2)	(76,842)
Other items(5)	9,669
	$	(63,791)

(5) Other items include other income, net, stock based compensation expense, selling, general and administrative (non-recurring expenses).


(in thousands)	Other specified segment disclosure
	Year Ended December 31, 2024
	Merchant Solutions		Payables		Treasury Solutions		Total
Depreciation and amortization	$	30,865	$	5,258	$	16,928	$	53,051


	Year Ended December 31, 2023
(in thousands)	Merchant Solutions		Payables		Treasury Solutions		Total
Revenue from external customers	$	583,053	$	40,530	$	132,029	$	755,612
Intersegement revenues	198		626		157		981
	583,251		41,156		132,186		756,593
Elimination of intersegment revenues							(981)
Total consolidated revenues							$	755,612
Less: Cost of services (excludes depreciation and amortization)1	(446,188)		(26,607)		(8,456)
Less: Other operating expenses(1)(2)	(29,165)		(12,853)		(13,389)
Add: Other segment items(3)	1,587		554		552
Segment Adjusted EBITDA	$	109,485	$	2,250	$	110,893	$	222,628

Reconciliation of Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA							$	222,628
Adjustment for corporate items(4)							(53,315)
Intersegment revenue elimination							(981)
Depreciation and amortization							(68,395)
Interest expense							(76,108)
Selling, general and administrative (non-recurring)							(9,825)
Non-cash stock based compensation							(6,768)
Non cash other losses							(84)
Income before income taxes							$	7,152

(1) The significant expense categories and amounts align with the segment level information regularly provided to the CODM.

(2) Other operating expenses include salary and employee benefits, and selling, general and administrative expenses.

(3) Other segment items for each reportable segment include other income, net of stock based compensation expense.

(4) Adjustment for corporate items include:


(in thousands)	December 31, 2023
Elimination of cost of services (excludes depreciation and amortization)	$	944
Other operating expenses(2)	(69,979)
Other items(5)	15,720
	$	(53,315)

(4) Other items include other income, net, stock based compensation expense, selling, general and administrative (non-recurring expenses) and non-cash other losses.


(in thousands)	Other specified segment disclosure
	Year Ended December 31, 2023
	Merchant Solutions		Payables		Treasury Solutions		Total
Depreciation and amortization	$	36,715	$	1,831	$	22,426	$	60,972

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the importance of maintaining the trust and confidence of the customers we serve, our business partners, employees and our stockholders and are committed to protecting the confidentiality, integrity and reliance of our business operations and systems. Effective data protection and cyber security practices, including responsible stewardship of our intellectual property and the secure processing, storage, maintenance and transmission of critical information by us and other third parties with whom we do business is vital to our operations. We have adopted policies and procedures with an intended design to identify, assess and manage risks associated with cybersecurity threats. •We perform risk assessments periodically at both an Treasury Solutions level and system level in addition to assessments performed by third parties; •Our information security team performs threat monitoring services; •Our Internal Audit function performs annual reviews of selected systems and applications to test certain controls; •Independent consultants evaluate selected systems and applications on an annual basis; •We perform risk assessments of third-party vendors and perform ongoing risk-based monitoring of those third parties; and •We maintain a business continuity plan for execution in the event of a cybersecurity incident. We have not experienced any material cybersecurity incidents in the years ended December 31, 2025, 2024 and 2023, and the expenses we have incurred from cybersecurity incidents during that time were immaterial. We have not identified risks from known cybersecurity threats that have materially affected us, including our operations, business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We recognize the importance of maintaining the trust and confidence of the customers we serve, our business partners, employees and our stockholders and are committed to protecting the confidentiality, integrity and reliance of our business operations and systems. Effective data protection and cyber security practices, including responsible stewardship of our intellectual property and the secure processing, storage, maintenance and transmission of critical information by us and other third parties with whom we do business is vital to our operations. We have adopted policies and procedures with an intended design to identify, assess and manage risks associated with cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function. The Board oversees the Company’s overall risk framework including management’s implementation of our cybersecurity risk management program. The Board receives reports from the Chief Risk Officer on a regular basis on cybersecurity and information technology risk management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function. The Board oversees the Company’s overall risk framework including management’s implementation of our cybersecurity risk management program. The Board receives reports from the Chief Risk Officer on a regular basis on cybersecurity and information technology risk management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function. The Board oversees the Company’s overall risk framework including management’s implementation of our cybersecurity risk management program. The Board receives reports from the Chief Risk Officer on a regular basis on cybersecurity and information technology risk management.
Cybersecurity Risk Role of Management [Text Block]	Our Company’s cybersecurity team, overseen by our Chief Information Security Officer (“CISO”) is responsible for assessing and managing our risks from cybersecurity threats, including defining our security policy and furnishing related information for Board reporting. The CISO approves all security policies and oversees the identification, assessment, and management of security risks. The CISO regularly reports to management’s SOX Committee which may elevate cybersecurity issues to the Board at any time.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Company’s cybersecurity team, overseen by our Chief Information Security Officer (“CISO”) is responsible for assessing and managing our risks from cybersecurity threats, including defining our security policy and furnishing related information for Board reporting. The CISO approves all security policies and oversees the identification, assessment, and management of security risks. The CISO regularly reports to management’s SOX Committee which may elevate cybersecurity issues to the Board at any time.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Company’s cybersecurity team, overseen by our Chief Information Security Officer (“CISO”) is responsible for assessing and managing our risks from cybersecurity threats, including defining our security policy and furnishing related information for Board reporting. The CISO approves all security policies and oversees the identification, assessment, and management of security risks. The CISO regularly reports to management’s SOX Committee which may elevate cybersecurity issues to the Board at any time.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Based Compensation

Stock-based compensation was as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
2018 Equity Incentive Plan
Restricted stock units compensation expense	$	5,855	$	5,897	$	6,423
Stock options compensation expense	—		4		7
Liability-classified compensation expense(1)	4,519		—		—
Total stock-based compensation under the 2018 Equity Incentive Plan	10,374		5,901		6,430
ESPP compensation expense	98		56		50
Incentive units compensation expense	335		161		288
Total	$	10,807	$	6,118	$	6,768

(1) Includes $2.5 million settled in cash subsequent to December 31, 2025

Schedule of Cumulative Activity for the 2018 Plan

A summary of the activity in stock units for the 2018 Plan is as follows:










Common Stock available for issuance at January 1, 2023						3,505,286
Stock options forfeited						129,380

RSUs granted						(641,578)
PSUs granted						—
RSUs forfeited						226,100
PSUs forfeited						37,500
Shares withheld for taxes(1)						291,110
Common Stock available for issuance at December 31, 2023						3,547,798
Stock options forfeited						14,302
RSUs granted						(1,132,450)
PSUs granted						(10,753)
RSUs forfeited						403,750
PSUs forfeited						1,666
Shares withheld for taxes(1)						326,282
Common Stock available for issuance at December 31, 2024						3,150,595
Stock options forfeited						30,685
RSUs granted						(821,620)
PSUs granted						(423,074)
RSUs forfeited						27,750
PSUs forfeited						12,999
Shares withheld for taxes(1)						345,486
Common Stock available for issuance at December 31, 2025						2,322,821

(1)The number of shares surrendered to satisfy withholding taxes owed are subsequently added back to the shares available for grant under the 2018 Plan.

Schedule of Stock Options Roll Forward

Details about the time-based equity-classified stock options granted under the plan are as follows:


	Number of Shares	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024	594,826	$	6.84	3.9 years	$	2,922

Exercised	(67,220)	6.95
Forfeited(1)	(30,685)	6.95

Outstanding, December 31, 2025	496,921	6.81		2.7 years	$	45

Exercisable at December 31, 2025	496,921	$	6.81	2.7 years	$	45

(1)Forfeited includes awards for which the participant has been terminated but has 90 days from the date of termination to exercise the award based on the agreement.

Schedule of RSU and PSU Activity

Below is a summary of the Company's equity-classified RSUs and PSUs for the periods presented:


	Underlying Common Shares	Weighted-average Grant Date Fair Value
Service-based vesting:




Unvested at January 1, 2023	2,582,400	$	5.70
Granted(1)	641,578	$	3.81
Forfeited	(226,100)	$	5.44
Vested	(1,028,782)	$	5.60
Unvested at December 31, 2023	1,969,096	$	5.68
Granted(1)	1,132,450	$	4.37
Forfeited	(403,750)	$	6.37
Vested	(1,037,012)	$	5.06
Unvested at December 31, 2024	1,660,784	$	5.00
Granted(1)	821,620	$	5.77
Forfeited	(27,750)	$	6.95
Vested	(979,064)	$	5.21
Unvested at December 31, 2025	1,475,590	$	5.26

Performance-based vesting:





Unvested at January 1, 2023	99,453	$	3.24
Granted(2)	345,000	$	5.31
Forfeited	(37,500)	$	5.31
Vested	(116,958)	$	5.12
Unvested at December 31, 2023	289,995	$	5.31
Granted	10,753	$	9.30
Forfeited	(1,666)	$	5.31
Vested	(101,674)	$	5.31
Unvested at December 31, 2024	197,408	$	5.56
Granted	423,074	$	5.12
Forfeited	(12,999)	$	5.31
Vested	(91,993)	$	5.31
Unvested at December 31, 2025	515,490	$	5.25

(1)Includes 56,066 with an estimated fair value of $0.6 million, 175,720 shares with an estimated fair value of $0.6 million and 143,605 shares with an estimated fair value of $0.5 million issued to non-employees in December 31, 2025, 2024 and 2023, respectively.

(2)Includes only the portions of grants for which the performance goals have been determined and communicated to the grant recipient. Any grants for which the required performance goals have not been determined and communicated to the grant recipient are not considered to have been granted for accounting purposes.

Settlement Assets and Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Settlement Assets

The Company's consolidated settlement assets and obligations were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Settlement Assets, net of estimated losses(1):
Card settlements due from merchants (1)(2)	$	2,455	$	2,587
Card settlements due from networks	16,092		12,307
Other settlement assets	—		1,730
Subtotal	$	18,547	$	16,624
MTL Customer cash and cash equivalents (restricted in nature)(3)	1,252,349		924,174
MTL Short-term investments	25,000		—
Total settlement assets	$	1,295,896	$	940,798

Settlement Obligations:
Customer account obligations	$	1,244,975	$	897,497
Subscriber account obligations	32,031		26,677
Total customer/subscriber account obligations	1,277,006		924,174
Due to customer payees (4)(5)	20,257		16,039
Total settlement obligations	$	1,297,263	$	940,213

(1)Allowance for estimated losses was $7.1 million and $7.9 million as of December 31, 2025 and 2024, respectively.

(2)Excludes merchant funds held at member banks of $103.9 million and $106.2 million on December 31, 2025 and 2024, respectively.

(3)Excludes funds held under agency arrangement with member banks (in states where the Company does not have a money transmitter license), balances remain under the control of the member banks (therefore not the assets or obligation of the Company). Agency owned accounts held $50.3 million and $22.6 million at December 31, 2025 and 2024, respectively.

(4)Includes $16.1 million and $12.3 million as of December 31, 2025 and 2024, respectively, of card settlements due from networks and the remainder is included in restricted cash on our Consolidated Balance Sheets.

(5)Excludes amounts due to customer payees that are held in bank-owned FBO accounts which are not assets of the Company, and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Consolidated Balance Sheets. Bank-owned FBO accounts held funds of $151.8 million and $90.3 million at December 31, 2025 and 2024, respectively.

Schedule of Settlement Obligations

The Company's consolidated settlement assets and obligations were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Settlement Assets, net of estimated losses(1):
Card settlements due from merchants (1)(2)	$	2,455	$	2,587
Card settlements due from networks	16,092		12,307
Other settlement assets	—		1,730
Subtotal	$	18,547	$	16,624
MTL Customer cash and cash equivalents (restricted in nature)(3)	1,252,349		924,174
MTL Short-term investments	25,000		—
Total settlement assets	$	1,295,896	$	940,798

Settlement Obligations:
Customer account obligations	$	1,244,975	$	897,497
Subscriber account obligations	32,031		26,677
Total customer/subscriber account obligations	1,277,006		924,174
Due to customer payees (4)(5)	20,257		16,039
Total settlement obligations	$	1,297,263	$	940,213

(1)Allowance for estimated losses was $7.1 million and $7.9 million as of December 31, 2025 and 2024, respectively.

(2)Excludes merchant funds held at member banks of $103.9 million and $106.2 million on December 31, 2025 and 2024, respectively.

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Payable [Abstract]

Schedule of Accounts Payable and Accrued Expenses

The components of accounts payable and accrued expenses consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Accrued expenses	$	28,291	$	26,787
Accrued card network fees	16,050		14,311
Accrued compensation	5,581		2,570
Contingent/deferred consideration, current portion	1,163		3,891
Accounts payable(1)	19,551		14,590
Total accounts payable and accrued expenses	$	70,636	$	62,149

(1) The current portion of the operating lease obligation is included in this amount.

Property, Equipment and Software (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Software


Property, equipment and software			Estimated Useful Life
Furniture and fixtures			5 - 10 years
Equipment			3 - 15 years
Computer software			2 - 5 years
Leasehold improvements			3 - 10 years

A summary of property, equipment and software, net was as follows:


(in thousands)	December 31, 2025		December 31, 2024
Computer software	$	125,073	$	104,683
Equipment	14,037		11,571
Leasehold improvements	2,621		2,718
Furniture and fixtures	875		1,365
Property, equipment and software	142,606		120,337
Less: Accumulated depreciation	(86,245)		(70,258)
Capital work in-progress	2,275		2,398
Property, equipment and software, net	$	58,636	$	52,477


	Years Ended December 31,
(in thousands)	2025		2024		2023
Depreciation expense	$	18,768	$	13,896	$	11,494

Segment Information - Schedule of Adjustments for Corporate Items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Elimination of cost of services (excludes depreciation and amortization)	$ 578,315	$ 551,621	$ 480,307
Total operating expenses	811,764	746,281	674,088
Eliminations
Segment Reporting Information [Line Items]
Elimination of cost of services (excludes depreciation and amortization)	5,703	3,382	944
Corporate items
Segment Reporting Information [Line Items]
Other operating expenses	(99,632)	(76,842)	(69,979)
Other items	20,180	9,669	15,720
Corporate Reconciling Items And Eliminations
Segment Reporting Information [Line Items]
Total operating expenses	$ (73,749)	$ (63,791)	$ (53,315)

Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Reconciliation for Activity Within the Notes Receivable

The following table provides a reconciliation for activity within the notes receivable as of December 31, 2025:


(in thousands)
Balance at January 1, 2025	$	8,557
Principal payments	(7,766)
Advances during the period	18,900
Balance at December 31, 2025	$	19,691

Schedule of Financing Receivable, before Allowance for Credit Loss, Maturity

As of December 31, 2025, the principal payments for the Company's notes receivables are due as follows:


(in thousands)
Year Ending December 31,
2026	$	2,062
2027	3,458
2028	4,392
2029	3,863
2030	5,916
Thereafter	—
Total	$	19,691

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts Payable [Abstract]
Accrued expenses	$ 28,291	$ 26,787
Accrued card network fees	16,050	14,311
Accrued compensation	5,581	2,570
Contingent/deferred consideration, current portion	1,163	3,891
Accounts payable	19,551	14,590
Accounts payable and accrued expenses	$ 70,636	$ 62,149

Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregation of Revenues

The following table presents a disaggregation of our consolidated revenues by type:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Revenue Type:
Merchant card fees	$	710,915	$	670,411	$	595,205
Money transmission services	159,169		130,123		98,137
Outsourced services and other services	70,708		67,018		49,600
Equipment	12,217		12,150		12,670
Total revenues(1)(2)	$	953,009	$	879,702	$	755,612

(1)Includes contracts with an original duration of one year or less and variable consideration under a stand-ready series of distinct days of service. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.

(2)Approximately $58.4 million, $52.3 million and $33.4 million, of interest income for the years ended December 31, 2025, 2024 and 2023, respectively, is included in outsourced services and other services revenue in the table above.

The following table presents a disaggregation of our consolidated revenues by segment:


	Year Ended December 31, 2025
(in thousands)	Merchant Card Fees		Money Transmission Services		Outsourced and Other Services		Equipment		Total
Segment
Merchant Solutions	$	625,232	$	—	$	4,620	$	12,217	$	642,069
Payables	84,984		—		15,888		—		100,872
Treasury Solutions	5,142		159,169		51,468		—		215,779
Eliminations	(4,443)		—		(1,268)		—		(5,711)
Total revenues	$	710,915	$	159,169	$	70,708	$	12,217	$	953,009


	Year Ended December 31, 2024
(in thousands)	Merchant Card Fees		Money Transmission Services		Outsourced and Other Services		Equipment		Total
Segment
Merchant Solutions	$	595,104	$	—	$	6,293	$	12,150	$	613,547
Payables	75,822		—		13,281		—		89,103
Treasury Solutions	1,989		130,123		48,336		—		180,448
Eliminations	(2,504)		—		(892)		—		(3,396)
Total revenues	$	670,411	$	130,123	$	67,018	$	12,150	$	879,702


	Year Ended December 31, 2023
(in thousands)	Merchant Card Fees		Money Transmission Services		Outsourced and Other Services		Equipment		Total
Segment
Merchant Solutions	$	564,356	$	—	$	6,225	$	12,670	$	583,251
Payables	31,114		—		10,042		—		41,156
Treasury Solutions	410		98,142		33,634		—		132,186
Eliminations	(675)		(5)		(301)		—		(981)
Total revenues	$	595,205	$	98,137	$	49,600	$	12,670	$	755,612

Deferred revenues were not material for the years ended December 31, 2025, 2024 and 2023.

Contract Assets and Contract Liabilities

Material contract assets and liabilities are presented net at the individual contract level in the Consolidated Balance Sheets and are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations.

Contract liabilities were $0.9 million, $0.2 million and $0.6 million as of December 31, 2025, 2024, and 2023, respectively. Substantially all of these balances are recognized as revenue within 12 months.

Contract assets were not material for any period presented.

