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Leased Merchandise, Net
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Leased Merchandise, Net Leased Merchandise, Net
Leased merchandise, net consists of the following (in thousands):

As of June 30,As of
December 31,
202220212021
Leased merchandise (1)
$255,559 $— $156,280 
Processing fees(2,882)— (440)
Merchant partner discounts and premiums, net1,862 — 310 
Accumulated depreciation(66,514)— (6,764)
Leased merchandise, before allowance for lease losses188,025 — 149,386 
Allowance for lease losses(69,101)— (5,442)
Leased merchandise, net$118,924 $— $143,944 

(1)Acquired leased merchandise in the AFF Acquisition was recorded at fair value.

Changes in the allowance for lease losses were as follows (in thousands):

Three Months EndedSix Months Ended
June 30,June 30,
 2022202120222021
Balance at beginning of period$40,364 $— $5,442 $— 
Provision for lease losses38,035 — 77,855 — 
Charge-offs(10,301)— (16,321)— 
Recoveries1,003 — 2,125 — 
Balance at end of period$69,101 $— $69,101 $—