XML 39 R29.htm IDEA: XBRL DOCUMENT v3.24.3
Variable Interest Entities and Securitizations (Tables)
9 Months Ended
Sep. 30, 2024
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 condensed consolidated balance sheets (in thousands):

 

 

 

As of September 30, 2024

 

 

 

Securitization Vehicles

 

 

Warehouse
Facilities
1

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Restricted cash

 

$

30,390

 

 

$

15,760

 

 

$

46,150

 

Finance receivables at fair value

 

 

244,981

 

 

 

201,672

 

 

 

446,653

 

Finance receivables held for sale

 

 

201,271

 

 

 

152,547

 

 

 

353,818

 

Interest receivable

 

 

7,617

 

 

 

5,520

 

 

 

13,137

 

Other assets

 

 

7,462

 

 

 

4,761

 

 

 

12,223

 

Total Assets

 

$

491,721

 

 

$

380,260

 

 

$

871,981

 

Liabilities:

 

 

 

 

 

 

 

 

 

Securitization debt

 

$

410,011

 

 

$

 

 

$

410,011

 

Warehouse credit facilities

 

 

 

 

 

321,812

 

 

 

321,812

 

Other liabilities

 

 

7,136

 

 

 

9,227

 

 

 

16,363

 

Total Liabilities

 

$

417,147

 

 

$

331,039

 

 

$

748,186

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

Securitization Vehicles

 

 

Warehouse
Facilities
1

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Restricted cash

 

$

28,458

 

 

$

20,688

 

 

$

49,146

 

Finance receivables at fair value

 

 

316,998

 

 

 

24,446

 

 

 

341,444

 

Finance receivables held for sale

 

 

 

 

 

457,185

 

 

 

457,185

 

Interest receivable

 

 

6,107

 

 

 

7,586

 

 

 

13,693

 

Other assets

 

 

6,283

 

 

 

6,987

 

 

 

13,270

 

Total Assets

 

$

357,846

 

 

$

516,892

 

 

$

874,738

 

Liabilities:

 

 

 

 

 

 

 

 

 

Securitization debt

 

$

314,095

 

 

$

 

 

$

314,095

 

Warehouse credit facilities

 

 

 

 

 

421,268

 

 

 

421,268

 

Other liabilities

 

 

4,534

 

 

 

9,801

 

 

 

14,335

 

Total Liabilities

 

$

318,629

 

 

$

431,069

 

 

$

749,698

 

 

1 Refer to Note 9 – 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 the unconsolidated VIE (in thousands):

 

 

 

As of September 30, 2024

 

 

As of December 31, 2023

 

 

 

Aggregate Principal Balance

 

 

Carrying Value

 

 

Total Exposure

 

 

Aggregate Principal Balance

 

 

Carrying Value

 

 

Total Exposure

 

Rated notes

 

$

2,585

 

 

$

2,440

 

 

$

2,440

 

 

$

4,538

 

 

$

4,345

 

 

$

4,345

 

Certificates

 

 

 

 

 

172

 

 

 

172

 

 

 

 

 

 

140

 

 

 

140

 

Other assets

 

 

310

 

 

 

310

 

 

 

310

 

 

 

310

 

 

 

310

 

 

 

310

 

Total unconsolidated VIEs

 

$

2,895

 

 

$

2,922

 

 

$

2,922

 

 

$

4,848

 

 

$

4,795

 

 

$

4,795