XML 43 R32.htm IDEA: XBRL DOCUMENT

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents assets and liabilities measured at fair value and categorized in accordance with the fair value hierarchy:


		December 31,		September 30,
	Level	2023		2024
Assets
Loans	3	$	1,156,413	$	656,120
Beneficial interest assets	3	41,012		131,483
Line of credit receivable	3	—		31,514
Loan servicing assets	3	28,092		26,705
Notes receivable and residual certificates	3	14,847		10,318
Interest rate caps(1)	2	5,958		2,139
Total assets		$	1,246,322	$	858,279
Liabilities
Payable to securitization note holders	3	$	141,416	$	100,335
Beneficial interest liabilities	3	4,221		13,162
Trailing fee liabilities	3	4,251		4,345
Loan servicing liabilities	3	2,038		1,164
Total liabilities		$	151,926	$	119,006

__________

(1) The fair value of interest rate caps is determined based on the present value of the estimated future cash flows over the contract term using observable market-based inputs as of the valuation date, including implied interest rates.

Schedule of Fair Value by Classes of Loans Held by the Company

The following table presents the fair value of classes of loans included in the Company’s condensed consolidated balance sheets as of December 31, 2023 and September 30, 2024:


	December 31,		September 30,
	2023		2024
Loans held-for-sale	$	830,574	$	311,299
Loans held-for-investment	146,768		226,301
Loans held in consolidated securitization	179,071		118,520
Total	$	1,156,413	$	656,120

Schedule of Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loans held-for-investment and held-for-sale:


	December 31, 2023						September 30, 2024
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Discount rate	9.63	%	23.22	%	12.06	%	9.32	%	23.22	%	11.74	%
Credit risk rate	0.01	%	93.10	%	17.66	%	0.01	%	93.12	%	16.89	%
Prepayment rate	0.13	%	95.80	%	36.52	%	0.32	%	89.07	%	35.43	%

_________

(1) Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs implied for the Company’s Level 3 fair value measurements for loans held in consolidated securitization, which is determined by the sum of the fair value of the related securitization notes and residual certificates:


	December 31, 2023						September 30, 2024
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Discount rate	6.85	%	16.00	%	9.99	%	6.39	%	15.25	%	9.29	%
Credit risk rate	0.61	%	37.70	%	15.51	%	0.67	%	37.70	%	15.55	%
Prepayment rate	6.66	%	89.84	%	42.73	%	6.73	%	89.84	%	41.86	%

_________

(1) Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to the line of credit receivable:

December 31, 2023

September 30, 2024

Minimum

Maximum

Weighted-Average

Minimum

Maximum

Weighted-Average

Discount rate

7.00

_________

* Not applicable

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to note receivable, residual certificates, and payable to securitization note holders:


	December 31, 2023						September 30, 2024
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Notes receivable and residual certificates
Discount rate	9.99	%	23.22	%	12.74	%	10.52	%	23.22	%	13.13	%
Credit risk rate	0.48	%	50.69	%	16.32	%	0.49	%	50.28	%	16.37	%
Prepayment rate	6.36	%	89.46	%	43.14	%	6.37	%	87.53	%	42.66	%
Payable to securitization note holders
Discount rate	6.85	%	12.30	%	8.48	%	6.39	%	10.62	%	8.21	%
Credit risk rate	0.61	%	37.70	%	15.51	%	0.67	%	37.70	%	15.55	%
Prepayment rate	6.66	%	89.84	%	42.73	%	6.73	%	89.84	%	41.86	%

_________

(1)Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs used for the Company’s fair value measurements of beneficial interests as of December 31, 2023 and September 30, 2024:


	December 31, 2023						September 30, 2024
	Minimum		Maximum		Weighted-Average(1)		Minimum		Maximum		Weighted-Average(1)
Beneficial interest assets
Discount rate	7.00	%	14.00	%	13.63	%	7.00	%	14.00	%	13.69	%
Credit risk rate spread(2)	(0.85)	%	(0.85)	%	(0.85)	%	(3.00)	%	7.90	%	1.64	%

Beneficial interest liabilities
Discount rate	14.00	%	14.00	%	14.00	%	14.00	%	14.00	%	14.00	%
Credit risk rate spread(2)	0.09	%	9.81	%	8.79	%	12.90	%	16.43	%	13.40	%

_________

(1) Unobservable inputs were weighted by relative fair value.

