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Note 7 - Variable Interest Entities | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Variable Interest Entity Disclosure [Text Block] |
7. | Variable Interest Entities
The Company contributes the vast majority of receivables to VIEs. These entities are sometimes established to facilitate third party financing. When assets are contributed to a VIE, they serve as collateral for the debt securities issued by that VIE. The evaluation of whether the entity qualifies as a VIE is based upon the sufficiency of the equity at risk in the legal entity. This evaluation is generally a function of the level of excess collateral in the legal entity. We consolidate VIEs when we hold a variable interest and we retain significant exposure to certain receivables and therefore, are the primary beneficiary. Through our role as servicer, we are the primary beneficiary when we have the power to direct activities that most significantly affect the economic performance and have the obligation to absorb the majority of the losses or benefits. In all of our VIEs, we continue to service the receivables (in accordance with defined servicing procedures), and as such, have the ability to significantly impact the economic performance of those VIEs. In certain circumstances we guarantee the performance of the underlying debt or agree to contribute additional collateral when necessary. When collateral is pledged, it is not available for the general use of the Company and can only be used to satisfy the related debt obligation. The results of operations and financial position of consolidated VIEs are included in our consolidated financial statements. The following table presents a summary of VIEs in which we had continuing involvement and held a variable interest (in millions):
|  | As of |
|  | September 30, 2023 |  |  | December 31, 2022 |
Unrestricted cash and cash equivalents |  | $ | 162.7 |  |  | $ | 202.2 |
Restricted cash and cash equivalents |  |  | 25.6 |  |  |  | 27.6 |
Loans, interest and fees receivable, at fair value |  |  | 2,031.3 |  |  |  | 1,735.9 |
Total Assets held by VIEs |  | $ | 2,219.6 |  |  | $ | 1,965.7 |
Notes Payable, net held by VIEs |  | $ | 1,719.7 |  |  | $ | 1,586.0 |
Maximum exposure to loss due to involvement with VIEs |  | $ | 1,957.1 |  |  | $ | 1,756.0 |

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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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