| Schedule of Securities Held-To-Maturity |
A summary of our securities held-to-maturity is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Face Value | | Net Carrying
Value | | Unrealized
Gain (Loss) | | Estimated
Fair Value | | Allowance for
Credit Losses | | June 30, 2025 | | | | | | | | | | | APL certificates | $ | 192,791 | | | $ | 137,258 | | | $ | (16,487) | | | $ | 120,771 | | | $ | 2,107 | | | B Piece bonds | 37,099 | | | 19,662 | | | 12,372 | | | 32,034 | | | 11,552 | | | Total | $ | 229,890 | | | $ | 156,920 | | | $ | (4,115) | | | $ | 152,805 | | | $ | 13,659 | | | December 31, 2024 | | | | | | | | | | | APL certificates | $ | 192,791 | | | $ | 134,834 | | | $ | (22,803) | | | $ | 112,031 | | | $ | 1,658 | | | B Piece bonds | 37,221 | | | 22,320 | | | 10,157 | | | 32,477 | | | 9,188 | | | Total | $ | 230,012 | | | $ | 157,154 | | | $ | (12,646) | | | $ | 144,508 | | | $ | 10,846 | |
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| Schedule of Changes in the Allowance for Credit Losses |
A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | APL Certificates | | B Piece Bonds | | Total | | APL Certificates | | B Piece Bonds | | Total | | Beginning balance | $ | 1,659 | | | $ | 9,108 | | | $ | 10,767 | | | $ | 1,658 | | | $ | 9,188 | | | $ | 10,846 | | | Provision for credit loss expense/(reversal) | 448 | | | 2,444 | | | 2,892 | | | 449 | | | 2,364 | | | 2,813 | | | Ending balance | $ | 2,107 | | | $ | 11,552 | | | $ | 13,659 | | | $ | 2,107 | | | $ | 11,552 | | | $ | 13,659 | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Six Months Ended June 30, 2024 | | Beginning balance | $ | 2,157 | | | $ | 5,440 | | | $ | 7,597 | | | $ | 2,272 | | | $ | 3,984 | | | $ | 6,256 | | | Provision for credit loss expense/(reversal) | 133 | | | 1,402 | | | 1,535 | | | 18 | | | 2,858 | | | 2,876 | | | Ending balance | $ | 2,290 | | | $ | 6,842 | | | $ | 9,132 | | | $ | 2,290 | | | $ | 6,842 | | | $ | 9,132 | | | | | | | | | | | | | |
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