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Investment Securities | 6 Months Ended
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Jun. 30, 2023
Investment Securities |
Investment Securities | 2. Investment Securities ​ As of June 30, 2023 and December 31, 2022, investment securities consisted predominantly of the following investment categories: ​ U.S. Treasury and debt securities – includes U.S. Treasury notes and debt securities issued by government agencies and government-sponsored enterprises. ​ Mortgage-backed securities – includes securities backed by notes or receivables secured by mortgage assets with cash flows based on actual or scheduled payments. ​ Collateralized mortgage obligations – includes securities backed by a pool of mortgages with cash flows distributed based on certain rules rather than pass through payments. ​ Collateralized loan obligations – includes structured debt securities backed by a pool of loans, consisting of primarily non-investment grade broadly syndicated corporate loans with additional credit enhancement. These are floating rate securities that have an investment grade rating of AA or better. ​ Debt securities issued by states and political subdivisions – includes general obligation bonds issued by state and local governments. ​ As of June 30, 2023 and December 31, 2022, the Company’s investment securities were classified as either available-for-sale or held-to-maturity. Amortized cost, gross unrealized holding gains and losses and fair value of available-for-sale and held-to-maturity investment securities as of June 30, 2023 and December 31, 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | December 31, 2022
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |  | Cost |  | Gains |  | Losses |  | Value
U.S. Treasury and government agency debt securities | ​ | $ | 128,594 | ​ | $ | — | ​ | $ | (11,709) | ​ | $ | 116,885 | ​ | $ | 163,309 | ​ | $ | — | ​ | $ | (12,327) | ​ | $ | 150,982
Government-sponsored enterprises debt securities | ​ | ​ | 45,000 | ​ | ​ | — | ​ | ​ | (760) | ​ | ​ | 44,240 | ​ | ​ | 45,000 | ​ | ​ | — | ​ | ​ | (699) | ​ | ​ | 44,301
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency | ​ | ​ | 63,486 | ​ | ​ | — | ​ | ​ | (6,284) | ​ | ​ | 57,202 | ​ | ​ | 66,792 | ​ | ​ | — | ​ | ​ | (7,069) | ​ | ​ | 59,723
Residential - Government-sponsored enterprises | ​ | ​ | 1,229,375 | ​ | ​ | — | ​ | ​ | (146,383) | ​ | ​ | 1,082,992 | ​ | ​ | 1,317,718 | ​ | ​ | — | ​ | ​ | (157,263) | ​ | ​ | 1,160,455
Commercial - Government agency | ​ | ​ | 276,365 | ​ | ​ | — | ​ | ​ | (50,903) | ​ | ​ | 225,462 | ​ | ​ | 282,700 | ​ | ​ | — | ​ | ​ | (44,847) | ​ | ​ | 237,853
Commercial - Government-sponsored enterprises | ​ | ​ | 96,441 | ​ | ​ | — | ​ | ​ | (8,544) | ​ | ​ | 87,897 | ​ | ​ | 130,612 | ​ | ​ | — | ​ | ​ | (11,039) | ​ | ​ | 119,573
Commercial - Non-agency | ​ | ​ | 21,964 | ​ | ​ | — | ​ | ​ | (585) | ​ | ​ | 21,379 | ​ | ​ | 21,964 | ​ | ​ | — | ​ | ​ | (493) | ​ | ​ | 21,471
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | 688,844 | ​ | ​ | — | ​ | ​ | (83,623) | ​ | ​ | 605,221 | ​ | ​ | 738,524 | ​ | ​ | — | ​ | ​ | (85,202) | ​ | ​ | 653,322
Government-sponsored enterprises | ​ | ​ | 496,867 | ​ | ​ | — | ​ | ​ | (69,387) | ​ | ​ | 427,480 | ​ | ​ | 533,103 | ​ | ​ | — | ​ | ​ | (70,971) | ​ | ​ | 462,132
Collateralized loan obligations | ​ | ​ | 249,889 | ​ | ​ | — | ​ | ​ | (9,275) | ​ | ​ | 240,614 | ​ | ​ | 249,877 | ​ | ​ | 50 | ​ | ​ | (8,606) | ​ | ​ | 241,321
Total available-for-sale securities | ​ | $ | 3,296,825 | ​ | $ | — | ​ | $ | (387,453) | ​ | $ | 2,909,372 | ​ | $ | 3,549,599 | ​ | $ | 50 | ​ | $ | (398,516) | ​ | $ | 3,151,133
