Note 28 – Supplemental financial data

Summarized financial information of our unconsolidated subsidiaries

In November of 2017, the Company acquired an interest in an SBC loan pool through a joint venture, WFLLA, LLC, which the Company has a 50% interest. Pursuant to the consolidation guidance, we determined our interest in the entity is a VIE, however, we do not consolidate the entity as we determined that we are not the primary beneficiary. WFLLA, LLC holds a 49.9% interest in another company, Girod HoldCo, LLC, whom owns and manages the day-to-day affairs and business associated with the SBC loan pool.

In accordance with Regulation S-X section 10-01(b)-1, unconsolidated entities that meet certain significance tests are required to have supplemental disclosures included in our unaudited interim financial statements, including condensed financial information for the three and nine months ended September 30, 2019 and 2018.


Statements of Income	Three Months Ended September 30, 2019				Three Months Ended September 30, 2018
(In Thousands)		Girod HoldCo, LLC		WFLLA, LLC		Girod HoldCo, LLC		WFLLA, LLC
Interest income	$	1,108	$	553	$	4,990	$	2,490
Realized gains		364		182		2,529		1,262
Unrealized gains		2,074		1,035		3,688		1,840
Servicing expense and other		(1,224)		(615)		(2,472)		(1,236)
Income before provision for income taxes	$	2,322	$	1,155	$	8,735	$	4,356


Statements of Income	Nine Months Ended September 30, 2019				Nine Months Ended September 30, 2018
(In Thousands)		Girod HoldCo, LLC		WFLLA, LLC		Girod HoldCo, LLC		WFLLA, LLC
Interest income	$	5,943	$	2,966	$	17,255	$	8,610
Realized gains		995		497		18,567		9,265
Unrealized gains		18,442		9,203		8,193		4,088
Servicing expense and other		(3,581)		(1,792)		(6,236)		(3,123)
Income before provision for income taxes	$	21,799	$	10,874	$	37,779	$	18,840



	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2019		2018		2019		2018
Income on unconsolidated joint ventures
WFLLA, LLC	$	578	$	2,178	$	5,437	$	9,420
Other unconsolidated joint ventures		469		—		622		—
Income on unconsolidated joint ventures	$	1,047	$	2,178	$	6,059	$	9,420

During the three months ended September 30, 2019 and 2018, the Company recorded $1.0 million and $2.2 million of income, respectively, which is based on our proportional ownership interest in the entities above. During the nine months ended September 30, 2019 and 2018, the Company recorded $6.1 million and $9.4 million of income, respectively. These amounts are reflected in Income on unconsolidated joint ventures within the interim unaudited statement of income.