
June 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Senior asset-backed securities related to Structured Program transactions (1)	$	2,940,007	$	22,468	$	—	$	—	$	2,962,475
U.S. agency residential mortgage-backed securities	265,088		164		(37,635)		—		227,617
Other asset-backed securities related to Structured Program transactions (2)	188,831		40		(810)		(4,029)		184,032
U.S. agency securities	87,461		—		(12,327)		—		75,134
Mortgage-backed securities	61,945		47		(5,439)		—		56,553
Other asset-backed securities	19,271		49		(449)		—		18,871
Municipal securities	3,226		—		(766)		—		2,460

Total securities available for sale	$	3,565,829	$	22,768	$	(57,426)	$	(4,029)	$	3,527,142


December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Senior asset-backed securities related to Structured Program transactions (1)	$	2,870,071	$	30,398	$	(645)	$	—	$	2,899,824
U.S. agency residential mortgage-backed securities	270,120		48		(43,243)		—		226,925
Other asset-backed securities related to Structured Program transactions (2)	174,132		—		(657)		(3,527)		169,948
U.S. agency securities	90,459		—		(14,513)		—		75,946
Mortgage-backed securities	62,882		8		(6,216)		—		56,674
Other asset-backed securities	21,364		15		(587)		—		20,792






Municipal securities	3,236		—		(697)		—		2,539
Total securities available for sale	$	3,492,264	$	30,469	$	(66,558)	$	(3,527)	$	3,452,648

(2) As of June 30, 2025 and December 31, 2024, $181.3 million and $169.9 million, respectively, of the other asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules.


	Less than 12 months				12 months or longer				Total
June 30, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. agency residential mortgage-backed securities	$	25,644	$	(409)	$	187,755	$	(37,226)	$	213,399	$	(37,635)
Other asset-backed securities related to Structured Program transactions	91,855		(792)		2,328		(18)		94,183		(810)
U.S. agency securities	—		—		75,134		(12,327)		75,134		(12,327)
Mortgage-backed securities	12,396		(101)		32,113		(5,338)		44,509		(5,439)
Other asset-backed securities	1,135		(5)		10,815		(444)		11,950		(449)

Municipal securities	—		—		2,460		(766)		2,460		(766)
Total securities with unrealized losses	$	131,030	$	(1,307)	$	310,605	$	(56,119)	$	441,635	$	(57,426)


	Less than 12 months				12 months or longer				Total
December 31, 2024	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Senior asset-backed securities related to Structured Program transactions	$	334,564	$	(645)	$	—	$	—	$	334,564	$	(645)
U.S. agency residential mortgage-backed securities	34,168		(782)		185,405		(42,461)		219,573		(43,243)
Other asset-backed securities related to Structured Program transactions	72,251		(657)		—		—		72,251		(657)
U.S. agency securities	—		—		75,946		(14,513)		75,946		(14,513)
Mortgage-backed securities	21,970		(316)		32,298		(5,900)		54,268		(6,216)
Other asset-backed securities	1,638		(4)		11,668		(583)		13,306		(587)
Municipal securities	—		—		2,539		(697)		2,539		(697)
Total securities with unrealized losses	$	464,591	$	(2,404)	$	307,856	$	(64,154)	$	772,447	$	(66,558)

The majority of securities in an unrealized loss position as of both June 30, 2025 and December 31, 2024 was comprised of U.S. agency-backed securities and mortgage-backed securities. Management considers these securities to be of the highest credit quality and rating given the guarantee of principal and interest by certain U.S. government agencies or government-sponsored agencies. Most of the remaining securities in an unrealized loss position in the Company’s AFS investment portfolio at June 30, 2025, were rated investment grade. Substantially all of these unrealized losses were caused by interest rate increases. Additionally, the Company does not intend to sell the securities in loss positions, nor is it more likely than not that it will be required to sell the securities prior to recovery of the amortized cost basis. For a description of management’s quarterly evaluation of AFS securities in an unrealized loss position, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in our Annual Report.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period	$	4,848	$	2,892	$	3,527	$	—
Credit loss (benefit) expense for securities available for sale	(819)		(809)		502		2,083



Allowance for credit losses, end of period	$	4,029	$	2,083	$	4,029	$	2,083


June 30, 2025	Amortized Cost		Fair Value		Weighted- average Yield (1)





Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions	$	2,940,007	$	2,962,475
Other asset-backed securities related to Structured Program transactions	188,831		184,032
U.S. agency securities	7,850		7,729
Mortgage-backed securities	2,648		2,452
Municipal securities	306		282
Other asset-backed securities	116		115

Total due after 1 year through 5 years	3,139,758		3,157,085		6.85	%
Due after 5 years through 10 years:
U.S. agency securities	29,997		27,174
Other asset-backed securities	11,253		11,263

U.S. agency residential mortgage-backed securities	3,325		3,209
Mortgage-backed securities	898		781
Municipal securities	309		275
Total due after 5 years through 10 years	45,782		42,702		3.77	%
Due after 10 years:
U.S. agency residential mortgage-backed securities	261,763		224,408
Mortgage-backed securities	58,399		53,320
U.S. agency securities	49,614		40,231
Other asset-backed securities	7,902		7,493
Municipal securities	2,611		1,903
Total due after 10 years	380,289		327,355		3.05	%
Total securities available for sale	$	3,565,829	$	3,527,142	6.39	%