v3.25.2
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Fair Value of Finance Receivables
The following tables are a summary of fair value measurements and hierarchy level at June 30, 2025 and December 31, 2024:

June 30, 2025
Carrying Value
Level 1
Level 2
Level 3
(in millions)
Assets:
Money market funds
$718 $718 $— $— 
Beneficial interests in securitizations
$466 $— $— $466 
Purchase price adjustment receivables$$— $— $
Root Warrants$243 $— $— $243 

December 31, 2024
Carrying Value
Level 1
Level 2
Level 3
(in millions)
Assets:
Money market funds
$1,154 $1,154 $— $— 
Beneficial interests in securitizations
$464 $— $— $464 
Purchase price adjustment receivables$$— $— $
Root Warrants$120 $— $— $120 
The carrying value and fair value of the finance receivables as of June 30, 2025 and December 31, 2024 were as follows:
June 30,
2025
December 31,
2024
(in millions)
Carrying value$767 $612 
Fair value$837 $670 
Scheduled of Additional Information of Beneficial Interests in Securitizations
The following table presents additional information about Level 3 beneficial interests in securitizations measured at fair value on a recurring basis for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Opening Balance$475 $388 $464 $366 
Received in securitization transactions43 80 102 142 
Payments received(53)(52)(104)(92)
Change in fair value14 
Sales of beneficial interests— — — (9)
Ending Balance$466 $421 $466 $421 
Schedule of Changes in Warrants
The following table presents changes in the Company's Level 3 Root Warrants measured at fair value:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Opening balance
$278 $80 $120 $
Unrealized (loss) gain
(35)(22)123 53 
Ending balance
$243 $58 $243 $58 
Schedule of Fair Value Senior Notes The fair value of the Senior Notes as of June 30, 2025 and December 31, 2024 was as follows:
June 30,
2025
December 31,
2024
(in millions)
Carrying value, net of unamortized debt issuance costs, unamortized premium, and accrued PIK interest
$4,644 $4,549 
Fair value$5,039 $5,050