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Leased Merchandise, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Leased Merchandise, Net
Leased merchandise, net consists of the following (in thousands):

As of March 31,As of
December 31,
202520242024
Leased merchandise$271,535 $369,298 $319,444 
Processing fees(2,276)(4,022)(2,960)
Merchant partner discounts and premiums, net6 2,203 493 
Accumulated depreciation(96,868)(114,431)(108,283)
Leased merchandise, before allowance for lease losses172,397 253,048 208,694 
Less allowance for lease losses(68,785)(95,263)(80,257)
Leased merchandise, net$103,612 $157,785 $128,437 
Leased Merchandise, Allowance for Credit Loss
The following table details the changes in the allowance for lease losses (in thousands):

Three Months Ended
March 31,
 20252024
Balance at beginning of period$80,257 $95,127 
Provision for lease losses27,562 43,010 
Charge-offs(41,374)(44,877)
Recoveries2,340 2,003 
Balance at end of period$68,785 $95,263