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Acquired Card Receivables | 9 Months Ended
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Mar. 31, 2025
Acquired Card Receivables [Abstract] |
Acquired Card Receivables | ACQUIRED CARD RECEIVABLES As of March 31, 2025, approximately $247.2 million of the acquired card receivables balance served as collateral for the Company’s borrowings from the Revolving Credit Facility (as defined below, see Note 7). The Company incurred losses related to card transactions disputed by spending businesses. The amounts were not material during the three and nine months ended March 31, 2025 and 2024. The acquired card receivables balances do not include purchases of participation interests in card receivables from the Company's card issuing partner banks (Issuing Banks) that have not cleared at the end of the reporting period. Purchases of participation interests in card receivables that have not cleared as of March 31, 2025 totaled $75.8 million. The Company recognized an immaterial amount of expected credit losses on the card receivables that have not cleared yet as of March 31, 2025. Credit Quality Information The Company regularly reviews collection experience, delinquencies, and net charge-offs in determining allowance for expected credit losses related to acquired card receivables. Historical collections rates have shown that days past due is the primary indicator of the likelihood of loss. The Company uses the delinquency trends or past due status of the acquired card receivables as the credit quality indicator. Acquired card receivables are considered past due if full payment is not received on the bill date or within a grace period, which is generally limited to five days. Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands):
| March 31, 2025 |  | June 30, 2024
Current and less than 30 days past due | $ | 707,950 |  |  | $ | 706,026 |
30 ~ 59 days past due | 4,453 |  |  | 4,277 |
60 ~ 89 days past due | 6,512 |  |  | 3,393 |
90 ~ 119 days past due | 6,569 |  |  | 4,093 |
Over 119 days past due | 34 |  |  | 310 |
Total | $ | 725,518 |  |  | $ | 718,099 |
Allowance for Expected Credit Losses Below is a summary of the changes in allowance for expected credit losses (in thousands):
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance, beginning | $ | 20,768 |  |  | $ | 21,509 |  |  | $ | 20,883 |  |  | $ | 15,498 |
Provision for expected credit losses | 9,299 |  |  | 15,104 |  |  | 34,530 |  |  | 41,433 |
Charge-off amounts | (12,173) |  |  | (14,276) |  |  | (41,186) |  |  | (36,184) |
Recoveries collected | 2,089 |  |  | 1,516 |  |  | 5,756 |  |  | 3,106 |
Balance, ending | $ | 19,983 |  |  | $ | 23,853 |  |  | $ | 19,983 |  |  | $ | 23,853 |
During the three months ended March 31, 2025, the Company refined its methodology used to reserve for credit losses. The refinements include incorporating credit limit size into the attributes used to segment the portfolio as well as updating how economic assumptions are applied. The refinements to the methodology maintain the timeliness and accuracy of the Company's estimate of expected credit losses on the acquired card receivables, supporting the continuous evolution of the acquired card receivable portfolio. As a result, the provision for expected credit losses for the three and nine months ended March 31, 2025 included a release of $5.7 million. Card receivables acquired from the Issuing Banks were $5.3 billion and $15.7 billion during the three and nine months ended March 31, 2025, respectively, and $4.3 billion and $12.6 billion during the three and nine months ended March 31, 2024, respectively. The provision for expected credit losses related to acquired card receivables decreased during the three and nine months ended March 31, 2025 compared to the same prior year periods due to refinements in methodology used to reserve for credit losses described above and improvements in delinquency performance, which was offset by portfolio growth. The charge-off amounts related to acquired card receivables decreased during the three months ended March 31, 2025 compared to the same prior year period due to a decrease in delinquency performance, and increased during the nine months ended March 31, 2025 primarily due to portfolio growth. The decrease in the allowance for expected credit losses as of March 31, 2025 compared to June 30, 2024, was due to the refined methodology, which was partially offset by an increase in delinquent balances.

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- Definition Acquired card receivables. + References No definition available. + Details
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- Definition Acquired card receivables. + References No definition available. + Details
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