Fair Value Of Financial Instruments |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Fair Value Of Financial Instruments [Abstract] | |
| Fair Value Of Financial Instruments | 8. Fair Value of Financial Instruments ASC 820 Fair Value Measurements and Disclosures (Topic 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: Level 1:Unadjusted quoted prices in active markets for identical assets or liabilities Level 2:Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3:Unobservable inputs for the asset or liability The carrying amounts of financial instruments included in the consolidated financial statements and their estimated fair values as of June 30, 2021 and December 31, 2020 were as follows (in thousands): As of June 30, 2021 As of December 31, 2020 Carrying Amount EstimatedFair Value Carrying Amount EstimatedFair ValueCash and cash equivalents $ 216,112 $ 216,112 $ 221,118 $ 221,118Restricted cash 46,651 46,651 35,986 35,986Notes receivable, net 414,602 562,194 409,349 549,819Note payable to BBX Capital, Inc. 75,000 77,585 75,000 78,218Lines-of-credit, notes payable, and receivable-backed notes payable 499,452 509,300 532,719 547,400Junior subordinated debentures 134,448 125,500 138,177 133,500 Cash and cash equivalents. The amounts reported in the unaudited consolidated balance sheets for cash and cash equivalents approximate fair value. Restricted cash. The amounts reported in the unaudited consolidated balance sheets for restricted cash approximate fair value. Notes receivable, net. The fair value of the Company’s notes receivable is estimated using Level 3 inputs and is based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. Note Payable to BBX Capital. The fair value of the note payable to BBX Capital was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. Lines-of-credit, notes payable, and receivable-backed notes payable. The amounts reported in the Company’s unaudited consolidated balance sheets for lines of credit, notes payable, and receivable-backed notes payable, approximate fair value for indebtedness that provides for variable interest rates. The fair value of the Company’s fixed-rate, receivable-backed notes payable was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. Junior subordinated debentures. The fair value of the Company’s junior subordinated debentures is estimated using Level 3 inputs based on the contractual cash flows discounted at a market rate or based on market price quotes from the over-the-counter bond market. |