Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities and Securitizations (Tables)

v3.24.3
Variable Interest Entities and Securitizations (Tables)
9 Months Ended
Sep. 30, 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 Condensed Consolidated Statements of Financial Condition, and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands):
September 30, 2024 December 31, 2023
ASSETS
Restricted cash $ 167,399  $ 168,010 
Loans held for investment, subject to nonrecourse debt, at fair value 8,712,720  7,881,566 
Loans held for investment, at fair value 222,609  — 
Other assets, net 54,817  68,178 
TOTAL ASSETS $ 9,157,545  $ 8,117,754 
LIABILITIES
Nonrecourse debt, at fair value $ 8,523,744  $ 7,859,065 
Other financing lines of credit 174,874  — 
Payables and other liabilities 904  546 
TOTAL VIE LIABILITIES 8,699,522  7,859,611 
Retained bonds and beneficial interests eliminated in consolidation (352,557) (327,653)
TOTAL CONSOLIDATED LIABILITIES $ 8,346,965  $ 7,531,958 
The tables below present a summary of the unconsolidated VIEs for which the Company holds variable interests (in thousands):
September 30, 2024
Carrying value
Assets Liabilities Maximum exposure to loss Total assets in VIEs
Transfers of loans - sale treatment
Retained interests $ 48,190  $   $ 48,190  $ 959,667 
Transfers of loans - secured borrowing
Loans and nonrecourse liability 390,049  370,442  19,607  390,049 
TOTAL $ 438,239  $ 370,442  $ 67,797  $ 1,349,716 
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