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Finance Receivables, Net | 9 Months Ended
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Sep. 30, 2022
Receivables [Abstract] |
Finance Receivables, Net | Finance Receivables, Net Finance receivables, net consist of the following (in thousands):
| As of September 30, |  | As of December 31,
| 2022 |  | 2021 |  | 2021
Finance receivables, gross | $ | 188,897 |  |  | $ | — |  |  | $ | 220,329 |
Fair value premium on non-PCD finance receivables (1) | 6,839 |  |  | — |  |  | 40,251 |
Non-credit discount on PCD finance receivables (2) | — |  |  | — |  |  | (3,521) |
Merchant partner discounts and premiums, net | (2,044) |  |  | — |  |  | (104) |
Unearned origination fees | (3,334) |  |  | — |  |  | (360) |
Finance receivables, amortized cost | 190,358 |  |  | — |  |  | 256,595 |
Less allowance for loan losses | (78,413) |  |  | — |  |  | (75,574) |
Finance receivables, net | $ | 111,945 |  |  | $ | — |  |  | $ | 181,021 |
(1)Represents the difference between the initial fair value and the unpaid principal balance as of the date of the AFF Acquisition, which is recognized through interest income on an effective yield basis over the lives of the related non-purchased credit deteriorated (“PCD”) finance receivables. (2)Represents the difference between the unpaid principal balance and the amortized cost basis as of the date of the AFF Acquisition, which is recognized through interest income on an effective yield basis over the lives of the related PCD finance receivables. Changes in the allowance for loan losses were as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Balance at beginning of period | $ | 73,936 |  |  | $ | — |  |  | $ | 75,574 |  |  | $ | — |
Provision for loan losses | 31,956 |  |  | — |  |  | 83,453 |  |  | — |
Charge-offs | (28,642) |  |  | — |  |  | (84,629) |  |  | — |
Recoveries | 1,163 |  |  | — |  |  | 4,015 |  |  | — |
Balance at end of period | $ | 78,413 |  |  | $ | — |  |  | $ | 78,413 |  |  | $ | — |
The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of September 30, 2022, by origination year (in thousands):
| 2022 |  | 2021 |  | 2020 |  | Total
FICO score category (1): |  |  |  |  |  |  |
No FICO score identified or obtained | $ | 39,639 |  |  | $ | 13,067 |  |  | $ | 113 |  |  | $ | 52,819 |
599 or less | 44,966 |  |  | 16,299 |  |  | 539 |  |  | 61,804 |
Between 600 and 699 | 45,125 |  |  | 15,755 |  |  | 567 |  |  | 61,447 |
700 or greater | 5,531 |  |  | 1,841 |  |  | 77 |  |  | 7,449 |
Finance receivables before fair value adjustments | $ | 135,261 |  |  | $ | 46,962 |  |  | $ | 1,296 |  |  | 183,519 |
Fair value premium on non-PCD finance receivables |  |  |  |  |  |  | 6,839 |
Finance receivables, amortized cost |  |  |  |  |  |  | $ | 190,358 |
(1)FICO score as determined at the time of origination. The following is an aging of the amortized cost of finance receivables as of September 30, 2022, by origination year (in thousands):
| 2022 |  | 2021 |  | 2020 |  | Total
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 11,149 |  |  | $ | 4,468 |  |  | $ | 150 |  |  | $ | 15,767 |
31 to 60 days past due | 7,118 |  |  | 3,233 |  |  | 100 |  |  | 10,451 |
61 to 90 days past due (1) | 5,971 |  |  | 3,292 |  |  | 120 |  |  | 9,383 |
Total past due finance receivables before fair value adjustments | 24,238 |  |  | 10,993 |  |  | 370 |  |  | 35,601 |
Current finance receivables before fair value adjustments | 111,023 |  |  | 35,969 |  |  | 926 |  |  | 147,918 |
Finance receivables before fair value adjustments | $ | 135,261 |  |  | $ | 46,962 |  |  | $ | 1,296 |  |  | 183,519 |
Fair value premium on non-PCD finance receivables |  |  |  |  |  |  | 6,839 |
Finance receivables, amortized cost |  |  |  |  |  |  | $ | 190,358 |
(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2196816 + Details
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