Long Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt instruments, excluding warehouse credit facilities of consolidated VIEs, which are discussed in Note 9 — Warehouse Credit Facilities of Consolidated VIEs, consisted of the following (in thousands):

	September 30,		December 31,
	2024		2023
Convertible senior notes	$	287,926	$	286,800
Securitization debt of consolidated VIEs at fair value		167,716		314,095
Securitization debt of consolidated VIEs at amortized cost		242,295		—
Financing of beneficial interest in securitizations		21,125		15,378
Junior subordinated debentures		10,310		10,310
Total debt	$	729,372	$	626,583

Schedule of Securitization Debt of Consolidated VIEs

The securitization debt issued is included in "Long-term debt" on the condensed consolidated balance sheet. The securitization debt of consolidated VIEs consisted of the following (in thousands):

As of September 30, 2024
Series	Final Scheduled Payment Date	Initial Principal		Contractual Interest Rate		Outstanding Principal		Fair Value
United Auto Credit 2022-2-C	May 10, 2027	$	26,533	5.81	%	$	14,774	$	14,778
United Auto Credit 2022-2-D	January 10, 2028		32,889	6.84	%		32,889		32,813
United Auto Credit 2022-2-E	April 10, 2029		33,440	10.00	%		28,440		16,925
United Auto Credit 2023-1-B	July 10, 2028		51,157	5.91	%		9,604		9,604
United Auto Credit 2023-1-C	July 10, 2028		33,326	6.28	%		33,326		33,346
United Auto Credit 2023-1-D	July 10, 2028		35,653	8.00	%		35,653		36,366
United Auto Credit 2023-1-E	September 10, 2029		23,256	10.98	%		23,256		23,884
Total rated notes at fair value		$	236,254			$	177,942	$	167,716
United Auto Credit 2024-1-A	August 10, 2026	$	132,340	6.17	%	$	77,489
United Auto Credit 2024-1-B	June 10, 2027		42,770	6.57	%		42,770
United Auto Credit 2024-1-C	October 10, 2029		35,190	7.06	%		35,190
United Auto Credit 2024-1-D	November 12, 2029		52,160	8.30	%		52,160
United Auto Credit 2024-1-E	November 12, 2030		37,540	10.45	%		37,540
Total rated notes at amortized cost		$	300,000			$	245,149
Unamortized debt issuance costs						$	2,854
Net carrying value						$	242,295

As of December 31, 2023
Series	Final Scheduled Payment Date	Initial Principal		Contractual Interest Rate		Outstanding Principal		Net Carrying Value
United Auto Credit 2021-1-D	June 10, 2026	$	29,380	1.14	%	$	3,246	$	3,235
United Auto Credit 2021-1-E	June 10, 2026		20,800	2.58	%		20,800		20,540
United Auto Credit 2021-1-F	September 10, 2027		13,910	4.30	%		13,910		13,644
United Auto Credit 2022-2-B	December 10, 2025		30,324	5.41	%		28,786		28,745
United Auto Credit 2022-2-C	May 10, 2027		26,533	5.81	%		26,533		26,331
United Auto Credit 2022-2-D	January 10, 2028		32,889	6.84	%		32,889		32,642
United Auto Credit 2022-2-E	April 10, 2029		33,440	10.00	%		33,440		29,691
United Auto Credit 2023-1-A	July 10, 2025		118,598	5.57	%		15,089		15,083
United Auto Credit 2023-1-B	July 10, 2028		51,157	5.91	%		51,157		51,019
United Auto Credit 2023-1-C	July 10, 2028		33,326	6.28	%		33,326		33,199
United Auto Credit 2023-1-D	July 10, 2028		35,653	8.00	%		35,653		36,152
United Auto Credit 2023-1-E	September 10, 2029		23,256	10.98	%		23,256		23,814
Total rated notes		$	449,266			$	318,085	$	314,095

Schedule of Aggregate Principal Balance and Fair Value of Finance Receivables Pledged to Securitization Debt

The aggregate principal balance and the fair value of finance receivables pledged to the securitization debt consists of the following (in thousands):

	As of September 30,				As of December 31,
	2024				2023
	Aggregate Principal Balance		Net Carrying Value		Aggregate Principal Balance		Net Carrying Value
United Auto Credit 2021-1	$	—	$	—	$	38,951	$	35,790
United Auto Credit 2022-2		77,932		66,070		125,072		111,379
United Auto Credit 2023-1		126,289		103,178		197,586		169,829
United Auto Credit 2024-1		313,348		277,004		—		—
Total finance receivables of CFEs	$	517,569	$	446,252	$	361,609	$	316,998