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Securities Available for Sale
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and fair value of available for sale (AFS) securities were as follows:
September 30, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Senior asset-backed securities related to Structured Program transactions$413,850 $— $(1,453)$412,397 
U.S. agency residential mortgage-backed securities263,568 — (52,331)211,237 
U.S. agency securities93,451 — (18,372)75,079 
Mortgage-backed securities43,162 — (7,013)36,149 
Other asset-backed securities related to Structured Program transactions (1)
26,831 4,540 (309)31,062 
Other asset-backed securities28,217 34 (787)27,464 
Municipal securities3,262 — (981)2,281 
Total securities available for sale (2)
$872,341 $4,574 $(81,246)$795,669 
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 September 30, 2023, $24.8 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 September 30, 2023 and December 31, 2022, includes $341.6 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
September 30, 2023Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions$372,388 $(1,453)$— $— $372,388 $(1,453)
U.S. agency residential mortgage-backed securities21,064 (892)190,173 (51,439)211,237 (52,331)
U.S. agency securities2,960 (40)72,119 (18,332)75,079 (18,372)
Mortgage-backed securities16,278 (1,387)19,871 (5,626)36,149 (7,013)
Other asset-backed securities14,112 (47)8,233 (740)22,345 (787)
Other asset-backed securities related to Structured Program transactions21,486 (309)— — 21,486 (309)
Municipal securities— — 2,281 (981)2,281 (981)
Total securities with unrealized losses$448,288 $(4,128)$292,677 $(77,118)$740,965 $(81,246)
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 third quarters and first nine months of 2023 and 2022. At September 30, 2023, the majority of the Company’s AFS investment portfolio was comprised of senior asset-backed securities related to Structured Program transactions and U.S. agency-backed securities. 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 September 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:
September 30, 2023Amortized CostFair Value
Weighted-
average
Yield (1)
Due within 1 year:
Senior asset-backed securities related to Structured Program transactions$230 $230 
Total due within 1 year230 230 46.15 %
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions413,620 412,167 
Other asset-backed securities related to Structured Program transactions26,831 31,062 
U.S. agency securities9,000 8,567 
Mortgage-backed securities1,774 1,556 
Other asset-backed securities441 443 
U.S. agency residential mortgage-backed securities4 3 
Total due after 1 year through 5 years451,670 453,798 3.17 %
Due after 5 years through 10 years:
U.S. agency securities18,848 16,768 
Other asset-backed securities15,567 15,545 
U.S. agency residential mortgage-backed securities5,177 4,696 
Mortgage-backed securities2,036 1,634 
Municipal securities621 516 
Total due after 5 years through 10 years42,249 39,159 4.27 %
Due after 10 years:
U.S. agency residential mortgage-backed securities258,387 206,538 
U.S. agency securities65,603 49,744 
Mortgage-backed securities39,352 32,959 
Other asset-backed securities12,209 11,476 
Municipal securities2,641 1,765 
Total due after 10 years378,192 302,482 2.80 %
Total securities available for sale$872,341 $795,669 3.07 %
(1)    The weighted-average yield is computed using the amortized cost at September 30, 2023.

There were no sales of AFS securities during the third quarters and first nine months of 2023 and 2022.