Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities and Securitizations (Tables)

v3.22.1
Variable Interest Entities and Securitizations (Tables)
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of the Assets and Liabilities of the Company's Consolidated Variable Interest Entities
The following table presents the assets and liabilities of the Company’s consolidated VIEs, which are included in the Condensed Consolidated Statements of Financial Condition and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands):
 
    
March 31,
2022
    
December 31,
2021
 
ASSETS
                 
Restricted cash
  
$
303,232
 
   $ 311,652  
Loans held for investment, subject to nonrecourse debt, at fair value
  
 
6,103,454
 
     6,099,607  
Other assets, net
  
 
73,701
 
     67,593  
    
 
 
    
 
 
 
TOTAL ASSETS
  
$
6,480,387
 
   $ 6,478,852  
    
 
 
    
 
 
 
LIABILITIES
                 
Nonrecourse debt, at fair value
  
$
6,268,232
 
   $ 6,088,298  
Payables and other liabilities
  
 
633
 
     428  
    
 
 
    
 
 
 
TOTAL VIE LIABILITIES
  
 
6,268,865
 
     6,088,726  
    
 
 
    
 
 
 
Retained bonds and beneficial interests eliminated in consolidation
  
 
(236,076
     (231,229
    
 
 
    
 
 
 
TOTAL CONSOLIDATED LIABILITIES
  
$
6,032,789
 
   $ 5,857,497  
    
 
 
    
 
 
 
Summary of the Outstanding Collateral and Certificate Balances for Securitization Trusts
The following table presents a summary of the outstanding collateral and certificate balances for securitization trusts for which the Company was the transferor and that were not consolidated by the Company (in thousands):
 
    
March 31,
2022
    
December 31,
2021
 
Unconsolidated securitization trusts:
                 
Total collateral balances – UPB
  
$
1,056,341
 
   $ 1,085,340  
    
 
 
    
 
 
 
Total certificate balances
  
$
1,056,341
 
   $ 1,085,340