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Derivative Financial Instruments

6 Months Ended

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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- References

No definition available.

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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

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