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Leased Merchandise, Net (Tables)

6 Months Ended

Jun. 30, 2022

Leased merchandise, net consists of the following (in thousands):


	As of June 30,				As of December 31,
	2022		2021		2021
Leased merchandise (1)	$	255,559	$	—	$	156,280
Processing fees	(2,882)		—		(440)
Merchant partner discounts and premiums, net	1,862		—		310
Accumulated depreciation	(66,514)		—		(6,764)
Leased merchandise, before allowance for lease losses	188,025		—		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 Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Balance at beginning of period	$	40,364	$	—	$	5,442	$	—
Provision for lease losses	38,035		—		77,855		—
Charge-offs	(10,301)		—		(16,321)		—
Recoveries	1,003		—		2,125		—
Balance at end of period	$	69,101	$	—	$	69,101	$	—