Leased Merchandise, Net

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Leased Merchandise, Net

Leased Merchandise, Net

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

	As of March 31,				As of December 31,
	2022		2021		2021
Leased merchandise (1)	$	193,023	$	—	$	156,280
Processing fees	(2,019)		—		(440)
Merchant partner discounts and premiums, net	1,192		—		310
Accumulated depreciation	(32,685)		—		(6,764)
Leased merchandise, before allowance for lease losses	159,511		—		149,386
Allowance for lease losses	(40,364)		—		(5,442)
Leased merchandise, net	$	119,147	$	—	$	143,944

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

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

	Three Months Ended
	March 31,
	2022		2021
Balance at beginning of year	$	5,442	$	—
Provision for lease losses	39,820		—
Charge-offs	(6,020)		—
Recoveries	1,122		—
Balance at end of year	$	40,364	$	—