(2) Expressed as a percentage of cumulative loss expectations as of the valuation date compared to the loss expectations as of the origination date or date of loan sale. A positive credit risk rate spread indicates an additional risk estimated as of the measurement date compared to the initial expectations. A negative credit risk spread indicates a lower risk than originally estimated.

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for trailing fee liabilities:


	December 31, 2023						September 30, 2024
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Discount rate	9.63	%	23.22	%	12.88	%	9.32	%	23.22	%	13.20	%
Credit risk rate	0.01	%	88.42	%	17.61	%	0.02	%	69.01	%	18.30	%
Prepayment rate	1.05	%	94.68	%	39.94	%	1.99	%	95.80	%	37.01	%

_________

(1) Unobservable inputs were weighted by relative fair value.

Schedule of Sensitivity Analysis of Fair Value

The following table presents the sensitivity of the fair value of loans held-for-sale and held-for-investment to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and September 30, 2024:


	December 31,		September 30,
	2023		2024
Fair value of loans held-for-sale and held-for-investment	$	977,342	$	537,600
Discount rates
100 basis point increase	(11,680)		(6,195)
200 basis point increase	(23,127)		(12,252)
Expected credit loss rates on underlying loans
10% adverse change	(12,453)		(5,402)
20% adverse change	(24,979)		(10,828)
Expected prepayment rates
10% adverse change	(1,884)		(1,477)
20% adverse change	(3,756)		(2,948)

The following table presents the sensitivity of the fair value of loans in consolidated securitization to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and September 30, 2024:


	December 31,		September 30,
	2023		2024
Fair value of loans held in consolidated securitization	$	179,071	$	118,520
Discount rates
100 basis point increase	(2,413)		(1,385)
200 basis point increase	(4,785)		(2,745)
Expected credit loss rates on underlying loans
10% adverse change	(2,669)		(2,318)
20% adverse change	(5,227)		(4,761)
Expected prepayment rates
10% adverse change	(1,625)		(990)
20% adverse change	(3,234)		(1,939)

The following table presents the sensitivity of beneficial interest assets and liabilities to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and September 30, 2024. Adverse changes in discount rates do not result in a material impact to the fair value of beneficial interest liabilities as of December 31, 2023 and September 30, 2024.

Significant Recurring Level 3 Fair Value Input Sensitivity


	December 31,		September 30,
	2023		2024
Fair value of beneficial interest assets	$	41,012	$	131,483
Discount rate
100 basis point increase	(1,240)		(2,621)
200 basis point increase	(2,431)		(5,152)
Expected credit rate spreads on underlying loans
10% adverse change	(9,059)		(28,780)
20% adverse change	(16,743)		(57,821)




Fair value of beneficial interest liabilities	$	4,221	$	13,162



Expected credit rate spreads on underlying loans
10% adverse change	5,606		5,721
20% adverse change	11,217		11,988

Schedule of Rollforward of Level 3 Assets

The following tables include a rollforward of the loans classified within Level 3 of the fair value hierarchy:


	Loans Held-for- Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at June 30, 2023	$	689,851	$	147,714	$	—	$	837,565

Transfer of loans to consolidated securitization(1)	(209,968)		—		209,968		—
Purchases of loans(2)(3)	483,921		32,714		—		516,635
Sale of loans(2)	(269,627)		—		—		(269,627)
Purchase of loans for immediate resale(2)	342,467		—		—		342,467
Immediate resale of loans(2)	(342,467)		—		—		(342,467)
Repayments received(2)	(40,894)		(24,757)		(12,302)		(77,953)
Charge-offs and changes in fair value recorded in earnings	(20,203)		(13,235)		(1,139)		(34,577)
Other changes	(764)		1,057		—		293

Fair value at September 30, 2023	$	632,316	$	143,493	$	196,527	$	972,336

_________

(1) Represents the fair value.

(2) Represents the principal balance.

(3) Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the three months ended September 30, 2023.


	Loans Held-for- Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at December 31, 2022	$	882,810	$	127,611	$	—	$	1,010,421


Transfer of loans to consolidated securitization(1)	(209,968)		—		209,968		—
Purchases of loans(2)(3)	1,053,309		121,293		—		1,174,602
Sale of loans(2)	(888,019)		—		—		(888,019)
Purchase of loans for immediate resale(2)	1,023,426		—		—		1,023,426
Immediate resale of loans(2)	(1,023,426)		—		—		(1,023,426)
Repayments received(2)	(149,697)		(68,212)		(12,302)		(230,211)
Charge-offs and changes in fair value recorded in earnings	(54,767)		(40,003)		(1,139)		(95,909)
Other changes	(1,352)		2,804		—		1,452
Fair value at September 30, 2023	$	632,316	$	143,493	$	196,527	$	972,336

_________

(1) Represents the fair value.