Impairment losses recognized on receivables or contract assets arising from the Company's contracts with customers were $1.1 million, $6.2 million and $0.5 million for the years ended December 31, 2025, 2024 and 2023,respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Accounts Receivable, Allowance for Credit Loss

A reconciliation of the beginning and ending amount of allowance for expected losses for Trade Receivables and Settlement Assets is as follows for the year ended December 31, 2025:


(in thousands)	Trade Receivables		Settlement Assets
Balance at January 1, 2025	$	(3,045)	$	(7,936)
Charge-offs (recoveries), net	1,146		8,741
Provision	(2,889)		(9,383)
Reclassification	(1,509)		1,509
Balance at December 31, 2025	$	(6,297)	$	(7,069)

Schedule of Financing Receivable, Allowance for Credit Loss

A reconciliation of the beginning and ending amount of allowance for expected losses for Trade Receivables and Settlement Assets is as follows for the year ended December 31, 2025:


(in thousands)	Trade Receivables		Settlement Assets
Balance at January 1, 2025	$	(3,045)	$	(7,936)
Charge-offs (recoveries), net	1,146		8,741
Provision	(2,889)		(9,383)
Reclassification	(1,509)		1,509
Balance at December 31, 2025	$	(6,297)	$	(7,069)

Schedule of Property, Equipment and Software


Property, equipment and software			Estimated Useful Life
Furniture and fixtures			5 - 10 years
Equipment			3 - 15 years
Computer software			2 - 5 years
Leasehold improvements			3 - 10 years

A summary of property, equipment and software, net was as follows:


(in thousands)	December 31, 2025		December 31, 2024
Computer software	$	125,073	$	104,683
Equipment	14,037		11,571
Leasehold improvements	2,621		2,718
Furniture and fixtures	875		1,365
Property, equipment and software	142,606		120,337
Less: Accumulated depreciation	(86,245)		(70,258)
Capital work in-progress	2,275		2,398
Property, equipment and software, net	$	58,636	$	52,477


	Years Ended December 31,
(in thousands)	2025		2024		2023
Depreciation expense	$	18,768	$	13,896	$	11,494

Schedule of Indefinite-Lived Intangible Assets


Intangible Asset	Nature	Estimated Useful Life
ISO and Referral Partner Relationships	Acquired relationships with ISOs and referral partners	11 – 25 years
Residual Buyouts	Surrender of rights to receive commissions by ISOs	3 – 9 years
Customer Relationships	Acquired customer relationships	2 – 10 years
Merchant Portfolios	Acquired rights to a portfolio of merchants	5 – 10 years
Technology	Acquired proprietary software and website domains	6 – 10 years
Trade Names and Non-compete Agreements	Acquired trade names and non-compete agreements	3 – 10 years
Money Transmission Licenses	Acquired licenses to collect, store, lend and send money in forty six U.S. states, the District of Columbia and two U.S. territories.	indefinite

Schedule of Other Intangible Assets


Intangible Asset	Nature	Estimated Useful Life
ISO and Referral Partner Relationships	Acquired relationships with ISOs and referral partners	11 – 25 years
Residual Buyouts	Surrender of rights to receive commissions by ISOs	3 – 9 years
Customer Relationships	Acquired customer relationships	2 – 10 years
Merchant Portfolios	Acquired rights to a portfolio of merchants	5 – 10 years
Technology	Acquired proprietary software and website domains	6 – 10 years
Trade Names and Non-compete Agreements	Acquired trade names and non-compete agreements	3 – 10 years
Money Transmission Licenses	Acquired licenses to collect, store, lend and send money in forty six U.S. states, the District of Columbia and two U.S. territories.	indefinite

At December 31, 2025 and 2024, intangible assets consisted of the following:


(in thousands, except weighted-average data)	December 31, 2025						Weighted-average Useful Life
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets:
ISO and referral partner relationships	$	223,016	$	(63,701)	$	159,315	13.8
Residual buyouts	177,864		(119,861)		58,003		6.0
Customer relationships	139,463		(98,478)		40,985		8.8
Merchant portfolios	83,350		(68,787)		14,563		6.5
Technology	63,602		(32,684)		30,918		8.5

Trade names	13,329		(4,023)		9,306		10.6
Money transmission licenses(1)	2,100		—		2,100
Total	$	702,724	$	(387,534)	$	315,190	9.4

(1)These assets have an indefinite useful life.


(in thousands, except weighted-average data)	December 31, 2024						Weighted-average Useful Life
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Other intangible assets:
ISO relationships	$	182,339	$	(49,501)	$	132,838	14.6
Residual buyouts	143,862		(104,766)		39,096		6.2
Customer relationships	109,017		(95,320)		13,697		8.4
Merchant portfolios	83,350		(65,285)		18,065		6.5
Technology	58,639		(27,473)		31,166		8.7
Non-compete agreements	3,390		(3,390)		—		0.0
Trade names	7,104		(3,192)		3,912		10.6
Money transmission licenses(1)	2,100		—		2,100
Total	$	589,801	$	(348,927)	$	240,874	9.5

(1)These assets have an indefinite useful life.


	Years Ended December 31,
(in thousands)	2025		2024		2023
Amortization expense (1)	$	44,415	$	44,145	$	56,901

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Outstanding debt obligations consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
2024 Credit Agreement
Term facility - matures July 31, 2032, interest rate of 7.47% and 9.11% at December 31, 2025 and 2024, respectively	$	1,020,000	$	945,537
Revolving credit facility - $100.0 million line matures July 31, 2030, interest rate of 7.22% and 8.61% at December 31, 2025 and 2024, respectively	—		—
Residual Finance credit facility
Delayed draw term facility - matures August 18, 2031, interest rate of 9.98% at December 31, 2025	35,394		—
Total debt obligations	1,055,394		945,537
Less: current portion of long-term debt	—		(9,503)
Less: unamortized debt discounts and deferred financing costs	(16,036)		(15,146)
Long-term debt, net	$	1,039,358	$	920,888

Schedule of Maturities of Long-Term Debt

Based on terms and conditions existing at December 31, 2025, future minimum principal payments for long-term debt are as follows:


(in thousands)	Residual Finance credit facility		2024 Credit Agreement		Revolving Credit Facility
December 31,							Total Principal Due
2026	$	—	$	—	$	—	$	—
2027	—		8,288		—		8,288
2028	—		10,350		—		10,350
2029	—		10,350		—		10,350
2030	—		10,350		—		10,350
Thereafter	35,394		980,662		—		1,016,056
Total	$	35,394	$	1,020,000	$	—	$	1,055,394

Schedule of Interest Expense for Outstanding Debt


	Twelve Months Ended December 31,
(in thousands)	2025		2024		2023
Interest expense(1)(2)	$	90,654	$	88,948	$	76,108

(1)Included in this amount is $2.7 million, $4.3 million and $1.7 million of interest expense related to the accretion of deferred consideration for the years ended December 31, 2025, 2024 and 2023.

(2)Interest expense included amortization of deferred financing costs and debt discounts of $1.8 million, $2.7 million and $3.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Earnings (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Share

The following tables set forth the computation of the Company's basic and diluted earnings (loss) per common share:


(in thousands except per share amounts)	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	55,681	$	24,015	(1,311)
Less: Dividends, accretion, and related excise tax attributable to redeemable senior preferred stockholders	—		(47,336)		(47,744)
Less: NCI preferred unit redemptions	—		(639)		—

Net income (loss) attributable to common stockholders	$	55,681	$	(23,960)	$	(49,055)

Denominator:
Weighted average shares outstanding(1)	79,798		77,993		78,333
Effect of dilutive potential common shares	1,670		—		—
Adjusted weighted average shares outstanding	81,468		77,993		78,333

Basic earnings (loss) per common share	$0.70		$	(0.31)	$	(0.63)
Diluted earnings (loss) per share	$0.68		$	(0.31)	$	(0.63)

(1) For all periods presented, the weighted-average common shares outstanding includes 1,803,841 warrants issued in the second quarter of 2021 that were exercised during the first quarter of 2025.

Schedule of Antidilutive Securities

Anti-dilutive securities that were excluded from earnings (loss) per common share that could potentially be dilutive in future periods are as follows:


	Common Stock Equivalents at December 31,
(in thousands)	2025	2024	2023


Restricted stock awards(1)	162	721	1,180
Outstanding stock option awards(1)	—	840	900
Liability-classified restricted stock awards(2)	76	—	—

Total	238	1,561	2,080

(1) Granted under 2018 Plan

(2) Award can be settled in cash or the Company's common stock at mutual agreement of the grantee and the Company

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Schedule of Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets:
Accruals and reserves	$ 2,592	$ 1,566
Investments in partnership	2,382	2,561
Intangible assets	21,690	29,166
Net operating loss carryforwards	14,031	1,012
Interest limitation carryforwards	15,821	19,821
Other	6,939	3,832
Gross deferred tax assets	63,455	57,958
Valuation allowance	(5,092)	(21,625)
Total deferred tax assets	58,363	36,333
Deferred Tax Liabilities:
Prepaid assets	(1,256)	(1,457)
Property and equipment	(10,757)	(10,179)
Total deferred tax liabilities	(12,013)	(11,636)
Net deferred tax assets	$ 46,350	$ 24,697

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 953,009	$ 879,702	$ 755,612
Merchant Solutions
Disaggregation of Revenue [Line Items]
Revenues	639,682	612,116	583,053
Payables
Disaggregation of Revenue [Line Items]
Revenues	99,407	87,954	40,530
Treasury Solutions
Disaggregation of Revenue [Line Items]
Revenues	213,920	179,632	132,029
Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	958,720	883,098	756,593
Operating Segments \| Merchant Solutions
Disaggregation of Revenue [Line Items]
Revenues	642,069	613,547	583,251
Operating Segments \| Payables
Disaggregation of Revenue [Line Items]
Revenues	100,872	89,103	41,156
Operating Segments \| Treasury Solutions
Disaggregation of Revenue [Line Items]
Revenues	215,779	180,448	132,186
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(5,711)	(3,396)	(981)
Eliminations \| Merchant Solutions
Disaggregation of Revenue [Line Items]
Revenues	(2,387)	(1,431)	(198)
Eliminations \| Payables
Disaggregation of Revenue [Line Items]
Revenues	(1,465)	(1,149)	(626)
Eliminations \| Treasury Solutions
Disaggregation of Revenue [Line Items]
Revenues	(1,859)	(816)	(157)
Merchant card fees
Disaggregation of Revenue [Line Items]
Revenues	710,915	670,411	595,205
Merchant card fees \| Operating Segments \| Merchant Solutions
Disaggregation of Revenue [Line Items]
Revenues	625,232	595,104	564,356
Merchant card fees \| Operating Segments \| Payables
Disaggregation of Revenue [Line Items]
Revenues	84,984	75,822	31,114
Merchant card fees \| Operating Segments \| Treasury Solutions
Disaggregation of Revenue [Line Items]
Revenues	5,142	1,989	410
Merchant card fees \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(4,443)	(2,504)	(675)
Money transmission services
Disaggregation of Revenue [Line Items]
Revenues	159,169	130,123	98,137
Money transmission services \| Operating Segments \| Merchant Solutions
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Money transmission services \| Operating Segments \| Payables
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Money transmission services \| Operating Segments \| Treasury Solutions
Disaggregation of Revenue [Line Items]
Revenues	159,169	130,123	98,142
Money transmission services \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	0	0	(5)
Outsourced services and other services
Disaggregation of Revenue [Line Items]
Revenues	70,708	67,018	49,600
Interest income	58,400	52,300	33,400
Outsourced services and other services \| Operating Segments \| Merchant Solutions
Disaggregation of Revenue [Line Items]
Revenues	4,620	6,293	6,225
Outsourced services and other services \| Operating Segments \| Payables
Disaggregation of Revenue [Line Items]
Revenues	15,888	13,281	10,042
Outsourced services and other services \| Operating Segments \| Treasury Solutions
Disaggregation of Revenue [Line Items]
Revenues	51,468	48,336	33,634
Outsourced services and other services \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(1,268)	(892)	(301)
Equipment
Disaggregation of Revenue [Line Items]
Revenues	12,217	12,150	12,670
Equipment \| Operating Segments \| Merchant Solutions
Disaggregation of Revenue [Line Items]
Revenues	12,217	12,150	12,670
Equipment \| Operating Segments \| Payables
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Equipment \| Operating Segments \| Treasury Solutions
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Equipment \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0

Notes Receivable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Notes receivable	$ 19,691	$ 8,557
Notes receivable, average interest rate	13.60%	16.90%
Notes receivable allowance for credit loss	$ 0	$ 0

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Fair Value	12 Months Ended
Fair Value	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Disclosures The Company's contingent and deferred considerations were derived from business combinations occurring during the year ended December 31, 2025 (refer to Note 2. Acquisitions). The contingent considerations are classified within Level 3 of the fair value hierarchy due to the uncertainty of the fair value measurement created by the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value which require judgment. The Company uses valuation techniques including Monte Carlo simulations to estimate fair value based on projection period and assumed growth rates. A change in inputs in the valuation techniques used might result in a significantly higher or lower fair value measurement than what is reported. Contingent and deferred consideration liabilities are uncertain due to the utilization of unobservable inputs and management's judgment in determining the likelihood of achieving criteria required by the respective agreements. The contingent and deferred considerations fair value of $28.4 million at December 31, 2025, $1.2 million included in accounts payable and accrued expenses and $27.2 million are included in other noncurrent liabilities on the Company's Consolidated Balance Sheets. Notes Receivable Notes receivable are carried at amortized cost. Substantially all of the Company's notes receivable are secured, and the Company provides for allowances when it believes that certain notes receivable may not be collectible. The carrying value of the Company's notes receivable, net approximates fair value was approximately $19.7 million and $8.6 million at December 31, 2025 and 2024, respectively. On the fair value hierarchy, Level 3 inputs are used to estimate the fair value of these notes receivable. Short-term investments Short-term investments are certificate of deposits which have a maturity that extends beyond three months but within one year of the initial purchase date and are carried at amortized cost. The carrying value approximates fair value of $25.0 million at December 31, 2025 and is within Level 2 of the fair value hierarchy. Debt Obligations Outstanding debt obligations (see Note 10. Debt Obligations) are reflected in the Company's Consolidated Balance Sheets at carrying value since the Company did not elect to remeasure debt obligations to fair value at the end of each reporting period. The fair value of 2024 Credit Agreement's term facility was estimated to be approximately $998.3 million and $944.4 million at December 31, 2025 and 2024, respectively. The fair value was estimated using binding and non-binding quoted market prices in an active secondary market, which considers the credit risk and market related conditions, and is within Level 2 of the fair value hierarchy. Long term incentive award The Company has established a long-term incentive award for the Chief Executive Officer, which is subject to specified performance conditions. Upon satisfaction of these performance criteria, the Chief Executive Officer becomes entitled to a predetermined amount of incentive compensation, which may be settled either in cash or in shares of the Company's Common Stock. Consequently, this arrangement is accounted for as a liability award in accordance with applicable accounting standards. The fair value of these awards is remeasured at each reporting date utilizing Level 3 inputs, which encompass management's estimates regarding the anticipated achievement of relevant financial metrics. The fair value of these awards as of December 31, 2025 was $4.5 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-based Compensation - Schedule of Equity-Based Compensation (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Mar. 10, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 10,807	$ 6,118	$ 6,768
ESPP compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		98	56	50
Incentive units compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		335	161	288
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		10,374	5,901	6,430
2018 Equity Incentive Plan \| Restricted stock units compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		5,855	5,897	6,423
2018 Equity Incentive Plan \| Stock options compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		0	4	7
2018 Equity Incentive Plan \| Liability-classified compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 4,519	$ 0	$ 0
2018 Equity Incentive Plan \| Liability-classified compensation expense \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation settled in cash	$ 2,500

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Assets and Liabilities, Lessee

The ROU Assets and lease liabilities consisted of the following:


(in thousands, except weighted-average data)	Financial Statement Classification	December 31, 2025			December 31, 2024
Operating Lease ROU Assets:
Operating lease ROU Assets	Other noncurrent assets	$	6,586		$	7,305
Operating Lease Obligations:
Operating lease obligations - current	Accounts payable and accrued expenses	$	1,039		$	1,072
Operating lease obligations - noncurrent	Other noncurrent liabilities	6,065			6,707
Total operating lease obligations		$	7,104		$	7,779

Weighted-average remaining lease term in years		9.4			9.9
Weighted-average discount rate		6.6		%	6.5		%

Schedule of Lease, Cost

The Components of lease expense were as follows:


		Years Ended December 31,
(in thousands)	Financial Statement Classification	2025		2024		2023
Operating lease expense (1)	Selling, general and administrative	$	1,607	$	1,714	$	1,760

(1)Excludes expenses related to short-term leases, which was immaterial for the years ended December 31, 2025, 2024 or 2023.


