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Leased Merchandise, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
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
Leased Merchandise, Allowance for Credit Loss
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 $—