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Fair Value
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of September 30, 2019As of December 31, 2018
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Student loan and other asset-backed
     securities - available-for-sale
$—  52,471  52,471  —  52,936  52,936  
Equity securities3,263  —  3,263  2,722  —  2,722  
Equity securities measured at net asset
value (a)
14,039  14,925  
Debt securities - available-for-sale103  —  103  104  —  104  
Total investments
3,366  52,471  69,876  2,826  52,936  70,687  
Derivative instruments
—  57  57  —  1,818  1,818  
Total assets$3,366  52,528  69,933  2,826  54,754  72,505  
(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.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of September 30, 2019
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$21,892,651  21,071,441  —  —  21,892,651  
Cash and cash equivalents160,979  160,979  160,979  —  —  
Investments (at fair value)69,876  69,876  3,366  52,471  —  
Beneficial interest in consumer loan securitization5,755  5,755  —  —  5,755  
Restricted cash667,919  667,919  667,919  —  —  
Restricted cash – due to customers309,309  309,309  309,309  —  —  
Accrued interest receivable736,901  736,901  —  736,901  —  
Derivative instruments57  57  —  57  —  
Financial liabilities:  
Bonds and notes payable20,824,456  20,910,190  —  20,824,456  —  
Accrued interest payable52,345  52,345  —  52,345  —  
Due to customers309,309  309,309  309,309  —  —  

 As of December 31, 2018
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$23,521,171  22,377,142  —  —  23,521,171  
Cash and cash equivalents121,347  121,347  121,347  —  —  
Investments (at fair value)70,687  70,687  2,826  52,936  —  
Notes receivable16,373  16,373  —  16,373  —  
Restricted cash701,366  701,366  701,366  —  —  
Restricted cash – due to customers369,678  369,678  369,678  —  —  
Accrued interest receivable679,197  679,197  —  679,197  —  
Derivative instruments1,818  1,818  —  1,818  —  
Financial liabilities:  
Bonds and notes payable22,270,462  22,218,740  —  22,270,462  —  
Accrued interest payable61,679  61,679  —  61,679  —  
Due to customers369,678  369,678  369,678  —  —  
The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2018 Annual Report.