
	March 31, 2026				December 31, 2025
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
U.S. government securities	$	6,379	$	1	$	9,237	$	(4)
Residential agency mortgage-backed securities	5,513,068		(8,039)		5,307,849		9,011
Municipal securities	84,981		(1,136)		39,233		10

Other trading securities	47,734		(190)		36,426		(25)
Total trading securities	$	5,652,162	$	(9,364)	$	5,392,745	$	8,992


	March 31, 2026
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	73,334	$	73,334	$	74,429	$	1,183	$	(88)
Mortgage-backed securities:
Residential agency	1,689,222		1,613,987		1,479,984		72		(134,075)
Commercial agency	17,258		16,588		16,190		—		(398)
Other debt securities	16,013		16,013		15,287		—		(726)
Total investment securities	1,795,827		1,719,922		1,585,890		1,255		(135,287)
Allowance for credit losses	(191)		(191)		—		—		—
Investment securities, net of allowance	$	1,795,636	$	1,719,731	$	1,585,890	$	1,255	$	(135,287)

1 Carrying value includes $76 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, 2025
	Amortized		Carrying		Fair		Gross Unrealized
	Cost		Value1		Value		Gain		Loss
Municipal securities	$	88,215	$	88,215	$	89,343	$	1,218	$	(90)
Mortgage-backed securities:
Residential agency	1,746,715		1,664,175		1,541,608		91		(122,658)
Commercial agency	17,257		16,516		16,186		—		(330)
Other debt securities	15,538		15,538		14,868		—		(670)
Total investment securities	1,867,725		1,784,444		1,662,005		1,309		(123,748)
Allowance for credit losses	(202)		(202)		—		—		—
Investment securities, net of allowance	$	1,867,523	$	1,784,242	$	1,662,005	$	1,309	$	(123,748)

1 Carrying value includes $83 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 March 31, 2026, 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	$	44,448	$	48,389	$	13,098	$	—	$	105,935	1.98
Fair value	45,183		48,395		12,328		—		105,906
Residential mortgage-backed securities:
Carrying value2									$	1,613,987
Fair value									1,479,984
Total investment securities:
Carrying value									$	1,719,922
Fair value									1,585,890

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


	March 31, 2026
	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	7	$	1,541	$	5	$	3,613	$	83	$	5,154	$	88
Mortgage-backed securities:
Residential agency	115	1,501		26		1,477,461		134,049		1,478,962		134,075
Commercial agency	2	—		—		16,190		398		16,190		398
Other debt securities	1	—		—		9,274		726		9,274		726
Total investment securities	125	$	3,042	$	31	$	1,506,538	$	135,256	$	1,509,580	$	135,287


	December 31, 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	8	$	6,566	$	8	$	3,613	$	82	$	10,179	$	90
Mortgage-backed securities:
Residential agency	115	—		—		1,540,535		122,658		1,540,535		122,658
Commercial agency	2	—		—		16,186		330		16,186		330
Other debt securities	2	—		—		9,355		670		9,355		670
Total investment securities	127	$	6,566	$	8	$	1,569,689	$	123,740	$	1,576,255	$	123,748


	March 31, 2026
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss
U.S. Treasury	$	1,000	$	984	$	—	$	(16)
Municipal securities	181,371		175,123		—		(6,248)
Mortgage-backed securities:
Residential agency	9,710,464		9,631,722		67,045		(145,787)
Residential non-agency	736,201		717,068		10,487		(29,620)
Commercial agency	3,127,007		3,014,195		5,346		(118,158)
Other debt securities	500		473		—		(27)
Total available-for-sale securities	$	13,756,543	$	13,539,565	$	82,878	$	(299,856)


	December 31, 2025
	Amortized		Fair		Gross Unrealized
	Cost		Value		Gain		Loss
U.S. Treasury	$	1,001	$	980	$	—	$	(21)
Municipal securities	190,917		184,273		—		(6,644)
Mortgage-backed securities:
Residential agency	9,593,919		9,598,627		121,838		(117,130)
Residential non-agency	712,126		696,028		11,774		(27,872)
Commercial agency	3,240,728		3,126,244		7,622		(122,106)
Other debt securities	500		473		—		(27)
Total available-for-sale securities	$	13,739,191	$	13,606,625	$	141,234	$	(273,800)

The amortized cost and fair values of AFS securities at March 31, 2026, 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	$	411,265	$	2,127,784	$	316,397	$	454,432	$	3,309,878	4.82
Fair value	406,840		2,030,088		305,609		448,238		3,190,775
Residential mortgage-backed securities:
Amortized cost2									$	10,446,665
Fair value									10,348,790
Total available-for-sale securities:
Amortized cost									$	13,756,543
Fair value									13,539,565

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

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 $11.7 billion at March 31, 2026 and $11.5 billion at December 31, 2025. The secured parties do not have the right to sell or repledge these securities.


	March 31, 2026
	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	$	—	$	—	$	984	$	16	$	984	$	16
Municipal securities	74	1,023		1		160,375		6,247		161,398		6,248
Mortgage-backed securities:
Residential agency	713	2,626,090		25,092		1,989,493		120,695		4,615,583		145,787
Residential non-agency	40	149,964		1,377		360,280		28,243		510,244		29,620
Commercial agency	203	236,500		857		2,409,409		117,301		2,645,909		118,158
Other debt securities	1	—		—		473		27		473		27
Total available-for-sale securities	1,032	$	3,013,577	$	27,327	$	4,921,014	$	272,529	$	7,934,591	$	299,856


	December 31, 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	$	—	$	—	$	980	$	21	$	980	$	21
Municipal securities	86	1,028		2		180,696		6,642		181,724		6,644
Mortgage-backed securities:
Residential agency	584	741,581		2,373		2,333,685		114,757		3,075,266		117,130
Residential non-agency	31	27,957		16		413,783		27,856		441,740		27,872
Commercial agency	195	48,588		88		2,553,027		122,018		2,601,615		122,106
Other debt securities	1	—		—		473		27		473		27
Total available-for-sale securities	898	$	819,154	$	2,479	$	5,482,644	$	271,321	$	6,301,798	$	273,800

Based on evaluations of impaired securities as of March 31, 2026, 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 residential mortgage-backed securities and commercial mortgage-backed securities issued by U.S. government agencies and derivative contracts are held as an economic hedge of the MSR.


	March 31, 2026				December 31, 2025
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)


Residential agency mortgage-backed securities	$	165,706	$	(2,513)	$	102,096	$	(556)
Commercial agency mortgage-backed securities	12,392		(117)		—		—

Total fair value option securities	$	178,098	$	(2,630)	$	102,096	$	(556)