Annual report [Section 13 and 15(d), not S-K Item 405]

Variable Interest Entities and Securitizations (Tables)

v3.25.0.1
Variable Interest Entities and Securitizations (Tables)
12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table presents the assets and liabilities of the Company’s consolidated VIEs, which are included in the Consolidated Statements of Financial Condition, and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands):
December 31, 2024 December 31, 2023
ASSETS
Restricted cash $ 248,905  $ 168,010 
Loans held for investment, subject to nonrecourse debt, at fair value 8,904,303  7,881,566 
Loans held for investment, at fair value 168,641  — 
Other assets, net 53,400  68,178 
TOTAL ASSETS $ 9,375,249  $ 8,117,754 
LIABILITIES
Nonrecourse debt, at fair value $ 8,947,378  $ 7,859,065 
Other financing lines of credit 136,157  — 
Payables and other liabilities 1,277  546 
TOTAL VIE LIABILITIES 9,084,812  7,859,611 
Retained bonds and beneficial interests eliminated in consolidation (359,077) (327,653)
TOTAL CONSOLIDATED LIABILITIES $ 8,725,735  $ 7,531,958 
The tables below present a summary of the unconsolidated VIEs for which the Company holds variable interests (in thousands):
December 31, 2024
Carrying value
Assets Liabilities Maximum exposure to loss Total assets in VIEs
Transfers of loans - sale treatment
Retained interests $ 47,568  $   $ 47,568  $ 948,364 
Transfers of loans - secured borrowing
Loans and nonrecourse liability 393,405  374,071  19,334  393,405 
TOTAL $ 440,973  $ 374,071  $ 66,902  $ 1,341,769 
December 31, 2023
Carrying value
Assets Liabilities Maximum exposure to loss Total assets in VIEs
Transfers of loans - sale treatment
Retained interests $ 50,774  $ —  $ 50,774  $ 1,008,152 
Transfers of loans - secured borrowing
Loans and nonrecourse liability 389,557  368,343  21,214  389,557 
TOTAL $ 440,331  $ 368,343  $ 71,988  $ 1,397,709