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Investments (Tables)
 9 Months Ended
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 gainsGross unrealized lossesFair 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 value21,428 490 — 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 gainsGross unrealized lossesFair 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 lossesFair value
Debt securities due March 2060(3)
February 20253,822 (209)3,613 
Debt securities due December 2060(3)
July 20297,450 (2,805)4,645 
Debt securities due January 2061(3)
September 20244,886 (302)4,584 
Debt securities due June 2061(4)
January 2025/February 20258,675 (662)8,013 
Debt securities due October 2061(3)
April 20296,255 (226)6,029 
Debt securities due March 2062(3)
May 20299,649 (434)9,215 
Debt securities due July 2062(3)
February 203012,197 (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 lossesFair value
Debt securities due February 2028(4)
February 2026$4,717 $(6)$4,711 
Debt securities due November 2051(4)
March 20253,764 (215)3,549 
Debt securities due March 2060(4)
February 20255,805 (678)5,127 
Debt securities due December 2060(4)
July 202921,411 (4,242)17,169 
Debt securities due January 2061(4)
September 20244,886 (478)4,408 
Debt securities due June 2061(5)
January 2025/February 202512,992 (1,243)11,749 
Debt securities due October 2061(4)
April 202911,815 (842)10,973 
Debt securities due March 2062(4)
May 202910,315 (793)9,522 
Debt securities due July 2062(3)
February 203012,668 (41)12,627 
Debt securities due October 2062(3)
October 202617,174 (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,
2024202320242023
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,
2024202320242023
Allowance for expected credit losses, beginning balance$(9,082)$— $(6,880)$— 
Reclassification to non-credit discount from the allowance for changes in payment expectations857 — 1,773 — 
Net change in the allowance for credit losses(857)— (3,975)— 
Allowance for expected credit losses, ending balance$(9,082)$— $(9,082)$—