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Variable Interest Entities and Securitizations (Tables)
6 Months Ended
Jun. 30, 2022
Variable Interest Entity, Measure of Activity [Abstract]  
Summary of Total Assets and Total Liabilities Associated With Variable Interests in Consolidated VIEs The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the condensed consolidated balance sheets (in thousands):

 

 

 

As of June 30, 2022

 

 

 

Securitization Vehicles

 

 

Warehouse
Facilities
1

 

 

Total

 

Current Assets:

 

 

 

 

 

 

 

 

 

Restricted Cash

 

$

20,492

 

 

$

13,032

 

 

$

33,524

 

Finance Receivables at fair value

 

 

12,004

 

 

 

1,610

 

 

 

13,614

 

Finance Receivables held for sale

 

 

 

 

 

253,068

 

 

 

253,068

 

Other assets

 

 

1,882

 

 

 

757

 

 

 

2,639

 

Total Current Assets

 

 

34,378

 

 

 

268,467

 

 

 

302,845

 

Finance Receivables at fair value

 

 

147,374

 

 

 

17,203

 

 

 

164,577

 

Total Assets

 

$

181,752

 

 

$

285,670

 

 

$

467,422

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

Current portion of securitization debt

 

$

115,325

 

 

$

 

 

$

115,325

 

Warehouse credit facilities

 

 

 

 

 

210,577

 

 

 

210,577

 

Total Current Liabilities

 

 

115,325

 

 

 

210,577

 

 

 

325,902

 

Securitization debt, net of current portion

 

 

51,790

 

 

 

 

 

 

51,790

 

Other liabilities

 

 

239

 

 

 

533

 

 

 

772

 

Total Liabilities

 

$

167,354

 

 

$

211,110

 

 

$

378,464

 

 

1 Refer to Note 11 – Warehouse Credit Facilities of Consolidated VIEs for further details of the warehouse facilities.

Summary of Unconsolidated Variable Interest Entities

The following table summarizes the amortized cost, the carrying amount, which is the fair value, and the maximum exposure to losses of UACC's assets related to unconsolidated VIEs (in thousands):

 

 

 

As of June 30, 2022

 

 

 

Aggregate Principal Balance

 

 

Carrying Value

 

 

Total Exposure

 

Rated notes

 

$

12,100

 

 

$

11,816

 

 

$

11,816

 

Certificates

 

 

 

 

 

1,616

 

 

 

1,616

 

Other assets

 

 

310

 

 

 

310

 

 

 

310

 

Total unconsolidated VIEs

 

$

12,410

 

 

$

13,742

 

 

$

13,742