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Note 8 - Variable Interest Entities | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Variable Interest Entity Disclosure [Text Block] |
8. | 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 have exposure to loss that has the potential to be significant and therefore, are the primary beneficiary. Through our role as servicer, we have the power to direct activities 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, which results in retention of exposure to loss that has the potential to be significant. As a result, the Company is the primary beneficiary and consolidates the VIEs. 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 |
|  | December 31, 2023 |  |  | December 31, 2022 |
Unrestricted cash and cash equivalents |  | $ | 158.0 |  |  | $ | 202.2 |
Restricted cash and cash equivalents |  | 20.5 |  |  |  | 27.6 |
Loans at fair value |  |  | 2,128.6 |  |  |  | 1,735.9 |
Total Assets held by VIEs |  | $ | 2,307.1 |  |  | $ | 1,965.7 |
Notes Payable, net held by VIEs |  | $ | 1,795.9 |  |  | $ | 1,586.0 |
Maximum exposure to loss due to involvement with VIEs |  | $ | 2,099.0 |  |  | $ | 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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