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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of 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 June 30, 2023 and December 31, 2022 (dollars in thousands):
| As of June 30, 2023
| Fair Value Measured and Recorded Using |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |
U.S. treasury securities | $ | 12,389 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,389 |
Debt securities issued by U.S. federal agencies | — |  |  | 11,360 |  |  | — |  |  | 11,360 |
Corporate debt securities | — |  |  | 44,634 |  |  | — |  |  | 44,634 |
Asset-backed securities | — |  |  | 1,942 |  |  | — |  |  | 1,942 |
Total available for sale debt securities | 12,389 |  |  | 57,936 |  |  | — |  |  | 70,325 |
Equity securities | 37,030 |  |  | — |  |  | — |  |  | 37,030 |
Investments in unconsolidated subsidiaries | 132,602 |  |  | — |  |  | 452,887 |  |  | 585,489 |
Warehouse receivables | — |  |  | 1,009,770 |  |  | — |  |  | 1,009,770 |
Other assets | — |  |  | — |  |  | 23,535 |  |  | 23,535 |
Total assets at fair value | $ | 182,021 |  |  | $ | 1,067,706 |  |  | $ | 476,422 |  |  | $ | 1,726,149 |
| As of December 31, 2022
| Fair Value Measured and Recorded Using |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |
U.S. treasury securities | $ | 6,164 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,164 |
Debt securities issued by U.S. federal agencies | — |  |  | 8,249 |  |  | — |  |  | 8,249 |
Corporate debt securities | — |  |  | 44,091 |  |  | — |  |  | 44,091 |
Asset-backed securities | — |  |  | 3,201 |  |  | — |  |  | 3,201 |
Total available for sale debt securities | 6,164 |  |  | 55,541 |  |  | — |  |  | 61,705 |
Equity securities | 33,724 |  |  | — |  |  | — |  |  | 33,724 |
Investments in unconsolidated subsidiaries | 160,093 |  |  | — |  |  | 460,540 |  |  | 620,633 |
Warehouse receivables | — |  |  | 455,354 |  |  | — |  |  | 455,354 |
Other assets | — |  |  | — |  |  | 14,452 |  |  | 14,452 |
Total assets at fair value | $ | 199,981 |  |  | $ | 510,895 |  |  | $ | 474,992 |  |  | $ | 1,185,868 |
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 assets
Balance as of March 31, 2023 | $ | 456,556 |  |  | $ | 20,445 |
Transfer in (out) | — |  |  | — |
Net change in fair value | (3,669) |  |  | 100 |
Purchases / Additions | — |  |  | 2,990 |
Balance as of June 30, 2023 | $ | 452,887 |  |  | $ | 23,535 |
Balance as of December 31, 2022 | $ | 460,540 |  |  | $ | 14,452 |
Transfer in (out) | (230) |  |  | — |
Net change in fair value | (7,423) |  |  | 3,500 |
Purchases / Additions | — |  |  | 5,583 |
Balance as of June 30, 2023 | $ | 452,887 |  |  | $ | 23,535 |
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 assets (liabilities) |  | Other income (loss)
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 assets
Balance as of March 31, 2023 | $ | 456,556 |  |  | $ | 20,445 |
Transfer in (out) | — |  |  | — |
Net change in fair value | (3,669) |  |  | 100 |
Purchases / Additions | — |  |  | 2,990 |
Balance as of June 30, 2023 | $ | 452,887 |  |  | $ | 23,535 |
Balance as of December 31, 2022 | $ | 460,540 |  |  | $ | 14,452 |
Transfer in (out) | (230) |  |  | — |
Net change in fair value | (7,423) |  |  | 3,500 |
Purchases / Additions | — |  |  | 5,583 |
Balance as of June 30, 2023 | $ | 452,887 |  |  | $ | 23,535 |
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 assets (liabilities) |  | Other income (loss)
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of June 30, 2023:
| Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Investment in unconsolidated subsidiaries | Discounted cash flow |  | Discount rate |  | 24.0 | % |  | — |
| Monte Carlo |  | Volatility |  | 40.0% - 69.0% |  | 42.6 | %
|  |  | Risk free interest rate |  | 4.0 | % |  |
|  |  | Discount Yield |  | 25.0 | % |  | — |
Other assets | Discounted cash flow |  | Discount rate |  | 24.0 | % |  | — |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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