Note 4 - SECURITIZATIONS AND VARIABLE INTEREST ENTITIES	3 Months Ended
Mar. 31, 2024
Securitizations and Variable Interest Entities
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES	NOTE 4. SECURITIZATIONS AND VARIABLE INTEREST ENTITIES Freddie Mac M and Q Series Securitizations In 2023, the Company completed two Freddie Mac sponsored securitizations. The Company retained beneficial interests which are classified as trading securities on the consolidated balance sheets. Details related to the securitizations and related VIEs can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. At March 31, 2024, the Company determined it was not the primary beneficiary of these VIEs primarily because the Company did not have the power to direct the activities that most significantly impact the VIEs. Evaluation and assessment of VIEs for consolidation is performed on an ongoing basis by management. Any changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment. The Company’s total assets related to the VIEs as of March 31, 2024 and December 31, 2023 were $22.3 million and $22.4 million, respectively and there were no liabilities recorded. The Company’s maximum exposure to loss associated with these VIEs consists of the capital invested plus any unfunded equity commitments that are binding. As of March 31, 2024, the maximum exposure to loss was $31.8 million.

Note 4 - SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2024

Securitizations and Variable Interest Entities

SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

NOTE 4. SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

Freddie Mac M and Q Series Securitizations

In 2023, the Company completed two Freddie Mac sponsored securitizations. The Company retained beneficial interests which are classified as trading securities on the consolidated balance sheets. Details related to the securitizations and related VIEs can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

At March 31, 2024, the Company determined it was not the primary beneficiary of these VIEs primarily because the Company did not have the power to direct the activities that most significantly impact the VIEs. Evaluation and assessment of VIEs for consolidation is performed on an ongoing basis by management. Any changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment.

The Company’s total assets related to the VIEs as of March 31, 2024 and December 31, 2023 were $22.3 million and $22.4 million, respectively and there were no liabilities recorded. The Company’s maximum exposure to loss associated with these VIEs consists of the capital invested plus any unfunded equity commitments that are binding. As of March 31, 2024, the maximum exposure to loss was $31.8 million.