Asset-Backed Financing (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Assets and Liabilities Related to the On-Balance Sheet Financing

The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheets were as follows (in thousands):


	September 30, 2025
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	334,759	$	—	$	18,655	$	1,491	$	354,905	$	62,635
Asset-backed U.S. commercial paper conduit facility	450,702		—		29,084		1,917		481,703		399,502
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	58,045		—		3,791		143		61,979		49,642
	$	843,506	$	—	$	51,530	$	3,551	$	898,587	$	511,779




	December 31, 2024
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	2,470,147	$	(140,632)	$	118,310	$	5,260	$	2,453,085	$	1,950,138
Asset-backed U.S. commercial paper conduit facility	490,766		(27,890)		28,201		2,104		493,181		431,846
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	90,122		(4,215)		4,735		234		90,876		77,381
	$	3,051,035	$	(172,737)	$	151,246	$	7,598	$	3,037,142	$	2,459,365


	September 30, 2024
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	2,772,473	$	(152,943)	$	131,459	$	4,523	$	2,755,512	$	2,244,742
Asset-backed U.S. commercial paper conduit facility	408,515		(22,501)		25,124		1,522		412,660		378,968
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	109,199		(4,999)		6,454		163		110,817		94,142
	$	3,290,187	$	(180,443)	$	163,037	$	6,208	$	3,278,989	$	2,717,852

Schedule of Transfer of Financial Assets Accounted for as Sales

Quarterly transfers of U.S. retail motorcycle finance receivables to SPEs, the respective proceeds, and the respective proceeds, net of discounts and issuance costs were as follows (in millions):


	2025						2024
	Transfers		Proceeds		Proceeds, net		Transfers		Proceeds		Proceeds, net
First quarter	$	—	$	—	$	—	$	—	$	—	$	—
Second quarter	584.4		500.0		497.8		607.8		550.0		547.6

Third quarter	$	—	$	—	$	—	663.1		600.0		597.6
	$	584.4	$	500.0	$	497.8	$	1,270.9	$	1,150.0	$	1,145.2

Quarterly transfers of U.S. retail motorcycle finance receivables to the U.S. Conduit and the respective proceeds were as follows (in millions):


	2025				2024
	Transfers		Proceeds		Transfers		Proceeds
First quarter	$	179.5	$	155.0	$	334.8	$	306.0
Second quarter	—		—		—		—
Third quarter	—		—		—		—

	$	179.5	$	155.0	$	334.8	$	306.0

Quarterly transfers of Canadian retail motorcycle finance receivables to the Canadian Conduit and the respective proceeds were as follows in 2024 (in millions):


	2024
	Transfers		Proceeds
First quarter	$	34.9	$	28.6
Second quarter	20.6		16.9
Third quarter	17.9		14.7

	$	73.4	$	60.2