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

As of September 30,As of
December 31,
202220212021
Leased merchandise (1)
$292,374 $— $156,280 
Processing fees(3,449)— (440)
Merchant partner discounts and premiums, net2,114 — 310 
Accumulated depreciation(81,343)— (6,764)
Leased merchandise, before allowance for lease losses209,696 — 149,386 
Allowance for lease losses(77,599)— (5,442)
Leased merchandise, net$132,097 $— $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 EndedNine Months Ended
September 30,September 30,
 2022202120222021
Balance at beginning of period$69,101 $— $5,442 $— 
Provision for lease losses31,916 — 109,771 — 
Charge-offs(24,538)— (40,859)— 
Recoveries1,120 — 3,245 — 
Balance at end of period$77,599 $— $77,599 $—