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Acquired Card Receivables | 6 Months Ended
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Dec. 31, 2025
Acquired Card Receivables [Abstract] |
Acquired Card Receivables | ACQUIRED CARD RECEIVABLES As of December 31, 2025, approximately $437.2 million of the acquired card receivables balance served as collateral for the Company’s borrowings from the Revolving Credit Facilities (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 six months ended December 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 December 31, 2025 totaled $41.9 million. The Company recognized an immaterial amount of expected credit losses on the card receivables that have not cleared yet as of December 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):
| December 31, 2025 |  | June 30, 2025
Current and less than 30 days past due | $ | 732,719 |  |  | $ | 686,070 |
30 ~ 59 days past due | 7,981 |  |  | 6,173 |
60 ~ 89 days past due | 8,121 |  |  | 5,312 |
90 ~ 119 days past due | 2,767 |  |  | 2,562 |
Over 119 days past due | 38 |  |  | 11 |
Total | $ | 751,626 |  |  | $ | 700,128 |
Allowance for Expected Credit Losses Below is a summary of the changes in allowance for expected credit losses (in thousands):
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance, beginning | $ | 15,217 |  |  | $ | 24,868 |  |  | $ | 15,020 |  |  | $ | 20,883 |
Provision for expected credit losses | 19,658 |  |  | 10,060 |  |  | 31,852 |  |  | 25,231 |
Charge-off amounts | (18,198) |  |  | (15,985) |  |  | (32,846) |  |  | (29,013) |
Recoveries collected | 2,865 |  |  | 1,825 |  |  | 5,516 |  |  | 3,667 |
Balance, ending | $ | 19,542 |  |  | $ | 20,768 |  |  | $ | 19,542 |  |  | $ | 20,768 |
Card receivables acquired from the Issuing Banks were $6.6 billion and $12.8 billion during the three and six months ended December 31, 2025, respectively, and $5.3 billion and $10.5 billion during the three and six months ended December 31, 2024, respectively. The provision for expected credit losses related to acquired card receivables increased during the three and six months ended December 31, 2025 compared to the same prior year period due to portfolio growth, an increase in delinquencies and a release of the allowance for expected credit losses during the three months ended December 31, 2024 as a result of a decrease in delinquencies during that period. The charge-offs related to acquired card receivables increased during the three and six months ended December 31, 2025 compared to the same prior year period primarily due to portfolio growth.

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