(2) Represents the principal balance.

(3) Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the nine months ended September 30, 2023.


	Loans Held-for- Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at June 30, 2024	$	497,922	$	187,586	$	135,120	$	820,628


Purchases and originations of loans(1)	475,176		85,639		—		560,815
Sale of loans(1)	(590,403)		—		—		(590,403)
Purchase of loans for immediate resale(1)	581,057		—		—		581,057
Immediate resale of loans(1)	(581,057)		—		—		(581,057)
Repayments received(1)	(43,633)		(37,603)		(11,818)		(93,054)
Charge-offs and changes in fair value recorded in earnings	(25,270)		(14,207)		(4,782)		(44,259)
Other changes	(2,493)		4,886		—		2,393

Fair value at September 30, 2024	$	311,299	$	226,301	$	118,520	$	656,120

_________

(1) Represents the principal balance.


	Loans Held-for- Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at December 31, 2023	$	830,574	$	146,768	$	179,071	$	1,156,413

Reclassification of loans(2)	(3,189)		3,189		—		—
Purchases and originations of loans(1)(2)	1,558,844		196,580		—		1,755,424
Sale of loans(2)	(1,826,066)		—		—		(1,826,066)
Purchase of loans for immediate resale(2)	1,067,402		—		—		1,067,402
Immediate resale of loans(2)	(1,067,402)		—		—		(1,067,402)
Repayments received(2)	(163,606)		(93,172)		(36,532)		(293,310)
Charge-offs and changes in fair value recorded in earnings	(77,943)		(37,810)		(24,019)		(139,772)
Other changes	(7,315)		10,746		—		3,431
Fair value at September 30, 2024	$	311,299	$	226,301	$	118,520	$	656,120

_________

(1)Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the nine months ended September 30, 2024.

(2)Represents the principal balance.

The following tables present a rollforward of the line of credit receivable classified by the Company within Level 3 of the fair value hierarchy:


	Line of Credit Receivable
Fair value at June 30, 2024	$	8,305
Issuances	22,646
Changes in fair value recorded in earnings	403
Changes in accrued interest	160
Fair value at September 30, 2024	$	31,514


	Line of Credit Receivable
Fair value at December 31, 2023	$	—
Issuances	30,907
Changes in fair value recorded in earnings	447
Changes in accrued interest	160
Fair value at September 30, 2024	$	31,514

The following tables include a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy:


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders

Fair value at June 30, 2023	$	3,907	$	—
Additions	—		165,318
Repayments and settlements	(560)		(10,016)
Changes in fair value recorded in earnings	(561)		(1,520)
Fair value at September 30, 2023	$	2,786	$	153,782


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders
Fair value at December 31, 2022	$	6,181	$	—
Additions	—		165,318
Repayments and settlements	(3,556)		(10,016)
Changes in fair value recorded in earnings	161		(1,520)

Fair value at September 30, 2023	$	2,786	$	153,782


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders
Fair value at June 30, 2024	$	11,642	$	113,652
Repayments and settlements	(1,323)		(14,259)
Changes in fair value recorded in earnings	(1)		942


Fair value at September 30, 2024	$	10,318	$	100,335


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders

Fair value at December 31, 2023	$	14,847	$	141,416

Repayments and settlements	(4,004)		(42,705)
Changes in fair value recorded in earnings	(525)		1,624
Fair value at September 30, 2024	$	10,318	$	100,335

The following table presents a rollforward of beneficial interest assets and liabilities.


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2023	$	28,664	$	85
Acquisition of beneficial interests	14,719		—


Changes in fair value recorded in earnings	(6,409)		763
Fair value at September 30, 2023	$	36,974	$	848


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at December 31, 2022	$	—	$	—
Acquisition of beneficial interests	45,254		—


Changes in fair value recorded in earnings	(8,280)		848
Fair value at September 30, 2023	$	36,974	$	848


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2024	$	97,804	$	11,198
Acquisition of beneficial interests	32,416		—
Settlement of beneficial interests	(1,079)		(1,325)
Changes in fair value recorded in earnings	2,342		3,289
Fair value at September 30, 2024	$	131,483	$	13,162


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at December 31, 2023	$	41,012	$	4,221
Acquisition of beneficial interests(1)	103,817		—
Settlement of beneficial interests	(2,808)		(3,692)
Changes in fair value recorded in earnings	(10,538)		12,633
Fair value at September 30, 2024	$	131,483	$	13,162

_________

(1) Effective June 30, 2024, the Company combined the presentation of payments on beneficial interest assets with acquisition of beneficial interests.

