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Securitizations and Variable Interest Entities
 9 Months Ended
Sep. 30, 2022
Transfers and Servicing [Abstract]  
Securitization and Variable Interest Entities Securitizations and Variable Interest Entities
VIE Assets and Liabilities

The following tables provide the classifications of assets and liabilities on the Balance Sheet for the Company’s transactions with consolidated and unconsolidated VIEs. Additionally, the assets and liabilities in the tables below exclude intercompany balances that eliminate in consolidation:
September 30, 2022Consolidated VIEsUnconsolidated VIEsTotal
Assets
Restricted cash$8,600 $— $8,600 
Securities available for sale at fair value— 22,445 22,445 
Retail and certificate loans held for investment at fair value2,940 — 2,940 
Other loans held for investment at fair value6,375 — 6,375 
Other assets218 11,351 11,569 
Total assets$18,133 $33,796 $51,929 
Liabilities
Retail notes, certificates and secured borrowings at fair value$2,940 $— $2,940 
Payable on Structured Program borrowings11,185 — 11,185 
Other liabilities39 — 39 
Total liabilities14,164 — 14,164 
Total net assets$3,969 $33,796 $37,765 
December 31, 2021Consolidated VIEsUnconsolidated VIEsTotal
Assets
Restricted cash$13,462 $— $13,462 
Securities available for sale at fair value— 58,177 58,177 
Loans held for sale at fair value41,734 — 41,734 
Retail and certificate loans held for investment at fair value10,281 — 10,281 
Other loans held for investment at fair value20,929 — 20,929 
Other assets584 17,156 17,740 
Total assets$86,990 $75,333 $162,323 
Liabilities
Retail notes, certificates and secured borrowings at fair value$10,281 $— $10,281 
Payable on Structured Program borrowings65,451 — 65,451 
Other liabilities467 — 467 
Total liabilities76,199 — 76,199 
Total net assets$10,791 $75,333 $86,124 

Unconsolidated VIEs

The Company’s transactions with unconsolidated VIEs include Structured Program transactions. The Company has various forms of involvement with VIEs, including servicing of loans and holding senior or subordinated residual interests in the VIEs.

The following tables present total unconsolidated VIEs with which the Company has significant continuing involvement, but is not the primary beneficiary:
September 30, 2022Total VIE AssetsSecurities Available for SaleOther AssetsNet Assets
Carrying value$625,017 $22,445 $11,351 $33,796 
Total exposureN/A$22,445 $11,351 $33,796 
December 31, 2021Total VIE AssetsSecurities Available for SaleOther AssetsNet Assets
Carrying value$1,386,279 $58,177 $17,156 $75,333 
Total exposureN/A$58,177 $17,156 $75,333 
N/A – Not applicable

“Total VIE Assets” represents the remaining principal balance of loans held by unconsolidated VIEs. “Net Assets” continue to decline due to the ongoing paydown of loan balances from prior Structured Program transactions. “Securities Available for Sale” and “Other Assets” are the balances on the Balance Sheet related to its involvement with the unconsolidated VIEs. “Other Assets” primarily includes the Company’s servicing assets and servicing receivables. “Total Exposure” refers to the Company’s maximum exposure to loss from its involvement with unconsolidated VIEs. It represents estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is extremely remote, such as where the value of interests and any associated collateral declines to zero. Accordingly, this required disclosure is not an indication of expected losses.
The following table summarizes activity related to the Unconsolidated Trusts and Certificate Program trusts, with the transfers accounted for as a sale on the Company’s financial statements:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Principal derecognized from loans securitized or sold
$— $— $41,023 $— 
Net gains recognized from loans securitized or sold$— $— $259 $— 
Fair value of asset-backed senior and subordinated securities, and CLUB Certificate asset-backed securities retained upon settlement$— $— $2,180 $— 
Cash proceeds from servicing and other administrative fees on loans securitized or sold$1,782 $5,152 $7,294 $19,600 
Proceeds from sale of securities by consolidated VIE$— $— $5,320 $— 
Cash proceeds for interest received on senior securities and subordinated securities$1,294 $975 $6,373 $6,586 

The Company and other investors in the subordinated interests issued by trusts and Certificate Program trusts have rights to cash flows only after the investors holding the senior securities issued by the trusts have first received their contractual cash flows. The investors and the trusts have no direct recourse to the Company’s assets, and holders of the securities issued by the trusts can look only to the assets of the securitization trusts that issued their securities for payment. The beneficial interests held by the Company are subject principally to the credit and prepayment risk stemming from the underlying unsecured personal loans.

Off-Balance Sheet Loans

Off-balance sheet loans pursuant to unconsolidated VIE’s primarily relate to Structured Program transactions for which the Company has some form of continuing involvement, including as servicer.

As of September 30, 2022, the aggregate unpaid principal balance of the off-balance sheet loans related to Structured Program transactions was $574.7 million, of which $16.9 million was attributable to off-balance sheet loans that were 31 days or more past due. As of December 31, 2021, the aggregate unpaid principal balance of the off-balance sheet loans related to Structured Program transactions was $1.3 billion, of which $35.0 million was attributable to off-balance sheet loans that were 31 days or more past due. For such loans, the Company would only experience a loss if it was required to repurchase a loan due to a breach in representations and warranties associated with its loan sale or servicing contracts.