Leased Merchandise, Net (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):

	As of December 31,
	2021		2020
Leased merchandise (1)	$	156,280	$	—
Processing fees	(440)		—
Merchant partner discounts and premiums, net	310		—
Accumulated depreciation	(6,764)		—
Leased merchandise, before allowance for lease losses	149,386		—
Allowance for lease losses	5,442		—
Leased merchandise, net	$	143,944	$	—

(1)Acquired leased merchandise in the AFF Acquisition was recorded at fair value. See Note 3.

Leased Merchandise, Allowance for Credit Loss

Changes in the allowance for lease losses are as follows (in thousands):

	As of December 31,
	2021		2020
Balance at beginning of year	$	—	$	—
Provision for lease losses (1)	5,442		—
Charge-offs (2)	—		—
Recoveries	—		—
Balance at end of year	$	5,442	$	—

(1)Represents the provision for lease losses on leases originated from December 17, 2021 through December 31, 2021.

(2)Acquired leased merchandise in the AFF Acquisition was recorded at fair value. As a result, leased merchandise charged-off between December 17, 2021 and December 31, 2021 was allocated no fair value. See Note 3