Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The financial instruments measured at fair value on a recurring basis at December 31, 2014 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Money market funds	$	19,971	$	—	$	—	$	19,971
Debt securities:
U.S. Treasury securities	509,815		—		—		509,815
Corporate debt securities	—		100,105		—		100,105
Preferred stock	—		26,958		—		26,958
	$	529,786	$	127,063	$	—	$	656,849

The financial instruments measured at fair value on a recurring basis at December 31, 2013 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Money market funds	$	1,761	$	—	$	—	$	1,761
Debt securities:
U.S. treasury securities	124,949		—		—		124,949
Corporate debt securities	—		22,023		—		22,023
	$	126,710	$	22,023	$	—	$	148,733

Non Financial Assets Measured at Fair Value on Nonrecurring Basis

The Company’s non-financial assets measured at fair value on a nonrecurring basis and level 3 inputs are as follows at December 31, 2013.

Financial Statement Line	Level 3 Fair Value		Total Impairment Charge		Unobservable Input(s)	Range of Inputs Used
December 31, 2013
Investment in real estate, net	$	2,420	$	4,911	Revenue growth rates	5% - 16%
					Discount rate	14%
					Cap rate	11.8%
Investment in real estate, net	$	722	$	169	Estimated selling price based on market data	$0.7 million - $0.9 million

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments were as follows:

	December 31, 2014					December 31, 2013
	Carrying  value		Fair value		Level	Carrying  value		Fair value		Level
Assets
Pledged treasury securities	$	25,670	$	26,501	1	$	26,260	$	28,465	1
Retained interest investments	$	9,932	$	13,026	3	$	9,639	$	12,827	3
Investments held by special purpose entities (Note 5)	$	209,857	$	209,679	3	$	—	$	—	n/a
Liabilities
Senior Notes held by special purpose entity (Note 5)	$	177,341	$	177,940	3	$	—	$	—	n/a