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Fair Value | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
| As of September 30, 2019 |  |  |  |  |  |  |  | As of December 31, 2018 |  |  |  |  |  |
| Level 1 |  | Level 2 |  |  |  | Total |  | Level 1 |  | Level 2 |  |  |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loan and other asset-backed securities - available-for-sale | $ | — |  |  | 52,471 |  |  |  |  | 52,471 |  |  | — |  |  | 52,936 |  |  |  |  | 52,936 |
Equity securities | 3,263 |  |  | — |  |  |  |  | 3,263 |  |  | 2,722 |  |  | — |  |  |  |  | 2,722 |
Equity securities measured at net asset value (a) |  |  |  |  |  |  | 14,039 |  |  |  |  |  |  |  |  | 14,925 |
Debt securities - available-for-sale | 103 |  |  | — |  |  |  |  | 103 |  |  | 104 |  |  | — |  |  |  |  | 104 |
Total investments | 3,366 |  |  | 52,471 |  |  |  |  | 69,876 |  |  | 2,826 |  |  | 52,936 |  |  |  |  | 70,687 |
Derivative instruments | — |  |  | 57 |  |  |  |  | 57 |  |  | — |  |  | 1,818 |  |  |  |  | 1,818 |
Total assets | $ | 3,366 |  |  | 52,528 |  |  |  |  | 69,933 |  |  | 2,826 |  |  | 54,754 |  |  |  |  | 72,505 |
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
| As of September 30, 2019 |  |  |  |  |  |  |  |
| Fair value |  | Carrying value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Loans receivable | $ | 21,892,651 |  |  | 21,071,441 |  |  | — |  |  | — |  |  | 21,892,651 |
Cash and cash equivalents | 160,979 |  |  | 160,979 |  |  | 160,979 |  |  | — |  |  | — |
Investments (at fair value) | 69,876 |  |  | 69,876 |  |  | 3,366 |  |  | 52,471 |  |  | — |
Beneficial interest in consumer loan securitization | 5,755 |  |  | 5,755 |  |  | — |  |  | — |  |  | 5,755 |
Restricted cash | 667,919 |  |  | 667,919 |  |  | 667,919 |  |  | — |  |  | — |
Restricted cash – due to customers | 309,309 |  |  | 309,309 |  |  | 309,309 |  |  | — |  |  | — |
Accrued interest receivable | 736,901 |  |  | 736,901 |  |  | — |  |  | 736,901 |  |  | — |
Derivative instruments | 57 |  |  | 57 |  |  | — |  |  | 57 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Bonds and notes payable | 20,824,456 |  |  | 20,910,190 |  |  | — |  |  | 20,824,456 |  |  | — |
Accrued interest payable | 52,345 |  |  | 52,345 |  |  | — |  |  | 52,345 |  |  | — |
Due to customers | 309,309 |  |  | 309,309 |  |  | 309,309 |  |  | — |  |  | — |
| As of December 31, 2018 |  |  |  |  |  |  |  |
| Fair value |  | Carrying value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Loans receivable | $ | 23,521,171 |  |  | 22,377,142 |  |  | — |  |  | — |  |  | 23,521,171 |
Cash and cash equivalents | 121,347 |  |  | 121,347 |  |  | 121,347 |  |  | — |  |  | — |
Investments (at fair value) | 70,687 |  |  | 70,687 |  |  | 2,826 |  |  | 52,936 |  |  | — |
Notes receivable | 16,373 |  |  | 16,373 |  |  | — |  |  | 16,373 |  |  | — |
Restricted cash | 701,366 |  |  | 701,366 |  |  | 701,366 |  |  | — |  |  | — |
Restricted cash – due to customers | 369,678 |  |  | 369,678 |  |  | 369,678 |  |  | — |  |  | — |
Accrued interest receivable | 679,197 |  |  | 679,197 |  |  | — |  |  | 679,197 |  |  | — |
Derivative instruments | 1,818 |  |  | 1,818 |  |  | — |  |  | 1,818 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Bonds and notes payable | 22,270,462 |  |  | 22,218,740 |  |  | — |  |  | 22,270,462 |  |  | — |
Accrued interest payable | 61,679 |  |  | 61,679 |  |  | — |  |  | 61,679 |  |  | — |
Due to customers | 369,678 |  |  | 369,678 |  |  | 369,678 |  |  | — |  |  | — |
The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2018 Annual Report.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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