		Years Ended December 31,
(in thousands)	Financial Statement Classification	2025		2024		2023
Operating cash flows from operating leases	Operating activities	$	1,556	$	1,952	$	1,862

Schedule of Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments for the Company's real estate operating leases at December 31, 2025 were as follows:


(in thousands)
Year Ending December 31,	Amount Due
2026	$	1,466
2027	1,182
2028	992
2029	683
2030	637
Thereafter	4,893
Total future minimum lease payments	9,853
Amount representing imputed interest	(2,749)
Total future minimum lease payments, net of interest	$	7,104

Settlement Assets and Obligations - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) state territory	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Money transmission services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of states in which entity operates \| state	46
Number of territories in which entity operates \| territory	2
Card settlements due from merchants
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge-offs (recoveries), net \| $	$ 0.4	$ 0.9	$ 1.0

Nature of Business and Significant Accounting Policies - Allowance for Doubtful Accounts Receivable and Notes Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Notes receivable, allowance for credit loss	$ 0	$ 0
Allowance for estimated losses	$ 7,100	$ 7,900

Debt Obligations

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt Obligations

Outstanding debt obligations consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
2024 Credit Agreement
Term facility - matures July 31, 2032, interest rate of 7.47% and 9.11% at December 31, 2025 and 2024, respectively	$	1,020,000	$	945,537
Revolving credit facility - $100.0 million line matures July 31, 2030, interest rate of 7.22% and 8.61% at December 31, 2025 and 2024, respectively	—		—
Residual Finance credit facility
Delayed draw term facility - matures August 18, 2031, interest rate of 9.98% at December 31, 2025	35,394		—
Total debt obligations	1,055,394		945,537
Less: current portion of long-term debt	—		(9,503)
Less: unamortized debt discounts and deferred financing costs	(16,036)		(15,146)
Long-term debt, net	$	1,039,358	$	920,888

Contractual Maturities

Based on terms and conditions existing at December 31, 2025, future minimum principal payments for long-term debt are as follows:


(in thousands)	Residual Finance credit facility		2024 Credit Agreement		Revolving Credit Facility
December 31,							Total Principal Due
2026	$	—	$	—	$	—	$	—
2027	—		8,288		—		8,288
2028	—		10,350		—		10,350
2029	—		10,350		—		10,350
2030	—		10,350		—		10,350
Thereafter	35,394		980,662		—		1,016,056
Total	$	35,394	$	1,020,000	$	—	$	1,055,394

Additionally, the Company may be obligated to make certain additional mandatory prepayments after the end of each year based on excess cash flow, as defined in the 2024 Credit Agreement.

2024 Credit Agreement

On May 16, 2024, the Company entered into a Credit Agreement ("2024 Credit Agreement") which provides 1) a $835.0 million senior secured first lien term loan facility ; and 2) a $70.0 million senior secured revolving facility ("Credit facilities"). Proceeds from these Credit facilities were used to repay the outstanding balances under the 2021 Credit Agreement and redeem a portion of the Company's redeemable senior preferred stock which was fully redeemed in 2024. In accordance with ASC 470, the Company determined on a creditor-by-creditor basis that the 2024 Credit Agreement was both a debt modification and extinguishment of the 2021 Credit Agreement.

The Company expensed $3.9 million of previously unamortized fees and $4.8 million of debt issuance costs related to the refinancing which is reported in debt extinguishment and modification in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).

Outstanding borrowings under the Credit agreement accrue interest using a base rate or a SOFR rate plus an applicable margin per year, subject to a SOFR rate floor of 0.50% per year. The revolving credit facility incurs an unused commitment fee on any undrawn amount in an amount equal to 0.50% per year of the unused portion. The future applicable interest rate margins may vary based on the Company's Total Net Leverage Ratio in addition to future changes in the underlying market rates for SOFR and the rate used for base-rate borrowings.

Second Amendment to the 2024 Credit Agreement

On July 31, 2025, the Company amended the 2024 Credit Agreement to incorporate the following:

•Term facility: The amendment increased the principal balance from $935.5 million to $1.0 billion, increased quarterly principal payments from $2.4 million to $2.5 million, extended the maturity date from May 2031 to July 2032 and decreased the margin rate from 4.75% to 3.75%.

•Revolving credit facility: The amendment increased the credit commitment from $70.0 million to $100.0 million, extended the maturity date from May 2029 to July 2030 and decreased the margin rate from 4.25% to 3.50%.

Proceeds from the increase in the term facility was primarily used for the acquisitions in Note 2. Acquisitions. In accordance with ASC 470, the Company determined on a creditor-by-creditor basis that the amendment was both a debt extinguishment and modification. The Company expensed $2.3 million of previously unamortized fees and $4.1 million of debt issuance costs related to the refinancing which is reported in debt extinguishment and modification on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Also reported in debt extinguishment and modification on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) is the acceleration and payout of $6.9 million of deferred consideration for Plastiq (see Note 16. Commitments and Contingencies) and the $0.8 million gain on the extinguishment of a loan.

Third Amendment to the 2024 Credit Agreement

On October 1, 2025, the Company amended the 2024 Credit Agreement to incorporate the following:

•Term facility: The amendment increased the principal balance of the term loan from $1.0 billion to $1.04 billion through a single lender draw and increased quarterly principal payments from $2.5 million to $2.6 million. All other material terms of the term facility remained unchanged.

Proceeds from the increase in the term facility, net of fees and accrued interest, were approximately $34.7 million and were primarily used to fund a portion of the acquisition of 100% of the assets of DMS, see Note 2. Acquisitions, as well as related transaction fees and expenses.

In accordance with ASC 470, the Company determined that the amendment represents a debt modification. As the terms of the

Credit Agreement remained unchanged other than the increase in principal, previously unamortized debt issuance costs and original issue discount continue to be amortized over the remaining term of the loan. Debt issuance costs and original issue discount associated with the incremental borrowing were capitalized as a reduction of the related debt balance and are being amortized over the remaining term of the loan. The amendment was not considered a troubled debt restructuring.

Residual Finance Credit Facility

On August 18, 2025, a wholly owned subsidiary of the Company not restricted by the 2024 Credit Agreement, Priority Finance SPV, LLC ("Finance SPV") entered into an agreement ("Residual Finance credit facility") which provides a delayed draw term loan facility with a total commitment of $50.0 million of which Finance SPV has drawn $35.4 million. The agreement also provides an accordion feature to increase the commitment by an aggregate amount not to exceed $75.0 million such that the total commitment may equal, but not exceed, $125.0 million. The purpose of this credit facility is to fund certain residual purchases and loans to ISOs and ISVs.

Outstanding borrowings under the Residual Finance credit facility accrue interest using a SOFR rate plus an applicable margin per year, equal to 6.25%, subject to a SOFR rate floor of 2.0% per year. Unused commitments are subject to a unused commitment fee on any undrawn amount equal to 1.0% per year of the unused portion.

Interest Expense and Amortization of Deferred Loan Costs and Discounts

Deferred financing costs and debt discounts are amortized using the effective interest method over the remaining term of the respective debt and are recorded as a component of interest expense. Unamortized deferred financing costs and debt discount are included in long-term debt on the Company's Consolidated Balance Sheets.


	Twelve Months Ended December 31,
(in thousands)	2025		2024		2023
Interest expense(1)(2)	$	90,654	$	88,948	$	76,108

(1)Included in this amount is $2.7 million, $4.3 million and $1.7 million of interest expense related to the accretion of deferred consideration for the years ended December 31, 2025, 2024 and 2023.

Debt Covenants

The 2024 Credit Agreement contains representations and warranties, financial and collateral requirements, mandatory payment events, events of default and affirmative and negative covenants, including without limitation, covenants that restrict among other things, the ability to create liens, pay dividends or distribute assets from the loan parties to the Company, merge or consolidate, dispose of assets, incur additional indebtedness, make certain investments or acquisitions, enter into certain transactions (including with affiliates) and to enter into certain leases. All of the assets of the company are pledged as collateral for the credit facilities under the 2024 Credit Agreement.

If the aggregate principal amount of outstanding revolving loans and letters of credit under the 2024 Credit Agreement exceeds 35% of the total revolving credit facility thereunder at quarter end, the Company is required to comply with certain restrictions on its Total Net Leverage Ratio. If applicable, the maximum permitted Total Net Leverage Ratio is: 1) 6.90:1.00 at each fiscal quarter ended September 30, 2025 through March 31, 2026; 2) 6.40:1.00 at each fiscal quarter ended June 30, 2026 and each fiscal quarter thereafter. As of December 31, 2025, the Company was in compliance with the covenants in the 2024 Credit Agreement.

The Residual Finance credit facility contains customary representations and warranties, financial and collateral requirements, mandatory payment events, events of default and affirmative and negative covenants, including without limitation, covenants that restrict among other things, the ability to create liens, pay dividends or distribute assets from the Loan Parties to the

Company, merge or consolidate, dispose of assets, incur additional indebtedness, make certain investments or acquisitions, and enter into certain transactions (including with affiliates).

The Residual Finance Credit Facility requires Finance SPV to comply with certain restrictions including minimum liquidity of $2.0 million, minimum tangible net worth of $5.0 million, maximum default ratio of 2.5%, maximum delinquency ratio of 5.0%, and a minimum excess spread ratio of 1.00 to 1.00. As of December 31, 2025, Finance SPV was in compliance with the restrictions in the agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation Maturity

Based on existing contracts in place at December 31, 2025, the Company is committed to pay minimum processing fees under these agreements as noted below:


(in thousands)
Year Ending December 31,
2026	$	22,087
2027	23,264
2028	25,117
2029	21,575
2030	18,625
Thereafter	32,594
Total	$	143,262

Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balance of the Company's contingent and deferred consideration liabilities related to completed acquisitions:


(in thousands)	Contingent Consideration Liabilities		Deferred Consideration Liabilities








January 1, 2024	$	—	$	13,438



Accretion	—		4,339
Fair value adjustments due to changes in estimates of future payments	—		(1,500)
Payments	—		(5,592)

December 31, 2024	$	—	$	10,685
Additions (Related to acquisition, see Note 2)	21,057		7,310
Additions due to acceleration of timing payments	—		6,894
Accretion	—		2,692
Payments	—		(20,051)
Foreign currency translation adjustment	1		(234)
December 31, 2025	21,058		7,296

Nature of Business and Significant Accounting Policies - Concentration of Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Information [Line Items]
Settlement assets	$ 1,295,896	$ 940,798
Customer Account Balances
Product Information [Line Items]
Settlement assets	1,300,000
Cash, FDIC insured amount	$ 1,300,000
Revenue from Contract with Customer \| Merchant Portability Rights \| Merchant Solutions
Product Information [Line Items]
Concentration risk, percentage	5.00%	6.00%	15.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Nature of Business and Significant Accounting Policies - Schedule of Intangible Assets (Details)	Dec. 31, 2025 state territory	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	9 years 4 months 24 days	9 years 6 months
Money transmission services
Finite-Lived Intangible Assets [Line Items]
Number of states in which entity operates \| state	46
Number of territories in which entity operates \| territory	2
ISO and referral partner relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	13 years 9 months 18 days	14 years 7 months 6 days
ISO and referral partner relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	11 years
ISO and referral partner relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	25 years
Residual buyouts
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	6 years	6 years 2 months 12 days
Residual buyouts \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	3 years
Residual buyouts \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	9 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	8 years 9 months 18 days	8 years 4 months 24 days
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	2 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	10 years
Merchant Portfolios \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	5 years
Merchant Portfolios \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	10 years
Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	6 years
Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	10 years
Trade Names and Non-compete Agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	3 years
Trade Names and Non-compete Agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful lives (in years)	10 years

Commitments and Contingencies - Contingent/Deferred Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Contingent Consideration Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 0
Additions (Related to acquisition, see Note 2)	21,057
Additions due to acceleration of timing payments	0
Accretion	0	0
Fair value adjustments due to changes in estimates of future payments		0
Payments	0	0
Foreign currency translation adjustment	1
Ending balance	21,058	0
Deferred Consideration Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	10,685	13,438
Additions (Related to acquisition, see Note 2)	7,310
Additions due to acceleration of timing payments	6,894
Accretion	2,692	4,339
Fair value adjustments due to changes in estimates of future payments		(1,500)
Payments	(20,051)	(5,592)
Foreign currency translation adjustment	(234)
Ending balance	$ 7,296	$ 10,685

Nature of Business and Significant Accounting Policies - Share-based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	4 years
Stock options compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expiration period (in years)	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Nature of Business and Significant Accounting Policies - Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Investments without readily determinable fair value	$ 8.6	$ 4.8

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2025

Accounts Payable [Abstract]

Accounts Payable and Accrued Expenses

The components of accounts payable and accrued expenses consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Accrued expenses	$	28,291	$	26,787
Accrued card network fees	16,050		14,311
Accrued compensation	5,581		2,570
Contingent/deferred consideration, current portion	1,163		3,891
Accounts payable(1)	19,551		14,590
Total accounts payable and accrued expenses	$	70,636	$	62,149

(1) The current portion of the operating lease obligation is included in this amount.

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 80
Additions based on positions of prior years	65
Reductions related to lapse of the applicable statutes of limitations	(61)
Ending balance	$ 84

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 04, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37872
Entity Registrant Name	Priority Technology Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4257046
Entity Address, Address Line One	2001 Westside Parkway
Entity Address, Address Line Two	Suite 155
Entity Address, City or Town	Alpharetta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30004
City Area Code	404
Local Phone Number	952-2107
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	PRTH
Security Exchange Name	NASDAQ
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Public Float			$ 241.2
Entity Common Stock, Shares Outstanding		82,285,361
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to the Annual Meeting of stockholders of Priority Technology Holdings, Inc., scheduled to be held on June 11, 2026, will be incorporated by reference in Part III of this Form 10-K. Priority Technology Holdings, Inc. intends to file such proxy statement with the Securities and Exchange Commission no later than 120 days after its fiscal year ended December 31, 2025.
Entity Central Index Key	0001653558
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025

Commitment and Contingencies - Minimum Annual Commitments with Third-party Processors (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 22,087
2027	23,264
2028	25,117
2029	21,575
2030	18,625
Thereafter	32,594
Total	$ 143,262

Nature of Business and Significant Accounting Policies - Inventory (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Write-off for obsolete inventory	$ 0.2	$ 3.5
Inventory	14.5	7.7
Inventory in transit	5.3	7.1
Inventory, current	8.1	$ 7.7
Inventory, noncurrent	$ 6.4

Stockholders' Deficit	12 Months Ended
Stockholders' Deficit	Dec. 31, 2025
Equity [Abstract]
Stockholders' Deficit	Stockholders' Deficit Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, the holders of the Company's Common Stock possess all voting power for the election of members of the Company's Board of Directors and all other matters requiring stockholder action and will at all times vote together as one class on all matters submitted to a vote of the Company's stockholders. Holders of the Company's Common Stock are entitled to one vote per share on matters to be voted on by stockholders. Holders of the Company's Common Stock will be entitled to receive such dividends and other distributions, if any, as may be declared from time to time by the Company's Board of Directors in its discretion. Historically, the Company has neither declared nor paid dividends. The holders of the Company's Common Stock have no conversion, preemptive or other subscription rights and there is no sinking fund or redemption provisions applicable to the Common Stock. The Company is authorized to issue 100,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. As of December 31, 2025, the Company has not issued any shares of preferred stock. Share Repurchase Program During the second quarter of 2022, Priority's Board of Directors authorized a general share repurchase program under which the Company may purchase up to 2,000,000 shares of its outstanding Common Stock for a total of up to $10.0 million. Under the terms of this plan, the Company may purchase shares through open market purchases, unsolicited or solicited privately negotiated transactions, or in another manner so long as it complies with applicable rules and regulations. The Company has purchased 1,309,374 shares for $5.8 million under this plan as of the year ended December 31, 2022. On May 5, 2025, the Company's Board of Directors amended the program to increase the authorization to purchase up to 5,000,000 shares of it's outstanding common stock for a total up to $40.0 million. There have been no shares repurchased under this plan since the year ended December 31, 2022, and no shares were repurchased during the year ended December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Debt Obligations - Narrative (Details)							12 Months Ended
Debt Obligations - Narrative (Details)	Oct. 01, 2025 USD ($)	Sep. 30, 2025 USD ($)	Aug. 18, 2025 USD ($)	Jul. 31, 2025 USD ($)	Jul. 30, 2025 USD ($)	May 16, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt extinguishment and modification costs							$ 12,514,000	$ 10,369,000	$ 0
Total debt obligations							1,055,394,000	945,537,000
DMS
Debt Instrument [Line Items]
Percentage of equity interest acquired	100.00%
2024 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Write off of unamortized fees				$ 2,300,000		$ 3,900,000
Debt issuance costs writeoff				4,100,000		$ 4,800,000
SOFR rate floor						0.50%
Debt extinguishment and modification costs				6,900,000
Gain on extinguishment of loan				800,000
Proceeds from long-term lines of credit	$ 34,700,000
2024 Credit Agreement \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	1,040,000,000.00	$ 1,000,000,000.0		1,000,000,000.0	$ 935,500,000	$ 835,000,000.0
Debt instrument, periodic payment	$ 2,600,000	$ 2,500,000		$ 2,500,000	$ 2,400,000
Debt instrument, marginal rate				3.75%	4.75%
Total debt obligations							1,020,000,000	945,537,000
2024 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 100,000,000.0	$ 70,000,000.0	$ 70,000,000.0	$ 100,000,000.0
Unused commitment fee percentage						0.50%
Debt instrument, marginal rate				3.50%	4.25%
Maximum percentage of credit outstanding (as a percent)							35.00%
Maximum net leverage ratio, period one							6.90
Maximum net leverage ratio, period two							6.40
Total debt obligations							$ 0	0
Residual Finance credit facility \| Line of Credit \| Delayed draw term facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 50,000,000.0
SOFR rate floor			2.00%
Unused commitment fee percentage			1.00%
Line of credit facility, accordion feature, increase limit			$ 75,000,000.0
Line of credit facility, accordion feature, higher borrowing capacity option			$ 125,000,000.0
Basis spread on variable rate			6.25%
Covenant, minimum liquidity amount							2,000,000.0
Covenant, minimum tangible net worth							$ 5,000,000.0
Debt instrument, covenant, maximum default ratio one							2.50%
Debt instrument, covenant, maximum default ratio two							5.00%
Debt instrument, covenant, minimum excess spread ratio							1.00
Total debt obligations							$ 35,394,000	$ 0

Nature of Business and Significant Accounting Policies - Schedule of Allowance for Trade Receivables and Settlement Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Trade Receivables and Settlement assets
Balance at January 1, 2025	$ (3,045)
Balance at December 31, 2025	(6,297)
Trade Receivables
Trade Receivables and Settlement assets
Balance at January 1, 2025	(3,045)
Charge-offs (recoveries), net	1,146
Provision	(2,889)
Reclassification	(1,509)
Balance at December 31, 2025	(6,297)
Settlement Assets
Trade Receivables and Settlement assets
Balance at January 1, 2025	(7,936)
Charge-offs (recoveries), net	8,741
Provision	(9,383)
Reclassification	1,509
Balance at December 31, 2025	$ (7,069)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Minimum Annual Commitments with Third-party Processors

The Company has multi-year agreements with third parties to provide certain payment processing services to the Company. The Company pays processing fees under these agreements that are based on the volume and dollar amounts of processed payment transactions. Some of these agreements have minimum annual requirements for processing volumes. Based on existing contracts in place at December 31, 2025, the Company is committed to pay minimum processing fees under these agreements as noted below:


(in thousands)
Year Ending December 31,
2026	$	22,087
2027	23,264
2028	25,117
2029	21,575
2030	18,625
Thereafter	32,594
Total	$	143,262

Other Commitments

As of December 31, 2025 and 2024, the Company had a capital contribution commitment of $3.2 million and $12.6 million respectively, to fund operations of certain subsidiaries. The Company is obligated to make the contributions within 10 business days of receiving notice for such contribution from the subsidiary.

