Jamieson, Fausset and Brown on Hebrews 11:2

2. For--So high a description of faith is not undeserved; for ... [Alford].

by it--Greek, "in it": in respect to ... in the matter of," it, "or, as Greek more emphatically, "this."

the elders--as though still living and giving their powerful testimony to the reasonableness and excellence of faith (He 12:1). Not merely the ancients, as though they were people solely of the past; nay, they belong to the one and the same blessed family as ourselves (He 11:39, 40). "The elders," whom we all revere so highly. "Paul shows how we ought to seek in all its fulness, under the veil of history, the essential substance of the doctrine sometimes briefly indicated" [Bengel]. "The elders," as "the fathers," is a title of honor given on the ground of their bright faith and practice.

obtained a good report--Greek, "were testified of," namely, favorably (compare He 7:8). It is a phrase of Luke, Paul's companion. Not only men, but God, gave testimony to their faith (He 11:4, 5, 39). Thus they being testified of themselves have become "witnesses" to all others (He 12:1). The earlier elders had their patience exercised for a long period of life: those later, in sharper afflictions. Many things which they hoped for and did not see, subsequently came to pass and were conspicuously seen, the event confirming faith [Bengel].