
Unpaid principal balance of finance receivables - accrual	$	272,678
Unpaid principal balance of finance receivables - non-accrual	19,198
Unpaid principal balance of finance receivables	$	291,876

Finance receivables at fair value - accrual	$	323,931
Finance receivables at fair value - non-accrual	941
Finance receivables at fair value, excluding accrued interest and fees receivable	324,872
Accrued interest and fees receivable	9,242
Finance receivables at fair value	$	334,114

Difference between unpaid principal balance and fair value	$	32,996

The Company’s policy is to discontinue and reverse the accrual of interest income on installment finances receivables at the earlier of 60 days past due on a recency basis or 90 days past due on a contractual basis. As of September 30, 2021 and December 31, 2020 the aggregate unpaid principal balance and fair value of installment finance receivables 90 days or more past due was $9,979 thousand and $489 thousand, respectively.

Changes in the fair value of installment finance receivables at fair value during the three months ended September 30, 2021 were as follows (in thousands):


Balance at the beginning of the period	$	296,381
Originations of principal	155,055
Repayments of principal	(98,202)
Accrued interest and fees receivable	(180)
Charge-offs, net (1)	(24,891)
Net change in fair value (1)	5,951
Balance at the end of the period	$	334,114

(1) Included in "Change in fair value of finance receivables" in the Consolidated Statements of Operations.

Changes in the fair value of installment finance receivables at fair value during the nine months ended September 30, 2021 were as follows (in thousands):


Balance at the beginning of the period	$	289,166
Originations of principal	401,373
Repayments of principal	(303,305)
Accrued interest and fees receivable	1,332
Charge-offs, net (1)	(62,046)
Adjustment to fair value	(1,817)
Net change in fair value (1)	9,411
Balance at the end of the period	$	334,114

(1) Included in "Change in fair value of finance receivables" in the Consolidated Statements of Operations.

Finance receivables at amortized cost, net: Prior to January 1, 2021, the Company carried all finance receivables at amortized cost, including accrued interest and fees, unamortized loan origination costs, and allowance for credit losses. On January 1, 2021, the Company elected the fair value option for its installment finance receivables. The Company did not elect the fair value option for its SalaryTap and OppFi Card finance receivables, which are carried at amortized cost.

The components of finance receivables carried at amortized cost as of September 30, 2021 and December 31, 2020 were as follows (in thousands):


	September 30, 2021		December 31, 2020
Finance receivables	$	1,402	$	255,943
Accrued interest and fees	13		7,910
Unamortized loan origination costs	—		13,421
Allowance for credit losses	(146)		(55,031)
Finance receivables at amortized cost, net	$	1,269	$	222,243

Changes in the allowance for credit losses on finance receivables during the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	For The Three Months Ended
	September 30, 2021		September 30, 2020
Beginning balance	$	11	$	43,858
Provisions for credit losses on finance receivables	143		16,303
Finance receivables charged off	(8)		(15,277)
Recoveries of charge offs	—		2,650
Ending balance	$	146	$	47,534


	For The Nine Months Ended
	September 30, 2021		September 30, 2020
Beginning balance	$	55,031	$	53,146
Effects of adopting fair value option	(55,031)		—
Provisions for credit losses on finance receivables	181		56,136
Finance receivables charged off	(35)		(70,073)
Recoveries of charge offs	—		8,325
Ending balance	$	146	$	47,534

Changes in the reserve for repurchase liability for third-party lender losses were as follows for the three months ended September 30, 2020 (in thousands):


Beginning balance, June 30, 2020	$	3,180
Provision for repurchase liabilities	1,577
Finance receivables charged off	(1,427)
Recoveries of charge offs	194
Ending balance, September 30, 2020	$	3,524

Changes in the reserve for repurchase liability for third-party lender losses were as follows for the nine months ended September 30, 2020 (in thousands):


Beginning balance, December 31, 2019	$	4,978
Provision for repurchase liabilities	6,619
Finance receivables charged off	(8,772)
Recoveries of charge offs	699
Ending balance, September 30, 2020	$	3,524

The Company released the reserve for repurchase liability for third-party lender losses on January 1, 2021 upon election of the fair value option for its installment finance receivables. As such, there was no reserve for repurchase liability for third-party losses as of January 1, 2021 and thereafter.

The following is an assessment of the credit quality of finance receivables at amortized cost and presents the recency delinquency and contractual delinquency of the finance receivable portfolio as of September 30, 2021 and December 31, 2020 (in thousands):


	September 30, 2021				December 31, 2020
	Recency delinquency		Contractual delinquency		Recency delinquency		Contractual delinquency
Current	$	1,368	$	1,378	$	240,623	$	220,438
Delinquency
30-59 days	44		34		7,760		12,574
60-89 days	3		3		7,560		9,852
90+ days	—		—		—		13,079
Total delinquency	47		37		15,320		35,505
Finance receivables	$	1,415	$	1,415	$	255,943	$	255,943

In accordance with the Company’s income recognition policy, finance receivables in non-accrual status as of September 30, 2021 and December 31, 2020 was $3 thousand and $19,277 thousand, respectively. There were no finance receivables guaranteed by the Company under the CSO Program which were greater than 90 days past due as of September 30, 2021 and December 31, 2020, which had not already been repurchased by the Company and included in the totals above.