v3.25.2
Securitizations and Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
Transfers and Servicing [Abstract]  
Securitizations and Variable Interest Entities Securitizations and Variable Interest Entities
Unconsolidated VIEs

The Company’s transactions with unconsolidated VIEs were related to its Structured Program transactions. There is no direct recourse to the Company’s assets and, therefore, the holders of the securities can look only to those assets of the VIEs that issued the securities.

The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:
June 30, 2025December 31, 2024
Assets
Securities available for sale at fair value$3,146,507 $3,069,771 
Other assets46,883 46,269 
Total assets3,193,390 3,116,040 
Liabilities
Other liabilities3,748 6,313 
Total liabilities3,748 6,313 
Total net assets (maximum loss exposure)$3,189,642 $3,109,727 
Maximum loss exposure 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 declines to zero. Accordingly, this required disclosure is not an indication of expected losses.

The following table summarizes activity related to unconsolidated VIEs where the transfers were accounted for as a sale on the Company’s financial statements:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value of consideration received:
Cash$182,675 $97,246 $331,054 $190,890 
Net securities retained from Structured Program transactions
531,509 759,149 880,511 1,498,125 
Other assets, net
10,682 9,906 16,656 19,639 
Total consideration724,866 866,301 1,228,221 1,708,654 
Fair value of loans sold(715,210)(857,434)(1,213,268)(1,691,210)
Gain on sales of loans (1)
$9,656 $8,867 $14,953 $17,444 
Cash proceeds from continuing involvement:
Servicing and other administrative fees$8,850 $5,982 $17,746 $10,705 
Interest received on securities retained from Structured Program transactions
$50,147 $37,390 $101,281 $67,053 
(1)    Consists primarily of servicing assets recognized at the time of loan sale, less any transaction costs, and excludes origination fees and fair value adjustments recognized prior to the sale.

As of June 30, 2025, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.7 billion, of which $51.7 million was 30 days or more past due. As of December 31, 2024, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.5 billion, of which $44.7 million was 30 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.