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency debt securities | ​ | $ | 53,189 | ​ | $ | — | ​ | $ | (5,675) | ​ | $ | 47,514 | ​ | $ | 54,318 | ​ | $ | — | ​ | $ | (5,674) | ​ | $ | 48,644
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency | ​ | ​ | 45,097 | ​ | ​ | — | ​ | ​ | (5,484) | ​ | ​ | 39,613 | ​ | ​ | 46,302 | ​ | ​ | — | ​ | ​ | (6,294) | ​ | ​ | 40,008
Residential - Government-sponsored enterprises | ​ | ​ | 102,940 | ​ | ​ | — | ​ | ​ | (11,898) | ​ | ​ | 91,042 | ​ | ​ | 106,534 | ​ | ​ | — | ​ | ​ | (12,978) | ​ | ​ | 93,556
Commercial - Government agency | ​ | ​ | 30,675 | ​ | ​ | — | ​ | ​ | (6,381) | ​ | ​ | 24,294 | ​ | ​ | 30,544 | ​ | ​ | — | ​ | ​ | (5,229) | ​ | ​ | 25,315
Commercial - Government-sponsored enterprises | ​ | ​ | 1,137,157 | ​ | ​ | 196 | ​ | ​ | (129,963) | ​ | ​ | 1,007,390 | ​ | ​ | 1,150,449 | ​ | ​ | — | ​ | ​ | (138,451) | ​ | ​ | 1,011,998
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | 1,036,671 | ​ | ​ | — | ​ | ​ | (119,506) | ​ | ​ | 917,165 | ​ | ​ | 1,080,492 | ​ | ​ | — | ​ | ​ | (122,378) | ​ | ​ | 958,114
Government-sponsored enterprises | ​ | ​ | 1,720,672 | ​ | ​ | — | ​ | ​ | (198,450) | ​ | ​ | 1,522,222 | ​ | ​ | 1,798,178 | ​ | ​ | — | ​ | ​ | (207,045) | ​ | ​ | 1,591,133
Debt securities issued by states and political subdivisions | ​ | ​ | 54,007 | ​ | ​ | — | ​ | ​ | (5,986) | ​ | ​ | 48,021 | ​ | ​ | 53,822 | ​ | ​ | — | ​ | ​ | (7,768) | ​ | ​ | 46,054
Total held-to-maturity securities | ​ | $ | 4,180,408 | ​ | $ | 196 | ​ | $ | (483,343) | ​ | $ | 3,697,261 | ​ | $ | 4,320,639 | ​ | $ | — | ​ | $ | (505,817) | ​ | $ | 3,814,822
​ During the year ended December 31, 2022, the Company reclassified at fair value approximately $4.6 billion, in available-for-sale investment securities to the held-to-maturity category. The related total unrealized after-tax losses of approximately $372.4 million remained in accumulated other comprehensive loss to be amortized over the estimated remaining life of the securities as an adjustment of yield, offsetting the related accretion of the discount on the transferred securities. No gains or losses were recognized at the time of reclassification. Management considers the held-to-maturity classification of these investment securities to be appropriate as the Company has the positive intent and ability to hold these securities to maturity. There were no securities transferred from available-for-sale investment securities to the held-to-maturity category during the three and six months ended June 30, 2023. ​ Accrued interest receivable related to available-for-sale investment securities was $8.7 million and $8.9 million as of June 30, 2023 and December 31, 2022, respectively. Accrued interest receivable related to held-to-maturity investment securities was $7.2 million and $7.5 million as of June 30, 2023 and December 31, 2022, respectively. Accrued interest receivable is recorded separately from the amortized cost basis of investment securities on the Company’s unaudited interim consolidated balance sheets. ​ Proceeds from calls and sales of investment securities were $7.5 million and $25.2 million, respectively, for the three months ended June 30, 2023, and $7.7 million and $25.2 million, respectively, for the six months ended June 30, 2023. Proceeds from calls and sales of investment securities were $0.2 million and nil, respectively, for the three months ended June 30, 2022, and $1.2 million and nil, respectively, for the six months ended June 30, 2022. The Company recorded gross realized gains of nil and gross realized losses of nil for the three and six