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Derivative Financial Instruments | 6 Months Ended
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Dec. 31, 2024
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 December 31, 2024 and June 30, 2024 (in thousands):
| December 31, 2024 |  | June 30, 2024
| Notional Amount |  | Derivative Assets |  | Derivative Liabilities |  | Notional Amount |  | Derivative Assets |  | Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts - cash flow hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 150,000 |  |  | $ | 4 |  |  | $ | — |
Derivatives not designated as hedges
Interest rate contracts | 572,441 |  |  | 7,676 |  |  | 186 |  |  | 854,589 |  |  | 17,203 |  |  | 38 |
Total gross derivative assets/liabilities | $ | 572,441 |  |  | $ | 7,676 |  |  | $ | 186 |  |  | $ | 1,004,589 |  |  | $ | 17,207 |  |  | $ | 38 |
The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands):
|  | Three Months Ended December 31, |  | Six Months Ended December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period |  | (85) |  |  | 1,514 |  |  | 1,407 |  |  | 751 |
Changes in fair value |  | (5) |  |  | (103) |  |  | (1,273) |  |  | 911 |
Amounts reclassified into earnings (1) |  | (84) |  |  | (511) |  |  | (308) |  |  | (762) |
Balance at end of period (2) |  | $ | (174) |  |  | $ | 900 |  |  | $ | (174) |  |  | $ | 900 |
(1)The amounts reclassified into earnings are presented in the interim consolidated statements of income within funding costs. (2)As of December 31, 2024, we estimated that $0.2 million of net derivative gains included in AOCI are expected to be reclassified into earnings within the next 12 months. 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 (loss) such impact is reported (in thousands):
|  | Three Months Ended December 31, |  | Six Months Ended December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
The effects of cash flow hedging
Funding costs |  | 84 |  |  | 511 |  |  | 308 |  |  | 762 |
The effects of derivatives not designated in hedging relationships |  |  |  |  |  |  |  |
Other income, net |  | 2,705 |  |  | (5,708) |  |  | (1,248) |  |  | (1,729) |

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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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