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Investments (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule Of Investments In Debt Securities And Beneficial Interests | The following table presents information regarding the Company’s investments in debt securities and investments in beneficial interests ($ in thousands):
|  | As of September 30, 2024
|  | Basis(1) |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Debt securities available-for-sale, at fair value |  | $ | 170,883 |  |  | $ | 819 |  |  | $ | (5,052) |  |  | $ | 166,650 |
Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero |  | 47,144 |  |  | — |  |  | (2,086) |  |  | 45,058 |
Investment in equity securities at fair value |  | 21,428 |  |  | 490 |  |  | — |  |  | 21,918 |
Investment in beneficial interests at amortized cost, net of allowance for credit losses of $9,082 |  | 88,996 |  |  | 669 |  |  | (25,480) |  |  | 64,185 |
Total investments |  | $ | 328,451 |  |  | $ | 1,978 |  |  | $ | (32,618) |  |  | $ | 297,811 |
(1)Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM before any fair value adjustment.
|  | As of December 31, 2023
|  | Basis(1) |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Debt securities available-for-sale, at fair value |  | $ | 139,596 |  |  | $ | 637 |  |  | $ | (8,675) |  |  | $ | 131,558 |
Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero |  | 59,691 |  |  | 111 |  |  | (629) |  |  | 59,173 |
Investment in beneficial interests at amortized cost, net of allowance for credit losses of $6,880 |  | 104,162 |  |  | 3,631 |  |  | (26,477) |  |  | 81,316 |
Total investments |  | $ | 303,449 |  |  | $ | 4,379 |  |  | $ | (35,781) |  |  | $ | 272,047 |
(1)Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM before any fair value adjustment.
Schedule Of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table presents a breakdown of the Company’s gross unrealized losses on its investments in debt securities AFS ($ in thousands):
|  | As of September 30, 2024
|  | Step-up date(s)(1) |  | Basis(2) |  | Gross unrealized losses |  | Fair value
Debt securities due March 2060(3) |  | February 2025 |  | 3,822 |  |  | (209) |  |  | 3,613 |
Debt securities due December 2060(3) |  | July 2029 |  | 7,450 |  |  | (2,805) |  |  | 4,645 |
Debt securities due January 2061(3) |  | September 2024 |  | 4,886 |  |  | (302) |  |  | 4,584 |
Debt securities due June 2061(4) |  | January 2025/February 2025 |  | 8,675 |  |  | (662) |  |  | 8,013 |
Debt securities due October 2061(3) |  | April 2029 |  | 6,255 |  |  | (226) |  |  | 6,029 |
Debt securities due March 2062(3) |  | May 2029 |  | 9,649 |  |  | (434) |  |  | 9,215 |
Debt securities due July 2062(3) |  | February 2030 |  | 12,197 |  |  | (414) |  |  | 11,783 |
Total |  |  |  | $ | 52,934 |  |  | $ | (5,052) |  |  | $ | 47,882 |
(1)Step-up date is the date at which the coupon interest rate on the security increases. (2)Basis amount is net of any realized amortized costs and principal paydowns. (3)This security has been in an unrealized loss position for 12 months or longer. (4)This line is comprised of two securities that are both due June 2061, and both have been in an unrealized loss position for 12 months or longer.
| As of December 31, 2023
| Step-up date(s)(1) |  | Basis(2) |  | Gross unrealized losses |  | Fair value
Debt securities due February 2028(4) | February 2026 |  | $ | 4,717 |  |  | $ | (6) |  |  | $ | 4,711 |
Debt securities due November 2051(4) | March 2025 |  | 3,764 |  |  | (215) |  |  | 3,549 |
Debt securities due March 2060(4) | February 2025 |  | 5,805 |  |  | (678) |  |  | 5,127 |
Debt securities due December 2060(4) | July 2029 |  | 21,411 |  |  | (4,242) |  |  | 17,169 |
Debt securities due January 2061(4) | September 2024 |  | 4,886 |  |  | (478) |  |  | 4,408 |
Debt securities due June 2061(5) | January 2025/February 2025 |  | 12,992 |  |  | (1,243) |  |  | 11,749 |
Debt securities due October 2061(4) | April 2029 |  | 11,815 |  |  | (842) |  |  | 10,973 |
Debt securities due March 2062(4) | May 2029 |  | 10,315 |  |  | (793) |  |  | 9,522 |
Debt securities due July 2062(3) | February 2030 |  | 12,668 |  |  | (41) |  |  | 12,627 |
Debt securities due October 2062(3) | October 2026 |  | 17,174 |  |  | (137) |  |  | 17,037 |
Total |  |  | $ | 105,547 |  |  | $ | (8,675) |  |  | $ | 96,872 |
(1)Step-up date is the date at which the coupon interest rate on the security increases. (2)Basis amount is net of any realized amortized costs and principal paydowns. (3)This security has been in an unrealized loss position for less than 12 months. (4)This security has been in an unrealized loss position for 12 months or longer. (5)This line is comprised of two securities that are both due June 2061, and both have been in an unrealized loss position for 12 months or longer.
Schedule Of Securities Acquisition Reconciliation Between Purchase Price And Par Value | The following table presents a reconciliation between the purchase price and par value for the Company’s beneficial interest acquisitions for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Par |  | $ | — |  |  | $ | 11,962 |  |  | $ | — |  |  | $ | 14,013 |
Premium |  | — |  |  | (3,225) |  |  | — |  |  | (2,262) |
Purchase price |  | $ | — |  |  | $ | 8,737 |  |  | $ | — |  |  | $ | 11,751 |
Schedule Of Allowance For Credit Loss On Beneficial Interests | An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Allowance for expected credit losses, beginning balance |  | $ | (9,082) |  |  | $ | — |  |  | $ | (6,880) |  |  | $ | — |
Reclassification to non-credit discount from the allowance for changes in payment expectations |  | 857 |  |  | — |  |  | 1,773 |  |  | — |
Net change in the allowance for credit losses |  | (857) |  |  | — |  |  | (3,975) |  |  | — |
Allowance for expected credit losses, ending balance |  | $ | (9,082) |  |  | $ | — |  |  | $ | (9,082) |  |  | $ | — |

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