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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt Securities and Beneficial Interests The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands):
As of March 31, 2024
Basis(1)
Gross unrealized gainsGross unrealized lossesFair value
Debt securities available-for-sale, at fair value$132,791 $1,144 $(8,809)$125,126 
Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero
54,085 374 (998)53,461 
Investment in beneficial interests at amortized cost, net of allowance for credit losses of $9,082
88,577 5,148 (26,286)67,439 
Total investments$275,453 $6,666 $(36,093)$246,026 
(1)Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM of $80 thousand and $19 thousand, respectively.

As of December 31, 2023
Basis(1)
Gross unrealized gainsGross unrealized lossesFair value
Debt securities available-for-sale, at fair value$139,596 $637 $(8,675)$131,558 
Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of zero
59,691 111 (629)59,173 
Investment in beneficial interests at amortized cost, net of allowance for credit losses of $6,880
104,162 3,631 (26,477)81,316 
Total investments$303,449 $4,379 $(35,781)$272,047 
(1)Basis amount is net of amortized discount, principal paydowns and interest receivable on securities AFS and HTM of $87 thousand and $24 thousand, respectively.
Debt securities, available-for-sale, unrealized loss position, fair value
The following table presents a breakdown of the Company's gross unrealized losses on its investments in debt securities AFS ($ in thousands):

As of March 31, 2024
Step-up date(s)(1)
Basis(2)
Gross unrealized lossesFair value
Debt securities due November 2051(4)
March 2025$3,765 $(110)$3,655 
Debt securities due March 2060(4)
February 20255,676 (718)4,958 
Debt securities due December 2060(4)
July 202921,146 (4,762)16,384 
Debt securities due January 2061(4)
September 20244,886 (521)4,365 
Debt securities due June 2061(5)
January 2025/February 202512,842 (1,058)11,784 
Debt securities due October 2061(4)
April 202911,701 (686)11,015 
Debt securities due March 2062(4)
May 202910,127 (835)9,292 
Debt securities due July 2062(3)
February 203012,576 (119)12,457 
Total$82,719 $(8,809)$73,910 
(1)Step-up date is the date at which the coupon interest rate on the security increases. The Company intends for 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 security has been in an unrealized loss position for 12 months or longer.
(5)This line is comprised of two securities that are both due June 2061. One security with a balance of $0.1 million has been in an unrealized loss position for 12 months or longer and has a step-up date in January 2025, and the other security of $0.9 million has been in a loss position for 12 months or longer and has a step-up date in February 2025.

As of December 31, 2023
Step-up date(s)(1)
Basis(2)
Gross unrealized lossesFair value
Debt securities due February 2028(4)
February 2026$4,717 $(6)$4,711 
Debt securities due November 2051(4)
March 20253,764 (215)3,549 
Debt securities due March 2060(4)
February 20255,805 (678)5,127 
Debt securities due December 2060(4)
July 202921,411 (4,242)17,169 
Debt securities due January 2061(4)
September 20244,886 (478)4,408 
Debt securities due June 2061(5)
January 2025/February 202512,992 (1,243)11,749 
Debt securities due October 2061(4)
April 202911,815 (842)10,973 
Debt securities due March 2062(4)
May 202910,315 (793)9,522 
Debt securities due July 2062(3)
February 203012,668 (41)12,627 
Debt securities due October 2062(3)
October 202617,174 (137)17,037 
Total$105,547 $(8,675)$96,872 
(1)Step-up date is the date at which the coupon interest rate on the security increases. The Company intends for 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 security has been in an unrealized loss position for 12 months or longer.
(5)This line is comprised of two securities that are both due June 2061. One security with a balance of $0.3 million has been in an unrealized loss position for 12 months or longer and has a step-up date in January 2025, and the other security of $0.9 million has been in a loss position for 12 months or longer and has a step-up date in February 2025.
Schedule of securities acquisition reconciliation between purchase price and par value
The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three months ended March 31, 2024 and 2023 ($ in thousands):

Three months ended March 31,
20242023
Par$— $2,051 
Premium— 963 
Purchase Price$— $3,014 
Allowance for credit loss on beneficial interests
An analysis of the balance in the allowance for expected credit losses for beneficial interests account follows ($ in thousands):

Three months ended March 31,
20242023
Allowance for expected credit losses, beginning balance$(6,880)$— 
Reclassification to non-credit discount from the allowance for changes in payment expectations916 — 
Increase in allowance for expected credit losses due to decreases in the net present value of expected cash flows(3,118)— 
Allowance for expected credit losses, ending balance$(9,082)$—