months ended June 30, 2023 and 2022. The income tax expense related to the Company’s net realized gain on the sale of investment securities was nil for the three and six months ended June 30, 2023 and 2022. Gains and losses realized on sales of securities are determined using the specific identification method. ​ Interest income from taxable investment securities was $33.3 million and $31.6 million, respectively, for the three months ended June 30, 2023 and 2022, and $67.3 million and $60.7 million, respectively, for the six months ended June 30, 2023 and 2022. Interest income from non-taxable investment securities was $3.1 million and $3.3 million, respectively, for the three months ended June 30, 2023 and 2022, and $6.7 million and $6.3 million, respectively, for the six months ended June 30, 2023 and 2022. ​ The amortized cost and fair value of debt securities issued by the U.S. Treasury, government agencies, government-sponsored enterprises and states and political subdivisions, non-agency mortgage-backed securities and collateralized loan obligations as of June 30, 2023, by contractual maturity, are shown below. Mortgage-backed securities and collateralized mortgage obligations issued by government agencies and government-sponsored enterprises are disclosed separately in the table below as remaining expected maturities will differ from contractual maturities as borrowers have the right to prepay obligations. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ | ​ | Amortized | ​ | Fair
(dollars in thousands) |  | Cost |  | Value
Available-for-sale securities | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 44,820 | ​ | $ | 44,242
Due after one year through five years | ​ | ​ | 60,590 | ​ | ​ | 57,478
Due after five years through ten years | ​ | ​ | 175,172 | ​ | ​ | 162,622
Due after ten years | ​ | ​ | 164,865 | ​ | ​ | 158,776
​ | ​ | ​ | 445,447 | ​ | ​ | 423,118
​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency | ​ | ​ | 63,486 | ​ | ​ | 57,202
Residential - Government-sponsored enterprises | ​ | ​ | 1,229,375 | ​ | ​ | 1,082,992
Commercial - Government agency | ​ | ​ | 276,365 | ​ | ​ | 225,462
Commercial - Government-sponsored enterprises | ​ | ​ | 96,441 | ​ | ​ | 87,897
Total mortgage-backed securities | ​ | ​ | 1,665,667 | ​ | ​ | 1,453,553
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | 688,844 | ​ | ​ | 605,221
Government-sponsored enterprises | ​ | ​ | 496,867 | ​ | ​ | 427,480
Total collateralized mortgage obligations | ​ | ​ | 1,185,711 | ​ | ​ | 1,032,701
Total available-for-sale securities | ​ | $ | 3,296,825 | ​ | $ | 2,909,372
​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity securities | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | — | ​ | $ | —
Due after one year through five years | ​ | ​ | — | ​ | ​ | —
Due after five years through ten years | ​ | ​ | 10,255 | ​ | ​ | 9,264
Due after ten years | ​ | ​ | 96,941 | ​ | ​ | 86,271
​ | ​ | ​ | 107,196 | ​ | ​ | 95,535
​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency | ​ | ​ | 45,097 | ​ | ​ | 39,613
Residential - Government-sponsored enterprises | ​ | ​ | 102,940 | ​ | ​ | 91,042
Commercial - Government agency | ​ | ​ | 30,675 | ​ | ​ | 24,294
Commercial - Government-sponsored enterprises | ​ | ​ | 1,137,157 | ​ | ​ | 1,007,390
Total mortgage-backed securities | ​ | ​ | 1,315,869 | ​ | ​ | 1,162,339
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | 1,036,671 | ​ | ​ | 917,165
Government-sponsored enterprises | ​ | ​ | 1,720,672 | ​ | ​ | 1,522,222
Total collateralized mortgage obligations | ​ | ​ | 2,757,343 | ​ | ​ | 2,439,387
Total held-to-maturity securities | ​ | $ | 4,180,408 | ​ | $ | 3,697,261
