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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits follows:

			Year ended December 31,
			2024						2023
Gross balance - beginning of year			$	17,084					16,835
Additions based on tax positions of prior years			2,081						819
Additions based on tax positions related to the current year			2,397						2,242
Settlements with taxing authorities			—						(247)
Reductions for tax positions of prior years			(885)						(460)
Reductions due to lapse of applicable statutes of limitations			(2,495)						(2,105)
Gross balance - end of year			$	18,182					17,084

Provision for Income Tax Expense (Benefit)

The provision for income taxes consists of the following components:

			Year ended December 31,
			2024						2023						2022
Current:
Federal			$	66,295					65,952						67,649
State			7,849						5,732						10,984
Foreign			146						32						(49)
Total current provision			74,290						71,716						78,584
Deferred:
Federal			(18,716)						(42,073)						32,298
State			(2,786)						(10,270)						2,198
Foreign			(119)						12						20
Total deferred provision			(21,621)						(52,331)						34,516
Provision for income tax expense			$	52,669					19,385						113,100

Effective Income Tax Rate Reconciliation

The differences between the income tax provision computed at the statutory federal corporate tax rate and the financial statement provision for income taxes are shown below:

			Year ended December 31,
			2024						2023						2022
Tax expense at federal rate			21.0		%				21.0		%				21.0		%
Increase (decrease) resulting from:
State tax, net of federal income tax benefit			2.1						(0.6)						2.8
Tax credits			(1.8)						(4.1)						(0.6)
Change in valuation allowance			0.1						0.4						(0.5)
Other			0.9						1.1						(0.9)
Effective tax rate			22.3		%				17.8		%				21.8		%

Deferred Tax Assets and Liabilities

The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following:

			As of December 31,
			2024						2023
Deferred tax assets:
Tax credit carryforwards			$	30,252					12,190
Student loans			20,354						16,489
Deferred revenue			18,322						17,399
Accrued expenses			15,129						9,623
Stock compensation			6,541						6,584
Intangible assets			4,778						987
Net operating losses			4,556						4,563
Lease liability			2,685						2,929
Other			428						—
Total gross deferred tax assets			103,045						70,764
Less state tax valuation allowance			(703)						(562)
Net deferred tax assets			102,342						70,202
Deferred tax liabilities:
Partnership basis			71,509						71,423
Debt and equity investments			12,015						4,711
Basis in certain derivative contracts			11,614						26,139
Depreciation			6,229						9,526
Prepaid expenses			5,615						—
Lease right of use asset			2,573						2,770
Loan origination services			2,026						2,635
Securitization			170						267
Other			—						3,784
Total gross deferred tax liabilities			111,751						121,255
Net deferred tax asset (liability)			$	(9,409)					(51,053)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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