| Schedule of Debt Instruments, Excluding Warehouse Credit Facilities |
Debt instruments, excluding warehouse credit facilities of consolidated VIEs, which are discussed in Note 10 — Warehouse Credit Facilities of Consolidated VIEs, consisted of the following (in thousands):
|
|
|
December 31,
|
| |
|
2024
|
|
2023
|
|
Convertible senior notes
|
|
$
|
—
|
|
$
|
286,800 |
|
Securitization debt of consolidated VIEs at fair value
|
|
|
142,629 |
|
|
314,095 |
|
Securitization debt of consolidated VIEs at amortized cost
|
|
|
210,727 |
|
|
—
|
|
Financing of beneficial interest in securitizations
|
|
|
17,700 |
|
|
15,378 |
|
Junior subordinated debentures
|
|
|
10,310 |
|
|
10,310 |
|
Total debt
|
|
$
|
381,366 |
|
$
|
626,583 |
|
| Schedule of Securitization Debt of Consolidated VIEs |
The securitization debt issued is included in “Long-term debt” on the condensed consolidated balance sheet. The securitization debt of consolidated VIEs consisted of the following (in thousands):
| As of December 31, 2024
Series | | Final Scheduled
Payment Date | | Initial
Principal | | Contractual
Interest Rate | | Outstanding
Principal | | Fair
Value | | United Auto Credit 2022-2-C | | May 10, 2027 | | $ | 26,533 | | 5.81 | % | | $ | 5,265 | | $ | 5,265 | | United Auto Credit 2022-2-D | | January 10, 2028 | | | 32,889 | | 6.84 | % | | | 32,889 | | | 32,836 | | United Auto Credit 2022-2-E | | April 10, 2029 | | | 33,440 | | 10.00 | % | | | 28,440 | | | 16,922 | | United Auto Credit 2023-1-C | | July 10, 2028 | | | 33,326 | | 6.28 | % | | | 27,657 | | | 27,731 | | United Auto Credit 2023-1-D | | July 10, 2028 | | | 35,653 | | 8.00 | % | | | 35,653 | | | 36,149 | | United Auto Credit 2023-1-E | | September 10, 2029 | | | 23,256 | | 10.98 | % | | | 23,256 | | | 23,726 | | Total rated notes at fair value | | | | $ | 185,097 | | | | | $ | 153,160 | | $ | 142,629 | | | | | | | | | | | | | | | | | | United Auto Credit 2024-1-A | | August 10, 2026 | | $ | 132,340 | | 6.17 | % | | $ | 45,490 | | | | | United Auto Credit 2024-1-B | | June 10, 2027 | | | 42,770 | | 6.57 | % | | | 42,770 | | | | | United Auto Credit 2024-1-C | | October 10, 2029 | | | 35,190 | | 7.06 | % | | | 35,190 | | | | | United Auto Credit 2024-1-D | | November 12, 2029 | | | 52,160 | | 8.30 | % | | | 52,160 | | | | | United Auto Credit 2024-1-E | | November 12, 2030 | | | 37,540 | | 10.45 | % | | | 37,540 | | | | | Total rated notes at amortized cost | | | | $ | 300,000 | | | | | $ | 213,150 | | | | | Unamortized debt issuance costs | | | | | | | | | | $ | 2,423 | | | | | Net carrying value | | | | | | | | | | $ | 210,727 | | | |
| As of December 31, 2023
Series | | Final Scheduled
Payment Date | | Initial
Principal | | Contractual
Interest Rate | | Outstanding
Principal | | Net
Carrying Value | | United Auto Credit 2021-1-D | | June 10, 2026 | | $ | 29,380 | | 1.14 | % | | $ | 3,246 | | $ | 3,235 | | United Auto Credit 2021-1-E | | June 10, 2026 | | | 20,800 | | 2.58 | % | | | 20,800 | | | 20,540 | | United Auto Credit 2021-1-F | | September 10, 2027 | | | 13,910 | | 4.30 | % | | | 13,910 | | | 13,644 | | United Auto Credit 2022-2-B | | December 10, 2025 | | | 30,324 | | 5.41 | % | | | 28,786 | | | 28,745 | | United Auto Credit 2022-2-C | | May 10, 2027 | | | 26,533 | | 5.81 | % | | | 26,533 | | | 26,331 | | United Auto Credit 2022-2-D | | January 10, 2028 | | | 32,889 | | 6.84 | % | | | 32,889 | | | 32,642 | | United Auto Credit 2022-2-E | | April 10, 2029 | | | 33,440 | | 10.00 | % | | | 33,440 | | | 29,691 | | United Auto Credit 2023-1-A | | July 10, 2025 | | | 118,598 | | 5.57 | % | | | 15,089 | | | 15,083 | | United Auto Credit 2023-1-B | | July 10, 2028 | | | 51,157 | | 5.91 | % | | | 51,157 | | | 51,019 | | United Auto Credit 2023-1-C | | July 10, 2028 | | | 33,326 | | 6.28 | % | | | 33,326 | | | 33,199 | | United Auto Credit 2023-1-D | | July 10, 2028 | | | 35,653 | | 8.00 | % | | | 35,653 | | | 36,152 | | United Auto Credit 2023-1-E | | September 10, 2029 | | | 23,256 | | 10.98 | % | | | 23,256 | | | 23,814 | | Total rated notes | | | | $ | 449,266 | | | | | $ | 318,085 | | $ | 314,095 |
|
| Schedule of Aggregate Principal Balance and Net Carrying Value of Finance Receivables Pledged to Securitization Debt |
The aggregate principal balance and the net carrying value of finance receivables pledged to the securitization debt consists of the following (in thousands):
|
|
|
As of December 31,
|
| |
|
2024
|
|
2023
|
| |
|
Aggregate
Principal
Balance
|
|
Net Carrying
Value
|
|
Aggregate
Principal
Balance
|
|
Net Carrying
Value
|
|
United Auto Credit 2021-1
|
|
$
|
—
|
|
$
|
—
|
|
$
|
38,951 |
|
$
|
35,790 |
|
United Auto Credit 2022-2
|
|
|
65,096 |
|
|
57,130 |
|
|
125,072 |
|
|
111,379 |
|
United Auto Credit 2023-1
|
|
|
106,920 |
|
|
92,041 |
|
|
197,586 |
|
|
169,829 |
|
United Auto Credit 2024-1
|
|
|
275,567 |
|
|
244,094 |
|
|
—
|
|
|
—
|
|
Total finance receivables of CFEs
|
|
$
|
447,583 |
|
$
|
393,265 |
|
$
|
361,609 |
|
$
|
316,998 |
|