​ At June 30, 2023, pledged securities totaled $6.0 billion, of which $3.2 billion was pledged to secure public deposits, $2.6 billion was pledged to secure borrowing capacity and $171.5 million was pledged to secure other financial transactions. At December 31, 2022, pledged securities totaled $3.2 billion, of which $3.0 billion was pledged to secure public deposits and $207.8 million was pledged to secure other financial transactions. ​ The Company held no securities of any single issuer, other than debt securities issued by the U.S. government, government agencies and government-sponsored enterprises, taken in the aggregate, which were in excess of 10% of stockholders’ equity as of June 30, 2023 or December 31, 2022. ​ The following tables present the unrealized gross losses and fair values of securities in the available-for-sale portfolio by length of time that the 281 and 275 individual securities in each category have been in a continuous loss position as of June 30, 2023 and December 31, 2022, respectively. The unrealized losses on available-for-sale investment securities were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Time in Continuous Loss as of June 30, 2023
​ | ​ | Less Than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​
(dollars in thousands) |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value
U.S. Treasury and government agency debt securities | ​ | $ | (708) | ​ | $ | 19,255 | ​ | $ | (11,001) | ​ | $ | 97,630 | ​ | $ | (11,709) | ​ | $ | 116,885
Government-sponsored enterprises debt securities | ​ | ​ | (760) | ​ | ​ | 44,240 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (760) | ​ | ​ | 44,240
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (6,284) | ​ | ​ | 57,202 | ​ | ​ | (6,284) | ​ | ​ | 57,202
Residential - Government-sponsored enterprises | ​ | ​ | (8,831) | ​ | ​ | 165,828 | ​ | ​ | (137,552) | ​ | ​ | 917,164 | ​ | ​ | (146,383) | ​ | ​ | 1,082,992
Commercial - Government agency | ​ | ​ | (104) | ​ | ​ | 4,256 | ​ | ​ | (50,799) | ​ | ​ | 221,206 | ​ | ​ | (50,903) | ​ | ​ | 225,462
Commercial - Government-sponsored enterprises | ​ | ​ | (546) | ​ | ​ | 15,738 | ​ | ​ | (7,998) | ​ | ​ | 72,159 | ​ | ​ | (8,544) | ​ | ​ | 87,897
Commercial - Non-agency | ​ | ​ | (585) | ​ | ​ | 21,379 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (585) | ​ | ​ | 21,379
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | (1,260) | ​ | ​ | 31,225 | ​ | ​ | (82,363) | ​ | ​ | 573,996 | ​ | ​ | (83,623) | ​ | ​ | 605,221
Government-sponsored enterprises | ​ | ​ | (2,894) | ​ | ​ | 36,881 | ​ | ​ | (66,493) | ​ | ​ | 390,599 | ​ | ​ | (69,387) | ​ | ​ | 427,480
Collateralized loan obligations | ​ | ​ | (6,360) | ​ | ​ | 163,538 | ​ | ​ | (2,915) | ​ | ​ | 77,076 | ​ | ​ | (9,275) | ​ | ​ | 240,614
Total available-for-sale securities with unrealized losses | ​ | $ | (22,048) | ​ | $ | 502,340 | ​ | $ | (365,405) | ​ | $ | 2,407,032 | ​ | $ | (387,453) | ​ | $ | 2,909,372
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Time in Continuous Loss as of December 31, 2022
​ | ​ | Less Than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​
(dollars in thousands) |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value
U.S. Treasury and government agency debt securities | ​ | $ | (2,962) | ​ | $ | 83,870 | ​ | $ | (9,365) | ​ | $ | 67,112 | ​ | $ | (12,327) | ​ | $ | 150,982
Government-sponsored enterprises debt securities | ​ | ​ | (699) | ​ | ​ | 44,301 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (699) | ​ | ​ | 44,301
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency | ​ | ​ | (7,069) | ​ | ​ | 59,723 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (7,069) | ​ | ​ | 59,723
