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VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of the Carrying Value and Classification of Assets and Liabilities of VIEs


Consolidated VIEs (in thousands)	September 30, 2022		December 31, 2021
Assets:
Cash and cash equivalents	$	387	$	—
Restricted cash		1,817		—
Receivables, net		33,235		—
Other Assets		49,475		54,880
Total assets of consolidated VIEs	$	84,914	$	54,880

Liabilities:
Other liabilities	$	38,114	$	36,480
Total liabilities of consolidated VIEs	$	38,114	$	36,480

Nonconsolidated VIEs

Schedule of the Carrying Value and Classification of Assets and Liabilities of VIEs


Nonconsolidated VIEs (in thousands)	September 30, 2022		December 31, 2021
Assets
Committed investments in tax credit equity	$	214,430	$	177,322
Other assets: Equity-method investments		58,126		74,997
Total interests in nonconsolidated VIEs	$	272,556	$	252,319

Liabilities
Commitments to fund investments in tax credit equity	$	198,073	$	162,747
Total commitments to fund nonconsolidated VIEs	$	198,073	$	162,747

Maximum exposure to losses⁽¹⁾⁽²⁾	$	272,556	$	252,319

(1)

Maximum exposure determined as Total interests in nonconsolidated VIEs. The maximum exposure for the Company’s investments in tax credit equity is limited to the carrying value of its investment, as there are no funding obligations or other commitments related to the nonconsolidated VIEs other than the amounts presented in the table above.

(2)	Based on historical experience and the underlying expected cash flows from the underlying investment, the maximum exposure of loss is not representative of the actual loss, if any, that the Company may incur.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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