v3.23.2

Fair Value of Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy of Assets and Liabilities Measured on a Recurring Basis | The following tables present the fair value hierarchy for assets and liabilities measured at fair value:
June 30, 2023 | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Balance at Fair Value
Assets: |  |  |  |  |  |  |
Loans held for sale at fair value | $ | — |  |  | $ | — |  |  | $ | 250,361 |  |  | $ | 250,361 |
Loans held for investment at fair value | — |  |  | — |  |  | 404,119 |  |  | 404,119 |
Retail and certificate loans held for investment at fair value | — |  |  | — |  |  | 26,837 |  |  | 26,837 |
Securities available for sale: |  |  |  |  |  |  |
U.S. agency residential mortgage-backed securities | — |  |  | 214,516 |  |  | — |  |  | 214,516 |
Senior asset-backed securities related to Structured Program transactions | — |  |  | 1,139 |  |  | 142,785 |  |  | 143,924 |
U.S. agency securities | — |  |  | 79,040 |  |  | — |  |  | 79,040 |
Mortgage-backed securities | — |  |  | 38,143 |  |  | — |  |  | 38,143 |
Other asset-backed securities | — |  |  | 28,466 |  |  | — |  |  | 28,466 |
Other asset-backed securities related to Structured Program transactions | — |  |  | — |  |  | 16,980 |  |  | 16,980 |
Municipal securities | — |  |  | 2,510 |  |  | — |  |  | 2,510 |
Total securities available for sale | — |  |  | 363,814 |  |  | 159,765 |  |  | 523,579 |
Servicing assets | — |  |  | — |  |  | 85,387 |  |  | 85,387 |
Other assets | — |  |  | 4,726 |  |  | — |  |  | 4,726 |
Total assets | $ | — |  |  | $ | 368,540 |  |  | $ | 926,469 |  |  | $ | 1,295,009 |
Liabilities: |  |  |  |  |  |  |
Borrowings | $ | — |  |  | $ | — |  |  | $ | 4,460 |  |  | $ | 4,460 |
Retail notes, certificates and secured borrowings | — |  |  | — |  |  | 26,837 |  |  | 26,837 |
Other liabilities | — |  |  | 4,726 |  |  | 2,570 |  |  | 7,296 |
Total liabilities | $ | — |  |  | $ | 4,726 |  |  | $ | 33,867 |  |  | $ | 38,593 |
December 31, 2022 | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Balance at Fair Value
Assets: |  |  |  |  |  |  |
Loans held for sale at fair value | $ | — |  |  | $ | — |  |  | $ | 110,400 |  |  | $ | 110,400 |
Loans held for investment at fair value | — |  |  | — |  |  | 925,938 |  |  | 925,938 |
Retail and certificate loans held for investment at fair value | — |  |  | — |  |  | 55,425 |  |  | 55,425 |
Securities available for sale: |  |  |  |  |  |  |
U.S. agency residential mortgage-backed securities | — |  |  | 214,427 |  |  | — |  |  | 214,427 |
U.S. agency securities | — |  |  | 74,394 |  |  | — |  |  | 74,394 |
Mortgaged-backed securities | — |  |  | 22,518 |  |  | — |  |  | 22,518 |
Other asset-backed securities | — |  |  | 14,203 |  |  | — |  |  | 14,203 |
Asset-backed securities related to Structured Program transactions | — |  |  | 5,248 |  |  | 12,469 |  |  | 17,717 |
Municipal securities | — |  |  | 2,443 |  |  | — |  |  | 2,443 |
Total securities available for sale | — |  |  | 333,233 |  |  | 12,469 |  |  | 345,702 |
Servicing assets | — |  |  | — |  |  | 84,308 |  |  | 84,308 |
Other assets | — |  |  | — |  |  | 5,099 |  |  | 5,099 |
Total assets | $ | — |  |  | $ | 333,233 |  |  | $ | 1,193,639 |  |  | $ | 1,526,872 |
Liabilities: |  |  |  |  |  |  |
Borrowings | $ | — |  |  | $ | — |  |  | $ | 8,085 |  |  | 8,085
Retail notes, certificates and secured borrowings | — |  |  | — |  |  | 55,425 |  |  | 55,425 |
