v3.25.2
Fair Value (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
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, 2025As of December 31, 2024
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,202,880 1,202,980 100 1,085,726 1,085,826 
Equity securities1,100 — 1,100 455 — 455 
Equity securities measured at net asset value (a)82,649 74,039 
Total investments1,200 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.
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 valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$9,990,823 9,594,556 — — 9,990,823 
Accrued loan interest receivable560,927 560,927 — 560,927 — 
Cash and cash equivalents225,753 225,753 225,753 — — 
Investments at fair value1,286,729 1,286,729 1,200 1,202,880 — 
Investments - held-to-maturity asset-backed securities208,464 203,591 — 208,464 — 
Notes receivable54,603 54,603 — 54,603 — 
Beneficial interest in loan securitizations201,025 190,853 — — 201,025 
Restricted cash317,958 317,958 317,958 — — 
Restricted cash – due to customers258,065 258,065 258,065 — — 
Derivative instruments402 402 — 402 — 
Financial liabilities:  
Bonds and notes payable7,847,907 7,903,561 — 7,847,907 — 
Accrued interest payable19,296 19,296 — 19,296 — 
Bank deposits1,368,830 1,382,042 919,731 449,099 — 
Due to customers429,109 429,109 429,109 — — 
Derivative instruments2,077 2,077 — 2,077 — 
 As of December 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,008,165 9,443,461 — — 10,008,165 
Accrued loan interest receivable549,283 549,283 — 549,283 — 
Cash and cash equivalents194,518 194,518 194,518 — — 
Investments at fair value1,160,320 1,160,320 555 1,085,726 — 
Investments - held-to-maturity asset-backed securities216,164 210,774 — 216,164 — 
Notes receivable32,258 32,258 — 32,258 — 
Beneficial interest in loan securitizations229,510 213,809 — — 229,510 
Restricted cash332,100 332,100 332,100 — — 
Restricted cash – due to customers404,402 404,402 404,402 — — 
Derivative instruments3,232 3,232 — 3,232 — 
Financial liabilities:  
Bonds and notes payable8,343,565 8,309,797 — 8,343,565 — 
Accrued interest payable21,046 21,046 — 21,046 — 
Bank deposits1,172,707 1,186,131 744,721 427,986 — 
Due to customers478,469 478,469 478,469 — — 
Derivative instruments53 53 — 53 —