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Derivative Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of March 31, 2023 and June 30, 2022 (in thousands):

			March 31, 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			$	1,100,000					$	27					$	(284)					$	—					$	—					$	—
Derivatives not designated as hedges
Interest rate contracts			2,066,660						49,432						—						1,690,000						49,983						—
Total gross derivative assets/liabilities			$	3,166,660					$	49,459					$	(284)					$	1,690,000					$	49,983					$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands):

						Three Months Ended March 31,						Nine Months Ended March 31,
						2023						2023
Balance at beginning of period						$	—					$	—
Changes in fair value						(303)						(303)
Amounts reclassified into earnings (1)						(46)						(46)
Balance at end of period (2)						$	(257)					$	(257)

(1)The amounts reclassified into earnings is presented in the interim consolidated statements of income within funding costs.

(2)Over the next 12 months, we expect to reclassify $0.3 million of net pre-tax losses from AOCI into funding costs within our interim consolidated statements of operations and comprehensive income.

Summary of Gain (Loss) on Derivative Instruments

The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive income such impact is reported (in thousands):

Location of Gains (Losses) where the Effects of Derivatives are recorded						Three Months Ended March 31,												Nine Months Ended March 31,
						2023						2022						2023						2022
The effects of cash flow hedging
Funding Costs						(46)												(46)
The effects of derivatives not designated in hedging relationships
Other Income, net						(3,691)						35,145						33,819						38,416

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- References

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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-SubTopic 10
-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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