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Investments Securities (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2023
U.S. Treasury securities						$	419,380					$	187					$	3,440					$	(1,230)					$	421,777
Multinational securities(2)						15,606						55						—						(147)						15,514
Corporate bonds						34,751						175						—						(1,701)						33,225
Agency mortgage-backed securities						8,059						19						—						(1,228)						6,850
Other asset-backed securities						8,263						5						—						(267)						8,001
Other(3)						940						7						—						(223)						724
Total investments in AFS debt securities						$	486,999					$	448					$	3,440					$	(4,796)					$	486,091
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 September 30, 2023 and December 31, 2022, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 89% and 67% of the amortized cost basis of our investments as of September 30, 2023 and December 31, 2022, respectively, was composed of U.S. Treasury securities, agency mortgage-backed securities and sovereign foreign bonds, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. 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 September 30, 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
September 30, 2023
U.S. Treasury securities						$	377,149					$	(2)					$	44,628					$	(1,228)					$	421,777					$	(1,230)
Multinational securities						—						—						15,514						(147)						15,514						(147)
Corporate bonds						—						—						33,225						(1,701)						33,225						(1,701)
Agency mortgage-backed securities						—						—						6,850						(1,228)						6,850						(1,228)
Other asset-backed securities						—						—						8,001						(267)						8,001						(267)
Other						—						—						724						(223)						724						(223)
Total investments in AFS debt securities						$	377,149					$	(2)					$	108,942					$	(4,794)					$	486,091					$	(4,796)
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
September 30, 2023
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities						$	404,071					$	15,309					$	—					$	—					$	419,380
Multinational securities						15,606						—						—						—						15,606
Corporate bonds						15,922						15,514						3,315						—						34,751
Agency mortgage-backed securities						—						149						720						7,190						8,059
Other asset-backed securities						1,935						4,412						1,916						—						8,263
Other						—						—						—						940						940
Total investments in AFS debt securities						$	437,534					$	35,384					$	5,951					$	8,130					$	486,999
Weighted average yield for investments in AFS debt securities(1)						4.40		%				3.50		%				0.13		%				(1.51)		%				3.92		%
Investments in AFS debt securities—Fair value(2):
U.S. Treasury securities						$	406,933					$	14,657					$	—					$	—					$	421,590
Multinational securities						15,459						—						—						—						15,459
Corporate bonds						15,503						14,670						2,877						—						33,050
Agency mortgage-backed securities						—						140						633						6,058						6,831
Other asset-backed securities						1,864						4,245						1,887						—						7,996
Other						—						—						—						717						717
Total investments in AFS debt securities						$	439,759					$	33,712					$	5,397					$	6,775					$	485,643

_____________________

(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period 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 $448 as of September 30, 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:

			September 30, 2023						December 31, 2022
Personal loans			$	9,934					$	20,172
Student loans			83,713						181,159
Securitization investments			$	93,647					$	201,331

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