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Investments Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Debt Securities

The following table presents our investments in AFS debt securities:

						Amortized Cost						Accrued Interest						Gross Unrealized Gains						Gross Unrealized Losses(1)						Fair Value
March 31, 2024
U.S. Treasury securities						$	465,759					$	279					$	37					$	(584)					$	465,491
Corporate bonds						23,692						153						1						(911)						22,935
Agency mortgage-backed securities						345,451						1,039						269						(1,455)						345,304
Other asset-backed securities						4,092						1						—						(92)						4,001
Other(2)						942						4						—						(171)						775
Total investments in AFS debt securities						$	839,936					$	1,476					$	307					$	(3,213)					$	838,506
December 31, 2023
U.S. Treasury securities						$	518,673					$	206					$	978					$	(780)					$	519,077
Multinational securities(3)						8,548						103						—						(17)						8,634
Corporate bonds						32,609						207						—						(1,092)						31,724
Agency mortgage-backed securities						28,714						111						33						(1,016)						27,842
Other asset-backed securities						7,272						4						—						(154)						7,122
Other(2)						941						8						—						(161)						788
Total investments in AFS debt securities						$	596,757					$	639					$	1,011					$	(3,220)					$	595,187

_____________________

(1) As of March 31, 2024 and December 31, 2023, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 97% and 92% of the amortized cost basis of our investments as of March 31, 2024 and December 31, 2023, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, 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 state municipal bond securities.

(3) Includes supranational bonds.

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, 2024 and December 31, 2023.

						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, 2024
U.S. Treasury securities						$	337,363					$	(97)					$	29,502					$	(487)					$	366,865					$	(584)
Corporate bonds						—						—						22,425						(911)						22,425						(911)
Agency mortgage-backed securities						262,792						(563)						6,680						(892)						269,472						(1,455)
Other asset-backed securities						—						—						4,001						(92)						4,001						(92)
Other						—						—						775						(171)						775						(171)
Total investments in AFS debt securities						$	600,155					$	(660)					$	63,383					$	(2,553)					$	663,538					$	(3,213)
December 31, 2023
U.S. Treasury securities						$	480,012					$	(58)					$	39,065					$	(722)					$	519,077					$	(780)
Multinational securities						—						—						8,634						(17)						8,634						(17)
Corporate bonds						—						—						31,724						(1,092)						31,724						(1,092)
Agency mortgage-backed securities						20,930						(157)						6,912						(859)						27,842						(1,016)
Other asset-backed securities						—						—						7,122						(154)						7,122						(154)
Other						—						—						788						(161)						788						(161)
Total investments in AFS debt securities						$	500,942					$	(215)					$	94,245					$	(3,005)					$	595,187					$	(3,220)

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, 2024
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities						$	459,383					$	6,376					$	—					$	—					$	465,759
Corporate bonds						10,965						9,429						3,298						—						23,692
Agency mortgage-backed securities						—						122						10,721						334,608						345,451
Other asset-backed securities						—						4,092						—						—						4,092
Other						—						—						—						942						942
Total investments in AFS debt securities						$	470,348					$	20,019					$	14,019					$	335,550					$	839,936
Weighted average yield for investments in AFS debt securities(1)						6.14		%				1.33		%				1.47		%				2.80		%				5.11		%
Investments in AFS debt securities—Fair value(2):
U.S. Treasury securities						$	459,077					$	6,135					$	—					$	—					$	465,212
Corporate bonds						10,781						9,079						2,922						—						22,782
Agency mortgage-backed securities						—						115						10,555						333,595						344,265
Other asset-backed securities						—						4,000						—						—						4,000
Other						—						—						—						771						771
Total investments in AFS debt securities						$	469,858					$	19,329					$	13,477					$	334,366					$	837,030

_____________________

(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 $1,476 as of March 31, 2024.

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, 2024						December 31, 2023
Personal loans			$	58,752					$	27,247
Student loans			75,840						79,501
Securitization investments			$	134,592					$	106,748

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