

	December 31, 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	$	1,010,053	$	837	$	(16,977)	$	—	$	993,913
U.S. government agency and U.S. government-sponsored enterprise debt securities	287,687		—		(30,033)		—		257,654
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities	292,564		86		(27,312)		—		265,338
Residential mortgage-backed securities	10,251,714		68,588		(187,649)		—		10,132,653
Municipal securities	277,275		20		(34,193)		—		243,102
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	214,987		—		(22,139)		(1,900)		190,948
Residential mortgage-backed securities	452,208		—		(58,421)		—		393,787
Corporate debt securities	554,158		6		(89,183)		—		464,981
Foreign government bonds	247,249		437		(9,231)		—		238,455
Asset-backed securities	31,886		—		(497)		—		31,389

Total AFS debt securities	13,619,781		69,974		(475,635)		(1,900)		13,212,220
HTM debt securities
U.S. Treasury securities	540,666		—		(15,779)		—		524,887
U.S. government agency and U.S. government-sponsored enterprise debt securities	1,007,055		—		(146,921)		—		860,134
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities	474,747		—		(69,471)		—		405,276
Residential mortgage-backed securities	662,127		—		(124,176)		—		537,951
Municipal securities	185,463		—		(33,965)		—		151,498
Total HTM debt securities	2,870,058		—		(390,312)		—		2,479,746
Total debt securities	$	16,489,839	$	69,974	$	(865,947)	$	(1,900)	$	15,691,966



	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 included in Other assets on the Consolidated Balance Sheet. As of December 31, 2025 and 2024, the accrued interest receivables were $54 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 this Form 10-K.



	December 31, 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	$	323,019	$	(1,627)	$	575,638	$	(15,350)	$	898,657	$	(16,977)
U.S. government agency and U.S. government-sponsored enterprise debt securities	—		—		257,654		(30,033)		257,654		(30,033)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	—		—		256,503		(27,312)		256,503		(27,312)
Residential mortgage-backed securities	1,052,833		(5,480)		1,582,952		(182,169)		2,635,785		(187,649)
Municipal securities	—		—		237,214		(34,193)		237,214		(34,193)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	—		—		190,948		(22,139)		190,948		(22,139)
Residential mortgage-backed securities	—		—		393,787		(58,421)		393,787		(58,421)
Corporate debt securities	—		—		454,975		(89,183)		454,975		(89,183)
Foreign government bonds	—		—		90,769		(9,231)		90,769		(9,231)
Asset-backed securities	—		—		31,389		(497)		31,389		(497)

Total AFS debt securities	$	1,375,852	$	(7,107)	$	4,071,829	$	(468,528)	$	5,447,681	$	(475,635)



	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 December 31, 2025, the Company had 429 AFS debt securities in a gross unrealized loss position, primarily consisting of 222 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 47 corporate debt securities, and 66 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 this 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 December 31, 2025 were mainly comprised of the following:

•Corporate debt securities — The market value movement as of December 31, 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 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 December 31, 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 $2 million was recognized through allowance for credit losses as of December 31, 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 been on time. Accordingly, the Company believes the risk of credit losses on the remaining securities is low.

As of both December 31, 2025 and 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 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 entire amortized cost basis of these securities.

The Company recorded $2 million in allowance for credit losses related to a non-agency commercial mortgage-backed security as of December 31, 2025, which was recognized as a provision for credit losses, compared with no allowance for credit losses provided against these securities as of 2024. In addition, there was no provision for credit losses recognized for both the years ended December 31, 2024 and 2023.

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 this Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of December 31, 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 December 31, 2025 and 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 December 31, 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	$	440,969		$	472,570		$	96,514		$	—		$	1,010,053
Fair value	432,148			465,270			96,495			—			993,913
Weighted-average yield (1)	1.11		%	2.75		%	3.84		%	—		%	2.14		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost	—			26,677			203,514			57,496			287,687
Fair value	—			26,256			182,396			49,002			257,654
Weighted-average yield (1)	—		%	1.58		%	2.07		%	2.16		%	2.04		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost	—			53,961			98,540			10,391,777			10,544,278
Fair value	—			52,339			91,020			10,254,632			10,397,991
Weighted-average yield (1) (2)	—		%	2.82		%	2.83		%	4.79		%	4.76		%
Municipal securities
Amortized cost	7,300			19,206			22,614			228,155			277,275
Fair value	7,219			18,679			19,438			197,766			243,102
Weighted-average yield (1) (2)	1.15		%	2.50		%	2.40		%	2.26		%	2.26		%
Non-agency mortgage-backed securities
Amortized cost	—			1,324			—			665,871			667,195
Fair value	—			1,320			—			583,415			584,735
Weighted-average yield (1)	—		%	3.35		%	—		%	2.28		%	2.28		%
Corporate debt securities
Amortized cost	15,158			26,500			437,500			75,000			554,158
Fair value	15,116			26,204			361,829			61,832			464,981
Weighted-average yield (1)	4.07		%	5.23		%	2.38		%	2.09		%	2.53		%
Foreign government bonds
Amortized cost	118,665			28,584			50,000			50,000			247,249
Fair value	118,935			28,751			49,904			40,865			238,455
Weighted-average yield (1)	2.31		%	1.81		%	4.34		%	1.50		%	2.50		%
Asset-backed securities
Amortized cost	—			—			—			31,886			31,886
Fair value	—			—			—			31,389			31,389
Weighted-average yield (1)	—		%	—		%	—		%	4.65		%	4.65		%




Total AFS debt securities
Amortized cost	$	582,092		$	628,822		$	908,682		$	11,500,185		$	13,619,781
Fair value	$	573,418		$	618,819		$	801,082		$	11,218,901		$	13,212,220
Weighted-average yield (1)	1.44		%	2.76		%	2.63		%	4.55		%	4.21		%



($ 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	$	—		$	540,666		$	—		$	—		$	540,666
Fair value	—			524,887			—			—			524,887
Weighted-average yield (1)	—		%	1.05		%	—		%	—		%	1.05		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost	—			105,467			556,098			345,490			1,007,055
Fair value	—			97,497			479,123			283,514			860,134
Weighted-average yield (1)	—		%	1.37		%	1.91		%	2.04		%	1.90		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost	—			48,732			178,114			910,028			1,136,874
Fair value	—			45,124			153,739			744,364			943,227
Weighted-average yield (1) (2)	—		%	1.48		%	1.81		%	1.67		%	1.68		%
Municipal securities
Amortized cost	—			—			13,958			171,505			185,463
Fair value	—			—			12,638			138,860			151,498
Weighted-average yield (1) (2)	—		%	—		%	2.35		%	1.99		%	2.02		%
Total HTM debt securities
Amortized cost	$	—		$	694,865		$	748,170		$	1,427,023		$	2,870,058
Fair value	$	—		$	667,508		$	645,500		$	1,166,738		$	2,479,746
Weighted-average yield (1)	—		%	1.13		%	1.89		%	1.79		%	1.66		%