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FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2022

The below tables contain information about assets that are not measured at fair value on a recurring basis as of December 31, 2022 and 2021 (in thousands):


	At December 31, 2022
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash	$	337,076	$	337,076	$	—	$	—	$	337,076

Investments in loans and securities	463,976		—		—		480,437		480,437
Fees and other receivables	97,993		—		97,993		—		97,993
Total	$	899,045	$	337,076	$	97,993	$	480,437	$	915,506


	At December 31, 2021
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash	$	204,575	$	204,575	$	—	$	—	$	204,575
Short-term deposits	5,020		5,020		—		—		5,020
Investments in loans and securities	282,724		—		—		301,372		301,372
Fees and other receivables	51,540		—		51,540		—		51,540
Total	$	543,859	$	209,595	$	51,540	$	301,372	$	562,507

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	Level	December 31, 2022
Warrant liability - Public Warrants	1	$	909
Warrant liability - Private Placement Warrants	2	490
Total		$	1,400

The following tables summarize the Warrant liability activity for the years ended December 31, 2022, 2021 and 2020 (in thousands):


Balance as of December 31, 2019	$	83
Issuance of Series D warrants / the Option	2,442
Change in fair value / extinguishment of the Option	(54)
Balance as of December 31, 2020	2,471
Exercise of Series B warrants	(22,012)
Exercise of Series D warrants	(6,009)
Change in fair value	53,019
Balance as of December 31, 2021	27,469
Assumed warrants in connection with the Merger (1)	5,594
Change in fair value	(11,088)
Reclassification (2)	(20,575)
Balance as of December 31, 2022	$	1,400

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(1)See Note 3 for additional information.

(2)In connection with the EJFA Merger, the liability-classified warrants were reclassified to equity-classified warrants. See Note 14 for additional information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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