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Finance Receivables, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Schedule of Finance Receivables, Net
Finance receivables, net consist of the following (in thousands):

As of September 30,As of
December 31,
202220212021
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 cost190,358 — 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.
Schedule of Allowance for Credit Losses
Changes in the allowance for loan losses were as follows (in thousands):

Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Balance at beginning of period$73,936 $— $75,574 $— 
Provision for loan losses31,956 — 83,453 — 
Charge-offs(28,642)— (84,629)— 
Recoveries1,163 — 4,015 — 
Balance at end of period$78,413 $— $78,413 $— 
Schedule of Finance Receivables Credit Quality Indicators
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):

 202220212020Total
FICO score category (1):
No FICO score identified or obtained$39,639 $13,067 $113 $52,819 
599 or less44,966 16,299 539 61,804 
Between 600 and 69945,125 15,755 567 61,447 
700 or greater5,531 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 receivables6,839 
Finance receivables, amortized cost$190,358 
(1)FICO score as determined at the time of origination
Financing Receivable, Past Due
The following is an aging of the amortized cost of finance receivables as of September 30, 2022, by origination year (in thousands):

202220212020Total
Delinquency:
1 to 30 days past due$11,149 $4,468 $150 $15,767 
31 to 60 days past due7,118 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 adjustments24,238 10,993 370 35,601 
Current finance receivables before fair value adjustments111,023 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 receivables6,839 
Finance receivables, amortized cost$190,358 

(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.