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Securities Available for Sale
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale Securities Available for Sale
The amortized cost, gross unrealized gains and losses, credit valuation allowance, and fair value of AFS securities were as follows:
December 31, 2021Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Credit ValuationAllowance Fair
Value
U.S. agency residential mortgage-backed securities$125,985 $— $(2,286)$— $123,699 
Asset-backed senior securities28,057 72 — — 28,129 
U.S. agency securities26,902 1 (731)— 26,172 
Other asset-backed securities26,112 151 (130)— 26,133 
Commercial mortgage-backed securities26,649 1 (552)— 26,098 
CLUB Certificate asset-backed securities15,049 3,236 — — 18,285 
Asset-backed subordinated securities4,119 7,643 — — 11,762 
Municipal securities3,297 — (45)— 3,252 
Total securities available for sale (1)(2)
$256,170 $11,104 $(3,744)$— $263,530 
December 31, 2020Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Credit ValuationAllowance Fair
Value
Asset-backed senior securities$75,332 $67 $(27)$— $75,372 
CLUB Certificate asset-backed securities54,525 576 (772)(4,190)50,139 
Asset-backed subordinated securities29,107 2,128 (174)(14,546)16,515 
Other securities200 — — — 200 
Total securities available for sale (1)(2)
$159,164 $2,771 $(973)$(18,736)$142,226 
(1)    As of December 31, 2021 and 2020, $13.3 million and $119.3 million, respectively, of the 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.
(2)    As of December 31, 2021 and 2020, includes $236.8 million and $133.5 million, respectively, of securities pledged as collateral at fair value.
The Company’s AFS portfolio includes debt securities primarily obtained in the first quarter of 2021 upon the Acquisition and asset-backed securities related to the Company’s Structured Program transactions.

A summary of AFS securities with unrealized losses for which a credit valuation allowance has not been recorded aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		12 months
or longer		Total
December 31, 2021Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$123,668 $(2,286)$— $— $123,668 $(2,286)
U.S. agency securities24,175 (731)— — 24,175 (731)
Other asset-backed securities13,224 (130)— — 13,224 (130)
Commercial mortgage-backed securities25,927 (552)— — 25,927 (552)
Municipal securities3,252 (45)— — 3,252 (45)
Total securities with unrealized losses (1)
$190,246 $(3,744)$— $— $190,246 $(3,744)
Less than
12 months		12 months
or longer		Total
December 31, 2020Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Asset-backed securities related to Structured Program transactions$26,678 $(855)$6,052 $(118)$32,730 $(973)
Total securities with unrealized losses (1)
$26,678 $(855)$6,052 $(118)$32,730 $(973)
(1)    The number of investment positions with unrealized losses at December 31, 2021 and 2020 totaled 145 and 55, respectively.

During 2020, the Company recorded a credit valuation allowance on those securities where there was a deterioration in future estimated cash flows. The Company also recorded unrealized losses on securities with fair value price reductions due to higher liquidity premiums observed as a result of market dislocation related to COVID-19.

The following tables present the activity in the credit valuation allowance for AFS securities, by major security type:
Credit Valuation AllowanceCLUB Certificate asset-backed securitiesAsset-backed subordinated securitiesTotal
Beginning balance as of December 31, 2020$(4,190)$(14,546)$(18,736)
Reversal of credit loss expense236 3,146 3,382 
Reversal of allowance arising from PCD financial assets3,954 11,400 15,354 
Ending balance as of December 31, 2021$— $— $— 
Credit Valuation AllowanceCLUB Certificate asset-backed securitiesAsset-backed subordinated securitiesTotal
Beginning balance as of January 1, 2020$— $— $— 
Provision for credit loss expense(236)(3,146)(3,382)
Allowance arising from PCD financial assets(3,954)(11,400)(15,354)
Ending balance as of December 31, 2020$(4,190)$(14,546)$(18,736)
AFS securities purchased with credit deterioration were as follows:
Year Ended December 31, 2020
Purchase price of PCD securities at acquisition$27,034 
Credit valuation allowance on PCD securities at acquisition15,354 
Par value of acquired PCD securities at acquisition$42,388 

There were no AFS securities purchased with credit deterioration during the year ended December 31, 2021.

The contractual maturities of AFS securities were as follows:
December 31, 2021Amortized CostFair Value
Weighted-
average
Yield(1)
Due after 5 years through 10 years:
U.S. agency residential mortgage-backed securities$710 $703 
Other asset-backed securities1,092 1,109 
Commercial mortgage-backed securities4,204 4,092 
U.S. agency securities1,998 1,992 
Municipal securities627 620 
Total due after 5 years through 10 years8,631 8,516 1.59 %
Due after 10 years:
U.S. agency residential mortgage-backed securities125,275 122,996 
Other asset-backed securities25,020 25,024 
Commercial mortgage-backed securities22,445 22,006 
U.S. agency securities24,904 24,180 
Municipal securities2,670 2,632 
Total due after 10 years200,314 196,838 1.57 %
Asset-backed securities related to Structured Program transactions
47,225 58,176 18.89 %
Total securities available for sale$256,170 $263,530 4.76 %
(1)    The weighted-average yield is computed using the amortized cost at December 31, 2021.

Proceeds and gross realized gains and losses from AFS securities were as follows:
Year Ended December 31,202120202019
Proceeds$106,192 $6,217 $12,548 
Gross realized gains$708 $14 $9 
Gross realized losses$(952)$(3)$(1)