VARIABLE INTEREST ENTITIES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES In June 2026, the Company established the Trust, which is a VIE, to enter into the Warehouse Facility. Refer to Note 11 – Indebtedness for additional information. The Trust was formed for the limited purpose of purchasing loan receivables from the Company and pledging them as collateral to secure borrowings under the Warehouse Facility. The Company holds a significant interest in the Trust through its ownership of the residual beneficial interest, which is the first interest to absorb losses should the receivables not generate sufficient cash flows to satisfy more senior claims. The Company may be required to provide financial support to the Trust in the form of providing capital contributions to fund receivable purchases when the Trust lacks sufficient cash under the facility. The Company makes standard representations and warranties with respect to the loan receivables sold to the trust and may be required to repurchase certain loan receivables that fail to meet specified eligibility criteria. The Company is the primary beneficiary of the Trust because it or one of its consolidated subsidiaries has (i) the power to direct the activities that most significantly affect the Trust's economic performance through its continued involvement as servicer and administrator of the underlying loans, and (ii) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the Trust through its first loss residual beneficial interest. Accordingly, the Company consolidates the Trust in its condensed consolidated financial statements. The following table presents the carrying amounts of the Trust’s assets and liabilities included in the Company’s condensed consolidated balance sheets and excludes intercompany balances that eliminate upon consolidation. The creditors of the Trust have no recourse to the general credit of the Company and the assets of the Trust can only be used to settle obligations of the Trust.
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