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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured on Recurring Basis | 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.
Fair Value, by Balance Sheet Grouping | 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 |  |  | — |  |  | — |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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