The Company committed to funding notes receivables totaling $27.8 million and $11.3 million as of December 31, 2025 and 2024, respectively. The Company is obligated to fulfill requests for funding required within a certain time period once the request is received. As of December 31, 2025 and 2024, the Company funded $16.5 million and $7.1 million respectively.

Merchant Reserves

See Note 4. Settlement Assets and Obligations, for information about merchant reserves.

Contingent/Deferred Consideration

The following table provides a reconciliation of the beginning and ending balance of the Company's contingent and deferred consideration liabilities related to completed acquisitions:


(in thousands)	Contingent Consideration Liabilities		Deferred Consideration Liabilities








January 1, 2024	$	—	$	13,438



Accretion	—		4,339
Fair value adjustments due to changes in estimates of future payments	—		(1,500)
Payments	—		(5,592)

December 31, 2024	$	—	$	10,685
Additions (Related to acquisition, see Note 2)	21,057		7,310
Additions due to acceleration of timing payments	—		6,894
Accretion	—		2,692
Payments	—		(20,051)
Foreign currency translation adjustment	1		(234)
December 31, 2025	21,058		7,296

Legal Proceedings

The Company is involved in certain legal proceedings and claims which arise in the ordinary course of business. In the opinion of the Company and based on consultations with inside and outside counsel, the results of any of these matters, individually and in the aggregate, are not expected to have a material effect on the Company's results of operations, financial condition or cash flows. As more information becomes available, and the Company determines that an unfavorable outcome is probable on a claim and that the amount of probable loss that the Company will incur on that claim is reasonably estimable, the Company will record an accrued expense for the claim in question. If and when the Company records such an accrual, it could be material and could adversely impact the Company's results of operations, financial condition and cash flows.

The Company is a party in a case filed on October 11, 2023 in the United States District Court of Northern District of California (the “Complaint”). The Complaint is a putative class action against The Credit Wholesale Company, Inc. (“Wholesale”), Priority Technology Holdings, Inc., Priority Payment Systems (“PPS”), LLC and Wells Fargo Bank, N.A. (“Wells Fargo”). The Complaint alleges that Wholesale as an agent of Priority, PPS and Wells Fargo made non-consensual recordation of telephonic communications with California businesses in violation of California Invasion of Privacy Act (the “Act”). The Complaint seeks to certify a class of affected businesses and an award of $5,000 per violation of the Act. On May 23, 2025, the court approved the final settlement agreement wherein the defendants agree to pay $19.5 million to settle this litigation on a class basis. Final judgment has been entered dismissing all claims against defendants.

Concentration of Risks

The Company's revenue is substantially derived from processing Visa and Mastercard bankcard transactions. Because the Company is not a member bank, to process these bankcard transactions, the Company maintains sponsorship agreements with member banks which require, among other things, that the Company abide by the by-laws and regulations of the card association.

A majority of the Company's cash and restricted cash is held in certain FIs, substantially all of which is in excess of federal deposit insurance corporation limits. The Company does not believe it is exposed to any significant credit risk from these transactions.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Components of income before income taxes were as follows:


(in thousands)	For the Years Ended December 31,
	2025		2024		2023

US	$	45,327	$	35,834	$	5,255
Foreign	952		1,447		1,897
Total income before income taxes	$	46,279	$	37,281	$	7,152

Components of consolidated income tax expense were as follows:


(in thousands)	For the Years Ended December 31,
	2025		2024		2023
U.S. current income tax expense
Federal	$	305	$	12,094	$	10,624
State and local	2,020		3,085		3,187
Foreign	426		281		738
Total current income tax expense	$	2,751	$	15,460	$	14,549
U.S. deferred income tax (benefit) expense
Federal	$	(11,051)	$	(2,213)	$	(5,149)
State and local	(793)		(101)		(712)
Foreign	(309)		120		(225)
Total deferred income tax (benefit) expense	$	(12,153)	$	(2,194)	$	(6,086)
Total income tax (benefit) expense	$	(9,402)	$	13,266	$	8,463

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the difference between the effective income tax rate and the federal statutory tax rate:


(in thousands)	December 31, 2025
Rate Recognition	Amount		Percent
US federal statutory expense (benefit)	9,719		21.0	%
State and local income taxes, net of federal benefit(1)	1,036		2.2	%
Foreign tax effects	(83)		(0.2)	%
Tax credits	(425)		(0.9)	%
Changes in valuation allowance	(18,347)		(39.6)	%
Nontaxable items
Stock-based compensation	(826)		(1.8)	%
Non-taxable compensation	886		1.9	%
Bargain purchase gain	(838)		(1.8)	%
Other non-taxable items	238		0.5	%
Uncertain tax positions	(67)		(0.1)	%
Other adjustments
Noncontrolling interest	(596)		(1.3)	%
Other miscellaneous	(99)		(0.2)	%
Income tax expense (benefit)	$	(9,402)	(20.3)	%

(1) The states that contributed to the majority (greater than 50%) of the tax effect in this category were California, Maryland, and Pennsylvania.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the following is a reconciliation of the difference between the effective income tax rate and the federal statutory tax rate:


(in thousands)
	2024		2023
U.S. federal statutory expense	$	7,829	$	1,502

State and local income taxes, net	2,308		1,588
Foreign rate differential	98		114
Excess tax expense pursuant to ASU 2016-09	128		235
Valuation allowance changes	2,204		3,958
Nondeductible items	1,045		768
Tax credits	(275)		—
Other, net	(71)		298
Income tax expense	$	13,266	$	8,463

Schedule of Deferred Tax Assets and Liabilities

The significant components of consolidated deferred income taxes were as follows:


	As of December 31,
(in thousands)	2025		2024
Deferred Tax Assets:
Accruals and reserves	$	2,592	$	1,566
Investments in partnership	2,382		2,561
Intangible assets	21,690		29,166
Net operating loss carryforwards	14,031		1,012
Interest limitation carryforwards	15,821		19,821
Other	6,939		3,832
Gross deferred tax assets	63,455		57,958
Valuation allowance	(5,092)		(21,625)
Total deferred tax assets	58,363		36,333
Deferred Tax Liabilities:
Prepaid assets	$	(1,256)	$	(1,457)
Property and equipment	(10,757)		(10,179)
Total deferred tax liabilities	(12,013)		(11,636)
Net deferred tax assets	$	46,350	$	24,697

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)
Balance as of January 1, 2025	$	80

Additions based on positions of prior years	65

Reductions related to lapse of the applicable statutes of limitations	(61)

Balance as of December 31, 2025	$	84

Schedule of Cash Flow, Supplemental Disclosures

The following is a summary of income taxes paid by jurisdiction (net of refunds) pursuant to disclosure requirements of ASU 2023-09 for year ended December 31, 2025:



(in thousands)	Income Taxes Paid
US federal	$	7,000
US state and local:
California	597
Other	2,426
Foreign:
India	565
Total cash taxes paid, net of refunds received	$	10,588

Earnings (Loss) per Common Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	238	1,561	2,080
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	162	721	1,180
Outstanding stock option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	0	840	900
Liability-classified restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	76	0	0

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment


	Year Ended December 31, 2025
(in thousands)	Merchant Solutions		Payables		Treasury Solutions		Total
Revenue from external customers	$	639,682	$	99,407	$	213,920	$	953,009
Intersegement revenues	2,387		1,465		1,859		5,711
	642,069		100,872		215,779		958,720
Elimination of intersegment revenues							(5,711)
Total consolidated revenues							$	953,009
Less: Cost of services (excludes depreciation and amortization)(1)	(497,942)		(71,739)		(14,337)
Less: Other operating expenses(1)(2)	(35,486)		(14,989)		(20,159)
Add: Other segment items(3)	3,152		447		948
Segment Adjusted EBITDA	$	111,793	$	14,591	$	182,231	$	308,615

Reconciliation of Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA							$	308,615
Adjustment for corporate items(4)							(73,749)
Intersegment revenue elimination							(5,711)
Depreciation and amortization							(63,183)
Interest expense							(90,654)
Debt modification and extinguishment expenses							(12,514)
Selling, general and administrative (non-recurring)							(5,718)
Salary and employee benefits (non-recurring)							(2,501)
Non-cash stock based compensation(6)							(8,306)
Income before income taxes							$	46,279

(1) The significant expense categories and amounts align with the segment level information regularly provided to the CODM.

(2) Other operating expenses include salary and employee benefits, and selling, general and administrative expenses.

(3) Other segment items for each reportable segment include other income, net of stock based compensation expense.

(4) Adjustment for corporate items include:


(in thousands)	December 31, 2025
Elimination of cost of services (excludes depreciation and amortization)	$	5,703
Other operating expenses(2)	(99,632)
Other items(5)	20,180
	$	(73,749)

(5) Other items include other income, net, stock based compensation expense, selling, general and administrative (non-recurring expenses) and salary and employee benefits (non-recurring expenses).

(6) Excludes stock based compensation settled in cash subsequent to December 31, 2025.


(in thousands)	Other specified segment disclosure
	Year Ended December 31, 2025
	Merchant Solutions		Payables		Treasury Solutions		Total
Depreciation and amortization	$	31,102	$	5,081	$	19,626	$	55,809


	Year Ended December 31, 2024
(in thousands)	Merchant Solutions		Payables		Treasury Solutions		Total
Revenue from external customers	$	612,116	$	87,954	$	179,632	$	879,702
Intersegement revenues	1,431		1,149		816		3,396
	613,547		89,103		180,448		883,098
Elimination of intersegment revenues							(3,396)
Total consolidated revenues							$	879,702
Less: Cost of services (excludes depreciation and amortization)1	(478,451)		(64,659)		(11,892)
Less: Other operating expenses(1)(2)	(28,234)		(17,059)		(14,485)
Add: Other segment items(3)	2,051		220		865
Segment Adjusted EBITDA	$	108,913	$	7,605	$	154,936	$	271,454

Reconciliation of Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA							$	271,454
Adjustment for corporate items(4)							(63,791)
Intersegment revenue elimination							(3,396)
Depreciation and amortization							(58,041)
Interest expense							(88,948)
Debt modification and extinguishment expenses							(10,369)
Selling, general and administrative (non-recurring)							(3,510)
Non-cash stock based compensation							(6,118)
Income before income taxes							$	37,281

(1) The significant expense categories and amounts align with the segment level information regularly provided to the CODM.

(2) Other operating expenses include salary and employee benefits, and selling, general and administrative expenses.

(3) Other segment items for each reportable segment include other income, net of stock based compensation expense.

(4) Adjustment for corporate items include:


(in thousands)	December 31, 2024
Elimination of cost of services (excludes depreciation and amortization)	$	3,382
Other operating expenses(2)	(76,842)
Other items(5)	9,669
	$	(63,791)

(5) Other items include other income, net, stock based compensation expense, selling, general and administrative (non-recurring expenses).


(in thousands)	Other specified segment disclosure
	Year Ended December 31, 2024
	Merchant Solutions		Payables		Treasury Solutions		Total
Depreciation and amortization	$	30,865	$	5,258	$	16,928	$	53,051


	Year Ended December 31, 2023
(in thousands)	Merchant Solutions		Payables		Treasury Solutions		Total
Revenue from external customers	$	583,053	$	40,530	$	132,029	$	755,612
Intersegement revenues	198		626		157		981
	583,251		41,156		132,186		756,593
Elimination of intersegment revenues							(981)
Total consolidated revenues							$	755,612
Less: Cost of services (excludes depreciation and amortization)1	(446,188)		(26,607)		(8,456)
Less: Other operating expenses(1)(2)	(29,165)		(12,853)		(13,389)
Add: Other segment items(3)	1,587		554		552
Segment Adjusted EBITDA	$	109,485	$	2,250	$	110,893	$	222,628

Reconciliation of Adjusted EBITDA to income (loss) before income taxes
Segment Adjusted EBITDA							$	222,628
Adjustment for corporate items(4)							(53,315)
Intersegment revenue elimination							(981)
Depreciation and amortization							(68,395)
Interest expense							(76,108)
Selling, general and administrative (non-recurring)							(9,825)
Non-cash stock based compensation							(6,768)
Non cash other losses							(84)
Income before income taxes							$	7,152

(1) The significant expense categories and amounts align with the segment level information regularly provided to the CODM.

(2) Other operating expenses include salary and employee benefits, and selling, general and administrative expenses.

(3) Other segment items for each reportable segment include other income, net of stock based compensation expense.

(4) Adjustment for corporate items include:


(in thousands)	December 31, 2023
Elimination of cost of services (excludes depreciation and amortization)	$	944
Other operating expenses(2)	(69,979)
Other items(5)	15,720
	$	(53,315)

(4) Other items include other income, net, stock based compensation expense, selling, general and administrative (non-recurring expenses) and non-cash other losses.


(in thousands)	Other specified segment disclosure
	Year Ended December 31, 2023
	Merchant Solutions		Payables		Treasury Solutions		Total
Depreciation and amortization	$	36,715	$	1,831	$	22,426	$	60,972

Stockholders' Deficit - Narrative (Details) $ in Millions	12 Months Ended		36 Months Ended
Stockholders' Deficit - Narrative (Details) $ in Millions	Dec. 31, 2025 vote shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2025 vote shares	May 05, 2025 USD ($) shares	Dec. 31, 2024 shares	Jun. 30, 2022 USD ($) shares
Equity [Abstract]
Number of votes per share \| vote	1		1
Preferred stock authorized (in shares)	100,000,000		100,000,000		100,000,000
Preferred stock shares issued (in shares)	0		0		0
Authorized amount to be repurchased (in shares)				5,000,000		2,000,000
Authorized amount to be repurchased \| $				$ 40.0		$ 10.0
Number of shares repurchased (in shares)	0	1,309,374	0
Value of shares repurchased \| $		$ 5.8

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Stock-based Compensation

2018 Equity Incentive Plan

The 2018 Plan was approved by the Company's Board of Directors and stockholders in July 2018. The 2018 Plan provided for the issuance of up to 6,685,696 shares of the Company's Common Stock, and these shares were registered on a Form S-8 during 2018. Under the 2018 Plan, the Company's compensation committee may grant awards of non-qualified stock options, incentive stock options, SARs, restricted stock awards, RSUs, other stock-based awards (including cash bonus awards) or any combination of the foregoing. Any current or prospective employees, officers, consultants or advisors that the Company's compensation committee (or, in the case of non-employee directors, the Company's Board of Directors) selects, from time to time, are eligible to receive awards under the 2018 Plan. If any award granted under the 2018 Plan expires, terminates, or is canceled or forfeited without being settled or exercised, or if a SAR is settled in cash or otherwise without the issuance of shares, shares of the Company's Common Stock subject to such award will again be made available for future grants. In addition, if any shares are surrendered or tendered to pay the exercise price of an award or to satisfy withholding taxes owed, such shares will again be available for grants under the 2018 Plan. On March 17, 2022, the Company's Board of Directors unanimously approved an amendment to the 2018 Plan which was subsequently approved by our stockholders, to increase the number of shares authorized for issuance under the plan by 2,500,000 shares, resulting in 9,185,696 shares of the Company's Common Stock authorized for issuance under the plan. These additional shares were registered on Form S-8 in December 2022.

Stock-based compensation was as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
2018 Equity Incentive Plan
Restricted stock units compensation expense	$	5,855	$	5,897	$	6,423
Stock options compensation expense	—		4		7
Liability-classified compensation expense(1)	4,519		—		—
Total stock-based compensation under the 2018 Equity Incentive Plan	10,374		5,901		6,430
ESPP compensation expense	98		56		50
Incentive units compensation expense	335		161		288
Total	$	10,807	$	6,118	$	6,768

(1) Includes $2.5 million settled in cash subsequent to December 31, 2025

For the year ended December 31, 2025, 2024 and 2023 the Company's income tax expense for stock-based compensation was immaterial. No stock-based compensation has been capitalized.

A summary of the activity in stock units for the 2018 Plan is as follows:










Common Stock available for issuance at January 1, 2023						3,505,286
Stock options forfeited						129,380

RSUs granted						(641,578)
PSUs granted						—
RSUs forfeited						226,100
PSUs forfeited						37,500
Shares withheld for taxes(1)						291,110
Common Stock available for issuance at December 31, 2023						3,547,798
Stock options forfeited						14,302
RSUs granted						(1,132,450)
PSUs granted						(10,753)
RSUs forfeited						403,750
PSUs forfeited						1,666
Shares withheld for taxes(1)						326,282
Common Stock available for issuance at December 31, 2024						3,150,595
Stock options forfeited						30,685
RSUs granted						(821,620)
PSUs granted						(423,074)
RSUs forfeited						27,750
PSUs forfeited						12,999
Shares withheld for taxes(1)						345,486
Common Stock available for issuance at December 31, 2025						2,322,821

(1)The number of shares surrendered to satisfy withholding taxes owed are subsequently added back to the shares available for grant under the 2018 Plan.

Details about the time-based equity-classified stock options granted under the plan are as follows:


	Number of Shares	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024	594,826	$	6.84	3.9 years	$	2,922

Exercised	(67,220)	6.95
Forfeited(1)	(30,685)	6.95

Outstanding, December 31, 2025	496,921	6.81		2.7 years	$	45

Exercisable at December 31, 2025	496,921	$	6.81	2.7 years	$	45

(1)Forfeited includes awards for which the participant has been terminated but has 90 days from the date of termination to exercise the award based on the agreement.

