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Structured Program Transactions and Variable Interest Entities
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Structured Program Transactions and Variable Interest Entities Structured Program Transactions and Variable Interest Entities
The Company’s VIEs relate to its Structured Program transactions. As of both June 30, 2026 and December 31, 2025, the Company did not consolidate any VIEs. Accordingly, holders of the related securities can look only to the assets of the VIEs that issued the securities and there is no direct recourse to the Company’s assets.

The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:
June 30, 2026December 31, 2025
Assets
Securities available for sale at fair value$3,651,874 $3,311,780 
Other assets61,786 53,660 
Total assets3,713,660 3,365,440 
Liabilities
Other liabilities— 1,023 
Total liabilities— 1,023 
Total net assets (maximum loss exposure)$3,713,660 $3,364,417 

Maximum loss exposure represents estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is extremely remote, such as where the value of interests declines to zero. Accordingly, this required disclosure is not an indication of expected losses.

The following table summarizes activity related to unconsolidated VIEs where the transfers were accounted for as a sale on the Company’s financial statements:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Fair value of consideration received:
Cash$453,853 $182,675 $869,951 $331,054 
Net securities retained from Structured Program transactions746,700 531,509 1,381,832 880,511 
Other assets, net14,605 10,682 27,190 16,656 
Total consideration1,215,158 724,866 2,278,973 1,228,221 
Fair value of loans sold(1,201,218)(715,210)(2,253,004)(1,213,268)
Gain on sales of loans(1)
$13,940 $9,656 $25,969 $14,953 
Cash proceeds from continuing involvement:
Servicing and other administrative fees$12,178 $8,850 $23,528 $17,746 
Interest received on securities retained from Structured Program transactions$50,747 $50,147 $101,743 $101,281 
(1)    Consists primarily of servicing assets recognized at the time of loan sale, less any transaction costs, and excludes origination fees and fair value adjustments recognized prior to the sale.

As of June 30, 2026, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $5.2 billion, of which $67.7 million was 30 days or more past due. As of December 31, 2025, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $4.4 billion, of which $64.9 million was 30 days or more past due. For such loans, the Company would only
experience a loss if it was required to repurchase a loan due to a breach in representations and warranties associated with its loan sale or servicing contracts.