v3.26.3
Asset-Backed Financing (Tables)
9 Months Ended
Sep. 30, 2026
Transfers and Servicing [Abstract]  
Schedule of Assets and Liabilities Related to the On-Balance Sheet Financing
The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheet at September 30, 2026 were as follows (in thousands):
September 30, 2026
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$— $— $— $— $— $— 
Asset-backed U.S. commercial paper conduit facility276,231 (19,015)16,985 551 274,752242,575 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility— — — — — — 
$276,231 $(19,015)$16,985 $551 $274,752 $242,575 
The Company had no assets or liabilities related to on-balance sheet asset-backed financings included in the Consolidated balance sheet at December 31, 2025. The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheet at September 30, 2025 were as follows (in thousands):
September 30, 2025
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$334,759 $— $18,655 $1,491 $354,905 $62,635 
Asset-backed U.S. commercial paper conduit facility450,702 — 29,084 1,917 481,703 399,502 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility58,045 — 3,791 143 61,979 49,642 
$843,506 $— $51,530 $3,551 $898,587 $511,779 
Schedule of Transfer of Financial Assets Accounted for as Sales Quarterly transfers of U.S. retail motorcycle finance receivables to on-balance sheet asset-backed securitization VIEs, the respective proceeds, and the respective proceeds, net of discounts and issuance costs were as follows in 2025 (in millions):
2025
TransfersProceedsProceeds, net
First quarter$— $— $— 
Second quarter584.4500.0497.8
Third quarter— — — 
$584.4 $500.0 $497.8 
Quarterly transfers of U.S. retail motorcycle finance receivables to the U.S. Conduit and the respective proceeds were as follows (in millions):
20262025
TransfersProceedsTransfersProceeds
First quarter$— $— $179.5 $155.0 
Second quarter— — — — 
Third quarter304.3 260.2 — — 
$304.3 $260.2 $179.5 $155.0