There were no options granted in 2025, 2024, or 2023. The intrinsic value of options exercised in 2025 and 2024 was $0.1 million and $0.8 million, respectively. There were no options exercised in 2023. As of December 31, 2025, there were no unrecognized compensation costs related to stock options.

Equity-classified Restricted Stock Units

Below is a summary of the Company's equity-classified RSUs and PSUs for the periods presented:


	Underlying Common Shares	Weighted-average Grant Date Fair Value
Service-based vesting:




Unvested at January 1, 2023	2,582,400	$	5.70
Granted(1)	641,578	$	3.81
Forfeited	(226,100)	$	5.44
Vested	(1,028,782)	$	5.60
Unvested at December 31, 2023	1,969,096	$	5.68
Granted(1)	1,132,450	$	4.37
Forfeited	(403,750)	$	6.37
Vested	(1,037,012)	$	5.06
Unvested at December 31, 2024	1,660,784	$	5.00
Granted(1)	821,620	$	5.77
Forfeited	(27,750)	$	6.95
Vested	(979,064)	$	5.21
Unvested at December 31, 2025	1,475,590	$	5.26

Performance-based vesting:





Unvested at January 1, 2023	99,453	$	3.24
Granted(2)	345,000	$	5.31
Forfeited	(37,500)	$	5.31
Vested	(116,958)	$	5.12
Unvested at December 31, 2023	289,995	$	5.31
Granted	10,753	$	9.30
Forfeited	(1,666)	$	5.31
Vested	(101,674)	$	5.31
Unvested at December 31, 2024	197,408	$	5.56
Granted	423,074	$	5.12
Forfeited	(12,999)	$	5.31
Vested	(91,993)	$	5.31
Unvested at December 31, 2025	515,490	$	5.25

As of December 31, 2025, there was $4.8 million and $2.1 million of unrecognized compensation costs for equity-classified service-based RSUs and performance-based RSUs, respectively, which are expected to be recognized over a remaining weighted-average period of 1.9 years and 2.1 years, respectively. The total fair value of RSUs and PSUs that vested in 2025, 2024, and 2023 was $10.1 million, $5.8 million and $1.3 million, respectively.

Employee Stock Purchase Plan

On April 16, 2021, the 2021 Stock Purchase Plan was authorized by the Company's Board of Directors. The maximum number of shares available for purchase under the 2021 Stock Purchase Plan is 200,000 shares. The ESPP was amended by stockholder approval on June 13, 2025, to increase the number of shares available by 200,000.The shares issued under the 2021 Stock Purchase Plan may be authorized but unissued or reacquired shares of Common Stock. All employees of the Company who work more than 20 hours per week and have been employed by the Company for at least 30 days may participate in the 2021 Stock Purchase Plan.

Under the 2021 Stock Purchase Plan, participants are offered, on the first day of the offering period, the option to purchase shares of Common Stock at a discount on the last day of the offering period. The offering period shall be for a period of three months, and the first offering period began during the first quarter of 2022. The 2021 Stock Purchase Plan provides eligible employees the opportunity to purchase shares of the Company's Common Stock on a quarterly basis through payroll deductions at a price equal to 95% of the lesser of the fair value on the first and last trading day of each quarter.

As of December 31, 2025, the Company had 180,617 shares available under the 2021 Stock Purchase Plan.

Nature of Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

an NCI based on the hypothetical liquidation at book value method utilizing the terms of the operating agreement between the Company and the NCI.

Noncontrolling Interest

Reclassifications

Use of Estimates

the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reported period. Actual results could materially differ from those estimates.

Revenue Recognition, Cost of Services (excludes depreciation and amortization), Contracts with Customers and Contract Costs, and Customer Deposits and Advance Payments

Treasury Solutions – The Company's Treasury Solutions segment uses payment-adjacent technologies to facilitate the acceptance of Electronic Payments from customers.

Revenue from the Treasury Solutions segment consists of the following:

•Interest revenue: Interest revenue is derived from certain customer balances maintained in interest bearing accounts with select partner banks and recognized when earned.

•CRM and consulting fees: CRM license fees are recognized on a monthly basis and consulting fees are recognized over time when services are performed.

A substantial portion of this segment's revenues are earned as an agent of a third party, and therefore this earned revenue is reported as a net amount within revenue.

Interest income

Interest income generated by the Company's ordinary activities (i.e. from reserves and customer deposits) are presented within outsourced services and other services revenue. See Note 3. Revenues.

Interest income is recognized using the effective interest rate method, which is based upon the respective interest rates and the average daily asset balance.

Transaction Price Allocated to Future Performance Obligations

Cost of Services (excludes depreciation and amortization)

For the Plastiq business, the Company acts as merchant of record and therefore transaction processing costs, including interchange fees, are presented as costs of services.

Contracts with Customers and Contract Costs

Cash and Cash Equivalents and Restricted Cash

Accounts Receivable, net

Inventory

Notes Receivable

Allowance for Expected Losses

Investments

The fair value of the securities are not readily determinable. Accordingly, the Company has elected to apply the measurement alternative in accordance with ASC 321, Investments-Equity Securities, under which such investments are measured at cost, less any impairment. Investments in unconsolidated entities are evaluated for impairment when events and circumstances indicate that the carrying value of the investment has been impaired beyond a temporary period of time.

Property and Equipment


Property, equipment and software			Estimated Useful Life
Furniture and fixtures			5 - 10 years
Equipment			3 - 15 years
Computer software			2 - 5 years
Leasehold improvements			3 - 10 years

See Note 6. Property, Equipment and Software.

Costs Incurred to Develop Software for Internal Use

Intangible Assets

Impairment of Long-lived Assets

Goodwill and Indefinite-lived Intangibles

The Company tests goodwill and indefinite-lived intangibles for impairment annually on October 1st, or when events occur or circumstances indicate the fair value of a reporting unit is below its carrying value. The test for impairment may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. Reporting units are reevaluated annually or when events occur such as a reorganization of our operating segments or business reasons resulting in material changes to how reporting units are organized and managed. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that implied fair value of the indefinite-lived intangibles or goodwill within the reporting unit is less than its carrying value.

Leases

Settlement Assets and Obligations

Debt Issuance and Modification Costs

Restructuring Costs

Acquisitions

Business Combinations and Asset Acquisitions

Deferred Consideration

Contingent Consideration

Residual Commissions

ISO Deposit and Loss Reserve

Stock-based Compensation

Stock Options

Under the Company's 2018 Plan, the Company determines the fair value of stock options using the Black-Scholes option pricing model, which requires the use of the following subjective assumptions:

Service-based restricted stock awards

Performance-based restricted stock awards

Non-voting Incentive Units

Employee Stock Purchase Program

Repurchased Stock

Earnings (Loss) per Share

Income Taxes

Fair Value Measurements

Level 1 – Quoted market prices in active markets for identical assets or liabilities as of the reporting date.

Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3 – Unobservable inputs that are not corroborated by market data.

Foreign Currency

Concentration of Risk

Recently Adopted Accounting Standards and Recently Issued Accounting Standards Pending Adoption

Profit Interest ASU 2024-01

Income Taxes ASU 2023-09

Recently Issued Accounting Standards Pending Adoption

Disaggregation of Income Statement Expenses ASU 2024-03

Accounting for Internal-Use Software ASU 2025-06

Stock-based Compensation - Schedule of Stock Options Activity (Details) - 2018 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding, beginning balance (in shares)	594,826
Exercised (in shares)	(67,220)		0
Forfeited (in shares)	(30,685)
Outstanding, ending balance (in shares)	496,921	594,826
Exercisable (in shares)	496,921
Weighted-average Exercise Price
Exercised (in dollars per share)	$ 6.95
Forfeited (in dollars per share)	6.95
Outstanding, ending balance (in dollars per share)	6.81
Exercisable, weighted average exercise price (in dollars per share)	$ 6.81	$ 6.84
Weighted-average Remaining Contractual Term
Outstanding, weighted-average remaining contractual terms (in years)	2 years 8 months 12 days	3 years 10 months 24 days
Exercisable, weighted average remaining contractual term (in years)	2 years 8 months 12 days
Aggregate Intrinsic Value
Aggregate intrinsic value	$ 45	$ 2,922
Exercisable, aggregate intrinsic value	$ 45

Notes Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Notes Receivable

The Company has notes receivable of $19.7 million and $8.6 million as of December 31, 2025 and 2024, respectively, which are reported as current portion of notes receivable and notes receivable less current portion on the Company's Consolidated Balance Sheets. The notes bear a weighted-average interest rate of 13.6% and 16.9% as of December 31, 2025 and 2024, respectively. The notes receivable are comprised of notes receivable from ISOs and ISVs, and under the terms of the agreements the Company preserves the right to hold back residual payments due to the ISOs and ISVs and to apply such residuals against future payments due to the Company. As of December 31, 2025 and 2024, the Company had no allowance for doubtful notes receivable.

The following table provides a reconciliation for activity within the notes receivable as of December 31, 2025:


(in thousands)
Balance at January 1, 2025	$	8,557
Principal payments	(7,766)
Advances during the period	18,900
Balance at December 31, 2025	$	19,691

As of December 31, 2025, the principal payments for the Company's notes receivables are due as follows:


(in thousands)
Year Ending December 31,
2026	$	2,062
2027	3,458
2028	4,392
2029	3,863
2030	5,916
Thereafter	—
Total	$	19,691

Settlement Assets and Obligations - Schedule of Settlement Assets and Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Settlement Assets, net of estimated losses
Total settlement assets	$ 1,295,896	$ 940,798
Settlement Obligations:
Total settlement obligations	1,297,263	940,213
Allowance for estimated losses	7,100	7,900
Deposits, agency-owned accounts	50,300	22,600
Total customer/subscriber account obligations
Settlement Obligations:
Total settlement obligations	1,277,006	924,174
Customer account obligations
Settlement Obligations:
Total settlement obligations	1,244,975	897,497
Subscriber account obligations
Settlement Obligations:
Total settlement obligations	32,031	26,677
Due to customer payees
Settlement Obligations:
Total settlement obligations	20,257	16,039
Due to customer payees \| Bank
Settlement Obligations:
Total settlement obligations	151,800	90,300
MTL Customer cash and cash equivalents
Settlement Assets, net of estimated losses
Total settlement assets	1,252,349	924,174
MTL Short-term investments
Settlement Assets, net of estimated losses
Total settlement assets	25,000	0
Card Settlements and Other Settlement Assets
Settlement Assets, net of estimated losses
Total settlement assets	18,547	16,624
Card settlements due from merchants
Settlement Assets, net of estimated losses
Total settlement assets	2,455	2,587
Card settlements due from networks
Settlement Assets, net of estimated losses
Total settlement assets	16,092	12,307
Other settlement assets
Settlement Assets, net of estimated losses
Total settlement assets	0	1,730
Merchant funds held at member banks
Settlement Assets, net of estimated losses
Total settlement assets	$ 103,900	$ 106,200

Debt Obligations - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 90,654	$ 88,948	$ 76,108
Accretion expense	2,700	4,300	1,700
Amortization of debt discount (premium) and debt issuance costs	$ 1,800	$ 2,700	$ 3,800

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Effective income tax rate	(20.30%)	35.60%	118.30%
Deferred tax assets, valuation allowance	$ 5,092	$ 21,625
Tax Cuts and Jobs Act of 2017, interest deduction limitation	76,800	87,600
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	34,400	0
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	53,200	19,900
Canada
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	$ 15,600	$ 0

Nature of Business and Significant Accounting Policies - Schedule of Property and Equipment and Costs Incurred to Develop Software for Internal Use (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Impairment of internal use software	$ 0.0	$ 0.0	$ 0.0
Software costs capitalized during the period	19.7	26.1	21.3
Capitalized computer software, net	51.2	48.1
Capitalized computer software, amortization	$ 16.5	$ 11.8	$ 9.4
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Computer software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Computer software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Notes Receivable - Schedule of Reconciliation for Activity within Notes Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Financing Receivable, after Allowance for Credit Loss [Roll Forward]
Balance at beginning	$ 8,557
Principal payments	(7,766)
Advances during the period	18,900
Balance at ending	$ 19,691

Nature of Business and Significant Accounting Policies - Restructuring Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Depreciation and amortization, Selling, general and administrative
Restructuring	$ 3.5
Accelerated depreciation and amortization of assets of restructured business	$ 0.3

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Nature of Business and Significant Accounting Policies - Accrued Residual Commissions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Residual commission expenses	$ 457.5	$ 426.6	$ 415.1

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Atlanta, Georgia

Nature of Business and Significant Accounting Policies - Non-voting Incentive Units (Details)	12 Months Ended
	Dec. 31, 2025 subsidiary
Accounting Policies [Abstract]
Number of subsidiaries	7

Property, Equipment and Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (86,245)	$ (70,258)
Property, equipment and software, net	58,636	52,477
Depreciation expense	18,768	13,896	$ 11,494
Property, equipment and software
Property, Plant and Equipment [Line Items]
Property, equipment and software	142,606	120,337
Computer software
Property, Plant and Equipment [Line Items]
Property, equipment and software	125,073	104,683
Equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	14,037	11,571
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software	2,621	2,718
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software	875	1,365
Capital work in-progress
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 2,275	$ 2,398

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable allowance for credit loss	$ 6,297	$ 3,045
Notes receivable, allowance for credit loss	$ 0	$ 0
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	86,639,593	81,866,711
Common stock, shares outstanding (in shares)	81,907,304	77,479,908
Treasury stock (in shares)	4,732,289	4,386,803

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company's leases consist primarily of real estate leases for office space, which are classified as operating leases. Lease expense for the Company's operating leases is recognized on a straight-line basis over the term of the lease. The Company did not have any finance leases at December 31, 2025 and 2024.

The ROU Assets and lease liabilities consisted of the following:


(in thousands, except weighted-average data)	Financial Statement Classification	December 31, 2025			December 31, 2024
Operating Lease ROU Assets:
Operating lease ROU Assets	Other noncurrent assets	$	6,586		$	7,305
Operating Lease Obligations:
Operating lease obligations - current	Accounts payable and accrued expenses	$	1,039		$	1,072
Operating lease obligations - noncurrent	Other noncurrent liabilities	6,065			6,707
Total operating lease obligations		$	7,104		$	7,779

Weighted-average remaining lease term in years		9.4			9.9
Weighted-average discount rate		6.6		%	6.5		%

The Components of lease expense were as follows:


		Years Ended December 31,
(in thousands)	Financial Statement Classification	2025		2024		2023
Operating lease expense (1)	Selling, general and administrative	$	1,607	$	1,714	$	1,760

(1)Excludes expenses related to short-term leases, which was immaterial for the years ended December 31, 2025, 2024 or 2023.


		Years Ended December 31,
(in thousands)	Financial Statement Classification	2025		2024		2023
Operating cash flows from operating leases	Operating activities	$	1,556	$	1,952	$	1,862

Lease Commitments

Future minimum lease payments for the Company's real estate operating leases at December 31, 2025 were as follows:


(in thousands)
Year Ending December 31,	Amount Due
2026	$	1,466
2027	1,182
2028	992
2029	683
2030	637
Thereafter	4,893
Total future minimum lease payments	9,853
Amount representing imputed interest	(2,749)
Total future minimum lease payments, net of interest	$	7,104

Segment Information - Schedule of Reportable Segments and Reconciliation to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 953,009	$ 879,702	$ 755,612
Cost of services (excludes depreciation and amortization)	(578,315)	(551,621)	(480,307)
Segment Adjusted EBITDA	308,615	271,454	222,628
Merchant Solutions
Segment Reporting Information [Line Items]
Revenues	639,682	612,116	583,053
Other operating expenses	(35,486)	(28,234)	(29,165)
Other segment items	3,152	2,051	1,587
Segment Adjusted EBITDA	111,793	108,913	109,485
Payables
Segment Reporting Information [Line Items]
Revenues	99,407	87,954	40,530
Other operating expenses	(14,989)	(17,059)	(12,853)
Other segment items	447	220	554
Segment Adjusted EBITDA	14,591	7,605	2,250
Treasury Solutions
Segment Reporting Information [Line Items]
Revenues	213,920	179,632	132,029
Other operating expenses	(20,159)	(14,485)	(13,389)
Other segment items	948	865	552
Segment Adjusted EBITDA	182,231	154,936	110,893
Eliminations
Segment Reporting Information [Line Items]
Revenues	(5,711)	(3,396)	(981)
Cost of services (excludes depreciation and amortization)	(5,703)	(3,382)	(944)
Eliminations \| Merchant Solutions
Segment Reporting Information [Line Items]
Revenues	(2,387)	(1,431)	(198)
Eliminations \| Payables
Segment Reporting Information [Line Items]
Revenues	(1,465)	(1,149)	(626)
Eliminations \| Treasury Solutions
Segment Reporting Information [Line Items]
Revenues	(1,859)	(816)	(157)
Operating Segments
Segment Reporting Information [Line Items]
Revenues	958,720	883,098	756,593
Operating Segments \| Merchant Solutions
Segment Reporting Information [Line Items]
Revenues	642,069	613,547	583,251
Cost of services (excludes depreciation and amortization)	(497,942)	(478,451)	(446,188)
Operating Segments \| Payables
Segment Reporting Information [Line Items]
Revenues	100,872	89,103	41,156
Cost of services (excludes depreciation and amortization)	(71,739)	(64,659)	(26,607)
Operating Segments \| Treasury Solutions
Segment Reporting Information [Line Items]
Revenues	215,779	180,448	132,186
Cost of services (excludes depreciation and amortization)	$ (14,337)	$ (11,892)	$ (8,456)

Goodwill and Intangible Assets - Amortization Expense By Year (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 51,836
2027	49,572
2028	41,237
2029	37,464
2030	33,998
Thereafter	98,983
Total	$ 313,090

Debt Obligations - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2025	Oct. 01, 2025	Sep. 30, 2025	Aug. 18, 2025	Jul. 31, 2025	Jul. 30, 2025	Dec. 31, 2024	May 16, 2024
Debt Instrument [Line Items]
Total debt obligations	$ 1,055,394,000						$ 945,537,000
Less: current portion of long-term debt	0						(9,503,000)
Less: unamortized debt discounts and deferred financing costs	(16,036,000)						(15,146,000)
Long-term debt, net	1,039,358,000						920,888,000
Line of Credit \| 2024 Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Total debt obligations	$ 1,020,000,000						$ 945,537,000
Interest rate during period	7.47%						9.11%
Maximum borrowing capacity		$ 1,040,000,000.00	$ 1,000,000,000.0		$ 1,000,000,000.0	$ 935,500,000		$ 835,000,000.0
Line of Credit \| 2024 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations	$ 0						$ 0
Interest rate during period	7.22%						8.61%
Maximum borrowing capacity	$ 100,000,000.0				$ 100,000,000.0	$ 70,000,000.0		$ 70,000,000.0
Line of Credit \| Residual Finance credit facility \| Delayed draw term facility
Debt Instrument [Line Items]
Total debt obligations	$ 35,394,000						$ 0
Interest rate during period	9.98%
Maximum borrowing capacity				$ 50,000,000.0

Property, Equipment and Software

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Equipment and Software

A summary of property, equipment and software, net was as follows:


(in thousands)	December 31, 2025		December 31, 2024
Computer software	$	125,073	$	104,683
Equipment	14,037		11,571
Leasehold improvements	2,621		2,718
Furniture and fixtures	875		1,365
Property, equipment and software	142,606		120,337
Less: Accumulated depreciation	(86,245)		(70,258)
Capital work in-progress	2,275		2,398
Property, equipment and software, net	$	58,636	$	52,477


	Years Ended December 31,
(in thousands)	2025		2024		2023
Depreciation expense	$	18,768	$	13,896	$	11,494

Computer software represents purchased software and internally developed software that is used to provide the Company's services to its customers.

