v3.25.2
Qualifying Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Company's Borrowings
The following table summarizes the Company’s other borrowings by type: 
June 30, 2025December 31, 2024
(in millions)
Short-Term:
FHLB advances$3,100 $3,100 
Repurchase agreements— 14 
Secured borrowings44 37 
Total short-term borrowings$3,144 $3,151 
Long-Term:
FHLB advances$2,500 $2,000 
Credit linked notes, net408 422 
Total long-term borrowings$2,908 $2,422 
Total other borrowings$6,052 $5,573 
The Company's outstanding long-term FHLB advances are detailed in the tables below:
June 30, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipal
(in millions)
FHLB advanceApril 30, 2025July 30, 2026
SOFR + 0.40%
$2,500 
Total$2,500 
December 31, 2024
DescriptionIssuance DateMaturity DateInterest RatePrincipal
(in millions)
FHLB advanceNovember 22, 2024February 24, 2026
SOFR + 0.35%
$500 
FHLB advanceDecember 5, 2024March 5, 2026
SOFR + 0.35%
1,000 
FHLB advanceDecember 19, 2024March 19, 2026
SOFR + 0.38%
500 
Total$2,000 
The Company's outstanding credit linked note issuances are detailed in the tables below:
June 30, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt Issuance Costs
(in millions)
Residential mortgage loans (1)December 12, 2022October 25, 2052
SOFR + 7.80%
$83 $2 
Residential mortgage loans (2)June 30, 2022April 25, 2052
SOFR + 6.00%
165 3 
Residential mortgage loans (3)December 29, 2021July 25, 2059
SOFR + 4.67%
174 2 
Total$422 $7 
December 31, 2024
DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt Issuance Costs
(in millions)
Residential mortgage loans (1)December 12, 2022October 25, 2052
SOFR + 7.80%
$84 $2 
Residential mortgage loans (2)June 30, 2022April 25, 2052
SOFR + 6.00%
170 3 
Residential mortgage loans (3)December 29, 2021July 25, 2059
SOFR + 4.67%
180 2 
Total$434 $7 
(1)    There are multiple classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 2.25% to 11.00% (or, a weighted average spread of 7.80%) on a reference pool balance of $1.6 billion and $1.7 billion as of June 30, 2025 and December 31, 2024, respectively.
(2)    There are multiple classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 2.25% to 15.00% (or, a weighted average spread of 6.00%) on a reference pool balance of $3.3 billion and $3.4 billion as of June 30, 2025 and December 31, 2024, respectively.
(3)    There are six classes of these notes, each with an interest rate of one-month SOFR plus a spread that ranges from 3.15% to 8.50% (or, a weighted average spread of 4.67%) on a reference pool balance of $3.4 billion and $3.5 billion as of June 30, 2025 and December 31, 2024, respectively.
The Company's subordinated debt issuances are detailed in the tables below:
June 30, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt Issuance Costs
(in millions)
WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $5 
Total$600 $5 
December 31, 2024
DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt Issuance Costs
(in millions)
WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $5 
WAB fixed-to-variable-rate (2)May 2020June 1, 20305.25 %225 — 
Total$825 $5 
(1)    Notes are redeemable, in whole or in part, beginning on June 15, 2026 at their principal amount plus accrued and unpaid interest and has a fixed interest rate of 3.00%. The notes also convert to a variable rate of three-month SOFR plus 225 basis points on this date.
(2)    Debt is redeemable, in whole or in part, on or after June 1, 2025 at its principal amount plus accrued and unpaid interest and has a fixed interest rate of 5.25% through June 1, 2025 and then converts to a variable rate per annum equal to three-month SOFR plus 512 basis points.