

	September 30, 2025
($ in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
AFS debt securities:
U.S. Treasury securities	$	875,577	$	640	$	(20,002)	$	—	$	856,215
U.S. government agency and U.S. government-sponsored enterprise debt securities	288,368		—		(31,982)		—		256,386
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities	359,373		97		(31,039)		—		328,431
Residential mortgage-backed securities	9,816,928		56,707		(190,200)		—		9,683,435
Municipal securities	282,015		21		(36,854)		—		245,182
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	224,699		—		(23,706)		(3,000)		197,993
Residential mortgage-backed securities	466,826		—		(63,148)		—		403,678
Corporate debt securities	596,900		—		(96,030)		—		500,870
Foreign government bonds	245,978		617		(9,576)		—		237,019
Asset-backed securities	32,649		—		(706)		—		31,943

Total AFS debt securities	13,189,313		58,082		(503,243)		(3,000)		12,741,152
HTM debt securities:
U.S. Treasury securities	539,255		—		(19,455)		—		519,800
U.S. government agency and U.S. government-sponsored enterprise debt securities	1,006,602		—		(152,505)		—		854,097
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities	476,530		—		(71,706)		—		404,824
Residential mortgage-backed securities	672,283		—		(129,010)		—		543,273
Municipal securities	186,012		—		(40,644)		—		145,368
Total HTM debt securities	2,880,682		—		(413,320)		—		2,467,362
Total debt securities	$	16,069,995	$	58,082	$	(916,563)	$	(3,000)	$	15,208,514



	December 31, 2024
($ in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS debt securities:
U.S. Treasury securities	$	676,300	$	—	$	(38,035)	$	638,265
U.S. government agency and U.S. government-sponsored enterprise debt securities	308,220		—		(45,633)		262,587
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities	472,535		886		(47,207)		426,214
Residential mortgage-backed securities	7,974,768		12,278		(248,786)		7,738,260
Municipal securities	287,301		38		(37,186)		250,153
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	294,235		2		(35,767)		258,470
Residential mortgage-backed securities	514,527		—		(80,919)		433,608
Corporate debt securities	653,500		—		(127,334)		526,166
Foreign government bonds	244,803		2,069		(12,992)		233,880
Asset-backed securities	35,086		—		(371)		34,715
CLOs	44,500		—		(7)		44,493
Total AFS debt securities	11,505,775		15,273		(674,237)		10,846,811
HTM debt securities:
U.S. Treasury securities	535,080		—		(35,222)		499,858
U.S. government agency and U.S. government-sponsored enterprise debt securities	1,004,479		—		(200,259)		804,220
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities	486,388		—		(91,461)		394,927
Residential mortgage-backed securities	703,833		—		(155,626)		548,207
Municipal securities	187,633		—		(47,091)		140,542
Total HTM debt securities	2,917,413		—		(529,659)		2,387,754
Total debt securities	$	14,423,188	$	15,273	$	(1,203,896)	$	13,234,565

(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of September 30, 2025 and December 31, 2024, the accrued interest receivables were $47 million and $45 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.



	September 30, 2025
	Less Than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS debt securities:
U.S. Treasury securities	$	—	$	—	$	596,197	$	(20,002)	$	596,197	$	(20,002)
U.S. government agency and U.S. government sponsored enterprise debt securities	—		—		256,386		(31,982)		256,386		(31,982)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	—		—		319,280		(31,039)		319,280		(31,039)
Residential mortgage-backed securities	122,698		(503)		1,631,531		(189,697)		1,754,229		(190,200)
Municipal securities	1,949		(43)		240,342		(36,811)		242,291		(36,854)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	—		—		196,038		(23,706)		196,038		(23,706)
Residential mortgage-backed securities	—		—		403,678		(63,148)		403,678		(63,148)
Corporate debt securities	2,389		(11)		479,481		(96,019)		481,870		(96,030)
Foreign government bonds	7,027		(16)		90,440		(9,560)		97,467		(9,576)
Asset-backed securities	—		—		31,943		(706)		31,943		(706)

Total AFS debt securities	$	134,063	$	(573)	$	4,245,316	$	(502,670)	$	4,379,379	$	(503,243)