Fully depreciated assets are retained in property, equipment and software, net, until removed from service. During the year ended December 31, 2025 and 2024, certain fully depreciated assets were removed from service.

Stock-based Compensation - Schedule of 2018 Equity Incentive Plan (Details) - 2018 Equity Incentive Plan - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options and RSUs, Nonvested, Number of Shares [Roll Forward]
Common stock available for issuance at beginning of the period (in shares)	3,150,595	3,547,798	3,505,286
Stock option forfeited (in shares)	30,685	14,302	129,380
Shares withheld for taxes (in shares)	345,486	326,282	291,110
Common stock available for issuance at end of the period (in shares)	2,322,821	3,150,595	3,547,798
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options and RSUs, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	(821,620)	(1,132,450)	(641,578)
Forfeited (in shares)	27,750	403,750	226,100
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Options and RSUs, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	(423,074)	(10,753)	0
Forfeited (in shares)	12,999	1,666	37,500

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In February 2019, the Company's CEO contributed assets of certain businesses to PHOT (a subsidiary of the Company). In consideration, PHOT issued redeemable preferred equity interest (preferred units) to the CEO and COO of the Company. These preferred units were eligible to receive up to $4.5 million in profits earned by PHOT plus an annual preferred yield of 6% on undistributed amounts. On May 30, 2024, the Company approved the redemption of certain preferred units of PHOT either in cash or in exchange for shares of its common stock. The redemption value of these preferred units was $5.9 million and exchange ratio was established based on the 30 days volume weighted average close price adjusted for market illiquidity. During 2024, preferred units held by the CEO were redeemed for $2.1 million in cash and those held by the Chief Operating Officer were redeemed by issuance of 408,013 shares of the Company's common stock valued at $1.5 million. There was no subsequent activity as of December 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands					12 Months Ended
	Oct. 01, 2025	Aug. 26, 2025	Jan. 21, 2025	Jul. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Recognized amounts of assets acquired and liabilities assumed:
Goodwill					$ 416,641	$ 376,091
Estimated bargain purchase gain					$ 3,989	$ 0	$ 0
Letus Business
Consideration:
Cash			$ 4,627
Liabilities incurred			4,282
Contingent consideration			104
Less: cash and restricted cash acquired			(175)
Total purchase consideration, net of cash acquired			8,838
Total consideration transferred			8,800
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable			149
Prepaid expenses			229
Goodwill			6,070
Equipment, net			8
Accounts payable and accrued expenses			(359)
Total purchase consideration			8,838
Deferred tax asset			3,800
Letus Business \| Customer relationships
Recognized amounts of assets acquired and liabilities assumed:
Intangible assets			1,555
Letus Business \| Trademarks
Recognized amounts of assets acquired and liabilities assumed:
Intangible assets			480
Letus Business \| Technology
Recognized amounts of assets acquired and liabilities assumed:
Intangible assets			$ 706
Sila Business
Consideration:
Cash		$ 3,449
Liabilities incurred		3,800
Contingent consideration		3,881
Less: cash and restricted cash acquired		(100)
Total purchase consideration, net of cash acquired		7,230
Total consideration transferred		7,200
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable		68
Prepaid expenses		346
Other noncurrent assets		9,522
Accounts payable and accrued expenses		(386)
Customer deposits		(46)
Fair value of net assets acquired		11,219
Estimated bargain purchase gain		3,989
Deferred tax asset		9,500
Sila Business \| Trademarks
Recognized amounts of assets acquired and liabilities assumed:
Intangible assets		772
Sila Business \| Technology
Recognized amounts of assets acquired and liabilities assumed:
Intangible assets		$ 943
DMS
Consideration:
Cash	$ 31,500
Liabilities incurred	2,801
Contingent consideration	17,066
Common equity of the Acquiring Entity	6,562
Total consideration transferred	57,929
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable	11
Inventory	145
Other noncurrent assets	7
Goodwill	34,159
Accounts payable and accrued expenses	(79)
Total purchase consideration	$ 57,929
Other consideration term	4 years
Equity interest, percentage with option to convert to Class B Units	50.00%
DMS \| Customer relationships
Recognized amounts of assets acquired and liabilities assumed:
Intangible assets	$ 17,187
DMS \| Trademarks
Recognized amounts of assets acquired and liabilities assumed:
Intangible assets	3,222
DMS \| Technology
Recognized amounts of assets acquired and liabilities assumed:
Intangible assets	$ 3,277
Plastiq
Consideration:
Cash				$ 28,500
Liabilities incurred				8,419
Common equity of the Acquiring Entity				330
Less: cash and restricted cash acquired				(278)
Total purchase consideration, net of cash acquired				36,971
Total consideration transferred				37,000
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable				831
Prepaid expenses				490
Goodwill				7,240
Settlement assets				8,277
Equipment, net				47
Intangible assets				30,460
Accounts payable and accrued expenses				(1,881)
Customer deposits				(214)
Settlement obligations				(8,279)
Total purchase consideration				36,971
Plastiq \| Customer relationships
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired				13,000
Plastiq \| Technology
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired				6,500
Plastiq \| Referral Partner Relationships
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired				7,000
Plastiq \| Trade names
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired				$ 3,900

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The Company's goodwill relates to the following reportable segments:


(in thousands)	December 31, 2025		December 31, 2024
Merchant Solutions	$	158,298	$	124,139
Treasury Solutions	251,103		244,712
Payables	7,240		7,240
Total	$	416,641	$	376,091

The following table summarizes the changes in the carrying value of goodwill:


(in thousands)	Amount
Balance at January 1, 2025	$	376,091
Letus business combination	6,070
DMS business combination	34,159
Foreign currency translation adjustment	321
Balance at December 31, 2025	$	416,641

Schedule of Other Intangible Assets


Intangible Asset	Nature	Estimated Useful Life
ISO and Referral Partner Relationships	Acquired relationships with ISOs and referral partners	11 – 25 years
Residual Buyouts	Surrender of rights to receive commissions by ISOs	3 – 9 years
Customer Relationships	Acquired customer relationships	2 – 10 years
Merchant Portfolios	Acquired rights to a portfolio of merchants	5 – 10 years
Technology	Acquired proprietary software and website domains	6 – 10 years
Trade Names and Non-compete Agreements	Acquired trade names and non-compete agreements	3 – 10 years
Money Transmission Licenses	Acquired licenses to collect, store, lend and send money in forty six U.S. states, the District of Columbia and two U.S. territories.	indefinite

At December 31, 2025 and 2024, intangible assets consisted of the following:


(in thousands, except weighted-average data)	December 31, 2025						Weighted-average Useful Life
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets:
ISO and referral partner relationships	$	223,016	$	(63,701)	$	159,315	13.8
Residual buyouts	177,864		(119,861)		58,003		6.0
Customer relationships	139,463		(98,478)		40,985		8.8
Merchant portfolios	83,350		(68,787)		14,563		6.5
Technology	63,602		(32,684)		30,918		8.5

Trade names	13,329		(4,023)		9,306		10.6
Money transmission licenses(1)	2,100		—		2,100
Total	$	702,724	$	(387,534)	$	315,190	9.4

(1)These assets have an indefinite useful life.


(in thousands, except weighted-average data)	December 31, 2024						Weighted-average Useful Life
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Other intangible assets:
ISO relationships	$	182,339	$	(49,501)	$	132,838	14.6
Residual buyouts	143,862		(104,766)		39,096		6.2
Customer relationships	109,017		(95,320)		13,697		8.4
Merchant portfolios	83,350		(65,285)		18,065		6.5
Technology	58,639		(27,473)		31,166		8.7
Non-compete agreements	3,390		(3,390)		—		0.0
Trade names	7,104		(3,192)		3,912		10.6
Money transmission licenses(1)	2,100		—		2,100
Total	$	589,801	$	(348,927)	$	240,874	9.5

(1)These assets have an indefinite useful life.


	Years Ended December 31,
(in thousands)	2025		2024		2023
Amortization expense (1)	$	44,415	$	44,145	$	56,901

Schedule of Intangible Assets, Estimated Amortization Expense by Year

The estimated amortization expense of intangible assets as of December 31, 2025, for the next five years and thereafter is:


(in thousands)	Estimated Amortization Expense
Year Ending December 31,
2026	$	51,836
2027	49,572
2028	41,237
2029	37,464
2030	33,998
Thereafter	98,983
Total(1)	$	313,090

(1)Total will not agree to the intangible asset net book value due to intangible assets with indefinite useful life.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents a disaggregation of our consolidated revenues by type:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Revenue Type:
Merchant card fees	$	710,915	$	670,411	$	595,205
Money transmission services	159,169		130,123		98,137
Outsourced services and other services	70,708		67,018		49,600
Equipment	12,217		12,150		12,670
Total revenues(1)(2)	$	953,009	$	879,702	$	755,612

The following table presents a disaggregation of our consolidated revenues by segment:


	Year Ended December 31, 2025
(in thousands)	Merchant Card Fees		Money Transmission Services		Outsourced and Other Services		Equipment		Total
Segment
Merchant Solutions	$	625,232	$	—	$	4,620	$	12,217	$	642,069
Payables	84,984		—		15,888		—		100,872
Treasury Solutions	5,142		159,169		51,468		—		215,779
Eliminations	(4,443)		—		(1,268)		—		(5,711)
Total revenues	$	710,915	$	159,169	$	70,708	$	12,217	$	953,009


	Year Ended December 31, 2024
(in thousands)	Merchant Card Fees		Money Transmission Services		Outsourced and Other Services		Equipment		Total
Segment
Merchant Solutions	$	595,104	$	—	$	6,293	$	12,150	$	613,547
Payables	75,822		—		13,281		—		89,103
Treasury Solutions	1,989		130,123		48,336		—		180,448
Eliminations	(2,504)		—		(892)		—		(3,396)
Total revenues	$	670,411	$	130,123	$	67,018	$	12,150	$	879,702


	Year Ended December 31, 2023
(in thousands)	Merchant Card Fees		Money Transmission Services		Outsourced and Other Services		Equipment		Total
Segment
Merchant Solutions	$	564,356	$	—	$	6,225	$	12,670	$	583,251
Payables	31,114		—		10,042		—		41,156
Treasury Solutions	410		98,142		33,634		—		132,186
Eliminations	(675)		(5)		(301)		—		(981)
Total revenues	$	595,205	$	98,137	$	49,600	$	12,670	$	755,612

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Lease ROU Assets:
Operating lease ROU Assets	$ 6,586	$ 7,305
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Operating Lease Obligations:
Operating lease obligations - current	$ 1,039	$ 1,072
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Operating lease obligations - noncurrent	$ 6,065	$ 6,707
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Total operating lease obligations	$ 7,104	$ 7,779
Weighted-average remaining lease term in years	9 years 4 months 24 days	9 years 10 months 24 days
Weighted-average discount rate	6.60%	6.50%

Acquisitions - Narrative (Details) - USD ($) $ in Thousands						12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Oct. 01, 2025	Aug. 26, 2025	Aug. 18, 2025	Jan. 21, 2025	Jul. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Cash consideration, net of cash acquired						$ 39,301	$ 0	$ 28,222
Goodwill						416,641	376,091
Contingent consideration noncurrent						27,200
Contingent consideration						28,400
Boom Commerce Residual Portfolio Rights
Business Combination [Line Items]
Purchase price			$ 73,500
Common shares issued			$ 13,500
Threshold period			3 years
Boom Commerce Residual Portfolio Rights \| Maximum
Business Combination [Line Items]
Earn-out payments			$ 17,000
Treasury Solutions
Business Combination [Line Items]
Goodwill						251,103	244,712
Merchant Solutions
Business Combination [Line Items]
Goodwill						158,298	124,139
Payables
Business Combination [Line Items]
Goodwill						7,240	$ 7,240
Letus Business
Business Combination [Line Items]
Percentage of equity interest acquired				100.00%
Total consideration transferred				$ 8,800
Cash consideration, net of cash acquired				4,400
Liabilities incurred				4,282
Contingent consideration transferred				104
Deferred consideration				$ 4,300		4,700
Monthly payments equal to percent of cash available for contingent consideration				0.40
Maximum amount of contingent consideration				$ 6,500
Interest accreted						500
Deferred consideration, current						1,100
Deferred consideration, noncurrent						3,600
Revenue since acquisition						1,000
Net loss since acquisition						1,000
Goodwill				6,070
Goodwill deductible for income tax purposes				0
Acquisition related costs						500
Cash consideration				$ 4,627
Letus Business \| Treasury Solutions
Business Combination [Line Items]
Goodwill segment allocation percentage				100.00%
Sila Business
Business Combination [Line Items]
Total consideration transferred		$ 7,200
Cash consideration, net of cash acquired		3,400
Liabilities incurred		3,800
Contingent consideration transferred		3,881
Maximum amount of contingent consideration		17,000
Revenue since acquisition						300
Net loss since acquisition						600
Acquisition related costs						200
Contingent consideration contractual earn-outs		$ 3,900
Contingent consideration term		7 years
Contingent consideration noncurrent						3,900
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other income, net
Cash consideration		$ 3,449
DMS
Business Combination [Line Items]
Percentage of equity interest acquired	100.00%
Total consideration transferred	$ 57,929
Liabilities incurred	2,801
Contingent consideration transferred	17,066
Maximum amount of contingent consideration	22,500
Revenue since acquisition						2,800
Net loss since acquisition						300
Goodwill	34,159
Goodwill deductible for income tax purposes	$ 0
Acquisition related costs						200
Contingent consideration term	4 years
Contingent consideration noncurrent						$ 17,100
Cash consideration	$ 31,500
Equity interest	6,562
Contingent consideration	$ 17,100
DMS \| Merchant Solutions
Business Combination [Line Items]
Goodwill segment allocation percentage	100.00%
Plastiq
Business Combination [Line Items]
Total consideration transferred					$ 37,000
Liabilities incurred					8,419
Goodwill					7,240
Cash consideration					28,500
Equity interest					$ 330
Plastiq \| Payables
Business Combination [Line Items]
Goodwill segment allocation percentage					100.00%

Debt Obligations - Rolling Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
2026	$ 0
2027	8,288
2028	10,350
2029	10,350
2030	10,350
Thereafter	1,016,056
Total debt obligations	1,055,394	$ 945,537
Residual Finance credit facility \| Line of Credit \| Delayed draw term facility
Debt Instrument [Line Items]
2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	35,394
Total debt obligations	35,394	0
2024 Credit Agreement \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
2026	0
2027	8,288
2028	10,350
2029	10,350
2030	10,350
Thereafter	980,662
Total debt obligations	1,020,000	945,537
2024 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Total debt obligations	$ 0	$ 0

Settlement Assets and Obligations

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Settlement Assets and Obligations

Settlement assets and obligations include, 1) funds due from merchants arising from settlement of funds for sales and credits between card issuers and merchants 2) card settlement funds due from networks due to timing and its related obligations, and 3) Customer/Subscriber account balances and related obligations resulting from licensed money transmitter services.

Card settlements due from merchants, net

The Merchant Solution services of the Company include settlement of funds for sales and credits between card issuers, card networks and merchants. The standards of the card networks require possession of funds during the settlement process by a member bank which controls the clearing transactions. Since settlement funds are required to be in the possession of a member bank until merchants are funded, these funds are not assets of the Company, and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Consolidated Balance Sheets.

Exception items that the Company is still attempting to collect from the merchants through the funds settlement process or merchant reserves are recognized as settlement assets in the Company's Consolidated Balance Sheets, with an offsetting reserve for those amounts the Company estimates it will not be able to recover. Exception items that the Company has deemed uncollectible are recorded as merchant losses, a component of cost of revenue in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Expenses for merchant losses net of recoveries for the years ended December 31, 2025, 2024 and 2023 were $0.4 million, $0.9 million and $1.0 million, respectively.

Card settlements due from networks and Dues to Customers’ Payees

As part of the Payables service offering:

•Priority accepts card payments for its customers and processes disbursements to their vendors (customers’ payees). The time lag between authorization and settlement of card transactions creates certain receivables (from card networks) and payables (to the vendors of customers). These receivables and payables arise from the settlement activities that the Company performs on behalf of its customers and therefore, are presented as settlement assets and related obligations.

