Variable Interest Entity (VIE) (Tables)

12 Months Ended

Dec. 31, 2023

Schedule Of The Total Unpaid Principal Amount Of Assets Held In Private Label Securitization Entities, Including Those In Which The Company Has Continuing Involvement


	December 31, 2023
	Principal amount outstanding						The Company's
					Assets held in		interest
	Total assets		Assets held in		nonconsolidated		in securitized
	held by		consolidated		VIEs with		assets in
	securitization		securitization		continuing		nonconsolidated
	VIEs⁽¹⁾		VIEs		involvement		VIEs⁽²⁾
Commercial mortgage-backed securities
CRE2⁽³⁾	$	40,743	$	—	$	40,743	$	12,574
CRE3		1,939		—		1,939		—
CRE4		821		—		821		—
CRE5		14,138		—		14,138		—

	December 31, 2022
	Principal amount outstanding						The Company's
					Assets held in		interest
	Total assets		Assets held in		nonconsolidated		in securitized
	held by		consolidated		VIEs with		assets in
	securitization		securitization		continuing		nonconsolidated
	VIEs⁽¹⁾		VIEs		involvement		VIEs
Commercial mortgage-backed securities
CRE2	$	58,143	$	—	$	58,143	$	12,574
CRE3		1,939		—		1,939		—
CRE4		9,998		—		9,998		—
CRE5		35,638		—		35,638		—
CRE6		38,242		—		38,242		—

⁽¹⁾Consists of notes backed by commercial loans predominantly secured by real estate.

⁽²⁾For securities purchased from securitizations which comprise the Company's interest: CRE2 was non-rated at issuance. As of December 31, 2023, CRE2 is valued by discounted cash flow analysis.

⁽³⁾The Company's $12.6 million interest would have been repaid in October 2019 had remaining underlying loan collateral been paid as agreed. Remaining collateral is comprised of a suburban office building and a retail location. While the estimated value of these sources of repayment exceeds the amount to be repaid to the Company, there can be no assurance that the Company's interest will be fully repaid or as to the timing of repayment. See “ Note E—Loans”.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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