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v3.23.1

Investments Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments in Debt Securities | The following table presents our investments in available-for-sale (“AFS”) debt securities:
|  | Amortized Cost |  | Accrued Interest |  | Gross Unrealized Gains |  | Gross Unrealized Losses(1) |  | Fair Value
March 31, 2023 |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 101,944 |  |  | $ | 248 |  |  | $ | — |  |  | $ | (2,273) |  |  | $ | 99,919 |
Multinational securities(2) |  | 19,596 |  |  | 75 |  |  | — |  |  | (504) |  |  | 19,167 |
Corporate bonds |  | 38,771 |  |  | 211 |  |  | — |  |  | (2,112) |  |  | 36,870 |
Agency mortgage-backed securities |  | 8,648 |  |  | 21 |  |  | — |  |  | (871) |  |  | 7,798 |
Other asset-backed securities |  | 9,542 |  |  | 5 |  |  | — |  |  | (417) |  |  | 9,130 |
Other(3) |  | 2,128 |  |  | 10 |  |  | — |  |  | (186) |  |  | 1,952 |
Total investments in AFS debt securities |  | $ | 180,629 |  |  | $ | 570 |  |  | $ | — |  |  | $ | (6,363) |  |  | $ | 174,836 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 121,282 |  |  | $ | 217 |  |  | $ | — |  |  | $ | (3,510) |  |  | $ | 117,989 |
Multinational securities(2) |  | 19,658 |  |  | 109 |  |  | — |  |  | (724) |  |  | 19,043 |
Corporate bonds |  | 41,890 |  |  | 257 |  |  | — |  |  | (2,644) |  |  | 39,503 |
Agency mortgage-backed securities |  | 8,899 |  |  | 22 |  |  | — |  |  | (991) |  |  | 7,930 |
Other asset-backed securities |  | 9,556 |  |  | 5 |  |  | — |  |  | (514) |  |  | 9,047 |
Other(3) |  | 2,133 |  |  | 21 |  |  | — |  |  | (228) |  |  | 1,926 |
Total investments in AFS debt securities |  | $ | 203,418 |  |  | $ | 631 |  |  | $ | — |  |  | $ | (8,611) |  |  | $ | 195,438 |
_____________________ (1) As of March 31, 2023 and December 31, 2022, we concluded that there was no credit loss attributable to securities in unrealized loss positions. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis. (2) Includes sovereign foreign and supranational bonds. (3) Includes state and city municipal bond securities.
Schedule of Investment Securities in Gross Unrealized Loss Position | The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2023 and December 31, 2022.
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 7,705 |  |  | $ | (196) |  |  | $ | 92,214 |  |  | $ | (2,077) |  |  | $ | 99,919 |  |  | $ | (2,273) |
Multinational securities |  | — |  |  | — |  |  | 19,167 |  |  | (504) |  |  | 19,167 |  |  | (504) |
Corporate bonds |  | — |  |  | — |  |  | 36,870 |  |  | (2,112) |  |  | 36,870 |  |  | (2,112) |
Agency mortgage-backed securities |  | — |  |  | — |  |  | 7,798 |  |  | (871) |  |  | 7,798 |  |  | (871) |
Other asset-backed securities |  | — |  |  | — |  |  | 9,130 |  |  | (417) |  |  | 9,130 |  |  | (417) |
Other |  | — |  |  | — |  |  | 1,952 |  |  | (186) |  |  | 1,952 |  |  | (186) |
Total investments in AFS debt securities |  | $ | 7,705 |  |  | $ | (196) |  |  | $ | 167,131 |  |  | $ | (6,167) |  |  | $ | 174,836 |  |  | $ | (6,363) |
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 27,759 |  |  | $ | (1,171) |  |  | $ | 90,230 |  |  | $ | (2,339) |  |  | $ | 117,989 |  |  | $ | (3,510) |
Multinational securities |  | — |  |  | — |  |  | 19,043 |  |  | (724) |  |  | 19,043 |  |  | (724) |
Corporate bonds |  | 4,480 |  |  | (313) |  |  | 35,023 |  |  | (2,331) |  |  | 39,503 |  |  | (2,644) |
Agency mortgage-backed securities |  | 6,448 |  |  | (814) |  |  | 1,482 |  |  | (177) |  |  | 7,930 |  |  | (991) |
Other asset-backed securities |  | — |  |  | — |  |  | 9,047 |  |  | (514) |  |  | 9,047 |  |  | (514) |
Other |  | 745 |  |  | (200) |  |  | 1,181 |  |  | (28) |  |  | 1,926 |  |  | (228) |
Total investments in AFS debt securities |  | $ | 39,432 |  |  | $ | (2,498) |  |  | $ | 156,006 |  |  | $ | (6,113) |  |  | $ | 195,438 |  |  | $ | (8,611) |
Schedule of Investments by Contractual Maturity | The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
|  | Due Within One Year |  | Due After One Year Through Five Years |  | Due After Five Years Through Ten Years |  | Due After Ten Years |  | Total
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Investments in AFS debt securities—Amortized cost: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 72,228 |  |  | $ | 29,716 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,944 |
Multinational securities |  | 19,596 |  |  | — |  |  | — |  |  | — |  |  | 19,596 |
Corporate bonds |  | 10,192 |  |  | 25,248 |  |  | 3,331 |  |  | — |  |  | 38,771 |
Agency mortgage-backed securities |  | — |  |  | 180 |  |  | 804 |  |  | 7,664 |  |  | 8,648 |
Other asset-backed securities |  | — |  |  | 7,599 |  |  | 1,943 |  |  | — |  |  | 9,542 |
Other |  | 1,191 |  |  | — |  |  | — |  |  | 937 |  |  | 2,128 |
Total investments in AFS debt securities |  | $ | 103,207 |  |  | $ | 62,743 |  |  | $ | 6,078 |  |  | $ | 8,601 |  |  | $ | 180,629 |
Weighted average yield for investments in AFS debt securities(1) |  | 4.69 | % |  | 5.70 | % |  | 0.01 | % |  | 9.04 | % |  | 5.10 | %
Investments in AFS debt securities—Fair value(2): |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 71,098 |  |  | $ | 28,573 |  |  | $ | — |  |  | $ | — |  |  | $ | 99,671 |
Multinational securities |  | 19,092 |  |  | — |  |  | — |  |  | — |  |  | 19,092 |
Corporate bonds |  | 9,827 |  |  | 23,843 |  |  | 2,989 |  |  | — |  |  | 36,659 |
Agency mortgage-backed securities |  | — |  |  | 170 |  |  | 736 |  |  | 6,871 |  |  | 7,777 |
Other asset-backed securities |  | — |  |  | 7,252 |  |  | 1,873 |  |  | — |  |  | 9,125 |
Other |  | 1,173 |  |  | — |  |  | — |  |  | 769 |  |  | 1,942 |
Total investments in AFS debt securities |  | $ | 101,190 |  |  | $ | 59,838 |  |  | $ | 5,598 |  |  | $ | 7,640 |  |  | $ | 174,266 |
_____________________ (1) The weighted average yield represents the effective yield for the investment securities and is computed based on the amortized cost of each security. (2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $570 as of March 31, 2023.
Schedule of Consolidated and Nonconsolidated VIEs | The following table presents the aggregate outstanding value of asset-backed bonds and residual interests owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the condensed consolidated balance sheets:
| March 31, 2023 |  | December 31, 2022
Personal loans | $ | 14,892 |  |  | $ | 20,172 |
Student loans | 170,340 |  |  | 181,159 |
Securitization investments | $ | 185,232 |  |  | $ | 201,331 |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685 + Details
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