
	June 30, 2025				December 31, 2024
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
U.S. government securities	$	997	$	2	$	21,275	$	(60)
Residential agency mortgage-backed securities	5,450,517		33,768		4,792,695		(37,439)
Municipal securities	64,653		88		62,230		(566)

Other trading securities	43,250		299		22,890		33
Total trading securities	$	5,559,417	$	34,157	$	4,899,090	$	(38,032)


	June 30, 2025
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	91,243	$	91,243	$	93,080	$	2,012	$	(175)
Mortgage-backed securities:
Residential agency	1,872,778		1,773,725		1,626,429		88		(147,384)
Commercial agency	17,257		16,368		15,878		—		(490)
Other debt securities	16,038		16,038		15,048		—		(990)
Total investment securities	1,997,316		1,897,374		1,750,435		2,100		(149,039)
Allowance for credit losses	(196)		(196)		—		—		—
Investment securities, net of allowance	$	1,997,120	$	1,897,178	$	1,750,435	$	2,100	$	(149,039)

1 Carrying value includes $100 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.


	December 31, 2024
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	104,467	$	104,467	$	106,489	$	2,370	$	(348)
Mortgage-backed securities:
Residential agency	1,998,017		1,880,473		1,680,800		81		(199,754)
Commercial agency	17,257		16,220		15,357		—		(863)
Other debt securities	16,288		16,288		15,283		—		(1,005)
Total investment securities	2,136,029		2,017,448		1,817,929		2,451		(201,970)
Allowance for credit losses	(223)		(223)		—		—		—
Investment securities, net of allowance	$	2,135,806	$	2,017,225	$	1,817,929	$	2,451	$	(201,970)

1 Carrying value includes $119 million of net unrealized loss which remains in AOCI in the Consolidated Balance Sheets related to certain securities transferred during the second quarter of 2022 from the AFS securities portfolio to the investment securities portfolio.

The amortized cost and fair values of investment securities at June 30, 2025, by contractual maturity, are as shown in the following table (dollars in thousands):


	Less than One Year		One to Five Years		Six to Ten Years		Over Ten Years		Total		Weighted Average Maturity1
Fixed maturity debt securities:
Carrying value	$	47,921	$	61,217	$	14,498	$	13	$	123,649	2.44
Fair value	49,239		61,299		13,455		13		124,006
Residential mortgage-backed securities:
Carrying value2									$	1,773,725
Fair value									1,626,429
Total investment securities:
Carrying value									$	1,897,374
Fair value									1,750,435

1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.


	June 30, 2025
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal securities	10	$	5,073	$	9	$	6,622	$	166	$	11,695	$	175
Mortgage-backed securities:
Residential agency	116	—		—		1,625,562		147,384		1,625,562		147,384
Commercial agency	2	—		—		15,878		490		15,878		490
Other debt securities	2	—		—		9,035		990		9,035		990
Total investment securities	130	$	5,073	$	9	$	1,657,097	$	149,030	$	1,662,170	$	149,039


	December 31, 2024
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal securities	20	$	14,485	$	65	$	7,107	$	283	$	21,592	$	348
Mortgage-backed securities:
Residential agency	116	—		—		1,679,889		199,754		1,679,889		199,754
Commercial agency	2	—		—		15,357		863		15,357		863
Other debt securities	3	—		—		9,271		1,005		9,271		1,005
Total investment securities	141	$	14,485	$	65	$	1,711,624	$	201,905	$	1,726,109	$	201,970


	June 30, 2025
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss
U.S. Treasury	$	1,000	$	964	$	—	$	(36)
Municipal securities	218,408		208,350		—		(10,058)
Mortgage-backed securities:
Residential agency	9,187,687		9,102,658		76,933		(161,962)
Residential non-agency	765,088		743,519		12,070		(33,639)
Commercial agency	3,451,816		3,291,857		5,712		(165,671)
Other debt securities	500		473		—		(27)
Total available-for-sale securities	$	13,624,499	$	13,347,821	$	94,715	$	(371,393)


	December 31, 2024
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss
U.S. Treasury	$	1,000	$	945	$	—	$	(55)
Municipal securities	240,528		225,568		2		(14,962)
Mortgage-backed securities:
Residential agency	8,895,900		8,639,389		17,936		(274,447)
Residential non-agency	814,542		781,209		11,247		(44,580)
Commercial agency	3,436,465		3,204,016		726		(233,175)
Other debt securities	500		473		—		(27)
Total available-for-sale securities	$	13,388,935	$	12,851,600	$	29,911	$	(567,246)

The amortized cost and fair values of available-for-sale securities at June 30, 2025, by contractual maturity, are as shown in the following table (dollars in thousands):


	Less than One Year		One to Five Years		Six to Ten Years		Over Ten Years		Total		Weighted Average Maturity1
Fixed maturity debt securities:
Amortized cost	$	329,935	$	2,432,720	$	475,593	$	433,476	$	3,671,724	4.83
Fair value	323,803		2,304,224		450,275		423,342		3,501,644
Residential mortgage-backed securities:
Amortized cost2									$	9,952,775
Fair value									9,846,177
Total available-for-sale securities:
Amortized cost									$	13,624,499
Fair value									13,347,821

1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Proceeds	$	—	$	1,836	$	—	$	737,830
Gross realized gains	—		222		—		455
Gross realized losses	—		(188)		—		(45,592)
Related federal and state income tax expense (benefit)	—		8		—		(10,616)

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit, and for other purposes, as required by law, was $12.3 billion at June 30, 2025 and $9.9 billion at December 31, 2024. The secured parties do not have the right to sell or repledge these securities.


	June 30, 2025
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available-for-sale:
U.S. Treasury	1	$	—	$	—	$	964	$	36	$	964	$	36
Municipal securities	101	1,038		4		202,707		10,054		203,745		10,058
Mortgage-backed securities:
Residential agency	636	988,961		9,396		2,553,983		152,566		3,542,944		161,962
Residential non-agency	33	40,245		162		439,419		33,477		479,664		33,639
Commercial agency	210	113,235		992		2,668,153		164,679		2,781,388		165,671
Other debt securities	1	—		—		473		27		473		27
Total available-for-sale securities	982	$	1,143,479	$	10,554	$	5,865,699	$	360,839	$	7,009,178	$	371,393


	December 31, 2024
	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available-for-sale:
U.S. Treasury	1	$	—	$	—	$	945	$	55	$	945	$	55
Municipal securities	113	1,041		13		222,432		14,949		223,473		14,962
Mortgage-backed securities:
Residential agency	831	3,561,318		50,102		2,880,641		224,345		6,441,959		274,447
Residential non-agency	36	93,113		1,124		457,701		43,456		550,814		44,580
Commercial agency	220	190,718		1,878		2,819,206		231,297		3,009,924		233,175
Other debt securities	1	—		—		473		27		473		27
Total available-for-sale securities	1,202	$	3,846,190	$	53,117	$	6,381,398	$	514,129	$	10,227,588	$	567,246

Based on evaluations of impaired securities as of June 30, 2025, the Company does not intend to sell any impaired AFS debt securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.

Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets. Changes in the fair value are recognized in earnings as they occur. Certain securities are held as an economic hedge of the mortgage servicing rights.


	June 30, 2025				December 31, 2024
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)

Residential agency mortgage-backed securities	$	107,702	$	(225)	$	17,876	$	(1,662)