Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | As of December 31, 2024 | | Level 1 | | Level 2 | | | | Total | | Level 1 | | Level 2 | | | | Total | Assets: | | | | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | | | | Asset-backed debt securities - available-for-sale | $ | 100 | | | 1,202,880 | | | | | 1,202,980 | | | 100 | | | 1,085,726 | | | | | 1,085,826 | | Equity securities | 1,100 | | | — | | | | | 1,100 | | | 455 | | | — | | | | | 455 | | Equity securities measured at net asset value (a) | | | | | | | 82,649 | | | | | | | | | 74,039 | | Total investments | 1,200 | | | 1,202,880 | | | | | 1,286,729 | | | 555 | | | 1,085,726 | | | | | 1,160,320 | | Derivative instruments | — | | | 402 | | | | | 402 | | | — | | | 3,232 | | | | | 3,232 | | Total assets | $ | 1,200 | | | 1,203,282 | | | | | 1,287,131 | | | 555 | | | 1,088,958 | | | | | 1,163,552 | | Liabilities: | | | | | | | | | | | | | | | | Derivative instruments | $ | — | | | 2,077 | | | | | 2,077 | | | — | | | 53 | | | | | 53 | | Total liabilities | $ | — | | | 2,077 | | | | | 2,077 | | | — | | | 53 | | | | | 53 | |
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
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Schedule of Fair Value, by Balance Sheet Grouping |
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2024 Annual Report. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | Fair value | | Carrying value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Loans receivable | $ | 9,990,823 | | | 9,594,556 | | | — | | | — | | | 9,990,823 | | Accrued loan interest receivable | 560,927 | | | 560,927 | | | — | | | 560,927 | | | — | | Cash and cash equivalents | 225,753 | | | 225,753 | | | 225,753 | | | — | | | — | | Investments at fair value | 1,286,729 | | | 1,286,729 | | | 1,200 | | | 1,202,880 | | | — | | Investments - held-to-maturity asset-backed securities | 208,464 | | | 203,591 | | | — | | | 208,464 | | | — | | Notes receivable | 54,603 | | | 54,603 | | | — | | | 54,603 | | | — | | Beneficial interest in loan securitizations | 201,025 | | | 190,853 | | | — | | | — | | | 201,025 | | Restricted cash | 317,958 | | | 317,958 | | | 317,958 | | | — | | | — | | Restricted cash – due to customers | 258,065 | | | 258,065 | | | 258,065 | | | — | | | — | | | | | | | | | | | | Derivative instruments | 402 | | | 402 | | | — | | | 402 | | | — | | Financial liabilities: | | | | | | | | | | Bonds and notes payable | 7,847,907 | | | 7,903,561 | | | — | | | 7,847,907 | | | — | | Accrued interest payable | 19,296 | | | 19,296 | | | — | | | 19,296 | | | — | | Bank deposits | 1,368,830 | | | 1,382,042 | | | 919,731 | | | 449,099 | | | — | | Due to customers | 429,109 | | | 429,109 | | | 429,109 | | | — | | | — | | Derivative instruments | 2,077 | | | 2,077 | | | — | | | 2,077 | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Fair value | | Carrying value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Loans receivable | $ | 10,008,165 | | | 9,443,461 | | | — | | | — | | | 10,008,165 | | Accrued loan interest receivable | 549,283 | | | 549,283 | | | — | | | 549,283 | | | — | | Cash and cash equivalents | 194,518 | | | 194,518 | | | 194,518 | | | — | | | — | | Investments at fair value | 1,160,320 | | | 1,160,320 | | | 555 | | | 1,085,726 | | | — | | Investments - held-to-maturity asset-backed securities | 216,164 | | | 210,774 | | | — | | | 216,164 | | | — | | Notes receivable | 32,258 | | | 32,258 | | | — | | | 32,258 | | | — | | Beneficial interest in loan securitizations | 229,510 | | | 213,809 | | | — | | | — | | | 229,510 | | Restricted cash | 332,100 | | | 332,100 | | | 332,100 | | | — | | | — | | Restricted cash – due to customers | 404,402 | | | 404,402 | | | 404,402 | | | — | | | — | | | | | | | | | | | | Derivative instruments | 3,232 | | | 3,232 | | | — | | | 3,232 | | | — | | Financial liabilities: | | | | | | | | | | Bonds and notes payable | 8,343,565 | | | 8,309,797 | | | — | | | 8,343,565 | | | — | | Accrued interest payable | 21,046 | | | 21,046 | | | — | | | 21,046 | | | — | | Bank deposits | 1,172,707 | | | 1,186,131 | | | 744,721 | | | 427,986 | | | — | | Due to customers | 478,469 | | | 478,469 | | | 478,469 | | | — | | | — | | Derivative instruments | 53 | | | 53 | | | — | | | 53 | | | — | |
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