Schedule of Aggregate Fair Value and Principal Outstanding of All Loans And Loans 90 Days or More Past Due

The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due included in the condensed consolidated balance sheets:


	Loans				Loans > 90 Days Past Due
	December 31,		September 30,		December 31,		September 30,
	2023		2024		2023		2024
Outstanding principal balance	$	1,182,577	$	705,779	$	15,310	$	13,783
Net fair value and accrued interest adjustments	(26,164)		(49,659)		(12,260)		(11,539)
Fair value(1)	$	1,156,413	$	656,120	$	3,050	$	2,244

_________

(1) Includes $343.1 million and $282.8 million of auto loans at fair value as of December 31, 2023 and September 30, 2024, respectively, of which $2.8 million and $2.0 million is 90 days or more past due as of December 31, 2023 and September 30, 2024, respectively. Also

includes an immaterial amount of HELOCs at fair value as of December 31, 2023 and $30.2 million as of September 30, 2024, of which immaterial loans are 90 days or more past due as of either period.

Schedule of Rollforward of Level 3 Liabilities


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders

Fair value at June 30, 2023	$	3,907	$	—
Additions	—		165,318
Repayments and settlements	(560)		(10,016)
Changes in fair value recorded in earnings	(561)		(1,520)
Fair value at September 30, 2023	$	2,786	$	153,782


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders
Fair value at December 31, 2022	$	6,181	$	—
Additions	—		165,318
Repayments and settlements	(3,556)		(10,016)
Changes in fair value recorded in earnings	161		(1,520)

Fair value at September 30, 2023	$	2,786	$	153,782


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders
Fair value at June 30, 2024	$	11,642	$	113,652
Repayments and settlements	(1,323)		(14,259)
Changes in fair value recorded in earnings	(1)		942


Fair value at September 30, 2024	$	10,318	$	100,335


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders

Fair value at December 31, 2023	$	14,847	$	141,416

Repayments and settlements	(4,004)		(42,705)
Changes in fair value recorded in earnings	(525)		1,624
Fair value at September 30, 2024	$	10,318	$	100,335

The following table presents a rollforward of beneficial interest assets and liabilities.


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2023	$	28,664	$	85
Acquisition of beneficial interests	14,719		—


Changes in fair value recorded in earnings	(6,409)		763
Fair value at September 30, 2023	$	36,974	$	848


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at December 31, 2022	$	—	$	—
Acquisition of beneficial interests	45,254		—


Changes in fair value recorded in earnings	(8,280)		848
Fair value at September 30, 2023	$	36,974	$	848


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2024	$	97,804	$	11,198
Acquisition of beneficial interests	32,416		—
Settlement of beneficial interests	(1,079)		(1,325)
Changes in fair value recorded in earnings	2,342		3,289
Fair value at September 30, 2024	$	131,483	$	13,162


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at December 31, 2023	$	41,012	$	4,221
Acquisition of beneficial interests(1)	103,817		—
Settlement of beneficial interests	(2,808)		(3,692)
Changes in fair value recorded in earnings	(10,538)		12,633
Fair value at September 30, 2024	$	131,483	$	13,162

_________

(1) Effective June 30, 2024, the Company combined the presentation of payments on beneficial interest assets with acquisition of beneficial interests.

Schedule of Level 3 Fair Value Assumptions for Loan Servicing Assets and Liabilities

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loan servicing assets and liabilities:


	December 31, 2023						September 30, 2024
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Discount rate	13.00	%	20.00	%	16.89	%	13.00	%	20.00	%	17.06	%
Credit risk rate	0.05	%	88.42	%	14.93	%	0.08	%	65.36	%	15.66	%
Market-servicing rate (2)(3)	0.62	%	3.72	%	0.62	%	0.62	%	3.70	%	0.62	%
Prepayment rate	1.05	%	96.90	%	41.05	%	2.17	%	96.90	%	37.79	%

_________

(1)Unobservable inputs were weighted by relative fair value.

