| 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, 2026 | | | | | | | | | | | APL certificates | $ | 192,791 | | | $ | 143,810 | | | $ | (15,770) | | | $ | 128,040 | | | $ | 1,676 | | | B Piece bonds | 31,970 | | | 13,327 | | | 8,954 | | | 22,281 | | | 12,667 | | | Total | $ | 224,761 | | | $ | 157,137 | | | $ | (6,816) | | | $ | 150,321 | | | $ | 14,343 | | | December 31, 2025 | | | | | | | | | | | APL certificates | $ | 192,791 | | | $ | 140,682 | | | $ | (15,143) | | | $ | 125,539 | | | $ | 1,664 | | | B Piece bonds | 36,730 | | | 15,405 | | | 9,203 | | | 24,608 | | | 15,349 | | | Total | $ | 229,521 | | | $ | 156,087 | | | $ | (5,940) | | | $ | 150,147 | | | $ | 17,013 | |
|
| 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, 2026 | | Six Months Ended June 30, 2026 | | APL Certificates | | B Piece Bonds | | Total | | APL Certificates | | B Piece Bonds | | Total | | Beginning balance | $ | 1,473 | | | $ | 13,652 | | | $ | 15,125 | | | $ | 1,664 | | | $ | 15,349 | | | $ | 17,013 | | | Provision for credit loss expense/(reversal) | 203 | | | (285) | | | (82) | | | 12 | | | 2,115 | | | 2,127 | | | Charge-offs | — | | | (700) | | | (700) | | | — | | | (4,797) | | | (4,797) | | | Ending balance | $ | 1,676 | | | $ | 12,667 | | | $ | 14,343 | | | $ | 1,676 | | | $ | 12,667 | | | $ | 14,343 | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | 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 | | | | | | | | | | | | | |
|