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Derivative Financial Instruments | 12 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of June 30, 2023 and June 30, 2022 (in thousands):
| June 30, 2023 |  | June 30, 2022
| Notional Amount |  | Derivative Assets |  | Derivative Liabilities |  | Notional Amount |  | Derivative Assets |  | Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts - cash flow hedges | $ | 800,000 |  |  | $ | 751 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedges
Interest rate contracts | 2,102,944 |  |  | 49,794 |  |  | — |  |  | 1,690,000 |  |  | 49,983 |  |  | — |
Total gross derivative assets/liabilities | $ | 2,902,944 |  |  | $ | 50,545 |  |  | $ | — |  |  | $ | 1,690,000 |  |  | $ | 49,983 |  |  | $ | — |
The following table summarizes the impact of the cash flow hedges on AOCI (in thousands):
|  | Year ended June 30, 2023
Balance at beginning of period |  | $ | — |
Changes in fair value |  | 805 |
Amounts reclassified into earnings (1) |  | 54 |
Balance at end of period (2) |  | $ | 751 |
(1)The amounts reclassified into earnings is presented in the consolidated statements of income within funding costs. (2)Over the next 12 months, we expect to reclassify $0.8 million of net derivative gains included in AOCI into funding costs within our consolidated statement of operations and comprehensive loss. The following table summarizes the impact of the derivative instruments on income and indicates where within the consolidated statement of operations and comprehensive loss such impact is reported (in thousands):
Location of gains (losses) where the effects of derivatives are recorded |  | Year ended June 30,
| 2023 |  | 2022
The effects of cash flow hedging
Funding costs |  | 54 |  |  | — |
The effects of derivatives not designated in hedging relationships
Other income, net |  | 48,074 |  |  | 48,607 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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