Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. For each of these groups, we evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses. Our allowance for credit losses with respect to accounts receivable was $22.5 million and $18.8 million as of December 31, 2025 and June 30, 2025, respectively.


	December 31, 2025		June 30, 2025
Internally developed software	$	1,180,344	$	987,399
Leasehold improvements	25,690		21,990
Computer equipment	11,178		9,555
Furniture and equipment	9,692		9,007
Total property, equipment and software, at cost	$	1,226,904	$	1,027,952
Less: Accumulated depreciation and amortization	(587,014)		(455,315)
Total property, equipment and software, net	$	639,891	$	572,637

Depreciation and amortization expense on property, equipment and software was $75.5 million and $140.8 million for the three and six months ended December 31, 2025, respectively, and $54.3 million and $100.4 million for the three and six months ended December 31, 2024, respectively.


	December 31, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,826	$	(37,826)	$	—	0.0
Developed technology	39,431		(39,387)		44		0.8
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains	1,448		(1,448)		—		0.0
Trademarks, licenses and domains	12,225		—		12,225		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,770	$	(91,151)	$	12,619


	June 30, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,845	$	(37,845)	$	—	0.0
Developed technology	39,443		(39,369)		74		1.3
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains	1,450		(1,355)		95		0.6
Trademarks, licenses and domains	12,416		—		12,416		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,994	$	(91,059)	$	12,935

Amortization expense for intangible assets was $0.1 million for both the three and six months ended December 31, 2025, respectively, and $0.6 million and $1.2 million for the three and six months ended December 31, 2024, respectively. No impairment losses related to intangible assets were recorded during the three and six months ended December 31, 2025 and 2024.

In fiscal year 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit. We amortize the asset over the expected benefit period, which was extended from four to nine years in November 2025 upon execution of a commercial agreement that will supersede and replace the previous commercial agreement. For the three and six months ended December 31, 2025, we recognized amortization expense of $1.9 million and $7.1 million, respectively, and $5.2 million and $10.4 million for the three and six months ended December 31, 2024, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of December 31, 2025, the accumulated amortization is $128.5 million and the remaining net asset value is $5.1 million, which will be recognized over the remaining useful life of 5.1 years. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants.

In fiscal year 2021, we granted warrants in exchange for the opportunity to acquire new merchant partners through a commercial agreement with Shopify Inc. (“Shopify”). We recognized an asset of $270.6 million based on the grant-date fair value of the vested warrants. We amortize the asset over the expected benefit period, which was extended from six to nine years during the fiscal year 2025 upon execution of a commercial agreement that superseded and replaced the previous commercial agreement. The benefit period is reevaluated each reporting period. For the three and six months ended December 31, 2025, we recorded amortization expense related to the commercial agreement asset of $2.8 million and $5.7 million, respectively, and $9.0 million and $18.1 million for the three and six months ended December 31, 2024, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of December 31, 2025, the accumulated amortization is $231.2 million and the remaining net asset value is $39.4 million, which will be recognized over the remaining useful life of 3.5 years.


	December 31, 2025		June 30, 2025
Processing reserves	$	125,197	$	90,826
Prepaid expenses	61,128		47,027
Equity securities held at cost	40,396		40,277
Risk sharing assets	38,992		43,179
Operating lease right-of-use assets	25,904		19,124
Prepaid payroll taxes for stock-based compensation	25,470		25,188
Foreign deferred tax asset	9,574		13,929
Other assets	18,325		15,810
Total other assets	$	344,986	$	295,360