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ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
 6 Months Ended
Jun. 30, 2026
Credit Loss [Abstract]  
ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
Accounts receivable and other receivables consist of the following:
(in thousands)
June 30, 2026December 31, 2025
Accounts receivable
Progressive Leasing accounts receivable:
Progressive Leasing accounts receivable
$130,748 $136,234 
Less: accounts receivable allowance
(69,436)(68,806)
Progressive Leasing accounts receivable, net
61,312 67,428 
Four affiliate and interchange fees receivable
5,899 6,800 
Purchasing Power accounts receivable
Accounts receivable - acquired portfolio (at fair value)
106,069 — 
Accounts receivable - post-acquisition portfolio
199,396 — 
Less: allowance for credit losses - post-acquisition portfolio
(23,478)— 
Less: unearned interest income - post-acquisition portfolio
(1,487)— 
Client and miscellaneous receivables
26,811 — 
Purchasing Power accounts receivable, net
307,311 — 
Total accounts receivable, net
$374,522 $74,228 
Other receivables - Purchasing Power
Other receivables - acquired portfolio (at fair value)
10,063 — 
Other receivables - post-acquisition portfolio
36,851 — 
Less: allowance for credit losses - post-acquisition portfolio
(4,469)— 
Less: unearned interest income - post-acquisition portfolio
(2,668)— 
Total other receivables, net
$39,777 $— 
Progressive Leasing
Progressive Leasing accounts receivable represent lease payments due from customers and are presented net of an accounts receivable allowance.
The following table summarizes activity in the lease receivable allowance related to Progressive Leasing:
Three months ended June 30,Six months ended June 30,
(in thousands)
2026202520262025
Beginning balance
$68,270 $73,868 $68,806 $71,607 
Net book value of accounts receivable written off
(91,513)(98,028)(179,891)(192,238)
Recoveries10,233 10,671 22,160 22,546 
Accounts receivable provision
82,446 82,277 158,361 166,873 
Ending balance
$69,436 $68,788 $69,436 $68,788 
Purchasing Power
Purchasing Power receivables consist of amounts acquired in the acquisition of Purchasing Power, LLC on January 2, 2026 and receivables originated subsequent to the acquisition date. These receivables are classified as either accounts receivable or other receivables based on the nature of the underlying transaction, consistent with the Company's accounting policies described in Note 1.
Receivables acquired in the acquisition, including both accounts receivable and other receivables, are measured at fair value in accordance with the fair value option. During the three and six months ended June 30, 2026, the Company recognized a $1.8 million and $7.5 million gain on change in the fair value of receivables, respectively, which includes $2.9 million and $9.4 million of interest income accretion offset by $1.1 million and $1.9 million of changes in the fair value for the three and six months ended June 30, 2026, respectively. Receivables originated subsequent to the acquisition date are measured at amortized cost. Additional information regarding measurement and income or loss recognition is included in Note 1.
Accounts receivable
Accounts receivable represent amounts due from customers associated with product sales and commission-based service revenues and are presented net of an allowance for credit losses and unearned interest income.
Other receivables
Other receivables represent amounts billed to end users that are not associated with revenue recognized under ASC 606, including the portion of customer receivables that are service-related costs, sales taxes, and other pass-through charges. These amounts arise in connection with transactions in which the Company facilitates the sale of third-party services as an agent in the transaction and subsequently collects the total contractual consideration from the end-customer.
Other receivables include both acquired and originated balances. Originated other receivables are presented separately and interest is imputed over the contract terms. Cash flows associated with originated other receivables are classified as investing activities in the condensed consolidated statements of cash flows.
Allowance for credit losses
The allowance for credit losses for Purchasing Power receivables originated post-acquisition, including both accounts receivable and other receivables, reflects management's estimate of lifetime expected credit losses and is determined in accordance with the Company's policy described in Note 1.
The following table summarizes activity in the allowance for credit losses related to Purchasing Power post-acquisition receivables:
Three months ended June 30, 2026Six months ended June 30, 2026
(in thousands)
Accounts receivable
Other receivables
Accounts receivableOther receivables
Beginning balance$11,030 $1,931 $— $— 
Net book value of accounts written off(43)(4)(43)(4)
Recoveries80 4 80 4 
Provision for credit losses
12,411 2,538 23,441 4,469 
Ending balance$23,478 $4,469 $23,478 $4,469 
The following table presents the amortized cost basis of Purchasing Power receivables originated post-acquisition, disaggregated by credit quality indicator, as of June 30, 2026:
(in thousands)
Originated post-acquisition accounts receivables
Originated post-acquisition other receivables
Aging category
Federal
Non-Federal
June 30, 2026
Federal
Non-Federal
June 30, 2026
1-30 days past due
$1,521 $13,702 $15,223 $440 $1,676 $2,116 
31-59 days past due
677 3,445 4,122 159 464 623 
60 or more days past due
679 3,637 4,316 140 407 547 
Past due receivables
$2,877 $20,784 $23,661 $739 $2,547 $3,286 
Current receivables
$17,317 $158,418 $175,735 $5,360 $28,205 $33,565