| Schedule of Investment in Receivable Portfolios |
The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Balance, beginning of period | $ | 3,214,792 | | | $ | 3,137,386 | | | $ | 3,088,261 | | | $ | 3,065,553 | | Negative allowance for expected recoveries - current period purchases(1) | 274,325 | | | 173,007 | | | 550,756 | | | 342,512 | | Collections applied to investment in receivable portfolios, net (2) | (175,338) | | | (191,429) | | | (342,020) | | | (406,738) | | Changes in recoveries (3) | (3,486) | | | 25,150 | | | (12,987) | | | 192,373 | | | Put-backs and Recalls | (4,229) | | | (1,373) | | | (6,035) | | | (4,580) | | | | | | | | | | | Disposals and transfers to real estate owned | (5,139) | | | (1,856) | | | (6,244) | | | (3,832) | | | Foreign currency translation adjustments | 30,061 | | | (105,762) | | | 59,255 | | | (150,165) | | | Balance, end of period | $ | 3,330,986 | | | $ | 3,035,123 | | | $ | 3,330,986 | | | $ | 3,035,123 | | | | | | | | | |
_______________________ (1)The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Purchase price | $ | 274,325 | | | $ | 173,007 | | | $ | 550,756 | | | $ | 342,512 | | | Allowance for credit losses | 690,501 | | | 768,932 | | | 1,350,145 | | | 1,119,118 | | | Amortized cost | 964,826 | | | 941,939 | | | 1,900,901 | | | 1,461,630 | | | Noncredit discount | 1,049,233 | | | 907,249 | | | 2,054,454 | | | 1,564,307 | | | Face value | 2,014,059 | | | 1,849,188 | | | 3,955,355 | | | 3,025,937 | | | Write-off of amortized cost | (964,826) | | | (941,939) | | | (1,900,901) | | | (1,461,630) | | | Write-off of noncredit discount | (1,049,233) | | | (907,249) | | | (2,054,454) | | | (1,564,307) | | | Negative allowance | 274,325 | | | 173,007 | | | 550,756 | | | 342,512 | | | Negative allowance for expected recoveries - current period purchases | $ | 274,325 | | | $ | 173,007 | | | $ | 550,756 | | | $ | 342,512 | |
(2)Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Cash Collections | $ | 476,522 | | | $ | 497,711 | | | $ | 938,878 | | | $ | 1,017,125 | | | Less - amounts classified to revenue from receivable portfolios | (301,184) | | | (306,282) | | | (596,858) | | | (610,387) | | | Collections applied to investment in receivable portfolios, net | $ | 175,338 | | | $ | 191,429 | | | $ | 342,020 | | | $ | 406,738 | |
(3)Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Recoveries (below) above forecast | $ | (477) | | | $ | 9,935 | | | $ | (15,835) | | | $ | 56,287 | | | Changes in expected future recoveries | (3,009) | | | 15,215 | | | 2,848 | | | 136,086 | | | Changes in recoveries | $ | (3,486) | | | $ | 25,150 | | | $ | (12,987) | | | $ | 192,373 | |
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