XML 49 R33.htm IDEA: XBRL DOCUMENT v3.23.2
Loans Held for Investment and Allowance for Credit Losses (Tables)
 12 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Schedule of Loans Held for Investment and Allowance for Credit Loss Loans held for investment consisted of the following (in thousands):
June 30, 2023June 30, 2022
Unpaid principal balance$4,451,324 $2,516,733 
Accrued interest receivable41,079 20,697 
Premiums on loans held for investment7,135 8,911 
Less: Discount due to loss on loan purchase commitment(51,190)(20,692)
Less: Discount due to loss on directly originated loans(45,145)(20,443)
Less: Fair value adjustment on loans acquired through business combination(241)(1,645)
Total loans held for investment$4,402,962 $2,503,561 
Schedule of Credit Quality by ITACs Score
The following table presents an analysis of the credit quality, by ITACs score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of June 30, 2023 (in thousands):

June 30, 2023
Amortized Costs Basis by Fiscal Year of Origination
20232022202120202019PriorTotal
96+$2,628,060 $39,428 $18,910 $3,439 $9 $1 $2,689,847 
94 – 961,104,553 7,755 439 77 6 2 1,112,832 
90 – 94133,940 3,116 26 2 4 — 137,088 
<9013,363 1,623 4 2 — — 14,992 
No score(1)
335,690 59,204 11,562 489 252 9 407,206 
Total amortized cost basis$4,215,606 $111,126 $30,941 $4,009 $271 $12 $4,361,965 
(1)This balance represents loan receivables in markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada.  

The following table presents net charge-offs by fiscal year of origination for the year ended June 30, 2023 (in thousands):

Net Charge-offs by Fiscal Year of Origination
20232022202120202019PriorTotal
Current period charge-offs(119,520)(173,345)(6,482)(586)(89)(36)(300,058)
Current period recoveries5,997 17,719 4,653 1,259 794 587 31,009 
Current period net charge-offs$(113,523)$(155,626)$(1,829)$673 $705 $551 $(269,049)

The following table presents an analysis of the credit quality, by ITACS score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of June 30, 2022 (in thousands):

June 30, 2022
Amortized Costs Basis by Fiscal Year of Origination
20222021202020192018PriorTotal
96+$1,218,104 $122,503 $33,458 $157 $1 $— $1,374,223 
94 – 96620,403 11,240 773 13 2 — 632,431 
90 – 94220,056 3,886 6 4 — — 223,952 
<9044,300 135 2 — — — 44,437 
No score(1)
186,044 20,554 3,368 444 79 2 210,491 
Total amortized cost basis$2,288,907 $158,318 $37,607 $618 $82 $2 $2,485,534 
(1)This balance represents loan receivables in markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada.
Schedule of Delinquent Financing Receivables The following table presents an aging analysis of the amortized cost basis excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands):
June 30, 2023June 30, 2022
Non-delinquent loans$4,183,248 $2,322,919 
4 – 29 calendar days past due92,876 77,963 
30 – 59 calendar days past due36,399 34,669 
60 – 89 calendar days past due28,171 26,919 
90 – 119 calendar days past due(1)
21,271 23,064 
Total amortized cost basis$4,361,965 $2,485,534 
(1)Includes $20.9 million and $22.7 million of loan receivables as of June 30, 2023 and June 30, 2022, respectively, that are 90 days or more past due, but are not on nonaccrual status.
Schedule of Loans Held for Investment and Allowance for Credit Loss
The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):
Year ended
June 30,
202320222021
Balance at beginning of period$155,392 $117,760 $95,137 
Adjustment due to adoption of new accounting standard— — 10,083 
Provision for credit losses318,188 240,804 63,755 
Charge-offs(300,058)(227,770)(65,149)
Recoveries of charged-off receivables31,009 24,598 13,934 
Balance at end of period$204,531 $155,392 $117,760