Residential - Government-sponsored enterprises | ​ | ​ | (73,954) | ​ | ​ | 645,338 | ​ | ​ | (83,309) | ​ | ​ | 515,117 | ​ | ​ | (157,263) | ​ | ​ | 1,160,455
Commercial - Government agency | ​ | ​ | (15,852) | ​ | ​ | 108,842 | ​ | ​ | (28,995) | ​ | ​ | 129,011 | ​ | ​ | (44,847) | ​ | ​ | 237,853
Commercial - Government-sponsored enterprises | ​ | ​ | (7,348) | ​ | ​ | 94,657 | ​ | ​ | (3,691) | ​ | ​ | 24,916 | ​ | ​ | (11,039) | ​ | ​ | 119,573
Commercial - Non-agency | ​ | ​ | (493) | ​ | ​ | 21,471 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (493) | ​ | ​ | 21,471
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | (74,797) | ​ | ​ | 596,907 | ​ | ​ | (10,405) | ​ | ​ | 56,415 | ​ | ​ | (85,202) | ​ | ​ | 653,322
Government-sponsored enterprises | ​ | ​ | (21,916) | ​ | ​ | 198,108 | ​ | ​ | (49,055) | ​ | ​ | 264,024 | ​ | ​ | (70,971) | ​ | ​ | 462,132
Collateralized loan obligations: | ​ | ​ | (8,606) | ​ | ​ | 170,042 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,606) | ​ | ​ | 170,042
Total available-for-sale securities with unrealized losses | ​ | $ | (213,696) | ​ | $ | 2,023,259 | ​ | $ | (184,820) | ​ | $ | 1,056,595 | ​ | $ | (398,516) | ​ | $ | 3,079,854
​ At June 30, 2023 and December 31, 2022, the Company did not have any available-for-sale securities in an unrealized loss position with the intent to sell and determined it was more likely than not that the Company would not be required to sell these securities prior to recovery of the amortized cost basis. As the Company had the intent and ability to hold the remaining available-for-sale securities in an unrealized loss position as of June 30, 2023 and December 31, 2022, each security with an unrealized loss position in the above tables has been further assessed to determine if a credit loss exists. As of June 30, 2023 and December 31, 2022, the Company did not expect any credit losses in its available-for-sale debt securities and no credit losses were recognized on available-for-sale securities during the three and six months ended June 30, 2023 and for the year ended December 31, 2022. ​ As of June 30, 2023 and December 31, 2022, the Company’s investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with under 5% of the investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. For investment securities issued by the U.S. Government, its agencies and government-sponsored enterprises, management has concluded that the long history with no credit losses from these issuers indicates an expectation that nonpayment of the amortized cost basis is zero, and these securities are explicitly or implicitly fully guaranteed by the U.S. government. The U.S. government can print its own currency and its currency is routinely held by central banks and other major financial institutions. The dollar is used in international commerce, and commonly is viewed as a reserve currency, all of which qualitatively indicates that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. For collateralized loan obligations and debt securities issued by local state and political subdivisions, these securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale and held-to-maturity debt securities as of June 30, 2023 or December 31, 2022. ​ The Company held approximately 120,000 Visa Class B restricted shares as of both June 30, 2023 and December 31, 2022. These shares continued to be carried at $0 cost basis as of both June 30, 2023 and December 31, 2022.

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480524/946-210-50-12 + Details
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