Fair Value Measurement (Tables)

4 Months Ended

6 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Schedule of company's financial assets and liabilities that are measured at fair value on a recurring basis

			Significant		Significant
	Quoted Prices		Other		Other
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
Investments held in Trust Account:
U.S. Treasury Securities(1)	$	344,931,000	$	—	$	—
Derivative warrant liabilities:
Private placement warrants					$	16,236,000
Public warrants					$	26,047,500

(1) Excludes $79,316 of investments in an open-ended money market fund, in which the Company uses NAV as a practical expedient to fair value.

	Fair Value Measured as of  June 30, 2021
		Level 1		Level 2		Level 3
Liabilities:
Derivative warrant liabilities - Public warrants	$	31,050,000	$	—	$	—
Derivative warrant liabilities - Private placement warrants		—		—		20,394,000
Total fair value	$	376,097,393	$	—	$	20,394,000

	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3
Assets
Investments held in Trust Account – U.S. Treasury Securities (1)	$	344,931,000	$	—	$	—
Liabilities:
Derivative warrant liabilities – Public warrants		—		—		26,047,500
Derivative warrant liabilities – Private placement warrants		—		—		16,236,000
Total fair value	$	344,931,000	$	—	$	42,283,500

Summary of significant assumptions used to value contract derivative

	As of		As of
	November 30, 2020		December 31, 2020
Stock Price	$9.33 – $10.00		$9.91 – $10.80
Option term (in years)	5.00		5.00
Volatility	25	%	25	%
Risk-free interest rate	0.36% – 0.45	%	0.36% – 0.44	%
Dividend yield	0	%	0	%
Business combination probability	70	%	85	%

	As of			As of
	June 30,			December 31,
	2021			2021
Stock Price		9.99		$	9.91-$10.80
Option term (in years)		5.00			5.00
Volatility		28	%		27.5	%
Risk-free interest rate		0.87	%		0.36%-0.44	%
Dividend yield		0	%		0	%
Business combination probability		100	%		85	%

Sunlight

Schedule of company's financial assets and liabilities that are measured at fair value on a recurring basis

		Principal
		Balance
		or
	Notional		Carrying			Fair Value
	Amount		Value		Level 1		Level 2		Level 3		Total
June 30, 2021
Assets:
Financing Receivables:
Loan participations, held-for-investment	$	5,252	$	4,410	$	—	$	—	$	4,790	$	4,790
Loans, held-for-investment		351		297		—		—		310		310
Cash and cash equivalents		62,521		62,521		62,521		—		—		62,521
Restricted cash		3,861		3,861		3,861		—		—		3,861
Contract derivatives		51,072		648		—		—		648		648
Liabilities:
Debt		20,613		20,613		—		—		20,613		20,613
Warrants		9,544		9,708		—		—		9,708		9,708
Guarantee obligation		n.a.		211		—		—		211		211
December 31, 2020
Assets:
Financing Receivables:
Loan participations, held-for-investment		5,997		5,029		—		—		5,140		5,140
Loans, held-for-investment		354		304		—		—		310		310
Cash and cash equivalents		49,583		49,583		49,583		—		—		49,583
Restricted cash		3,122		3,122		3,122		—		—		3,122
Contract derivatives		59,770		1,435		—		—		1,435		1,435
Liabilities:
Debt		14,625		14,625		—		—		14,625		14,625
Warrants		4,700		5,643		—		—		5,643		5,643
Guarantee obligation		n.a.		839		—		—		839		839

Summary of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs

	Assets		Liabilities
	Contract
	Derivatives		Warrants
December 31, 2020	$	1,435	$	5,643
Transfers(a)
Transfers to Level 3		—		—
Transfers from Level 3		—		—
Gains (losses) included in net income(b)
Included in change in fair value of warrant liabilities		—		4,065
Included in change in fair value of contract derivatives, net		(787)		—
Included in realized gains on contract derivatives, net		2,986		—
Payments, net		(2,986)		—
June 30, 2021	$	648	$	9,708
December 31, 2019	$	—	$	133
Transfers(a)
Transfers to Level 3		—		—
Transfers from Level 3		—		—
Gains (losses) included in net income(b)
Included in change in fair value of warrant liabilities		—		(29)
Included in change in fair value of contract derivatives, net		455		—
Included in realized gains on contract derivatives, net		121		—
Payments, net		(121)		—
June 30, 2020	$	455	$	104

Contract Derivative | Sunlight

Summary of significant assumptions used to value contract derivative

	June 30,		December 31,
	2021		2020
Contract Derivative 1
Discount rate	9.2	%	8.1	%
Weighted average life (in years)	0.2		0.3
Contract Derivative 2
Expected prepayment rate	75.0	%	n.a.

Warrants

Summary of significant assumptions used to value contract derivative

	June 30,		December 31,
Assumption	2021		2020
Cost of equity	22.5	%	22.5	%
Volatility	46.0	%	46.0	%
Tax rate	26.0	%	26.0	%
Term (in years)	3.0		3.0