Other liabilities | — |  |  | — |  |  | 8,583 |  |  | 8,583
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 72,093 |  |  | $ | 72,093 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present additional information about Level 3 loans HFS on a recurring basis:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Fair value at beginning of period | $ | 44,647 |  |  | $ | 156,730 |  |  | $ | 110,400 |  |  | $ | 142,370 |
Originations and purchases | 1,272,118 |  |  | 2,728,499 |  |  | 2,477,147 |  |  | 4,999,424 |
Sales | (1,238,252) |  |  | (2,811,843) |  |  | (2,485,498) |  |  | (5,069,544) |
Principal payments | (5,135) |  |  | (8,524) |  |  | (11,600) |  |  | (21,860) |
Transfers | 191,807 |  |  | (11,888) |  |  | 191,807 |  |  | (11,888) |
Fair value adjustments recorded in earnings | (14,824) |  |  | 9,837 |  |  | (31,895) |  |  | 24,309 |
Fair value at end of period | $ | 250,361 |  |  | $ | 62,811 |  |  | $ | 250,361 |  |  | $ | 62,811 |
The following table presents additional information about Level 3 loans HFI at fair value on a recurring basis:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Fair value at beginning of period | $ | 748,618 |  |  | $ | 15,384 |  |  | $ | 925,938 |  |  | $ | 21,240 |
Purchases | — |  |  | — |  |  | 4,037 |  |  | 14 |
Principal payments | (156,287) |  |  | (5,724) |  |  | (342,738) |  |  | (11,747) |
Transfers | (191,634) |  |  | 11,966 |  |  | (191,634) |  |  | 11,966 |
Interest income accretion and fair value adjustments recorded in earnings | 3,422 |  |  | (1,043) |  |  | 8,516 |  |  | (890) |
Fair value at end of period | $ | 404,119 |  |  | $ | 20,583 |  |  | $ | 404,119 |  |  | $ | 20,583 |
The following table presents additional information about Level 3 senior asset-backed securities related to Structured Program transactions measured at fair value on a recurring basis:
| Three and Six Months Ended |  |  |  |
| June 30, 2023 |  |  |  |
Fair value at beginning of period | $ | — |  |  |  |  |  |  |
Additions | 144,680 |  |  |  |  |  |  |
Cash received | (1,290) |  |  |  |  |  |  |
Change in unrealized loss | (605) |  |  |  |  |  |  |
Fair value at end of period | $ | 142,785 |  |  |  |  |  |  |
The following table presents additional information about Level 3 other asset-backed securities related to Structured Program transactions measured at fair value on a recurring basis:
| Three Months Ended |  | Six Months Ended |  |
| June 30, 2023 |  |  |  |
Fair value at beginning of period | $ | 10,397 |  |  | $ | 12,469 |  |  |  |  |
Additions | 8,667 |  |  | 8,780 |  |  |  |  |
Cash received | (2,084) |  |  | (4,269) |  |  |  |  |
Fair value at end of period | $ | 16,980 |  |  | $ | 16,980 |  |  |  |  |
The following table presents additional information about Level 3 servicing assets measured at fair value on a recurring basis:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Fair value at beginning of period | $ | 89,241 |  |  | $ | 72,112 |  |  | $ | 84,308 |  |  | $ | 67,726 |
Issuances (1) | 13,576 |  |  | 29,090 |  |  | 27,701 |  |  | 51,455 |
Change in fair value, included in Marketplace revenue | (17,074) |  |  | (21,034) |  |  | (29,650) |  |  | (38,013) |
Other net changes | (356) |  |  | (741) |  |  | 3,028 |  |  | (1,741) |
Fair value at end of period | $ | 85,387 |  |  | $ | 79,427 |  |  | $ | 85,387 |  |  | $ | 79,427 |
(1) Represents the gains or losses on sales of the related loans.
Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements | The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 loans HFI at fair value:
|  |  |  |  |  |  | June 30, 2023 |  | December 31, 2022
|  |  |  |  |  |  | Minimum |  | Maximum |  | Weighted- Average |  | Minimum |  | Maximum |  | Weighted- Average
Discount rates |  | 8.6 | % |  | 16.7 | % |  | 12.7 | % |  | 8.8 | % |  | 17.1 | % |  | 12.7 | %
Net cumulative expected loss rates (1) |  | 2.2 | % |  | 10.2 | % |  | 6.3 | % |  | 2.1 | % |  | 9.8 | % |  | 5.7 | %
Cumulative expected prepayment rates (1) |  | 22.0 | % |  | 30.7 | % |  | 27.3 | % |  | 26.2 | % |  | 35.3 | % |  | 30.8 | %
(1) Expressed as a percentage of the acquired principal balance of the loan. The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for other asset-backed securities related to Structured Program transactions:
|  |  |  |  |  |  | June 30, 2023 |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Minimum |  | Maximum |  | Weighted- Average |  |  |  |  |  |  |  |  |  |  |  |
Discount rates |  | 5.5 | % |  | 6.6 | % |  | 5.8 | % |  |  |  |  |  |  |  |  |  |  |  |
Net cumulative expected loss rates (1) |  | 7.2 | % |  | 9.1 | % |  | 8.3 | % |  |  |  |  |  |  |  |  |  |  |  |
Cumulative expected prepayment rates (1) |  | 33.0 | % |  | 34.0 | % |  | 33.4 | % |  |  |  |  |  |  |  |  |  |  |  |
(1) Expressed as a percentage of the outstanding collateral balance. The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for servicing assets relating to loans sold to investors:
|  |  |  |  |  |  | June 30, 2023 |  | December 31, 2022
|  |  |  |  |  |  | Minimum |  | Maximum |  | Weighted- Average |  | Minimum |  | Maximum |  | Weighted- Average
Discount rates |  | 7.5 | % |  | 16.4 | % |  | 9.9 | % |  | 7.5 | % |  | 16.4 | % |  | 10.1 | %
Net cumulative expected loss rates (1) |  | 2.0 | % |  | 36.4 | % |  | 15.4 | % |  | 2.1 | % |  | 36.7 | % |  | 15.6 | %
Cumulative expected prepayment rates (1) |  | 17.0 | % |  | 47.7 | % |  | 32.9 | % |  | 15.8 | % |  | 47.2 | % |  | 35.9 | %
Total market servicing rates (% per annum on outstanding principal balance) (2) |  | 0.62 | % |  | 0.62 | % |  | 0.62 | % |  | 0.62 | % |  | 0.62 | % |  | 0.62 | %
(1) Expressed as a percentage of the original principal balance of the loan. (2) Includes collection fees estimated to be paid to a hypothetical third-party servicer.
Schedule of Fair Value Sensitivity of Loans | The sensitivity of loans HFI at fair value to adverse changes in key assumptions are as follows:
| June 30, 2023 |  | December 31, 2022 |  |
Loans held for investment at fair value | $ | 404,119 |  |  | $ | 925,938 |  |  |
Expected weighted-average life (in years) | 1.0 |  | 0.9 |  |
Discount rates: |  |  |  |  |
100 basis point increase | $ | (3,057) |  |  | $ | (7,471) |  |  |
200 basis point increase | $ | (6,071) |  |  | $ | (14,830) |  |  |
Expected credit loss rates on underlying loans: |  |  |  |  |
10% increase | $ | (2,454) |  |  | $ | (5,574) |  |  |
20% increase | $ | (5,006) |  |  | $ | (11,307) |  |  |
Expected prepayment rates: |  |  |  |  |
10% increase | $ | (2,146) |  |  | $ | (4,311) |  |  |
20% increase | $ | (4,157) |  |  | $ | (7,480) |  |  |
Schedule of Sensitivity Analysis of Debt Securities Available-for-Sale | The following tables present adverse changes to the fair value sensitivity of Level 3 other asset-backed securities related to Structured Program transactions to changes in key assumptions:
| June 30, 2023
Fair value of interests held | $ | 16,980 |  |  |
Expected weighted-average life (in years) | 1.6 |  |
Discount rates |  |  |
100 basis point increase | $ | (193) |  |  |
200 basis point increase | $ | (388) |  |  |
Expected loss rates |  |  |
10% increase | $ | (390) |  |  |
20% increase | $ | (798) |  |  |
Expected prepayment rates |  |  |
10% increase | $ | (216) |  |  |
20% increase | $ | (496) |  |  |
Fair Value Disclosure And Measurement | The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
| June 30, 2023 |  | December 31, 2022
Weighted-average market servicing rate assumptions | 0.62 | % |  | 0.62 | %
Change in fair value from: |  |  |
Servicing rate increase by 0.10% | $ | (9,923) |  |  | $ | (10,505) |
Servicing rate decrease by 0.10% | $ | 9,923 |  |  | $ | 10,505 |
Fair Value Sensitivity of Servicing Assets | The following table presents the fair value sensitivity of servicing assets to adverse changes in key assumptions:
| June 30, 2023 |  | December 31, 2022
Fair value of servicing assets | $ | 85,387 |  |  | $ | 84,308 |
Discount rates |  |  |
100 basis point increase | $ | (726) |  |  | $ | (726) |
200 basis point increase | $ | (1,453) |  |  | $ | (1,451) |
Expected loss rates |  |  |
10% increase | $ | (1,069) |  |  | $ | (1,037) |
20% increase | $ | (2,137) |  |  | $ | (2,074) |
Expected prepayment rates |  |  |
10% increase | $ | (1,790) |  |  | $ | (1,994) |
20% increase | $ | (3,581) |  |  | $ | (3,989) |
Fair Value, by Balance Sheet Grouping | The following tables present the fair value hierarchy for financial instruments, assets, and liabilities not recorded at fair value:
June 30, 2023 | Carrying Amount |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Balance at Fair Value
Assets: |  |  |  |  |  |  |  |  |
Loans and leases held for investment, net | $ | 5,178,186 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,408,746 |  |  | $ | 5,408,746 |
Other assets | 37,375 |  |  | — |  |  | 36,393 |  |  | 1,359 |  |  | 37,752 |
Total assets | $ | 5,215,561 |  |  | $ | — |  |  | $ | 36,393 |  |  | $ | 5,410,105 |  |  | $ | 5,446,498 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits (1) | $ | 829,798 |  |  | $ | — |  |  | $ | — |  |  | $ | 826,478 |  |  | $ | 826,478 |
Borrowings | 11,215 |  |  | — |  |  | 561 |  |  | 10,654 |  |  | 11,215 |
Other liabilities | 59,342 |  |  | — |  |  | 28,260 |  |  | 31,082 |  |  | 59,342 |
Total liabilities | $ | 900,355 |  |  | $ | — |  |  | $ | 28,821 |  |  | $ | 868,214 |  |  | $ | 897,035 |
December 31, 2022 | Carrying Amount |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Balance at Fair Value
Assets: |  |  |  |  |  |  |  |  |
Loans and leases held for investment, net | $ | 4,705,302 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,941,825 |  |  | $ | 4,941,825 |
Other assets | 36,646 |  |  | — |  |  | 35,300 |  |  | 1,397 |  |  | 36,697 |
Total assets | $ | 4,741,948 |  |  | $ | — |  |  | $ | 35,300 |  |  | $ | 4,943,222 |  |  | $ | 4,978,522 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits (1) | $ | 860,808 |  |  | $ | — |  |  | $ | — |  |  | $ | 860,808 |  |  | $ | 860,808 |
Borrowings | 66,773 |  |  | — |  |  | 2,619 |  |  | 64,154 |  |  | 66,773 |
Other liabilities | 62,247 |  |  | — |  |  | 30,311 |  |  | 31,936 |  |  | 62,247 |
Total liabilities | $ | 989,828 |  |  | $ | — |  |  | $ | 32,930 |  |  | $ | 956,898 |  |  | $ | 989,828 |
(1) Excludes deposit liabilities with no defined or contractual maturities.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481326/860-20-50-4 + Details
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