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Leased Merchandise, Net

6 Months Ended

Jun. 30, 2023

Leased merchandise, net consists of the following (in thousands):


	As of June 30,				As of December 31,
	2023		2022		2022
Leased merchandise (1)	$	369,547	$	255,559	$	335,038
Processing fees	(4,313)		(2,882)		(4,124)
Merchant partner discounts and premiums, net	2,735		1,862		2,456
Accumulated depreciation	(113,852)		(66,514)		(100,879)
Leased merchandise, before allowance for lease losses	254,117		188,025		232,491
Less allowance for lease losses	(110,972)		(69,101)		(79,189)
Leased merchandise, net	$	143,145	$	118,924	$	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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Balance at beginning of period	$	93,149	$	40,364	$	79,189	$	5,442
Provision for lease losses	52,873		38,035		101,938		77,855
Charge-offs	(36,723)		(10,301)		(73,501)		(16,321)
Recoveries	1,673		1,003		3,346		2,125
Balance at end of period	$	110,972	$	69,101	$	110,972	$	69,101