Fair Value Measurement (Tables)

4 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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 FINANCIAL LLC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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
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 derivative		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
December 31, 2019
Assets:
Financing Receivables:
Loan participations, held-for-investment		5,674		4,796		—		—		5,400		5,400
Loans, held-for-investment		390		334		—		—		340		340
Cash and cash equivalents		47,341		47,341		47,341		—		—		47,341
Restricted cash		4,315		4,315		4,315		—		—		4,315
Liabilities:
Debt		11,811		11,811		—		—		11,811		11,811
Warrants		4,700		133		—		—		133		133
Guarantee obligation		n.a.		75		—		—		75		75

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

	Assets		Liabilities
	Contract
	Derivative		Warrants
Balance ‒ December 31, 2018
Transfers(a)	$	—	$	19
Transfers to Level 3		—		—
Transfers from Level 3		—		—
Gains (losses) included in net income(b)
Included in change in fair value of warrant liabilities		—		114
Included in change in fair value of contract derivative, net		—		—
Included in realized gains on contract derivative, net		—		—
Payments, net		—		—
Balance ‒ December 31, 2019
Transfers(a)		—		133
Transfers to Level 3		—		—
Transfers from Level 3		—		—
Gains (losses) included in net income(b)
Included in change in fair value of warrant liabilities		—		5,510
Included in change in fair value of contract derivative, net		1,435		—
Included in realized gains on contract derivative, net		103		—
Payments, net		(103)		—
Balance ‒ December 31, 2020	$	1,435	$	5,643

(a) Transfers are assumed to occur at the beginning of the respective period.

(b) Changes in the fair value of liabilities shown as losses included in net income.

Summary of significant assumptions used to value contract derivative

			Weighted
			Average Life
	Discount Rate		(Years)
December 31, 2020	8.1	%	0.3
December 31, 2019	n.a.		n.a.

	For the Year Ended December 31,
Assumption	2020		2019
Cost of equity	22.5	%	32.5	%
Volatility	46.0	%	42.0	%
Tax rate	26.0	%	28.0	%
Term	3.0 years		5.0 years