	December 31, 2024
	Less Than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS debt securities:
U.S. Treasury securities	$	—	$	—	$	638,265	$	(38,035)	$	638,265	$	(38,035)
U.S. government agency and U.S. government-sponsored enterprise debt securities	—		—		262,587		(45,633)		262,587		(45,633)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	2,741		(30)		377,756		(47,177)		380,497		(47,207)
Residential mortgage-backed securities	2,719,228		(16,404)		1,528,252		(232,382)		4,247,480		(248,786)
Municipal securities	2,763		(95)		245,360		(37,091)		248,123		(37,186)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	10,767		(332)		235,668		(35,435)		246,435		(35,767)
Residential mortgage-backed securities	—		—		433,608		(80,919)		433,608		(80,919)
Corporate debt securities	—		—		526,166		(127,334)		526,166		(127,334)
Foreign government bonds	—		—		87,008		(12,992)		87,008		(12,992)
Asset-backed securities	—		—		34,715		(371)		34,715		(371)
CLOs	—		—		44,493		(7)		44,493		(7)
Total AFS debt securities	$	2,735,499	$	(16,861)	$	4,413,878	$	(657,376)	$	7,149,377	$	(674,237)

As of September 30, 2025, the Company had 446 AFS debt securities in a gross unrealized loss position, primarily consisting of 228 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 53 corporate debt securities and 71 non-agency mortgage-backed securities. In comparison, as of December 31, 2024, the Company had 541 AFS debt securities in a gross unrealized loss position, primarily consisting of 290 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities and 83 non-agency mortgage-backed securities.

The Company evaluates each AFS debt security where the fair value declines below amortized cost. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

The gross unrealized losses presented in the preceding tables were primarily attributable to interest rate movement and the widening of liquidity and/or credit spreads. U.S. Treasury, U.S. government agency, U.S. government-sponsored agency, and U.S. government-sponsored enterprise debt and mortgage-backed securities are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The remaining securities that were in an unrealized loss position as of September 30, 2025 were mainly comprised of the following:

•Corporate debt securities — The market value movement as of September 30, 2025 was primarily due to interest rate movement and spread change. A portion of the corporate debt securities is comprised of subordinated debt securities issued by U.S. banks. These securities are nearly all rated investment grade by nationally recognized statistical rating organizations (“NRSROs”) and issued by well-capitalized financial institutions with strong profitability. The contractual payments from these corporate debt securities have been and are expected to be received on time. The Company will continue to monitor the market developments in the banking sector and the credit performance of these securities.

•Non-agency mortgage-backed securities — The market value movement for the majority of these securities as of September 30, 2025 was primarily due to interest rate movement and spread change. In contrast, one non-agency commercial mortgage-backed security experienced a deterioration in both its credit rating and expected cash flows, resulting in its fair value falling below its amortized cost. Consequently, a credit-related impairment of $3 million was recognized through allowance for credit losses as of September 30, 2025. For the remaining non-agency mortgage-backed securities, a substantial majority are rated investment grade by NRSROs or have high priority in the cash flow waterfall within the securitization structure, and the contractual payments have historically been on time. Accordingly, the Company believes the risk of credit losses on the remaining securities is low.

As of both September 30, 2025 and December 31, 2024, the Company intended to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company would not have to sell these securities before the recovery of their amortized cost. The majority of the issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the majority of the amortized cost basis of these securities.

The Company recorded $3 million in allowance for credit losses related to a non-agency commercial mortgage-backed security as of September 30, 2025, which was recognized as a provision for credit losses for each of the three and nine months ended September 30, 2025, compared with no allowance for credit losses as of December 31, 2024, and no provision for credit losses recognized for each of the three and nine months ended September 30, 2024.

The Company separately evaluates its HTM debt securities for any credit losses using an expected loss model, similar to the methodology used for loans. For additional information on the Company’s credit loss methodology, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of September 30, 2025, all HTM securities were rated investment grade by NRSROs and issued, guaranteed, or supported by U.S. government entities and agencies. Accordingly, the Company applied a zero credit loss assumption and no allowance for credit losses was recorded as of both September 30, 2025 and December 31, 2024. Overall, the Company believes that the credit support levels of the debt securities are strong, and based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received.

The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of September 30, 2025. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.



