NERDWALLET, INC. Fair Value Disclosure
| (in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Carrying Value | ||||||||||||||||||||||
As of December 31, 2025 | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Cash and cash equivalents—money market funds | $ | 67.0 | $ | — | $ | — | $ | 67.0 | ||||||||||||||||||
Mortgage loans held for sale | — | 7.1 | — | 7.1 | ||||||||||||||||||||||
| Certificate of deposit | — | 2.3 | — | 2.3 | ||||||||||||||||||||||
| $ | 67.0 | $ | 9.4 | $ | — | $ | 76.4 | |||||||||||||||||||
| (in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Carrying Value | ||||||||||||||||||||||
As of December 31, 2024 | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Cash and cash equivalents—money market funds | $ | 36.8 | $ | — | $ | — | $ | 36.8 | ||||||||||||||||||
Mortgage loans held for sale | — | 2.6 | — | 2.6 | ||||||||||||||||||||||
| Certificate of deposit | — | 2.2 | — | 2.2 | ||||||||||||||||||||||
| $ | 36.8 | $ | 4.8 | $ | — | $ | 41.6 | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Mar 24, 2022 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.