v3.26.1
Investment Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Note 5. Investment Securities
The following table presents our investments in AFS debt securities:
Amortized CostAccrued InterestGross Unrealized Gains
Gross Unrealized Losses(1)
Fair Value
March 31, 2026
U.S. Treasury securities$221,857 $1,026 $205 $(1,500)$221,588 
Agency mortgage-backed securities2,801,325 7,205 8,014 (10,132)2,806,412 
Corporate bonds184 3 — (3)184 
Asset-backed bonds(2)
15,919 68 — (62)15,925 
Residual investments(2)
3,537 32 — (143)3,426 
Other(3)
952 4 — (131)825 
Total investments in AFS debt securities$3,043,774 $8,338 $8,219 $(11,971)$3,048,360 
December 31, 2025
U.S. Treasury securities$74,540 $1,115 $166 $(465)$75,356 
Agency mortgage-backed securities2,335,501 5,095 15,362 (1,352)2,354,606 
Corporate bonds184 3 — (2)185 
Asset-backed bonds(2)
19,626 83 — (6)19,703 
Residual investments(2)
3,825 38 — (93)3,770 
Other(3)
951 8 — (126)833 
Total investments in AFS debt securities$2,434,627 $6,342 $15,528 $(2,044)$2,454,453 
_____________________
(1) As of March 31, 2026 and December 31, 2025, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 99% and 99% of the amortized cost basis of our investments as of March 31, 2026 and December 31, 2025, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.
(2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for additional information.
(3) Includes state municipal bond securities.
The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025.
Less than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
March 31, 2026
U.S. Treasury securities$172,113 $(1,500)$— $— $172,113 $(1,500)
Agency mortgage-backed securities1,502,676 (9,309)11,971 (823)1,514,647 (10,132)
Corporate bonds— — 184 (3)184 (3)
Asset-backed bonds
15,925 (62)— — 15,925 (62)
Residual investments
3,426 (143)— — 3,426 (143)
Other— — 825 (131)825 (131)
Total investments in AFS debt securities$1,694,140 $(11,014)$12,980 $(957)$1,707,120 $(11,971)
Less than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2025
U.S. Treasury securities$49,962 $(465)$— $— $49,962 $(465)
Agency mortgage-backed securities202,845 (497)19,661 (855)222,506 (1,352)
Corporate bonds— — 185 (2)185 (2)
Asset-backed bonds
19,703 (6)— — 19,703 (6)
Residual investments
3,770 (93)— — 3,770 (93)
Other— — 834 (126)834 (126)
Total investments in AFS debt securities$276,280 $(1,061)$20,680 $(983)$296,960 $(2,044)
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal
March 31, 2026
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities$—$49,337$172,520$—$221,857 
Agency mortgage-backed securities—46,51620,0582,734,7512,801,325 
Corporate bonds—184——184 
Asset-backed bonds
——15,919—15,919 
Residual investments
——3,537—3,537 
Other——952—952 
Total investments in AFS debt securities$—$96,037$212,986$2,734,751$3,043,774
Weighted average yield for investments in AFS debt securities(1)
— %4.07 %3.98 %4.53 %4.49%
Investments in AFS debt securities—Fair value(2):
U.S. Treasury securities$—$49,032$171,530$—$220,562
Agency mortgage-backed securities—46,63619,8312,732,7402,799,207
Corporate bonds—181——181
Asset-backed bonds
——15,857—15,857
Residual investments
——3,394—3,394
Other——821—821
Total investments in AFS debt securities$—$95,849$211,433$2,732,740$3,040,022
_____________________
(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security.
(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $8,338 as of March 31, 2026.
Gross realized gains and losses on our investments in AFS debt securities were $8,433 and $(558), respectively, during the three months ended March 31, 2026. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the three months ended March 31, 2025. During the three months ended March 31, 2026 and 2025, there were no transfers between classifications of our investments in AFS debt securities. See Note 9. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI.