v3.25.2
Securities Available for Sale (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of AFS Securities
The amortized cost, gross unrealized gains and losses, and fair value of available for sale (AFS) securities were as follows:
June 30, 2025Amortized
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 securities265,088 164 (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 securities87,461 — (12,327)— 75,134 
Mortgage-backed securities61,945 47 (5,439)— 56,553 
Other asset-backed securities19,271 49 (449)— 18,871 
Municipal securities3,226 — (766)— 2,460 
Total securities available for sale
$3,565,829 $22,768 $(57,426)$(4,029)$3,527,142 
December 31, 2024Amortized
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 securities270,120 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 securities90,459 — (14,513)— 75,946 
Mortgage-backed securities62,882 8 (6,216)— 56,674 
Other asset-backed securities21,364 15 (587)— 20,792 
Municipal securities3,236 — (697)— 2,539 
Total securities available for sale
$3,492,264 $30,469 $(66,558)$(3,527)$3,452,648 
(1)    Excludes a $45 thousand and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at June 30, 2025 and December 31, 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
(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.
Schedule of AFS Securities with Unrealized Losses, Aggregated by Period of Continuous Unrealized Loss
A summary of AFS securities with unrealized losses, aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		12 months
or longer		Total
June 30, 2025Fair
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 transactions91,855 (792)2,328 (18)94,183 (810)
U.S. agency securities— — 75,134 (12,327)75,134 (12,327)
Mortgage-backed securities12,396 (101)32,113 (5,338)44,509 (5,439)
Other asset-backed securities1,135 (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, 2024Fair
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 securities34,168 (782)185,405 (42,461)219,573 (43,243)
Other asset-backed securities related to Structured Program transactions72,251 (657)— — 72,251 (657)
U.S. agency securities— — 75,946 (14,513)75,946 (14,513)
Mortgage-backed securities21,970 (316)32,298 (5,900)54,268 (6,216)
Other asset-backed securities1,638 (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)
Schedule of Activity in Credit Valuation Allowance for AFS Securities
The following table presents the activity in the allowance for credit losses (ACL) for AFS securities, by security type:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
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 
Schedule of Contractual Maturities of AFS Securities
The contractual maturities of AFS securities were as follows:
June 30, 2025Amortized CostFair 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 transactions188,831 184,032 
U.S. agency securities7,850 7,729 
Mortgage-backed securities2,648 2,452 
Municipal securities
306 282 
Other asset-backed securities116 115 
Total due after 1 year through 5 years3,139,758 3,157,085 6.85 %
Due after 5 years through 10 years:
U.S. agency securities29,997 27,174 
Other asset-backed securities11,253 11,263 
U.S. agency residential mortgage-backed securities3,325 3,209 
Mortgage-backed securities898 781 
Municipal securities309 275 
Total due after 5 years through 10 years45,782 42,702 3.77 %
Due after 10 years:
U.S. agency residential mortgage-backed securities261,763 224,408 
Mortgage-backed securities58,399 53,320 
U.S. agency securities49,614 40,231 
Other asset-backed securities7,902 7,493 
Municipal securities2,611 1,903 
Total due after 10 years380,289 327,355 3.05 %
Total securities available for sale$3,565,829 $3,527,142 6.39 %
(1)    The weighted-average yield is computed using the average month-end amortized cost during the six months ended June 30, 2025.