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Available-for-Sale and Held-to-Maturity Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Available for Sale Securities and Held to Maturity Securities

The following tables provide a summary of the amortized cost and fair values of the available-for-sale securities and held-to-maturity securities at June 30, 2025 and December 31, 2024 (in thousands):

 

 

June 30, 2025

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains (1)

 

 

Gross
Unrealized
Losses (1)

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

2,424

 

 

$

6

 

 

$

(92

)

 

$

2,338

 

State and municipal securities

 

 

2,350

 

 

 

—

 

 

 

—

 

 

 

2,350

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

1,046,390

 

 

 

2,166

 

 

 

(100,397

)

 

 

948,159

 

Commercial

 

 

42,050

 

 

 

—

 

 

 

(394

)

 

 

41,656

 

Non-agency

 

 

175

 

 

 

—

 

 

 

(7

)

 

 

168

 

Corporate fixed income securities

 

 

464,556

 

 

 

172

 

 

 

(30,591

)

 

 

434,137

 

Asset-backed securities

 

 

118,101

 

 

 

67

 

 

 

(584

)

 

 

117,584

 

 

 

$

1,676,046

 

 

$

2,411

 

 

$

(132,065

)

 

$

1,546,392

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

6,584,925

 

 

$

20,747

 

 

$

(3,209

)

 

$

6,602,463

 

 

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains (1)

 

 

Gross
Unrealized
Losses (1)

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

2,407

 

 

$

—

 

 

$

(141

)

 

$

2,266

 

State and municipal securities

 

 

2,350

 

 

 

—

 

 

 

(1

)

 

 

2,349

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

1,045,344

 

 

 

334

 

 

 

(124,115

)

 

 

921,563

 

Commercial

 

 

69,430

 

 

 

—

 

 

 

(1,474

)

 

 

67,956

 

Non-agency

 

 

206

 

 

 

—

 

 

 

(7

)

 

 

199

 

Corporate fixed income securities

 

 

507,824

 

 

 

—

 

 

 

(43,832

)

 

 

463,992

 

Asset-backed securities

 

 

127,148

 

 

 

202

 

 

 

(1,077

)

 

 

126,273

 

 

 

$

1,754,709

 

 

$

536

 

 

$

(170,647

)

 

$

1,584,598

 

Held-to-maturity securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

6,524,954

 

 

$

26,498

 

 

$

(3,805

)

 

$

6,547,647

 

(1)
Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss.
(2)
Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements.
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturity

The table below summarizes the amortized cost and fair values of our securities by contractual maturity at June 30, 2025 and December 31, 2024 (in thousands). Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Fair Value

 

 

Amortized
Cost

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

54,646

 

 

$

54,345

 

 

$

78,491

 

 

$

78,080

 

After one year through three years

 

 

124,515

 

 

 

120,628

 

 

 

143,648

 

 

 

137,049

 

After three years through five years

 

 

21,243

 

 

 

19,193

 

 

 

—

 

 

 

—

 

After five years through ten years

 

 

382,457

 

 

 

354,549

 

 

 

395,884

 

 

 

352,736

 

After ten years

 

 

1,093,185

 

 

 

997,677

 

 

 

1,136,686

 

 

 

1,016,733

 

 

 

$

1,676,046

 

 

$

1,546,392

 

 

$

1,754,709

 

 

$

1,584,598

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

After three years through five years

 

 

141,294

 

 

 

141,647

 

 

 

91,184

 

 

 

91,238

 

After five years through ten years

 

 

2,509,599

 

 

 

2,516,024

 

 

 

3,063,278

 

 

 

3,075,645

 

After ten years

 

 

3,934,032

 

 

 

3,944,792

 

 

 

3,370,492

 

 

 

3,380,764

 

 

 

$

6,584,925

 

 

$

6,602,463

 

 

$

6,524,954

 

 

$

6,547,647

 
Schedule of Contractual Maturities

The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at June 30, 2025, are as follows (in thousands):

 

 

Within 1
Year

 

 

1-5 Years

 

 

5-10 Years

 

 

After 10
Years

 

 

Total

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

—

 

 

$

2,338

 

 

$

—

 

 

$

—

 

 

$

2,338

 

State and municipal securities

 

 

—

 

 

 

2,350

 

 

 

—

 

 

 

—

 

 

 

2,350

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

—

 

 

 

136

 

 

 

84,568

 

 

 

863,455

 

 

 

948,159

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

41,656

 

 

 

41,656

 

Non-agency

 

 

—

 

 

 

—

 

 

 

168

 

 

 

—

 

 

 

168

 

Corporate fixed income securities

 

 

54,345

 

 

 

134,997

 

 

 

244,795

 

 

 

—

 

 

 

434,137

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

25,018

 

 

 

92,566

 

 

 

117,584

 

 

 

$

54,345

 

 

$

139,821

 

 

$

354,549

 

 

$

997,677

 

 

$

1,546,392

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

—

 

 

$

141,294

 

 

$

2,509,599

 

 

$

3,934,032

 

 

$

6,584,925

 
Schedule of Gross Unrealized Losses and Estimated Fair Value by Length of Time

The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2025 (in thousands):

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

$

—

 

 

$

—

 

 

$

(92

)

 

$

1,870

 

 

$

(92

)

 

$

1,870

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

(530

)

 

 

53,565

 

 

 

(99,867

)

 

 

617,052

 

 

 

(100,397

)

 

 

670,617

 

Commercial

 

 

—

 

 

 

—

 

 

 

(394

)

 

 

41,656

 

 

 

(394

)

 

 

41,656

 

Non-agency

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

168

 

 

 

(7

)

 

 

168

 

Corporate fixed income securities

 

 

—

 

 

 

—

 

 

 

(30,591

)

 

 

413,966

 

 

 

(30,591

)

 

 

413,966

 

Asset-backed securities

 

 

(75

)

 

 

24,402

 

 

 

(509

)

 

 

53,844

 

 

 

(584

)

 

 

78,246

 

 

 

$

(605

)

 

$

77,967

 

 

$

(131,460

)

 

$

1,128,556

 

 

$

(132,065

)

 

$

1,206,523

 

 
Schedule of Amortized Cost of Held-to-Maturity Securities by Credit Quality Indicator The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at June 30, 2025 (in thousands):

 

 

AAA

 

 

AA

 

 

C

 

 

Total

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

3,476,591

 

 

$

3,107,987

 

 

$

347

 

 

$

6,584,925