Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 75

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 75
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 and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated: (Dollars in Millions)March 31, 2025December 31, 2024Investment carrying amount$8,703 $8,107 Unfunded capital and other commitments5,751 5,032 Maximum exposure to loss8,522 8,435 The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $273 million at March 31, 2025 and $264 million at December 31, 2024. The maximum exposure to loss related to these VIEs was $398 million at March 31, 2025 and $382 million at December 31, 2024, representing the Company’s investment balance and its unfunded commitments to invest additional amounts. The Company also held senior notes of $2.7 billion as available-for-sale investment securities at March 31, 2025, compared with $3.2 billion at December 31, 2024. These senior notes were issued by third-party securitization vehicles that held $3.1 billion at March 31, 2025 and $3.6 billion at December 31, 2024 of indirect auto loans that collateralize the senior notes. These VIEs are not consolidated by the Company. The Company’s individual net investments in unconsolidated VIEs, which exclude any unfunded capital commitments, ranged from less than $1 million to $80 million at March 31, 2025, compared with less than $1 million to $79 million at December 31, 2024. 

The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged investments to third parties. At March 31, 2025, approximately $5.8 billion of the Company’s assets and $3.5 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIE