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Leased Merchandise, Net
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Leased Merchandise, Net Leased Merchandise, Net
Leased merchandise, net consists of the following (in thousands):

As of March 31,As of
December 31,
202320222022
Leased merchandise (1)
$349,648 $193,023 $335,038 
Processing fees(4,341)(2,019)(4,124)
Merchant partner discounts and premiums, net2,693 1,192 2,456 
Accumulated depreciation(105,997)(32,685)(100,879)
Leased merchandise, before allowance for lease losses242,003 159,511 232,491 
Less allowance for lease losses(93,149)(40,364)(79,189)
Leased merchandise, net$148,854 $119,147 $153,302 

(1)Acquired leased merchandise in the AFF acquisition was recorded at fair value.

The following table details the changes in the allowance for lease losses (in thousands):

Three Months Ended
March 31,
 20232022
Balance at beginning of period$79,189 $5,442 
Provision for lease losses49,065 39,820 
Charge-offs(36,778)(6,020)
Recoveries1,673 1,122 
Balance at end of period$93,149 $40,364