Securitizations and Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of VIE Assets and Liabilities and Unconsolidated VIEs

The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:


	June 30, 2025		December 31, 2024

Assets


Securities available for sale at fair value	$	3,146,507		$	3,069,771




Other assets	46,883			46,269
Total assets	3,193,390			3,116,040
Liabilities



Other liabilities	3,748			6,313
Total liabilities	3,748			6,313
Total net assets (maximum loss exposure)	$	3,189,642		$	3,109,727

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,

	2025		2024		2025		2024


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 consideration	724,866		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.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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