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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (dollars in thousands):

			As of September 30, 2021
			Fair Value Measured and Recorded Using
			Level 1						Level 2						Level 3						Total
Assets
Available for sale securities:
Debt securities:
U.S. treasury securities			$	7,108					$	—					$	—					$	7,108
Debt securities issued by U.S. federal agencies			—						9,825						—						9,825
Corporate debt securities			—						50,551						—						50,551
Asset-backed securities			—						3,669						—						3,669
Collateralized mortgage obligations			—						776						—						776
Total available for sale debt securities			7,108						64,821						—						71,929
Equity securities			69,539						—						—						69,539
Investments in unconsolidated subsidiaries			—						—						283,965						283,965
Warehouse receivables			—						1,409,038						—						1,409,038
Total assets at fair value			$	76,647					$	1,473,859					$	283,965					$	1,834,471
Liabilities
Warrant liabilities			$	16,603					—						—						$	16,603
Other liabilities			—						—						10,700						10,700
Total liabilities at fair value			$	16,603					$	—					$	10,700					$	27,303

			As of December 31, 2020
			Fair Value Measured and Recorded Using
			Level 1						Level 2						Level 3						Total
Assets
Available for sale securities:
Debt securities:
U.S. treasury securities			$	7,270					$	—					$	—					$	7,270
Debt securities issued by U.S. federal agencies			—						10,216						—						10,216
Corporate debt securities			—						51,244						—						51,244
Asset-backed securities			—						3,801						—						3,801
Collateralized mortgage obligations			—						1,369						—						1,369
Total available for sale debt securities			7,270						66,630						—						73,900
Equity securities			43,334						—						—						43,334
Investments in unconsolidated subsidiaries			—						—						50,000						50,000
Warehouse receivables			—						1,411,170						—						1,411,170
Total assets at fair value			$	50,604					$	1,477,800					$	50,000					$	1,578,404

Schedule of Reconciliation for Liabilities Measured at Fair Value

The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in thousands):

			Investment in Unconsolidated Subsidiaries						Other liabilities
Balance as of June 30, 2021			$	265,531					$	—
Net change in fair value			18,434						10,700
Balance as of September 30, 2021			$	283,965					$	10,700
Balance as of December 31, 2020			$	50,000					$	—
Transfer in			5,174						—
Net change in fair value			28,434						10,700
Purchases/ Additions			200,357						—
Balance as of September 30, 2021			$	283,965					$	10,700

Net change in fair value, included in the table above, is reported in Net income as follows:

Category of Assets/Liabilities using Unobservable Inputs						Consolidated Statements of Operations
Investments in unconsolidated subsidiaries						Equity income from unconsolidated subsidiaries
Other liabilities						Other income

Schedule of Reconciliation for Assets Measured at Fair Value

The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in thousands):

			Investment in Unconsolidated Subsidiaries						Other liabilities
Balance as of June 30, 2021			$	265,531					$	—
Net change in fair value			18,434						10,700
Balance as of September 30, 2021			$	283,965					$	10,700
Balance as of December 31, 2020			$	50,000					$	—
Transfer in			5,174						—
Net change in fair value			28,434						10,700
Purchases/ Additions			200,357						—
Balance as of September 30, 2021			$	283,965					$	10,700

Net change in fair value, included in the table above, is reported in Net income as follows:

Category of Assets/Liabilities using Unobservable Inputs						Consolidated Statements of Operations
Investments in unconsolidated subsidiaries						Equity income from unconsolidated subsidiaries
Other liabilities						Other income

Summary of Non-Recurring Fair Value Measurement

The following non-recurring fair value measurements were recorded for the nine months ended September 30, 2020 (dollars in thousands):

			Net Carrying Value as of September 30, 2020						Fair Value Measured and Recorded Using																		Total Impairment Charges for the Nine Months Ended September 30, 2020
									Level 1						Level 2						Level 3
Property and equipment			$	9,565					$	—					$	—					$	9,565					$	21,663
Goodwill			431,389						—						—						431,389						25,000
Other intangible assets			12,842						—						—						12,842						28,508
Total			$	453,796					$	—					$	—					$	453,796					$	75,171

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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