The Company transfers RICs and vehicle leases into newly formed Trusts that then issue one or more classes of notes payable backed by the collateral. The Company’s continuing involvement with these Trusts is in the form of servicing the assets and, generally, through holding residual interests in the Trusts. The Trusts are considered VIEs under GAAP, and the Company may or may not consolidate these VIEs on its Condensed Consolidated Balance Sheets.

For further description of the Company’s securitization activities, involvement with VIEs and accounting policies regarding consolidation of VIEs, see Part II, Item 8 - Financial Statements and Supplementary Data Note 7 in the Company's 2019 Annual Report on Form 10-K.

The assets of consolidated VIEs that are included in the Company's Condensed Consolidated Financial Statements presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, and that can be used only to settle obligations of the consolidated VIEs and the liabilities of those entities for which creditors (or beneficial interest holders) do not have recourse to the Company's general credit, were as follows⁽¹⁾:


(in thousands)	June 30, 2020		December 31, 2019
Assets
Restricted cash	$	1,612,388	$	1,629,870
Loans HFS	640,237		—
Loans HFI	22,489,596		26,532,328
Operating lease assets, net	16,239,622		16,461,982
Various other assets	703,234		625,359
Total Assets	$	41,685,077	$	45,249,539
Liabilities
Notes payable	$	32,278,091	$	34,249,851
Various other liabilities	101,067		188,093
Total Liabilities	$	32,379,158	$	34,437,944

(1) Certain amounts shown above are greater than the amounts shown in the corresponding line items in the accompanying Condensed Consolidated Balance Sheets due to intercompany eliminations between the VIEs and other entities consolidated by the Company. For example, for most of its securitizations, the Company retains one or more of the lowest tranches of bonds. Rather than showing investment in bonds as an asset and the associated debt as a liability, these amounts are eliminated in consolidation as required by GAAP.

The Company retains servicing rights for receivables transferred to the Trusts and receives a monthly servicing fee on the outstanding principal balance. Supplemental fees, such as late charges, for servicing the receivables are reflected in Miscellaneous income, net. As of June 30, 2020 and December 31, 2019, the Company was servicing $28.1 billion and $27.3 billion, respectively, of gross RICs that have been transferred to consolidated Trusts. The remainder of the Company’s RICs remains unpledged.

A summary of the cash flows received from the consolidated Trusts for the three-month and six-month periods ended June 30, 2020 and 2019 is as follows:


	Three-Month Period Ended June 30,						Six-Month Period Ended June 30,
(in thousands)	2020		2019		2020		2019
Assets securitized	$	3,887,075	$	4,913,261	$	10,562,806	$	9,841,723

Net proceeds from new securitizations ⁽¹⁾	$	2,932,117	$	3,794,437	$	6,808,647	$	7,757,055
Net proceeds from sale of retained bonds	1,526		99,999		55,993		117,305
Cash received for servicing fees ⁽²⁾	246,545		289,634		493,288		497,959

Net distributions from Trusts ⁽²⁾	621,708		1,078,665		1,557,381		1,671,434
Total cash received from Trusts	$	3,801,896	$	5,262,735	$	8,915,309	$	10,043,753

(2) These amounts are not reflected in the accompanying Consolidated SCF because the cash flows are between the VIEs and other entities included in the consolidation.

During the three and six-months ended June 30, 2020, SC sold $512.3 million, of gross RICs to third party investors in off-balance sheet securitizations for a loss of $26.9 million. The losses were recorded in investment losses, net, in the accompanying Condensed Consolidated Statements of Income. There were no sales during the three-month or six-month periods ended June 30, 2019.

As of June 30, 2020 and December 31, 2019, the Company was servicing $2.3 billion and $2.4 billion, respectively, of gross RICs that have been sold in off-balance sheet securitizations and were subject to an optional clean-up call. The portfolio was comprised as follows:


(in thousands)	June 30, 2020		December 31, 2019
Related party SPAIN securitizations	$	1,639,063	$	2,149,008


Third party SCART serviced securitizations	484,413		—
Third party Chrysler Capital securitizations	127,108		259,197


Total serviced for other portfolio	$	2,250,584	$	2,408,205

Other than repurchases of sold assets due to standard representations and warranties, the Company has no exposure to loss as a result of its involvement with these VIEs.

A summary of cash flows received from Trusts for the three-month and six-month periods ended June 30, 2020 and 2019, respectively, were as follows:


	Three-Month Period Ended						Six-Month Period Ended June 30,
(in thousands)	2020		2019		2020		2019
Receivables securitized ⁽¹⁾	$	512,286	$	—	$	512,286	$	—

Net proceeds from new securitizations	460,086		—		460,086		—
Cash received for servicing fees	5,079		9,357		11,258		19,608
Total cash received from Trusts	$	465,165	$	9,357	$	471,344	$	19,608