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Variable Interest Entities and Securitizations (Tables)
12 Months Ended
Dec. 31, 2023
Variable Interest Entity, Measure of Activity [Abstract]  
Summary of Total Assets and Total Liabilities Associated With Variable Interests in Consolidated VIEs The following table presents the total assets and total liabilities associated with the Company's variable interests in consolidated VIEs, as classified in the consolidated balance sheets (in thousands):

 

 

 

As of December 31, 2023

 

 

 

Securitization Vehicles

 

 

Warehouse
Facilities
1

 

 

Total

 

Current Assets:

 

 

 

 

 

 

 

 

 

Restricted cash

 

$

28,458

 

 

$

20,688

 

 

$

49,146

 

Finance receivables at fair value

 

 

10,878

 

 

 

947

 

 

 

11,825

 

Finance receivables held for sale

 

 

 

 

 

457,185

 

 

 

457,185

 

Other current assets

 

 

12,390

 

 

 

12,814

 

 

 

25,204

 

Total Current Assets

 

 

51,726

 

 

 

491,634

 

 

 

543,360

 

Finance receivables at fair value

 

 

306,120

 

 

 

23,499

 

 

 

329,619

 

Other assets

 

 

 

 

 

1,759

 

 

 

1,759

 

Total Assets

 

$

357,846

 

 

$

516,892

 

 

$

874,738

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

Current portion of securitization debt

 

$

163,516

 

 

$

 

 

$

163,516

 

Warehouse credit facilities

 

 

 

 

 

421,268

 

 

 

421,268

 

Accrued expenses

 

 

1,286

 

 

 

2,674

 

 

 

3,960

 

Total Current Liabilities

 

 

164,802

 

 

 

423,942

 

 

 

588,744

 

Securitization debt, net of current portion

 

 

150,579

 

 

 

 

 

 

150,579

 

Other liabilities

 

 

3,248

 

 

 

7,127

 

 

 

10,375

 

Total Liabilities

 

$

318,629

 

 

$

431,069

 

 

$

749,698

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

Securitization Vehicles

 

 

Warehouse
Facilities
1

 

 

Total

 

Current Assets:

 

 

 

 

 

 

 

 

 

Restricted cash

 

$

9,023

 

 

$

15,654

 

 

$

24,677

 

Finance receivables at fair value

 

 

5,336

 

 

 

6,156

 

 

 

11,492

 

Finance receivables held for sale

 

 

 

 

 

305,917

 

 

 

305,917

 

Other current assets

 

 

2,730

 

 

 

9,004

 

 

 

11,734

 

Total Current Assets

 

 

17,089

 

 

 

336,731

 

 

 

353,820

 

Finance receivables at fair value

 

 

72,568

 

 

 

47,024

 

 

 

119,592

 

Total Assets

 

$

89,657

 

 

$

383,755

 

 

$

473,412

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

Current portion of securitization debt

 

$

47,239

 

 

$

 

 

$

47,239

 

Warehouse credit facilities

 

 

 

 

 

229,518

 

 

 

229,518

 

Accrued expenses

 

 

90

 

 

 

1,439

 

 

 

1,529

 

Total Current Liabilities

 

 

47,329

 

 

 

230,957

 

 

 

278,286

 

Securitization debt, net of current portion

 

 

32,590

 

 

 

 

 

 

32,590

 

Other liabilities

 

 

686

 

 

 

6,724

 

 

 

7,410

 

Total Liabilities

 

$

80,605

 

 

$

237,681

 

 

$

318,286

 

 

1 Refer to Note 11 – Warehouse Credit Facilities of Consolidated VIEs for further details of the warehouse facilities.

Summary of Unconsolidated Variable Interest Entities

The following table summarizes the amortized cost, the carrying amount, which is the fair value, and the maximum exposure to losses of UACC's assets related to unconsolidated VIEs (in thousands):

 

 

 

As of December 31, 2023

 

 

As of December 31, 2022

 

 

 

Aggregate Principal Balance

 

 

Carrying Value

 

 

Total Exposure

 

 

Aggregate Principal Balance

 

 

Carrying Value

 

 

Total Exposure

 

Rated notes

 

$

4,538

 

 

$

4,345

 

 

$

4,345

 

 

$

19,233

 

 

$

18,664

 

 

$

18,664

 

Certificates

 

 

 

 

 

140

 

 

 

140

 

 

 

 

 

 

1,928

 

 

 

1,928

 

Other assets

 

 

310

 

 

 

310

 

 

 

310

 

 

 

310

 

 

 

310

 

 

 

310

 

Total unconsolidated VIEs

 

$

4,848

 

 

$

4,795

 

 

$

4,795

 

 

$

19,543

 

 

$

20,902

 

 

$

20,902