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Investment in Receivable Portfolios, Net (Tables)
9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Investment in receivable portfolios, net consists of the following as of the dates presented (in thousands):
September 30, 2024December 31, 2023
Amortized cost$— $— 
Negative allowance for expected recoveries3,719,260 3,468,432 
Balance, end of period$3,719,260 $3,468,432 
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
September 30,
Nine Months Ended
September 30,
2024202320242023
Balance, beginning of period$3,583,322 $3,330,986 $3,468,432 $3,088,261 
Negative allowance for expected recoveries - current period purchases (1)
282,485 230,559 856,891 781,315 
Collections applied to investment in receivable portfolios, net (2)
(222,149)(162,652)(641,982)(504,672)
Changes in recoveries (3)
12,675 (17,067)6,020 (30,054)
Put-backs and recalls
(4,577)(3,179)(12,023)(9,214)
Disposals and transfers to real estate owned(7,055)(3,314)(10,153)(9,558)
Foreign currency translation adjustments74,559 (54,789)52,075 4,466 
Balance, end of period$3,719,260 $3,320,544 $3,719,260 $3,320,544 
_______________________
(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
September 30,
Nine Months Ended
September 30,
2024202320242023
Purchase price$282,485 $230,559 $856,891 $781,315 
Allowance for credit losses667,584 666,915 1,961,740 2,017,060 
Amortized cost950,069 897,474 2,818,631 2,798,375 
Noncredit discount1,220,316 1,171,383 3,688,070 3,225,837 
Face value2,170,385 2,068,857 6,506,701 6,024,212 
Write-off of amortized cost(950,069)(897,474)(2,818,631)(2,798,375)
Write-off of noncredit discount(1,220,316)(1,171,383)(3,688,070)(3,225,837)
Negative allowance282,485 230,559 856,891 781,315 
Negative allowance for expected recoveries - current period purchases$282,485 $230,559 $856,891 $781,315 
(2)Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Cash Collections$550,268 $465,339 $1,607,883 $1,404,217 
Less - amounts classified to revenue from receivable portfolios(328,119)(302,687)(965,901)(899,545)
Collections applied to investment in receivable portfolios, net$222,149 $162,652 $641,982 $504,672 
(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
September 30,
Nine Months Ended
September 30,
2024202320242023
Recoveries above (below) forecast
$22,962 $(4,274)$51,258 $(20,109)
Changes in expected future recoveries(10,287)(12,793)(45,238)(9,945)
Changes in recoveries$12,675 $(17,067)$6,020 $(30,054)