Acquired Card Receivables (Tables)

6 Months Ended

Dec. 31, 2021

Acquired Card Receivables [Abstract]

Schedule of Acquired Card Receivables

Acquired card receivables consisted of the following as of the dates presented (in thousands):

	December 31,			June 30,
	2021			2021
Gross amount of acquired card receivables	$	218,021		$	148,833
Less: allowance for credit losses		(4,607	)		(1,740	)
Total	$	213,414		$	147,093

Summary of Acquired Card Receivables by Class

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,		June 30,
	2021		2021
Current and less than 30 days past due	$	212,225	$	145,993
30 ~ 59 days past due		2,272		1,188
60 ~ 89 days past due		1,738		580
90 ~ 119 days past due		1,723		713
Over 119 days past due		63		359
Total	$	218,021	$	148,833

Summary of Change in Allowance for Credit Losses

Below is a summary of the changes in allowance for credit losses for the periods presented (in thousands):

	Three months ended December 31,			Six months ended December 31,
	2021			2021
Balance, beginning	$	3,717		$	1,740
Initial allowance for credit losses on purchased    card receivables with credit deterioration		296			310
Provision for expected credit losses		5,190			9,225
Charge-off amounts		(5,020	)		(7,296	)
Recoveries collected		424			628
Balance, end of period	$	4,607		$	4,607

Summary of Fair Value of Consideration Received from Transfer of Card Receivables

Below is a summary of the fair value of consideration received from the transfer of card receivables accounted for as a sale during the periods presented (in thousands):

	Three months ended December 31,		Six months ended December 31,
	2021		2021
Initial fair value of consideration received:
Cash	$	366,706	$	625,207
Beneficial interest derivative		1,093		2,287
Total	$	367,799	$	627,494

Summary of Outstanding Transferred Card Receivables by Class

Below is a summary of outstanding transferred card receivables by class (i.e., past due status) that have not been charged-off and have not been recorded on the Company's condensed consolidated balance sheets, but with which the Company has a continuing involvement through its servicing agreements, as of the periods presented (in thousands):

	December 31,		June 30,
	2021		2021
Current and less than 30 days past due	$	49,458	$	27,763
30 ~ 59 days past due		813		240
60 ~ 89 days past due		600		165
90 ~ 119 days past due		265		301
Over 119 days past due		9		132
Total	$	51,145	$	28,601