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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 (dollars in thousands):

			As of September 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			$	12,152					$	—					$	—					$	12,152
Debt securities issued by U.S. federal agencies			—						10,966						—						10,966
Corporate debt securities			—						45,410						—						45,410
Asset-backed securities			—						1,382						—						1,382
Total available for sale debt securities			12,152						57,758						—						69,910
Equity securities			38,561						—						—						38,561
Investments in unconsolidated subsidiaries			128,919						—						446,291						575,210
Warehouse receivables			—						1,010,659						—						1,010,659
Other assets			—						—						25,213						25,213
Total assets at fair value			$	179,632					$	1,068,417					$	471,504					$	1,719,553

			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 June 30, 2023			$	452,887					$	23,535
Transfer in (out)			—						—
Net change in fair value			(6,596)						900
Purchases / Additions			—						778
Balance as of September 30, 2023			$	446,291					$	25,213
Balance as of December 31, 2022			$	460,540					$	14,452
Transfer in (out)			(230)						—
Net change in fair value			(14,019)						4,400
Purchases / Additions			—						6,361
Balance as of September 30, 2023			$	446,291					$	25,213

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 June 30, 2023			$	452,887					$	23,535
Transfer in (out)			—						—
Net change in fair value			(6,596)						900
Purchases / Additions			—						778
Balance as of September 30, 2023			$	446,291					$	25,213
Balance as of December 31, 2022			$	460,540					$	14,452
Transfer in (out)			(230)						—
Net change in fair value			(14,019)						4,400
Purchases / Additions			—						6,361
Balance as of September 30, 2023			$	446,291					$	25,213

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 September 30, 2023:

			Valuation Technique						Unobservable Input						Range						Weighted Average
Investment in unconsolidated subsidiaries			Discounted cash flow						Discount rate						24.5		%				—
			Monte Carlo						Volatility						40.0% - 68.0%						41.8		%
									Risk free interest rate						4.54% - 4.65%
									Discount Yield						25.0		%				—
Other assets			Discounted cash flow						Discount rate						24.5		%				—

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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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.

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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).

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