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Variable Interest Entity (VIE) | 12 Months Ended
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Dec. 31, 2024
Variable Interest Entity [Abstract] |
Variable Interest Entity (VIE) | Note H—Variable Interest Entity (“VIE”) VIE’s are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is a special purpose entity (“SPE”). SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE with the SPE funding the purchase of those assets by issuing securities to investors. The agreements that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The following table shows the Company’s remaining interest in the CRE-2 security, which represents a single security purchased by the Company in the securitizations for which the Company generated all of the commercial mortgage-backed loan collateral (dollars in thousands).
|  | December 31, 2024
|  | Principal amount outstanding |  | The Company's
|  |  |  |  |  | Assets held in |  | interest
|  | Total assets |  | Assets held in |  | nonconsolidated |  | in securitized
|  | held by |  | consolidated |  | VIEs with |  | assets in
|  | securitization |  | securitization |  | continuing |  | nonconsolidated
|  | VIEs(1) |  | VIEs |  | involvement |  | VIEs(2)
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
CRE2(3) |  | $ | 24,450 |  | $ | — |  | $ | 24,450 |  | $ | 3,462
CRE3 |  |  | 1,939 |  |  | — |  |  | 1,939 |  |  | —
CRE4 |  |  | 261 |  |  | — |  |  | 261 |  |  | —
CRE5 |  |  | 12,991 |  |  | — |  |  | 12,991 |  |  | —
|  | December 31, 2023
|  | Principal amount outstanding |  | The Company's
|  |  |  |  |  | Assets held in |  | interest
|  | Total assets |  | Assets held in |  | nonconsolidated |  | in securitized
|  | held by |  | consolidated |  | VIEs with |  | assets in
|  | securitization |  | securitization |  | continuing |  | nonconsolidated
|  | VIEs(1) |  | VIEs |  | involvement |  | VIEs
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
CRE2 |  | $ | 40,743 |  | $ | — |  | $ | 40,743 |  | $ | 12,574
CRE3 |  |  | 1,939 |  |  | — |  |  | 1,939 |  |  | —
CRE4 |  |  | 821 |  |  | — |  |  | 821 |  |  | —
CRE5 |  |  | 14,138 |  |  | — |  |  | 14,138 |  |  | —
(1) Consists of notes backed by commercial loans predominantly secured by real estate. (2) For securities purchased from securitizations which comprise the Company's interest: CRE2 was non-rated at issuance. As of December 31, 2024, CRE2 is valued by discounted cash flow analysis. (3) Remaining collateral is comprised of a loan on a suburban office building. While the estimated value of this source of repayment exceeds the amount to be repaid to the Company, there can be no assurance that the Company's interest will be fully repaid or as to the timing of repayment. See “ Note E—Loans”.

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- Definition Variable Interest Entity [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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