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Securities Available for Sale
 12 Months Ended
Dec. 31, 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 AFS securities were as follows:
December 31, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Senior asset-backed securities related to Structured Program transactions$1,165,513 $10,932 $(42)$1,176,403 
U.S. agency residential mortgage-backed securities261,885 208 (37,497)224,596 
U.S. agency securities93,452 — (13,348)80,104 
Other asset-backed securities related to Structured Program transactions (1)
70,662 2,731 — 73,393 
Mortgage-backed securities42,511 — (5,435)37,076 
Other asset-backed securities26,710 25 (634)26,101 
Municipal securities3,257 — (668)2,589 
Total securities available for sale (2)
$1,663,990 $13,896 $(57,624)$1,620,262 
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 December 31, 2023, $70.1 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 December 31, 2023 and 2022, includes $359.5 million and $319.0 million, respectively, of securities pledged as collateral at fair value.
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, 2023Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions$38,359 $(42)$— $— $38,359 $(42)
U.S. agency residential mortgage-backed securities6,497 (149)201,426 (37,348)207,923 (37,497)
U.S. agency securities— — 80,104 (13,348)80,104 (13,348)
Mortgage-backed securities
13,973 (740)23,103 (4,695)37,076 (5,435)
Other asset-backed securities12,911 (50)8,538 (584)21,449 (634)
Municipal securities— — 2,589 (668)2,589 (668)
Total securities with unrealized losses$71,740 $(981)$315,760 $(56,643)$387,500 $(57,624)
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 securities
2,441 (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)

At December 31, 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 December 31, 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 “Note 1. Summary of Significant Accounting Policies.”

There was no activity in the allowance for AFS securities during 2023 and 2022. The following table presents the activity in the credit valuation allowance for AFS securities, by major security type, during 2021:
Credit Valuation Allowance
Asset-backed securities related to Structured Program transactions
Beginning balance as of December 31, 2020$(18,736)
Reversal of credit loss expense3,382 
Reversal of allowance arising from PCD financial assets15,354 
Ending balance as of December 31, 2021$— 
The contractual maturities of AFS securities were as follows:
December 31, 2023Amortized CostFair Value
Weighted-
average
Yield(1)
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions$1,165,513 $1,176,403 
Other asset-backed securities related to Structured Program transactions70,662 73,393 
U.S. agency securities9,000 8,746 
Mortgage-backed securities
1,760 1,596 
Other asset-backed securities
421 423 
Municipal securities154 139 
U.S. agency residential mortgage-backed securities
3 3 
Total due after 1 year through 5 years1,247,513 1,260,703 7.57 %
Due after 5 years through 10 years:
U.S. agency securities18,848 17,545 
Other asset-backed securities14,873 14,842 
U.S. agency residential mortgage-backed securities4,869 4,623 
Mortgage-backed securities
2,024 1,713 
Municipal securities466 410 
Total due after 5 years through 10 years41,080 39,133 2.36 %
Due after 10 years:
U.S. agency residential mortgage-backed securities257,013 219,970 
U.S. agency securities65,604 53,813 
Mortgage-backed securities
38,727 33,767 
Other asset-backed securities11,416 10,836 
Municipal securities2,637 2,040 
Total due after 10 years375,397 320,426 2.91 %
Total securities available for sale$1,663,990 $1,620,262 5.10 %
(1)    The weighted-average yield is computed using the average quarter end amortized cost during the year ended December 31, 2023.

There were no sales of AFS securities during 2023 and 2022. Proceeds and gross realized gains and losses from AFS securities during 2021 were as follows:
Year Ended December 31,2021
Proceeds$106,192 
Gross realized gains$708 
Gross realized losses$(952)