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Securities Available for Sale
 6 Months Ended
Jun. 30, 2023
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 available for sale (AFS) securities were as follows:
June 30, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. agency residential mortgage-backed securities$254,999 $— $(40,483)$214,516 
Senior asset-backed securities related to Structured Program transactions144,529 — (605)143,924 
U.S. agency securities93,449 — (14,409)79,040 
Mortgage-backed securities43,723 — (5,580)38,143 
Other asset-backed securities29,187 44 (765)28,466 
Other asset-backed securities related to Structured Program transactions (1)
10,550 6,452 (22)16,980 
Municipal securities3,267 — (757)2,510 
Total securities available for sale (2)
$579,704 $6,496 $(62,621)$523,579 
December 31, 2022Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. agency residential mortgage-backed securities$255,675 $— $(41,248)$214,427 
U.S. agency securities90,447 — (16,053)74,394 
Mortgage-backed securities26,988 — (4,470)22,518 
Asset-backed securities related to Structured Program transactions8,322 9,395 — 17,717 
Other asset-backed securities14,959 29 (785)14,203 
Municipal securities3,277 — (834)2,443 
Total securities available for sale (2)
$399,668 $9,424 $(63,390)$345,702 
(1)    As of June 30, 2023, $8.5 million 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.
(2)    As of June 30, 2023 and December 31, 2022, includes $352.1 million and $319.0 million, respectively, of fair value securities pledged as collateral.
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
June 30, 2023Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$22,653 $(1,331)$191,863 $(39,152)$214,516 $(40,483)
Senior asset-backed securities related to Structured Program transactions94,552 (605)— — 94,552 (605)
U.S. agency securities5,878 (122)73,162 (14,287)79,040 (14,409)
Mortgage-backed securities16,946 (787)21,197 (4,793)38,143 (5,580)
Other asset-backed securities14,035 (48)8,479 (717)22,514 (765)
Other asset-backed securities related to Structured Program transactions5,703 (22)— — 5,703 (22)
Municipal securities— — 2,510 (757)2,510 (757)
Total securities with unrealized losses$159,767 $(2,915)$297,211 $(59,706)$456,978 $(62,621)
Less than
12 months		12 months
or longer		Total
December 31, 2022Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$111,843 $(15,831)$102,584 $(25,417)$214,427 $(41,248)
U.S. agency securities50,352 (7,213)24,042 (8,840)74,394 (16,053)
Mortgage-backed securities2,441 (229)20,077 (4,241)22,518 (4,470)
Other asset-backed securities4,086 (73)6,945 (712)11,031 (785)
Municipal securities— — 2,443 (834)2,443 (834)
Total securities with unrealized losses$168,722 $(23,346)$156,091 $(40,044)$324,813 $(63,390)

There was no activity in the allowance for AFS securities during the second quarters and first halves of 2023 and 2022. At June 30, 2023, the majority of the Company’s AFS investment portfolio was comprised of U.S. agency-backed securities and asset-backed securities related to Structured Program transactions. Management considers U.S. agency-backed securities to be of the highest credit quality and rating given the guarantee of principal and interest by certain U.S. government agencies. Most of the remaining securities in an unrealized loss position in the Company’s AFS investment portfolio at June 30, 2023, were rated investment grade. Substantially all of these unrealized losses in the AFS investment portfolio were caused by interest rate increases. The Company does not intend to sell the investment portfolio, and it is not more likely than not that it will be required to sell any investment before recovery of its 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.
The contractual maturities of AFS securities were as follows:
June 30, 2023Amortized CostFair Value
Weighted-
average
Yield (1)
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions$144,529 $143,924 
Other asset-backed securities related to Structured Program transactions10,550 16,980 
U.S. agency securities9,000 8,595 
Mortgage-backed securities1,788 1,583 
U.S. agency residential mortgage-backed securities4 4 
Total due after 1 year through 5 years165,871 171,086 5.19 %
Due after 5 years through 10 years:
U.S. agency securities18,847 17,257 
Other asset-backed securities16,491 16,471 
U.S. agency residential mortgage-backed securities5,512 5,127 
Mortgage-backed securities2,047 1,693 
Municipal securities622 541 
Total due after 5 years through 10 years43,519 41,089 4.19 %
Due after 10 years:
U.S. agency residential mortgage-backed securities249,483 209,385 
U.S. agency securities65,602 53,188 
Mortgage-backed securities39,888 34,867 
Other asset-backed securities12,696 11,995 
Municipal securities2,645 1,969 
Total due after 10 years370,314 311,404 2.69 %
Total securities available for sale$579,704 $523,579 3.52 %
(1)    The weighted-average yield is computed using the amortized cost at June 30, 2023.
There were no sales of AFS securities during the second quarters and first halves of 2023 and 2022