(2)Excludes ancillary fees that would be passed on to a third-party servicer.

(3)Expressed as a percentage of the outstanding principal balance for auto loans of 3.72% and 3.70% as of December 31, 2023 and September 30, 2024, respectively and 0.62% for personal loans as of both December 31, 2023 and September 30, 2024.

Schedule of Fair Value Sensitivity of Loan Servicing Assets and Liabilities to Adverse Changes in Key Assumptions

The table below presents the fair value sensitivity of loan servicing assets and liabilities to adverse changes in key assumptions. The fair value of loan servicing assets and liabilities is not sensitive to adverse changes in discount rates as such changes do not result in a material impact on the fair value as of December 31, 2023 and September 30, 2024, respectively. Adverse changes in prepayment rates do not result in a material impact to the fair value of loan servicing liabilities as of December 31, 2023 and September 30, 2024.


	December 31,		September 30,
	2023		2024
Fair value of loan servicing assets	$	28,092	$	26,705
Expected market-servicing rates
10% market-servicing rates increase	(7,475)		(8,621)
20% market-servicing rates increase	(14,916)		(15,784)
Expected prepayment rates
10% prepayment rates increase	(632)		(2,096)
20% prepayment rates increase	(1,257)		(2,750)


	December 31,		September 30,
	2023		2024
Fair value of loan servicing liabilities	$	2,038	$	1,164
Expected market-servicing rates
10% market-servicing rates increase	1,100		881
20% market-servicing rates increase	2,235		1,451

Schedule of Servicing Liabilities at Fair Value Rollforward

The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2023	$	33,339	$	2,577
Sale of loans	3,475		3
Repayments and other changes in fair value recorded in earnings	(6,723)		(187)
Fair value at September 30, 2023	$	30,091	$	2,393


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2022	$	36,467	$	3,968
Sale of loans	10,512		80
Repayments and other changes in fair value recorded in earnings	(16,888)		(1,655)
Fair value at September 30, 2023	$	30,091	$	2,393


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2024	$	25,790	$	1,223
Sale of loans	5,552		1
Repayments and other changes in fair value recorded in earnings	(4,637)		(60)
Fair value at September 30, 2024	$	26,705	$	1,164


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2023	$	28,092	$	2,038
Sale of loans	11,451		3
Repayments and other changes in fair value recorded in earnings	(12,838)		(877)
Fair value at September 30, 2024	$	26,705	$	1,164

Schedule of Servicing Assets at Fair Value Rollforward

The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2023	$	33,339	$	2,577
Sale of loans	3,475		3
Repayments and other changes in fair value recorded in earnings	(6,723)		(187)
Fair value at September 30, 2023	$	30,091	$	2,393


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2022	$	36,467	$	3,968
Sale of loans	10,512		80
Repayments and other changes in fair value recorded in earnings	(16,888)		(1,655)
Fair value at September 30, 2023	$	30,091	$	2,393


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2024	$	25,790	$	1,223
Sale of loans	5,552		1
Repayments and other changes in fair value recorded in earnings	(4,637)		(60)
Fair value at September 30, 2024	$	26,705	$	1,164


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2023	$	28,092	$	2,038
Sale of loans	11,451		3
Repayments and other changes in fair value recorded in earnings	(12,838)		(877)
Fair value at September 30, 2024	$	26,705	$	1,164

Schedule of Rollforward of Level 3 Liabilities

The following tables include a rollforward of trailing fee liabilities classified by the Company within Level 3 of the fair value hierarchy:


	Trailing Fee Liabilities
Fair value at June 30, 2023	$	4,265
Issuances	580
Repayments and settlements	(670)
Changes in fair value recorded in earnings	(2)
Fair value at September 30, 2023	$	4,173


	Trailing Fee Liabilities
Fair value at December 31, 2022	$	4,852
Issuances	1,414
Repayments and settlements	(2,096)
Changes in fair value recorded in earnings	3
Fair value at September 30. 2023	$	4,173


	Trailing Fee Liabilities
Fair value at June 30, 2024	$	4,242
Issuances	912
Repayments and settlements	(834)
Changes in fair value recorded in earnings	25

Fair value at September 30, 2024	$	4,345


	Trailing Fee Liabilities
Fair value at December 31, 2023	$	4,251
Issuances	2,101
Repayments and settlements	(2,145)
Changes in fair value recorded in earnings	138


Fair value at September 30, 2024	$	4,345