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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes our borrowings at June 30, 2022 and December 31, 2021.
|  | June 30, 2022 |  | December 31, 2021
(Dollars in thousands) |  | Short-Term |  | Long-Term |  | Total |  | Short-Term |  | Long-Term |  | Total
Unsecured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt (fixed-rate) |  | $ | — |  |  | $ | 987,384 |  |  | $ | 987,384 |  |  | $ | — |  |  | $ | 986,138 |  |  | $ | 986,138 |
Total unsecured borrowings |  | — |  |  | 987,384 |  |  | 987,384 |  |  | — |  |  | 986,138 |  |  | 986,138 |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate |  | — |  |  | 3,368,758 |  |  | 3,368,758 |  |  | — |  |  | 3,897,996 |  |  | 3,897,996 |
Variable-rate |  | — |  |  | 863,168 |  |  | 863,168 |  |  | — |  |  | 1,046,856 |  |  | 1,046,856 |
Total Private Education Loan term securitizations |  | — |  |  | 4,231,926 |  |  | 4,231,926 |  |  | — |  |  | 4,944,852 |  |  | 4,944,852 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total secured borrowings |  | — |  |  | 4,231,926 |  |  | 4,231,926 |  |  | — |  |  | 4,944,852 |  |  | 4,944,852 |
Total |  | $ | — |  |  | $ | 5,219,310 |  |  | $ | 5,219,310 |  |  | $ | — |  |  | $ | 5,930,990 |  |  | $ | 5,930,990 |
Schedule of Securities Financing Transactions | Secured Financings at Issuance The following table summarizes our secured financings issued in 2021. There were no secured financings issued in the six months ended June 30, 2022.
Issue |  | Date Issued |  | Total Issued |  | Weighted Average Cost of Funds(1) |  | Weighted Average Life (in years)
(Dollars in thousands) |  |  |  |  |  |  |  |
Private Education Loans: |  |  |  |  |  |
2021-B |  | May 2021 |  | $ | 531,000 |  |  | 1-month LIBOR plus 0.77% |  | 4.26
2021-D |  | August 2021 |  | 527,000 |  |  | 1-month LIBOR plus 0.69% |  | 4.22
2021-E |  | November 2021 |  | 534,000 |  |  | 1-month LIBOR plus 0.69% |  | 4.15
Total notes issued in 2021 |  | $ | 1,592,000 |  |  |  |  |
Total loan and accrued interest amount securitized at inception in 2021(2) |  | $ | 1,656,263 |  |  |  |  |
(1) Represents LIBOR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs. (2) At June 30, 2022, $1.39 billion of our Private Education Loans, including $1.31 billion of principal and $86 million in capitalized interest, were encumbered related to these transactions.
Schedule of Variable Interest Entities | We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.
As of June 30, 2022 (dollars in thousands) |  | Debt Outstanding |  | Carrying Amount of Assets Securing Debt Outstanding
| Short-Term |  | Long-Term |  | Total |  | Loans |  | Restricted Cash |  | Other Assets(1) |  | Total
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations |  | $ | — |  |  | $ | 4,231,926 |  |  | $ | 4,231,926 |  |  | $ | 5,337,560 |  |  | $ | 147,104 |  |  | $ | 308,918 |  |  | $ | 5,793,582 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,483 |  |  | 2,483 |
Total |  | $ | — |  |  | $ | 4,231,926 |  |  | $ | 4,231,926 |  |  | $ | 5,337,560 |  |  | $ | 147,104 |  |  | $ | 311,401 |  |  | $ | 5,796,065 |
As of December 31, 2021 (dollars in thousands) |  | Debt Outstanding |  | Carrying Amount of Assets Securing Debt Outstanding
| Short-Term |  | Long-Term |  | Total |  | Loans |  | Restricted Cash |  | Other Assets(1) |  | Total
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loan term securitizations |  | $ | — |  |  | $ | 4,994,852 |  |  | $ | 4,994,852 |  |  | $ | 6,029,034 |  |  | $ | 210,741 |  |  | $ | 357,982 |  |  | $ | 6,597,757 |
Secured Borrowing Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 867 |  |  | 867 |
Total |  | $ | — |  |  | $ | 4,994,852 |  |  | $ | 4,994,852 |  |  | $ | 6,029,034 |  |  | $ | 210,741 |  |  | $ | 358,849 |  |  | $ | 6,598,624 |
(1) Other assets primarily represent accrued interest receivable. The table below provides a summary of our exposure related to our unconsolidated VIEs.
|  | June 30, 2022 |  | December 31, 2021
(Dollars in thousands) |  | Debt Interests(1) |  | Equity Interests(2) |  | Total Exposure |  | Debt Interests(1) |  | Equity Interests(2) |  | Total Exposure
Private Education Loan term securitizations |  | $ | 318,310 |  |  | $ | 47,707 |  |  | $ | 366,017 |  |  | $ | 192,245 |  |  | $ | 37,465 |  |  | $ | 229,710 |
(1) Vertical risk retention interest classified as available-for-sale investment. (2) Vertical risk retention interest classified as trading investment.

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