
(in thousands)	Amortized Cost(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
September 30, 2025
Available-for-sale debt securities:


Residential mortgage-backed securities	$	3,616,063	$	28,099	$	(100,147)	$	3,544,015
Commercial mortgage-backed securities	243,360		2,899		(6)		246,253


Credit risk transfer securities	11,447		—		(454)		10,993
Total available-for-sale debt securities	3,870,870		30,998		(100,607)		3,801,261
Held-to-maturity debt securities:
Residential mortgage-backed securities	743,120		—		(81,197)		661,923
Total held-to-maturity debt securities	743,120		—		(81,197)		661,923
Equity securities							55,054
Trading securities							2,219
Total investment securities(2)							$	4,601,654
December 31, 2024
Available-for-sale debt securities:
U.S. Treasury securities	$	280,137	$	—	$	(2,852)	$	277,285

Residential mortgage-backed securities	3,195,145		7,200		(168,302)		3,034,043
Commercial mortgage-backed securities	206,830		—		(5,398)		201,432


Credit risk transfer securities	12,466		—		(540)		11,926
Total available-for-sale debt securities	3,694,578		7,200		(177,092)		3,524,686
Held-to-maturity securities:
Residential mortgage-backed securities	796,168		—		(117,994)		678,174
Total held-to-maturity securities	796,168		—		(117,994)		678,174
Equity securities							75,261

Total investment securities(2)							$	4,396,115

(1) Excludes accrued interest receivable of $15.6 million and $13.8 million at September 30, 2025 and December 31, 2024, respectively, related to available-for-sale debt securities and $1.2 million and $1.3 million at September 30, 2025 and December 31, 2024, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.

During the second quarter of 2025, the Company sold available-for-sale debt securities with an amortized cost basis of $287.5 million, realizing a loss of $1.9 million, and repositioned the proceeds into purchases of available-for-sale residential mortgage-backed securities. In the third quarter of 2024, the Company sold available-for-sale debt securities with an amortized cost basis of $1.2 billion and realized a loss of $179.6 million.

The amortized cost and estimated fair value as of September 30, 2025, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.


	Available-for-sale				Held-to-maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	—	$	—	$	—	$	—
Due after one year through five years	—		—		—		—
Due after five years through ten years	255,563		258,015		—		—
Due after ten years	3,615,307		3,543,246		743,120		661,923
Total	$	3,870,870	$	3,801,261	$	743,120	$	661,923

The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of September 30, 2025. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.


	Residential mortgage-backed securities		Commercial mortgage-backed securities		Credit risk transfer securities
Due within one year	—	%	—	%	—	%
Due after one year through five years	—		—		—
Due after five years through ten years	3.91		4.90		4.28
Due after ten years	4.71		—		—
Total	4.71	%	4.90	%	4.28	%


	Less Than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
September 30, 2025


Residential mortgage-backed securities	$	23	$	—	$	1,014,549	$	(100,147)	$	1,014,572	$	(100,147)
Commercial mortgage-backed securities	33,327		(6)		—		—		33,327		(6)
Credit risk transfer securities	—		—		10,993		(454)		10,993		(454)
Total	$	33,350	$	(6)	$	1,025,542	$	(100,601)	$	1,058,892	$	(100,607)
December 31, 2024
U.S. Treasury securities	$	—	$	—	$	277,285	$	(2,852)	$	277,285	$	(2,852)

Residential mortgage-backed securities	1,338,801		(18,141)		1,323,180		(150,161)		2,661,981		(168,302)
Commercial mortgage-backed securities	201,432		(5,398)		—		—		201,432		(5,398)
Credit risk transfer securities	—		—		11,926		(540)		11,926		(540)
Total	$	1,540,233	$	(23,539)	$	1,612,391	$	(153,553)	$	3,152,624	$	(177,092)

At September 30, 2025, the Company had 32 available-for-sale debt securities in an unrealized loss position, comprised of 29 residential mortgage-backed securities, one commercial mortgage-backed securities and two credit risk transfer securities. The unrealized losses on the available-for-sale debt securities were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not currently intend to sell and based on current conditions it does not believe it is likely that the Company will be required to sell these available-for-sale debt securities before recovery of the amortized cost of such securities in an unrealized loss position and has therefore recorded the unrealized losses related to this portfolio in accumulated other comprehensive income/loss, net (“AOCI”). Held-to-maturity securities consist of government guaranteed securities for which no loss is expected. At September 30, 2025 and December 31, 2024, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities.



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net gains/(losses) recognized during the period	$	2,369	$	2,752	$	2,265	$	6,727
Less: Realized net gains/(losses) recognized on securities sold	831		482		1,862		853
Unrealized net gains/(losses) recognized on securities still held	$	1,538	$	2,270	$	403	$	5,874