Acquired Card Receivables (Tables)

12 Months Ended

Jun. 30, 2023

Acquired Card Receivables [Abstract]

Schedule of Acquired Card Receivables

Acquired card receivables consisted of the following as of the dates presented (in thousands):

	June 30,
	2023		2022
Gross amount of acquired card receivables	$	474,148	$	261,806
Less: allowance for credit losses	(15,498)		(5,414)
Total	$	458,650	$	256,392

Summary of Acquired Card Receivables by Class

Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands):

	June 30,
	2023		2022
Current and less than 30 days past due	$	463,704	$	257,618
30 ~ 59 days past due	2,507		1,677
60 ~ 89 days past due	4,544		1,199
90 ~ 119 days past due	3,196		1,186
Over 119 days past due	197		126
Total	$	474,148	$	261,806

Summary of Change in Allowance for Credit Losses

Below is a summary of the changes in allowance for credit losses (in thousands):

	June 30,
	2023		2022
Balance, beginning	$	5,414	$	1,740
Initial allowance for credit losses on purchased card receivables with credit deterioration	10		313
Provision for expected credit losses	32,015		19,566
Charge-off amounts	(24,120)		(18,005)
Recoveries collected	2,179		1,800
Balance, ending	$	15,498	$	5,414

Summary Of Fair Value Of Consideration Received From Transfer Of Card Receivables

Below is a summary of the fair value of consideration received from the transfer of card receivables accounted for as a sale during the periods presented (in thousands):

	Year ended June 30,
	2023(1)		2022
Initial fair value of consideration received:
Cash	$	316,477	$	1,483,481
Beneficial interest derivative	1,682		4,690
Total	$	318,159	$	1,488,171

(1) Effective August 2022, the Company ceased selling acquired card receivables.

Summary of Transferred Card Receivables by Class

Below is a summary of outstanding transferred card receivables by class (i.e., past due status) that have not been charged-off and have not been recorded on the Company's consolidated balance sheets, but with which the Company has a continuing involvement through its servicing agreements, as of the dates

presented (in thousands):

	June 30,
	2023(1)		2022
Current and less than 30 days past due	$	—	$	56,162
30 ~ 59 days past due	—		292
60 ~ 89 days past due	—		375
90 ~ 119 days past due	—		422
Over 119 days past due	—		30
Total	$	—	$	57,281

(1) Effective August 2022, the Company ceased selling acquired card receivables