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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale securities The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands):
As of March 31, 2022
Basis(1)
Gross unrealized gainsGross unrealized lossesCarrying value
Debt securities$336,551 $215 $(8,973)$327,793 
Beneficial interests in securitization trusts139,249 — — 139,249 
Total investments at fair value$475,800 $215 $(8,973)$467,042 
(1)Basis amount is net of amortized discount, principal paydowns and interest receivable on securities of $0.2 million.

As of December 31, 2021
Basis(1)
Gross unrealized gainsGross unrealized lossesCarrying value
Debt securities$354,158 $1,822 $(802)$355,178 
Beneficial interests in securitization trusts139,588 — — 139,588 
Total investments at fair value$493,746 $1,822 $(802)$494,766 
(1)Basis amount is net of amortized discount, allowance for expected credit losses on beneficial interests, principal paydowns and interest receivable on securities of $0.3 million.
Debt securities, available-for-sale, unrealized loss position, fair value
The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands):

As of March 31, 2022
Step-up date(1)
Basis(2)
Gross unrealized lossesCarrying value
Debt securities due November 2051(3)
March 2025$42,628 $(781)$41,847 
Debt securities due June 2057(3)
April 202221,360 (5)21,355 
Debt securities due August 2057(3)
July 202211,731 (33)11,698 
Debt securities due January 2059(3)
July 202212,559 (9)12,550 
Debt securities due September 2059(4)
February 2023/April 202317,305 (401)16,904 
Debt securities due November 2059(3)
April 20238,818 (29)8,789 
Debt securities due December 2059(3)
July 202338,627 (1,284)37,343 
Debt securities due March 2060(3)
February 202516,168 (714)15,454 
Debt securities due June 2060(3)
March 20249,198 (34)9,164 
Debt securities due December 2060(3)
July 202946,576 (882)45,694 
Debt securities due January 2061(3)
September 202413,375 (525)12,850 
Debt securities due June 2061(5)
January 2025/February 202583,388 (4,276)79,112 
Total$321,733 $(8,973)$312,760 
(1)Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date.
(2)Basis amount is net of any realized amortized costs and principal paydowns.
(3)This security has been in an unrealized loss position for less than 12 months.
(4)This line is comprised of two securities that are both due September 2059. One security with a balance of $0.2 million has been in a loss position for less than 12 months and has a step-up date in February 2023, and the other security of $0.2 million has been in a loss position for less than 12 months and has a step-up date in April 2023.
(5)This line is comprised of two securities that are both due June 2061. One security with a balance of $3.3 million has been in an unrealized loss position for less than 12 months and has a step-up date in January 2025, and the other security of $1.0 million has been in a loss position for less than 12 months and has a step-up date in February 2025.
As of December 31, 2021
Step-up date(1)
Basis(2)
Gross unrealized lossesCarrying value
Debt securities due November 2051(3)
March 2025$44,902 $(12)$44,890 
Debt securities due June 2057(3)
April 2022(5)
23,165 (3)23,162 
Debt securities due September 2059(3)
February 20239,173 (24)9,149 
Debt securities due December 2059(3)
July 202340,502 (87)40,415 
Debt securities due March 2060(3)
February 202516,977 (91)16,886 
Debt securities due January 2061(3)
September 202414,000 (140)13,860 
Debt securities due June 2061(4)
January 2025/February 202586,909 (445)86,464 
Total$235,628 $(802)$234,826 
(1)Step-up date is the date at which the coupon interest rate on the security increases. The Company expects the security to be called before the step-up date.
(2)Basis amount is net of any realized amortized costs and principal paydowns.
(3)This security has been in an unrealized loss position for less than 12 months.
(4)This line is comprised of two securities that are both due June 2061. One security with a balance of $0.4 million has been in an unrealized loss position for less than 12 months and has a step-up date in January 2025, and the other security of $0.1 million been in a loss position for less than 12 months and has a step-up date in February 2025.
(5)On January 25, 2022 the step-up date for this security was extended from January 2022 to April 2022.
Allowance for credit loss on beneficial interests An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands):
Three months ended March 31,
20222021
Allowance for expected credit losses, beginning balance$(615)$(4,453)
Reclassification to/(from) non-credit discount from/(to) the allowance for changes in payment expectations311 (953)
Credit loss expense on beneficial interests(50)(139)
Reversal of allowance for expected credit losses due to increases in the net present value of expected cash flows354 15 
Allowance for expected credit losses, ending balance$— $(5,530)