•Priority processes payments to the customers’ payees wherein customers funds are received either in company-owned bank accounts controlled by the Company or bank-owned FBO accounts controlled by the banks, until such time that the transactions are settled with the customers’ payees. Balances in the bank-owned FBO accounts and related obligations are not considered assets and obligations of the Company. Therefore, neither is recognized in the Company's Consolidated Balance Sheets. Amounts due to customers’ payees that are held in company-owned bank accounts are included in restricted cash in the Company's Consolidated Balance Sheets and related obligations are presented as due to customers’ payees.

MTL Customer cash and cash equivalents (restricted in nature), short-term investments and MTL Customer account obligations

The Company provides treasury solutions to its customers through its money transmission licenses in 46 states, the District of Columbia, and 2 territories of the United States and through agency relationships with banks in the remaining states. These services include the acceptance and disbursement of funds. While waiting for disbursement, these funds are held in bank accounts maintained by the Company on behalf of its customers. Per the money transmission regulations, the Company is allowed to invest available balances in these accounts in certain permitted investments, and returns on such investments contribute to the Company's net cash inflows. As such, the Company recognized these balances and related obligations on its balance sheet. Considering these balances are payable on demand and are related to settlement activities, they are presented as settlement assets (as part of the current assets) and the related obligations as settlement obligations (as part of the current liabilities) in the Company's Consolidated Balance Sheets. The nature of these MTL Customer cash and cash equivalent are restricted in nature and therefore these balances are presented as restricted cash on the Company's Consolidated Statement of Cash Flows. The MTL Short-term investments are included within acquisitions of assets and other investing activities on the Company's Consolidated Statement of Cash Flows.

The Company's consolidated settlement assets and obligations were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Settlement Assets, net of estimated losses(1):
Card settlements due from merchants (1)(2)	$	2,455	$	2,587
Card settlements due from networks	16,092		12,307
Other settlement assets	—		1,730
Subtotal	$	18,547	$	16,624
MTL Customer cash and cash equivalents (restricted in nature)(3)	1,252,349		924,174
MTL Short-term investments	25,000		—
Total settlement assets	$	1,295,896	$	940,798

Settlement Obligations:
Customer account obligations	$	1,244,975	$	897,497
Subscriber account obligations	32,031		26,677
Total customer/subscriber account obligations	1,277,006		924,174
Due to customer payees (4)(5)	20,257		16,039
Total settlement obligations	$	1,297,263	$	940,213

(1)Allowance for estimated losses was $7.1 million and $7.9 million as of December 31, 2025 and 2024, respectively.

(2)Excludes merchant funds held at member banks of $103.9 million and $106.2 million on December 31, 2025 and 2024, respectively.

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income (loss)

$ 55,681

$ 24,015

$ (1,311)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization of assets

63,183

58,041

68,395

Stock-based compensation, ESPP, and incentive units compensation

10,807

6,118

6,769

Amortization of debt issuance costs and discounts

1,798

2,736

3,849

Debt extinguishment and modification costs

12,514

10,369

Deferred income tax benefit

(12,153)

(2,194)

(6,086)

Change in deferred consideration liability

2,692

2,839

(1,639)

Other non-cash items, net

(293)

(147)

(3,924)

Bargain purchase gain

(3,989)

Change in operating assets and liabilities:

Accounts receivable

(21,863)

(9,387)

24,471

Prepaid expenses and other current assets

(84)

(6,062)

(936)

Income taxes receivable

(8,554)

(3,633)

(273)

Notes receivable

(912)

Accounts payable and accrued expenses

5,743

4,535

(2,954)

Accrued residuals commissions

2,903

5,027

(264)

Customer deposits and advance payments

(319)

(1,688)

1,102

Other assets, net

(4,449)

(6,214)

(6,763)

Other liabilities, net

(3,612)

1,254

1,732

Net cash provided by operating activities

100,005

85,609

81,256

Cash flows from investing activities:

Acquisitions of businesses, net of cash acquired

(39,301)

(28,222)

Additions to property, equipment and software

(24,926)

(21,693)

(21,256)

Notes receivable, net (see Note 5)

(11,134)

(3,361)

376

Acquisition of assets

(69,462)

(5,667)

(6,646)

Other investing activities

(29,218)

(4,825)

Net cash used in investing activities

(174,041)

(35,546)

(55,748)

Cash flows from financing activities:

Proceeds from issuance of long-term debt, net of issue discount

1,066,607

945,126

49,750

Debt issuance and modification costs paid

(4,826)

(7,680)

(1,220)

Repayments of long-term debt

(960,985)

(658,835)

(6,328)

Borrowings under revolving credit facility

44,000

Repayments of borrowings under revolving credit facility

(56,500)

Redemption of senior preferred stock

(225,000)

Redemption of accumulated dividend on redeemable preferred stock

(54,557)

Redemption of redeemable non-controlling interest in subsidiary

(7,017)

(2,130)

Shares withheld for taxes

(3,152)

(1,538)

(1,256)

Dividends paid to redeemable senior preferred stockholders

(23,646)

(24,718)

Proceeds from the exercise of stock options

467

1,816

Settlement obligations, net

355,127

179,614

211,077

Payment of contingent/deferred consideration

(20,051)

(5,592)

(4,700)

Net cash provided by financing activities

426,170

147,578

210,105

Net increase in cash and cash equivalents, and restricted cash

352,134

197,641

235,613

Cash and cash equivalents, and restricted cash at beginning of period

993,864

796,223

560,610

Cash and cash equivalents, and restricted cash equivalents at end of period

1,345,998

993,864

796,223

Reconciliation of cash and cash equivalents, and restricted cash:

Cash and cash equivalents

77,192

58,600

39,604

Restricted cash

16,457

11,090

11,923

Cash and cash equivalents included in settlement assets (restricted in nature, see Note 4)

1,252,349

924,174

744,696

Total cash and cash equivalents, and restricted cash

1,345,998

993,864

796,223

Supplemental cash flow information:

Cash paid for interest

85,817

82,280

75,859

Cash paid for income taxes, net of refunds

10,588

19,200

12,917

Non-cash investing and financing activities:

Addition of contingent/deferred consideration liabilities

28,134

8,419

Deferred consideration accrual

2,692

2,839

5,951

Net non-cash change in lease liability

1,091

1,549

1,520

Measurement period adjustment to purchase price

(663)

111

Acquisition of intangible asset

(1,680)

(4,031)

Cash portion of dividend payable and ticking fee for redeemable senior preferred stock

^[1]

(7,027)

Issuance of NCI

6,562

184

Issuance of Common Stock in asset acquisition

13,461

Liability incurred in asset acquisition

4,000

Adjustment to value of profit interest unit

$ 0

$ (404)

[1]	The dividend payable for year ended December 31, 2023, was paid on January 2, 2024.

Stock-based Compensation - Narrative (Details)				12 Months Ended
Stock-based Compensation - Narrative (Details)	Jun. 13, 2025 shares	Mar. 17, 2022 shares	Apr. 16, 2021 hour shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Jul. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit recognized for equity-based compensation expense				$ 0	$ 0	$ 0
Equity-based compensation expense capitalized				$ 0
Maximum hours per week \| hour			20
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for purchase (in shares) \| shares		9,185,696					6,685,696
Increase in number of shares authorized for issuance (in shares) \| shares		2,500,000
Stock options granted (in shares) \| shares				0	0	0
Intrinsic value				$ 100,000	$ 800,000
Exercised (in shares) \| shares				67,220		0
Stock option expense, not yet recognized				$ 0
Restricted Stock Units (RSUs) - Service Based \| 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense, not yet recognized				$ 4,800,000
Share-based awards, compensation cost recognition period (in years)				1 year 10 months 24 days
Restricted Stock Units (RSUs) - Performance Based With Market Condition \| 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense, not yet recognized				$ 2,100,000
Share-based awards, compensation cost recognition period (in years)				2 years 1 month 6 days
Restricted Stock Units \| 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value				$ 10,100,000	$ 5,800,000	$ 1,300,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for purchase (in shares) \| shares			200,000	180,617
Increase in number of shares authorized for issuance (in shares) \| shares	200,000
Minimum number of days employed to be eligible for plan			30 days
Purchase price (as a percent)			95.00%

Consolidated Statements of Changes in Stockholders' Deficit and Non-Controlling Interests - USD ($) $ in Thousands	Total	Deficit Attributable to Stockholders	Common Stock	Treasury Stock	APIC	AOCI	Accumulated Deficit	NCI
Beginning balance (in shares) at Dec. 31, 2022			76,044,000
Beginning balance (in shares) at Dec. 31, 2022				2,341,000
Beginning balance at Dec. 31, 2022	$ (102,786)	$ (104,041)	$ 76	$ (11,559)	$ 9,650	$ 0	$ (102,208)	$ 1,255
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	6,480	6,480			6,480
Vesting of stock awards and ESPP purchases (in shares)			1,204,000
Vesting of stock awards and ESPP purchases	183	183	$ 1		182
Shares withheld for taxes (in shares)			(291,000)	291,000
Shares withheld for taxes	(1,256)	(1,256)		$ (1,256)
Dividends on redeemable senior preferred stock	(44,404)	(44,404)			(44,404)
Accretion of redeemable senior preferred stock	(3,340)	(3,340)			(3,340)
Adjustments to NCI	(403)							(403)
Issuance of profit interests in subsidiaries	802							802
Foreign currency translation adjustment	(29)	(29)				(29)
Reclassification of negative additional paid-in capital	0	0			31,432		(31,432)
Net income (loss)	(1,311)	(1,311)					(1,311)
Ending balance (in shares) at Dec. 31, 2023			76,957,000
Ending balance (in shares) at Dec. 31, 2023				2,632,000
Ending balance at Dec. 31, 2023	(146,064)	(147,718)	$ 77	$ (12,815)	0	(29)	(134,951)	1,654
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	5,957	5,957			5,957
PHOT Share issuance (in shares)			813,000
PHOT Share issuance	1	1	$ 1
Exchange for PHOT redeemable NCI / Exercise of warrants (in shares)			(1,428,000)	1,428,000
Exchange for PHOT redeemable NCI / Exercise of warrants	(5,257)	(5,257)	$ (2)	$ (5,255)
Return of PHOT redeemable NCI	(639)	(639)			(639)
Redemption of PHOT redeemable NCI, net of tax	3,734	3,734			3,734
Vesting of stock awards and ESPP purchases (in shares)			1,197,000
Vesting of stock awards and ESPP purchases	239	239	$ 1		238
Shares withheld for taxes (in shares)			(326,000)	326,000
Shares withheld for taxes	(1,537)	(1,537)		$ (1,537)
Dividends on redeemable senior preferred stock	(27,678)	(27,678)			(27,678)
Accretion of redeemable senior preferred stock	(16,920)	(16,920)			(16,920)
Exercise of stock options (in shares)			267,000
Exercise of stock options	1,848	1,848			1,848
Excise tax on repurchase of redeemable senior preferred stock	(2,738)	(2,738)					(2,738)
Issuance of profit interests in subsidiaries	161							161
Foreign currency translation adjustment	(147)	(147)				(147)
Reclassification of negative additional paid-in capital	0	0			33,460		(33,460)
Net income (loss)	$ 24,015	24,015					24,015
Ending balance (in shares) at Dec. 31, 2024	77,479,908		77,480,000
Ending balance (in shares) at Dec. 31, 2024	4,386,803			4,386,000
Ending balance at Dec. 31, 2024	$ (165,025)	(166,840)	$ 77	$ (19,607)	0	(176)	(147,134)	1,815
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	5,953	5,953			5,953
Exchange for PHOT redeemable NCI / Exercise of warrants (in shares)			1,804,000
Exchange for PHOT redeemable NCI / Exercise of warrants	0		$ 2		(2)
Vesting of stock awards and ESPP purchases (in shares)			1,135,000
Vesting of stock awards and ESPP purchases	397	397	$ 1		396
Shares withheld for taxes (in shares)			(346,000)	346,000
Shares withheld for taxes	(3,152)	(3,152)		$ (3,152)
Exercise of stock options (in shares)			67,000
Exercise of stock options	467	467			467
Shares issued as part of Boom asset purchase (in shares)			1,767,000
Shares issued as part of Boom asset purchase	13,461	13,461	$ 2		13,459
Purchase of NCI	(7,017)	(6,348)			(6,348)			(669)
Issuance of NCI as part of DMS acquisition	6,562							6,562
Issuance of profit interests in subsidiaries	335							335
Foreign currency translation adjustment	(34)	(34)				(34)
Net income (loss)	$ 55,681	55,681					55,681
Ending balance (in shares) at Dec. 31, 2025	81,907,304		81,907,000
Ending balance (in shares) at Dec. 31, 2025	4,732,289			4,732,000
Ending balance at Dec. 31, 2025	$ (92,372)	$ (100,415)	$ 82	$ (22,759)	$ 13,925	$ (210)	$ (91,453)	$ 8,043

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 01, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0.0		$ 0.0	$ 0.0
Impairment charges for intangible asset		$ 0.0	$ 0.0	$ 0.0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 77,192	$ 58,600
Restricted cash	16,457	11,090
Accounts receivable, net of allowances of $6,297 and $3,045, respectively	91,300	67,969
Prepaid expenses and other current assets	32,145	22,990
Current portion of notes receivable, net of allowances of $0 and $0, respectively	2,062	3,638
Settlement assets	1,295,896	940,798
Total current assets	1,515,052	1,105,085
Notes receivable, less current portion	17,629	4,919
Property, equipment and software, net	58,636	52,477
Goodwill	416,641	376,091
Intangible assets, net	315,190	240,874
Deferred income taxes, net	46,350	24,697
Other noncurrent assets	29,306	22,717
Total assets	2,398,804	1,826,860
Current liabilities:
Accounts payable and accrued expenses	70,636	62,149
Accrued residual commissions	40,463	37,560
Customer deposits and advance payments	1,972	2,246
Current portion of long-term debt	0	9,503
Settlement obligations	1,297,263	940,213
Total current liabilities	1,410,334	1,051,671
Long-term debt, net of current portion, discounts and debt issuance costs	1,039,358	920,888
Other noncurrent liabilities	41,484	19,326
Total liabilities	2,491,176	1,991,885
Commitments and contingencies (Note 16)
Stockholders' deficit:
Preferred stock, $0.001 par value per share; 100,000,000 shares authorized; none issued or outstanding at December 31, 2025 and December 31, 2024	0	0
Common Stock,$0.001 par value per share; 1,000,000,000 shares authorized; 86,639,593 and 81,866,711 shares issued at December 31, 2025 and December 31, 2024, respectively; and 81,907,304 and 77,479,908 shares outstanding at December 31, 2025 and December 31, 2024, respectively.	82	77
Treasury stock at cost, 4,732,289 and 4,386,803 shares at December 31, 2025 and December 31, 2024, respectively	(22,759)	(19,607)
Additional paid-in capital	13,925	0
Accumulated other comprehensive income (loss)	(210)	(176)
Accumulated deficit	(91,453)	(147,134)
Total stockholders' deficit attributable to stockholders of Priority	(100,415)	(166,840)
Equity, Attributable to Noncontrolling Interest	8,043	1,815
Total stockholders' deficit	(92,372)	(165,025)
Total liabilities, stockholders' deficit and Non-controlling interest	$ 2,398,804	$ 1,826,860

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings (Loss) per Common Share

The following tables set forth the computation of the Company's basic and diluted earnings (loss) per common share:


(in thousands except per share amounts)	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	55,681	$	24,015	(1,311)
Less: Dividends, accretion, and related excise tax attributable to redeemable senior preferred stockholders	—		(47,336)		(47,744)
Less: NCI preferred unit redemptions	—		(639)		—

Net income (loss) attributable to common stockholders	$	55,681	$	(23,960)	$	(49,055)

Denominator:
Weighted average shares outstanding(1)	79,798		77,993		78,333
Effect of dilutive potential common shares	1,670		—		—
Adjusted weighted average shares outstanding	81,468		77,993		78,333

Basic earnings (loss) per common share	$0.70		$	(0.31)	$	(0.63)
Diluted earnings (loss) per share	$0.68		$	(0.31)	$	(0.63)

(1) For all periods presented, the weighted-average common shares outstanding includes 1,803,841 warrants issued in the second quarter of 2021 that were exercised during the first quarter of 2025.

Anti-dilutive securities that were excluded from earnings (loss) per common share that could potentially be dilutive in future periods are as follows:


	Common Stock Equivalents at December 31,
(in thousands)	2025	2024	2023


Restricted stock awards(1)	162	721	1,180
Outstanding stock option awards(1)	—	840	900
Liability-classified restricted stock awards(2)	76	—	—

Total	238	1,561	2,080

(1) Granted under 2018 Plan

(2) Award can be settled in cash or the Company's common stock at mutual agreement of the grantee and the Company

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Components of income before income taxes were as follows:


(in thousands)	For the Years Ended December 31,
	2025		2024		2023

US	$	45,327	$	35,834	$	5,255
Foreign	952		1,447		1,897
Total income before income taxes	$	46,279	$	37,281	$	7,152

Components of consolidated income tax expense were as follows:


(in thousands)	For the Years Ended December 31,
	2025		2024		2023
U.S. current income tax expense
Federal	$	305	$	12,094	$	10,624
State and local	2,020		3,085		3,187
Foreign	426		281		738
Total current income tax expense	$	2,751	$	15,460	$	14,549
U.S. deferred income tax (benefit) expense
Federal	$	(11,051)	$	(2,213)	$	(5,149)
State and local	(793)		(101)		(712)
Foreign	(309)		120		(225)
Total deferred income tax (benefit) expense	$	(12,153)	$	(2,194)	$	(6,086)
Total income tax (benefit) expense	$	(9,402)	$	13,266	$	8,463

The Company's consolidated effective income tax rate was (20.3)% for the year ended December 31, 2025, compared to a consolidated effective income tax rate of 35.6% for the year ended 2024. For the year ended December 31, 2023, the Company's consolidated effective income tax benefit rate was 118.3%. The effective rate for December 31, 2025 differed from the statutory rate of 21% primarily due to a decrease in the valuation allowance against certain business interest carryover deferred tax assets. The effective rate for December 31, 2024 differed from the statutory federal rate of 21% primarily due to an increase in the valuation allowance against certain business interest carryover deferred tax assets. The effective rate for December 31, 2023, differed from the statutory federal rate of 21% primarily due to an increase in the valuation allowance against certain business interest carryover deferred tax assets.

