The Company transfers RICs and vehicle leases into newly-formed Trusts that then issue one or more classes of notes payable backed by the collateral. The Company’s continuing involvement with these Trusts is in the form of servicing the assets and, generally, through holding residual interests in the Trusts. The Trusts are considered VIEs under GAAP, and the Company may or may not consolidate these VIEs on its Condensed Consolidated Balance Sheets.

The collateral and borrowings under credit facilities and securitization notes payable of the Company’s consolidated VIEs remain on the Condensed Consolidated Balance Sheets. The Company recognizes finance charges, fee income, and provisions for credit losses on the RICs, and leased vehicles and interest expense on the debt. Revolving credit facilities generally also utilize entities that are considered VIEs which are included on the Condensed Consolidated Balance Sheets.

The Company also uses a titling trust to originate and hold its leased vehicles and the associated leases, for administrative efficiency and also to facilitate the pledging of leases to financing facilities or the sale of leases to other parties without incurring the costs and administrative burden of retitling the leased vehicles. In this process, the leases may be transferred to separate legal units within the titling trust to segregate them for ownership purposes, including for securitizations. This does not result in any changes to the accounting for the leases. This titling trust is considered a VIE. Refer to Note 4 to these Condensed Consolidated Financial Statements for further information on the Company's leased vehicles.

The assets and liabilities of consolidated VIEs are presented below. Certain of these assets can be used only to settle obligations of the consolidated VIEs and the liabilities of those entities for which creditors (or beneficial interest holders) do not have recourse to the Company's general credit.


(in millions)	September 30, 2026		December 31, 2025
Assets
Restricted cash	$	1,427	$	668

Net LHFI	13,887		21,608
Operating lease assets, net (1)	5,834		8,357
Various other assets	526		711
Total Assets	$	21,674	$	31,344
Liabilities
Notes payable	$	14,215	$	23,597
Various other liabilities	125		97
Total Liabilities	$	14,340	$	23,694

(1) As noted above, all leased vehicles are originated through a titling trust. At September 30, 2026 and December 31, 2025, $4.0 billion and $3.7 billion, respectively, of leased vehicle assets included in this amount were in a titling trust, but not in a securitization trust.

The Company services receivables transferred to the Trusts and receives a monthly servicing fee on the outstanding principal balance. Supplemental fees, such as late charges, for servicing the receivables are reflected in Miscellaneous income, net.

As of September 30, 2026 and December 31, 2025, the Company was servicing $15.9 billion and $25.1 billion, respectively, of gross RICs that have been transferred to consolidated Trusts. Certain amounts shown above are greater than the amounts shown in the corresponding line items in the accompanying Condensed Consolidated Balance Sheets due to intercompany eliminations between the VIEs and other entities consolidated by the Company. For example, for most of its securitizations, the Company retains one or more of the lowest tranches of bonds. Rather than showing investment in bonds as an asset and the associated debt as a liability, these amounts are eliminated in consolidation as required by GAAP.


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2026		2025		2026		2025
Assets securitized	$	—	$	3,955	$	1,903	$	11,345

Net proceeds from new securitizations (1)	$	—	$	3,133	$	1,585	$	9,202
Net proceeds on retained bonds from new securitizations	—		519		308		1,365
Cash received for servicing fees (2)	168		255		653		718

Net distributions from Trusts (2)	1,326		1,431		3,997		4,609
Total cash received from Trusts	$	1,494	$	5,338	$	6,543	$	15,894

At September 30, 2026 and December 31, 2025, the Company was servicing RICs of $1.2 billion and $2.0 billion, respectively, that have been sold in off-balance sheet securitizations and were subject to an optional clean-up call.


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2026		2025		2026		2025
Receivables securitized (1)(2)	—		—		$	—	$	1,307

Net proceeds from new securitizations	—		—		$	—	$	175
Cash received for servicing fees	$	4	$	23	21		48
Total cash received from Trusts	$	4	$	23	$	21	$	223
(1) Represents the UPB at the time of original securitization. (2) Table excludes impacts of non-cash deconsolidation transaction referred to above.

Other than repurchases of sold assets due to claims against standard representations and warranties, the Company's exposure to loss as a result of its involvement with these VIEs is limited to its retained interests in the VIE. The carrying value of this exposure at September 30, 2026 was $708 million and $3 million of debt and equity investments, respectively, compared to $1.0 billion and $4 million at December 31, 2025. These amounts are reported in debt securities HTM and other investments, respectively, in Note 2 to these Condensed Consolidated Financial Statements.

During the nine months ended September 30, 2026, the Company securitized $3.8 billion of mortgage LHFS in off-balance transactions. The Company has retained $143 million of variable interests in the new securitizations for risk retention purposes.

As of September 30, 2026, SBNA serviced approximately $7.5 billion in multi-family loans for the Structured LLC in which the Company has a beneficial interest and received a market rate servicing fee. For the three months and nine months ended September 30, 2026 and September 30, 2025, SBNA recognized $13 million and $39 million, and $14 million and $42 million, respectively, in servicing fee income from the servicing of these assets which is recorded in Miscellaneous income, net, in the accompanying Condensed Consolidated Statements of Operations.