v3.25.4

Securitization and Variable Interest Entities (Tables) | 6 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs | The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands):
|  | December 31, 2025
|  | Assets |  | Liabilities |  | Net Assets
Warehouse credit facilities |  | $ | 2,764,860 |  |  | $ | 2,455,876 |  |  | $ | 308,984 |
Securitizations(1) |  | 5,621,738 |  |  | 5,442,529 |  |  | 179,209 |
Total consolidated VIEs |  | $ | 8,386,598 |  |  | $ | 7,898,405 |  |  | $ | 488,193 |
|  | June 30, 2025
|  | Assets |  | Liabilities |  | Net Assets
Warehouse credit facilities |  | $ | 1,668,181 |  |  | $ | 1,504,136 |  |  | $ | 164,044 |
Securitizations(1) |  | 4,993,148 |  |  | 4,951,485 |  |  | 41,663 |
Total consolidated VIEs |  | $ | 6,661,329 |  |  | $ | 6,455,621 |  |  | $ | 205,707 |
(1)Liabilities include an outstanding balance of $594.4 million and $103.9 million on a VFN classified as funding debt as of December 31, 2025 and June 30, 2025, respectively, and asset-backed securities of $4.8 billion classified as notes issued from securitization trusts as of both periods.
Schedule of Variable Interest Entities | The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):
|  | December 31, 2025 |  | June 30, 2025
|  | Carrying Amount |  | Maximum Exposure to Losses(4) |  | Carrying Amount |  | Maximum Exposure to Losses(4)
Securitization notes receivable and certificates in unconsolidated securitization trusts [1] |  | $ | 80,080 |  |  | $ | 81,573 |  |  | $ | 75,469 |  |  | $ | 76,943 |
Residual interests in structured transactions [1] |  | 5,436 |  |  | 17,664 |  |  | 2,284 |  |  | 15,644 |
Risk sharing assets [2] |  | 38,992 |  |  | 62,672 |  |  | 43,179 |  |  | 66,590 |
Risk sharing liabilities [3] |  | — |  |  | 13,179 |  |  | (90) |  |  | 24,467 |
Total unconsolidated VIEs |  | $ | 124,507 |  |  | $ | 175,087 |  |  | $ | 120,842 |  |  | $ | 183,644 |
(1)Presented within Securities available for sale at fair value (2)Presented within Other assets (3)Presented within Accrued expenses and other liabilities (4)Maximum exposure to losses represents our exposure through our continuing involvement as servicer, through our retained interests, and legal or contractual obligation.

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- Definition Tabular disclosure of the carrying amount and classification of assets and liabilities recognized in the transferor's statement of financial position at the end of each period presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(1) -SubTopic 30 -Topic 860 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A + Details
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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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