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, 2021 | | As of December 31, 2020 | | Level 1 | | Level 2 | | | | Total | | Level 1 | | Level 2 | | | | Total | Assets: | | | | | | | | | | | | | | | | Investments: | | | | | | | | | | | | | | | | FFELP loan asset-backed debt securities - available-for-sale | $ | — | | | 371,433 | | | | | 371,433 | | | — | | | 346,502 | | | | | 346,502 | | Private education loan asset-backed debt securities - available-for-sale | — | | | 307,293 | | | | | 307,293 | | | — | | | — | | | | | — | | Other debt securities - available-for-sale | 100 | | | 2,001 | | | | | 2,101 | | | 103 | | | 2,002 | | | | | 2,105 | | Equity securities (a) | 34,550 | | | — | | | | | 34,550 | | | 10,114 | | | — | | | | | 10,114 | | Equity securities measured at net asset value (b) | | | | | | | 34,573 | | | | | | | | | 31,927 | | | | | | | | | | | | | | | | | | Total investments | 34,650 | | | 680,727 | | | | | 749,950 | | | 10,217 | | | 348,504 | | | | | 390,648 | | | | | | | | | | | | | | | | | | Total assets | $ | 34,650 | | | 680,727 | | | | | 749,950 | | | 10,217 | | | 348,504 | | | | | 390,648 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) As of June 30, 2021, $14.8 million and $19.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale. (b) 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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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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2021 | | Fair value | | Carrying value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Loans receivable | $ | 20,712,564 | | | 19,352,681 | | | — | | | — | | | 20,712,564 | | Accrued loan interest receivable | 834,989 | | | 834,989 | | | — | | | 834,989 | | | — | | Cash and cash equivalents | 212,989 | | | 212,989 | | | 212,989 | | | — | | | — | | Investments (at fair value) | 749,950 | | | 749,950 | | | 34,650 | | | 680,727 | | | — | | | | | | | | | | | | Beneficial interest in loan securitizations | 123,329 | | | 105,017 | | | — | | | — | | | 123,329 | | Restricted cash | 616,711 | | | 616,711 | | | 616,711 | | | — | | | — | | Restricted cash – due to customers | 247,673 | | | 247,673 | | | 247,673 | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | Bonds and notes payable | 19,639,727 | | | 19,381,835 | | | — | | | 19,639,727 | | | — | | Accrued interest payable | 4,922 | | | 4,922 | | | — | | | 4,922 | | | — | | Bank deposits | 201,957 | | | 202,841 | | | 44,632 | | | 157,325 | | | — | | Due to customers | 303,173 | | | 303,173 | | | 303,173 | | | — | | | — | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2020 | | Fair value | | Carrying value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | Loans receivable | $ | 20,454,132 | | | 19,391,045 | | | — | | | — | | | 20,454,132 | | Accrued loan interest receivable | 794,611 | | | 794,611 | | | — | | | 794,611 | | | — | | Cash and cash equivalents | 121,249 | | | 121,249 | | | 121,249 | | | — | | | — | | Investments (at fair value) | 390,648 | | | 390,648 | | | 10,217 | | | 348,504 | | | — | | | | | | | | | | | | Beneficial interest in loan securitizations | 58,709 | | | 58,331 | | | — | | | — | | | 58,709 | | Restricted cash | 553,175 | | | 553,175 | | | 553,175 | | | — | | | — | | Restricted cash – due to customers | 283,971 | | | 283,971 | | | 283,971 | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | Bonds and notes payable | 19,270,810 | | | 19,320,726 | | | — | | | 19,270,810 | | | — | | Accrued interest payable | 28,701 | | | 28,701 | | | — | | | 28,701 | | | — | | Bank deposits | 54,599 | | | 54,633 | | | 48,422 | | | 6,177 | | | — | | Due to customers | 301,471 | | | 301,471 | | | 301,471 | | | — | | | — | | | | | | | | | | | |
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