The following is a reconciliation of the difference between the effective income tax rate and the federal statutory tax rate:


(in thousands)	December 31, 2025
Rate Recognition	Amount		Percent
US federal statutory expense (benefit)	9,719		21.0	%
State and local income taxes, net of federal benefit(1)	1,036		2.2	%
Foreign tax effects	(83)		(0.2)	%
Tax credits	(425)		(0.9)	%
Changes in valuation allowance	(18,347)		(39.6)	%
Nontaxable items
Stock-based compensation	(826)		(1.8)	%
Non-taxable compensation	886		1.9	%
Bargain purchase gain	(838)		(1.8)	%
Other non-taxable items	238		0.5	%
Uncertain tax positions	(67)		(0.1)	%
Other adjustments
Noncontrolling interest	(596)		(1.3)	%
Other miscellaneous	(99)		(0.2)	%
Income tax expense (benefit)	$	(9,402)	(20.3)	%

(1) The states that contributed to the majority (greater than 50%) of the tax effect in this category were California, Maryland, and Pennsylvania.


(in thousands)
	2024		2023
U.S. federal statutory expense	$	7,829	$	1,502

State and local income taxes, net	2,308		1,588
Foreign rate differential	98		114
Excess tax expense pursuant to ASU 2016-09	128		235
Valuation allowance changes	2,204		3,958
Nondeductible items	1,045		768
Tax credits	(275)		—
Other, net	(71)		298
Income tax expense	$	13,266	$	8,463

The following is a summary of income taxes paid by jurisdiction (net of refunds) pursuant to disclosure requirements of ASU 2023-09 for year ended December 31, 2025:



(in thousands)	Income Taxes Paid
US federal	$	7,000
US state and local:
California	597
Other	2,426
Foreign:
India	565
Total cash taxes paid, net of refunds received	$	10,588

Deferred income taxes reflect the expected future tax consequences of temporary differences between the financial statement carrying amount of the Company's assets and liabilities, tax credits and their respective tax bases, and loss carry forwards. The significant components of consolidated deferred income taxes were as follows:


	As of December 31,
(in thousands)	2025		2024
Deferred Tax Assets:
Accruals and reserves	$	2,592	$	1,566
Investments in partnership	2,382		2,561
Intangible assets	21,690		29,166
Net operating loss carryforwards	14,031		1,012
Interest limitation carryforwards	15,821		19,821
Other	6,939		3,832
Gross deferred tax assets	63,455		57,958
Valuation allowance	(5,092)		(21,625)
Total deferred tax assets	58,363		36,333
Deferred Tax Liabilities:
Prepaid assets	$	(1,256)	$	(1,457)
Property and equipment	(10,757)		(10,179)
Total deferred tax liabilities	(12,013)		(11,636)
Net deferred tax assets	$	46,350	$	24,697

In accordance with the provisions of ASC 740, Income Taxes, the Company provides a valuation allowance against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The assessment considers all available positive and negative evidence and is measured quarterly. On July 4, 2025, the U.S. government enacted legislation known as the One Big Beautiful Bill Act ("OBBBA") into law. The OBBBA, among other provisions, extends or reinstates certain provisions of the 2017 Tax Cuts and Jobs Act ("TCJA"), including but not limited to, 100% bonus depreciation on eligible property, immediate expensing of domestic research and development costs, and the restoration of an EBITDA based interest expense limitation calculation. As a result of the OBBBA interest expense limitation provision changes, the Company has released its valuation allowance against its interest limitation deferred tax assets. As of December 31, 2025, the Company had a consolidated valuation allowance of approximately $5.1 million against certain transaction costs and net deferred tax assets acquired as part of the Payslate acquisition that the Company believes are not more than likely to be realized. As of December 31, 2024, the Company had a consolidated valuation allowance of approximately $21.6M against certain transaction costs and interest deduction limitation carryforwards that the Company believes are not more than likely to be

realized. As of December 31, 2025 and December 31, 2024, the Company had interest deduction limitation carryforwards of $76.8 million and $87.6 million, respectively.

The Company recognizes the tax effects of uncertain tax positions only if such positions are more likely than not to be sustained based solely upon its technical merits at the reporting date. The Company refers to the difference between the tax benefit recognized in its financial statements and the tax benefit claimed in the income tax return as an "unrecognized tax benefit." A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)
Balance as of January 1, 2025	$	80

Additions based on positions of prior years	65

Reductions related to lapse of the applicable statutes of limitations	(61)

Balance as of December 31, 2025	$	84

As of December 31, 2025 and 2024, the balance of unrecognized tax benefits that, if recognized, affect our effective tax rate was immaterial. The Company continually evaluates the uncertain tax benefit associated with its uncertain tax positions.

The Company is subject to U.S. federal income tax and income tax in multiple state jurisdictions. Tax periods for December 31, 2022 and all years thereafter remain open to examination by the federal and state taxing jurisdictions and tax periods for December 31, 2021 and all years thereafter remain open for certain state taxing jurisdictions to which the Company is subject.

As of December 31, 2025 and December 31, 2024, the Company had federal NOL carryforwards of approximately $34.4 million and $0.0 million, respectively, with no expiration date. In addition, as of December 31, 2025 and December 31, 2024 the Company had state NOL carryforwards of approximately $53.2 million and $19.9 million, respectively, with expiration dates ranging from 2031 to 2045. Also, as of December 31, 2025 and December 31, 2024, the Company had Canadian NOL carryforwards of approximately $15.6 million and $0.0 million, respectively, with expiration dates ranging from 2037 to 2045.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company’s management evaluated subsequent events through the date of the issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2025.

Stock-based Compensation - Schedule of Equity-classified Restricted Stock Units Activity (Details) - 2018 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs) - Service Based
Underlying Common Shares
Unvested, beginning of period (in shares)	1,660,784	1,969,096	2,582,400
Granted (in shares)	821,620	1,132,450	641,578
Forfeited (in shares)	(27,750)	(403,750)	(226,100)
Vested (in shares)	(979,064)	(1,037,012)	(1,028,782)
Unvested, end of period (in shares)	1,475,590	1,660,784	1,969,096
Weighted-average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 5.00	$ 5.68	$ 5.70
Granted (in dollars per share)	5.77	4.37	3.81
Forfeited (in dollars per share)	6.95	6.37	5.44
Vested (in dollars per share)	5.21	5.06	5.60
Unvested at ending of period (in dollars per share)	$ 5.26	$ 5.00	$ 5.68
Restricted Stock Units (RSUs) - Service Based \| Non-Employee Board Of Directors
Underlying Common Shares
Granted (in shares)	56,066	175,720	143,605
Weighted-average Grant Date Fair Value
Fair value of granted arrangement	$ 0.6	$ 0.6	$ 0.5
Restricted Stock Units (RSUs) - Performance Based With Market Condition
Underlying Common Shares
Unvested, beginning of period (in shares)	197,408	289,995	99,453
Granted (in shares)	423,074	10,753	345,000
Forfeited (in shares)	(12,999)	(1,666)	(37,500)
Vested (in shares)	(91,993)	(101,674)	(116,958)
Unvested, end of period (in shares)	515,490	197,408	289,995
Weighted-average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 5.56	$ 5.31	$ 3.24
Granted (in dollars per share)	5.12	9.30	5.31
Forfeited (in dollars per share)	5.31	5.31	5.31
Vested (in dollars per share)	5.31	5.31	5.12
Unvested at ending of period (in dollars per share)	$ 5.25	$ 5.56	$ 5.31

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 953,009	$ 879,702	$ 755,612
Operating expenses
Costs of services (excludes depreciation and amortization)	578,315	551,621	480,307
Salary and employee benefits	107,787	89,216	79,974
Depreciation and amortization	63,183	58,041	68,395
Selling, general and administrative	62,479	47,403	45,412
Total operating expenses	811,764	746,281	674,088
Operating income	141,245	133,421	81,524
Other expense
Interest expense	(90,654)	(88,948)	(76,108)
Debt extinguishment and modification costs	(12,514)	(10,369)	0
Other income, net	8,202	3,177	1,736
Total other expense, net	(94,966)	(96,140)	(74,372)
Income before income taxes	46,279	37,281	7,152
Income tax (benefit) expense	(9,402)	13,266	8,463
Net income (loss)	55,681	24,015	(1,311)
Less: Dividends, accretion, and related excise tax attributable to redeemable senior preferred stockholders	0	(47,336)	(47,744)
Less: Return on redeemable NCI in consolidated subsidiary	0	(639)	0
Net income (loss) attributable to common stockholders	55,681	(23,960)	(49,055)
Other comprehensive income (loss)
Foreign currency translation adjustments	(34)	(147)	(29)
Comprehensive income (loss)	$ 55,647	$ (24,107)	$ (49,084)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.70	$ (0.31)	$ (0.63)
Diluted (in dollars per share)	$ 0.68	$ (0.31)	$ (0.63)
Weighted-average common shares outstanding:
Basic (in shares)	79,798	77,993	78,333
Diluted (in shares)	81,468	77,993	78,333

Leases - Schedule of Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 1,466
2027	1,182
2028	992
2029	683
2030	637
Thereafter	4,893
Total future minimum lease payments	9,853
Amount representing imputed interest	(2,749)
Total operating lease obligations	$ 7,104	$ 7,779

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
U.S. current income tax expense
Federal	$ 305	$ 12,094	$ 10,624
State and local	2,020	3,085	3,187
Foreign	426	281	738
Total current income tax expense	2,751	15,460	14,549
U.S. deferred income tax (benefit) expense
Federal	(11,051)	(2,213)	(5,149)
State and local	(793)	(101)	(712)
Foreign	(309)	120	(225)
Total deferred income tax (benefit) expense	(12,153)	(2,194)	(6,086)
Total income tax (benefit) expense	$ (9,402)	$ 13,266	$ 8,463

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Allocation

The purchase price allocation is set forth in the table below:


(in thousands)
Consideration:
Cash(1)	$	4,627
Deferred consideration (2)	4,282
Contingent consideration(3)	104
Less: cash acquired	(175)
Total purchase consideration, net of cash acquired	$	8,838

Recognized amounts of assets acquired and liabilities assumed(4):
Accounts receivable	$	149
Prepaid expenses	229
Property, equipment and software	8
Goodwill	6,070
Intangible assets:
Customer relationships	1,555
Trademarks	480
Technology	706
Accounts payable and accrued expenses	(359)
Total purchase consideration	$	8,838

(1)Cash at closing net of working capital adjustments.

(3)The contingent consideration represents the fair value of the share of net operating loss carryforwards owed to the seller in the future.

(4)Includes deferred tax asset of $3.8 million which has a full valuation allowance.

The preliminary purchase price allocation is set forth in the table below:


(in thousands)
Consideration:
Cash(1)(4)	$	3,449
Contingent consideration (2)(4)	3,881
Less: cash acquired	(100)
Total purchase consideration, net of cash acquired	$	7,230

Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable(4)	$	68
Prepaid expenses(4)	346
Other noncurrent assets(3)(4)	9,522
Intangible assets:
Trademarks(4)	772
Technology(4)	943
Accounts payable and accrued expenses(4)	(386)
Customer deposits	(46)
Fair value of net assets acquired	$	11,219

Estimated bargain purchase gain(4)	$	3,989

(1)Cash at closing net of working capital adjustments.

(3)Includes a deferred tax asset of $9.5 million.

(4)During the fourth quarter of 2025, the Company recorded measurement period adjustments due to additional information received that existed on the acquisition date.

The preliminary purchase price allocation is set forth in the table below:


(in thousands)
Consideration:
Cash	$	31,500
Contingent consideration(2)	17,066
Common equity of the Acquiring Entity(3)	6,562
Deferred consideration(1)	2,801
Total purchase consideration, net of cash acquired	$	57,929

Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable	$	11
Inventory	145
Other noncurrent assets	7
Goodwill	34,159
Intangible assets:
Customer relationships	17,187
Trademarks	3,222
Technology	3,277
Accounts payable and accrued expenses	(79)
Total purchase consideration	$	57,929

(1)The deferred consideration represents the fair value of the amount to be remitted upon direction of the seller no later than four years from the acquisition date.

(2)The fair value of the contingent consideration was determined utilizing a Monte Carlo simulation. The payments were calculated based on the path for the simulated metrics and the contractual terms of the deferred consideration payments and were discounted to present value at a rate reflecting a risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation.


(in thousands)
Consideration:
Cash	$	28,500
Contingent consideration payments (1)	8,419
Common equity of the Acquiring Entity	330
Less: cash and restricted cash acquired	(278)
Total purchase consideration, net of cash and restricted cash acquired	$	36,971

Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable	$	831
Prepaid expenses	490
Settlement assets	8,277
Equipment, net	47
Goodwill(3)	7,240
Intangible assets(2)	30,460
Accounts payable and accrued expenses	(1,881)
Customer deposits	(214)
Settlement obligations	(8,279)
Total purchase consideration	$	36,971

(2)The intangible assets acquired consist of $13.0 million for customer relationships, $7.0 million for referral partner relationships, $6.5 million for technology and $3.9 million for trade name.

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 376,091
Foreign currency translation adjustment	321
Goodwill, ending balance	416,641
Letus Business
Goodwill [Line Items]
Business combination	6,070
DMS
Goodwill [Line Items]
Business combination	$ 34,159

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Nature of Business and Significant Accounting Policies - ISO Deposit and Loss Reserve (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Restricted cash	$ 5.6	$ 5.2

Segment Information - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 63,183	$ 58,041	$ 68,395
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	55,809	53,051	60,972
Operating Segments \| Merchant Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	31,102	30,865	36,715
Operating Segments \| Payables
Segment Reporting Information [Line Items]
Depreciation and amortization	5,081	5,258	1,831
Operating Segments \| Treasury Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 19,626	$ 16,928	$ 22,426

Notes Receivable - Schedule of Principal Payments to be Received (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Receivables [Abstract]
2026	$ 2,062
2027	3,458
2028	4,392
2029	3,863
2030	5,916
Thereafter	0
Total	$ 19,691

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

Income Taxes - Income Tax Benefit Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
US federal statutory expense (benefit)	$ 9,719	$ 7,829	$ 1,502
State and local income taxes, net of federal benefit	1,036	2,308	1,588
Foreign tax effects	(83)	98	114
Excess tax expense pursuant to ASU 2016-09		128	235
Tax credits	(425)	(275)	0
Changes in valuation allowance	(18,347)	2,204	3,958
Stock-based compensation	(826)
Non-taxable compensation	886
Bargain purchase gain	(838)
Other non-taxable items	238	1,045	768
Uncertain tax positions	(67)
Noncontrolling interest	(596)
Other miscellaneous	(99)	(71)	298
Total income tax (benefit) expense	$ (9,402)	$ 13,266	$ 8,463
Percent
US federal statutory expense (benefit)	21.00%
State and local income taxes, net of federal benefit	2.20%
Foreign tax effects	(0.20%)
Tax credits	(0.90%)
Changes in valuation allowance	(39.60%)
Stock-based compensation	(1.80%)
Non-taxable compensation	1.90%
Bargain purchase gain	(1.80%)
Other non-taxable items	0.50%
Uncertain tax positions	(0.10%)
Noncontrolling interest	(1.30%)
Other miscellaneous	(0.20%)
Income tax expense (benefit)	(20.30%)	35.60%	118.30%

Commitments and Contingencies - Narrative (Details) - USD ($)			12 Months Ended
	May 23, 2025	Oct. 11, 2023	Dec. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Damages sought per violation		$ 5,000
Litigation settlement	$ 19,500,000
Capital Commitments
Other Commitments [Line Items]
Capital commitments			$ 3,200,000	$ 12,600,000
Maximum number of days to compete capital contribution obligation			10 days
Notes Receivable
Other Commitments [Line Items]
Capital commitments			$ 27,800,000	11,300,000
Payments to acquire notes receivable			$ 16,500,000	$ 7,100,000

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	May 30, 2024	Feb. 28, 2019
Chief Executive Officer
Related Party Transaction [Line Items]
Redemption value			$ 4.5
Redeemable non-controlling interest preferred yield percent			6.00%
Chief Executive Officer \| Share Exchange
Related Party Transaction [Line Items]
Purchase price	$ 2.1
Subsidiaries
Related Party Transaction [Line Items]
Redemption value		$ 5.9
Chief Operating Officer \| Share Exchange
Related Party Transaction [Line Items]
Purchase price	$ 1.5
Number of shares issued in transaction (in shares)	408,013

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2021
Numerator:
Net income (loss)	$ 55,681	$ 24,015	$ (1,311)
Less: Dividends, accretion, and related excise tax attributable to redeemable senior preferred stockholders	0	(47,336)	(47,744)
Less: NCI preferred unit redemptions	0	(639)	0
Net income (loss) attributable to common stockholders	$ 55,681	$ (23,960)	$ (49,055)
Denominator:
Weighted average shares outstanding (in shares)	79,798,000	77,993,000	78,333,000
Effect of dilutive potential common shares (in shares)	1,670,000	0	0
Adjusted weighted average shares outstanding (in shares)	81,468,000	77,993,000	78,333,000
Basic earnings (loss) per common share (in dollars per share)	$ 0.70	$ (0.31)	$ (0.63)
Diluted earnings (loss) per share (in dollars per share)	$ 0.68	$ (0.31)	$ (0.63)
Warrants and rights, number of shares allowed to purchase (in shares)				1,803,841

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Postemployment Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors a 401(k) defined contribution savings plan that covers substantially all of its eligible employees. Under the plan, the Company contributes safe-harbor matching contributions to eligible plan participants on an annual basis. The Company may also contribute additional discretionary amounts to plan participants. The Company's contributions to the plan were $2.6 million, $2.4 million and $2.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company offers a comprehensive medical benefit plan to eligible employees. All obligations under the plan are fully insured through third-party insurance companies. Employees participating in the medical plan pay a portion of the costs for the insurance benefits.