($ in thousands)	Within One Year			After One Year through Five Years			After Five Years through Ten Years			After Ten Years			Total
AFS debt securities:
U.S. Treasury securities
Amortized cost	$	339,871		$	486,357		$	49,349		$	—		$	875,577
Fair value	336,058			470,466			49,691			—			856,215
Weighted-average yield (1)	2.61		%	1.32		%	3.95		%	—		%	1.97		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost	—			26,677			200,833			60,858			288,368
Fair value	—			26,066			178,519			51,801			256,386
Weighted-average yield (1)	—		%	1.58		%	2.06		%	2.19		%	2.05		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost	4,755			83,696			111,891			9,975,959			10,176,301
Fair value	4,741			81,229			103,361			9,822,535			10,011,866
Weighted-average yield (1) (2)	3.57		%	2.91		%	2.94		%	5.10		%	5.05		%
Municipal securities
Amortized cost	9,098			21,298			22,629			228,990			282,015
Fair value	8,987			20,689			19,446			196,060			245,182
Weighted-average yield (1) (2)	1.85		%	2.41		%	2.40		%	2.26		%	2.27		%
Non-agency mortgage-backed securities
Amortized cost	3,970			2,899			1,955			682,701			691,525
Fair value	3,924			2,875			1,955			592,917			601,671
Weighted-average yield (1)	5.21		%	3.21		%	5.34		%	2.28		%	2.30		%
Corporate debt securities
Amortized cost	35,900			4,000			382,000			175,000			596,900
Fair value	35,785			3,975			326,549			134,561			500,870
Weighted-average yield (1)	4.45		%	4.00		%	2.69		%	2.02		%	2.61		%
Foreign government bonds
Amortized cost	117,677			28,301			50,000			50,000			245,978
Fair value	118,134			28,445			49,846			40,594			237,019
Weighted-average yield (1)	2.49		%	1.81		%	4.74		%	1.50		%	2.67		%
Asset-backed securities
Amortized cost	—			—			—			32,649			32,649
Fair value	—			—			—			31,943			31,943
Weighted-average yield (1)	—		%	—		%	—		%	5.04		%	5.04		%




Total AFS debt securities
Amortized cost	$	511,271		$	653,228		$	818,657		$	11,206,157		$	13,189,313
Fair value	$	507,629		$	633,745		$	729,367		$	10,870,411		$	12,741,152
Weighted-average yield (1)	2.73		%	1.61		%	2.77		%	4.79		%	4.42		%



($ in thousands)	Within One Year			After One Year through Five Years			After Five Years through Ten Years			After Ten Years			Total
HTM debt securities:
U.S. Treasury securities
Amortized cost	$	—		$	539,255		$	—		$	—		$	539,255
Fair value	—			519,800			—			—			519,800
Weighted-average yield (1)	—		%	1.05		%	—		%	—		%	1.05		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost	—			105,322			467,017			434,263			1,006,602
Fair value	—			96,630			403,405			354,062			854,097
Weighted-average yield (1)	—		%	1.37		%	1.93		%	1.98		%	1.90		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost	—			41,604			168,827			938,382			1,148,813
Fair value	—			38,162			145,755			764,180			948,097
Weighted-average yield (1) (2)	—		%	1.54		%	1.77		%	1.68		%	1.68		%
Municipal securities
Amortized cost	—			—			—			186,012			186,012
Fair value	—			—			—			145,368			145,368
Weighted-average yield (1) (2)	—		%	—		%	—		%	2.02		%	2.02		%
Total HTM debt securities
Amortized cost	$	—		$	686,181		$	635,844		$	1,558,657		$	2,880,682
Fair value	$	—		$	654,592		$	549,160		$	1,263,610		$	2,467,362
Weighted-average yield (1)	—		%	1.13		%	1.89		%	1.80		%	1.66		%

As of September 30, 2025 and December 31, 2024, AFS and HTM debt securities with carrying values of $4.4 billion and $5.4 billion, respectively, were pledged to secure borrowings and for other purposes required or permitted by law. As of September 30, 2025, $2.5 billion of AFS and HTM debt securities were prepositioned for the Federal Reserve Bank (“FRB”) Standing Repurchase Agreement Facility.