5.Investment in receivables, net

The following table presents the roll forward of the balance of the investment in receivables, net for the following periods (in thousands):

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The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented (in thousands):

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For the six months ended June 30, 2026 the Company purchased receivable portfolios with face values of $5,581.3 million for a purchase price of $301.9 million or 5.4% of face value. For the six months ended June 30, 2025, the Company purchased receivable portfolios with face values of $4,517.0 million for a purchase price of $300.5 million or 6.7% of face value. The price paid relative to the face amount of receivables will vary based upon the type of debt purchased, the age of the debt at the time of acquisition and the overall debt acquisition market. The percentage reported represents the weighted average of activity for the period and is a function of the mix of assets acquired in any period. For the receivables purchased in the six months ended June 30, 2026 and 2025, the estimated amount of cash flows to be collected were $574.6 million and $564.0 million (as of purchase), respectively.

Recoveries above or below forecast represent over and under-performance in the reporting period, respectively. Actual collections during the six months ended June 30, 2026, and 2025, overperformed the projected collections by approximately $14.3 million and $10.6 million, respectively, primarily driven by continued strong collection performance.

When reassessing the forecasts of expected lifetime recoveries during the six months ended June 30, 2026, management considered historical and current collection performance and believes that for certain static pools sustained collections overperformance resulted in increased total future expected recoveries. As a result, the Company has updated its forecast, resulting in a net increase of total estimated remaining collections, which in turn, when discounted to present value, resulted in a change in expected future period recoveries of approximately $1.8 million and $5.4 million during the six months ended June 30, 2026, and 2025, respectively.

At the time of the Bluestem’s portfolio purchase, which consisted primarily of performing receivables, the Company established an allowance for credit losses of $304.8 million. Additionally, the Company also established a non-credit premium of $93.4 million at the time of purchase.

The Company places performing receivables on nonaccrual status when the receivables are greater than 90 days. To facilitate the monitoring of credit quality for performing receivables, and for the purpose of determining an appropriate allowance for losses for these receivables, the Company utilizes payment history and current payment status. The table below presents the information on the past due and non-accrual buckets for the assets acquired in the performing portfolio purchases, and does not include all other purchased loans as they were charged-off at the time of purchase, (in thousands):

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The following table presents non-accrual performing loans by segment (in thousands).

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